上半年基金行业的PK倒计时已经开始，小公司成绩单普遍不好看。
《投资者报》数据研究部统计，截至6月14日，运作超过一年的60家基金公司平均回报率为8.4%，其 中一季度规模靠后的10家基金公司，九成整体业绩低于平均值。
东方财富通手机炒股软件 某些股割肉出逃肯定会后悔 突发暴涨很可能不期而至 股民福音：套牢股票有救了!
其中，整体业绩亏损超过10%的有5家，包括民生加银、金元比联、天弘、天治和金鹰，为别 为-14.86%、-14.42%、 -12.41%、-11.9%和-10.14%。
如果说，大中型基金公司靠提取管理费即使业绩不好，日子依然过得去；小公司则显艰难，它们面临着人事不 断动荡和业绩下滑的窘态。
小基金公司业绩差
民生加银旗下共有5只基金，均排在同类基金后列,
moncler quincy。其中，民生加银精选亏损超过18%，排在238只同类基金倒数第三位。
该基金成立于2010年2月，成立一年多来，已经连换三位基金经理，第一任基金经理黄钦来任职8个月后 辞职，第二任基金经理杨军任职7个多月又辞职，现任基金经理傅晓轩今年1月末上任。
频繁更换基金经理使得基金风格极为不稳定。
以去年年底到今年一季度为例。去年年末股票仓位为87.8%，行业配置也较为均衡，配置最大的行业机械 设备仪表比例为16.6%；一季度傅晓轩接任以来，仓位大幅降低至68%，大幅提高了行业配置集中度，其中 机械设备仪表占基金净资产的58%。
今年以来，其重仓的徐工机械、柳工、中国船舶等机械股大幅调整，对基金业绩拖累较大。
作为2010年的业绩明星，天弘和天治旗下基金在市场整体向下的环境下，去年均取得正收益，然而今年以 来，它们却面临另一番窘境,
mercurial pas cher。
截至6月14日，天弘精选、天弘永定成长基金亏损均超过15%，两只基金双双排在同类基金 倒数第五名。
业绩较差的一个重要原因是，其对二季度行情判断过于乐观。这一方面表现在仓位上，另一方面表现在其对二 季度不正确的判断上。
截至一季度末，天弘精选仓位76%，天弘永定成长仓位达94%。天弘精选在一季度报告对二季度的展望中 认为，“我们对二季度整体上偏乐观，但是预期与兑现的过程，加大了波动的可能。”
金元比联仅剩10亿
业绩普遍较差，使得小规模基金公司规模长期停滞不前，有些甚至大幅下滑。
后10家基金公司规模均在75亿元以下，而业内目前普遍公认80亿元为盈亏平衡线。这10家公司包括金 元比联、民生加银、诺德、天治、浦银安盛、中欧、益民、新华、天弘和金鹰。
金元比联的命运最受关注。
这家由金元证券和比利时联合资产管理公司共同发起设立的合资基金公司早在2006年11月就已成立，资 产规模一度接近50亿元,
polo ralph lauren pas cher，但现在却成了最袖珍的基金公司。
Wind数据显示，一季度末，该公司整体规模仅剩10.7亿元，不及很多单只基金的规模。目前，金元比 联旗下运作的基金有6只，包括金元比联成长动力、金元比联价值增长、金元比联消费主题等4只亏损超过14% 。其中，金元比联价值增长亏损为18.35%，排在238只同类基金倒数第4位。
该基金业绩差的重要原因之一是重仓股调整幅度普遍较大，加上持股集中度高，业绩受到很大拖 累。
以2011年一季度为例，金元比联价值增长十大流通股市值占基金净资产的64%，占基金股票仓位的7成 以上。
而其重仓持有的恒瑞医药、小商品城、莱宝高科、中材国际、东阿阿胶、中国平安等跌幅较大，对基金业绩影 响较大。
业绩较差，使得该基金公司基金规模持续缩水。
Wind数据显示，截至一季度末，该公司旗下6只基金，3只规模在1亿元以下，包括金元比联成长动力、 金元比联丰利和金元比联核心动力。另外，金元比联价值增长、金元比联消费主题、金元比联宝石动力规模分别为 1亿元、1.6亿元、5.4亿元。
人事震荡军心不稳
近一年来，小基金公司核心人事震荡成为常态。
从去年12月1日至今年5月初，规模后十位基金公司中，先后有益民祖煜、天治刘珀宏、天弘胡敏、民生加 银张嘉宾、金元比联易强五位总经理离职。
其中，益民祖煜、天治刘珀宏任职总经理均不满一年。
2010年4月27日上任，12月1日刘珀宏就辞职，在任仅7个月。刘珀宏上任初曾表露，要用2至3年 使天治总规模扩大到300亿元以上，但随着其离任，这变成一句空话。
刘珀宏的前一任总经理是祖煜。2009年，祖煜在天治当了5年总经理后，匆匆赴益民救火，然而上任不到 一年就又匆匆离去。
民生加银张嘉宾、金元比联易强均为所在基金公司的“开山元老”，公司一成立即任总经理，规模作为股东考 察管理层的一个硬指标，两位总经理在任期间总增长并不明显,
franklin marshall france，这被认为是离职的主要原因。
值得一提的是，张嘉宾离职民生加银后，匆匆上任金元比联救火,
abercrombie。
“铁打的营盘，流水的兵”，小基金公司似乎难逃此咒。其人事动荡不仅仅局限于总经理层面。
以天弘基金公司为例。2010年，该基金公司业绩良好，与原投资总监吕宜振的努力不无关系 。
2008年10月，曾有过易方达基金公司研究主管、信诚基金研究总监经历的吕宜振受命担任天弘基金投资 总监。甫一上任，摆在吕面前的问题是如何重建投研团队，而这恰是天弘基金公司的短板。充实投研团队、构建投 研系统、亲自担任基金经理，吕宜振率领天弘走了一段成长之路。
2010年，天弘业绩获得较为明显的改观，旗下基金均取得正收益,
mercurial vapor，其中天弘周期策略、天弘永定成长收益率分别达到17.6%、11.5%，挺进同类基金前1/5。然而，吕宜振的去职，又让天弘基金业绩变脸明显。
毫无疑问，面对跌跌不休的市场，小基金公司前景更加令人担忧。
成都市私家车保有量全国第三
a daughter enough. Later
I want to go home
.
About two weeks after China's Ministry of National Defense confirmed its program to refurbish an ex-Soviet aircraft carrier, the still unfinished vessel commenced its maiden sea trial on Wednesday morning from Dalian of northeast Liaoning Province where the carrier was docked.
While some neighboring countries have expressed concern over the growth of the People's Liberation Army (PLA) Navy, such as Japan's most recent defense white paper, Peter Singer, a senior fellow in foreign policy at the Washington-based Brookings Institution, told Xinhua that he didn't believe the Chinese carrier was a source that could worsen the current situation in the Asia-Pacific region.
"One should not be surprised that China, whose military and economic power has grown immensely over the last decades, would want to join the 'carrier club' along with states like the US, UK, Brazil, India, France," Singer said in an email.
It's an understandable ambition from a strategic and national prestige standpoint for China to develop aircraft carrier, he said.
Currently, the United States, the United Kingdom, France, Russia, Spain, Italy, India, Brazil and Thailand, operate a total of 21 active-service aircraft carriers.
Japan's Maritime Self-Defense Force currently has two 18,000-metric ton Hyuga-class helicopter carriers, although the warships are classified by Japan as "helicopter destroyers."
Once the still-unnamed carrier is delivered to the PLA Navy, China will be the last among the permanent members of the U.N. Security Council to possess an aircraft carrier.
The Asia-Pacific is also an area where aircraft carriers frequently cruise. The nuclear-powered supercarrier USS George Washington has been forward deployed at Japan's Yokosuka, and other U.S. carriers visit the area from time to time for military exercises, deterrence, as well as port calls and humanitarian aids.
"I don't think the carrier itself is a source of tension with the US," Singer said. "I think the greater sources of regional tension remain the behavior and unresolved maritime claims."
According to Singer, such sources include the conduct of the navies in the South China Sea and sea disputes between China and some of its neighboring states.
China signed an agreement with members of the Association of Southeast Asian Nations (ASEAN) in 2002 at Cambodian capital Phnom Penh, which seeks regional stability by resolving disputes in the South China Sea in a peaceful way.
The agreement, Declaration on the Conduct of Parties in the South China Sea, asked all concerned countries to maintain self-restraint and not to conduct activities that would complicate or escalate disputes such as inhabiting the uninhabited islands and reefs.
"Tensions between Japan, the Philippines or Vietnam were there before the carrier," Singer said, noting that China's neighboring countries may look at the carrier with some apprehension, but none should blame the carrier for tensions in the South China Sea.
Chinese military scholars told Xinhua that China's carrier program was for the sake of its own maritime interests.
"China's future aircraft carrier would only add stable factors to the Asia-Pacific region and the world peace," said Cao Weidong, a researcher of the PLA Navy's Academic Research Institute.
"Compared with the U.S. and other carrier-savvy navies, China is just a beginner in operating an aircraft carrier," Cao said.
To fuel its fast growing economy, China is increasingly reliant on natural resources imported through maritime transport routes from overseas.
The PLA Navy has deployed its task forces in rotation since the end of 2008 to the Gulf of Aden and waters off the coast of Somalia to escort Chinese and foreign merchant vessels transiting.
"We have learned from the escort missions and other operations, such as evacuating citizens from Libya, that an aircraft carrier is something that the navy needs," Cao said, adding that the weapon platform will also be a necessary tool for the country to safeguard territorial waters and maritime transport routes.
天弘和天治旗下基金在市场整体向下的环境下
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