证券时报记者 谭恕

The securities times reporter TanShu

　　有人说，博弘数君总经理刘宏用指数化的方式投资定增股是最聪明的做法。理由很简单：任何一个超额收益的市场最终是要向平均收益靠近。定增股是有套利空间的。今年的定增股投资出现大面积亏损，无论是二级市场投资者，还是认购者都无法套利。那么，如何认识指数化投资？投资定增股到底投资它的什么呢？特约博弘数君股权投资基金有限公司总经理刘宏回答记者提问。

Some say,Po hong number jun general manager LiuHongYong indexation way investment fixed rights issue is the most intelligent way.Reason is simple:Any excess earnings of the market is ultimately to average income near.Fixed rights issue is arbitrage space.This year's constant increase investment in stock large losses,Whether the secondary market investors,Or subscriber can arbitrage.so,How to understand the indexation of investment?Investment will increase the share of investment it?Special Po hong number jun equity investment fund limited company general manager 19 Richard f answer questions.

　　定增基金占比将降低 Constant increase of funds than will reduce

　　证券时报记者：定向增发股指数化、数量化投资有什么好处？

Securities times reporter:Directional issued shares of stock index/Quants have what good?

　　刘宏：指数化投资是最简单的数量化投资方式，也是全球管理规模最大的基金类型。指数化投资定向增发有两大好处：一是通过分散化来化解个别项目的风险；二是系统性获取定向增发这一制度性安排带来的超额收益，这种超额收益来源于购买时的折扣和再融资带来的新增资本给企业注入的成长性。

19 Richard f:Indexation investment is the most simple quants way,Global management is also the largest fund type.Indexation investment orientation shares has two big benefits:One is through the decentralization to defuse the risk of individual items;The second is systematic acquisition directional issued shares of the institutional arrangement brings excess profits,The excess revenue comes from purchase discount and refinancing bring new capital to the enterprise injection growth.

　　我们的定增基金开始运行于2010年11月，秉承类指数化投资的原则，投资以被动管理为基础，投资权重是以发行权重为基础，有完整的程序处理候选股票的基本面资料，有一个完整的决策机制，我们的定增基金远远跑赢市场证明了这些运营机制是科学有效的。

Our constant increase fund began to run in November of 2010,Adhering to the principle of class index investment,Investments to passive management as the foundation,Investment is weight issue weight as the foundation,A complete procedures candidate stock the fundamentals of material,To have a complete decision-making mechanism,Our constant increase fund just run to win the market proved that such operation mechanism is scientific and effective.

　　证券时报记者：定增股投资在贵公司所有投资中的占比如何？

Securities times reporter:Constant increase share investment in your company all the investment accounts for more than how?

　　刘宏：本公司致力于“中国特有机会的数量化投资”，目前的产品包括定增指数化投资基金，以合成的保护性期权来管理投资组合风险的动态对冲股票基金、以合成期权作为投资工具的保本型浮动收益基金，以及专门投资高信用风险产品的固定收益产品。尽管目前定增基金占据本公司业务总量的大多数，但是这种现象即将改变，固定收益产品和以固定收益产品为基础的保本型浮动收益产品将在规模上远超定增基金。

19 Richard f:The company is committed to"China's unique opportunity quants",The products include constant increase indexation investment fund,In synthetic protective option to manage portfolio risk dynamic hedge stock fund/In synthetic option as an investment tool break-even type floating income fund,Special investment and high credit risk product fixed income products.Despite the constant increase fund occupies the company business most of the total amount,But this kind of phenomenon is about to change,Fixed income products and to fixed income products based break-even type floating revenue product will be in on a scale far overdetermined increase fund.

　　证券时报记者：你们设立的定增股指数整体表现如何？

Securities times reporter:You set a rights issue index overall performance?

　　刘宏：我们定义的定增指数其实就是全样本投资定增股票的假想基金的净值走势。该假想基金（指数组合）中的股票权重即发行金额权重，指数的计算方法就使用本基金的估值算法。目前看，该指数用来衡量定增投资的绩效还是很好的。我们的基金跑赢了这个定增指数，而此定向增发指数也跑赢了沪深300。

19 Richard f:We define the definite increase index is actually the whole sample investment will increase the stock of the imaginary fund net value trend.This imaginary fund(Index combination)The weight of the stock is issued amount weight,Index calculation method is the use of the fund's valuation algorithm.Now look at,The index is used to measure the constant increase investment performance is very good still.Our funds run won the constant increase index,And the directional shares index also run won the Shanghai and shenzhen 300.

　　择时 折扣 成长性 Choose a discount when growth

　　证券时报记者：在定增股收益整体大跌背景下，定增股仍然是中国A股投资最好的机会之一吗？

Securities times reporter:In the rights issue income under the background of the whole plunged,Fixed rights issue is still China's A shares investment is one of the best opportunity?

　　刘宏：定增指数化投资具有超额收益是该投资的生存依据，只要这个超额收益还在，定增指数化基金就有存在的理由。但是，就像有理由存在的其他各种交易策略一样，定增指数化投资并不完美，它是作为投资人个性化选择的一个候选项目而已，而投资人的个性化选择除了个性化配置其风险收益偏好外，还包括其个性化选择进出市场的择时点，特别是对于这种向市场100%敞口的指数基金，择时更重要。

19 Richard f:Constant increase indexation investment has excess income is the basis for the survival of the investment,As long as the excess revenue is still in,Constant increase index fund has reason to exist.but,As there is reason to exist as other trading strategies,Constant increase indexation investment is not perfect,It is as investors personalized choose a candidate item just,But investors personalized choices in addition to personalized configuration its risk preference income outside,Also includes its individuality choice in and out of the market choose the time,Especially for this to market 100% open index funds,When choice is more important.

　　证券时报记者：定增股的吸引力在哪里？你们如何选择定增股标的？

Securities times reporter:Constant increase strands of attraction in where?How do you choose fixed rights issue mark?

　　刘宏：定增的好处就是两个：一是购买折扣，更多的是新增资本带来的成长性。我们有自己的投资原则：刚刚爆炒过的不投、募集资金不用于主营业务的不投、募集资金用来做研发的不投、大股东或实际控制人有套现意图的不投、净资本回报率不达标的不投、有负面传闻的不投等等，我们的投资期限就是定增股票发行后的锁定期。因为我们的基金是设计成定增投资的，不能叠加二级市场炒股票的成分，何况过了锁定期的股票不再有折扣贡献，不如再投资新的定增股票更好。

19 Richard f:Constant increasing benefits is two:One is to buy discount,More is new capital bring growth.We have our own investment principle:Just sauteed had not cast/Raising money is not used for main business is not throw/To raise funds used to do research and not throw/Big shareholder or actual controller have intention to cash not throw/Net return on capital substandard don't throw/Have a negative hearsay not cast etc,Our investment deadline is constant increase after the stock issuance regularly lock.Because of our fund is design ChengDingZeng investment,Can't stack secondary market speculation on stocks composition,How much more will the lock regular stock no longer have discount contribution,As to invest in new constant increase stock better.