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A record number of China-focused mutual funds were launched in 2015 despite huge turmoil in the country’s stock markets, leaving asset managers accused of piling into a market where many will struggle to perform strongly.
盡管2015年中國股市出現(xiàn)巨幅震蕩，但專注中國的共同基金的發(fā)行數(shù)量達(dá)到了創(chuàng)紀(jì)錄水平，使得許多資產(chǎn)管理公司被指涌入一個將來難有強(qiáng)勁表現(xiàn)的市場。
More than 830 funds focused on China were launched in 2015, up from 406 in 2014, according to Thomson Reuters Lipper, the data provider.
據(jù)數(shù)據(jù)提供商湯森路透理柏(Thomson Reuters Lipper)統(tǒng)計，2015年，專注中國的基金的發(fā)行數(shù)量超過830支，遠(yuǎn)高于2014年的406支。
Although China’s stock markets have grown over recent years, they experienced huge volatility in 2015. Billions of dollars were wiped off the value of listed businesses in just a few weeks last summer.
雖然中國股市近年有所成長，但2015年經(jīng)歷了巨大波動。去年夏天，上市公司的市值幾周內(nèi)就蒸發(fā)數(shù)百億美元。
International funds that invest in Chinese stocks lost up to 22 per cent in just one week in August, according to data from Lipper, although most provided positive returns over the year.
理柏的數(shù)據(jù)顯示，投資中國股市的國際基金僅在去年8月的一個周的損失就高達(dá)22%——盡管大多數(shù)基金在全年基礎(chǔ)上實現(xiàn)了正回報。
The market turmoil has continued in 2016. Trading on China’s two main stock exchanges, in Shenzhen and Shanghai, was suspended twice last week after a “circuit breaker” mechanism kicked in amid sharp drops in share prices. The mechanism was suspended on Friday.
2016年，中國股市仍繼續(xù)動蕩。上周，在觸發(fā)“熔斷”機(jī)制后，滬深兩大主要證券交易所在股價暴跌后兩次提前收市。上周五，該機(jī)制被叫停。
Jake Moeller, head of UK and Ireland research at Lipper, said: “The China story has peaked. The funds were in the process of being launched just at the peak [of the Chinese market].”
理柏的英國與愛爾蘭研究主管杰克莫勒(Jake Moeller)表示：“中國故事已經(jīng)見頂。這些基金的發(fā)行正值（中國市場）頂峰時期?！?/p>
International asset managers said they still see good growth opportunities in the country. Neither slowing economic growth nor the turbulent trading environment is deterring them from investing.
多家國際資產(chǎn)管理公司表示仍看好中國的增長機(jī)遇。經(jīng)濟(jì)增速放緩與動蕩的交易環(huán)境都沒有阻止他們進(jìn)行投資。
Hugh Young, managing director of Aberdeen Asset Management in Asia, which launched a fund focused on the onshore Chinese equity market last year, said: “Recent events have not altered our long-term view on China. The economy is slowing as the administration seeks to transition it from being export led to one driven by domestic demand.
安本資產(chǎn)管理(Aberdeen Asset Management)亞洲董事總經(jīng)理休氠(Hugh Young)稱：“最近的事態(tài)并未改變我們對中國的長遠(yuǎn)看法。隨著政府設(shè)法推動經(jīng)濟(jì)從出口導(dǎo)向轉(zhuǎn)向由內(nèi)需驅(qū)動，中國經(jīng)濟(jì)增速正在放緩。”
“But we have no doubt China will remain a key driver of the global economy throughout the next decades.”
“但我們毫不懷疑未來幾十年中國仍將是全球經(jīng)濟(jì)的關(guān)鍵動力?！痹摍C(jī)構(gòu)去年發(fā)行了一支專注中國內(nèi)地股市的基金。
David Stevenson, head of business development at Baring Asset Management, the 33.9bn fund house that has several China-focused funds, added: “The Chinese economy now is just simply too big to ignore. As an asset manager you simply have to have [a China fund].”
霸菱資產(chǎn)管理公司(Baring Asset Management)的業(yè)務(wù)發(fā)展主管戴維史蒂文森(David Stevenson)補(bǔ)充說：“如今，中國經(jīng)濟(jì)已大到不容忽視。作為資產(chǎn)管理公司，你就是不得不擁有一支（中國基金）?！边@家339億英鎊的基金公司管理著多支專注中國的基金。
Mr Stevenson said that as the Chinese market gradually opens up to international investors, it has become easier for global asset managers to launch China-focused international products.
史蒂文森表示，隨著中國市場逐漸向國際投資者開放，全球資產(chǎn)管理公司發(fā)行專注中國的國際產(chǎn)品已經(jīng)變得更加容易。
However, according to Lipper’s data, the majority of the China-focused funds launched last year were domiciled in China and aimed at the country’s expanding retail investment market.
然而，理柏的數(shù)據(jù)顯示，去年發(fā)行的專注中國的基金大多落戶中國，將目標(biāo)對準(zhǔn)中國日益擴(kuò)大的零售投資市場。
“In 2015 there was extraordinary growth in the local, onshore fund industry,” said Daniel Celeghin, head of Asia-Pacific at Casey Quirk, a consultancy.
咨詢公司Casey Quirk的亞太區(qū)主管Daniel Celeghin說：“2015年，本地在岸基金業(yè)實現(xiàn)了驚人增長?！?/p>
China’s mutual fund industry grew 25 per cent last quarter and the country is set to overtake Australia and Japan as the largest mutual fund market in the Asia-Pacific region, according to Z-Ben Advisors, the consultancy.
哲奔投資管理咨詢(Z-Ben Advisors)的數(shù)據(jù)顯示，中國共同基金業(yè)上季度增長了25%，中國將超越澳大利亞和日本，成為亞太地區(qū)最大的共同基金市場。
