Medical Theme Private Equity Fund Selection Strategy And Product Design

As we all know,the pharmaceutical industry is a weak cyclical industry,and has always been considered a sunrise industry.Whether it is "healthy China 2030" plan,"thirteen five plan" pharmaceutical industry deployment,population aging intensified,comprehensive second child and other macro industry policy,or "two votes system","consistency evaluation" and other microeconomic policy,Will promote the pharmaceutical industry to enter the period of vigorous development.This point from the industry data can be more intuitive expression,According to the National Bureau of Statistics data show that China's pharmaceutical industry GDP growth from 444.9 billion yuan in 2005 to 2903.8 billion yuan in 2015,compound annual growth rate of 20.63%,the growth rate is much higher than the growth rate of GDP,as China's growth One of the faster industries.From December 31,2014 to the establishment of the June 30,2017,the performance of the cut-off point,as the representative of the pharmaceutical plate index of the Chinese medicine and health index to 9851.99 points in the card industry index in the first,during the period The cumulative increase in the pharmaceutical index rose 885.2%,the annual compound yield of 19.06%,far more than the same period Shanghai and Shenzhen 300 Index.From a single year,in addition to the 2007 and 2014 bull market outside the card in the majority of pharmaceutical indicators in recent years outperformed the Shanghai and Shenzhen 300 Index.This paper attempts to adopt a certain stock selection strategy for pharmaceutical listed companies to optimize and through the corresponding fund products to achieve,in order to obtain beyond the Chinese medicine card index excess returns.From the perspective of research,this paper hopes to develop the pharmaceutical fund of China Pharmaceutical Index,which is expected to obtain excess returns for investors from the perspective of real investment,and to expand the scale of asset management for fund managers and obtain stable generous management remuneration.First of all,from the ShenyinWanguo industry classification of chemical medicine,traditional Chinese medicine,biological products in the three plates selected from 2006 to 2016 listed in the circulation of 113 pharmaceutical companies as the object of study,This paper chooses the financial data which can be found in the annual report data as the dependent variable,and the individual stock returns as the independent variables,and establish the multiple regression model.Through the analysis of 62 pharmaceutical listed companies from 2006 to 2012,the results show that the net profit margin,Operating income growth rate(year on year),sales expenses accounted for the proportion of operating income three factors associated with a significant stocks investment gains.Secondly,according to the experimental data,the paper puts forward the quantitative selection criteria:(1)sales net profit margin of not less than 10.26%;(2)operating income growth rate(year on year)not less than 15.39%;(3)sales costs Accounting for the proportion of operating income of not less than 20.16%.And then this article from May 2,2013 to April 30,2014 outside the sample data to test the stock selection criteria,the results prove that the stock selection criteria effective.Finally,the paper uses the above stock selection criteria,through the way of private equity products to achieve portfolio investment,empirical simulation of the May 5,2014 to April 29,2016 fund performance,the results show the use of the stock selection criteria of the Fund Products not only significantly outperformed the Shanghai and Shenzhen 300 Index,and beyond the same period in the card to obtain excess earnings.The final product received an absolute yield of 59.24%,with a combined standard deviation of 37.75%,a Sharp ratio of 1.46 and the maximum retracement of-48.34%.