中國概念基金2017年表現(xiàn)突出
摩根士丹利(Morgan Stanley)、瑞銀(UBS)和Belgrave Capital Management管理的基金在2017年表現(xiàn)最佳投資排行榜上名列前茅，這些基金借助不斷上漲的亞洲市場都取得至少70%的回報(bào)率。
The best-performing fund globally was the $122m Vitruvius Greater China Equity, run by boutique asset manager Belgrave, which returned 81 per cent in 2017. Morgan Stanley’s Asia Opportunity and two China-focused funds from UBS also ranked in the top four.
全球而言，表現(xiàn)最好的基金是由精品資產(chǎn)管理公司Belgrave管理的1.22億美元的Vitruvius大中華區(qū)股票(Vitruvius Greater China Equity)基金，2017年回報(bào)率達(dá)到81%。摩根士丹利的“亞洲機(jī)遇”(Asia Opportunity)以及瑞銀的兩只專注于中國的基金也躋身于前四。
In total, 14 of the 20 funds that generated top returns in 2017 specialised in investing in China, according to figures compiled for FTfm by Morningstar, the data provider. The data includes open-ended funds based in Europe, the US, Canada and offshore jurisdictions with at least $100m in assets.
整體而言，根據(jù)數(shù)據(jù)提供商晨星(Morningstar)為FTfm匯編的數(shù)據(jù)，2017年回報(bào)最高的20只基金中，有14只專注于投資中國。這些數(shù)據(jù)涵蓋總部設(shè)在歐洲、美國、加拿大和離岸司法管轄區(qū)的開放式基金，資產(chǎn)至少為1億美元。
Wing Chan, director of manager research in Asia for Morningstar, said Chinese stocks performed well thanks to “the market’s realisation that Chinese economic growth has stabilised” and strong growth in the tech and consumer sectors.
晨星亞洲基金研究總監(jiān)陳永熙(Wing Chan)表示，得益于“市場認(rèn)識(shí)到中國經(jīng)濟(jì)增長已經(jīng)企穩(wěn)”，以及科技和消費(fèi)領(lǐng)域增長強(qiáng)勁，中國股票表現(xiàn)良好。
The MSCI China index of stocks increased almost 55 per cent last year, with strong performances from Tencent and Alibaba, the tech businesses. Last year, MSCI announced plans to include Chinese mainland equities, known as A-shares, in its index from 2018, helping boost prices.
MSCI中國指數(shù)(MSCI China index)去年上漲近55%，其中騰訊(Tencent)和阿里巴巴(Alibaba)等科技企業(yè)表現(xiàn)強(qiáng)勁。去年，MSCI宣布計(jì)劃在2018年把中國內(nèi)地的A股納入其指數(shù)，這幫助提振了股價(jià)。
“[With a rising stock market] it is not a surprise to see that Chinese equity funds have performed well,” Mr Chan said.
“(在股市上漲情況下)中國股票基金表現(xiàn)良好并不令人意外，”陳永熙表示。
Mattia Nocera, managing director of Belgrave, said the Vitruvius fund had “benefited particularly in 2017 from the substantial shift toward consumption taking place in China”, which helped global brands operating in the country, as well as driving growth in its service and ecommerce sectors. “These areas will continue to offer outstanding returns in the years to come with a lot more consumers rising to spending levels we see in the US and Europe,” he added.
Belgrave董事總經(jīng)理馬蒂亞•諾切拉(Mattia Nocera)表示，Vitruvius基金“在2017年尤其受益于中國大舉轉(zhuǎn)向消費(fèi)的趨勢”，該趨勢幫助了在華經(jīng)營的全球品牌，并推動(dòng)了中國服務(wù)和電子商務(wù)領(lǐng)域的增長。他補(bǔ)充說：“隨著越來越多的消費(fèi)者趕上歐洲和美國的消費(fèi)水平，這些領(lǐng)域在未來多年將繼續(xù)提供出色回報(bào)。”
Sprott Energy Series topped the worst-performing funds list, losing almost 35 per cent in the year.
Sprott Energy Series在表現(xiàn)最差的基金名單上居于首位，全年縮水近35%。
Portfolio manager Eric Nuttall said the disappointing performance was down to the fund’s positioning. 投資組合經(jīng)理埃里克•納托爾(Eric Nuttall)表示，令人失望的表現(xiàn)可歸因于該基金的定位。
He said it was “aggressively positioned” for the OECD to draw down on its oil surplus, with the view that this would reveal an undersupply in the market and lead to a rally in the price of crude oil.
他說，該基金根據(jù)經(jīng)合組織(OECD)降低石油供應(yīng)過剩的前景預(yù)測，作了“激進(jìn)的定位”，認(rèn)為經(jīng)合組織此舉將暴露出市場供不應(yīng)求，導(dǎo)致原油價(jià)格反彈。
“While being correct on the macro, energy stocks did not respond and many, especially in the mid-cap area which we specialise in, greatly lagged the oil price move,” he said.
“雖然宏觀上是正確的，但能源股并沒有做出回應(yīng)，許多股票在很大程度上滯后于油價(jià)走勢，尤其是我們專注的中盤股板塊，”他表示。
Two funds offered by Crispin Odey, the hedge fund manager, also appeared in a list of the worst performers. Mr Odey’s funds have suffered large redemptions in recent years. The company did not respond to a request for comment.
對(duì)沖基金經(jīng)理克里斯平•奧迪(Crispin Odey)的兩只基金也出現(xiàn)在表現(xiàn)最差的名單上。奧迪的基金近年遭遇大量贖回。該公司沒有回應(yīng)記者的置評(píng)請(qǐng)求。
The worst-performing funds also included products from Amundi, Europe’s largest asset manager, and Pimco, the bond fund manager, while Investec, Neuberger Berman and Invesco appeared on the best-performing list.
表現(xiàn)最差的基金還包括來自歐洲最大資產(chǎn)管理公司Amundi和債券基金管理公司太平洋投資管理公司(PIMCO)的產(chǎn)品，而天達(dá)(Investec)、紐伯格伯曼(Neuberger Berman)和景順(Invesco)出現(xiàn)在最佳表現(xiàn)名單上。
Kristian Heugh, portfolio manager of the Morgan Stanley Asia Opportunity fund, put the fund’s success in 2017 down to focus on “own[ing] big ideas that win over time”.
摩根士丹利亞洲機(jī)遇基金的投資組合經(jīng)理克里斯蒂安•赫格(Kristian Heugh)將該基金在2017年的成功歸因于“抓住逐漸贏得公認(rèn)的大點(diǎn)子”。
Bin Shi, head of China Equities at UBS Asset Management, said its funds had done well because it was “concentrated in high-quality, reasonably priced blue-chips”.
瑞銀資產(chǎn)管理(UBS Asset Management)中國股票主管施斌表示，其基金表現(xiàn)良好，是因?yàn)樗鼈?ldquo;集中于高質(zhì)量、價(jià)格合理的藍(lán)籌股”。
“The A share market has a huge shift of investment style, away from extremely overpriced small and mid-caps,” said Mr Shi.
“A股市場的投資風(fēng)格發(fā)生了巨大轉(zhuǎn)變，人們不再青睞極端高估的中小盤股，”施斌表示。
“We think this trend will continue in 2018 as blue-chips are still trading at a significant discount to the overall market, even after re-rating in 2017.”
“我們認(rèn)為這一趨勢將在2018年延續(xù)，因?yàn)榧词乖?017年獲得價(jià)值重估之后，藍(lán)籌股相對(duì)于整體市場仍有較大折價(jià)。”
