兩只中國(guó)A股ETF在香港上市

A small Hong Kong investment firm is taking on BlackRock and other giants of the asset management industry, listing two China A-share “smart beta” exchange traded funds on the local stock exchange for which it will charge half the usual fees.

香港一家小型投資公司正在叫板貝萊德(BlackRock)等資產(chǎn)管理巨擘，在當(dāng)?shù)刈C交所上市兩只中國(guó)A股“智能貝塔”交易所交易基金(ETF)，而收取的費(fèi)用只有業(yè)內(nèi)通常水平的一半。

Premia Partners’ two ETFs, which debuted in Hong Kong on Tuesday, are built around the stalwarts of the old economy and the icons of the new economy in China, respectively. But they are designed to offer lower volatility and higher returns on a risk-adjusted basis than traditional ETFs, and the management fee is half a percentage point compared to a full percentage point typical of traditional managers.

Premia Partners的兩只ETF周二在香港上市，分別圍繞中國(guó)傳統(tǒng)經(jīng)濟(jì)老牌企業(yè)和新經(jīng)濟(jì)代表企業(yè)構(gòu)建。但它們的設(shè)計(jì)宗旨是在風(fēng)險(xiǎn)調(diào)整基礎(chǔ)上提供比傳統(tǒng)ETF更低的波動(dòng)性和更高的回報(bào)率，而管理費(fèi)只有半個(gè)百分點(diǎn)，遠(yuǎn)低于傳統(tǒng)資產(chǎn)管理公司的一個(gè)百分點(diǎn)。

The new listings come ahead of the inclusion from next year of China in MCSI’s key emerging market equity indices. The addition of Chinese A-shares — the world’s second-largest market by capitalisation, behind the US — is expected to lure more professional money managers into mainland markets, which are currently are dominated by retail investors.

明年中國(guó)A股將被納入MSCI明晟的主要新興市場(chǎng)股票指數(shù)。按總市值計(jì)算，中國(guó)A股市場(chǎng)在世界上排名第二，僅次于美國(guó)。A股被納入預(yù)計(jì)將吸引更多的專業(yè)基金經(jīng)理投資于內(nèi)地市場(chǎng)，目前這些市場(chǎng)由散戶投資者主導(dǎo)。

The introduction of the Premia ETFs comes at a time when many international money managers are still deeply underweight China. That underweight stance means that fund managers who benchmark their performance against MSCI indices will need to increase their exposure to China and so are likely to support more such products.

Premia的兩只ETF出爐之際，許多國(guó)際基金經(jīng)理對(duì)中國(guó)股票仍處于大幅低配狀態(tài)。這種低配姿態(tài)意味著，把MSCI指數(shù)作為自己表現(xiàn)的參考基準(zhǔn)的基金經(jīng)理，將需要增加他們對(duì)中國(guó)的敞口，從而有望支持更多這類產(chǎn)品。

Chinese shares have staged a partial comeback since their 2015 crash, but they are still relatively cheap compared to regional peers such as India and Japan, where valuations are high. Moreover, fees in Asia for retail investors are high compared to elsewhere.

中國(guó)股市在2015年大幅下跌后已出現(xiàn)反彈，收復(fù)部分失地，但與估值較高的印度、日本等亞洲股市相比，中國(guó)股票仍相對(duì)便宜。此外，相比其他地方，亞洲散戶投資者面對(duì)的收費(fèi)較高。

Each of the two new ETFs is based on about 300 shares listed in either Shanghai or Shenzhen. Financial and industrial shares make up the largest portion of the Premia CSI Caixin China Bedrock Economy ETF while the New Economy ETF is dominated by consumer discretionary names, IT and healthcare groups.

兩只新ETF都基于在上海或深圳上市的大約300只股票。Premia中證財(cái)新中國(guó)基石經(jīng)濟(jì)ETF(Premia CSI Caixin China Bedrock Economy ETF)側(cè)重于金融和工業(yè)板塊股票，而Premia中證財(cái)新中國(guó)新經(jīng)濟(jì)ETF(Premia CSI Caixin China New Economy ETF)以非必需消費(fèi)品、信息技術(shù)和醫(yī)療保健集團(tuán)為主。

Both “introduce a buy-low, sell-high discipline as opposed to traditional market capitalisation approaches that favour a buy-high and sell-low mentality,” Premia said.

Premia表示，兩只基金都實(shí)行低買高賣的紀(jì)律，避免了傳統(tǒng)市值型投資會(huì)出現(xiàn)追漲殺跌的缺陷。

The Hong Kong exchange already has dozens of China ETFs based on a variety of indices offered by major competitors including BlackRock, South Korea’s Mirae, Haitong Securities, and China Asset Management, an arm of Citic Group. But variety is limited.

香港交易所已經(jīng)擁有數(shù)十只中國(guó)ETF，基于各種指數(shù)，這些指數(shù)提供商包括貝萊德、韓國(guó)的未來(lái)資產(chǎn)(Mirae)、海通證券(Haitong Securities)以及中信集團(tuán)(Citic Group)旗下的華夏基金管理公司(China Asset Management)。但這些ETF品種有限。

A ‘smart beta’ fund weights stocks by measures other than market cap, and offers a halfway house between active and passive management styles. Many fund managers reckon that in a market such as China, where retail buyers dominate, a disciplined approach is likely to result in significant outperformance.

“智能貝塔”基金依據(jù)市值以外的其他衡量標(biāo)準(zhǔn)調(diào)整股票權(quán)重，提供了主動(dòng)和被動(dòng)型管理風(fēng)格之間的中間道路。許多基金經(jīng)理認(rèn)為，在中國(guó)這樣由散戶主導(dǎo)的股票市場(chǎng)，遵守紀(jì)律的做法有望帶來(lái)顯著的超常表現(xiàn)。

Under Premia simulations, the Bedrock fund returned more than 30 per cent over three years — nine percentage points better than the CSI 300, and 12 percentage points better than MSCI China A-shares. However, its New Economy product under-performed those indices for the three years to June 2017.

根據(jù)Premia所做的模擬，基石基金在過(guò)去三年的回報(bào)率超過(guò)30%，比滬深300指數(shù)(CSI 300 index)的回報(bào)率高出9個(gè)百分點(diǎn)，比MSCI中國(guó)指數(shù)(MSCI China index)高出12個(gè)百分點(diǎn)。然而，其新經(jīng)濟(jì)基金在截至2017年6月的三年里表現(xiàn)遜于這些指數(shù)。

Premia Partners was founded in 2016 by Rebecca Chua, who was previously at BlackRock in Hong Kong and is a graduate of the Yale School of Management. The China A-share ETFs are Premia’s maiden products.

Premia Partners于2016年由蔡瑞怡(Rebecca Chua)創(chuàng)立，她曾在貝萊德香港工作，畢業(yè)于耶魯大學(xué)管理學(xué)院(Yale School of Management)。兩只中國(guó)A股ETF是Premia首推的產(chǎn)品。

BlackRock, owner of the iShares ETFs business, is the world’s largest asset manager with $5.98tn under management as of the third quarter.

擁有安碩ETF(iShares ETF)業(yè)務(wù)的貝萊德是全球最大資產(chǎn)管理公司，截至第三季度旗下管理著5.98萬(wàn)億美元資產(chǎn)。