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强者恒强效应显现:千亿资金流入50亿元以上大型私募
2018-06-22 06:32 上海证券报
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  强者恒强:千亿资金流入大型私募

  私募行业开始进入激烈分化阶段。投资能力突出、运作稳健的大型私募受到资金的追逐,而中小型私募则普遍遭遇募资困难和规模缩水的困境。

  相关统计数据显示,去年有1177亿元的资金流入管理规模在50亿元以上的大型私募,而20亿到50亿管理规模的中型私募,去年则遭遇338亿的资金流出。

  强者恒强效应显现

  私募行业进入强者恒强的阶段。资金加速流入大型私募。私募排排网的统计数据显示,50亿元管理规模以上的私募在2017年的平均规模增速为39%,20亿至50亿管理规模的私募平均规模下降了1%,1至10亿管理规模的私募平均规模下降了2%,1亿以下管理规模的私募平均规模下降了3%。

  私募排排网创始人李春瑜表示,随着行业的规范发展,私募基金正式告别了粗放发展时代,业绩稳定、规范运作的私募,赢得更多资金的信赖。

  2018年以来,私募基金强者恒强趋势明显。根据中国基金业协会的统计数据,高毅资产今年以来成立了45只产品,景林资产成立了15只产品,源乐晟成立了13只产品。而明达资产对接的银行委外资金则在百亿规模左右。

  私募行业集中度也不断上升。私募排排网的统计数据显示,管理规模前1%的私募拿走了整个私募行业34%的管理规模,管理规模前10%的私募占了私募行业78%的管理规模,规模前20%的私募占了私募行业89%的管理规模。

  长跑价值私募吸金

  经历了长期考验,拥有出色业绩纪录的私募群体正在出现。私募组合大师的统计数据显示,68只私募产品拥有10年以上年化收益率大于10%的业绩纪录,如明达资产和景林资产拥有12年的年复合益率超过20%的业绩纪录。

  自第一只阳光私募成立以来,私募行业已经有14年的发展历史,经过A股几轮大起大落的考验,有投资能力的私募逐步得到市场认可。自2017年以来,明达资产、景林资产和高毅资产等长跑价值型私募发行的产品频频遭遇资金秒杀的消息不断见诸于媒体,部分大型私募管理规模正在奔向千亿元的体量。

  深圳一位大型私募基金掌门人认为:经过数轮潮涨潮落,尤其是2015年股市巨震之后,银行渠道和高净值客户的投资理念已趋向成熟,价值投资理念开始深入人心。而具有投资能力的私募基金经理是稀缺的。资金自然也就不断流入这些投资能力突出的私募,私募行业显现强者恒强的“马太效应”。

  分析人士表示,由于价值型私募更偏好业绩确定性较高的蓝筹股,资金加速流入长跑价值私募,白马蓝筹行情易涨难跌,大小盘风格转化短期难以发生。 

责任编辑:石秀珍 SF183

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