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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)、瑞银(UBS)和Belgrave Capital Management管理的基金在2017年表现最佳投资排行榜上名列前茅，这些基金借助不断上涨的亚洲市场都取得至少70%的回报率。
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，表现最好的基金是由精品资产管理公司Belgrave管理的1.22亿美元的Vitruvius大中华区股票(Vitruvius Greater China Equity)基金，2017年回报率达到81%。摩根士丹利的“亚洲机遇”(Asia Opportunity)以及瑞银的两只专注于中国的基金也跻身于前四。
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.
整体而言，根据数据提供商晨星(Morningstar)为FTfm汇编的数据，2017年回报最高的20只基金中，有14只专注于投资中国。这些数据涵盖总部设在欧洲、美国、加拿大和离岸司法管辖区的开放式基金，资产至少为1亿美元。
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.
晨星亚洲基金研究总监陈永熙(Wing Chan)表示，得益于“市场认识到中国经济增长已经企稳”，以及科技和消费领域增长强劲，中国股票表现良好。
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中国指数(MSCI China index)去年上涨近55%，其中腾讯(Tencent)和阿里巴巴(Alibaba)等科技企业表现强劲。去年，MSCI宣布计划在2018年把中国内地的A股纳入其指数，这帮助提振了股价。
“[With a rising stock market] it is not a surprise to see that Chinese equity funds have performed well,” Mr Chan said.
“（在股市上涨情况下）中国股票基金表现良好并不令人意外，”陈永熙表示。
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董事总经理马蒂亚?诺切拉(Mattia Nocera)表示，Vitruvius基金“在2017年尤其受益于中国大举转向消费的趋势”，该趋势帮助了在华经营的全球品牌，并推动了中国服务和电子商务领域的增长。他补充说：“随着越来越多的消费者赶上欧洲和美国的消费水平，这些领域在未来多年将继续提供出色回报。”
Sprott Energy Series topped the worst-performing funds list, losing almost 35 per cent in the year.
Sprott Energy Series在表现最差的基金名单上居于首位，全年缩水近35%。
Portfolio manager Eric Nuttall said the disappointing performance was down to the fund’s positioning.
投资组合经理埃里克?纳托尔(Eric Nuttall)表示，令人失望的表现可归因于该基金的定位。
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.
他说，该基金根据经合组织(OECD)降低石油供应过剩的前景预测，作了“激进的定位”，认为经合组织此举将暴露出市场供不应求，导致原油价格反弹。
“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.
“虽然宏观上是正确的，但能源股并没有做出回应，许多股票在很大程度上滞后于油价走势，尤其是我们专注的中盘股板块，”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.
对冲基金经理克里斯平?奥迪(Crispin Odey)的两只基金也出现在表现最差的名单上。奥迪的基金近年遭遇大量赎回。该公司没有回应记者的置评请求。
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.
表现最差的基金还包括来自欧洲最大资产管理公司Amundi和债券基金管理公司太平洋投资管理公司(PIMCO)的产品，而天达(Investec)、纽伯格伯曼(Neuberger Berman)和景顺(Invesco)出现在最佳表现名单上。
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”.
摩根士丹利亚洲机遇基金的投资组合经理克里斯蒂安?赫格(Kristian Heugh)将该基金在2017年的成功归因于“抓住逐渐赢得公认的大点子”。
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”.
瑞银资产管理(UBS Asset Management)中国股票主管施斌表示，其基金表现良好，是因为它们“集中于高质量、价格合理的蓝筹股”。
“The A share market has a huge shift of investment style, away from extremely overpriced small and mid-caps,” said Mr Shi.
“A股市场的投资风格发生了巨大转变，人们不再青睐极端高估的中小盘股，”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.”
“我们认为这一趋势将在2018年延续，因为即使在2017年获得价值重估之后，蓝筹股相对于整体市场仍有较大折价。”
