期货大案(五):大奖赛总冠军的滑铁卢

作者: 发布时间:2017-12-09 17:19:48  来源: [手机访问]
导读: (一)名动江湖  “银闰铖功”的掌门人刘增铖乃是期货市场中名声赫赫的顶级操盘手,在期货这个小众市场里,几乎是人人皆知。  有关资料显示,刘增铖原是国家
期货大案(五):大奖赛总冠军的滑铁卢

(一)名动江湖

  “银闰铖功”的掌门人刘增铖乃是期货市场中名声赫赫的顶级操盘手,在期货这个小众市场里,几乎是人人皆知。

  有关资料显示,刘增铖原是国家公务员,中共中央党校法律系本科毕业。1990年开始进入证券市场,1992年进入期货市场,2002年开始组建自己的交易团队。2006—2011年连续六年参加《期货日报》全国期货实盘交易大赛均荣获优胜奖;其中,2010年度以689%收益荣获全国趋势投资奖全国亚军以及获取年度混合投资奖全国季军,2011年又荣获笑傲江湖期货实盘大赛赛季收益冠军。同年,正式辞去公务员工作,6月9日在广州创办成立广州银闰投资有限公司,注册资金100万元。当年还被入选为广州名人网。

期货大案(五):大奖赛总冠军的滑铁卢

  2012年8月15日,银闰投资设立了一个名为“铖功程序化”的期货账户,9月27日,又设立了“铖功超短交易”期货账户,但运作至年底,收益情况并不理想。“铖功程序化”在年底的净值为0.9367元,“铖功超短交易” 在年底的净值为1.0194元。

  2013年,“铖功程序化”成为一匹典型的黑马,年底的累计净值高达6.6834元,当年收益率高达613.51%。进入2014年1月后,该产品继续上行,1月8日最高净值更是高达8.6079元。而另一账户“铖功超短交易”年底净值为1.3967元,收益相差巨大。同年8月1日,新开设的一个名为“铖功主观交易”的账户至年底的净值达到2.0010元,按年化收益率计算,也达到了240%。

期货大案(五):大奖赛总冠军的滑铁卢

  2012年,私募冠军的收益率为400%,而“铖功程序化”613.51%的年收益率直接将其秒杀。私募排排网向其颁发“2013年度中国最佳管理期货策略对冲基金”及“2013年度对冲基金七大策略排名年度总冠军”称号。

(二)盛誉之下,何愁资金

  如果说六次期货实盘交易大赛的获奖,将刘增铖的声势越垫越高的话,“铖功程序化”的表现更如烈火烹油、鲜花着锦。媒体如追星族一般争相追捧,一时间,“常胜将军”、“顶级操盘手”、“趋势猎手”、“冠军之王”等桂冠都从天而降,期货圈内的各种会议也都以能够邀请到这位“奇人”为荣。

期货大案(五):大奖赛总冠军的滑铁卢

  紧接而来的不仅是采访、报道和会议中的鲜花,更重要的是资金。2014年2月,通过财通基金发行银闰铖功1号;3月,通过财通基金发行永安铖功2号,又和天弘基金合作发行铖功3号,还通过长安基金发行铖功5号;5月,财通基金又成功发行了铖功6号和铖功7号。

  铖功系列的发行条件相当优渥。比如规定认购费设1%、年管理费1.5%、最低认购金额为100万元。在利润分配上,通常设定为一年分配一次,收益率在0~30%,按20%提成;30%~100%的部分,按30%提成;超过100%的部分,按50%提成。在风控方面,分别规定了预警线、止损线和清盘线,在具体标准上不同的基金有所不同。

期货大案(五):大奖赛总冠军的滑铁卢

  四个月内铖功系列的六个期货基金均圆满地成功发行,这在期货界简直是一个奇迹,这就是媒体的力量,“常胜将军”的光环发挥了关键作用。

(三)清盘

但是,这一系列的基金产品绩效并不象冠军的名声那样美好。

  10月23日之前,铖功系列基金产品的净值都在0.8~0.9,刘增铖需要一个极佳的行情来完成反转。刘认为最近外盘原油大跌,国内前期化工产品大部分都跌幅可观,只有PVC期货跌幅较小,便将救命稻草押在了PVC期货的补跌上。

  23日PVC期货主力1501合约低开,刘便以市价报单,做空1501合约,PVC期货1501合约顺势跌停。

  刘的预想是在第二天顺势获利平仓,但令其没有想到的是,当天跌停后不久,1501合约便涌现出不可小觑的多头力量,该合约在跌停板停留几分钟后开始大幅反弹。

期货大案(五):大奖赛总冠军的滑铁卢

  面对上涨行情,刘心有不甘,于是狠下心来,不断平掉其他品种的头寸,加空PVC。当几个基金产品的资金用完后,又将个人委托理财的资金,全部赌在PVC的空头上。

PVC期货1501合约继续上涨,于是灾难开始发生了,个人账号由于仓位过重,导致部分被期货公司强平,相当部分在强平后净值剩下0.3左右。公开发行的几个产品,除了采用事前风控的期货公司外,其余采用事后风控措施的4只产品全部跌破强平线0.7,滑至0.6附近。

期货大案(五):大奖赛总冠军的滑铁卢

2004年10月28日,《广州日报》和《新快报》同时刊发题为“长安银闰铖功5号暴跌将清盘” 和“长安基金一专户单日暴跌23%或被迫清盘”的新闻稿,各路媒体随后纷纷跟进报道,一时间“银闰铖功5号”成为市场上的一个新闻热点, 在搜索引擎中,“银闰铖功5号”一下多出了几万条。这时,冠军刘增铖不得不面临基金清盘的事实。

期赢家

市场老跑--老王

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}, shareInfo: { shareUrl: 'https://m.toutiao.com/group/6496305972800127502/', abstract: '(一)名动江湖  “银闰铖功”的掌门人刘增铖乃是期货市场中名声赫赫的顶级操盘手,在期货这个小众市场里,几乎是人人皆知。  有关资料显示,刘增铖原是国家公务员,中共中央党校法律系本科毕业。1990年开始进入证券市场,1992年进入期货市场,2002年开始组建自己的交易团队。
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