双语新闻:逆向投资基金欲从中国股市掘金

2014-04-25 14:35:11来源：中国新闻网

双语新闻:逆向投资基金欲从中国股市掘金

　　While most investors are staying clear of China's poorly performing stocks, one of Asia's biggest homegrown money managers is planning a fund to do just the opposite: embrace unloved Chinese equities.

　　当多数投资者都在远离表现不佳的中国股市时，亚洲最大的本土基金公司之一惠理集团有限公司(Value Partners Group Ltd., 简称：惠理集团 )却在计划推出一只反其道而行的基金，专门投资不受青睐的中国股市。

　　Value Partners Group Ltd., a $10.5 billion money manager based in Hong Kong, plans to launch a fund in the third quarter to snap up shares in companies like coal miners and steelmakers. They've been big decliners since China started making noise about pollution and taking aim at energy-intensive heavy industries.

　　惠理集团计划在今年第三季度推出一只基金，以便大举买进煤炭、钢材等题材的股票。自从中国开始强调污染问题并把矛头指向高耗能的重工业以来，这类股票一直大幅下跌。总部位于香港的惠理集团目前管理着105亿美元的资产。

　　'They are too severely punished, to the point where it's worth thinking about deep value buying,' said Cheah Cheng Hye, chairman and co-chief investment officer of Value Partners Group Ltd., which will likely look to raise at least US$50 million for its contrarian fund.

　　惠理集团主席兼联席首席投资长谢清海表示，这类股票的跌幅过大，以至于可以考虑买进这些存在深度价值的股票。惠理集团可能考虑为这只基金筹资至少5,000万美元。

　　Other areas where Mr. Cheah says he sees value: automobile and engine companies and real-estate developers. The latter have sunk as the government cracks down on shadow banking--a term covering a wide range of financing activities alongside the traditional banking system, and a big funding source for developers in recent years.

　　在谢清海看来，存在投资价值的类股还包括汽车和发动机生产企业以及房地产开发商。中国政府打压影子银行的措施令房地产开发商类股遭遇重挫。影子银行业覆盖了与传统银行业并存的广泛融资活动，并且在近几年成为房地产开发商的一大资金来源。

　　The benchmark Shanghai index is down 37% over the past four years amid lackluster corporate earnings. Domestic investors--the major market participants--have turned their backs after being burned in equities and are deploying their savings instead in lucrative real estate and wealth-management products.

　　由于企业盈利情况乏善可陈，过去四年来，基准上证综合指数累计下跌了37%。作为主要的市场参与者，中国国内投资者在经历了投资股市的挫败后撤出资金，转而将资金投入利润丰厚的房地产市场和理财产品。

　　Value Partners has struggled this year, with its flagship product, Value Partners Classic Fund (A Units)--which has delivered an average annual return of 16% since 1993--down 6.1% as of last Thursday, worse than the benchmark MSCI China's 5.1% decline. The firm takes a value-investing approach, seeking to pick up undervalued stocks.

　　惠理集团今年也陷入困境，截至上周四，该集团旗下投资A股的旗舰产品惠理价值基金(Value Partners Classic Fund)下跌了6.1%，大于同期MSCI明晟中国指数5.1%的跌幅。而自1993年以来，该基金的平均年回报率达到16%。该集团采用了价值投资法，专门挑选估值偏低的股票。

　　'We had a very difficult [time in last] few months,' Mr. Cheah said. '[But] value investing has long summer and short winter in this part of the world.'

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