张坤“大动作”背后：更名为次，旨在港股市场

经济观察报2021-08-01

著名“千亿”基金经理张坤日前再上热搜，但原因并不是投资业绩，而是旗下的易方达中小盘基金要改名了。 7月30日，易方达基金发布了拟召开易方达中小盘混合型证券投资基金基金（以下简称易方达中小盘基金）份额持有人大会的预公告，计划以通讯方式召开持有人大会，审议变更基金名称和投资范围等重大事项。公告显示，易方达中小盘基金将更名为易方达优质精选混合型证券投资基金；其投资范围将由此前的“仅投资于境内投资品种”...

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)不作变更，而且将继续由著名基金经理张坤掌舵，核心投资理念不变；持有人原持有的份额不变，基金份额的持有时间延续计算。\n值得注意的是，这并不是该基金的第一次改名。公开资料显示，易方达中小盘基金此前的全称为易方达中小盘股票型证券投资基金，成立于2008年6月19日。其第一次更名发生于2015年7月25日，原因是根据《公开募集证券投资基金运作管理办法》相关要求，易方达中小盘股票型证券投资基金更名为易方达中小盘混合型证券投资基金。\n作为第二次改名，此次的原因又是什么？易方达基金在公告中给出的理由是“为进一步适应市场发展，更好地满足投资者需求”。但是，市场却有另外的声音。\n一位券商营业部投资顾问在接受记者采访时表示，易方达中小盘基金此次花费高昂成本进行更名的指向十分明确，就是去除“中小盘”的标签，为发力“精选优质企业”奠定基础。但实际上，从该基金近年的十大持仓来看，其早已跟“中小盘”不相符，长年持有的贵族茅台、五粮液和通策医疗等股票动辄千亿甚至万亿市值，是名符其实的优质企业，何来的中小盘？所以更名不更名，根本不影响其一贯的投资风格。\n据易方达基金官网显示，此次易方达中小盘基金持有人大会，每一持有人参与授权投票即可获得20元话费。按照2020年年报提供的3130873户数计算，此次易方达中小盘基金的更名成本在6000万元以上。\n虽然市场上对于“中小盘”没有明确的定义；但记者发现当年易方达中小盘基金合同里面却对“中小盘股票”有着明确的定义，具体为“基金管理人每季度末对中国A股市场的股票按流通市值自小到大进行排序，累计流通市值占A股总流通市值2/3的股票，称为中小盘股票”；“基金因所持有股票价格的相对变化而导致中小盘股票投资比例低于基金合同规定的范围，本基金管理人将根据市场情况，本着投资者利益最大化的原则，适时予以调整，最长不超过3个月”。\n公开资料显示，自张坤2012年入主易方达中小盘基金后，其便长年重仓持有贵州茅台等大盘绩优蓝筹股，已经涉嫌违反最初的基金合同。\n该投资顾问进一步指出，张坤出身于易方达新丝路基金，成名于易方达中小盘基金，但真正让其登顶“千亿”基金经理的却是易方达蓝筹精选基金（899亿元的规模），而该基金的十大持仓长期由香港交易所、腾讯控股、美团—W和招商银行等港股蓝筹霸屏。此外，张坤旗下的另外两只基金：易方达优质企业三年持有期混合和易方达亚洲精选的十大持仓里面，亦经常出现港股蓝筹身影。由此可见，张坤不但擅长于蓝筹股投资，更擅长于港股市场的蓝筹股投资。所以，此次易方达中小盘基金的更名举措只是顺势之笔，真正的用意在于把投资范围扩充至港股，尤其是港股通以外的港股，从而使张坤在其擅长的领域进行投资，有利于易方达中小盘基金的翻盘；如果此次更改得以通过，那么张坤旗下4只基金产品就可以在港股市场“会师”了。\n实际上，在公告发布当天，易方达基金官网还发布了张坤“致易方达中小盘基金持有人的一封信”。信中强调“主要的变化是基金投资范围的扩大。我们仍将主要投资A股的上市公司，在此基础上，基金的投资范围将增加港股的上市公司”。\n由于投资范围扩充至港股通以外的港股，那么变更后的基金是否属于QDII性质？其申购、赎回流程又是否相应修改？对此，易方达相关工作人员在接受记者电话采访时表示，易方达中小盘基金变更后将适用QDII规则；根据相关规定，其赎回流程将比此前多一个工作日；至于申购，该基金从今年一季度已经暂停申购，而且预计在未来一段时间内仍不开放。\n公开资料显示，截至2021年6月30日，张坤掌管的4只基金资产总规模为1344.78亿元，从而享有“千亿”顶流基金经理的名号。但实际上，今年以来，其掌管的4只基金投资业绩却差强人意：全部亏损。截至7月30日，易方达优质企业三年持有期混合基金今年以来的收益为-10.6%，在1619只同类基金当中排名1502位；易方达蓝筹精选基金今年以来的收益为-12.89%，在1619只同类基金当中排名1560位；易方达亚洲精选基金今年以来的收益为-21.74%，在289只同类基金当中排名283位；易方达中小盘基金今年以来的收益为-11.40%，在1619只同类基金当中排名1530位。\n不如人意的投资业绩使得其基金总份额出现了一定的赎回迹象：易方达蓝筹精选基金的总份额从一季度的309.33亿份减少至二季度的298.19亿份；易方达中小盘基金从去年年底的43.86亿份减少至二季度的35.51亿份。那么，此次易方达中小盘基金更名并增加港股投资范围，能否成为张坤扭转败局的契机？这个无疑是众多“坤粉”关注的焦点所在。","kind":"highlight","is_publish_news":true,"is_publish_highlight":true,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[{"id":802708994,"gmtCreate":1627801619218,"gmtModify":1631892697189,"author":{"id":"3586062021179531","authorId":"3586062021179531","name":"Linghock","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3586062021179531","authorIdStr":"3586062021179531"},"htmlText":"好","listText":"好","text":"好","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802708994","repostId":2155168810,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"CN"},{"id":802701519,"gmtCreate":1627801584531,"gmtModify":1631892697203,"author":{"id":"3586062021179531","authorId":"3586062021179531","name":"Linghock","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":6,"crmLevelSwitch":0,"idStr":"3586062021179531","authorIdStr":"3586062021179531"},"htmlText":"Good&nbsp;","listText":"Good&nbsp;","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":0,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/802701519","repostId":2155168810,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"langContent":"EN"},{"id":802656665,"gmtCreate":1627778706357,"gmtModify":1633756537000,"author":{"id":"4087263755014960","authorId":"4087263755014960","name":"小虎小虎小小虎","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"idStr":"4087263755014960","authorIdStr":"4087263755014960"},"htmlText":"赞","listText":"赞","text":"赞","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/802656665","repostId":2155168810,"repostType":4,"isVote":1,"likeStatus":false,"favoriteStatus":false,"reportStatus":false,"tweetType":1,"comments":[{"id":5390783,"gmtCreate":1627778721303,"gmtModify":1635163138285,"authorId":4087263755014960,"author":{"id":4087263755014960,"idStr":"4087263755014960","authorId":4087263755014960,"name":"小虎小虎小小虎","avatar":"https://static.laohu8.com/default-avatar.jpg","vip":1,"crmLevel":1,"crmLevelSwitch":0,"individualDisplayBadges":[]},"repliedAuthorId":0,"objectId":802656665,"type":1,"supId":0,"prevId":0,"content":"666","text":"666","html":"666"}],"langContent":"CN"},{"id":802629830,"gmtCreate":1627777896520,"gmtModify":1633756551500,"author":{"id":"3582212677594923","authorId":"3582212677594923","name":"Diaschy","avatar":"https://static.tigerbbs.com/023e36d76d8f4434c4ca55ea9d316933","vip":1,"crmLevel":2,"crmLevelSwitch":0,"idStr":"3582212677594923","authorIdStr":"3582212677594923"},"htmlText":"加油","listText":"加油","text":"加油","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":2,"commentSize":1,"repostSize":0,"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