中國概念基金年表現突出

Funds run by Morgan Stanley, UBS and Belgrave Capital Management have topped a table of 2017’s best-performing investments after returning at least 70 per cent on the back of rising markets in Asia.

摩根士丹利(Morgan Stanley)、瑞銀(UBS)和Belgrave Capital Management管理的基金在2017年表現最佳投資排行榜上名列前茅，這些基金藉助不斷上漲的亞洲市場都取得至少70%的回報率。

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，表現最好的基金是由精品資產管理公司Belgrave管理的1.22億美元的Vitruvius大中華區股票(Vitruvius Greater China Equity)基金，2017年回報率達到81%。摩根士丹利的“亞洲機遇”(Asia Opportunity)以及瑞銀的兩隻專注於中國的基金也躋身於前四。

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，根據數據提供商晨星(Morningstar)爲FTfm彙編的數據，2017年回報最高的20只基金中，有14只專注於投資中國。這些數據涵蓋總部設在歐洲、美國、加拿大和離岸司法管轄區的開放式基金，資產至少爲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陳永熙(Wing Chan)表示，得益於“市場認識到中國經濟增長已經企穩”，以及科技和消費領域增長強勁，中國股票表現良好。

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(MSCI China index)去年上漲近55%，其中騰訊(Tencent)和阿里巴巴(Alibaba)等科技企業表現強勁。去年，MSCI宣佈計劃在2018年把中國內地的A股納入其指數，這幫助提振了股價。

“[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）中國股票基金表現良好並不令人意外，”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董事總經理馬蒂亞?諾切拉(Mattia Nocera)表示，Vitruvius基金“在2017年尤其受益於中國大舉轉向消費的趨勢”，該趨勢幫助了在華經營的全球品牌，並推動了中國服務和電子商務領域的增長。他補充說：“隨着越來越多的消費者趕上歐洲和美國的消費水平，這些領域在未來多年將繼續提供出色回報。”

Sprott Energy Series topped the worst-performing funds list, losing almost 35 per cent in the year.

Sprott Energy Series在表現最差的基金名單上居於首位，全年縮水近35%。

Portfolio manager Eric Nuttall said the disappointing performance was down to the fund’s positioning.

投資組合經理埃裏克?納托爾(Eric Nuttall)表示，令人失望的表現可歸因於該基金的定位。

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，該基金根據經合組織(OECD)降低石油供應過剩的前景預測，作了“激進的定位”，認爲經合組織此舉將暴露出市場供不應求，導致原油價格反彈。

“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，但能源股並沒有做出迴應，許多股票在很大程度上滯後於油價走勢，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.

對衝基金經理克里斯平?奧迪(Crispin Odey)的兩隻基金也出現在表現最差的名單上。奧迪的基金近年遭遇大量贖回。該公司沒有迴應記者的置評請求。

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.

表現最差的基金還包括來自歐洲最大資產管理公司Amundi和債券基金管理公司太平洋投資管理公司(PIMCO)的產品，而天達(Investec)、紐伯格伯曼(Neuberger Berman)和景順(Invesco)出現在最佳表現名單上。

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”.

摩根士丹利亞洲機遇基金的投資組合經理克里斯蒂安?赫格(Kristian Heugh)將該基金在2017年的成功歸因於“抓住逐漸贏得公認的大點子”。

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”.

瑞銀資產管理(UBS Asset Management)中國股票主管施斌表示，其基金表現良好，是因爲它們“集中於高質量、價格合理的藍籌股”。

“The A share market has a huge shift of investment style, away from extremely overpriced small and mid-caps,” said Mr Shi.

“A股市場的投資風格發生了巨大轉變，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.”

“我們認爲這一趨勢將在2018年延續，因爲即使在2017年獲得價值重估之後，藍籌股相對於整體市場仍有較大折價。”