In the operation of subjective stock bulls, research is a crucial part. This has formed a very complete industrial chain: fund companies research stocks and listed companies> need more on-the-spot information> brokerage research institutes and other third-party research institutions provide information and contact research services> listed companies arrange research and docking> fund companies go to Research and collect on-site information> deepen investment research results> buy stocks or pay commissions and fees.
I believe most people are very unfamiliar with these research processes, not to mention the trends of fund companies. Where is the manager? What company are you interested in? When the scale is large, does he still go to investigate in person? How many times does the fund company do it in a year? Are these surveys useful?
Half a year has passed since January 2022. Today’s content has a certain tracking significance, and it is more of an entertainment perspective. I am also curious about the results, step by step.
| Who conducts more research, public offering or private placement?
A total of 372 public offerings appeared in the survey list of 372 listed companies, with 53,313 surveys in half a year, and an average of 261 surveys on listed companies per day for public offerings;
A total of 966 listed companies have been surveyed for private placements, with 46,134 surveys conducted in half a year. Private placements survey listed companies an average of 226 times a day;
In terms of breadth, private placements are broader, and in terms of frequency, public offerings are high-frequency. This is a side interpretation of public and private investment research resources and investment research styles:
On the whole, private equity will be more free, purer, and more selective in the selection of company targets; while public offerings are more concentrated in company selection, and most listed companies do not even participate in research, but they have an advantage in contacting research resources. , this advantage is not only more researchers, but also more services from brokers and third parties.
| Which fund companies have the highest frequency of research in public offering and private placement?
Only the top ten companies are listed here.
The most active research in the public offering is Harvest Fund, which vividly reflects Harvest’s attention to the short-term changes of listed companies. I wrote in an article before that if you call the public fund and ask about the GARP strategy team, Many companies don’t, but Castrol does, a strategy that requires fund managers to constantly focus on short-term performance improvements.
The most active research in private equity is Danshuiquan, and Gao Yi is not too far behind. It can be seen that among the top private equity research frequency, all managers are already relatively large, with the exception of Minghe Investment, which has recently decreased in scale. Fast, but still maintain the industry-leading research enthusiasm.
| Which industries have public offerings and private placements done due diligence?
Due to the large number of industries of due diligence companies, they can be divided into hundreds of small industries according to the four-level industry, so some industry names are omitted for a convenient overview:
From a directional point of view, everyone is aiming at the upstream and downstream of new energy vehicles to research and strive to find something different, and the frequency of public offerings in clothing and footwear industries is much higher than that of private placements. This represents a style characteristic, and private equity is more inclined to research needs of high-growth companies.
At the same time, there are differences in the preferred sub-sectors of the two. Public offerings prefer electrical equipment, and private placements prefer semiconductors.
| Which companies are most concerned about by public offerings and private placements?
Among the top ten research companies with the highest public and private equity attention, the duplication rate is only 30%, which may indicate that when we buy public and private equity funds at the same time, the potential companies they bring to us are different.
But there are still three companies that have maintained a high degree of common attention, namely:
Mindray Medical: The main business covers three major fields of life information and support, in vitro diagnosis, and medical imaging;
Huichuan Technology: a supplier of electromechanical and hydraulic integrated products and solutions;
Rongbai Technology: specializes in the research and development, production and sales of cathode materials for lithium batteries.
In addition to Mindray Medical, in the market rebound from April 27th to the present, the other two companies with extremely high concerns and overlapping have risen by more than 40%, of which Rongbai has risen by almost 60%.
| Are public and private research useful?
Is it useful to understand from what perspective, it is definitely useful for the investment research of the fund, and does it have any effect on the rise and fall of the stock? Will they buy high-frequency research companies with real money?
Following the solution in the previous question, observe the relationship between due diligence frequency and rebound increase, which often represents the decision-making power of real money buying:
Then the result is more obvious. Whether it is a public offering or a private offering, the two groups of industries with the highest and the lowest due diligence frequency have a significant difference in the growth rate during the rebound from April 27 to the present, which shows two very important conclusions:
1) In the process of this round of rebound, whether it is public offering or private placement, the due diligence results accumulated in half a year have been put into action, and a real increase in positions has been carried out, resulting in overbought and related industries exceeding the average increase;
2) The traces of grouping during this round of rebound are still relatively heavy. Although the overlap rate of public offering and private placement in individual stocks is not high, the overlap rate of the top ten research industries has reached 80%!
Anyway… The high-frequency research of public and private placements is really useful.
| Will fund managers appear in the survey?
Fund managers occasionally appear in the survey. I will cite the names of some well-known fund managers to see their trends. Since there are too many samples of fund managers, the following is an example of important fund managers with tens of billions of private equity:
This form is very interesting. In fact, it is very convenient for us to understand the investment research characteristics of different fund companies:
1) In fact, the data source for our statistics is the survey reception list issued by listed companies. Some people participated in the survey but did not leave their real names, or replaced them with the full name of the company. Under the special circumstances of March, many subsequent surveys were conducted. It is conducted online, and it is more difficult to count and register for access, so does the fund manager really only conduct so many research meetings? Of course not. Taking Zhengyuan as an example, Liao Maolin only appeared in the list summary once, but in fact their research is characterized by high frequency, including Shi Feng, Pan Jing, etc. They all showed that they participated more in the name of the company and less in the name of the manager. It represents the overall investment and research sharing;
2) But the manager’s concentration and diligence can still be seen one or two. For example, Gao Yi assets, which also emphasizes investment and research sharing, the frequency of fund manager Deng Xiaofeng’s real name appearances and records is very high, reaching 11 times in half a year, covering industries and Companies are also diverse. And the very old brands with high status in the arena: Zhao Jun, Qiu Guogen, Jiang Hui, Wang Yawei, etc. Their record data is 0. I have a certain bias. Maybe they have no such high research enthusiasm. Maybe this It is one of the reasons why the performance of the new generation is better than that of the old generation;
3) There is also an investment research style that does not go to listed companies to participate in research. For example, Dahe Hu Lubin, let alone fund managers, Dahe’s entire company’s listed company research frequency is 0, and they do not go at all because of their investment research style. In , if you want to know a company, you will learn about it from upstream and downstream instead of directly visiting conferences and research. Similarly, the characteristics of reducing the frequency of research also appear in Dan Bin and Lin Yuan, two fund managers. Lin Yuan went to Arowana twice. As he claimed, attention, purchase, and research are all integrated;
4) What is more surprising is that the most diligent researcher in the ten billion private equity research is Jiang Tong from Jinglin. Jiang Tong’s Jinglin Harvest has been running for 14 years since 2008, and the annualized income exceeds 15%. It is really admirable that it has continued to this day. I think every investor will hope that the managers they deliver can maintain such high frequency and effort.
Therefore, our conclusion is very significant: fund managers will appear in the research list, but whether high frequency is related to the investment and research style of fund companies, most research tasks of companies are completed by researchers, and fund managers are only responsible for a few The company’s focus, and about 20% of the 10 billion private equity fund managers will not participate in the on-site due diligence of listed companies.
There is still something to do today, so I will report it here first. We can get a lot of information from the fund manager’s research, and we will talk about it next week! Too much data!
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