Based on the principle that only children make choices, adults make choices and asset allocation is the principle that is an effective means to manage their own assets effectively. I will take the configuration of 10 different private equity funds as an example, and share some configuration ideas for your reference. Because this article mainly focuses on introducing ideas and sharing ideas, and the time is limited, and it is not rigorous enough, I would like to ask everyone to be honest.
I will take some of the private equity funds involved in ” Private Private Equity Selection: 2022 Private Equity Allocation and High-quality Private Equity Analysis of Various Strategies of Snowball ” as examples for portfolio allocation.
Configuration principles:
1. In order to meet the wealth management needs of most people, the allocation plan aims at both offense and defense/absolute income
2. The portfolio covers 3~5 private equity assets with different strategies/different positioning
3. Products with the same strategy/same positioning have low correlation, at least medium-low correlation; the overall configuration of the combination is medium-low correlation
4. This article is most suitable for the reference of golfers with more than ten million assets, but it can also be used as a reference for the configuration of other golfers
Configuration result:
Option 1: The expected yield in the past year is 44%, with a maximum drawdown of 4.93%. (Pursue both offense and defense)
Option 2: The expected rate of return in the past year is 23.77%, with a maximum drawdown of 2.08%. (Pursue stability, absolute income)
Selected private equity funds
1. High outbreak: high offensive ability, allocation quantity, position, whether to allocate or not depends on its own wind bias and target rate of return
Perfect Circle (1.5 leverage, the winner of income in the past 5 years)
Fusheng (No leverage, runner-up in the past 5 years)
Cactus (1.25 leverage, scale 20-30, excellent aggressiveness for the past 3 years)
Correlation: If a combination is made, Fusheng + Perfect Circle; Fusheng + Cactus have a dominant correlation (the overall correlation between the three does not exceed 0.45, and the correlation between the three is low)
2. Offensive and defensive balance: high offensiveness and strong anti-retraction ability
Transactional offensive and defensive balance (it is recommended to match at least one high-quality transactional asset, which is scarce): White Rhino/Qingli Changxing (if there is White Rhino, if not, Qingli, you can buy both if you like it)
White Rhino > Qingli Changxing > Gen Xi/Hong Dao (Hong Dao fluctuates more than Gen Xi, and the offensive is the same)
Gen Xi (recently very popular, doing industry rotation, private equity with both offense and defense)
Zhuang Xianrui Jin No. 2 (upgraded version of Renbu, high holding experience, scale 20, Sharp 2.3, maximum retracement 9.6%, more aggressive than Renbu, weaker than Genxi in the past 3 years, and the maximum retracement is less than both)
Conmander 003 (same offensive as Renbu, better than Renbu in control and withdrawal ability)
Renbu (high Sharp strategy, annualized 40% since its establishment, maximum drawdown 11.69%, turnover rate 5-8%, good macro top-down)
Mingyu Mufeng Phase 1 (Renbu 2, 8 Golden Bull Awards in 6 years (including 5-year period), the largest drawdown in history is 8.55%, the annualized 41.73% in the past 3 years, Sharp 2.28, Mingyu VS Renbu: Hold Good experience, the drawdown and volatility are smaller than Renbu, and the yield is slightly lower than Renbu)
Relevance: The overall correlation is not low. If combined, the white rhinoceros+Qingli/Zhuangxian correlation is dominant
3. Absolute benefits: Compared with both offense and defense, the positioning is more inclined to defense and counterattack, and the defense is the center of the attack.
Dapu (a long-established tens of billions of private equity, strong team strength, very reliable manager, good drawdown control)
Hongdao (also established for a long time, very reliable manager, very good drawdown control)
Panyao (positive income every year, good holding experience)
Mingshi-Sun Yong (high potential manager, good background, high staffing, maximum drawdown 5.39% annualized 25.53% established for 2 years)
Hessian (the manager places great emphasis on absolute returns, it is difficult to lose money or wait for it to lose money and other products may lose money, the maximum retracement in the past 3 years is 5.57%, annualized 28.18%)
Yi’an (convertible bond strategy, cost-effective, maximum drawdown 5.6%, annualized 30%, established for 2 years, monthly positive yield 84%, good holding experience)
Renqiao (a leader in contrarian investment)
Relevance: Yi Panyao + Hessen; Mingshi + Yi’an
4. CTA: Hedging systemic and tail risks, low correlation with stock strategies, and positioning positions according to wind bias
Bopu Macro Hedging No. 1 A (the volatility and the maximum drawdown are small, the cover is very fast for 49 days, the maximum drawdown is 9.59%; 30% margin + 30% long + 30% cash ≈ 1.3 leverage)
Liangdao CTA Selection No. 17A (CTA strategy is aggressive, significantly stronger than Bofuli in the past 3 years, stronger than Shengguanda and stronger than Bofuli in the past 2 years, and the high margin ratio is 30%-40%)
Ruida Ruizhi No. 66 (subjective CTA, good offense)
Bo Fuli CTA-FOF No. 1 (Taurus FOF, CTA is very suitable for buying FOF)
Shengguanda CTA Fundamentals Progress No. 2 (long historical performance, CTA fundamental strategy, with strategic differences)
Relevance: Yibopu + Quantity Road / Bo Fuli; Quantity Road + Bo Fuli;
5. “Fixed Income+”: position allocation according to wind bias
Huasoft New Power Steady Hedging FOF1 (Stable FOF)
Yitai Ruiding No. 7 / Yitai Ruiding No. 9
Zhanhong Wenjin No. 1 Phase 10
Correlation: very low, any combination
Offensive and defensive FOF asset allocation ideas
Backtest data: The expected return in the past year is 44%, with a maximum drawdown of 4.93%. (Pursue both offense and defense)
This asset allocation strategy also adopts the dumbbell strategy.
Absolute return FOF asset allocation ideas
Backtest data: The expected return in the past year is 24%, with a maximum drawdown of 2.08%. (Pursue stability, absolute income)
Note:
1. Because there are too many private equity targets, it is only for the purpose of attracting others, so only some private equity funds are listed, and golfers can add other products for reference.
2. Based on the above, two asset allocation strategies have been made – 10 targets are selected for each combination, and positions are balanced, and a moderate concentration strategy is not adopted (the original intention is to improve the holding experience as much as possible and meet the needs of public wealth management).
3. Due to my limited time, the test period is only nearly 1 year, and the period is not long, so I can only refer to it with caution.
4. The above selections are based on my limited knowledge, so the combination plan is for reference only. Everyone should make their own combination, flexibly allocate, and adjust positions according to their own wealth management needs.
5. Time is limited. This article is only for the purpose of attracting others. This configuration does not include other strategic products such as index increase and quantitative stock selection. Guest officers can adjust their own needs according to their own needs.
6. The correlation test of the same strategy is based on the Chaoyang sustainable data, and the combination correlation test is based on the row and row. In addition, there are differences in the value time, and there will be differences and differences in the correlation. Due to the limited time, I will not use it here. For deep digging, in the actual combination, the low correlation of the overall portfolio should be guaranteed on the basis of low correlation with the strategic assets. In addition, some assets have shown a certain high correlation in the past year, which is also related to the tendency of the market to consolidate, the trading volume is concentrated in a few stocks, and the leading stocks are converging.
Finally, I wish you all the best of luck in investing and moving towards small goals.
@Today’s topic @People who don’t know the truth @Ricky @雪ball private equity @private equity observer @雪ball talent show @linjia510 @PaulWu @share sea thirteen years @egg roll fund @ideal stamp 9999 @snowball special issue
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