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????“債券之王”比爾?格羅斯上月宣布,，他將要離開(kāi)太平洋投資管理公司(PIMCO),加盟規(guī)模較小的駿利資產(chǎn)管理公司(Janus Capital)并推出一支新的債券基金（此前他曾與杰夫?岡德拉奇的Doubleline Capital接觸）,。未來(lái)我們肯定會(huì)聽(tīng)到各種關(guān)于陰謀和內(nèi)斗的傳聞，會(huì)有人說(shuō)格羅斯是個(gè)很奇怪的人（這已不是秘密）,，跟太平洋投資管理公司的母公司安聯(lián)(Allianz)的管理層合不來(lái)（這也不奇怪）,。但根本原因可能在于業(yè)務(wù)上的問(wèn)題，而非性格不合,，因?yàn)樘窖笸顿Y管理公司的業(yè)績(jī)低于普遍水平,，在過(guò)去16個(gè)月內(nèi)已有680億美元的客戶資金退出,。

????很多人將太平洋投資管理公司的低回報(bào)歸咎于格羅斯，這也沒(méi)錯(cuò),。他曾在2011年中期高調(diào)表示股市已經(jīng)過(guò)了峰值,。他加盟駿利資產(chǎn)管理公司的消息使該公司股價(jià)漲幅超過(guò)30％，這表明投資者預(yù)期該公司將獲得大量資金流入,。如果他們的預(yù)期是對(duì)的,，可能是因?yàn)橛腥苏J(rèn)為問(wèn)題更多地是出在太平洋投資管理公司，而不是格羅斯本人,？也就是說(shuō),，是因?yàn)樘窖笸顿Y管理公司規(guī)模太大而無(wú)法產(chǎn)生領(lǐng)先于市場(chǎng)的回報(bào)？

????如果你需要案例才能信服,，那我就舉幾個(gè)例子吧,。美國(guó)最大的公共養(yǎng)老基金加州公務(wù)員退休基金(CalPERS)近日表示將退出對(duì)沖基金領(lǐng)域，稱(chēng)它的規(guī)模太大而無(wú)法恰當(dāng)投資于該資產(chǎn)類(lèi)別,。哈佛大學(xué)(Harvard University)的捐贈(zèng)基金規(guī)模是全國(guó)最大的,，但其回報(bào)水平并不突出，一位消息人士告訴我,，哈佛基金規(guī)模太大,，導(dǎo)致其無(wú)法與規(guī)模更小更靈活的同業(yè)基金相比。而現(xiàn)在我們可能會(huì)看到客戶從規(guī)模最大的債券基金轉(zhuǎn)向更小的基金,，雖然基金經(jīng)理是同一個(gè)人,。

????還需要數(shù)據(jù)作為論據(jù)嗎？由先鋒集團(tuán)(Vanguard)管理的世界上最大的共同基金在過(guò)去6個(gè)月的表現(xiàn)和過(guò)去1年內(nèi)的表現(xiàn)都落后于標(biāo)準(zhǔn)普爾500指數(shù)(S&P 500),?？挤蚵饡?huì)(Kauffman Foundation)的一份研究（誠(chéng)然備受爭(zhēng)議）指出，一旦基金規(guī)模超過(guò)2.5億美元,，風(fēng)險(xiǎn)資本的回報(bào)率就開(kāi)始下降,。

????當(dāng)然，這不是一個(gè)完美的理論,。例如,，加州公務(wù)員退休基金（姑且不論其對(duì)沖基金問(wèn)題）在2014財(cái)年跑贏了所有其他大型公共養(yǎng)老基金。現(xiàn)在華爾街的基金公司不斷追求規(guī)模,，但格羅斯從太平洋投資管理公司離職,，也許說(shuō)明了規(guī)模大并非總是好的。（財(cái)富中文網(wǎng)）

????譯者：Lina

????“Bond king” Bill Gross this morning announced that he was leaving Pimco, in order to launch a new bond fund at the much-smaller Janus Capital JNS 43.02% (after an apparent flirtation with Jeff Gundlach’sDoubleline Capital). I’m sure we’ll hear all sorts of palace intrigue over the next few days, including how Gross is a strange guy (not a secret) who couldn’t get on the same page with his bosses at Pimco parent company Allianz (not a surprise). But the real foundational issue is likely more about business troubles than personality clashes, as Pimco’s below-pedestrian performance has caused around $68 billion of customer money to walk over the past 16 months.

????A lot of the blame for Pimco’s poor returns has rightly been put on Gross, who famously suggested in mid-2011 that public equities had peaked. But Janus shares are up more than 30% on news of his hire, suggesting that they’re expecting major inflows. If these traders are proven correct, could it be that some view the problem more that Gross was at Pimco than that Gross was, well, Gross? Namely, is Pimco too big to produce market-leading returns?

????For those who believe in the law of threes, let me try this out on you: CalPERS, the nation’s largest public pension fund, recently said that it will pull out of hedge funds, arguing that it is too large to properly invest in the asset class. Then Harvard University, which features the nation’s largest endowment, reported mediocre returns, with one source arguing to me that size issues make it difficult for Harvard to match smaller, more nimble peers. And now we may be poised to see clients jump from the largest bond fund to a smaller one, even though the same laggard manager will be in charge.

????Need another data point? How about this: The world’s largest mutual fund, managed by Vanguard, is trailing the S&P 500 for both the past six months and for the past year. And then there is (admittedly controversial) research from Kauffman Foundation that argues venture capital returns begin to decrease once fund size surpasses $250 million.

????To be sure, this is not a perfect theory. As just one of many examples, CalPERS outperformed almost all other large public pension funds for fiscal 2014 (leaving aside its hedge fund troubles). But as all of Wall Street is constantly striving for size, Gross’s departure from Pimco may highlight that big isn’t always beautiful.