The structure of the new industrial position private equity funds are also targeting the gem

Reporters recently found that the start-up of high growth stocks recently much new and old funds, public offering and private equity concerns. The recent issue of the big-core dual-power fund has made it clear that the SME board, gem stock as one of the strategies-the main investment of aggressive strategy, become the fund industry's first "eat" gem "crab".　　Other new and old funds have also changed the practice of avoiding the gem and began to focus on investment opportunities. The structure of the new industry to highlight the status of the gem and other high growth stocks in the end represents a bubble or future investment direction? Jianhua, director of the Stock investment division, said that the gem is a new thing, should be paid attention to, in-depth research, rather than a refusal.　　After the introduction of the board is also due to high valuations are criticized, but in 6 years of time in the SME board bred a group of very good stocks, attracted almost all the Fund's attention, many institutions from which profit quite abundant. The same story, he argues, is likely to repeat itself in the gem.　　Consumption, health care, energy saving and emission reduction, smart grid and innovative business model development of new industries, is in line with the national economic restructuring trend, the proportion of the national economy will be greatly increased, institutional investors must be in accordance with the changes in the economic structure, appropriate to increase the allocation of emerging industries. The investment director of a Southern fund company said that in the post-financial crisis era, restructuring the economic structure has become the most important part of the Government's economic work, and the government even put structural adjustment before the economic growth. Whether the high growth of the traditional industry has been in the past has yet to be confirmed, but represents the future direction of new technologies and industries, the prospects are very optimistic.　　Investment is a long-term thing, must have a long-term vision, in order to correctly grasp the context and direction of economic development. Famous private equity manager Bo very optimistic about the future of the Gem, "Gem Enterprise has three advantages: first, the mechanism is good, the second is a good business model, VC and PE investors to do upfront investment in business models, brands, research and development have been tested and improved, has dissolved a part of the risk; The third is the size of the company, And the listing of more financing, sufficient funds to facilitate the development of enterprises. "How to control the risk of gem However, we have to admit, is still at the beginning of the development of small and medium-sized board and GEM, such as higher valuations, price fluctuations and so on."　　So, how can institutional investors seize the rare investment opportunities in the SME board and the gem, while at the same time controlling the risks appropriately? In Bo View, gem is high risk and high return, to have professional investment knowledge, "The key is to find Suning appliance, the United States Google can grow up business." "He said he would consider choosing a relatively low and growing company in the gem as an investment target," according to Lynch, less than half of the growth of the stock is the value of investment, 50 times multiples, 100% annual growth of companies can be accepted. "Jianhua said that the risk is to invest in the gem of the necessary conditions, the core of double power from the product design to start to control the risk of investment in the SME board, GEM stock is only a complementary dual satellite strategy in the" proactive strategy ", rather thanCore Strategy. In the optimistic board, gem-related industries or stocks, you can "positive strategy" this "satellite" weight increased, when the board, the gem risk is too large, but also quickly the "satellite" weight reduced, or even reduced to 0.