The Age of The Trusted Advisorover the next few issues of BEnCHMARK, we will be featuring the key Awards competitions that are an annual feature of our publishing and events calendar. It is a time of year to reflect on what has happened in our industry and out in the big wide world. Having the chance to celebrate the good things and to highlight outstanding performance is one of the most satisfying aspects of our work at WealthAsia Media. We are gratified that so many of you are able to share these moments with us.

this month our focus has been on the BEnCHMARK Wealth Management Awards for 2014, the celebration dinner for which was held on november 12th at the Conrad Hotel. It was a great industry gathering and a lot of fun was had. see for yourself - In this edition we celebrate the individual Advisors who were successful in this year’s competition. see them taking part in the competition and then, the best bit, celebrating at the Wealth Management Awards dinner.

In the next edition of BEnCHMARK we will focus on the companies who were voted tHE BEst In CLAss for 2014. thank you again to our sponsors, all the participants and of course the winners in the Advisors to trust Competition. turn to page 40 for full details.

As we celebrate the 5th anniversary of the Wealth Management Awards and Advisor of the Year Awards, and the 11th year of our Fund of the Year Awards, we are humbled by the trust that you have placed in our hands. our Awards are not easy to win, or easy to judge for that matter. so we are extremely thankful for the time and commitment given by our judging panel, and for the effort made behind the scenes at the companies who participate. While we at WealthAsia Media cannot hope to change the world, and what we do is only a drop in the ocean, I wish to thank you for your support of us in choosing a tougher path.

Elsa PauPublisher and Editor-in-Chief

XXXXxxxxxxxxxx在接下來的幾期，《指標》將會刊載主要獎項的年度頒獎典禮資訊，這些比賽都是我們所關

注的。一年很快又過去了，現在是時候回想今年在我們的行業，以至環球社會所發生的事

情。我們在WealthAsia Media工作，感到最自豪、最滿足的地方就是能夠有機會去慶祝美好的事物，表揚出色的表現。我們很高興能夠與你分享這些動人時刻。

我們本月的焦點落在指標2014財富管理大獎。頒獎典禮及晚宴在11月12日於香港港麗酒店（Conrad Hotel）舉行。這是一場盛大的行業聚會，繽紛節目精彩不斷。在本期，我們將介紹在今年比賽中成功取得殊榮的獨立理財顧問。你可以細閱他們的參賽過程，並分享他們

在財富管理大獎晚宴中慶祝的喜悅。

我們在下一期的《指標》將聚焦於獲得BEst In CLAss獎項的機構。我們再一次感謝我們的贊助商、所有參賽團體，當然還有Advisors to trust比賽的得獎者。請翻到40頁細閱詳情。

今年是我們第5年慶祝財富管理大獎及理財顧問年獎，也是第11年慶祝年度基金獎項。我們十分榮幸能夠得到衆多行內人士的信任。我們的獎項並不容易贏取，決定比賽中的勝出

者也不是一件容易的事，因此我們非常感激我們評審團付出的時間和努力，以及參賽機構

在幕後的付出。雖然我們在WealthAsia Media的工作並不能改變世界，而我們所做的也只是滄海一粟，我還是衷心感謝你們的支持，讓我們在這條難走的道路上勇往直前。

www.FundAsia.net

1Publisher's Note

ContEnts錄目NOVEMBER 2014 Vol.12 No.6

Advisors To Trust xxxxxxx40 special Report – Advisors to trust 特別報告—理財顧問年獎

the annual BEnCHMARK Advisor of the Year Awards has become an industry standard for financial practitioners who strive for best practice. We present profiles of the winners, who were presented with their trophies at this month’s BEnCHMARK Wealth Management Awards dinner.《指標》的理財顧問年獎已成為金融從業員追求最佳實踐的行業指標。比賽採用以客為本的準

則，評核參賽者的操作實踐和態度是否符合客戶利益。

Financial Planning 財務計劃23 Managing Income When Rates Are Low 構建投資組合 — 設定您的投資目標

the need to generate regular income on your investments is of particular concern to those at or near retirement. But every investor should understand how bonds and interest-paying capital notes can work for them within a diversified portfolio, writes Richard newell將近或已經退休的人一般會特別關注能否從投資中賺取定期收入。所有投資者均需要理解

債券和付息資本票據如何從多元化投資組合中為這類人士達成目標。編者：Richard newell。

Legal Briefing xxxxxx25 the theft of Art 藝術品盜竊

While art trafficking is not a new phenomenon in western jurisdictions, there has been a lot more interest surrounding the theft of Chinese art from European museums in recent years. Yet not much has been said about how art is being sought out and focussed on in China by criminals and forgers. Richard norridge provides the background.藝術品走私販賣在西方國家早已屢見不鮮，而近年來歐洲博物館的中國藝術品盜竊事件

引起了大眾更多的關注。然而，坊間並無太多罪犯和贗造者如何選出及注意到這些中國

藝術品的相關資料。Richard norridge在此為你提供背景資料。

Family Offices 家族辦工室28 setting Up A Family Education Program 發展家族教育計劃

Christian stewart explains how family offices that have as their mission the preservation of family wealth, in all of its forms, must also address the topic of family member education. 所有的家族辦公室都有同樣的任務，那就是保存家族財產。所以Christian stewart認為不論採用任何方式，它們都要面對家庭成員的教育問題。

BENCHMARK Conversation 《指標》對話

31 Meet the Manager 與基金經理對話Attendees at WealthAsia’s event ‘the sustainable Family office Forum’ were given a rare opportunity to listen to the personal observations of local fund manager Martin Lau. He is the subject of this month’s Meet the Manager interview.WealthAsia活動「可持續發展家族辦公室論壇」的出席者得到千載難逢的機會，聽取本地基金經理Martin Lau的個人見解。他是本月「與基金經理對話」訪問的受訪者。

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BENCHMARK Conversation 《指標》對話

38 Investing in Hong Kong’s Vibrant Restaurant scene 高級餐飲業的風險和回報

Addressing environmental, social and governance concerns in the context of emerging countries, is a big problem for investors. Martina MacPherson explains the background.兩位香港高級餐飲文化的行業領導者，親身經營自己的餐廳及個人品牌。他們與本刊分享如

何在全球競爭最激烈的市場中，成功投資及經營高級餐廳。

Personal Investing 個人投資06 the Global Portfolio 環球投資組合

As uncertainty increases in regional and world markets, it is important for investors to keep abreast of the implications for their portfolios. this regular feature in BEnCHMARK provides a snapshot of recent market developments and highlights areas of threat and opportunity for investors. 本期《指標》的環球投資組合將會向投資者展示最近的市場發展概況，並重點指出當中的危

與機。

12 the Editors’ Choice – Global Fixed Income Funds 編者之選 — xxxxxxx

We have another new section which uses our own methodology to assess those funds likely to produce consistent long term returns. Each month we will focus on a different sector. this month it is Global Fixed Income我們在這個新章節採用獨有方法，分析有潛力產生長期穩定回報的基金。我們在每一個

月都會挑選一個地區進行分析。今期是全球固定收益基金。

20 Maximising Your MPF Benefits 把強積金的得益最大化How can my MPF be a benefit when it seems like a tax on earnings?” stewart Aldcroft explains how, over time, the benefits will show themselves clearly.「強積金 (MPF)就像從我的收入徵稅一樣，怎會令我有所得益呢？」stewart Aldcroft為你明確解釋這些利益會如何隨著時間過去展現眼前。

Responsible Investment xxxxx38 EsG challenges in Emerging Markets 新興市場在環境、社會和管理上遇到的挑戰

Addressing environmental, social and governance concerns in the context of emerging countries, is a big problem for investors. Martina MacPherson explains the background.對投資者來說，在新興市場探討有關環境、社會和管理上的問題，絕對是一個難題。Martina

MacPherson將會跟我們解釋一下其背景。

Top Performing Funds 最佳表現基金90 Check the performance of your HK funds using the latest data from Morningstar

用晨星的最新數據，查看您所選的香港基金表現如何。

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ContEnts錄目

ICBC(Asia)AD

ContributorsChristian Stewart

Christian stewart founded Family Legacy Asia in July 2008 to help Asian families preserve their family wealth for generations, by providing them with independent and objective advice on effective family governance. An Australian solicitor by background, and a former tax partner at PWC in Hong Kong, he also spent 6 years as head of the Wealth Advisory team in Asia for JPMorgan Private Bank.

Martina MacPherson

Martina is Managing Partner at sustainable Investment Partners, a UK-based consultancy specialising in business strategy, intermediary business development and multi-lingual content marketing services within the areas of sustainable investments, CsR, technology, lifestyle and education. Martina was formerly Vice President, Head of EsG Commercial Relationships and Marketing with MsCI and Associate Director, strategic Marketing and Business Development with Lloyds Banking Group.

Peter Guy

Peter brings global experience to his financial writing through his international career in investment banking, private equity and developmental banking. He is a weekly business columnist in the south China Morning Post. Peter’s investment and developmental banking experience includes being a director of CLsA Capital, an investment officer at the World Bank. His technology experience includes being a founding investor and member of the board of Flextronics, Inc., one of the world’s largest, offshore subcontract electronic manufacturers and a nAsDAQ index constituent stock.

Richard Norridge

Richard heads up Herbert smith Freehills’ Asia private wealth practice. He acts for high net worth individuals, their families, private banks and other advisers across Asia on a range of contentious and non-contentious trust and probate issues together with charitable and family company matters; this includes advising mental health committees and estate administrators. Richard also has extensive experience in acting for international banks and individuals in cases involving fraud.

Stewart Aldcroft

stewart Aldcroft is Chief Executive officer of Cititrust Limited (Cititrust) in Hong Kong. He is also managing director and Asia Pacific senior advisor for Citi’s Investor services business within Citi’s securities and Fund services (sFs), a business unit of Citi’s Institutional Clients Group. He has been in Hong Kong since 1985, and previously worked at schroders, HsBC, Franklin templeton, Investec and EIP.

NOVEMBER 2014 Vol.12 No.6

EditorialPublisher & Editor-in-Chief Elsa PauManaging Editor Richard Newell

Translators David Wilck Leung Tony Yip

Design Winnie Li Jason Leong

BusinessAssociate Publisher Joanna Tang& Managing DirectorBusiness Development Manager Daniel LauWeb Master Vanson Chan

InquiriesEditorial +852 3488 1416 editors@wealthasia.net

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Published by WealthAsia Media 10/F Cheung’s Building 1 Wing Lok street sheung Wan, Hong Kong tel: +852 3488 1421 Fax: +852 3488 1420

Printed by QBMA PRoDUCtIons suite 1005,10/F Hong Man Industrial Centre 2 Hong Man street Chai Wan, Hong Kong

Printed in Hong Kong©2014 WealthAsia Media. All rights reserved.

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Disclaimer: the facts and opinions stated or expressed in this publication are for information purposes only and must not be relied upon as being those of the publisher or of the institutions for which the contributing authors work for. Although every care has been taken to ensure the accuracy of the information contained within the publication, the Whole 9 Yards Limited (hereinafter “tW9Y”) does not warrant, either expressly or implied, the accuracy, timeliness, or appropriateness of the information contained in this publication or on its website. tW9Y disclaims any responsibility for content errors, omissions, or infringing material and disclaims any responsibility associated with relying on the information provided in this publication or on its website. no person should rely upon information provided in this publication or on its website as the basis for taking any action or making any decision. neither the publisher, authors and their employers nor Morningstar can be held liable or otherwise responsible in any way, for any advice taken or decision made on the basis of the facts nor opinions expressed or stated herein this publication. 聲明：本文件所刊載或表達的事實及意見僅供參考之用，未必亦不得被認為是出版商或僱用作者的機構之事實及意見。雖然已小心確保文件所載資料的準確性，任何人士不應信賴該等資料作為採取任何行動或作出任何決定的依據，而出版商、作者及其僱主或作為贊助人的Morningstar亦毋須對依據本文

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The increased market turbulence in October and early November is driving investors to question if they should be repositioning their investment portfolios, whether the current volatility is a new normal, and what will happen to different asset classes as interest rates start to rise and inflation moves further up the agenda.

David Shairp, Global Strategist in J.P. Morgan Asset Management’s Multi Asset Group, says, “It has been six years since the end of the great recession and we are certainly on the road to normalisation. In general, due to continued headwinds, we believe that diversification across geographies and asset classes will be rewarded in the longer term.”

After a period of strong returns in US equities, investors may also want to find out what opportunities may exist in other markets. And according to Axa’s Mark Tinker, “Asia is the place for equities.” Equity markets in Asia Pacific continue to offer attractive valuations compared to other markets and looking ahead, economic reform is expected to be the key driver of returns.

Old Mutual’s Head of Asian Equities, Joshua Crabb says although the world is still unstable geopolitically, he isn’t unduly concerned about the effect on world markets. Furthermore he believes Asia is the region where growth is strongest and most sustainable. He points to the superior growth being produced in Thailand, India, Vietnam, Indonesia and Thailand and risk premiums between developed and emerging Asia converging.

The Global

PorTfolio

環球投資組合

NOVEMBER 2014

8 Personal INveStING8

NOVEMBER 2014

As Crabb identifies, Asia is no longer a homogenous bloc, but intra-region and in the case of China, intra-country, there are different dynamics at play. In China, the downturn in the housing market remains the major risk. The market awaits news of a sustained upswing in the traditionally strong third and fourth quarters. In Japan, the market has been gyrating heavily on news of the sales tax increase and then the postponement of the increase. A rise in real wages remains the key to a recovery in private consumption.

Meanwhile, although several firms have stated their intention to wait on the sidelines as Shanghai-Hong Kong Stock Connect gets under way on November 17th, the potential for a boost to both markets is substantial. Mainland investors will have easier access to many of the blue chip H shares while global asset managers who have already researched second tier industrials on the Shanghai bourse will be keen to find the value in these companies. India’s new government is expected to be successful in pushing through new reforms. And Thailand has responded well to its new military-led government, while Korea is implementing pro-growth measures. So there are plenty of bright spots in the region for investors to take advantage of and new markets, particularly in Greater China and Indochina, providing prospects for the longer term.

十月和十一月初的市場較為波動，投資者的腦海中浮現著多個問題：是否應該為投資組合重新定

位？現時的波幅是否一個新的常態？隨著利率及通脹率提升，不同的資產類別表現如何？

摩根資產管理多元資產部的環球策略師David shairp說：「現在是經濟蕭條結束後的第六年，一切將會逐漸回

復正軌。總括來說，基於持續的不利因素，我們相信跨地域、跨資產類別的投資多樣化策略長遠能為投資者

帶來回報。」

自美股反彈一段時間後，投資者都渴望尋找其他市場的機會。Axa的Mark tinker提出：「亞洲是投資的最佳地

方。」亞太區股票市場的估值比其他市場更加吸引，而經濟改革將會是推動收益增長的動力。

先機環球投資亞洲股票團隊主管 Joshua Crabb表示，儘管世界上多個地區地緣政治不穩，他不太擔心這些不

穩因素將對環球市場造成影響。他亦認為亞洲的增長最強大及具持續性，並特別指出泰國、印度、越南和印

尼的高速增長以及亞洲發展地區與已發展市場之間的風險溢價差距收窄。

正如Crabb指出，亞洲再也不是一個單一化的整體。不同的地區市場有不同的動態，而中國國內的市場動力

也互不相同。在日本，隨著政府計劃增加銷售稅，但之後決定暫緩方案，市場跟隨消息大幅波動。畢竟，要

使民間消費復蘇，實際工資的上升仍然是一個關鍵。在中國大陸，房地產市場低迷依然是主要風險，市場希

望把握傳統第三和第四季較好的銷售數字，重拾升勢。

此外，雖然幾間機構已經宣佈暫時不會參加11月17號開通的滬港通計劃，計劃對兩地市場的發展潛力是巨

大的。 地投資者將會更容易買賣大藍籌H股，而那些對上海股市二綫工業股有深入認識的環球資產經理也

可以抓緊良機，發掘那些公司的價值。印度新政府預計能夠順利推行改革，而泰國市場對軍政府執政的反應

也不錯。同時，韓國正推行一系列促進增長的措施。由此可見，亞太區 可供投資者把握機會的地方其實有

很多，而大中華及印度支那的長遠前景最為吸引。

www.FundAsia.net

9Personal INveStING 9

Real estate

Currencies

Real estateAccording to real estate specialist Jones Lang Lasalle, the economic recovery in the Us will continue to benefit real estate markets in Asia Pacific, as the Quantitative Easing programme orchestrated by the Fed comes to an end. the Us central bank has announced an end to its six-year QE programme, which sought to inject money into the Us economy through large-scale asset purchases in the aftermath of the global financial crisis. Analysing the impact on Asia Pacific’s real estate markets, Dr Megan Walters, Head of Research at JLL, said: “the implementation of QE programmes in advanced economies produced a significant spill-over effect on to developing markets, with strong capital flows from advanced economies. Global interest rates have been driven lower and investors have been deploying additional capital into real estate in the search for yield. In Asia Pacific, these two factors created a wave of investment in real estate that led governments in China, Hong Kong and singapore to implement regulations to cool real estate markets, primarily focused on residential property. the ending of Us QE will be another step towards these governments deciding to lift or ease their cooling measures. the impact of potential interest rate rises from the end of Us QE and any effect on commercial real estate yields should be off-set by the expectation of rising rents in most major office markets in the region. In the first nine months of 2014, the global and inter-regional capital flows into Asia Pacific commercial real estate (from global, Us and Europe investors) exceeded last year’s total by 35 percent. Continuing economic recovery in the Us appears to be providing Us and global investors with the funds to deploy in Asia Pacific and we expect that picture to continue in the medium term. Investors will continue to see core real estate as a highly attractive asset class and Asia Pacific will remain attractive as international investors continue to diversify their portfolios.”

CurrenciesAs we look into 2015, AXA’s Mark tinker says investors need to consider some new tail risks from a stronger dollar – currency wars, the need to buy inflation not deflation hedges, further falls in gold and a reversal of many of the anti-dollar trades of the last five years. “the Us may become a source of investment rather than a source of funding,” he says. “one immediate impact has been on other Asia, where exporters to the Us (e.g. Korean autos) have been hit by the prospects of an increasingly competitive yen, now back to levels not seen since just before the crisis. For Fibonacci fans (who seem to be all over these currencies at the moment) the return to pre-GFC levels represents a 76.4% retracement of the full rally from the lows of 2007. that break suggests a target of below eight on yen/won from here, which would make a lot of Korean corporates very nervous. obviously it is not just Korea, other Asian export oriented countries like taiwan will be concerned by the move in the yen, although as ever from an equity point of view it is important to focus on other competitive aspects. It is those companies competing on price that are most affected. nevertheless, this raises the first risk to think about for next year, currency wars.” this is not just yen weakness, there is a broader issue of dollar strength. Bank of America Merrill Lynch Global strategist, Michael Hartnett, points out there is now a prospect of genuine rate differentials starting to emerge to drive currencies. the caveat Michael Hartnett had to this story was that even his eight year old son is bullish of the Us dollar. threadneedle’s Mark Burgess adds that the major plus for risk assets is the boost to consumption and industry in the developed world that should arise from a weaker oil price. the flipside is greater fiscal pressure and currency volatility for oil-producing nations. time will tell if the decline in oil is sustainable or just a phase, but falling energy prices (and hence weak inflation prints) should mean there will be little or no pressure for developed world central banks to contemplate raising interest rates until at least the second half of next year.

educationEducation is one of the most pressing socio-economic challenges today. It is a major component of well-being and a key measure of economic development and quality of life. It contributes to poverty alleviation, gender equality, health, and environmental sustainability. However, barriers to school enrolment and completion mean that, globally, there an estimated 793 million illiterate adults (two-thirds of which are women) and close to 100 million children who are not in school.

Education spending is already very large (accounting for around 5% of global GDP). According to the United nations, every dollar invested in education is estimated to generate Us$10-15 in economic returns, and expenditure is expected to continue to grow by at least 7-8% to 2017. Factors driving this growth include higher enrolment targets, demographic opportunities (booming population of 5-17 year olds in emerging markets), more women in education, the increase in the middle-income bracket in emerging markets (disposable spending on education in China, India and Brazil is just 10-13%), increasing global mobility, and a growing realisation of employment, earnings and economic development needs and opportunities. It is estimated that, over their lifetime, developed market graduates earn more than Us$1 million compared to early school leavers. Growth in the private sector is expected to be at least double the overall 7-8% spend as governments increasingly seek public-private partnerships to tackle the education challenge. For example, e-learning expenditure is expected to continue growing at 20-25% compound annual growth rate over the next decade. In Australia, according to oxford Economics, by 2020, an additional 50,000 international students per annum will study higher education – the highest absolute growth of any country in the world.

The

PortfolioReview投資組合概覧

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education

Cash Judging by recent fund investment flow figures, As investors confront both a shifting interest rate environment and far-reaching regulatory reforms, JP Morgan Asset Management has released the findings of its Global Liquidity survey, taking responses from over 300 CIos, treasurers and other senior decision makers. the key finding is that liquidity is still a central concern, as reflected in the choice of investments: half of global cash assets are placed in bank deposits. Usage is most prevalent in Asia, where 68% of assets are held in bank deposits, compared to 48% in Europe and 38% in the Americas. Money market funds account for over one-third of cash assets in the Americas. In an effort to control risk, investment policy for the majority of respondents’ focuses on defining portfolio duration and credit standards for long and shorter-term securities. Larger investors tend to be less conservative in their definition of permissible credit rating, which allows them to take on additional interest rate and credit risk. A majority of respondents plan to stay the course with their current cash allocation through 2015, even in the face of low interest rates and regulatory concerns. Firms with larger cash balances have a broader set of investment guidelines. A third or more of larger firms permit investment in asset-backed securities or mortgage-backed securities. Investors with relatively smaller cash balances typically have fewer investment options at their disposal. separately managed accounts, customised portfolios that allow investors to define their own risk, security and liquidity parameters, account for a significant share of cash allocations. In the Americas, 11% of cash assets are invested with sMAs specialist managers. Investor demand for sMAs can be seen as a clear demonstration of the need for yield.

Climate AgreementAs the new York times wrote, “the historic announcement by President obama and President Xi Jinping that they will commit to targets for cuts in their nations’ carbon emissions has fundamentally shifted the global politics of climate change.” the agreement, which saw China set targets for a scaling down of its pollution by 2030, has given a fresh jolt of optimism to negotiations aimed at reaching a new international climate treaty next year in Paris, where the American and Chinese targets are expected to be the heart of the deal. Former Us vice president Al Gore commented, “to reduce their nations’ carbon emissions is a major step forward in the global effort to solve the climate crisis. Much more will be required - including a global agreement from all nations - but these actions demonstrate a serious commitment by the top two global polluters” the investment implications of this could be substantial, given that America and China are the world’s biggest polluters, and that other countries that have dismissed climate targets, such as Australia, may be forced to backtrack on their reluctance to fall into line. An acceleration in climate change investment vehicles, as well as an increase in research and development in this area, will produce new opportunities for early stage investors as a well as portfolio managers. By 2030, China has pledged that 20% of its energy will be renewable. this is ambitious given the country’s addiction to coal and requires a greatly increased commitment to energy sources that do not depend on fossil fuels. some experts have said that China should try to halt the growth of its emissions by 2025.

InfrastructureFrom an Asia perspective, the prospect for fast tracking the trans-Pacific Partnership (tPP) trade agreement is a real potential positive, although clearly China is pushing for a full Asia-Pacific Economic Cooperation (APEC) agreement at the conference this week in Beijing. It is also talking about large scale, long term infrastructure investment and a new silk Road and maritime silk Road, a massive investment programme over the next 20 years that is being referred to in some quarters as a Chinese ‘Marshall Plan’. one part of the package is a $16 billion plan to boost rail infrastructure inside China along the planned route, while the second part of the plan involves the new Asian Infrastructure Investment Bank lending $50 billion to $100 billion for infrastructure projects to other countries on the route. Focussing heavily on rail infrastructure and ports it is a hugely ambitious plan to link China with the rest of the world, even as far as tunnelling under the Bering strait to Canada. the authorities refer to it as a silk Road economic belt with the slogan ‘one belt one road’. As with everything in China the numbers can be stratospheric, with one long term estimate from Want China times (here) suggesting the total scale of the project could be $21 trillion. Whatever the number, the real point is that China’s savings will increasingly be channelled into productive infrastructure – rather than ghost cities and housing projects – meaning that Chinese growth will remain skewed towards investment. Consumption will grow, but will not have to do all the heavy lifting as some fear.

www.FundAsia.net

11Personal INveStING

148%144%

117%

貨幣展望2015年，AXA的Mark tinker表示，投資者需要因美元走高而考慮一些新的尾隨風險——貨幣戰爭、購買通脹對沖基金而非通縮對沖基金的需求、黃金價格的進一步下跌以及近五年來大量反美元交易情況的逆轉。「美國有可能成為投資來源，而非資金來源，」他說：「一個直接的影響可見於日本以外的其他亞洲國家，出口到美國的商家（如韓國汽車）面對來自日圓日益激烈的競爭而受創，現在日圓匯價已回到金融危機前的水平。對於斐波納奇（Fibonacci）理論的支持者來說（他們似乎都在熱烈追捧這些貨幣），返回全球金融危機前的水平代表了日圓從2007年的低點全面反彈後，回調率已達到了76.4%。此差距代表日圓兌韓圜低於『8算』的目標，這使得許多韓國公司非常緊張。顯然，不僅僅是韓國遇到了此類情況，亞洲其他出口導向國家（如台灣）也因日圓的動向而憂心忡忡，儘管從股票角度來看，投資者應該注重其他更有競爭力的方面。當然，以價格進行競爭的企業受創最大。無論如何，這趨勢明年帶來首要考慮的風險就是貨幣戰爭。」然而，不僅僅是日圓疲軟，美元強勢也會產生一系列問題。美國銀行／美林證券環球策略師Michael Hartnett指出，目前真正的息差開始出現，並將影響貨幣匯價走勢。他告訴我們，即使是他八歲的兒子也對美元充滿信心。threadneedle的Mark Burgess補充說，風險資產的主要優勢是由於油價疲軟而受刺激帶動的發達國家消費和工業，不利的一面則是石油生產國將會面對更大的財政壓力和匯率波動。石油價格的下跌會否長期繼續下去？還是只會維持一段短暫時間？時間將會告訴我們答案。但能源價格下跌（以及由此產生的疲弱通脹跡象）對於各個發達國家的中央銀行而言，至少直至明年下半年，其應對調高

息率的壓力很小，甚至是毫無壓力可言。

房地產

根據房地產專家仲量聯行（Jones Lang Lasalle）估計，隨着美國聯儲局的量化寬鬆政策即將結束，美國經濟復甦將繼續刺激亞太地區房地產市場的發展。聯儲局宣布結束其為期六年的量化寬鬆政策，該政策透過大規模的資產購買來為環球金融危機後的美國經濟注入活力。

在分析該政策對亞太地區房地產市場的影響時，仲量聯行研究部主管Megan Walters博士表示：「量化寬鬆計劃在發達經濟體的實施對於發展中國家市場產生了顯著的『溢出效應』（spill-over effect），產生了從發達經濟體中流出的雄厚資金流。環球利率持續走低，投資者已開始尋求額外的資本進入房地產市場來尋求收益。在亞太地區，這兩個因素造就了房地產投資潮流，導致中國大陸、香港、新加坡等地政府實施政策來冷卻房地產市場，有關措施主要針對住宅物業。」

「美國量化寬鬆政策的結束同樣也使得上述這些政府決定減輕或結束其經濟冷卻政策。美國量化寬鬆政策結束後對於潛在利率上漲的影響以及其在商業房地產市場收益的任何影響應該可以被該地區大部分主要寫字樓市場的預期租金上漲所抵銷。在2014年最初的九個月中，環球及地區間流向亞太地區商業房地產市

場的資金流（資金來源為環球、美國和歐洲投資者）已經超過了去年全年的35%。美國經濟的持續復甦提供給美國和環球投資者資金來於亞太市場投資。我們希望這一趨勢可以在中期內繼續保持。投資者繼續將核心房地產看作吸引力大的資產類別。隨着國際投資者將繼續多元化其投資組合，亞太地區將保持其巨大的吸引力。」

世邦魏理仕（CBRE）認為，亞太地區寫字樓租金指數預測今年將上漲4.0％，而增長將持續到2015年。新加坡將繼續脫穎而出，成為區內表現最佳的國家，而區內出現強勁增長的國家也包括日本。馬尼拉按季增長為6.5％，而新加坡按季上漲了3.3％，由於中央商務區黃金地段持續缺乏空間，兩者將保持區內龍頭表現。其他市場（包括：悉尼、墨爾本、上海）在一年多的時間內都呈現下降趨勢，而這一季度卻呈現租金增長的情況，表明市場需求正在逐步改善。在第三季度表現疲軟的市場包括首爾和孟買，這些地方由於辦公室需求遲緩而導致租金進一步下跌。另據報道，北京的下滑也很嚴重，自從2010/11年度市場進入上升週期以來，北京的租金首次出現下跌。

儘管如此，市場的基本因素依然穩固，而房地產業主仍在談判中佔上風。區域董事總經理兼經紀業務部主管Manish Kashyap表示：「寫字樓市場將繼續見證適度擴張的需求，需求主要由於本地企業或亞洲企業正在核心地段取替跨國企業成為租戶而有所推動。此情況在香港隨處可見，中國大陸企業正佔用外國租戶騰出的空間。雖然外國企業仍然將亞太地區視為業務長期增長的核心地區，但這些跨國公司一般都實施成本效益的解決方案，將辦公室遷離市中心黃金地段或改用外判服務。我們預期在傳統銀行業會看到穩定的動向，而科技、電訊和媒體行業（tMt）的走勢亦將保持強勁。

美股再創高位教育是當今社會面對最逼切的社會經濟問題。教育是福祉的重要一環，也是經濟發展及生活質素的關鍵指標。教育與減輕貧困、推動兩性平等、健康和環境可持續發展息息相關。可惜的是，由於入學和畢業的重重障礙，全球文盲的成人數目達7億9300萬（當中三分之二為女性），接近1億個孩童未能入學。

全球花在教育的支出十分龐大（佔全球GDP約 5%）。根據聯合國數據顯示，在教育投資的每一美元，就能夠產生10-15美元的經濟回報，而教育方面的支出預計於2017年增加至少7-8%。推動增長的因素包括招生數字的提高、人口機會（發展中市場擁有大量5-17歲人口）、更多女性獲得學習機會、發展中市場的中等收入階層擴大（中國、印度和巴西在教育方面的可支配支出為 10-13%）、全球流動性上升，以及就業、收入、經濟發展需求和機會的增長。據估計，已發展市場的高校畢業生一生能夠比離校生多賺超過 100萬美元。政府越來越傾向組織公私夥伴合作關係來解決教育方面的挑戰，私營市場的增長預計至少會是教育整體7-8%支出的一倍。舉例來說，電子學習的支出預計在未來十年以20-25%的年複合增長率上升。在澳洲，根據oxford Economics指出，到 2020年，每年會多 5萬名國際學生在當地接受高等教育，是全球絕對增長最高的國家。

基礎設施建設從亞洲角度來看，加快推進《跨太平洋夥伴關係》（tPP）貿易協定擁有真正的潛在利好前景，儘管中國顯然想藉本週在北京舉行的亞太經合組織（APEC ）會議之機會推動一項完整的亞太經合組織協議。這同樣也關係到大規模、長期的基礎設施投資以及新絲綢之路和海上絲綢之路計劃。這個被稱為中國「馬歇爾計劃」的項目，將是一項未來二十年針對某些特定地區進行的龐大投資計劃。該投資計劃的一部分預計涉及160億美元，以刺激除既定線路之外的中國國內鐵路基礎設施建設；而該計劃的第二部分涉及新開設的「亞洲基礎設施投資銀行」，該銀行為其他在該線路中的國家發放500億至1, 000億美元的貸款，以便開發基礎設施項目。該計劃雄心勃勃，重點集中在鐵路和港口基礎設施建設，務求將中國與世界其他部分連接起來，該計劃甚至包括建立白令海峽海底隧道來連接加拿大。有關當局將其看作是現代經濟絲綢之路，口號是「一路一帶」。凡涉及到中國，數字都會變得異常巨大。根據《旺旺中國時報》（按這裡）的長期估計，該計劃的整體規模將達到21兆美元。無論投資額是多少，真正焦點在於將有越來越多的中國儲蓄存款轉化為具生產力的基礎設施建設，而非「空城」或房地產項目，這意味著中國的經濟增長將越來越向投資傾斜。消費將繼續增長，但不會像有些人擔心的那樣成為經濟發展的重擔。

現金為王投資者同時面臨正在轉變的利率環境以及影響深遠的監管改革。因應超過 300名企業投資總監（CIo）、財務主管及其他高級決策者的要求，摩根資產管理發佈了《環球流動資金調查報告》。

報告中最關鍵的發現是現金流動性仍是投資者的重點考慮問題，這反映在投資的選擇上：全球一半現金資產都儲蓄在銀行。這種投資方法在亞洲最為普遍，投資者平均68%的資產都儲蓄在銀行，而歐洲的數字僅為 48%，在美洲則只有38%。

貨幣市場基金佔了美洲現金資產的三分之一以上。為了努力控制風險，對大多數受訪者而言，投資政策的重點在於確定長短期證券投資組合的存續期和信貸標準。在允許的信用評級方面，大客戶沒有小客戶那麼保守，這代表了他們可以接受額外的利率和信用風險。即使面臨低利率和監管問題，大部分受訪者計劃在2015年前都保持現有的資金配置不變。擁有大規模現金結餘的公司所擁有的投資指引比較廣泛。三分之一或以上的大公司容許投資於資產抵押證券（ABs）或按揭擔保證券（MBs）。現金結餘相對較小的投資者通常有較少投資選擇。獨立管理帳戶佔現金分配的很大比重，這些帳戶可由客戶自行設置投資組合，允許投資者設定其風險水平，設置債券及流動資金參數。在美洲，11%的現金資產投資由獨立管理帳戶專業經理管理。投資者對獨立管理帳戶的需求可明確證明他們對投資回報收益的渴望。

NOVEMBER 2014

12 Personal INveStING

13Personal INveStING

Global Fixed Income Funds

NOVEMBER 2014

14 Editors' ChoICe

Global Fixed Income Funds

schroders’ global bond team says that despite a flow of potentially disruptive news, fixed income markets have broadly progressed. But in mid-october, investors were

startled by a ‘flash-crash’ in the 10-year treasury yield, which dipped below 2% for a very short time. the move did not appear to be precipitated by any clear negative factor, and largely recovered by the end of the month. through october, the 10-year treasury yield fell from 2.49% to 2.34%, and the 10-year gilt yield fell from 2.43% to 2.25%. the German 10-year bund yield fell from 0.95% to 0.84%, and peripheral yields remained at historic lows. the Italian 10-year yield rose slightly from 2.33% to 2.35% while the spanish equivalent fell from 2.14% to 2.08%.

Michael Hasenstab, Global Bonds CIo at Franklin templeton says it is time for fixed income investors to think outside traditional boxes. He believes that with today’s market environment and the prospect of rising Us interest rates on the horizon, investors need to rethink their core fixed income portfolio. He says the strategy needs active management “to be able to adeptly invest in the relative strength of select countries and currencies while avoiding the weakness of others - something an index cannot do. second, it should be well-poised to deliver a negative correlation to Us treasuries, given the seemingly inevitable eventual rise in interest rates. notably, while some strategies claim to have a negative duration, that is not synonymous with the more important goal of having an overall negative correlation to Us treasuries. ”

PIMCo’s CIo for Us Core strategies, scott Mather says, “With easier monetary policy in the eurozone, Japan, China and many emerging markets, we expect plenty of liquidity in the marketplace. Broad market liquidity facilitates portfolio liquidity, allowing investors to allocate a portion of their holdings to cash or cash-like instruments that they can deploy when markets correct, such as we saw last month.

In this section of Benchmark, the team have created a methodology for assessing one specific fund sector every month. Funds are designed to be held for the medium to long term, so it is important for investors to pick the right fund/manager to ride through the upcoming volatility. Over the following pages, we have whittled down the locally registered Global Fixed Income funds to a Top 10 that we believe have the qualities of consistency and reliability. 在本欄，我們《指標》團隊以獨特創建的評選方式，每個月為一組基金類別進行評估。基金是屬於

中長綫的投資，所以投資者必須選擇適合的基金和基金經理，以克服市場波幅。在以下幾頁，我

們按照基金呈現的穩定及可靠性，選出了首10隻本地註冊的全球固定收益基金。

施羅德的全球債券團隊指出，儘管市場潛在壞

消息不斷，固定收益市場得到廣泛增長。可

是在十月中，美國10年期國債孳息率下跌，甚至在很短的一段時間低過2%，引起投資者憂慮。這下跌走勢並不是由任何明顯負面因素所觸發，在

十月底亦大致靠穩。在十月，10年期國債收益率從2.49%下跌至2.34%。10年期金邊債券孳息率從2.43%下跌至 2.25%。德國 10年期國債孳息率也從 0.95%跌至0.84%。外圍國債孳息率亦徘徊在歷史低位。意大利 10年期國債孳息率從 2.33%稍微上升至2.35%，而西班牙10年期國債孳息率則從2.14%下跌至2.08%。

富蘭克林鄧普頓的全球債券投資總監Michael Hasenstab說，固定收益投資者現在是時候在思想上打破傳統框框。他認為，按照今日的市場環境以及

美元利率上升的前景，投資者要重新考量他們的固

定收益投資組合。他指出，投資策略需要有主動積

極的管理，以嫺熟的方式針對部分國家及貨幣的優

勢而進行投資，同時避開它們不足的地方——這一

點乃是指數不能做到的。第二，鑒於目前利率升勢

無可避免，現時採用的策略應與美國國債走勢呈反

向關係。當然，其他的策略也許標榜著負存續的概

念，但這跟反向關係並不相同。以反向關係從美元

利率升勢中得益，這一點是較重要的。

太平洋投資管理的美國核心策略（Us Core strategies）投資總監 scott Mather說：「隨著歐元區、日本、中國和其他發展中市場的貨幣政策變得寬鬆，我們預

計市場的流動性將十分充裕。廣泛的市場流動性將

帶動投資組合流動性增加，讓投資者把資產的一部

分放到現金或現金類工具，等待市場調整的時候再

出擊，就像我們上個月看到的情況一樣。」

www.FundAsia.net

15Editors' ChoICe

12 Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

10.0K

11.0

12.0

13.0

14.0

15.0

16.0

2009 2010 2011 2012 2013 10/14

25.26 3.43 -9.85 18.09 3.19 3.36- - - - - -

16.02 -2.16 -12.63 10.53 5.26 2.595 78 98 8 10 13

Amundi Fds Bd Global AU-C 東方匯理系列—環球債券基金 - AU C

Top 10 Holdings % Port.Cbt Us 2yr Note Dec14 Future (Exp... 3.70Jpmorgan Chase FRN2049-12-31 1.28Ford Motor Credit Co 5.75%2021-02-01 1.16Granvia A.S. 4.781%2039-09-30 1.12Hsbc Fin 6.676%2021-01-15 1.11

Top 10 Holdings % Port.Italy(Rep Of) 4.5%2019-03-01 12.06United Kingdom (Government Of)... 7.70US Treasury Bond... 5.94United Kingdom (Government Of)... 5.04Portugal(Rep Of) 3.85%2021-04-15 5.02

Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

10.0K

12.0

14.0

16.0

18.0

20.0

2009 2010 2011 2012 2013 10/14

5.83 3.27 -6.27 21.37 2.47 2.47-24.97 -0.78 -10.45 5.20 0.33 -0.70

- - - - - 0.22100 73 100 1 22 30

Aberdeen Glb Sel Glb Crdt Bd D1 安本環球—世界債券基金 - D1

Source: Morningstar / Benchmark

How we came up with the Editor’s Choice:

• We’ve screened all HK authorized – Global Fixed Income funds• only funds with minimum initial investments equal or less than UsD 50,000 to eliminate institutional classes being included into the

assessment process• We’ve considered quantitative data such as the funds’ risk-adjusted returns for 1, 3 and 5 years, fees, manager’s stability and

experience, accessibility and other risk ratios to measure upside and downside volatility• While the past performance cannot always be an indicator of future performance, it is possible to make some educated judgments

based on the available data. our aim is to help investors make wiser decisions by analysing relevant information on performance, volatility, portfolio diversification, fees and operations.

Total Ret YTD 本年至今 3.111 YR Return 一年 6.373 YR Return 三年 7.675 YR Return 五年 4.65Sortino Ratio 3 YR 2.54Total Expense Ratio 總開支比率 1.17Manager Name 基金經理 Management TeamAve Mgr 基金經理平均年資 5.33Worst 3 Mo Ret % 最差3個月回報 -10.65Std Dev 3 Yr %標準差 10.17Morningstar Rating 3 Yr 星號評級 ÙÙÙÙÙFund Size (USD Mil) 基金規模 (百萬美金) 69.23# of Holdings 持有股票項目 205Turnover %十大投資項目比重% 650.38

Total Ret YTD 本年至今 3.361 YR Return 一年 2.613 YR Return 三年 5.895 YR Return 五年 2.92Sortino Ratio 3 YR 1.10Total Expense Ratio 總開支比率 1.34Manager Name 基金經理 Cédric

Morisseau;Laurent Crosnier;

Ave Mgr 基金經理平均年資 5.79Worst 3 Mo Ret % 最差3個月回報 -12.65Std Dev 3 Yr %標準差 7.56Morningstar Rating 3 Yr 星號評級 ÙÙÙÙÙFund Size (USD Mil) 基金規模 (百萬美金) 279.94# of Holdings 持有股票項目 157Turnover %十大投資項目比重% -34.43

Top 10 Holdings % Port.Cnpc General Cap 2.75%2019-05-14 1.02Wells Fargo Co Mtn Be 4.1%2026-06-03 0.99Adcb Fin (Ky) 2.75%2019-09-16 0.98 0.98Teachers Ins & Annuity Assn 144A... 0.98

Top 10 Holdings % Port.Portugal(Rep Of) 4.75%2019-06-14 3.90Italy(Rep Of) 3.75%2016-04-15 3.87Italy(Rep Of) 5.75%2016-07-25 3.24Amundi Fds Bd Global Corporate... 2.89

Top 10 Holdings % Port.Pgh Cap 5.75%2021-07-07 0.96Total Stock Holdings 0Total Bond Holdings 173Assets in Top 10 Holdings % 13.31

Top 10 Holdings % Port.Bulgaria(Nat Rep)... 2.79Total Stock Holdings 0Total Bond Holdings 77Assets in Top 10 Holdings % 52.44

NOVEMBER 2014

16 Editors' ChoICe

34

BGF Global Government Bond A2 USD 貝萊德全球基金—環球政府債券基金A2 - USD

Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

9.5K10.010.511.011.512.012.513.0

2009 2010 2011 2012 2013 10/14

4.49 5.32 6.09 1.82 0.24 2.16-2.44 -0.23 0.44 -2.50 2.84 0.51-4.74 -0.27 3.32 -5.74 2.31 1.4066 52 18 83 28 27

BEA Union Investment Global Bond A 東亞聯豐環球債券基金 A Acc

我們按照下列的條件和流程，選出本期的編者之選：

• 我們篩選出所有香港認可的全球固定收益基金• 在評審過程中，為了剔除所有機構類別基金，我們不包括所有初始投資額超過5萬美元的基金• 我們審核的定量數據包括基金在1、3及5年後的風險調整後回報率、費用、基金經理的穩定性和經驗、開放性以及其他量度上行及下行波幅的風險比率

• 過去表現固然不能夠作為未來走勢的指標，但我們可以根據過往數據，作出理性的決定。我們的目的是幫助投資者分析相關資訊，包括表現、波幅、組合多樣化、費用和運作，以做出更精明的投資決定。

Total Ret YTD 本年至今 2.161 YR Return 一年 2.263 YR Return 三年 1.245 YR Return 五年 2.91Sortino Ratio 3 YR 0.69Total Expense Ratio 總開支比率 0.05Manager Name 基金經理 Management TeamAve Mgr 基金經理平均年資 10.67Worst 3 Mo Ret % 最差3個月回報 -7.55Std Dev 3 Yr %標準差 2.59Morningstar Rating 3 Yr 星號評級 ÙÙÙÙFund Size (USD Mil) 基金規模 (百萬美金) 512.36# of Holdings 持有股票項目 69Turnover %十大投資項目比重%

Top 10 Holdings % Port.Bundesrepublik Deutschland 1.75%2024-02-15 12.96Bundesobligation 1.00%2018-10-123 8.13Italy Buoni Poliennali Del Tesoro... 5.35Bundesrepublik Deutschland 2.00%2023-08-15 5.32Spain Government Bond 3.80%2024-04-30 4.77

Top 10 Holdings % Port.United Kingdom (Government Of)... 4.04Germany (Federal Republic Of)... 3.03Tencent Hldgs 144A 4.625%2016-12-12 2.85United Kingdom (Government Of)... 2.82

Top 10 Holdings % Port.Cnpc General Cap 2.75%2017-04-19 2.21Total Stock Holdings 0Total Bond Holdings 65Assets in Top 10 Holdings % 51.47

Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

10.0K10.511.011.512.012.513.013.5

2009 2010 2011 2012 2013 10/14

3.56 4.12 3.08 6.19 1.08 6.04-1.53 -0.49 -2.32 0.47 1.22 0.01-5.17 -1.47 -0.23 -0.45 1.53 2.2166 73 50 52 18 26

Top 10 Holdings % Port.US Treasury Note 0.5%2016-07-31 8.49Japan(Govt Of) 1%2021-09-20 6.32Japan(Govt Of) 1.1%2020-06-20 5.205 Year US Treasury Note Future... 5.06Euro-Bobl Dec 14 12/08/2014 3.88

Total Ret YTD 本年至今 6.041 YR Return 一年 5.713 YR Return 三年 4.845 YR Return 五年 4.14Sortino Ratio 3 YR 3.63Total Expense Ratio 總開支比率 0.97Manager Name 基金經理 Scott ThielAve Mgr 基金經理平均年資 3.08Worst 3 Mo Ret % 最差3個月回報 -3.56Std Dev 3 Yr %標準差 2.52Morningstar Rating 3 Yr 星號評級 ÙÙÙFund Size (USD Mil) 基金規模 (百萬美金) 584.31# of Holdings 持有股票項目 219Turnover %十大投資項目比重% 115.72

Top 10 Holdings % Port.France(Govt Of) 1.75%2023-05-25 2.73Japan(Govt Of) 1.8%2031-09-20 2.53Us Ultra T-Bond Dec 14... 2.43Japan(Govt Of) 2.1%2027-12-20 2.42

Top 10 Holdings % Port.Japan(Govt Of) 1.5%2034-06-20 2.39Total Stock Holdings 0Total Bond Holdings 220Assets in Top 10 Holdings % 41.45

www.FundAsia.net

17Editors' ChoICe

Source: Morningstar / Benchmark

5

7

BGF World Bond A1 USD 貝萊德全球基金—世界債券基金A1

Legg Mason WA Global Credit Inc A Inc (S) $ 美盛西方資產環球信貸基金 A Inc (D) $

Total Ret YTD 本年至今 5.821 YR Return 一年 5.413 YR Return 三年 4.605 YR Return 五年 4.28Sortino Ratio 3 YR 3.02Total Expense Ratio 總開支比率 1.05Manager Name 基金經理 Scott ThielAve Mgr 基金經理平均年資 8.08Worst 3 Mo Ret % 最差3個月回報 -5.71Std Dev 3 Yr %標準差 2.66Morningstar Rating 3 Yr 星號評級 ÙÙÙFund Size (USD Mil) 基金規模 (百萬美金) 1,211.60# of Holdings 持有股票項目 342Turnover %十大投資項目比重% 107.84

Total Ret YTD 本年至今 5.181 YR Return 一年 4.313 YR Return 三年 4.865 YR Return 五年

Sortino Ratio 3 YR 1.95Total Expense Ratio 總開支比率 1.36Manager Name 基金經理 Management TeamAve Mgr 基金經理平均年資 4.00Worst 3 Mo Ret % 最差3個月回報 -3.59Std Dev 3 Yr %標準差 4.06Morningstar Rating 3 Yr 星號評級 ÙÙFund Size (USD Mil) 基金規模 (百萬美金) 98.49# of Holdings 持有股票項目 239Turnover %十大投資項目比重% 50.82

Top 10 Holdings % Port.US Treasury Note 0.5%2016-07-31 5.892 Year US Treasury Note Future... 5.82Japan(Govt Of) 1%2021-09-20 3.76US Treasury Bill2015-04-02 3.1410 Year US Treasury Note Future... 2.71

Top 10 Holdings % Port.Us Ultra T-Bond Dec 14... 2.67Euro-Bobl Dec 14 12/08/2014 2.205 Year US Treasury Note Future... 1.99Fnma 30yr 4% Llb 85k 20142044-01-04 1.85

Top 10 Holdings % Port.Japan(Govt Of) 1.5%2034-06-20 1.76Total Stock Holdings 0Total Bond Holdings 289Assets in Top 10 Holdings % 31.79

Top 10 Holdings % Port.Us 5yr Note (Cbt) Dec142014-12-31 13.15US Treasury Note 1.625%2019-06-30 3.93United Kingdom (Government Of)... 3.56Bk Ned Gemeenten 1.875%2018-12-07 1.99EURO INV BANK2024-04-15 1.65

Top 10 Holdings % Port.Goldman Sachs Grp 5.125%2019-10-23 1.39US Treasury Bond 3.375%2044-05-15 1.04General Elec Cap Corp Mtn Be... 0.97At&T 4.25%2043-06-01 0.92

Top 10 Holdings % Port.Gdf Suez 2.875%2022-10-10 0.86Total Stock Holdings 0Total Bond Holdings 225Assets in Top 10 Holdings % 29.46

6Top 10 Holdings % Port.US Treasury Note2016-07-31 11.29US Treasury Note2016-01-31 7.16Italy(Rep Of) 5%2039-08-01 6.93United Kingdom (Government Of)... 5.54Kommunalbanken As 0.3931%2017-05-02 4.48

Legg Mason BW Glb Fxd Inc A Inc (S) $ 美盛布蘭迪環球固定收益基金 A USD INCTotal Ret YTD 本年至今 4.941 YR Return 一年 4.093 YR Return 三年 2.595 YR Return 五年 4.95Sortino Ratio 3 YR 0.73Total Expense Ratio 總開支比率 1.39Manager Name 基金經理 David F. Hoffman;Stephen

S. Smith;Ave Mgr 基金經理平均年資 11.17Worst 3 Mo Ret % 最差3個月回報 -14.35Std Dev 3 Yr %標準差 5.27Morningstar Rating 3 Yr 星號評級 ÙÙÙÙFund Size (USD Mil) 基金規模 (百萬美金) 1,468.39# of Holdings 持有股票項目 3,575Turnover %十大投資項目比重% 164.09

Top 10 Holdings % Port.Hungary(Rep Of) 5.5%2025-06-24 4.25Secretaria Tesouro Nacl 10%2023-01-01 3.93Vereinigte Mexikanische 7.75%2042-11-13 3.92Mexico(Utd Mex St) 8.5%2038-11-18 3.89

Top 10 Holdings % Port.Queensland Tsy Cp 6.25%2020-02-21 3.58Total Stock Holdings 0Total Bond Holdings 27Assets in Top 10 Holdings % 54.96

Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

10.0K10.511.011.512.012.513.013.5

2009 2010 2011 2012 2013 10/14

5.50 4.30 3.63 6.85 0.32 5.820.41 -0.32 -1.77 1.13 0.46 -0.21-3.22 -1.30 0.32 0.21 0.77 2.0059 69 38 44 32 32

Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

10.0K

11.0

12.0

13.0

14.0

15.0

2009 2010 2011 2012 2013 10/14

17.55 7.92 7.43 7.62 -4.32 4.5710.62 2.38 1.79 3.30 -1.72 2.928.31 2.33 4.66 0.06 -2.25 3.8113 14 4 39 66 6

Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

10.0K

10.5

11.0

11.5

12.0

12.5

2009 2010 2011 2012 2013 10/14

- - 3.41 10.79 -1.13 5.18- - -1.37 -0.13 -1.20 -1.38- - - - - -0.32- - 46 59 89 72

NOVEMBER 2014

18 Editors' ChoICe

Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

10.0K

11.0

12.0

13.0

14.0

15.0

16.0

2009 2010 2011 2012 2013 10/14

17.73 10.95 -3.72 15.76 0.77 3.4110.79 5.41 -9.37 11.44 3.37 1.758.49 5.36 -6.50 8.20 2.84 2.6412 9 92 11 22 10

8

10

Schroder ISF Glbl Corp Bond A Acc 施羅德環球基金系列—環球企業債券 - A-ACC

Templeton Global Bond A Mdis USD 鄧普頓環球債券基金 A-MDIS-$

Top 10 Holdings % Port.Italy(Rep Of) 3.75%2021-05-01 6.32US Treasury Note2019-04-15 5.02Japan(Govt Of) 0.6%2023-03-20 3.40Japan(Govt Of) 0.8%2022-09-20 2.55

Top 10 Holdings % Port.Ireland(Rep Of) 5%2020-10-18 3.78Ireland(Rep Of) 5.4%2025-03-13 2.28Poland(Rep Of)2016-01-25 2.27Mexico(Utd Mex St) 8%2015-12-17 2.25Bk Of Korea 2.76%2015-06-02 2.14

Total Ret YTD 本年至今 5.481 YR Return 一年 5.483 YR Return 三年 5.245 YR Return 五年 5.10Sortino Ratio 3 YR 2.12Total Expense Ratio 總開支比率 1.04Manager Name 基金經理 Wesley A. SparksAve Mgr 基金經理平均年資 3.67Worst 3 Mo Ret % 最差3個月回報 -5.54Std Dev 3 Yr %標準差 3.94Morningstar Rating 3 Yr 星號評級 ÙÙFund Size (USD Mil) 基金規模 (百萬美金) 2,651.30# of Holdings 持有股票項目 237Turnover %十大投資項目比重% 237.38

Total Ret YTD 本年至今 3.821 YR Return 一年 4.423 YR Return 三年 5.545 YR Return 五年 6.23Sortino Ratio 3 YR 1.14Total Expense Ratio 總開支比率 1.40Manager Name 基金經理 Michael J. Hasenstab;

Sonal Desai;Ave Mgr 基金經理平均年資 8.12Worst 3 Mo Ret % 最差3個月回報 -7.99Std Dev 3 Yr %標準差 7.68Morningstar Rating 3 Yr 星號評級 ÙÙÙÙÙFund Size (USD Mil) 基金規模 (百萬美金) 38,502.18# of Holdings 持有股票項目 209Turnover %十大投資項目比重% 50.05

Top 10 Holdings % Port.France(Govt Of) 2.25%2024-05-25 2.14Italy(Rep Of) 3.5%2018-12-01 1.85Italy(Rep Of) 2.75%2015-12-01 1.82Vereinigte Mexikanische 8%2020-06-11 1.61

Top 10 Holdings % Port.Sweden(Kingdom Of) 4.5%2015-08-12 2.10Hungary Rep 6.375%2021-03-29 2.05Bk Of Korea 2.78% 1.75Canada Govt2015-02-01 1.71

Top 10 Holdings % Port.US Treasury Bond 3.75%2041-08-15 1.51Japan(Govt Of) 1.2%2020-12-20 1.49Total Stock Holdings 0Total Bond Holdings 340Assets in Top 10 Holdings % 27.72

Top 10 Holdings % Port.Malaysia 4.72%2015-09-30 1.54Total Stock Holdings 0Total Bond Holdings 135Assets in Top 10 Holdings % 21.88

Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

10.0K

11.0

12.0

13.0

14.0

2009 2010 2011 2012 2013 10/14

9.87 6.42 5.19 6.44 -2.49 2.382.94 0.87 -0.45 2.12 0.11 0.720.63 0.83 2.42 -1.12 -0.42 1.6137 36 34 47 47 25

9Templeton Glbl Total Return A Acc $ 鄧普頓環球總收益基金—A-ACC-$

Total Ret YTD 本年至今 2.521 YR Return 一年 3.973 YR Return 三年 7.045 YR Return 五年 8.46Sortino Ratio 3 YR 1.32Total Expense Ratio 總開支比率 1.41Manager Name 基金經理 Michael J. Hasenstab;

Sonal Desai;Ave Mgr 基金經理平均年資 7.54Worst 3 Mo Ret % 最差3個月回報 -10.04Std Dev 3 Yr %標準差 8.26Morningstar Rating 3 Yr 星號評級 ÙÙÙÙÙFund Size (USD Mil) 基金規模 (百萬美金) 34,730.37# of Holdings 持有股票項目 490Turnover %十大投資項目比重% 17.58

Top 10 Holdings % Port.Korea(Republic Of) 2.75%2015-12-10 2.66Portugal(Rep Of) 5.125%2024-10-15 2.48Uruguay Rep 4.375%2028-12-15 2.32Bk Of Korea 2.47%2015-04-02 2.21Mexico(Utd Mex St) 8%2015-12-17 2.19

Top 10 Holdings % Port.Ireland(Rep Of) 5.4%2025-03-13 2.11Vereinigte Mexikanische2015-04-01 2.05Bk Of Korea 2.74%2015-02-02 2.03Sweden(Kingdom Of) 4.5%2015-08-12 1.82

Top 10 Holdings % Port.Bk Of Korea 2.76%2015-06-02 1.78Total Stock Holdings 1Total Bond Holdings 387Assets in Top 10 Holdings % 21.65

Growth Of 10000

(USD)

Fund

Index

Category

Performance

Fund+/- Index+/- CategoryPercentile Rank

10.0K

12.0

14.0

16.0

18.0

20.0

2009 2010 2011 2012 2013 10/14

32.53 14.62 -1.76 18.93 2.82 1.9425.60 9.07 -7.40 14.62 5.42 0.2923.30 9.03 -4.53 11.38 4.89 1.17

3 4 85 7 11 30

www.FundAsia.net

19Editors' ChoICe

“How can my MPF be a benefit when it seems like a tax on earnings?” Stewart Aldcroft explains how, over time, the benefits will show themselves clearly.

For many people, the Hong Kong Mandatory Provident Fund seems like an additional tax on their earnings, albeit, quite small. Every month a little is taken away

and put into an account that can’t be touched for many years to come.

With the absence of active advice on how to get the best out of your MPF, most Members of MPF schemes have tended to ignore it, not so much in the hope that it will go away, but because they can’t be bothered to spend time on something they think is worth so little.

slowly, but surely, this is no longer the case. For those that have been Members for the whole of the 14 years since it started, they will by now have begun to see a reasonable balance grow up in their MPF account, and one that deserves a lot more attention in the future.

For the purposes of this article, I plan to cover a few key issues all MPF Members should take into account, in order to fully utilize the benefits MPF offers.

1. Additional voluntary Contributions (AvC)While it is a mandatory requirement that there are minimum contributions made monthly to an MPF of 5% of salary up to HK$30,000 per month (since 1 June 2014) or up to HK$1,500 by both the employer and employee, this should not be treated as the maximum as well. there is no reason why an employee shouldn’t put a lot more into the MPF, especially for higher earning employees, who would otherwise not know what best to use for their savings. Any contributions made in this way to the MPF get the benefit of buying units in the various available funds at the lowest possible costs. there are no loads and management fees are generally lower than apply for regular mutual funds.

there is also a wide choice of funds available in most MPF schemes these days. Whether investing in the Us equity market, Asian region equities, or just into the Hong Kong market, most MPF providers offer the choice. And if you don’t want to make these choices, then there are funds that will do it all for you.

Maximising your benefits from the MPF把強積金的得益最大化

NOVEMBER 2014

20 MPF UPdAte20

Although it might be the case that the accumulated value of an MPF is not available to use for day-to-day spending, for medical or school fees, or to repay mortgages, for many people this form of “enforced savings” can be their only way to ensure they have some money with which to retire. It won’t be the whole of their retirement income, but the more that is put to work via an MPF, especially in the early days of a working life, the more that can become available on retirement.

2. Fund choices As contributions are made on a monthly basis, selecting a fund that provides a volatile return actually can provide a far better return over the longer term, that a fund that in more constant. Volatility is good, it enables purchases to be made when markets are down as well as up, and this takes out of the investment equation, the emotional aspect of trying to choose which market is best. For younger MPF Members, it is far better to choose equity funds that can provide the opportunity to benefit from longer term investment trends. As you get older, then a variation can occur, such as moving some money into managed or balanced funds. only when in the last year or two before retirement actually occurs is it really necessary to proactively ensure the accumulated gains

made are preserved. this can be achieved through use of lower risk fund choices, which will also depend on what your MPF provider can offer.

Choosing and then changing fund choices during the course of an MPF lifetime should be strongly encouraged. All providers have arrangements in place to enable this to be done easily and with the minimum of documentation.

3. taking Retirement Benefitsthe way the MPF is set up, (in most circumstances) only when you retire can you have access to the accumulated assets built up. But if you don’t have any immediate need for them, there can be good reasons not to draw down from the MPF pot straight away. If markets are at an unfavourable stage, then maybe it is best to wait awhile before taking money out. this can lead to greatly improved returns if the timing is handled well.

Despite the many reports to the contrary, the MPF is quite a flexible vehicle with which to accumulate savings. You can keep control on where your contributions are invested, when you draw them out and of course on how much you have put in to create a savings pot.

Guidance on MPF accounts from the MPFA website-mpfa.org.hk

198%

www.FundAsia.net

21MPF UPdAte

對於很多人來說，香港的強制性公積金（強積

金）就像從收入徵收附加稅一樣，縱使這金

額是相當低的。對他們來說，每個月要拿

走少許金錢，放進一個未來很多年都不會動用的賬

戶裡。

業界並沒有踴躍提供意見，教導大眾如何從MPF中獲取最大得益，因此大部份參加MPF計劃的成員都傾向不理會這事。這並不是因為他們希望失去這些

利益，而是由於不想為他們認為價值甚低的

事項花時間。

然而，隨著時間過去，情況已變

得不一樣了。有些人於14年前MPF計劃推出時已成為成員。現在他們已發現自己的MPF賬戶結餘有合理增長，因此

值得在將來就此給予更多注

意。

在這篇文章中，我打算涵蓋

所有MPF成員應予考慮的數個重要事項，以充份利用MPF能帶來的好處。

附加自願性供款

強制規定的MPF最低供款額是每個月薪金（自2014年6月1日起，計算的最高入息水平為30,000港元）的5%，或僱主僱員雙方每月最多供款1,500港元。然而，這最低要求不應被視為供款額上限，事實上

並沒有原因令僱員不得為其MPF注入更多投資，尤其是賺取高收入而不知道如何善用儲蓄的僱員。

以附加自願性供款方式向MPF供款，能以最低成本價購買多隻基金中的基金單位。無需經過繁複程

序，而且管理費用一般會比申請常規互惠基金的更

低。

現時大部份MPF計劃均提供廣泛的基金選擇。不論是投資於美國股票市場、亞洲地區證券，還是香港

市場，大部份MPF營運商均會提供此等選項。如果你不想自己作決定，市場上亦有些基金能為你作出

選擇。

雖然MPF累積的金額不可用於日常消費、醫療或教育開支，或償還按揭款項，對很多人來說這種「強

制儲蓄」可能是確保他們會儲起養老金的唯一方

式。這並不會構成全部養老金金額，但是如果能投

放更多資源於MPF（尤其是自工作生涯的早期開始），退休後就會有更多可運用的資金。

基金選擇

基於MPF每月供款的機制，帶有波動回報的基金與較平穩的相比，在長遠而言能帶來更為可觀的回

報。這些波幅是好的，市場有升跌時這些基金會有

買賣交易（不受市場情緒影響，因為投資者

情感上會試圖選擇最好的投資市場）。

對於年輕的MPF成員來說，在長期投資趨勢中能提供更佳獲利機

會的股票基金更適合他們。在

年齡有所增長後，則可以作出

一些變更，例如將部份資金轉

移至管理或平衡基金。只有在

實際退休前一或兩年，才需要

更主動地確保累積的增長能穩

妥保存，並可透過選擇風險較

低的基金達成這目的。當然，這

亦需視乎你的MPF營運商提供什麼基金選擇。

我們十分建議你在整個MPF計劃投資過程中持續選擇及更改基金選項。所有MPF營運商均設有相關安排，令這過程簡單容易，將所需的文件往來

減至最少。

提取退休保障款項

在大部份情況下，MPF的制度讓成員在退休時方可提取累積的資產。然而，如果你沒有急切需要，建

議不用在退休時立即提取全部MPF投資所得款項。如市場處於不利階段，可先等待一段時間再提取資

金。如可好好把握時機，則能有效提升投資收益。

雖然有很多報告提出相反意見，然而其實MPF是相當靈活的累積儲蓄投資工具。你可以控制自己的供

款投資於哪隻基金、何時提取資金，以及投放多少

金額。

「強積金 (MPF)就像從我的收入徵稅一樣，怎會令我有所得益呢？」stewart Aldcroft為你明確解釋這些利益會如何隨著時間過去展現眼前。

NOVEMBER 2014

22 MPF UPdAte

The need to generate regular income on your investments is of particular concern to those at or near retirement. But every investor should understand how bonds and interest-paying capital notes can work for them within a diversified portfolio, writes Richard Newell

In simple terms, your equity investments are expected to appreciate over the longer term, to provide a nest egg. Meanwhile the bond and deposit element of your savings

is generating income for day-to-day living. Retirees typically want a regular income to supplement their retirement savings and they also want a sizeable emergency fund to pay for unexpected costs like medical bills. Retirees who can realistically expect to live at least another 15 to 20 years, must keep some of their investments in higher return assets. this is the money they’ll be drawing on in 10 years’ time. the majority of the money should be held in a variety of fixed interest issues, with some set aside in an emergency fund like a savings account.

the current environment of low inflation and low growth in many parts of the world translates into uncertain share markets and rates of interest that are historically low. People are getting lower returns than they expected on their investments, but of greatest concern possibly is the decline in their income levels.

At a time when the dividend yield on some shares is outstripping the interest on fixed term deposits and government bonds, financial planners need to be vigilant in making sure their clients are appropriately positioned to benefit from this.

Managing the income elements of a client’s portfolio is a key part of the service for clients. And since these people are

naturally risk-averse, it’s best to keep things simple. Look at the range of maturities and try to ensure that these are evenly spread over say a five year term. so clients are not making any big macro decisions about the course of interest rates. You are taking away the worry about whether interest rates are going down further in the short term, by averaging out their interest return over a reasonable time period. they won’t be getting the lowest rate and they won’t always be getting the top rates either, but over time they will get more of a steady income stream.

As we know, each client has a slightly different objective, but most have one thing in common; they overestimate their own risk-tolerance. Even within the confines of a bond portfolio, it’s important to establish the right level of exposure for their needs from the start and for the client to be careful not to overestimate potential returns.

the greatest risk when rates are declining is for the client to move too far up the risk scale in search of a higher income. Investors do need to be aware of the risks involved in moving into some of higher yield capital note issues. Do you consider that your clients are equipped to grasp the concept of sub-ordinated debt? some will understand, but to be safe, the adviser should limit the amount held in any one investment to between 5% and 10% of the fixed interest portfolio. there isn’t enough understanding of the differences between an investment paying 7% and one paying upwards of 9%.

It is wrong to assume that issues that carry a higher headline interest rate are dramatically more high risk. some are, and it is not uncommon that investors in mis-priced un-rated debt securities do not get a return commensurate with the risk they are taking. the good adviser will have a clear understanding of fixed interest schedules and structured products available, and their suitability for different types of client.

In managing credit risk, an adviser needs to consider how much debt relative to equity an issuer carries in its balance

Managing income when rates are low

在利率偏低時管理收益

www.FundAsia.net

23Financial PLANNING

將近或已經退休的人一般會

特別關注能否從投資中賺取

定期收入。所有投資者均需

要理解債券和付息資本票據如何從多元化投資

組合中為這類人士達成目標。編者：Richard newell。

簡單來說，你的股票投資應該在長遠而言有

增值空間，以提供個人儲備金。同時，用

作儲蓄的債券和存款則賺取用作日常開支

的收入。退休人士一般希望賺取定期收入作為退休

儲備金的一部份，以及持有一筆可觀的緊急資金以

應付突如其來的賬單（例如醫療支出等）。實際上預

期未來人生尚有15至20年的路要走的退休人士，必須將部份投資投放於更高回報的資產，因為這是

未來10年會提取使用的資金。大部份資金應投放於各種不同的定息證券，其餘的則存於緊急基金（例

如儲蓄賬戶）。

現時世界上很多地方都有低通脹和低經濟增長的現

象，導致股票市場不明朗以及息率創歷史性新低。

投資人士從投資所得的收入比預期低，而最大的關

注是他們的收入水平下降。

每當某些股票的股息回報率超出定期存款和政府債

券提供的利率，財務策劃師就要格外留神，確保採

取適當持倉以令客戶能從中獲利。

管理客戶投資組合內的收入元素是主要的客戶服

務。由於退休人士通常是希望避免風險的投資者，

sheet, how much senior debt may rank above its paper, its cash flows and its interest cover (how many times its earnings will cover its interest costs). the do-it-yourself portfolio builder needs to consider interest rate risk, the direction or trend for rates and credit risk, the likelihood that the issuer will default. the last factor is largely determined by reference to the credit rating of the bond issue or, more accurately, the issuer.

You can get capital gains from both bond markets (from falling yields) and equity markets at the same time. one of the most effective ways of managing your portfolio to boost the income element is to skew your share portfolio towards the high dividend shares. It pays to look at overseas markets, for a broader range of high-yielding share opportunities.

因此令事情越簡單越好。留意所有投資項目的到期

日，嘗試確保它們（例如在五年期間）平均分布，讓

客戶不會就息率期作出任何重大宏觀決定。將客戶

的利息回報平均分布於合理的期間，可以釋除他們

關於息率在短期內會否下降的憂慮。他們不會得到

最低或最高的利率回報，但可隨著時間得到穩定的

收入。

就我們所知，每名客戶的目標都稍為不同，然而都

有一個共通點：高估了自己承受風險的能力。即使

在債券投資組合的規限內，一開始就客戶需要設置

適當的風險水平，以及讓客人注意不要高估潛在回

報是相當重要的。

利率下降時，當中最大的風險是

客戶為了賺取更高收入而承受更

高風險。投資者需要注意投資於

更高收益率的資本票據所涉及的

風險。你認為你的客戶理解「後

償債項」的概念嗎？有些客戶會

理解，然而為安全起見，投資顧

問應該將任何一項投資的所持金

額限制於定息投資組合的 5%至10%。對於兩個分別能賺取7%及9%以上的投資項目，一般人仍

未能充分理解它們之間的分別。假定提供更高息率

的證券必然會附隨極高風險是不正確的。雖然有些

個案確是如此，然而投資者投資於錯定價格的（未

經率定）債務證券，最後未能賺取與所承受風險相

稱的回報亦是常見情況。出色的投資顧問應該要清

楚知道支付定息的時間表和可供選擇的結構性產

品，以及它們對於不同類型客戶的合適程度。

管理信貸風險時，投資顧問需要考慮發行公司的資

產負債表中有多少與股票相關的債項、票據附有多

少優先債務、其現金流以及利息支出佔淨利的比例

（盈利對利息倍數）。建立度身定製投資組合的顧

問，需要考慮息率風險、利率以及信貸風險的走向

或趨勢，以及發行公司違責的可能性。違責的可能

性很大程度上可憑籍發行債券（或更準確來說是發

行公司）的信貸評級確定。

你可以同時從債券市場（從下降收益率）和股票市場

中賺取資本收益。管理你的投資組合以提升收入元

素的其中一個最有效的方法是將股票投資組合內的

股票轉為高股息股票。留意海外市場，以尋找更廣

泛的高收益股票投資機會。

The Theft of Art 藝術品盜竊

NOVEMBER 2014

24 Financial PLANNING

In China, rather than museums and cultural institutions being the victims of theft, as it tends to be in

the West, it is often the homes and offices of high net worth individuals or public figures that are targeted by art thieves. China also struggles with a huge counterfeit art market. A 2012 Artron study estimated that about a quarter of a million people in China are involved in producing and selling fake art, which has been said to often jeopardise the successful sale of authentic pieces.

Yet in a country where the number wealthy individuals is rising rapidly and such individuals tend also to have an increasing appetite for fine art , there are no specific criminal laws that

While art trafficking is not a new phenomenon in western jurisdictions, there has been a lot more interest surrounding the theft of Chinese art from European museums in recent years. Yet not much has been said about how art is being sought out and focussed on in China by criminals and forgers. Richard Norridge provides the background.

focus on either the theft of or counterfeiting of art works or heritage items. In fact, applicable laws absolve auctioneers or consignors of any responsibility as to fakes. Further, China does not yet have a domestic database of stolen art of cultural property, unlike many European and north American countries which makes it extremely difficult to monitor let alone police thefts and forgeries.

Will things change? In 2012, the Chinese government acknowledged that the art industry and market have issues and it might therefore introduce new legislation to target those problems. It has been reported that the government is aiming to crack down on the “three fakes”—fake works, fake

sales and fake auctions. there has yet to be any progress in that aspect.

Here is a list of pointers on the background and recent developments in art theft and forgeries.

The Art of Theft Cost, Development and Impact• Art theft is not just limited to

Europe and the Americas - over the last 5 years China has become one of the leading art markets in terms of revenue. In 2011, China was cited as the leading art market in the world.

• the cost of the theft of art and antiques in the UK alone every year is estimated to exceed £300 million. the media frequently cites

The Theft of Art 藝術品盜竊

www.FundAsia.net

25 Legal BRIeFING

the statistic that trafficking in cultural property is the third most common form of trafficking, after drug trafficking and arms trafficking.

targets• In Europe, the targets of art theft

tend to be museums, galleries and institutions. By way of comparison, targets in China tend to be wealthy individuals, even goliaths such as the Forbidden City have been the victim of theft.

• Europe appears to be the victim of a growing trend of “thefts to order” often suspected to be sourced for and requested by Asian buyers.

Faking it• China’s historical approach to art

presents its own problems. In China, artists are frequently trained to imitate the old Chinese masters.

• the number of artists who create copies of Chinese works of art is growing. Fake art works have caused concern within the Chinese art market and doubts over the authenticity of a number of works of art sold via auction houses.

• Doubts over authenticity have led to a number of high net worth sales in China not being completed.

• China’s existing legislation prevents any substantive reform or clean-up of the art market. the applicable laws currently absolve auctioneers or consignors of any responsibility as to fakes.

• the Criminal Law of the People’s Republic of China does not contain any specific provisions which refer to the theft of art works or heritage items means that it is difficult to police thefts of art and to enforce any specific penalty in the event that a fake work of art or a stolen work of art is sold at auction or otherwise.

Chinese art thefts• A Chinese farmer shi Baikui was

sentenced to 13 years imprisonment, deprived of his political rights for three years and fined 13,000RMB for stealing nine pieces of art made of gold and jewels from the Forbidden City.

Chinese forgeries• the late Qi Baishi, a modern

master of traditional Chinese Painting, has been the victim of a huge number of forgeries and is so extensively “faked” that no one can be sure if Baishi’s painting are authentic unless the painting has either been recorded in his lifetime or his family can verify that the painting is an original.

Major Asian art acquisitions• It was reported that in november

2013, a series of art auctions in Hong Kong held by Christie’s Auction House raised HK$3.82 billion (£300 million), almost twice as much as estimated, as affluent collectors from China and elsewhere in Asia paid record prices for several items, including a Qing dynasty porcelain jar which sold for HK$64.52 million (£5 million).

Why is this type of crime on the increase?Lack of Centralised Resources and Records• the lack of any centralised record

in China means not only that there is an ineffective approach to the registration of thefts of artworks in China but that policing the theft of artis increasingly difficult.

Increase in Prices and Profile of Artworks• In December 2013, sotheby’s sold

on behalf of the Art Institute of Chicago a large swirling abstract from 1958 by Zao Wou-Ki for which a record 89.7 million RMB (£9 million) was paid by Zhang Xiaojun, a collector from shanxi province.

• the huge expansion of the art market in China has created a frenzy of purchasing which the regulators cannot keep up with.

What is being done?• the Chinese government has

acknowledged that the art industry and market has issues and in 2012 it indicated the possibility of introducing new legislation to target these problems.

The main target for art thieves

199%

NOVEMBER 2014

26 Legal BRIeFING

199%

www.FundAsia.net

27 Legal BRIeFING

藝術品走私販賣在西方國家早

已屢見不鮮，而近年來歐洲博

物館的中國藝術品盜竊事件引

起了大眾更多的關注。然而，

坊間並無太多罪犯和贗造者如

何選出及注意到這些中國藝術

品的相關資料。Richard norridge在此為你提供背景資料。

在西方國家，通常是博物

館和文化機構成為盜竊

案的受害者；而在中

國，則通常是具有高資本淨值的

人士或公眾人物的家居及辦公室

成為藝術品盜賊的目標。事實

上，中國亦有龐大的藝術贗品市

場。2012年一項雅昌研究估計，在中國大約有25萬人涉及製作及售賣藝術贗品，經常影響真品的

出售狀況。

雖然中國富裕人士的人數急升，

而這些人通常會對藝術品更感興

趣，然而中國並無針對藝術品或

文化遺產盜竊或仿製的特定刑事

法例。事實上，中國的適用法律

會免除拍賣商或貨主關於贋品的

責任。而且，跟眾多歐美國家不

同的是，中國尚未建立被竊文化

藝術品的本地資料庫，這令盜竊

及偽造個案非常難以監察，更不

用說去追查了。

情況將會有所改善嗎？在 2012年，中國政府確認藝術品業界和

市場出現了問題，並因此可能會

推出新法例以解決這些問題。根

據報道，政府的目標是打擊「三

假」現象——造假、售假和假

拍。然而，現時仍未有任何進展。

以下是藝術品盜竊和偽造的背景

資料以及最新發展的要點列表。

藝術品盜竊

成本、發展及影響

• 藝術品盜竊並不只在歐洲和美國發生 - 過去5年，中國就收益方面來說已成為領先的

藝術品市場之一。在 2011年，中國獲譽為世界上領先

的藝術品市場。

• 在英國，藝術品和古董盜竊帶來的成本估計每年超過 3億英磅 1。傳媒經常引用數

據，指出文化產物非法買賣

是第3種最常見的走私販賣，僅次於毒品和槍械走私。

盜竊目標

• 在歐洲，藝術品盜竊的目標通常是藝術館、畫廊和公共機

構。而在中國則是富裕人士，

即使是大型機關（例如故宮）

亦曾是盜竊案中的受害者。 • 歐洲似乎已成為「盜竊訂單」趨勢中的受害者，當中的罪

犯懷疑是為亞洲買家尋找貨

源以及應其要求作出盜竊。

造假

• 中國一貫對待藝術品的態度造成了這些問題。在中國，

美術家經常會接受訓練，學

習如何模仿中國歷史上藝術

大師的作品風格。

• 創製中國藝術仿製品的美術家人數正在上升。藝術贗品

已引起中國藝術品市場的關

注，以及對通過拍賣行出售

的多項藝術品真實性的懷疑。

• 這些對藝術品真實性的懷疑已導致在中國多個高價的買

賣交易未能完成。

• 中國現有的法例妨礙對藝術品市場作出任何大規模改革

或整頓。中國現行的適用法

律會免除拍賣商或貨主對於

贋品的責任。 • 中華人民共和國的刑事法並無載有關於藝術品或文化遺產盜

竊的特定條文，令追查藝術品

盜竊以及（一旦藝術贋品或盜

竊品在拍賣會或其他地方出

售）執行特定處罰非常困難 2。

中國藝術品盜竊案

• 一名中國農民石柏魁因從故宮盜取 9件用黃金和珠寶製成的藝術品，被判處監禁 13年，剝奪政治權利 3年，以及罰款人民幣13,000元。

中國的偽造情況

• 已故國畫大師齊白石是偽造風氣下的受害者，針對他作

品以製造的偽造品眾多。除

非他生平 3中有某項畫作的記錄，或他的家人確認某畫

作是原創品，否則業界並沒

有人能確定聲稱是齊白石的

作品實際上是否真品。

主要的亞洲藝術品交易

• 根據報道，在2013年11月佳士得拍賣行在香港舉行的一系列

藝術品拍賣會有3,820,000,000港元（300,000,000英磅）的銷售額，幾乎是預期的兩倍。這是

由於來自中國和亞洲其他地區

的富裕收藏家就數項藝術品支

付了破記錄的天價，包括一件

清朝的瓷瓶以64,520,000港元（5,000,000英磅）成交4。

為什麼這類型的罪案正在增加？

缺乏中央資源和記錄

• 中國缺乏中央記錄，不但令藝術品盜竊個案的登記非常

沒有效率，而且令這些個案

的追查增添難度。

藝術品價格上升以及日趨受公眾

注目

• 2013年12月，蘇富比代表芝加 哥 藝 術 博 物 館（the Art Institute of Chicago）出售趙無極在1958年創作的《抽象》，由來自山西省 5的收藏家張小軍

以破記錄的人民幣89,700,000元（9,000,000英磅）購入。

• 中國藝術品市場的大規模擴展造成了購買熱潮，監管機

構未能跟上進度。

作出了什麼補救措施？

• 中國政府確認藝術品業界和市場出現了問題，並在 2012年指出可能會推出新法例以

解決這些問題。

• 根據報道，政府的目標是打擊「三假」現象——造假、售

假和假拍，因為「三假」損害

了中國藝術品市場在國際舞

台的聲譽 6。

Christian Stewart explains how family offices that have as their mission the preservation of family wealth, in all of its forms, must also address the topic of family member education.

In practice family offices in Asia tend to start off with a focus on preserving family financial capital. they may be organized with an investment committee. the natural next step is for the Fo to start to assist the family members with the family’s social

capital, i.e. with the family charity and philanthropy. there might be a family philanthropy committee.

Families set up Fos to help preserve family wealth. It is common to refer to “family wealth” as going beyond the financial and the social capital of the family to also include family human capital and intellectual capital. What role can the Fo play in relation to human and intellectual capital?

Just as there will be an investment committee and a philanthropy committee, there should be an education committee. And the first task for the education committee will be the development of a family education curriculum.

the Family Governance Systemthe well-known “three circle model” allows us to look at a wealthy family and its financial assets as a complex system comprising of the overlap between the family circle with its dynamics, the ownership circle (the perspective of the owner/investor) and the management circle (looking at how the financial wealth is being managed).

the key to managing this complex system is having an effective system of family governance. this includes having appropriate forums for each “circle” and well defined

Developing a Family Education Program發展家族教育計劃

NOVEMBER 2014

28 Family oFFICeS

boundaries between them. the education curriculum has to include making sure that the family members are properly educated on their family governance system and the different roles that it entails.

the three circle model also helps us to see that that family members need to be educated on the ownership role; they do not need to be educated on the management role (though they can be educated on how to select and use advisors). over the long run ownership is more important than management. As owners the family members need to be competent to make any key decisions that have to be made at the ownership level. the curriculum has to deal with the topic of how to be an effective owner.

the trust Relationship Another key topic is that of trusts, or more specifically the trustee beneficiary relationship. the sFo does not own the family financial wealth. the most common ownership vehicle will be one or more family trusts. A trust is fundamentally a relationship between the trustee and the beneficiaries. If you look at the Us experience, the trust relationship can often be one that is harmful to the beneficiaries. We have all heard of the term “trust fund babies”. to avoid creating such a negative scenario, it is critical that the parties to the trustee beneficiary relationship are properly educated as to the roles that the relationship involves. How can you possibly have a good relationship if the parties involved do not know the roles the relationship is based on?

A simple starting point in this area is to include discussion of the terms of the family trust structures as an agenda item at family meetings. this can be done in age appropriate ways.

Authors Hartley Goldstone and Kathy Wiseman in their book ‘trustworthy’, believe that one of the best ways to encourage positive trustee and beneficiary relationships is to show

families stories of times when these kinds of relationships have been at their best.

For a family to be successful for at least five generations, they have to develop a system for making slightly more good decisions together over the long term, than bad ones. If the mission of the Fo is to help the family to preserve its wealth for generations, then the question is how can the Fo assist the family members to make the best decisions that they can? Another critical element of the education curriculum is ensuring that family members are developing the skills to be effective joint decision makers.

Joint decision MakingFamily wealth expert James E. Hughes Jr. in his book, ‘Family;

the Compact among Generations’, recommends that four specific issues should be addressed for each family member in order to help them fully participate in their family’s joint decision making system. First, they need to know how as individuals they learn and take in information. second, they need to know what is own unique calling in life. third, they need to know their individual work style; i.e. how they prefer to work in a group. Fourth, they need to know their own personality type. Hughes’ book, which is another essential addition to the family office library, can be referred to for more detailed information on how to approach each of these four steps. Finally, as a fifth task, Hughes recommends that

each family member must be taught the skills of having difficult conversations.

Family education is a topic that many Fos in Asia know is a critical issue but perhaps they are not sure where to start. A recent survey of over 35 family offices in the Asia Pacific showed that none of the Fos surveyed had an education committee; but that 28% of them were thinking of having one. By addressing each of the above areas in a family education curriculum, a family education committee will be ready to go to work.

Ownershipliquidity, capital allocation

assurng succession strategic direction performance, etc

BusinessOperations, finance,

employees, supplier and customer relationships,

etc

FamilyHealth, prosperity,

continuity, participation, community role,

communication, education, values, goals, etc

the three-Circle Model

Source: Christian Stewart; Gary E. Aronoff and John L. Ward

www.FundAsia.net

29Family oFFICeS

所有的家族辦公室都有同樣的任務，那就是保存

家族財產。所以Christian stewart認為不論採用任何方式，它們都要面對家庭成員的教育問題。

亞洲地區的家族辦公室傾向以保存家族財政

資金為第一步，他們或會成立一個投資委

員會。下一步就是利用家族的社會資金來

輔助家庭成員，例如舉辦一些慈善活動，或成立一

個家族慈善委員會。

家族成立家庭辦公室就是為了保存家族財產，我們所

稱的「家族財產」一般都不只是代表財政及社會資

金，更會包括家族的人力資本和智慧財產。那麽家庭

辦公室在針對人力資本和智慧財產應擔當什麼角色？

家庭辦公室既然設有投資委員會和慈善委員會，同

樣應有一個教育委員會。而教育委員會的首項任務

就是設計一套家族教育

計劃。

家族管理系統

眾所周知的「三環模式」

讓我們更有系統去了解

一個富裕家族及其財政

資產。這個系統模式由

三個不同範疇互相交織

而成，包括家族、擁有

權（從擁有人 /投資者角度出發）及管理（研究如

何管理財政資產）。

管理這個複雜系統的要

訣在於制定一個有效的

家族管理體制，包括在

不同圈子之中設立溝通

平台及在圈子間定出明

確的分界線。教育計劃

的目的就是需確保家庭

成員能夠了解他們自己的家族管理體制，以及當中

的不同崗位。

「三環模式」亦讓我們認清家族成員了解有關擁有權

的必要性，他們不需學習管理的角色（雖然他們可

以學習如何挑選及運用顧問）。長遠來說，擁有權

比管理更重要。因為作為擁有者，家族成員需要有

能力下重要的決定，所以計劃亦需包括教導家庭成

員如何成為一個良好的擁有者。

另一個議題就是信託基金，或更具體來說是受託人

與受益人的關係。家庭辦公室並不支配家族的財政

資金，而最常見的狀況是透過一個或多於一個的家

族信託基金來操作家族財政資金。信託基金基本上

就是受託人與受益人之間的關係。以美國為例，這

種關係都不利於受益人。我們都聽說過「信託基金

寶貝」一詞。要避免這情況發生，信託基金受益人

必須接受良好的教育，認清自己的角色。如果不了

解一段關係當中每個人的角色，你又怎能夠維繫一

段良好的關係呢？

我們可以在受托人成年的時候，先在家庭聚會上簡

單地加入討論家族信託基金條款的議題。

由Hartley Goldstone and Kathy Wiseman 所著的「至可信賴 (trustworthy)」一書中，他們認為其中一個促進受託人與受益人建立良好關係的途徑就是讓受託人知

道，當他們之間建立良好關係的時候，會為雙方帶

來多大的益處。

要讓一個家族成功傳承至少到第五代，他們需要制

定一個機制，長遠來說這個

機制所作出的好決定要比壞

的決定稍多一點。如果一個

家庭辦公室的任務就是協助

家族為後代保存財富，那麼

問題就在於家庭辦公室如何

協助家族成員作出最正確的

決定。另外一個教育計劃的

關鍵元素就是要確保家族成

員能夠不斷學習決策者所需

的技巧。

共同商討對策

家族財產專家 James E. Hughes Jr.在他的著作「家族 – 世代之 間 的 契 約 (Family; the Compact among Generations)」中建議每個家族都應該正視

四個問題，讓他們可以充分

參與決策。首先，他們需要

了解一個人如何學習及吸收

資訊；第二，他們需要了解

一個人的使命是什麽；第三，他們需要了解自己的

工作模式；第四，他們需要了解自己的性格。在他

的著作之中，可以參考到一些更具體如何實行這四

個步驟的資料，這本書絕對是家庭辦公室的重要藏

書。最後，他建議每位家族成員都要學習面對溝通

上的困難。

家族教育是亞洲地區很多家庭辦公室公認為非常重

要的問題，只是他們不確定應該從何處著手。最近

有一份研究訪問亞太區超過35個家族辦公室，並發現他們都並未設有教育委員會，但有28%正考慮當中。只要在計劃中涵蓋以上提及有關家族教育的範

疇，家族教育委員會就準備好開始運作。

Ownershipliquidity, capital allocation

assurng succession strategic direction performance, etc

BusinessOperations, finance,

employees, supplier and customer relationships,

etc

FamilyHealth, prosperity,

continuity, participation, community role,

communication, education, values, goals, etc

the three-Circle Model

Source: Christian Stewart; Gary E. Aronoff and John L. Ward

NOVEMBER 2014

30 Family oFFICeS

Coping With Change 應對轉變帶來的影響

Attendees at WealthAsia’s event ‘The Sustainable Family Office Forum’ were given a rare opportunity to listen to the personal observations of local fund manager Martin Lau. He is the subject of this month’s Meet The Manager interview.

integrating environmental, social and governance (EsG) factors into all of our investment and ownership practices.”

EsG issues are considered in the same manner as traditional financial issues in terms of their capacity to affect long-term investment performance. Lau adds, “We are active stewards of our clients’ capital, and an important part of all our teams’ investment process is active engagement with companies on their EsG performance, practices, risks and opportunities. Each of our investment teams also has access to value-adding EsG data, research and resources to help them make the best possible investment decisions.”

Lau defines their investment approach as absolute return, by which he means that risk is assessed as losing money for the investing client, rather than in terms of deviation from any benchmark index. “We focus as much on the potential

Martin is an award-winning fund manager with First state stewart and an advocate for stronger stewardship of investors’ assets. He spoke about his

team’s distinctive investment culture and the emphasis placed on the alignment of investors’ interests.

In total, First state manages $35.7 billion of Asia Pacific equity strategies. the Asia Pacific/China equity team that Martin leads consists of 18 investment professionals, based in Edinburgh, Hong Kong and singapore. since the launch of the team’s first strategy in 1988, sustainable investment has always been an integral part of the team’s investment philosophy and stock-picking process. At the heart of this philosophy is the principle of stewardship.

Lau explains, “We are committed to being a global leader in responsible investment. to achieve this, we focus on

www.FundAsia.net

31BEnchMark CoNveRSAtIoN

downside of our investment decisions as on the anticipated upside.”

Being a portfolio management veteran, Martin has lived through several market cycles in Asia and understands very well just how far the local markets have come from the heady days of the emerging markets boom (and bust) in the 1990s. He says, “the Emerging Markets ride has not always been the smoothest one. the post-tiananmen square crash, the Asian Financial, Mexican tequila and Russian Rouble crises come to mind, but there have been many other ups and downs.”

so what has he learnt from these significant events? “First, on the investment front, a rapidly growing economy does not always make for a good stock market.” this point is easy to prove by comparing the staggering economic performance of China over the last 20 years with that of the country’s A-share market. “But, if you bought good quality companies you could still have made reasonable returns,” says Lau. second, that markets are extremely inefficient over the short term, and if you stick to your guns on valuation as well as quality, you should not find it difficult to beat any relevant benchmark as well as producing decent absolute returns over the longer term; “seven years is a reasonable period over which to judge a fund manager!” says Lau. Finally, that the best long-term investment opportunities are most likely to be found with family-controlled companies prepared to empower professional management and cognisant of the need to look after all stakeholders, not only their own personal interests.

First state stewart aims to recruit and develop people who are passionate about investing but hate losing clients’ money. All team members have to sign a Financial Hippocratic oath for Asset Managers, which focusses not only on ethical considerations but also on the importance and intrinsic value of the work itself.

“We engage on a wide range of issues including strategy, governance, alignment of interests and reputation. Engagement issues are identified through the research process and through alerts received from RepRisk. ” say Lau.

Martin has a number of investment themes he is following in China:

Living Standards – “the government’s stated GDP growth target is largely irrelevant to our investment process; quality and sustainability of growth are more important. China is by no means a rich country and much remains to be done to raise living standards. Investment in education, healthcare and infrastructure, especially in rural areas, still has a long way to go. With the right mind-set and political will, China’s progress towards higher living standards should

drive better quality, more sustainable GDP growth. there are signs that the current leadership is committed to carrying out the necessary reforms.”

Pollution – “Air pollution remains a big challenge for China. tourists are offered protective face masks by their hotels and ‘smog insurance’ is available from some travel agencies. there are signs emerging that it could start to have a detrimental impact on economic development – on a recent trip we heard stories of companies moving offices out of Beijing, where pollution is especially bad. Hence there is a danger it could hinder China’s efforts to attract and retain the best talent. Among the most recent measures announced by the government to address the issue was a change in the law to give greater powers to the country’s environmental protection agencies.”

Market liberalisation – “the slowdown in China is likely to continue, although the economy may stabilise in the short term. the fact that the government has not launched a major stimulus package so far shows that they are determined to push ahead with necessary adjustments to the economic structure and dealing with industry overcapacity. there are likely to be more selective measures to help promote sustainable development in the areas of environment, product upgrading and the livelihood of the general public. there should also be new growth opportunities arising from the opening of sectors controlled by state companies.

“We believe that there are good-quality companies in the China A-share market that are trading at attractive valuations especially with a longer-term view. the reform efforts relating to the China A-share market, more market-based competition and new incentives for state-owned-enterprise employees should be beneficial for long-term investing. We continue to focus on identifying companies with sustainable competences, proven management and healthy financials.”

Corporate landscape – “the corporate landscape has plenty of scope for improvement in terms of efficiency, accountability and product quality – certain sectors are dominated by large and monopolistic state-owned enterprises, while others are fragmented and lacking pricing power.

“As growth slows there will be an opportunity for more solid business foundations to be laid. Management prudence, cash flows and balance sheet strength will be extremely important in the coming years. those companies which can achieve innovation and ‘product premiumisation’ should be highly successful. While we remain broadly conservatively positioned, we will look to find the best companies in the fast-growing sectors.

NOVEMBER 2014

32 BEnchMark CoNveRSAtIoN

www.FundAsia.net

33BEnchMark CoNveRSAtIoN

WealthAsia活動「可持續發展家族辦公室論壇」的出席者得到千載難逢的機會，聽取本地基金

經理Martin Lau的個人見解。他是本月「與基金經理對話」訪問的受訪者。

Martin是首域投資 (First state stewart)獲獎無數的基金經理。他提倡對投資者的資產作出

緊密管理，並談及其團隊的獨特投資文化

以及對投資符合投資者利益的重視。

首域合共管理 $35,700,000,000亞太區股票投資。Martin領導的首域亞太／大中華投資團隊由18名投資專家組成，運作地點為愛丁堡、香港和新加坡。

自從在 1988年推出首項投資策略，可持續投資一直是該團隊投資理念和選股過程的一部份，而這理

念的中心思想就是「緊密管理」。

Martin解釋：「我們致力於成為責任投資的全球領導。為了達成這目標，我們著重在所有的投資及持

股做法中納入環境、社會和管治 (EsG) 元素。」

就影響長期投資表現這一點而言，EsG因素與傳統金融因素獲給予同等重視。他說：「我們積極緊密

管理客戶的資金。我們所有團隊的投資過程當中都

有一個重要元素：就一眾公司的 EsG表現、做事慣例、風險和機會積極進行分析。每個投資團隊均可

以取得 EsG資料、研究報告和資源，協助他們作出最好的投資決定。」

Martin將他們的投資方式定義為「絕對回報」，即是將「風險」定義為客戶的投資有金錢上的損失，而

不是偏離任何基準指數。「我們對投資決定導致的

潛在價格下跌風險所投放的注意力與升值預期的一

樣多。」

作為一名經驗豐富的投資組合經理，Martin經歷過數個亞洲市場週期，並非常理解本地市場如何從新

興市場興起（及爆破）的1990年代走到今時今日的局面。他說：「新興市場的進程並不是一直都是平

穩的。例如天安門事件、亞洲金額風暴、墨西哥披

索和俄羅斯盧布危機，以及其他高低起落。」

他從這些重大事件中學到什麼呢？「首先，在投資

方面，急促的經濟增長並不一定會造成利好的股票

市場。」透過將中國過去20年的驚人經濟表現與其A股市場相比較，就可以輕易證實這一點。「但是，如果購買優質公司的股票，你仍可以得到合理的回

報。」第二，市場在短期內是非常沒有效率的，然

而如果你堅持要買入具良好估值和質素的公司股

票，則長期而言你應該不難跨越任何相關基準，賺

取絕對可觀的回報。Martin說：「七年是足以評定一名基金經理能力的合理時間！」最後，他指出，在

準備好向專業管理層授予權力，並意識到應照顧所

有持份者需要的家族控股公司中，能找到最佳的長

期投資機會。

首域的目標是招募及培養熱愛投資並且討厭損失客

戶金錢的人才。所有團隊成員均需簽署《資產管理

人金融倫理誓言》（Financial Hippocratic oath for Asset Managers），當中強調道德考慮因素以及工作本身的重要性和內在價值。

我們著手於廣泛系列的議題，包括策略、管治、利

益符合以及聲譽。這些議題可透過進行研究以及從

RepRisk收到的警示識別出來。

Martin正在跟進多項中國投資主題：

生活質素 –「政府提出的GDP目標增長與我們的投資過程只有少許關係；增長的質素和可持續性是更為

重要的。中國絕對不算是富裕的國家，仍要做很多

工作以提升生活質素。投資於教育、健康保健以及

基建方面（尤其是農村地方）仍有很漫長的路要走。

如中國採取正確的思維方式和政治理念，則其提升

生活質素的進程應該可推動更優質及更可持續的

GDP增長。現已有跡象顯示，現時的領導層致力於推行必要的改革。」

污染 –「空氣污染依然是中國面臨的巨大挑戰。酒店向居住的旅客派發口罩，有些旅行社提供「霧霾

保險」。有現象證明污染已開始對經濟發展帶來不

利影響 – 在最近一次公幹期間，我們聽到有些公司將辦事處撤離北京，因為北京的空氣污染尤其嚴

重。因此，空氣污染令中國更難吸引及留住出色人

才。政府最近宣布措施，修訂相關法例，以向國家

的環境保護機關授予更大權力。」

市場自由化 –「雖然中國的經濟可能在短期內漸趨穩定，然而放緩很有可能會持續。政府尚未推出主

要的經濟刺激方案，顯示其決心作出對經濟架構必

要的調節以及解決工業產能過剩問題。中央很有可

能會推出更多選擇性措施，以推進環境、產品提升

以及大眾生活質素等方面的可持續發展。開放國企

控制的界別亦應該會帶來更多新的增長機會。」

「我們認為中國A股市場中有優質的公司，它們以吸引的估值作出交投（尤其是在長期的層面來說）。

中國A股市場的相關改革、更以市場為主的競爭以及國有企業員工的新薪酬機制應該會有利於長期投

資。我們會繼續聚焦於具有可持續競爭力、成熟管

理層以及健康財務狀況的公司。」

企業界架構 – 「企業界架構在效率、責任承擔以及產品質素方面，仍有很大的改進空間 – 若干界別由大型的壟斷性國有企業控制，而其他界別則頗為零

散並且缺乏議價能力。」

“A sustainable business means offering the very best service, ambience and attention to detail and cuisine.”

Two of Hong Kong’s local leaders in fine dining culture - both of whom are owner-operators of their own restaurants and personal brands, share their thoughts about what it takes to succeed as an investor and operator in one of the world’s most competitive markets.

Fiine dining has never been so luxurious and glamorous in Hong Kong. that is why it has become one of the hottest investments for high net worth individuals. the

amount of investment, passion and skill needed to create a luxury dining experience has made it an adventurous business.

Being an owner of a classy eatery is a prestigious and visible status symbol, but those are the wrong investment reasons. “Everybody wants to own a fine dining restaurant, especially if it is not their main business,” says Harlan Goldstein, the owner of Gold, Comfort, sushi to and Penthouse. “All over the world it represents a

form of bragging right. today, a luxury restaurant requires an investment of about HK$14 million.”

Harlan believes that Hong Kong diners like to interact with their chefs. “there aren’t many true celebrity chefs in Hong

Kong. Unlike other franchised names who occasionally visit, I have made a commitment to cultivate and care for a loyal, local clientele over the last 10 years.”

But while Hong Kong’s luxury dining sector is booming,

Goldstein has words of warning for casual investors. “not everyone can survive and prosper. over-expansion and mediocre quality are the main causes of failure. A casual management style will leave you wondering why you don’t have a well-trained kitchen or staff. A successful operation requires plenty of talent in the kitchen, customer relations and retention, design and brand development. Without this you will surely fail.”

Associating your name and personality with a restaurant distinguishes it from everyone else. However, it brings its own set of risks. Bonnae Gokson, the owner behind sEVVA, is a veteran of the fine dining scene. “Having my name associated with sEVVA as a brand requires serious commitment. the challenges are immense. Everything from staff attitude, attire and cleanliness- down to the tiniest details, reflect upon our image. Constant training and pep talks are needed to remind the staff. It’s like running a large estate.” Harlen Goldstein

The Risks & Rewards

in Fine Dining 高級餐飲業的風險和回報

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NOVEMBER 2014

34 Lifestyle INveStING34

“Rents are not always high, they are too high for the wrong tenants.”

Creating and sustaining successowner-operators also bring a passion to the business model that can’t be found elsewhere. “I work very differently from other dining groups, which are based on concepts or celebrity chefs,” says Bonnae. “I treat sEVVA as my second home constantly innovating and designing new pop-up interiors to refresh the decor.”

Harlan emphasises, “there are many hidden elements behind this business. You need to be good at many things or else you end up closing a restaurant in six to eight months and wondering what happened. I run four venues and each of them requires passion, energy, love and encouragement. this is what I was born to do, a way of life for me.”

High rents and ridiculous rent increases are a hazard facing every retail outlet in Hong Kong. so how do you protect your investment? Harlan takes a dispassionate, businesslike view. “Rents are not always high, they are too high for the wrong tenants. But after many years in the business landlords approach and work with me to achieve a reasonable setup. I have no problems rejecting an unreasonable rent proposal. And I don’t need prime locations anymore because customers seek me out now.”

Bonnae doesn’t deny that sEVVA’s six year old, high profile location presents particular challenges. “sEVVA occupies a prime site on the penthouse floor of an iconic building. A sustainable business means offering the very best service, ambience and attention to detail and cuisine. so we regularly scrutinize each component of our costs.”

Fine dining trends have changed so much over the years that it has actually become more democratized and accessible. A wider, younger crowd seeks a warm kind of luxury rather than a stiff atmosphere. social media platforms have also become an important medium for engaging these customers.

“Do not over-expand and compromise on quality,” warns Harlan. Customers need to be kept happy. they directly Facebook me or use Weibo or Whatsapp to make bookings or directly communicate with me. I adapted to social media in order to maintain a regular dialogue with customers. the medium allows you to be transparent and back up your reputation. today, social media is a necessary tool for chefs to promote themselves and their dining brands.”

Bonnae is careful to distinguish between dining fads versus genuine trends. “social media is everywhere and sometimes, it’s a lot of hype. Many so-called food bloggers don’t even

know ‘real food’. Many diners are just followers of what is trendy and hip for the moment.”  

Harlan points out, “today’s customers want a formal, but hip and cool dining experience that is at the same time relaxed- casual dining that blends easily into luxury. today’s dining experience needs to cross boundaries.”

Finding Investors and Chasing Profits no industry wide data exists to verify profitability, but one manager said he saw luxury restaurants achieving as much as 18% profit margins seven years ago. today, 10% seems to be the normal level. Harlan reveals that, “Margins are down and you can only charge so much.”

“sEVVA hasn’t increased prices for most dishes for years, says Bonnae. “so after running for six years we can attract new guests and retain regular customers from all walks of life.”

Harlan reflects upon his Michelin award: “Winning a Michelin star isn’t as prestigious as it used to be. It creates incredible stress in order to stay in the rankings and its value for creating future business is questionable.”

the entire idea of what constitutes wealthy clientele has changed. “today, my clientele comprises more middle class Hong Kong diners, which reflects economic changes. that means keeping the average cost of a meal to about HKD700 per person.” Harlan boldly asserts, “I actually don’t want a clientele comprised of too many rich people who are too demanding. I want real fans and foodies. You can’t survive by only serving tycoons although I am always ready to please them.”

Finding the right financial backers is crucial for success. the term ‘silent’ partners is often used, but the relationship is better described as placing absolute trust in the operator’s expertise. Harlan says, “My partners are invaluable because they give me the freedom to run the business. If you team up with unqualified partners the venture can become a disaster. I don’t like a multitude of partners. It creates too much interference. silent investors are easier to work with.”

But ultimately, long term success is determined by how customers feel about their dining experience. Great food and a warm atmosphere ensures return customers. Word of mouth is the most powerful business generator. the starting point is a desire to take care of customers, not to exploit them.

Bonnae Gokson

www.FundAsia.net

35 Lifestyle INveStING

兩位香港高級餐飲文化的行業領導者，親身經營

自己的餐廳及個人品牌。他們與本刊分享如何在

全球競爭最激烈的市場中，成功投資及經營高級

餐廳。

香港的高級餐飲業奢華而富有魅力，因此它

是高淨值人士的熱門投資種類之一。創造

高級餐飲體驗需要大量的投資、熱情和技

巧，使之成為具挑戰性的一門生意。

作為高檔餐廳的老闆，可以說是身份的象徵，但這

絕對不是投資其中的合適理由。「每一個人都想擁

有一間高級餐廳，即使他本來不是從事飲食行

業。」Harlan Goldstein說。他是 Gold、Comfort、sushi to和 Penthouse的擁有人。「世界上很多人都喜歡拿這種事來吹牛。今天，一間高級餐廳需要約 1,400萬港元的投資。」

Harlan認為，香港的食客都喜歡與廚師互動。「香港真正的明星廚師其實不多。食客也許會偶然光顧那

些專營品牌，但我比較重視的是培養本地顧客，使

他們成為我們的忠誠食客。我在過去10年都在這方面不斷努力。」

雖然香港的高級餐飲業發展迅速，Goldstein特別為行外投資者給予一些忠告。「不是所有的餐廳都能

夠在市場上發展，甚至生存。過度擴張和平庸質素

往往是失敗的主要原因。如果餐廳的管理不上心，

廚房和員工的訓練也會顯得不足。成功的餐廳營運

需要好廚藝、出色的顧客關係、設計及品牌發展。

沒有這些要素，餐廳便不能生存下去。」

把個人名氣和風格融入餐廳，有助餐廳脫穎而出，

但這做法也有其風險。sEVVA的東主 Bonnae Gokson 是高級餐飲行業中的老手。他說：「我的名氣與

sEVVA品牌相關，這表示我必須致力把事情做到最好，同時面對相當多的挑戰。員工態度、服裝、整

潔度和其他最微小的細節，都反映著我們的形象。

員工需要不斷的培訓和鼓勵，以保持服務水準。這

看來就像管理大企業一樣。」

創造成功及使其持續

參與營運的東主把他們的熱情帶到商業模型中，這

在其他行業並不常見。「其他餐飲集團會視概念或

明星廚師為基礎，但我與他們不同。」Bonnae說。

「我視sEVVA為我的第二個家。我不斷創造和設計新的裝飾，為餐廳裝飾帶來生氣。」

Harlan 強調：「這行業的秘訣有很多。你要在多方面都在行，要不是你的餐廳在6-8個月後關門，你也許還不知道發生什麽事。我經營四間餐廳，每一間

都要投入熱情、精神、喜愛和激勵。這是我的人生

目標，是我生活的一部分。」

香港的高租金環境和租金上升趨勢，是每一間商店

必須面對的難題。那麽怎樣才能夠保障投資不受損

失呢？ Harlan 平心靜氣的從商業角度回答這個問題。「租金並不永遠高企，而租客往往選擇了租金

過高的地方。在這行業工作多年後，業主通常會與

我一同商討合理的租約。我會毫不猶豫地拒絕不合

理的租務條件，因為我的顧客會主動來找我們，我

們不需要黃金地段。」

尋找投資者及創造利潤

有關高級餐飲業的利潤率，目前並未有行業數據可

供證實。根據某餐廳的經理所說，7年前的高級餐廳利潤率為18%，而現在的正常水平為10%。Harlan解釋：「利潤下降，但我們亦不能加價。」

「sEVVA多年來並未有提升菜單上的價格。」Bonnae說。「在營業6年後，我們可以吸引新顧客，同時保留來自不同層面的熟客。」

獲米芝蓮評為星級餐廳，Harlan說：「成為米芝蓮星級餐廳並不像從前那麽風光。為了保持星級評分，

你面對的壓力大得難以想象。米芝蓮評級對未來業

務發展的價值也令人懷疑。」

有關富裕顧客的整個概念也產生了改變。「今天，

我的顧客大部分都是中產階級，正好反映了經濟的

變化。這表示，餐廳的人均消費將保持約 700港元。」Harlan大膽斷言：「我其實不希望我的顧客中有太多挑剔的有錢人。我想要的是真正喜歡美食的

人。雖然我隨時都準備歡迎富豪們光臨餐廳，但單

依賴富豪並不能夠讓餐廳生存下去。」

尋找合適的投資者是成功的關鍵。「沉默夥伴」這個

詞常用來形容對投資者對專業餐廳經營者的絕對信

任。Harlan說：「我的夥伴實在十分可貴，因為他們讓我自由的經營業務。如果你不幸搭上了比較差的

夥伴，整個合資創業可會變成一場災難。個人來

，我不喜歡擁有太多夥伴，因為從之而來的干擾

會很多。與『沉默夥伴』合作較為合適。」

無論如何，餐廳是否能夠長遠獲得成功，取決於顧

客對其餐飲體驗有何感受。美酒佳餚和溫馨氣氛可

以為餐廳贏得回頭客。

租金並不永遠高企，而租客往往選擇

了租金過高的地方。

NOVEMBER 2014

36 World tRAveLLeR

www.FundAsia.net

37

Infographic

Addressing environmental, social and governance concerns in the context of emerging countries, is a big problem for investors. Martina MacPherson explains the background.

one of the most compelling economic stories of the 21st century has been the increase

in size and influence of the so-called ‘emerging markets’, many of which are located here in Asia. Emerging markets have overtaken developed markets in terms of gross domestic product, measured as purchasing power, making up more than 50% of global GDP. this is forecast to grow to nearly 60% by 2020, by which time the emerging economies will account for over 85% of the world’s population.

this new-found economic power is rapidly being converted into wealth. Emerging market nations now own 70% of the world’s currency reserves. As a consequence of this shift, developed-world investors are increasingly keen to allocate more funds to emerging markets. According to an investor survey by the research house EIRIs, these funds are seeking to minimise risks and drive performance by looking at the EsG (environmental, social and governance) standards of potential investments.

sustainable investing, understood as the incorporation of EsG analysis into investment decision-making, is a growing discipline that offers opportunities for long-term value creation both for investors and society as a whole. In recent years, an increasing number of industry experts and academics across the globe have come to believe that key EsG developments can have a significant role to play in long-term performance.

the Global sustainable Investment Alliance (GsIA) reports that more than one-fifth of the World’s assets today are managed in line with EsG criteria while the Un-backed Principles of Responsible Investments (PRI) currently have 1290 signatory corporations and investment companies who commit to abide by its EsG investment criteria (see the sept edition of Benchmark for more on the PRI).

Emerging market asset managers, keen to utilise EsG analysis and integrated sustainability-led investment strategies, often face significant information problems as well as historical and cultural differences. Corporate corruption in emerging markets is less frequently reported in the public domain than in developed markets, due to less scrutiny from government, nGos and the media. this information gap leaves investors unaware of, and exposed to, the risks associated with bribery and corruption.

Direct engagement with companies can be very useful in overcoming

information gaps. Alliances with local investors, the use of local language, and awareness of cultural differences are important factors in making such engagement successful. Combining company-specific information with an analysis of EsG risks at country and industry levels can provide investors with meaningful insight.

the EsG risks faced by companies within emerging markets vary greatly from country to country. A study by sustainalytics looked at Brazil, Russia, India, China and south Africa (the BRICs countries) and noted differences in the development of regulations and the level of EsG integration into business operations. Although issues such as labour conditions, pollution and corruption are prevalent in all BRICs countries, each one is faced with unique challenges of which investors should be aware. In Brazil, for example, deforestation and relations with indigenous people are key concerns. In Russia, complicated governance structures that discourage influence from foreign investors pose the greatest risk. In China, product quality and

ESG challengesin Emerging Markets新興市場在環境、社會和管理上遇到的挑戰

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38 responsible INveStING

safety is of primary concern, and in India and south Africa depleting water resources are a key risk to many industries.

Meanwhile, certain EsG macro themes such as climate change, globalisation and transforming societal expectations for corporations have become mainstream across markets. Climate change has been widely recognised as a key systemic risk. Recent events including the 2014 Un Climate summit in new York hosted by Ban Ki-Moon and the “PRI in Person - Montréal Carbon Pledge” conference, have outlined the climate change related threats posed to the global economy, as well as the financial costs of not addressing it.

Investors with exposure to emerging markets should demand greater EsG research, analysis and ratings of emerging market companies and countries by sustainability experts such as oekom research - either to adopt their investment strategy or to comply with their governance policy – instead of waiting for appropriate regulation to appear in the years ahead.

對投資者來 ，在新興市場探

討有關環境、社會和管理上

的問題，絕對是一個難題。

Martina MacPherson將會跟我們解釋一下其背景。

21世紀其中一個最有趣的經濟故事就是所謂「新興市場」的發展及其不斷增加的

影響力，而其中有不少是位於亞洲。單從購買力方面計算，新興市場在本地生產總值方面已經超越了已發展國家，佔了全球生 總值的一半以上，預測 2020年的時候，比例將接近60%，那時候新興經濟體系將佔世界人口的85%。

新興經濟體系迅速轉化為財富，新興市場國家現擁有70%的世界貨幣儲備，此轉變令越來越多的已發展國家的投資者傾向將更多投資轉移到新興市場。根據調查公司 EIRIs的一項投資者問卷調查，這些基金會留意具有潛力的投資的環境、社會和管理標準，從而希望將風險降低，並提升基金表現。

可持續投資可算是融合環境、社會和管理分析的一項投資決定，是一項對投資者和社會雙方提供長遠投資機遇的一個重要範疇。近年，世界上越來越多的業界專家和學者認為環境、社會和管理方面的發展將在長遠發展方面擔當重要的角色。全球可持續投資聯盟 (GsIA)發表了一項報告，指出現今世界上超過五分之一的資產都是根據環境、社會和管理標準處理，而聯合國環境規劃署原理融資方案則獲得 1,290家聯署企業和投資企業承諾遵從環境、社會和管理標準。（詳細資料請查閱9月號）

新興市場資金經理傾向用環境、社會和管理分析及以其為根據，綜合成為可持續性的投資策略。可是，他們經常都要面對資訊問題、歷史及文化上的差異。由於新興市場受到來自政府、非政府組織及媒體的審查較為寬鬆，所以有關企業貪污的報道比已發展

國家為少。這個信息斷層令投資者未有意識到受賄和貪污相關的風險。

直接與不同企業溝通是一個克服信息斷層問題的非常有用的途徑。跟本地投資者結盟、使用本地語言和注意文化差距都是成功溝通的重要元素。在國家和業界層面，利用環境、社會和管理風險分析，融合企業資訊，可以為投資者提供有意義的見解。

新興市場企業面對的環境、社會和管理風險在不同國家都大不相同，sustainalytics曾經進行一項研究，探討巴西、俄羅斯、印度、中國和南非（金磚五國）在條例發展和業務運作中融合環境、社會和管理的程度，調查發現均有不同之處。雖然工作條件問題、污染和貪污在金磚五國都非常普遍，但每一個都各自面對特有的挑戰，投資者須謹慎小心。例如在巴西，森林開發和跟原住民打交道是主要的難題。在俄羅斯，最大的風險就是其複雜的管理架構，常令外國投資者卻步。在中國，產品質素和安全是主要的問題，而在印度和南非，不斷消耗的水資源對很多產業來說都是主要的風險。

與此同時，某些有關環境、社會和管理的較大的議題，例如氣候變化、全球化和社會對企業期望的轉變，均成為各市場的主流。氣候變化是公認的一個主要系統性風險。最近的一些活動，包括在紐約舉行、由潘基文主持的2014聯合國氣候變化大會及「聯合國環境規劃署原理融資方案 – 蒙特利爾減碳公約」會議，都概述了氣候變化有關的威脅對全球經濟的影響，及其金融成本。

接觸新興市場的投資者應該要求如 oekom調查公司的可持續投資專家進行更仔細的環境、社會和管理研究和分析，並按等次排列新興市場的企業和國家，從而選擇採用他們的投資策略，或是遵守其管理政策，而不是等待將來有合適的條例出現。

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39responsible INveStING