近日,《亚洲对冲基金杂志》报道了诺亚财富旗下的歌斐中国母基金于上半年取得强劲回报,接下来我们一起看看中英文对照原文吧!~
歌斐海外中国股票精选离岸专项基金在今年前六个月取得17.10%的强劲回报
Gopher Asset Management’s high-conviction Gopher China Equity Selection Offshore Master Fund delivered a robust 17.10% return in the first six months of the year to rank as one of the better performing fund of hedge funds in the region this year.
歌斐旗下歌斐海外中国股票精选离岸专项基金在今年前六个月取得了强劲的17.10%回报,成为今年该地区对冲基金表现优异的基金之一。
The strategy, which runs close to $100 million in assets, was invested in 10 China-focused hedge funds as at the end of June – which included Larry Chen’s Tairen Fund and George Jiang’s Golden China Fund at Greenwoods Asset Management.
该策略,目前投资规模近1亿美元,截至于今年六月投资了近10个大中华侧重的对冲基金,其中包括陈立人(Larry Chen) 的泰仁基金,蒋锦志(George Jiang)的景林金色中国基金。
The Cayman-registered fund-of-hedge funds is managed by William Ma, the chief investment officer of Gopher at Noah Holdings, together with Paul Gan, who prior to joining Noah late last year was deputy portfolio manager at LGT Capital Partners. Gopher is controlled by Shanghai-headquartered wealth company Noah Holdings.
这只注册于开曼的对冲母基金由诺亚控股有限公司旗下的诺亚香港及歌斐资产联席首席投资官、歌斐资产全委投资董事总经理马晖洪(William Ma)和投资董事颜呈炜(Paul Gan)共同管理。颜呈炜于去年11月加入诺亚,在加入诺亚之前,他担任LGT Capital Partners的副投资组合经理。歌斐是总部坐落于上海的诺亚控股有限公司旗下公司。
Among the more notable changes to the Gopher portfolio this year was the significant increase in its exposure to the Tairen China Fund to the teens by the end of June – a move that partly explains its strong performance this year as Tairen has outperformed many of its peers in recent months.
今年截至六月时,歌斐投资组合较显著的"組合"调整为增加了对泰仁中国基金(TAIREN CHINA FUND)的配置,此部分解释母基金上半年表现,因为泰仁近几个月的业绩表现优于同行。
Ma said his team is looking to allocate more to managers with strong exposure to China A shares given the sustained rally on the asset class after the increased interest among institutional allocators with its inclusion next year in MSCI’s emerging market indices.
马晖洪表示,他的团队正计划加仓配置更多在中国A股有优势的对冲基金管理人,因为相关资产持续走强,机构投资人对于此资产需求持续增加,看好明年A股会纳入MSCI新兴市场指数。
Meanwhile, the Greenwoods Golden China Fund, a directional-bias strategy managed by veteran China manager George Jiang at Greenwoods Asset Management, delivered a 27% return in the first half, contributing in a big way to Gopher’s performance
同时,景林金色中国基金,一只由景林资产管理公司资深中国管理人蒋锦志所管理的偏长仓策略对冲基金,在上半年取得27%的回报,为歌斐的业绩做出了重大贡献。
The Gopher fund posted in March its strongest performance for the first half when it clocked a 4.61% gain. It has yet to experience a monthly drawdown this year in contrast to 2016 when the strategy was down 3.80% for the full year. The strategy gained 13.76% in 2015 and 26.76% in 2014. The Gopher strategy runs on average a net long exposure of 45% at the portfolio level.
歌斐基金上半年表现最强劲的是三月,涨4.61%。今年还没有一个月是回撤的,相比去年全年以回撤3.8%总结全年。该策略在2015年回报为13.76%,2014年回报为26.76%。歌斐的策略的平均组合净长仓敞口为45%。
The team say they will hard close the fund when it reaches its capacity size of around $1 billion. Gan said the ability and willingness of the team at Gopher to actively manage the portfolio is a key differentiating factor.
该团队表示,如果达到10亿美元的规模,他们将强制关闭该基金。颜先生表示,歌斐团队的主动管理组合的能力和意愿是主要该基金的最大差异因素。
“A lot of our peers like to use a buy-and-hold approach with their high-conviction managers,” he said. “We are different from that perspective, because we do not shy away from aggressively taking profit after a manager has an extended run, or quickly scaling up exposure in managers whom we think have good potential to do well in the months ahead.”
他说:“我们很多同行买入并长期持有一些看好的子基金。”我们有些不同,因为我们愿意积极地止盈和加仓。”马晖洪说”我们不会因为基金持续上涨,而对是否要锁定利润赎回犹豫不决,相反的,如果我们继续看好某个管理人在接下去几个月的表现,我们也会非常积极地加仓。”
Another key differentiating factor is Noah’s network in China itself, added Ma. “We have at least 180 people in China, we run more than $18 billion in onshore assets and our domestic China hedge fund team already covers half of the 7,500 hedge funds in operation in China – so we see ourselves as better able to collaborate and exchange significant pieces of information compared to other global players,” he said.
另一个重要的区别因素是诺亚在中国的工作网络,马晖洪补充说。 “我们在中国的团队至少有180人,我们在境内管理的资产超过180亿美元,而我们国内的中国对冲基金投资团队已经覆盖了7,500个对冲基金中的一半, 所以我们认为与其他国际同行相比,我们能够有更好的合作与信息交换条件。”
Gan added that the Gopher fund originally started with a ‘highly concentrated’ approach holding no more than five managers, but the number grew to 10 after Ma joined in 2015.
颜呈炜补充说,歌斐基金最初以“高度集中”的方式开始,持有不超过五名的经理人,但自从2015年马晖洪加入之后,投资的基金经理数已经上升到10只。
Ma considers 10 managers as the ideal number, adding that going beyond that number increases the risk of over-diversifying.
马晖洪认为10只基金经理人是理想基金数,超过这数量会使組合有过度分化的风险。
“Most funds of funds investing in the region are now opting towards higher conviction and concentration unlike before when their focus was having a highly diverse set of exposures,” he said. He added that the portfolio is also now more focused on managers with a domestic A-share market focus – unlike last year when the environment was more positive for US ADRs, especially those in the new economy and tech-focused sectors.
他说:“投资该地区的母基金资金现在大部分都选择了更高确信度和集中度的基金,不像以前着重于高度多样化的组合配置敞口。”他补充说,投资组合现在也更加专注于国内A股市场的基金经理人,不像去年市场环境专注于新经济和科技为主的美国ADR(中概股)。
The team uses qualitative and quantitative measures for its manager selection process, and it has also adopted a highly flexible approach when considering the size of a manager.
团队对其经理选拔过程采用定性和量化措施,对于经理的管理规模在考虑配置时有弹性。
“Investors gets more access and better pricing from bigger funds, but also face the risk of seeing a breakdown in returns when a fund reaches a certain size,” said Ma, who added that his observations over time suggest that the quality of performance of many Greater China funds suffers when they reach $500 to $600 million in size.
马晖洪说:“投资人一般从有规模的基金更容易投入且拿到好价格,但同时因为基金增长至一定大小,将面临投资回报下降的风险“。他补充说他多年的投资观察,许多大中华策略的对冲基金业绩的质量在规模达到5亿美元到6亿美元时将面临挑战。
“Our team takes a balanced approach and we have a good mix of established managers such as Tairen and Golden China, but are always open to smaller managers since they tend to be hungrier and run with more high-conviction ideas.”
“我们的团队采取平衡的做法,我们拥有新兴黑马与白马的对冲基金,如泰仁及景林金色中国,但时时寻找基金规模相对小的对冲基金管理人,因为这些管理人往往会更加进取,有更高确信度的投资理念”
He cited the Beijing-based hedge fund manager Brilliance, a niche and smaller-sized manager that has grown to $400 million. “We went in there early and I always cite our exposure there as good example of finding value by being early.”
他以北京的对冲基金经理Brilliance为例,这是一只规模稍小但有特色的基金,目前已有4亿美元的规模。 “我们是他们的早期投资人,我也经常把他们当作一个早期投资进入这类基金价值的例子。”
(责任编辑:bianji_pub1)