"Pinduoduo Goddess" takes the lead, these private equity giants defy the trend and achieve "positive returns"

The year is coming to an end!

This year, the pressure in the stock private equity circle can be said to be quite high.

Many well-known investors are thinking about how to explain to their discouraged clients.

There are also top private equity traders whose net asset value pressure is much lower, and they have even successfully resisted the downward "gravity".

Which private fund managers are quietly in the camp of positive returns?

Based on public data, Zishitang has made a summary for readers.

"PDD Enthusiast" with Explosive Performance

Jiang Tong, a female fund manager at Jinglin Asset Management, has experienced a "independent market" in 2023, which can be described as a significant performance turnaround.

Her products had more drawdowns last year, but the products managed by Jiang Tong this year have created a floating profit of 11 percentage points (as of November 30th), which is significantly higher than the market.

From her interviews and historical style, it can be seen that Jiang Tong prefers technology and growth stock research, and she is also an important driver of Jinglin's portfolio's heavy positions in related stocks.

And from the soaring trend of PDD this year, this "heavy position" turned out to be correct (see the chart below).

Jiang Tong is a first-generation fund manager who served at Hong Kong and Macau Trust, China Asset Management, Southern Fund, and China Construction Fund in her early years, and later quietly joined Gaoyi.

Trillion-dollar Private Equity "Group-style" Emerges

In fact, within Jinglin, there is a fund manager who is even more "fierce" than Jiang Tong—Gao Yuncheng, whose products accumulated a floating profit of 33% in the first 11 months of this year.

In addition, the global strategy managed personally by Jinglin's actual controller, Jiang Jinzhi, has a floating profit of 5 percentage points this year.

It is reported that the income sources of this institution are relatively consistent, all closely related to overseas equity market investments. Moreover, historically, Jinglin Asset Management has actively diversified its allocation overseas among large-scale private equity institutions.

In addition, Lingren Fund, the secondary investment platform under the trillion-dollar private equity group Hillhouse, has a product income close to 4 percentage points as of November 30th.

Gaoyi Asset Management is also present. According to the private equity ranking website, Wu Renhao's product has a 1 percentage point return this year, maintaining positive returns. Before joining Gaoyi, he was responsible for global investments in the sovereign wealth fund department. Feng Liu, who transformed from a retail investor to a fund manager, has basically maintained a flat net asset value this year, with a return of -0.02%.

Performance Differentiation within "Family"

Of course, there are also private fund managers whose products have significant differences in performance.

Lin Yuan Investment is an example.

This billion-dollar private equity firm has a product with a year-to-date return of up to 91.68% (as of the end of November). In contrast, Lin Yuan's other products either have a return of seven to eight percentage points this year or a loss of seven to eight percentage points. How does Lin Yuan create a product that generates nearly double the returns?

Based on public information, this product may focus on private placement strategies. In July 2022, Lin Yuan Investment was allocated shares from a new energy vehicle company's private placement, with an allocation amount of 259 million yuan.

Value Investing Shines

Since the collapse of the "group stocks" at the beginning of 2021, the market index has been falling for almost three years, leaving many investors frustrated.

In such a challenging environment, helping clients achieve returns close to positive while controlling the increase in net asset value is considered responsible.

Renqiao Asset Management is a good example.

According to data from the private fund ranking platform, their representative product had a negative return of -0.45% for the year (as of December 15th), but in 2022, it achieved a positive return of 0.34% for investors.

In other words, clients of this billion-dollar private fund managed to avoid the significant declines of the past two years by betting on undervalued stocks, thus avoiding substantial losses.

A similar focus on "true value" has yielded even more ideal results for another billion-dollar private fund.

Zhongyang Investment, led by Qiu Guogen, achieved a 9% return for its representative product for the year (as of November 30th).

Both Zhongyang Investment and Renqiao Asset Management faced disadvantages during the previous index bull market (2019-2020) compared to other funds. However, in the past two years, the steady performance of these two private funds has gradually emerged.

The Latecomers Rise to the Top

Dongfang Gangwan, managed by Dan Bin, is a private fund with outstanding performance potential in 2023. The market has shown great interest in its heavily weighted stocks over the past year.

There have been rumors that it has made significant investments in US stocks.

For example, one of Dan Bin's managed products achieved a 28% return for the year (as of December 15th). There were rumors that it had a significant position in artificial intelligence companies, and its net asset value curve once moved in sync with Tesla's candlestick chart.

One of Dan Bin's disciples, Zhang Liuxin, has an even stronger performance. The returns of his products have exceeded 70% for the year.

From Zhang Liuxin's background, one can sniff out the industries he heavily invests in. He previously worked in the automotive and new energy sectors at Great Wall Fund.

Two Experienced Veterans Shine

The frustrating market conditions of the past two years have left many experienced investors, with over twenty years of experience, struggling to find their footing.

However, Zishitang has discovered that two A-share "veteran drivers" have overcome this headwind.

One is Ding Yang from Kangmande, the first generation of Chinese public fund managers and one of the earliest closed-end fund operators. His representative product achieved a return of 8% for the year (as of December 15th).

The other is Wang Wenxiang from Juming Investment, with a return of 1.34% for the year (as of December 15th).

It is worth noting that Wang Wenxiang previously worked at Great Wall Fund, served as the research director and director of the social security investment department at Dacheng Fund, and was responsible for investments at an industrial capital institution.