2006
2007 3 27
2007 3 26
377010
2005 10 11
1,757,654,301.90
1
(Barbell Approach)
2
Dynamic Fund
3
80 A 20
A A 95 A A
4
99 20
99 20
200120
8621-38794999
8621-68881170
alan.wang@jpmf-sitico.com
1 1
010- 67595104
010-66275853 66275865
www.51fund.com
202 11
99 20
1
1 =80%× A +20%×
(2
2
2006
2005 10 11 2005 12 31
1
453,415,615.84
-4,126,743.44
2
0.4440
-0.0053
3
651,557,508.73
-4,604,827.75
4
0.3707
-0.0054
5
4,746,987,323.25
875,401,024.12
6
2.7008
1.0202
7
24.72%
-0.54%
8
173.01%
2.02%
9
178.52%
2.02%
39.66%
0.0126
27.72%
0.0110
11.94%
0.0016
46.41%
0.0116
30.05%
0.0111
16.36%
0.0005
173.01%
0.0127
93.74%
0.0112
79.27%
0.0015
--
--
--
--
--
--
--
--
--
--
--
--
178.52%
0.0116
94.70%
0.0106
83.82%
0.0010
1 2005 10 11 2005 10 11 2006 12 31
(2 ) 60-95% 5-40% 5%
3
2005 10 11 2005 10 11 2006 12 31
10 2005 2005 10 11
2006 4 4 2006 2006 4 4
2004 5 12 1.5 2006 2004 9 15 1,669,305,034.88 2005 4
13 991,360,522.73 2005 10 11 767,620,088.15 2006 4 26 6,435,738,977.50 5,480,692,618.04
?
1968 8 1992 1997 2003 2003 3 2005 6 2005 11
2006 0.400
10 0.40 2006 4 6 30,162,925.54 27,140,860.23 3,022,065.31
0.400 2006 12 31 30,162,925.54
CPI
1
2
3
4
5
,
.
(2007) 20279
( ) 2006 12 31 2006
(1)
(2)
(3)
2006 12
31 2006
·
2007 3 21
2006 12 31
2006 12 31
2005 12 31
5
448,648,772.71
48,105,729.79
7,331,585.51
12,602,594.63
6
441,854.52
816,666.00
160,823,361.68
13,093,476.25
7
2,879,588.42
191,216.40
66,142,653.35
18,728,269.20
3,857,346,785.92
694,253,594.76
2,358,526,931.62
673,396,268.38
220,219,893.20
34,159,003.01
220,219,893.20
34,159,003.01
12,920,584.35
0.00
310,740.51
0.00
0.00
70,000,000.00
0.00
0.00
4,776,755,079.66
891,950,550.04
0.00
10,659,868.04
21,155,748.61
3,259,584.60
79,619.64
12,284.85
5,113,423.88
977,528.96
852,237.30
162,921.50
8
1,464,490.03
580,187.75
9
1,002,236.95
750,000.00
10
100,000.00
147,150.22
29,767,756.41
16,549,525.92
11
1,757,654,301.90
858,056,556.99
12
2,337,464,772.11
21,949,294.88
651,868,249.24
-4,604,827.75
4,746,987,323.25
875,401,024.12
4,776,755,079.66
891,950,550.04
?
2.7008
1.0202
?
?
?
?
?
?
?
?
2006
?
2005 10 11
?
( ) 2005
2006
12 31
13
448,161,478.46
-3,401,270.82
14
-44,795.21
57,983.32
15
8,493,331.73
800,937.93
1,874,928.01
68,977.55
1,763,853.93
467,104.56
22,374,451.32
0.00
10,338.01
920,149.99
16
3,821,039.41
98,850.98
486,454,625.66
-987,266.49
26,934,021.72
2,546,108.95
4,489,003.47
424,351.51
786,824.57
0.00
17
518,419.55
169,016.49
367,449.78
82,550.22
100,000.00
64,600.00
32,728,269.31
3,139,476.95
453,726,356.35
-4,126,743.44
12
1,490,572,371.76
20,857,326.38
1,944,298,728.11
16,730,582.94
?
?
?
?
2006
?
2005 10 11
?
( ) 2005
2006
12 31
875,401,024.12
767,620,088.15
453,726,356.35
-4,126,743.44
1,490,572,371.76
20,857,326.38
1,944,298,728.11
16,730,582.94
5,043,043,211.43
170,131,289.77
3,022,065.31
0.00
-3,085,592,714.87
-79,080,936.74
1,957,450,496.56
91,050,353.03
18
-30,162,925.54
0.00
4,746,987,323.25
875,401,024.12
( ) ( ) [2005] 155 ( 767,319,308.57 (2005) 150 2005 10 11 767,620,088.15 300,779.58
60-95% 5-40% 5%
2006
?
2005 10 11
?
( ) 2005
2006
12 31
?
453,726,356.35
-4,126,743.44
:
-4,604,827.75
0.00
:
232,909,646.18
-478,084.31
681,720,434.27
-4,604,827.75
:
30,162,925.54
0.00
651,868,249.24
-4,604,827.75
2
(a)
(b)
1 1 12 31 2005 10 11 ( ) 2005 12 31
(c)
(d)
(e)
(i)
[2006]37 2006 11 13
(ii)
(iii)
(iv)
( )
(v)
/( )
(vi)
(f)
(i)
/( )
(ii)
(iii)
?
?
(iv)
?
(g)
(h)
/( )
/( ) /( ) /( ) /( ) /( ) /( ) /( )
(i)
1.5%
0.25%
(j)
1.00
(k)
/( )
/( ) /( ) /( )
/( ) /( ) /( )
(l)
/( )
/( )
(m)
60%
3
[2002]128 [2004]78 [2005]11 ( ) [2005]102 [2005]103
(a)
(b)
2004 1 1
(c)
20% 2005 6 13 50% 20%
(d)
2005 1 24 0.1%
(e)
(a)
(1)
( )
( )
( ) (1)
( )
( )
(1)
2006 6 6 ( ) ( ) 2006 4 29 2006 6 2
(b)
2006 2005
(c)
1.5% X 1.5% /
26,934,021.72 (2005 2,546,108.95 )
(d)
0.25%
X 0.25% /
4,489,003.47 (2005 424,351.51 )
(e)
2006 12 31 448,648,772.71 (2005 48,105,729.79 ) 1,719,992.34 (2005 428,353.39 )
(f)
2006 2005
(g)
2006 2005
5
2006 12 31
2005 12 31
( )
20,008,000.00
1.14%
54,037,634.09 20,008,000.00 2.33%
0.00
0.00%
0.00 15,006,425.00
1.75%
20,008,000.00
1.14%
54,037,634.09 35,014,425.00
4.08%
2006 12 31
2005 12 31
448,648,772.71
48,105,729.79
0.00
0.00
448,
