一只脚踏进内地：亚洲最大对冲基金74亿美元找伴

一只脚踏进内地：亚洲最大对冲基金74亿美元找伴 一只脚踏进内地:亚洲最大对冲基金74亿美元找伴 December 27, 2010 06:04 source: financial weekly welcome comment 0: so far, the joint venture fund company's foreign shareholders are mostly based on European and American shareholders, the Hongkong plate is blank. As a native of Hongkong, the largest fund asset management company, partners group are looking for their China partners. Value Partners Group currently manages $7 billion 400 million in assets, is Asia's largest hedge fund company. At present, partners group is actively apply for QFII investors, and to discuss cooperation with domestic agencies, and supervision departments actively maintain contact, hoping to set up wholly-owned or joint venture companies in China, to the layout of the mainland market. Recommended reading Open memories and call old friends 150027 why do not see the Fund ranked war sending A shares The Fund ranked War: from the plate to hit the horse 2 detonated private sun Panlong liquidation crisis: a quarter of private food market is expected to usher in a private cold for ending the war high bin old Wang Qunhang: side effects [know] dividends and concentrate on what to call the fund Partners Group Chief Executive, executive director of Chen Shangli and research deputy director Wang Yandong and the financial weekly newspaper reporter introduced the mainland partners group expansion plans, investment concept and team and the 2011 market opportunities and risks. They are all Chinese, and they are quick to make decisions Weekly financial partners group: what factors will be considered when choosing a partner? Chen Shangli: the first is that we can reach a consensus on the management of fund management. The other side's background is also very important, related to how in the future can help fund management company's business development. Finally, we also consider practical issues that can meet the requirements of the SFC and can be examined and approved. Therefore, whether our partners can meet the requirements of the SFC concerned, we can speed up the pace of approval, which is the most important aspect of our consideration. Weekly financial management: there are a lot of joint venture fund companies, management in the fund company inside the management of contradictions, more, you have not thought how to integrate both? Chen Shangli: but we think this has certain advantages, we are not the same, with the first European and American companies, our entire team is basically Chinese, our team, our headquarters in Hongkong, so making faster. Now, mainly European and American companies in China are joint ventures, which are different from us. Disciplined values invest for 18 years Only two fund managers. The financial weekly: "strictly partners group emphasizes the value investment discipline, please explain the concept of your investment. Chen Shangli: This is a motto of our company is the earliest, we adhere to the value of investment, we believe that the only thing you do well, you can give your long-term shareholders, give your investors better returns. Our investment is memory, we believe that any member of the process partners is very strong, even the stock master class. But our weakness is selling, and it's often too soon to sell. BYD, for example, Before we find the stock at all, below Buffett's cost to become its largest institutional investor, its stock price was in Buffett after the shares should be up to Sansishiduo dollars, and we rose more than 20 dollars has been sold. If you are sticking to values and investing in discipline, you won't be influenced by market trends, but it's also painful, because a big upside interest in the back is missing. But it doesn't matter, because that money may not be the money that investors of my style make. We only accept what we can earn, and the money behind is done by other investors with an investment style. The financial weekly: introduce ERI culture and team. Wang Yandong: one of the biggest benefits of cultural superiority, is the liquidity of us is very low. In the past 18 years, only 2 fund managers have left the company. This industry is actually a kind of people to go along with the industry, we as a listed company executives, or, or middle managers or are in company ownership, this is also our interests tied together. Financial Weekly: is there any difference between investment strategies in Hongkong and the mainland? Wang Yandong: to some extent, you according to your different investors, to develop an investment strategy, investors in Europe and the United States is relatively mature, if you help him to buy some real estate enterprises like such banks, valuation of A shares cheaper than Hong Kong stocks, long-term development is not what big problem and they are very happy, he can get 5%, 6% dividend return has been very satisfied. However, A stock investors are not the same, and now domestic, whether it is public offering, or private equity, everyone pressure is relatively large. Domestic investors look at your net worth all day long. If you don't do well, he'll redeem you immediately. He buys the fund to follow him to fry the stock, basically does not have any two, this causes everybody's investment idea to tend to the common nature. Market trends or better, or speculation concept, or more. In this case, according to the traditional value of investment philosophy to do it, as in this market this year, you hurt is quite large. In this case we need to flexible application, our domestic trust products or have more consideration in the configuration, in the framework of the strategic investment, but also consider the domestic market environment, it is the opportunity of trading. Opportunities and risks in 2011 Financial Weekly: now is the various brokerage funds are doing next year's investment strategy. Would like to ask how to treat this market value? Configuration of the industry, stock selection mentality is like? Wang Yandong: as a whole, we are optimistic about the whole market. Next year, the maximum increase is about 20%. Valuation is a factor, and we believe that the market to maintain a long-term average valuation, there is no big problem. In addition, we still have confidence in China's economic growth. In this big environment, I think that from the government level, Definitely controlling inflation and suppressing rising too fast is surely the first priority, but at the same time they do not over lose economic growth for that purpose. The risk is that the rate of increase, or inflation, is much worse or faster than we think. At the moment we are still full of stock. At the same time, we will pay attention to a more balanced allocation. The first is to enhance the income consumption ability; two is the anti inflation link, such as gold, oil two, and even some other commodities; the three is that we still pay more attention to some of the building materials industry, such as cement enterprises, we see the Chinese affordable housing construction there is a great space, the elimination of backward production capacity, energy saving and emission reduction, the development of the cement industry are of great help. In addition, we are more concerned about some pharmaceutical enterprises, we have in addition to commercial banks in Chongqing as a timely investor, last month in the Fourth Ring medicine, we are also contractors and investors. Therefore, the pharmaceutical enterprises are relatively good quality enterprises, we are still relatively optimistic about. The last is relatively worried by the upstream industry, some prices rise with no ability to pass in the lower reaches of the industrial stocks, if their products can successfully transfer the characteristic factors as rising costs, then its profit space will be compressed, this one is our relatively cautious.