The minimum "stock position" of stock funds shall not be less than 60%. In the case of unilateral decline, equity funds can only reduce their positions to 60%, which will be damaged with the market decline. This is the rule of public offering of funds. In 2008, there was an example in which the minimum position of stock funds was 60% and it was greatly damaged.

Private equity funds are not subject to this restriction. Many private equity funds even had zero positions in 2008 (not yet). The flexible operation of private placement is also an important reason why the performance of private placement is often stronger than that of public offering.