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时间: 2017-07-19 15:15:28 来源:   网友评论 0



Gopher Asset Management’s high-conviction Gopher China Equity Selection Offshore Master Fund delivered a robust 17.10% return in the first six months of the year to rank as one of the better performing fund of hedge funds in the region this year.


The strategy, which runs close to $100 million in assets, was invested in 10 China-focused hedge funds as at the end of June – which included Larry Chen’s Tairen Fund and George Jiang’s Golden China Fund at Greenwoods Asset Management.

该策略,目前投资规模近1亿美元,截至于今年六月投资了近10个大中华侧重的对冲基金,其中包括陈立人(Larry Chen) 的泰仁基金,蒋锦志(George Jiang)的景林金色中国基金。

The Cayman-registered fund-of-hedge funds is managed by William Ma, the chief investment officer of Gopher at Noah Holdings, together with Paul Gan, who prior to joining Noah late last year was deputy portfolio manager at LGT Capital Partners. Gopher is controlled by Shanghai-headquartered wealth company Noah Holdings.

这只注册于开曼的对冲母基金由诺亚控股有限公司旗下的诺亚香港及歌斐资产联席首席投资官、歌斐资产全委投资董事总经理马晖洪(William Ma)和投资董事颜呈炜(Paul Gan)共同管理。颜呈炜于去年11月加入诺亚,在加入诺亚之前,他担任LGT Capital Partners的副投资组合经理。歌斐是总部坐落于上海的诺亚控股有限公司旗下公司。

Among the more notable changes to the Gopher portfolio this year was the significant increase in its exposure to the Tairen China Fund to the teens by the end of June – a move that partly explains its strong performance this year as Tairen has outperformed many of its peers in recent months.

今年截至六月时,歌斐投资组合较显著的"組合"调整为增加了对泰仁中国基金(TAIREN CHINA FUND)的配置,此部分解释母基金上半年表现,因为泰仁近几个月的业绩表现优于同行。

Ma said his team is looking to allocate more to managers with strong exposure to China A shares given the sustained rally on the asset class after the increased interest among institutional allocators with its inclusion next year in MSCI’s emerging market indices.


Meanwhile, the Greenwoods Golden China Fund, a directional-bias strategy managed by veteran China manager George Jiang at Greenwoods Asset Management, delivered a 27% return in the first half, contributing in a big way to Gopher’s performance


The Gopher fund posted in March its strongest performance for the first half when it clocked a 4.61% gain. It has yet to experience a monthly drawdown this year in contrast to 2016 when the strategy was down 3.80% for the full year. The strategy gained 13.76% in 2015 and 26.76% in 2014. The Gopher strategy runs on average a net long exposure of 45% at the portfolio level.


The team say they will hard close the fund when it reaches its capacity size of around $1 billion. Gan said the ability and willingness of the team at Gopher to actively manage the portfolio is a key differentiating factor.


“A lot of our peers like to use a buy-and-hold approach with their high-conviction managers,” he said. “We are different from that perspective, because we do not shy away from aggressively taking profit after a manager has an extended run, or quickly scaling up exposure in managers whom we think have good potential to do well in the months ahead.”


Another key differentiating factor is Noah’s network in China itself, added Ma. “We have at least 180 people in China, we run more than $18 billion in onshore assets and our domestic China hedge fund team already covers half of the 7,500 hedge funds in operation in China – so we see ourselves as better able to collaborate and exchange significant pieces of information compared to other global players,” he said.

另一个重要的区别因素是诺亚在中国的工作网络,马晖洪补充说。 “我们在中国的团队至少有180人,我们在境内管理的资产超过180亿美元,而我们国内的中国对冲基金投资团队已经覆盖了7,500个对冲基金中的一半, 所以我们认为与其他国际同行相比,我们能够有更好的合作与信息交换条件。”

Gan added that the Gopher fund originally started with a ‘highly concentrated’ approach holding no more than five managers, but the number grew to 10 after Ma joined in 2015.


Ma considers 10 managers as the ideal number, adding that going beyond that number increases the risk of over-diversifying.


“Most funds of funds investing in the region are now opting towards higher conviction and concentration unlike before when their focus was having a highly diverse set of exposures,” he said. He added that the portfolio is also now more focused on managers with a domestic A-share market focus – unlike last year when the environment was more positive for US ADRs, especially those in the new economy and tech-focused sectors.


The team uses qualitative and quantitative measures for its manager selection process, and it has also adopted a highly flexible approach when considering the size of a manager.


“Investors gets more access and better pricing from bigger funds, but also face the risk of seeing a breakdown in returns when a fund reaches a certain size,” said Ma, who added that his observations over time suggest that the quality of performance of many Greater China funds suffers when they reach $500 to $600 million in size.


“Our team takes a balanced approach and we have a good mix of established managers such as Tairen and Golden China, but are always open to smaller managers since they tend to be hungrier and run with more high-conviction ideas.”


He cited the Beijing-based hedge fund manager Brilliance, a niche and smaller-sized manager that has grown to $400 million. “We went in there early and I always cite our exposure there as good example of finding value by being early.”

他以北京的对冲基金经理Brilliance为例,这是一只规模稍小但有特色的基金,目前已有4亿美元的规模。 “我们是他们的早期投资人,我也经常把他们当作一个早期投资进入这类基金价值的例子。”

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