从容方面表示，未来新产品正在孵化中，将是一只量化对冲方向的基金 Calmly said，Future new products are hatching，Will be a quantitative hedge direction of the fund

　　理财周报见习记者 李沪生/文

Finance LiHuSheng/the apprentice weekly newspaper reporters

　　“从容投资”，很多年之后，人们会仔细琢磨这家知名私募基金的名称。

“Calmly investment”，After many years，People will closely studied this renowned private equity's name。

　　他在几乎任何场合都异常淡定，有时候冷静的可怕。即便是发生了一而再的人事动荡。这印证了行业内广泛的说法，掌门人吕俊是一个内心极其理性的人。他也将这种冷峻的气质，灌注到了他的公司和管理。

He in almost any occasion were very calm，Sometimes the calm terrible。Even happen again and again the personnel unrest。This proved industry widely in the story，Palm LvJun is a heart very rational person。He will also be the cool temperament，To his company and with management。

　　“吕姜事件”之后，吕俊在想些什么？

“Lu ginger events”after，LvJun in want to some??????？

　　涂畅“一点点拉回来” TuChang“Pull back a little bit”

　　现有基金经理中，除吕俊外管理基金最多的就是顶替原姜广策职务的涂畅。

Current fund manager，In addition to the fund management LvJun most is to replace the original JiangGuang policy position of the TuChang。

　　涂畅自3月23日接手从容旗下6只医疗行业基金，截至6月29日的数据显示，从容医疗精英表现最好，涨幅达到5.72%，依次分别为医疗1期、医疗7期、医疗5期，涨幅分别达到4.83%、2.84%和1.45%，而剩下的医疗2期和3期也取得了正收益。截至7月6日的数据显示，今年来医药股的涨幅为14.5%。

TuChang since March 23 took over its only 6 easy medical industry funds，By June 29 figures show，Easy medical elite performance is the best，A 5.72%，In turn, respectively (1) medical treatment、Medical 7 period、Medical 5)，Or were 4.83%、2.84% and 1.45%，And the rest of the medical stage 2 and stage 3 also made a positive income。By July 6 figures show，This year to medicine shares up 14.5%。

　　“其实涂总真的很尽力，姜广策离开后，基金面临重大受损，现在能取得这样的业绩我们已经很满意了。”从容投资表示，“例如前期受损严重的医疗2期，涂总接手时净值仅为0.72，已经接近0.7的清盘线，涂畅就那么一点点拉回来，现在已经到了0.76以上。”

“Total really try to actually coating，JiangGuang strategy left，Fund faces great damage，Can now get the performance we have very satisfied。”Calmly investment said，“For example the damaged serious medical phase 2，Total net value with inherited is only 0.72，Has the winding line close to 0.7，TuChang so a little bit to pull back，Have now reached more than 0.76。”

　　涂畅从业经历达到18年，最早在广州珠江投资基金公司担任投资经理。此后，涂畅在湘财荷银基金（现泰达宏利）担任交易总监，2007年加盟从容投资。

TuChang experience up to 18 years，The earliest pearl river investment fund company in guangzhou as an investment manager。Since then，TuChang in XiangCai abn amro fund（Now the teda manuterm）Served as director of trading，Easy investment joined in 2007。

　　据了解，涂畅此前一直负责从容旗下其他系列产品，并未管理过医药行业基金，不过从容方面称涂畅出生于医药世家，对医药产品并不陌生。涂畅父亲是解放军某医院的专家，母亲退休前也是医生。

According to understand，TuChang had been responsible for easy its other products，Has not managed to the pharmaceutical industry funds，But calm says TuChang was born in medical family，For pharmaceutical products is not new。TuChang father is the PLA's a hospital experts，Mother is a doctor before retirement。

　　业内人士总会拿涂畅与姜广策相比较。从容方面表示，涂畅投资风格较姜广策来得更为稳健，不冒进，不喜欢集中持股。

The personage inside course of TuChang always take JiangGuang compared with strategy。Calmly said，TuChang investment style is much more robust JiangGuang strategy，Don't pushy，Don't like ownership concentration。

　　从容方面亦称，这样的风格更适合长期管理。

Easy aspects also says，This style is more suitable for long time management。

　　不过也有医疗行业人士称，行业基金的操作方式与普通基金的操作方式应该有所区别，讲究深耕细作和选股能力，传统的资产配置方式不一定完全适用，因此很难说涂畅和姜广策之间绝对高下。

But there are also the person said the medical industry，Industry funds mode of operation and the general fund operation methods should be different，Pay attention turns to become and choose a ability，The traditional asset allocation way is not necessarily completely，So it's hard to say TuChang and JiangGuang between absolute for everything。

　　不过，这种操作方式解释了从容医疗基金业绩的柔性反弹。

but，The operation ways to interpret the calm medical fund performance of the flexibility of the rebound。

　　涂畅接手后，将姜广策原本的配置彻底调整，将从容旗下6只医疗行业基金平均仓位控制在5到7成，趋向于稳定。

TuChang took over after，Will JiangGuang strategy originally configuration thoroughly adjustment，Will calm, only 6 medical industry average positions in fund control 5 to 7 into，Tend to stable。

　　在姜广策离开从容后，从容旗下医疗行业基金遭到一定规模赎回，这也是市场关注的问题。不过从容并没有透露具体的赎回规模。

In JiangGuang leave after for easy，Calm, the medical industry funds were certain scale redemption，This is the problem of market focus。But calm and did not provide details on the scale of redemption。

　

　吕俊开始发力 LvJun started to force

　　从容投资旗下有四个系列产品，分别为从容优势系列、从容稳健系列、从容成长系列和从容医疗系列。

Easy investment under four series products，Were calm advantage series、Calm steady series、Easy growth series and calmly medical series。

　　除了医药系列，剩下的都由吕俊亲自管理，截至6月29日的数据显示，今年来上证指数上涨1.18%，而从容优势三只产品均取得超过10%的收益：从容优势1期收益率达到10.76%，从容优势2期收益率达到10.84%，从容优势3期收益率达到10.6%。这也是从容旗下今年来表现最好的一个系列了。

In addition to the medical series，The rest of it LvJun himself by management，By June 29 figures show，This year to the Shanghai index up 1.18%，But leisurely three products are made advantages more than 10% of income：Easy advantage (1) yields 10.76%，Easy advantage phase 2 yield up to 10.84%，Easy advantage 3 of yield up to 10.6%。It is also easy to this year's best a series。

　　然而从容背后的不安因素也逐渐显现，自2011年三季度合伙人魏延军的离去，公司人员流动情况一直得不到解决。

However the uneasiness of the factors behind the easy also gradually revealed，Since 2011, three quarters of WeiYanJun partners to leave，The company personnel flow condition have been are resolved。

　　虽然从容一直表示两次“和平分手”都是对方有错在先，然而事实上这些事情已经难分绝对。

Although calm has said that two times“Peace break up”Are all the other side has the wrong prior，But in fact these things have difficult points. Definitely。

　　然而不可否认的是公司如此频繁的人员流动同样折射出公司的治理问题。不断地招收新人很难说是一个长久的解决之道。

But it is undeniable that the company so frequent personnel flow also reflects the company's management problem。Continue to recruit new it is hardly a long-term solution。

　　摆在吕俊面前的问题是难以回避和非常现实的。譬如，从容投资公司网站显示，除了从容医疗系列，其他系列的基金经理均为吕俊，一人管理多达10只产品，挑战不言自明。这些产品的操作，可能有些执行环节并非吕俊亲力亲为，但是投资策略、决策、管理都是由吕俊来完成的。

In front of LvJun problem is hard to avoid and very real。For example，Easy investment company website display，In addition to calm medical series，Other series of fund managers are LvJun，A man management as many as 10 only products，Challenge self-evident。The operation of these products，Some may not LvJun hands-on executive link，But the investment strategy、decision、Management is the LvJunLai finish。

　　从“铁三角”到“雁形” from“triangle”to“Wild goose form”

　　坐落于上海浦东新区芳甸路紫竹大厦18层的从容投资，记者一进门就感觉到了异样，乍一看以为来到公募公司，进门左手边是投研区域，而右边是后台，需要刷不一样的门禁卡才得以进入。这在一般的私募基金公司并不多见。

Located in the pudong new area in Shanghai fang he road building 18 floors calm zizhu investment，The reporter a door feel different，At first glance thought came to public offering company，On the left hand side is the door for research area，And on the right is the background，Need to brush the entrance card was able to enter。In general the private equity fund does not see more。

　　从容投资董事长吕俊曾在公募基金待过许多年，有着公募基金出身的他将他在公募基金得到的众多经验带入了私募行业。最特别就是上文中所提到的物理隔离，这是公募基金的一种做法。

The chairman LvJunCeng easy investment in public enlisting fund for many years，A public offering funds from his will he get in public enlisting fund of the many experience into the private industry。The most special is mentioned in this paper of physical isolation，This is public enlisting fund a different way。

　　吕俊也曾在多个场合反复强调，私募基金就是要做到“比白更白”。毫无疑问，这方面的一些理念，他走在了行业前列。

LvJun also had many occasions reiterated，Private equity fund is to do“More white than white”。There is no doubt that，This aspect of some ideas，He walked in the industry leader。

　　然而，另一方面，已无需渲染，市场共知从容浓厚的家族影子。

however，On the other hand，Already need not apply colours to a，Market calmly strong family convoys shadow。

　　去年经历大量骨干人员离职，从容大规模地招收人才，据称，仍旧带上了原有的色彩。

Last year a backbone personnel turn-over experience，Easy to recruit talents mass，allegedly，Still with the original color。

　　去年年中至今，一年时间，从容投资已经新入职或提升了4位基金经理，加上吕俊公司已经有5位基金经理。这个新的以吕俊为带头人的雁形阵容，能否超越曾经吕俊、魏延军和姜广策的铁三角阵容呢？

Since last year，A year，Easy investment has new entry or upgrade the four fund managers，Plus LvJun company has five fund managers。The new leader of the LvJun to for the form to the squad，Can LvJun beyond once、WeiYanJun and JiangGuang the squad for the triangle？

　　最终还是要用业绩说话。

Finally still need to use performance to speak。

　　对于未来发展，从容方面表示，去年下半年至今都没有发新产品，主要精力在把现有产品的收益最好。未来新产品正在孵化中，将是一只量化对冲方向的基金。

For the future development，Calmly said，The second half of last year so far have not hair of new products，Main energy existing products in the best returns。Future new products are hatching，Will be a quantitative hedge direction of the fund。