牛市“裸泳”？百亿级私募梁宏致歉

Core Viewpoint - Since 2025, the A-share market has shown a slow bull pattern, with private equity funds performing well overall. However, recent market corrections have led to significant net value declines for some private equity products, drawing attention to the chairman of Shiwa Investment, Liang Hong, due to substantial losses in his funds [1]. Group 1: Performance of Shiwa Investment - Shiwa's core products have experienced consistent declines since October, with the "Shiwa Daniu No. 1" product showing a year-to-date return of 15.84% but suffering a significant short-term drop, including a single-day decline of 4.46% on October 10 and a total monthly decline of 7.51% in October [2]. - The "Shiwa Xiaoniu No. 19" product has mirrored the performance of "Shiwa Daniu No. 1," with a year-to-date return of 15.93% and similar monthly declines, indicating systemic pressure on Shiwa's overall investment portfolio [2]. Group 2: Reasons for Decline - Liang Hong attributed the significant underperformance to three key investment mistakes, starting with a heavy investment in the innovative drug sector, which led to a net value drop exceeding 4% due to a lack of decisive sell-off actions [3]. - The second blow came from a leading hardware stock that Liang over-weighted at 30%, which subsequently fell over 37%, reflecting a misjudgment in risk exposure [4]. - The most critical issue was a heavy investment in U.S. stocks related to stablecoins, which Liang had defined as a "five-fold potential stock." This investment faced a 50%-60% adjustment, leading to a negative contribution of 4%-5% to the fund's net value due to overlooked risks [4]. Group 3: Reflections and Future Strategy - Liang Hong acknowledged that greed was a deep-seated issue causing excessive net value fluctuations and poor investor experiences, emphasizing a pattern of over-enthusiasm at high valuations without considering risk and cost-effectiveness [5]. - Despite the reflections, Liang remains optimistic about the market for the coming year, indicating a shift from a long-term holding strategy to a more active approach to reduce product drawdowns [6]. - Future strategies will focus on maintaining value investment principles while incorporating absolute return considerations and preparing for adjustments to strategies by year-end [7].