其丰厚管理费撑起中邮基金大半个家 Its rich management fee hold up half of the mail fund a home

　　金证券记者 管伟

Gold securities GuanWei reporters

　　短短一年半时间，一只基金就海亏73亿，这样的“成绩”足以震惊四座。故事的主角叫做“中邮核心成长(590002,基金吧)基金”，让人五味杂陈的是，这个股基亏损王，成立以来靠着丰厚的管理费，养活着大半个基金公司。

Within a year and a half time，A fund is sea kui 7.3 billion，this“result”Enough to shock four seats。The main character in the story is called“Mailed in core growth(590002,Fund it)fund”，Let a person of mixed emotions is，The stock king base losses，Since the establishment of the management by the rich，To support the most fund company。

　

　73亿！ 7.3 billion！

　　股票基金“第一亏” Stock fund“The first kui”

　　7月19日，中邮基金旗下的中邮核心成长、中邮核心优选(590001,基金吧)、中邮核心优势、中邮核心主题等4只基金纷纷亮出二季报。

July 19，Mailed in fund its mailed in core growth、Mail in the core optimization(590001,Fund it)、The core advantage in the mail、The core theme mailed in 4 fund have reveals two quarterly report。

　　4只基金三盈一亏，与一季度的三亏一盈相比有所改善。不过，这仍难以避免旗下基金被扣上股基“第一亏”的恶名。

4 fund three full a deficit，And three quarter of a full deficit than improved。but，It is still difficult to avoid its funds are buckle on stock base“The first kui”notoriety。

　　据《金证券》了解，中邮旗下的4只基金中，中邮核心成长一季度曾经是唯一的盈利基金，但二季度却是唯一亏损。

According to《Gold securities》understand，Mailed in its 4 in the fund，Mail in core growing quarter ever is the only profit fund，But the second quarter is the only loss。

　　季报数据显示，中邮核心成长二季度实现收益-46843.14万元，利润-3387.03万元；截至6月30日，该基金份额净值为0.4705元，累计净值0.4705元，二季度份额净值增长率为-0.3%，同期业绩比较基准增长率为0.66%，跑输基准0.96个百分点。

Quarterly report data display，In the second quarter mail core growth proceeds - 468.4314 million yuan，Profit - 33.8703 million yuan；As of June 30，The fund net value of share 0.4705 yuan，Accumulative total net worth 0.4705 yuan，The second quarter net value of share growth was 0.3%，Over the same period performance benchmarks for the comparison of growth rate of 0.66%，Run lose 0.96% benchmark。

　　据悉，中邮核心成长曾在连亏4个季度后，一季度业绩短暂“浮出水面”，利润额7588.73万元。而2011年全年，中邮核心成长4个季度利润额依次为-36882.23万元、-150691.65万元、-283869.24万元、-262581.05万元。

It is reported，Mailed in core growth was in deficit even after four quarter，First quarter results short“surface”，Amount of profit is 75.8873 million yuan。And in the whole year of 2011，Mail in core growing four quarter profit margin in order - 368.8223 million yuan、- 1.5069165 billion yuan、- 2.8386924 billion yuan、- 2.6258105 billion yuan。

　　如此来看，一年半的时间，中邮核心成长已累计亏掉72.98亿元。

So to see，A year and a half of the time，Mailed in core growth has accumulated losses off 7.298 billion yuan。

　　逾13亿 More than 1.3 billion

　　管理费撑起大半个家 Management fee hold up most of the home

　　“第一亏”名声差一点，但不要紧，丰厚的管理费才是最实惠的。

“The first kui”Fame nearly，But it doesn't matter，Rich management fee is the most affordable。

　　资料显示，中邮核心成长成立于2007年8月17日，首募规模为149.57亿元。2008年年末，该基金的规模为168.71亿元；次年年末，其规模进一步增长到278.05亿元。此后的三年，中邮核心成长的规模不断缩水，2010年、2011年年末，分别降为230.34亿元、138.40亿元。截至2012年6月30日，规模为136.28亿元。

Data shows，Mailed in core growth was established in August 17, 2007，The first offering scale for 14.957 billion yuan。By the end of 2008，The fund scale for 16.871 billion yuan；By the end of next year，The size of a further increase to 27.805 billion yuan。The next three years，Mailed in core growing scale is shrinking，In 2010,、By the end of 2011，Decreased to 23.034 billion yuan respectively、13.84 billion yuan。By June 30, 2012，Scale for 13.628 billion yuan。

　　该基金的管理费费率是1.5%，按照其平均规模180亿元简单测算，中邮核心成长成立以来累计收取管理费，可能在13.5亿元左右。

The fund management fee rate is 1.5%，According to the size of an average of 18 billion yuan simple calculation，Since the establishment of the mail core growth cumulative collection management fee，May be in 1.35 billion yuan or so。

　　对中邮基金来说，这可是一棵实打实的“摇钱树”。

The mail for funds，This is a real tree“Cash cow”。

　　《金证券》记者了解到，目前中邮基金公司旗下以“中邮核心”命名的4只基金总规模为236.96亿元，中邮核心成长又占据“中邮核心”近六成规模。

《Gold securities》The reporter understands，At present in the mail fund company with its“Mailed in core”Named 4 fund total scale for 23.696 billion yuan，Mailed in core growth and occupy“Mailed in core”Nearly sixty percent scale。

　　分析人士指出，基金公司的主要支出即支付给银行的尾随佣金，而在尾随佣金中，新基金给渠道的费用最多超过了80%，而老基金给渠道的费用不会超过管理费的20%。因此不夸张地说，占据一半规模的中邮核心成长基金养活了大半个中邮基金公司。

Analysts pointed out that，Fund company is the main expenditure to pay bank trailing commission，And in the shadow of the commission，A new fund to channel cost up more than 80%，And the old funds to channel the cost will not exceed 20% of the management fee。So there is no exaggeration to say，Occupy half the size of the core mailed in growing fund to support the most of the Chinese postal fund company。

　　不满3年 Dissatisfaction 3 years

　　“新兵”没经历完整牛熊市 “recruits”No experience complete cow a bear market

　　什么原因导致中邮基金旗下基金巨幅亏损？《金证券》记者了解到，人才流失、基金经理更迭频繁是导致中邮基金近年来亏损连连的重要原因之一。

What was the reason for its funds in the mail fund huge losses？《Gold securities》The reporter understands，Loss of talented people、Fund managers frequently lead to change is the mail fund in recent years loss-making one of the important reasons。

　　目前中邮旗下共有7只基金。成立于2011年1月1日前的4只基金中，3只更换过基金经理。其中，中邮核心成长、中邮核心优选基金都更换过4次基金经理。

At present there are 7 mailed in its fund。Founded in January 2011 1 in 4 fund，3 only changed the fund manager。the，Mailed in core growth、Mail in the core optimization of fund are changed four fund manager。

　　《金证券》记者查阅了中邮核心成长的基金经理任期回报发现，均低于同类平均管理水平。

《Gold securities》Reporters refer to the mail core growth fund managers that term returns，Are lower than the similar average management level。

　　例如，中邮核心成长的第一任基金经理彭旭，任职迄止日为2007年8月17日－2008年2月4日，任职171天，任期回报9.19%，而同类基金平均回报为11.51%；第二任基金经理盛军，任职迄止日为2008年12月26日－2011年3月24日，任职两年又87天，任期回报57.32%，同类平均73.61%；第三任基金经理谭春元，任职迄止日为2011年3月25日－2012年5月3日，任职1年又40天，任期回报－31.07%，同类平均19.66%；而目前的基金经理邓立新，自2011年5月21日任职以来，任期回报－31.84%，同类平均－16.88%。

For example，Mailed in core growth first fund manager PengXu，In effect, the check for August 17, 2007 - February 4, 2008，For 171 days，Term 9.19% return，And the same fund average return is 11.51%；Second ChengJun fund manager，In effect, the check for on December 26, 2008 - March 24, 2011，For two years and 87 days，Term 57.32% return，Similar an average of 73.61%；A third term as the fund manager TanChunYuan，In effect, the check for March 25, 2011 - on May 3, 2012，For 1 year and 40 days，Term returns - 31.07%，Similar an average of 19.66%；But the present fund manager deng lixin，Since on May 21, 2011, since the office，Term returns - 31.84%，The same average - 16.88%。

　　不断地更换基金经理，结果导致了成立已经6年多的中邮基金管理有限公司，满眼看过去皆是“新兵”。

Constantly change fund manager，The result has been more than six years was founded in mail fund management co., LTD，Eyeful see the past all is“recruits”。

　　截至8月17日，中邮旗下7只基金中，基金经理任职年限都不超过3年，任职时间最长的中邮核心优势的基金经理之一李安心，也仅为2年又295天。此外，中邮核心优选与中邮上证380的基金经理，任职年限均不满1年。

As of August 17,，Mail in its 7 only funds，The fund manager office term are not more than three years，The longest mailed in core advantage one fund manager LiAnXin，Also only for 2 years and 295 days。In addition，Mail in the core optimization and mailed in the Shanghai 380 fund manager，Office term is less than one year。

　　“作为基金经理，没有经历过一整个牛熊转换，是不会有直观的、切身的市场感受，也不可能管理好基金。”一位资深基金行业人士对《金证券》表示，年轻基金经理的管理经验都是用基金持有人的血汗钱“买”出来的。

“As the fund manager，Have experienced a whole NiuXiong conversion，There is no intuitive、Immediate market experience，It is impossible to manage the fund。”A senior fund industry to people《Gold securities》said，Young fund manager management experience is to use the fund holder's hard-earned money“buy”Out of the。