净值回撤20%！百亿私募大佬致歉

Core Insights - The founder and CIO of Shiwa Asset, Liang Hong, publicly apologized for a significant decline in fund performance, with an estimated net value drop of around 20% from peak levels [1] - The decline was attributed primarily to issues with individual stocks and the beta exposure to the technology and internet sectors [1] Group 1: Performance Decline - Shiwa Asset reported an estimated net value drop of approximately 7% in its weekly report, with a cumulative decline of about 20% from the highest point [1] - The performance of the funds significantly lagged behind major indices during this period [1] Group 2: Reasons for Decline - The three main reasons for the performance decline were identified as: 1. A drop in heavily weighted innovative pharmaceutical stocks, where high valuations were not realized through timely selling [1] 2. A leading hardware company's stock fell over 37%, with the issue being an excessive position during a period of reasonable high valuation [1] 3. Heavy investment in stablecoin stocks in the U.S. while neglecting the risks associated with the cryptocurrency market turning bearish [1] Group 3: Reflection and Future Strategy - Liang Hong reflected on the decline, acknowledging that greed played a deeper role in the performance issues, emphasizing a lack of attention to risk and cost-effectiveness during high market valuations [1] - He expressed awareness of the disappointment among investors and the potential for significant redemptions, indicating preparedness for such outcomes [1] - Moving forward, the company plans to adapt its strategy by incorporating more absolute return considerations while maintaining a focus on value investing, aiming for improved performance in the coming year [1]