Whether the public offering of quantitative hedge fund approvals reopened, can niche products usher in spring

Whether the public offering of quantitative hedge fund approvals reopened, can niche products usher in spring

After more than three years, the approval of quantitative hedge funds has finally reopened.

  Information from the official website of the Securities and Futures Commission indicates that a total of four quantitative hedge funds have been reported since the beginning of this year. They are Invesco Great Wall Quantitative Hedge for three months.Investment funds, Everbright Prudential Quantitative Hedge Hybrid Initiated Securities Investment Fund and Wells Fargo Simulation Hedging Strategy Hybrid Securities Investment Fund. These four products were respectively January 7, March 21, April 26, and August 29 of this year.Daily report.

  Recently, the first three quantified hedge fund approval progress indicators have been replaced on September 18. The rich country quantitative hedging strategy hybrid securities investment fund approval progress indicator has been accepted on September 5.

  Since February 2016, the reporting of quantitative hedge funds has entered a suspended state. Until January of this year, Invesco Great Wall Quantitative Hedges regularly opened a hybrid fund for three months to break the deadlock.

Now, the recognition of multiple quantified hedge funds means that the approval of quantitative hedge funds for public offerings, which has been suspended for many years, has finally restarted.

  For the re-exemption of quantitative hedge funds, too many public officials believe that it is good for the fund industry, but when asked whether they intend to follow up, companies have different attitudes.

  The long-stagnant public offering of quantitative hedge funds has finally received new news.

  At the beginning of this year, some officials rediscovered that some fund companies and fund managers with outstanding quantitative performances approached related research on public quantitative hedge funds to provide advice for the continued development of such funds.

Since then, it has begun to pay close attention to whether the approval of public quantitative hedge funds can be reopened.

  On September 18, the three public fundraising and conversion hedge funds that have been reported in succession in the first half of this year have finally been replaced.

  With regard to the news of the reopening of the approval of public offering quantitative hedge funds, too many people involved in public offerings and fund researchers have reported a positive attitude.

  China Merchants Securities analyst Yang Yuzhang pointed out, “Through the gradual loosening of the stock index futures policy, the strategy of achieving absolute returns through the long-short strategy has once again entered the public eye.

From the past few years, although the number of related products in the public fund market is still small, and the negative base spread of stock index futures has also adversely affected product investment, the performance of hedge public equity products has remained stable, especially in the equity market.Generally in 2018, a better level of income was achieved overall.

“Yu Yang said,“ Traditionally, the equity products of public equity funds are mainly oriented by relative returns, and quantitative hedge strategy funds have intervened in the shortcomings of their absolute income product lines, and can significantly improve investors ‘investment feeling and reduce‘公募基金长期超额收益优秀,但投资者很难赚到钱’的矛盾。At the same time, with the overall shift of asset management products to net value, the value of such a long-term and stable product is even more prominent.

For the fund company itself, such products that are less affected by the overall bull market in the equity market can partially smooth out the impact of market fluctuations on the company’s internal operations, thereby improving the stability of the company’s overall operations.

At the same time, as product homogeneity is getting worse, the new product line provides a new way for fund companies to break through.

“Yang Yu said.

  In addition, Zheng Zhiyong, vice-president of Ideas, also told reporters, “The current hedging method is only to short stock index futures and select stocks. Public offering of quantitative hedging products can give investors another choice.

Although the investable and incentive methods of public funds may not be suitable for quantitative hedge funds, there is an alternative in the market, which is a good thing in the end.

There is also a certain product is good or bad, there is no need to comment at present, after it is issued, there will naturally be performance to verify whether it is good or bad.

“Although it is sometimes a good idea for public fundraising to raise hedge funds, it is a good thing, but there are different attitudes as to whether to follow up the declaration.

  An insider of a public fund in South China told reporters, “Our company should not report quantitative hedging products so quickly, because we are understaffed in this area.

Moreover, ETFs are currently a hot market, and we are busy promoting the development of ETFs.

“An insider of another public equity fund also pointed out that the company has no plan to report a quantitative hedging product for the time being.

The person pointed out, “Although stock index futures continue to be loosened, relatively speaking, public offerings are subject to more restrictions on quantitative hedging, which is not conducive to the development of the product.

Judging from the current products on the market, the scale of many funds has shrunk severely. Of course, this is also related to the policy environment in recent years.

“From the perspective of the existing public offering of hedge products, it is indeed difficult to achieve satisfactory results, both in terms of revenue performance and scale development.

  According to Wind statistics, as of now, there are 18 quantified hedge funds in the market (Note: if the statistics are separate, it will be 22). All of these funds received positive returns during the year, but the income differentiation was obvious.

On average, the average yield of 22 quantified hedge funds during the year was only 5.


  Among them, the top three funds with the highest returns during the year were GF Hedge Arbitrage13.

05%, Huitianfu absolute return strategy 11.

56%, rich country absolute return multi-strategy10.

64%; the lowest gain is Anxin Steady Alpha, which has only achieved 1 this year.

89% yield.

  From the perspective of the returns since its establishment, the three highest-quantity hedge funds with the highest returns are Hifton Alpha Hedge 50.

55%, South absolute return strategy 36.43%, Warburg quantitatively hedged A30.

9%, while China Post ‘s absolute return strategy is -10.

The 3% yield ranks at the bottom.

In addition, Dacheng’s absolute income A distribution and C merger since the establishment of the return rate are -5.

5% and -8.

7%, also underperformed.

  From the perspective of fund size, the largest publicly-funded quantitative fund in the market is Hifton Alpha Hedge, which has a size of 16 at the end of the second quarter.

4.2 billion yuan, when it was established earlier.

The US $ 200 million has more than doubled; it is followed by Huitianfu’s absolute income strategy 四川耍耍网 and GF Hedging Arbitrage, which were 9 at the end of the second quarter.

6.4 billion and 5.

US $ 4.6 billion, an increase of 91 in size when the former was established earlier.

88%, and another 51%.


  Judging from Hifton Alpha’s hedging, the growth of its scale is largely due to the solid performance of the fund’s performance.

From 2015 to 2018, the fund’s annual returns have returned to positive, especially in the Shanghai and Shenzhen 300, which fell by 25.

31% of 2018, the fund still achieved 6.

32% gain.

  The existing quantitative hedge fund with the smallest overall size is a substitute for Dacheng ‘s absolute return A / C, which mentioned its poor performance. Its size at the end of the second quarter was only 2,461 million, and it has become a super mini fund.

  ”Large fund companies should still be more motivated to deploy such products,” a Shanghai quantitative fund manager told reporters. “Because of the large number of large fund companies, they have accumulated quantitative investment and also have perfect product linesTherefore, it should be more active to develop such products in the future, and some companies already have related product reserves.

Although it is difficult for a quantitative hedge fund to develop into a mainstream product, re-stock index futures are gradually returning to normal, and I think there will still be some development.

“A large-scale recovery is more difficult. Perhaps, quantitative hedge funds will usher in a small and beautiful” spring. ”

  Jia Zhi, the principal of the Tianxiang Investment Fund Evaluation Center, commented, “Quantitative funds are a relatively niche product, with limited market capacity, short effective duration of the strategy, high requirements on the management team, and especially relying on innovation while also considering policiesChange is a small and beautiful classification.

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