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澳门电子游戏网址大全:Analyze a fund looking to grow stocks in the Asia Pacific region: JP Morgan Securities

时间:2018/1/4 16:47:41  作者:  来源:  浏览:0  评论:0
内容摘要: In his article "Analyze a Metabased Fund," I analyzed Xing Jian's promotion of the Hong Kong fund in China and found that the mos...

In his article "Analyze a Metabased Fund," I analyzed Xing Jian's promotion of the Hong Kong fund in China and found that the most important feature of the fund was its ability to use hedging instruments to reduce the fund's retracement. As a result, many key friends came to discuss with the author. The fund only received a 33.66% return in 2017, which is lower than the Hang Seng Index, which is 35.99_935.99%. So, why not choose the same Mutual Recognition Fund, 17-year return of 44.32% Morgan Pacific Securities RMB this fund?

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So we can take a look at the JP Morgan Securities fund.

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Information shows that the JP Morgan Securities Fund was established in 1978 and has a history of nearly 39 years. It invests primarily in securities of companies in the Asia Pacific region, including Japan, Australia and New Zealand. This fund, starting March 8, 2016, will be on sale in the Mainland. The benchmark index tracked is Morgan Stanley Composite Asia Pacific Net Returns Index (USD cross-over is denominated in Renminbi).

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Countries such as Japan and Australia are not the most familiar investment markets for Mainland investors. Therefore, this is a relatively broad investment in mutual funds. The author observed the fund's regional distribution in 2016 and 2017 and found that its monthly investment in Japan accounted for more than 37% of the total, so the performance of Japan's stock market is closely related to the performance of this fund.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

(Deadline: November 2017)

From the Nikkei 225 index, we can see that in the first half of 2016, the index as a whole was in a turbulent state. After July 16, the index started to fluctuate upward. The fund's position swap is also very clever. In April 2016, its investment in Japan accounted for 41.5% of the total, and then gradually lighten up. As of August 2016, the proportion of its investment in Japan has been reduced to 37%. With the market getting warmer, the fund has moved into jiacang state, perfectly keeping up with the big market in 2017. In 2017, the Nikkei 225 index rose 19.1%, only net fund rose 44.32%.

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The chart below shows the performance of the fund after it established its mutual recognition share in March 2016. It can be found that as of November 30, 2017, the mutual recognition share of the fund has risen by 62.5% since its establishment in 2016, surpassing its benchmark index in nearly January, nearly June and nearly 1 year.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

(Deadline: November 30, 2017)

Judging from the fund performance indicators, the three-year Sharpe ratio was 1.02, indicating that the fund has outstanding returns and the investment portfolio is outstanding. The average annual return of the fund can reach more than 10%.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

(Deadline: November 30, 2017)

Of course, the above is only the case after mutual recognition of mutual recognition of shares. Before the establishment of mutual recognition of shares, what is the performance?

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

(Deadline: October 31, 2017)

can be found, Morgan Pacific Securities (dollars) since 1978 inception, the cumulative return of 170 times, since its establishment annualized return of 13.9%, 10 years, only three years running Lost performance benchmark index. The worst performing years were 2011 and 2014. The corresponding events in 2011 were the hard landing of China and property and policy sectors. The corresponding events in 2014 were the rotation of the Japanese and Hong Kong sectors, the financial and gaming sectors suffered Sell.

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Fund Manager

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There was a change in the fund manager on September 29, 2017, and Mark Davids, one of the three fund managers, would no longer serve as fund manager for the fund. The remaining two fund managers, Robert Lloyd and Aisa Ogoshi, continued to serve as fund managers for the fund.

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Mark Davids was formerly a regional specialist for the behavioral finance team at JP Morgan in Asia Pacific and head of Emerging Markets and Asia Pacific equity teams in Hong Kong.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

Robert Lloyd is the Regional Investment Manager and Japan Specialist in JP Morgan Emerging Markets and Asia Pacific Equity Teams. Joined Morgan Asset Management in Tokyo in 2005 and resided in Hong Kong since 2009. She holds a Bachelor of Arts degree from the University of Montana, majoring in Literature and Linguistics.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

Aisa Ogoshi is currently a regional investment manager and Japanese expert in JP Morgan Emerging Markets and Asia Pacific Equity Teams. Joined Morgan Asset Management in 1998 as a Japanese equity derivatives team and since 2005 resided in Hong Kong. He holds a Bachelor of Arts degree from Keio University, Japan, majoring in environmental information.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

From the experience of the three fund managers, all three fund managers have many years of experience and are all investment experts in the Asia-Pacific region. We can boldly think that the change of the fund manager should not affect the fund. . Obviously, only the resigning Mark Davids holds the Chartered Financial Analyst eligibility.

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7 _ 89456 _ 82 _ 65473 _ Results for year 9 Analysis:

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Chinese stocks made the biggest contribution in the regional deployment in 2017, followed by Japan, Australia and India.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

(deadline October 30, 2017)

greatest contribution to the five positions, respectively, Tencent, Alibaba China Ping An , , Tokyo Electron and HDFC Bank of India's , the top three are concept stocks , The top five largest positions are in the top ten Awkwardness. The most dragged positions in the stock, only ORIX appear in the top ten Awkwardness. Overall, the fund's stock picking ability is still very prominent.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

(deadline October 30, 2017)

After J.P. Morgan Securities predicts that the major stock markets in the Asia Pacific region will have profit-making gains in both 2017 and 2018.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

(Source: I / B / E / S, MSCI, JP Morgan Securities, as of November 2017 to reflect the latest data 3rd.) 2.88%

data show that China's total market capitalization of A shares accounted for only the global stock market , Overseas markets also contain huge opportunities. Have to admit that the performance of the Asian equity markets in 2017 is very dazzling, a good corporate earnings coupled with the appropriate valuation, so I also have 18 years of Asian stocks have great expectations. Therefore, this kind of mutual recognition fund for investing in the entire Asia-Pacific region facilitates the global asset allocation.

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澳门电子游戏网址大全:Analyze_a_fund_looking_to_grow_stocks_in_the_Asia_Pacific_region:_JP_Morgan_Securities

Analysis here, we all know that the fund is invested in the entire Asia Pacific region, the largest regional allocation in the Japanese market.

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We can also see that the Nikkei 225 index hit a 20-year high in October 17, Shenwan Hongyuan The main reason for the Japanese stock market's 20-year high is the fundamentals of corporate profit improvement and loose monetary policy.

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There are also securities companies questioned this, Chuancai Securities believes that the Japanese stock market at the current point is more suitable for short, because each time the total market value of Japanese stocks since GDP accounted for more than 100%, are significantly down , The current proportion has exceeded 120%, however, there will be failure of historical experience.

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In any case, we can see that there are 5 stocks in the top ten Awkwardness. Therefore, the fund's asset allocation is very flexible and the forecast can be given to fund managers.

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Finally, I would like to thank the two friends for their support and clarify some ideas for me. @ Spring in Paris @ Tetsuo 0929


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