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汇添富基金赚钱笑了投资者笑不出 近半产品跑输均值

2017-08-29 08:57:06   中国经济网

以跌幅最多的汇添富医药保健混合(470006)为例,虽然从2010年9月21日以来,其累计收益率已有55.17%,但在近3年以来的不同时段,业绩表现均大幅落后同类均值,尤其是近1年、近6个月、近3个月等,业绩均为负数,今年以来截止到8月25日,更以-7.05%的表现,垫底该公司混基最后一名。同时位居2077只同类基金的第2002名。而截至到6月30日时,其年内的业绩表现还是-4.27%,可见二季度之后其持股表现仍然不佳。

从今年一二季度公布的前十大重仓股看,其持仓变化非常小,但其第一大重仓股通化东宝前两季的走势刚好盈亏相抵,而第二大重仓股海利生物则在上半年大跌了超过20%,这也是汇添富医药保健混合仅有的两只,持股比例超过5%的个股。再往下看,东阿阿胶、片仔癀、乐普医疗和中国太保等在持有期涨幅均较为明显,并无跌幅太大的股票,不过前十重仓股仅占基金资产的40.56%,而其二季报披露,股票持仓占比超过87%,如此看来,导致业绩落后的原因或许在另外40%的仓位上。

另外,或许是医药行业并无大行情的原因,从其成立到如今,基金资产管理规模一直没有太大波动,多数时期都维持在三四十亿元上下。

天天基金网数据显示,从2016年10月31日至今,周睿单独管理该基金301天,任职回报为-11.23%。周睿曾任海通证券研究所医药行业研究员。2009年9月加入汇添富基金管理有限公司任医药行业高级研究员。2012开始担任基金经理职务,到如今也5年有余,但在如此长时期里只“专注”管理一直基金的现象倒比较少见。

与汇添富医药保健混合相比,汇添富达欣混合C/A却显得十分可惜,因为从上半年该基金的前十大重仓股看,中国平安、招商银行、贵州茅台、海康威视、美的集团等众多牛股都以成功捕捉到,但最后却落得基金业绩仅增长了2.06%、2.34%,与同类均值6.18%相差甚远。究其原因,原来是其股票仓位仅占基金资产的11.86%,债券则占到86.14%,而正如二季报中所说:“二季度债券市场出现较大波动,5月底前在金融去杠杆大背景下,债券收益率大幅上行,但在5月末调整至阶段性高点之后,随着监管协调预期加强,叠加货币政策边际上有所放松与债券收益率存在较明显的配置价值,债券市场收益率又开始出现显着下行。”当记者看到这里时,心中只想起四个字:事倍功半。

资料显示,其基金经理李怀定于2012年加入汇添富基金公司,2015年11月担任基金经理职务,到如今仅有1年多时间,这样看来,倒能解释其“犯错”的现象了。

而如果以固收类基金的业绩表现看,汇添富的14只债券型基金中更有10只都跑输年内同类均值,产品落后率达71%。

作为老牌基金公司,汇添富基金成立于2005年,股东为东方证券股份有限公司、文汇新民联合报业集团、东航金控有限责任公司。在多年的发展中,该公司已然成为拥有2902亿元公墓管理规模的大型基金公司,无论从基金经理人数、基金总数、分类型基金数量看,该公司也都处于同行第一梯队,而且在规模不断扩张的发展历史中,该公司的经营业绩也持续增长。

但归根结底,这些都不是投资者所看重的,投资者的诉求只有业绩回报,但从这方面来讲,汇添富恰恰还有很大的增长空间,相信投资者也希望看到一个更强的汇添富为他们的财富增值助力。

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