2012年12月大盘暴涨300点，面对突如其来的幸福行情，部分公募操盘手却坐失良机。刚披露的基金四季报可见一斑。

In December 2012 the market boom 300 points,In the face of the sudden happiness quotation,Part of the public offering terror hand but miss the boat.Just disclosure of fund for the four seasons is obvious.

　　在金元惠理新经济主题四季报里，七匹狼出现在十大重仓股里，但持股仅10股，公允价值只188.8元。

In dollar HuiLi new economic subject four seasons in the newspaper,Seven Wolf appeared in ten big heavy warehouse in stock,But holding only 10 shares,Fair value only 188.8 yuan.

　　金元惠理新经济(310358,基金吧)于去年7月31日成立，建仓期为6个月。也就是说，建仓期于今年1月31日到期。截至去年12月31日，该基金共持有7只股票，总计仅占基金资产净值的9.37%。

Dollar HuiLi new economy(310358,Fund it)Last year was founded on July 31,For a period of 6 months.that,Look forward to open a position in January 31 maturity.By December 31,The fund held a total of 7 stock,Total accounted for only 9.37% of the net value of fund assets.

　　本报记者了解，金元惠理新经济三季末仅持有翰宇药业(300199,股吧)和七匹狼两只股票，其中七匹狼为4.9万股。

Our reporter understanding,Dollar HuiLi new economic three season only hold John yu pharmaceutical(300199,guba)And seven Wolf two shares,Seven Wolf for 49000 shares.

　　“在去年底，金元惠理新经济一次性脱手了48990股七匹狼，还剩下10股。”一位知情人士透露。

"At the end of last year,Dollar HuiLi new economic one-time release 48990 strands septwolves,Ten strands left."A source said.

　　为何仅留下10股？

Why only leave 10 shares?

　　“不排除是交易操作所致，但有些基金经理喜欢卖股票时还留个尾巴，以反映敏感度，但是留这么少的还很罕见。”一位基金人士分析，金元惠理新经济的情况也是建仓缓慢所致。

"Don't eliminate is caused by trading operations,But some fund managers like to sell the stock also leave a tail,To reflect the sensitivity,But leave so little is still very rare."A fund personage analysis,Dollar HuiLi new economic situation is caused by a slow.

　建仓缓慢 A slow

　　这又是基金经理建仓缓慢所释放的一个信号。

This is a fund manager slow the release of a signal.

　　去年三季报里，市值不足万元的股票进入十大重仓股的股基只有中银主题策略。其刚刚成立两月余，重仓股里有100股的中国国旅(601888,股吧)，公允价值为2831元，其余全是混合债基。

In the last three quarterly report,Market value of less than ten thousand yuan stock into ten big heavy warehouse stocks stock base only boc theme strategy.Its just founded two months,Heavy warehouse stock has 100 strands of CITS(601888,guba),Fair value is 2831 yuan,The rest are all mixed debt base.

　　本报记者根据Ifind统计，去年四季报里共有14只基金出现了重仓某只个股的公允价值不超过1万元的情况。其中，11只是ETF及ETF联接基金。

Our reporter Ifind according to statistics,Last year in four seasons to 14 fund appeared heavy warehouse a fair value of the stocks of no more than 10000 yuan.the,But ETF and ETF connection fund.

　　金元惠理新经济是其中的唯一一只股基，还有两只是混合基金申万菱信盛利强化配置和债基长城积极增利债券A。

Dollar HuiLi new economy is one of the only a stock base,There are two just mixture fund ShenWanLing letter li reinforcement configuration and debt base the Great Wall ZengLi bond A positive.

　　“主要因为其处在建仓期，同时建仓比较缓慢，投资股票比较少，只有7只，所投股票均列在了重仓股里。”北京一位基金分析人士指出，“所以连持有不足200元的七匹狼也不得不列上。正常股基都会投资好几十只股票，这种市值小的很难被披露出来。”

"Mainly because its in a period,At the same time open a position slow,Invest in stocks is less,Only 7 only,Throws the stock are listed in the heavy warehouse in stock."Beijing a fund analysts pointed out,"So even hold less than 200 yuan septwolves would also have to list.Normal stock base will be investment dozens of stock,The market value of small it is difficult to be revealed."

　　与同时期成立的股基相比，也能看出金元惠理新经济建仓迟缓。去年7月26日成立的融通医疗，其股票投资四季末已占到基金总资产的53.78%；四季末，去年7月25日成立的中银主题策略的股票投资占基金总资产的73.32%；而去年8月3日成立的交银阿尔法核心的股票投资在四季末也占到了基金总资产的84.57%。

And the same period established shares than base,Can also see that dollar HuiLi new economic open a position slowly.Last July 26 established medical facility,The stock investment at the end of the four seasons have accounted for 53.78% of total assets to fund;At the end of the four seasons,Last July 25 established boc theme strategy stock investment accounts for 73.32% of the total assets of the fund;Last year was founded on August 3, into silver alpha core of stock investment in the four seasons also accounted for 84.57% of the total assets of the fund.

　　自成立伊始，金元惠理新经济的基金经理便是潘江，其同时担任着金元惠理的副总经理兼投资总监、投资决策委员会主席、金元惠理价值增长基金经理等职。

Since the founding,Dollar HuiLi new economy is PanJiang fund manager,It also served as the dollar HuiLi deputy general manager and director of investment/Investment decision committee chairman/Dollar HuiLi value growth fund manager and so on.

　　去年三季报显示，金元惠理新经济的十大重仓股里，只有翰宇药业和七匹狼，公允价值总计为205.58万元，仅占基金资产净值的1.56%。

Three quarterly report showed last year,Dollar HuiLi new economic ten big heavy warehouse in stock,Only John yu pharmaceutical and seven Wolf,Fair value amount to 2.0558 million yuan,Accounted for only 1.56% of the net value of fund assets.

　　而去年四季度里，潘江只增加了贵州茅台(600519,股吧)、五粮液(000858,股吧)等7只股票，但因大幅减持了七匹狼，所以其股票投资总计仅占基金资产净值的9.37%。

Last year in the fourth quarter,PanJiang increased only guizhou maotai(600519,guba)/Wu liang ye(000858,guba)7 stock,But because of the greatly reduced the seven Wolf,So the stock total investment accounted for only 9.37% of the net value of fund assets.

　　此时，距离建仓期满只有一个月时间。而按其招募书，其股票资产应占基金资产60%-95%。

At this time,A distance expiration only a month.And according to the recruitment book,The stock assets shall be accounted for 60% of the fund's assets - 95%.

　　“11月和12月建仓缓慢，就会错失最近一波的牛气行情。”上述基金人士指出。

"November and December a slow,Will miss a recent wave of arrogant quotation."The above fund personage points out.

　　数据显示，上证指数自去年12月4日触底1949.46点后，便一路暴涨，至去年12月31日，已涨至2269.12点，期间涨幅达16.4%。即使从其成立日算起，上证指数也有7.87%的涨幅。

Data display,The Shanghai index since last December 4, touch the bottom after 1949.46 points,Then jumped all the way,To December 31,Already rose to 2269.12 points,Period increased by 16.4%.Even if the starting from the foundation,The Shanghai index is 7.87% increase.

　　而去年四季度，金元惠理新经济的净值增长率仅为1.5%，大幅跑输于其业绩比较基准收益率7.96%。

And the fourth quarter of last year,Dollar HuiLi new economic net growth rate is only 1.5%,Greatly in the run lose performance comparison reference yield 7.96%.