金融英语阅读:零售对冲基金进入亚洲投资主流
文章来源: 文章作者: 发布时间:2008-04-07 07:54 字体: [ ]  进入论坛
(单词翻译:双击或拖选)

Retail1 Hedge-Fund Mkt Perking2 Up

  HEDGE FUNDS are creeping into the investment mainstream3 in Asia as retail investors5 —— weary of several years of stock-market losses —— are increasingly attracted by the prospect6 of ending the year with more money than they started out with. Mutual7 funds may beat their benchmarks, but what fun is that when it means losing less than the index?

  Mutual funds have never really caught on in this part of the world, but retail hedge funds just might —— given their possibility for world-beating returns, and despite that they offer a whole new category of major risk for the investor4.

  And if hedge-fund companies are salivating to get going in Asia, it isn't hard to see why. Globally, hedge-fund assets have skyrocketed to US$600 billion in 2001 from US$45 billion in 1990, according to industry estimates. But Asian investors account for only around US$30 billion of those assets.

  'We're seeing more interest in hedge funds because of the poor returns in the equity8 markets. Investors are tired of their fund outperforming a benchmark but still posting a loss,' says Ophelia Tong, investment director at HT Capital Management Ltd., a boutique hedge-fund firm that manages a US$25 million portfolio9.

  The newest market for retail hedge-fund investors is Hong Kong, where regulators are scheduled to announce later this week how many funds have been authorized10 to sell to noninstitutional investors.

  Singapore is set to release before the year's end revised guidelines for retail hedge funds, which include a S$20,000 (US$11,300) minimum for funds of hedge funds and S$100,000 minimum for single-strategy funds. (Wealthy investors across the Asian-Pacific region, especially in Japan and Australia, have had access to hedge funds for years either through their banks or directly through managers.)

  Are well-to-do but not wealthy Asians ready to evaluate hedge funds properly? Unlike managers of traditional funds that make long-term investment decisions and stick by them, hedge-fund managers have the flexibility11 to adjust their portfolio to take advantage of new opportunities or discrepancies12 among markets or assets. It is precisely13 that flexibility that makes the fund manager the single biggest risk in investing in hedge funds.

  It also makes investing in hedge funds as risky14 at times as investing in a single stock, which may make a hedge fund a poor substitute for the risk-averse investment in a mutual fund.

  'Being able to analyze15 the quality of a single hedge fund is a highly complex and time-consuming process that a novice16 investor is not equipped to perform,' says Nicholas Chalmers, associate director of the Alternative Investment Group at Schroder Investment Management. Schroder has pending17 applications in Hong Kong for retail funds of hedge funds and single-strategy funds.

  When it comes to choosing products, most advisers19 recommend funds of hedge funds over single-strategy funds. Funds of hedge funds usually invest in between 30 to 50 hedge funds and exposure to the underlying20 portfolios21 is usually equally weighted. 'Investing in funds of hedge funds offers diversification22, which reduces the risk of losing your money,' says Malik Sarwar, Singapore-based regional director for investment at CitiGold, the consumer banking23 arm of Citibank NA.

  For investors brave enough to go with a single fund, one adviser18 recommends sticking with 'long/short equity' strategy. According to Stewart Aldcroft, managing director at Investec Asset Management Asia, long-short is the most popular among investors because it is the easiest to understand: the fund either buys stocks, or else sells them short. In ashort sale, an investor borrows securities and hopes to make a profit by buying an equal number of shares later at a lower price to replace the borrowed securities.

 



点击收听单词发音收听单词发音  

1 retail VWoxC     
v./n.零售;adv.以零售价格
参考例句:
  • In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。
  • These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。
2 perking 1beafacd66037f0c7b4b9416f7101809     
(使)活跃( perk的现在分词 ); (使)增值; 使更有趣
参考例句:
  • The weather seems to be perking up. 天气似乎要变好。
  • She is perking herself at mirror. 她正对镜化妆。
3 mainstream AoCzh9     
n.(思想或行为的)主流;adj.主流的
参考例句:
  • Their views lie outside the mainstream of current medical opinion.他们的观点不属于当今医学界观点的主流。
  • Polls are still largely reflects the mainstream sentiment.民调还在很大程度上反映了社会主流情绪。
4 investor aq4zNm     
n.投资者,投资人
参考例句:
  • My nephew is a cautious investor.我侄子是个小心谨慎的投资者。
  • The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。
5 investors dffc64354445b947454450e472276b99     
n.投资者,出资者( investor的名词复数 )
参考例句:
  • a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子
  • a cash bonanza for investors 投资者的赚钱机会
6 prospect P01zn     
n.前景,前途;景色,视野
参考例句:
  • This state of things holds out a cheerful prospect.事态呈现出可喜的前景。
  • The prospect became more evident.前景变得更加明朗了。
7 mutual eFOxC     
adj.相互的,彼此的;共同的,共有的
参考例句:
  • We must pull together for mutual interest.我们必须为相互的利益而通力合作。
  • Mutual interests tied us together.相互的利害关系把我们联系在一起。
8 equity ji8zp     
n.公正,公平,(无固定利息的)股票
参考例句:
  • They shared the work of the house with equity.他们公平地分担家务。
  • To capture his equity,Murphy must either sell or refinance.要获得资产净值,墨菲必须出售或者重新融资。
9 portfolio 9OzxZ     
n.公事包;文件夹;大臣及部长职位
参考例句:
  • He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。
  • He resigned his portfolio.他辞去了大臣职务。
10 authorized jyLzgx     
a.委任的,许可的
参考例句:
  • An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。
11 flexibility vjPxb     
n.柔韧性,弹性,(光的)折射性,灵活性
参考例句:
  • Her great strength lies in her flexibility.她的优势在于她灵活变通。
  • The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。
12 discrepancies 5ae435bbd140222573d5f589c82a7ff3     
n.差异,不符合(之处),不一致(之处)( discrepancy的名词复数 )
参考例句:
  • wide discrepancies in prices quoted for the work 这项工作的报价出入很大
  • When both versions of the story were collated,major discrepancies were found. 在将这个故事的两个版本对照后,找出了主要的不符之处。 来自《简明英汉词典》
13 precisely zlWzUb     
adv.恰好,正好,精确地,细致地
参考例句:
  • It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。
  • The man adjusted very precisely.那个人调得很准。
14 risky IXVxe     
adj.有风险的,冒险的
参考例句:
  • It may be risky but we will chance it anyhow.这可能有危险,但我们无论如何要冒一冒险。
  • He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。
15 analyze RwUzm     
vt.分析,解析 (=analyse)
参考例句:
  • We should analyze the cause and effect of this event.我们应该分析这场事变的因果。
  • The teacher tried to analyze the cause of our failure.老师设法分析我们失败的原因。
16 novice 1H4x1     
adj.新手的,生手的
参考例句:
  • As a novice writer,this is something I'm interested in.作为初涉写作的人,我对此很感兴趣。
  • She realized that she was a novice.她知道自己初出茅庐。
17 pending uMFxw     
prep.直到,等待…期间;adj.待定的;迫近的
参考例句:
  • The lawsuit is still pending in the state court.这案子仍在州法庭等待定夺。
  • He knew my examination was pending.他知道我就要考试了。
18 adviser HznziU     
n.劝告者,顾问
参考例句:
  • They employed me as an adviser.他们聘请我当顾问。
  • Our department has engaged a foreign teacher as phonetic adviser.我们系已经聘请了一位外籍老师作为语音顾问。
19 advisers d4866a794d72d2a666da4e4803fdbf2e     
顾问,劝告者( adviser的名词复数 ); (指导大学新生学科问题等的)指导教授
参考例句:
  • a member of the President's favoured circle of advisers 总统宠爱的顾问班子中的一员
  • She withdrew to confer with her advisers before announcing a decision. 她先去请教顾问然后再宣布决定。
20 underlying 5fyz8c     
adj.在下面的,含蓄的,潜在的
参考例句:
  • The underlying theme of the novel is very serious.小说隐含的主题是十分严肃的。
  • This word has its underlying meaning.这个单词有它潜在的含义。
21 portfolios e8f0c85d58b4bbb32ca8f22222a8ee54     
n.投资组合( portfolio的名词复数 );(保险)业务量;(公司或机构提供的)系列产品;纸夹
参考例句:
  • Price risk arises in non-trading portfolios, as well as in trading portfolios. 价格风险中出现的非贸易投资,以及在贸易投资组合。 来自互联网
  • How do we fatten our portfolios and stay financially healthy? 我们怎样育肥我们的投资结构和维持财政健康呢? 来自互联网
22 diversification 8scxf     
n.变化,多样化;多种经营
参考例句:
  • The seminar was to discuss diversification of agriculture. 该研讨会讨论的是农业多种经营。 来自辞典例句
  • Firm diversification is increasingly achieved by the means of takeover and merger. 通过接管和兼并,厂商经营范围日益多样化。 来自辞典例句
23 banking aySz20     
n.银行业,银行学,金融业
参考例句:
  • John is launching his son on a career in banking.约翰打算让儿子在银行界谋一个新职位。
  • He possesses an extensive knowledge of banking.他具有广博的银行业务知识。
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