随着上市公司中报的披露推进，阳光私募基金的持仓也一一呈现。格上理财梳理私募基金投资的一系列股票，从中考察出私募的投资路径和持股风格。

With the disclosure of the listed company center daily news propulsion，Sunshine private equity fund position also presented one by one。Lattice on financial carding private fund investment of a series of stock，This thesis out private investment path and holding style。

　精熙投资：主题投资挖到“矿” Fine hee investment：Theme investment to dig“ore”

　　根据2012年中报披露，精熙二期、精熙成长精选、精熙三期集体上榜涉矿概念的零七股份(000007,股吧)的机构投资者榜单，持股总量累计接近413万股，占流通股比例2.23%，以2012年6月29日收盘价14.84元计，市值合计超过6000万元。下半年以来，该股创出上市新高，截至昨日上涨6.33%，为基金业绩贡献收益。

According to the 2012 NianZhongBao disclosure，Fine hee phase ii、Fine hee growth selected、Fine hee three period collective list in ore concept of Hong Kong shares(000007,guba)Institutional investors list，Holding total accumulated close to 4.13 million strands，Current account for 2.23% proportion，On 29 June 2012 closing price of 14.84 yuan meter，Total value of more than 60 million yuan。Since the second half of，The stock makes listed high，By rose 6.33% yesterday，For fund performance contribution income。

　　据了解，精熙投资的这三只产品平均规模在1.5亿元左右，该股占基金资产比例约13.33%，已构成当前低仓位运行背景下精熙投资的重仓个股。

It is understood，Fine hee investment of this three products of average size is in 150 million yuan or so，The stock of fund assets ratio is about 13.33%，Already constitute the current low position under the background of operation pure hee investment heavy warehouse stocks。

　　精熙投资较为擅长主题投资，且持股风格灵活。2009年至今，上市公司报告中披露的精熙投资的重仓股共有8只，大部分属于中小板、创业板，全部均只存在于一个报告期便迅速撤离。

Fine hee investment is relatively good at theme investment，And holding style flexible。Since 2009，The listed company report disclosure fine hee investment heavy warehouse stock only eight，Most belong to small and medium-sized plate、gem，All are only exist in a report period and leave quickly。

重阳投资：大公司不做小股票 The double ninth festival investment：Big companies don't do the little stock

　　虽然李旭利离开重阳投资，并且给重阳投资带来了一定的影响。但从重阳投资的投资风格上来看，依然有着公募基金投资风格的影子。

Although LiXuLi leave the double ninth festival investment，And give the double ninth festival investment brought certain effect。But from the double ninth festival investment investment style to see，Still has a public offering fund investment style of shadow。

　　重阳投资是私募业首家规模破百亿的公司，这意味着其对持仓个股的流动性具有较高的要求。纵观重阳投资2009年以来的重仓股数据，曾重仓持有9只大盘股和10只小盘股，却从未在创业板板块看见过重阳投资的足迹。受规模影响，重阳投资挖掘那些具有“护城河”优势、且优势逐年加大加宽的企业，也就是说在筛选股票时一般不会考虑市值在100亿元以下的个股，比如今年年报中其重仓持有的华润三九(000999,股吧)，市值就超过200亿元。

The double ninth festival is the first private industry investment scale broken billions of company，This means that the position stocks liquidity has higher requirements。Throughout the double ninth festival investment since 2009 heavy warehouse stock data，CengChongCang hold nine bulk lots stock and 10 only the small dish stock，Never in the gem plate seen the double ninth festival investment footprint。Scale effect by，The double ninth festival investment mining those who have“moat”advantage、Advantages and enlarged year by year dilated enterprise，That is the general won't consider when screening stock market in 10 billion yuan of the following stocks，This year the annual report, such as the heavy warehouse hold huarun san-jiu(000999,guba)，Market value is more than 20 billion yuan。

　　通常流通盘较大的股票所在的行业结构已经成型，其成长过程中面临的不确定性大大减小，而且这些股票的流动性也往往较强，当个股出现大幅下跌时不会因为流动性问题而遭受过多损失。

Usually the circulation larger stocks in the industry structure has been forming，Its growth course, faced with uncertainty is greatly reduced，And these stock liquidity also often stronger，When stocks appear plummets when will not because liquidity problem and suffer from too much loss。

　　除此之外，其对大盘股的偏好也表现在持股周期上。重阳持有大盘股的周期相对较长，一般会持有4-8个报告期，也就是1-2年，而小盘股的持股周期则相对较短，一般为一个报告期，即一个季度。

In addition，The bulk lots stock preference is also present in the holding period。The double ninth festival held the bulk lots stock cycle relatively long，General will hold four to eight report period，Also it is 1-2 years，And the small dish stock holding period is relatively short，Generally as a reference，That one quarter。

博颐投资：善抓细分行业龙头 Bo investment already：Good grasp segmentation industry leading

　　博颐重视价值分析，同时也重视组合管理及趋势交易，善于将小企业成长的动量转化为投资业绩。

Bo already pay attention to value analysis，At the same time also pay attention to portfolio management and the trend of the transaction，Good at will grow small momentum into investment performance。

　　长期专注创业板。博颐重仓的股票行业较分散，但明显偏好长期重仓持有创业板个股，在披露出的19只重仓股中，有7只来自于创业板，且持有周期相对较长，集中在2-4个报告期，即持有接近一年。

Long-term focus on gem。Bo already heavy warehouse stock industry more dispersed，But obvious preference long-term heavy warehouse holds gem stocks，In the disclosure of the 19 heavy warehouse stock in，There are 7 only from the gem，And a relatively long period，Focused on the 2 to 4 report period，Namely hold close to a year。

　　精选细分行业龙头。公司注重基本面的研究，分享投资标的成长为细分行业龙头或行业领先企业的投资收益。其重仓达到4个报告期的个股，目前大多已成为行业领军人，如迪安诊断(300244,股吧)、恒泰艾普(300157,股吧)每股收益分别已排到细分行业的第1位、第3位；而瑞普生物(300119,股吧)也逐渐以其丰富的产品线、深入的自有研究及市场化运作，而逐渐争取市场份额，支撑其2012年至今20.31%高涨幅。

Selected segmentation industry leading。The company pays attention to the basic research，Share investment growth target for segmentation industry leading or leading enterprises investment income。The heavy warehouse to four report period stocks，At present, we often has become the industry leader，Such as dean diagnosis(300244,guba)、Hengtai April(300157,guba)Earnings per share were already row to segmentation industry a 1、third；And reppe biological(300119,guba)Also gradually with its rich product line、In-depth own research and market operation，And gradually gain market share，Since 2012 20.31% support its high rise。

　　重仓个股抱团参与。对于确定性较强的个股，博颐常将旗下全部四只基金集体抱团持有（如迪安诊断），荣辱与共。从披露的重仓股数据来看，其个股发掘准确率较高。自2008年以来，博颐投资超过2/3的个股在持有期间为获利了结，对净值造成了正贡献。

Heavy warehouse stocks BaoTuan participation。For deterministic strong individual stocks，Bo already often will all four of its fund collective BaoTuan hold（Such as dean diagnosis），Weal and woe。From the disclosure of heavy warehouse stock data to see，Its stocks explore higher accuracy。Since 2008，Bo investment already more than two-thirds of stocks in the holding period for profits，To net value caused a positive contribution。

　　善于把握投资节奏。博颐投资不呆板，不会死守“长期持有”理念，而是结合个股行走趋势及外部环境，适度调整持仓。当被错杀时，抓住低成本机会补仓；当上升趋势渐成时，猛烈进攻大举加仓；当基本面或外围环境恶化时，则逐步减仓规避风险，节奏变换时点把握较准。

Good at grasping investment rhythm。Bo investment already not inflexible，Won't defend to the death“Long-term holding”concept，But combining walk stocks trend and external environment，Moderately readjust position。When he was wrong to kill when，Seize the low cost opportunity topping up；When the up trend when jiancheng，Fierce attack massive and warehouse；When the fundamentals and peripheral environment deteriorates，Is gradually reduced bin avoid risk，Rhythm transformation time grasp the calibration。

新价值：抱团参与屡踩雷 New value：In BaoTuan repeatedly on mine

　　要说今年哪家私募基金最“背”，答案当属新价值投资。旗下多只基金今年以来跌幅超过30%，2009年的辉煌恍如隔世。

To say which private equity fund this year the most“back”，The answer when the new value investment。Its many fund since this year fell more than 30%，2009 years of glorious seemed such a long time ago now。

　　新价值系阳光私募基金业绩的大面积折损主要源于其重仓股出现密集熊冠A股市场的现象，多只重仓股不仅创年内新低，甚至是历史新低。一向注重上市公司成长性的新价值自2011年以来频繁踩雷，从主营手机销售的爱施德(002416,股吧)到光伏行业的光电股份(600184,股吧)，再到威远生化(600803,股吧)。

New value system sunshine private equity fund performance of the large area wreck A main stems from its heavy warehouse stock appeared dense bear crown a-share market phenomenon，Many heavy warehouse shares not only and low years，Even the historical low。Always pay attention to the listed company growth of new value since 2011 on frequent thunder，From the main mobile phone sales love s&d(002416,guba)To the photovoltaic industry photoelectric shares(600184,guba)，To biochemical subsidiary(600803,guba)。

　　新价值对爱施德的重仓可谓是付出了沉痛的代价。在2011年一季度以较高的价位买进爱施德之后，该股便一路下滑，持有期间跌幅接近50%，并且在7月17日创下历史新低，收于5.8元。

The new value to love s&d heavy warehouse it is pay a painful price。In the first quarter of 2011 with higher price to buy love after s&d，The stock and all the way down，Holding period has fallen nearly 50%，And on July 17 a record low against，Closed at 5.8 yuan。

　　虽然新价值忍痛割舍股价大幅下跌的重仓股，但从其新介入的阳光电源(300274,股吧)和凯美特气(002549,股吧)来看，其似乎并没有逃脱继续“错踩”的厄运：阳光电源在7月份直线下跌，并在31日创出历史新低；新价值在二季度以较高的股价参与凯美特气，但其股价在7月31日创出新低。

Although the new value very reluctantly give up share prices fell sharply heavy warehouse stock，But from its new intervention sunshine power(300274,guba)And kay eager gas(002549,guba)To see，It did not seem to escape to continue“Wrong step”misfortune：Sunshine power in July, straight down，In 31, and creating a new low history；New value in the second quarter, with higher share price is eager to participate in kay gas，But the price of the stock on July 31 makes new lows。

　　如果说仅是旗下少数基金参与这些股票，新价值投资或许还没这么惨。从中报来看，抱团参与是新价值投资的标志之一：投资爱施德初期，新价值共有8只基金参与，截至今年一季度末，还有4只基金长期坚守；其参与投资超过5只基金的还包括阳光电源、凯美特气、乐凯胶片(600135,股吧)等一系列股票。

If its only a few fund to participate in these stocks，New value investment maybe haven't so miserable。See from the center daily news，BaoTuan participation is one of the symbols of the new value investment：Investment love s&d initial，New value consists of eight fund participation，As at the end of the first quarter of this year，There are 4 fund is long-term only stick to；Participation in the investment more than 5 fund include sunshine power、Kiah eager gas、Lucky film(600135,guba)And a series of stock。

　　黄晓霞

HuangXiaoXia