基金2012年四季报披露完毕，其他基金公司都站着，天弘基金倒下了。

Fund in 2012 for the disclosure of the four seasons,Other fund company stood by,Celestica fund fell.

　　根据四季报的披露数据，全市场70家基金公司中， 有69家公司在四季度中实现了盈利。全行业净利润1046亿元，但拖行业数据后腿的来自一家中型基金公司——天弘基金。根据天相系统数据，该公司基金旗下基金四季度亏损1.599亿元，成为全行业唯一在四季度亏损的公司。

According to the disclosure of data of the four seasons,The whole market 70 fund companies, There are 69 companies in the fourth quarter to realization of profit.The industry net profit of 104.6 billion yuan,But tow industry data of the hind legs from a medium fund company, celestica fund.According to day phase system data,The company's fund fund fourth quarter loss 159.9 million yuan,Become the industry in the fourth quarter loss of the company.

　　在过去的一年多时间中，天弘基金在诸多方面可圈可点，比如进行了投研改革、招募了大量人员、发行了行业第一只养老型公募产品、第一批上报基金公司专户子公司等等。

In the past more than a year of time,Celestica fund can in many aspects,As for the reform of the research/Recruited a large number of personnel/Issue the industry first only endowment type public offering products/The first report to fund only door subsidiary, etc.

　　然而，该公司在四季度却逆市衰退。

however,The company in the fourth quarter but inverse city recession.

　　天弘精选双杀 Celestica select double play

　　1月16日，天弘精选发布变更基金经理的公告，原基金经理周可彦离任。周可彦在天弘基金的内部职务还有另一个头衔——股票投资部总经理。

On January 16,,Celestica selected release change fund managers notice,The fund manager ZhouKeYan departure.ZhouKeYan in celestica fund internal position and another title - stock investment department general manager.

　　2011年7月，周可彦掌舵天弘精选。当年，天弘精选的业绩从2011年6月底同类基金排名的倒数，升至2011年底同类基金排名的前四分之一。此役周可彦立下战功，随即升职。

In July 2011,ZhouKeYan steering celestica selected.the,Celestica select performance from 2011 to the end of June similar fund the reciprocal,To the end of 2011 the same funds ranked one of the first four points.ZhouKeYan having set the meritorious military service,Then promotion.

　　彼时，天弘精选尚未发布四季度报告。据行业内人士介绍，按照一位基金经理的正常离任程序，早在2012年年底，天弘基金就会做出撤换基金经理的决定。

At the,Celestica selected four quarterly report has not been released yet.Introduce according to the personage inside the industry,According to a fund manager's normal departure procedure,As early as the end of 2012,Celestica fund fund manager will make a decision to dismiss.

　　这或许同2012年四季度，周可彦表现乏善可陈有关。2012年前三季度，天弘精选实现了0.33%的净值增长率，还处在全行业前二分之一位。但到年底结束，天弘精选净值大跌11.28%，在173只混合型基金中排名倒数第三。

This may be the same as 2012 in the fourth quarter,ZhouKeYan lacklustre performance related.The third quarter of 2012 years ago,Celestica selected achieved 0.33% of the net growth rate,Also in the industry before a half.But to the end of the year,Celestica selected net worth drop 11.28%,In 173 only hybrid funds in the bottom third.

　　重创天弘精选的正是去年四季度。在众人皆涨的日子里，该基金净值大跌11.58%，在1200多只基金中排名最后一位。

Hit celestica choice is the fourth quarter last year.All in all a day,The fund net worth drop 11.58%,In the more than 1200 fund rank in the last.

　　由于天弘精选是天弘旗下权益类基金中规模最大的，该基金四季度亏损3亿元，而天弘旗下其他基金四季度盈利不足1.5亿元。

Due to celestica selected is celestica its equity funds in the largest,The fund fourth quarter loss 300 million yuan,And celestica its other fund fourth quarter profit of less than 150 million yuan.

　　于是乎，天弘基金整体上亏损1.599亿元。

As a result,Celestica fund overall loss 159.9 million yuan.

　　换句话说，天弘基金四季度是被天弘精选击倒的。天弘精选在四季度为何出现了180度的大逆转？

In other words,Celestica fund fourth quarter was celestica selected knockout.Celestica selected in the fourth quarter why there were 180 degree turn?

　　据天弘精选三季报显示，该基金三季末仓位不过83.22%，但配置在食品饮料板块的比重高达净值的50.44%，而该板块近期整体表现不佳，对该基金净值造成较大拖累。另外，对于本轮领涨的金融地产等板块，天弘精选基本上零配置，因此在本轮反弹中天弘精选丧失了净值大幅反弹的动力。

According to celestica selected three quarterly report shows,The fund of the season three positions but 83.22%,But configuration in the food and beverage plate as high as 50.44% of the proportion of equity,And the plate recent poor performance,The fund net value cause bigger drag.In addition,For this brought up financial property, etc,Celestica selected basically zero configuration,So in this rebound transit hong selected lost power net rebound sharply.

　　四季度末的大调仓或也造成了该基金的部分亏损。

At the end of the fourth quarter major or also creates the fund part of the loss.

　　观察天弘精选三季度末的十大重仓股，几乎全部是大消费概念，包括5只白酒股。分别是山西汾酒(600809,股吧)、双汇发展(000895,股吧)、沱牌舍得(600702,股吧)、金种子酒(600199,股吧)、海宁皮城(002344,股吧)、酒鬼酒、五粮液(000858,股吧)、大商股份(600694,股吧)、好当家(600467,股吧)、仁和药业(000650,股吧)。

Observation celestica choice at the end of the third quarter ten big heavy warehouse stock,Almost all big consumption concept,Including 5 only liquor shares.Shanxi fenjiu respectively(600809,guba)/Shuanghui development(000895,guba)/TuoPai be willing to part with or use(600702,guba)/Golden seed wine(600199,guba)/Haining leather city(002344,guba)/Drunkard wine/Wu liang ye(000858,guba)/Big business shares(600694,guba)/The good(600467,guba)/Kernel and pharmaceutical(000650,guba).

　　而四季度末，天弘精选十大重仓没有一只与三季度末相同，几乎全是大盘蓝筹股。

And at the end of the fourth quarter,Celestica selected ten big heavy warehouse not one and the same at the end of the third quarter,Almost all grail blue chip.

　　仅仅一个季度，天弘策略调仓如此之大，不排除年底接替周可彦的基金经理所为，根据1月16日的公告，钱文成成为天弘精选的基金经理。但这么巨大的调仓可能会对该基金造成成本。

Only a quarter,Celestica strategy adjustment bin so big,Would not rule out the end of the year to replace ZhouKeYan fund managers do,On January 16, according to the announcement,QianWenCheng become celestica select fund manager.But such a huge adjustment warehouse may cause to the fund cost.

　　除此之外，天弘精选四季度被赎回，或也对该基金的经营产生负面影响。根据四季度的数据，天弘精选四季度被赎回了5.33亿份。

In addition,Celestica selected four quarter is redemption,Or to the fund management have a negative impact.According to the fourth quarter of data,Celestica selected four quarter is the redemption of 533 million.

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