克隆明星基金的收益与风险分析

本文在认可公募基金经理具有选股能力的基础上，对绩优的明星基金季报披露的重仓股按业绩筛选出股票，建立组合投资，对2005年二季度至2006年四季度期间的持有收益和风险进行验证。结论表明，在我国证券市场上克隆基金是一种可以给投资者带来较大收益的行之有效的战略手段。同时，本文认为，由此揭示出来的投资基金公开信息披露制度问题值得深入探讨。

Analysis on Earnings and Risk of Cloning Star Funds

Based on the recognition of stock pick capacity of open-ended securities investment funds managers, the author conducts a testing on the earnings and risks of the asset under management by the star managers 2Q 2005-4Q 2006, through a portfolio comprised of a selection of their heavy weight stocks. The test reveals that cloning mutual funds in China is an effective strategy to enhance return. In addition, the earnings and risk of cloning funds vary in line with market conditions. The author believes that the unveiled problems relating to disclosure system of mutual funds are worth further studies.