Fondi_comuni Fondi Azionari Cina e Grande Cina (1 Viewer)
- Creatore Discussione alingtonsky
- Data di Inizio
alingtonsky
Forumer storico
Jan. 5 (Bloomberg) -- Investors should be positioned for a rally in China stocks in the first quarter of this year, driven by favorable policy and liquidity, Goldman Sachs Group Inc. said.
“Macro growth momentum and policy variables could dictate the path of returns, which could be skewed to the first and fourth quarters and could show high volatility on tightening concerns,” Thomas Dend and Kinger Lau, analysts at the brokerage, wrote in the report.
China’s CSI 300 Index rallied 97 percent last year while the Hang Seng China Enterprises Index, tracking so-called H shares of Chinese companies listed in Hong Kong, rose 62 percent. The results were helped by “aggressive government stimulus globally,” the analysts said. Those measures included 9.2 trillion yuan ($1.35 trillion) of new loans and a $586 billion domestic stimulus package in China.
Among the so-called BRIC nations -- Brazil, Russia, India and China -- Goldman Sachs’s chief economist, Jim O’Neill, favors Russian stocks because of lower interest rates and higher oil prices, he said yesterday in a Bloomberg Television interview.
Earnings growth will help boost Hong Kong’s H-share index to 16,800 points, and China’s CSI 300 Index to 4,300 by the end of 2010, according to Deng and Lau’s report.
Goldman Sachs is “overweight” Chinese financial, health- care, internet and media industries because they will benefit from domestic demand, the analysts wrote. Auto and mainland broker shares will also be the key themes of this year, they said
......
China Stocks Set for 2010 Rally, Goldman Sachs Says (Update2) - Bloomberg.com
“Macro growth momentum and policy variables could dictate the path of returns, which could be skewed to the first and fourth quarters and could show high volatility on tightening concerns,” Thomas Dend and Kinger Lau, analysts at the brokerage, wrote in the report.
China’s CSI 300 Index rallied 97 percent last year while the Hang Seng China Enterprises Index, tracking so-called H shares of Chinese companies listed in Hong Kong, rose 62 percent. The results were helped by “aggressive government stimulus globally,” the analysts said. Those measures included 9.2 trillion yuan ($1.35 trillion) of new loans and a $586 billion domestic stimulus package in China.
Among the so-called BRIC nations -- Brazil, Russia, India and China -- Goldman Sachs’s chief economist, Jim O’Neill, favors Russian stocks because of lower interest rates and higher oil prices, he said yesterday in a Bloomberg Television interview.
Earnings growth will help boost Hong Kong’s H-share index to 16,800 points, and China’s CSI 300 Index to 4,300 by the end of 2010, according to Deng and Lau’s report.
Goldman Sachs is “overweight” Chinese financial, health- care, internet and media industries because they will benefit from domestic demand, the analysts wrote. Auto and mainland broker shares will also be the key themes of this year, they said
......
China Stocks Set for 2010 Rally, Goldman Sachs Says (Update2) - Bloomberg.com
alingtonsky
Forumer storico
14 January 2010
Jupiter China and Jupiter Sustainable Growth fund manager Philip Ehrmann's current investment trip to China has left him impressed and encouraged by the government's concerted efforts to keep control of monetary policy.
Despite concerns about asset bubbles and the potential for increasing margin pressures going forward, Ehrmann argues that with valuations at historic averages -and well off the overheated highs of 2008- the overall signs are encouraging.
Ehrmann told Citywire his portfolio was currently trading on three times earnings, and with continued careful stock-picking, he is still targeting 25% portfolio growth for 2010.
Below, is Ehrmann's latest investment bulletin penned in freezing Beijing, on 13 January.
My trip to China is proving to be well-timed, not least due to the fact that I have had a succession of meetings with representatives of the key government bodies – People’s Bank of China, National Development and Reform Commission and China Banking Regulatory Commission – as well as a number of companies. Significantly, these have coincided with a series of what have proved to be choreographed announcements of “subtle” policy changes.
Monetary Policy: a four basis point rise in three-month yields and an eight basis point rise in 12-month yields on bonds issued by the government. This is to drain liquidity in the run up to Chinese New Year (14 February this year), when money is pumped into the system to cover the week-long public holiday. However, there is no change in official interest rates.
....
http://www.citywire.co.uk/selector/-/news/fund-manager-interviews/content.aspx?ID=376645
Jupiter China and Jupiter Sustainable Growth fund manager Philip Ehrmann's current investment trip to China has left him impressed and encouraged by the government's concerted efforts to keep control of monetary policy.
Despite concerns about asset bubbles and the potential for increasing margin pressures going forward, Ehrmann argues that with valuations at historic averages -and well off the overheated highs of 2008- the overall signs are encouraging.
Ehrmann told Citywire his portfolio was currently trading on three times earnings, and with continued careful stock-picking, he is still targeting 25% portfolio growth for 2010.
Below, is Ehrmann's latest investment bulletin penned in freezing Beijing, on 13 January.
My trip to China is proving to be well-timed, not least due to the fact that I have had a succession of meetings with representatives of the key government bodies – People’s Bank of China, National Development and Reform Commission and China Banking Regulatory Commission – as well as a number of companies. Significantly, these have coincided with a series of what have proved to be choreographed announcements of “subtle” policy changes.
Monetary Policy: a four basis point rise in three-month yields and an eight basis point rise in 12-month yields on bonds issued by the government. This is to drain liquidity in the run up to Chinese New Year (14 February this year), when money is pumped into the system to cover the week-long public holiday. However, there is no change in official interest rates.
....
http://www.citywire.co.uk/selector/-/news/fund-manager-interviews/content.aspx?ID=376645
alingtonsky
Forumer storico
Ma io non ho informazioni privilegiate che mi permettano di consigliare su quale investire.
Ho quote di questo
Performance del Fondo |Rendimenti Annuali, Cumulati e Trimestrali |Invesco Greater China Equity Fund A Acc|ISIN:LU0048816135
http://investor.invesco.com.hk/invesco/ecdsfactsheetpdf.ig?dnsName=hkinvestor&fundId=4446097:EN_HK
e ho visto che questo che esiste da meno tempo ha fornito un rendimento spettacoloso nel 2009
Performance del Fondo |Rendimenti Annuali, Cumulati e Trimestrali |Henderson Horizon China A2 USD Acc|ISIN:LU0327786744
ciao
alingtonsky
Forumer storico
Jan. 20 (Bloomberg) -- China has told some banks to limit lending and will restrict overall credit growth in the nation to 7.5 trillion yuan ($1.1 trillion) this year, banking regulator Liu Mingkang said.
Some lenders were asked to rein in credit because they failed to meet regulatory requirements including those for capital, Liu, chairman of the China Banking Regulatory Commission, said in an interview today in Hong Kong. New loans in the first 10 days of this year were “relatively high,” he told the Asian Financial Forum.
...
Last year’s record loan growth helped economic growth rebound to 8.9 percent in the third quarter of 2009. China will release fourth-quarter growth figures tomorrow. The world’s third-biggest economy may have expanded 10.5 percent in the final three months of 2009, according to the median forecast of 41 economists in a Bloomberg News survey.
Loan growth will “ease very soon,” according to a transcript of Liu’s speech posted on CBRC’s Web site.
“We will continue this year to control the pace and amount of credit supply,” which will “come down to 7.5 trillion yuan this year,” Liu said.
....
China Asks Some Banks to Limit Lending as Loans Surge (Update1) - Bloomberg.com
Some lenders were asked to rein in credit because they failed to meet regulatory requirements including those for capital, Liu, chairman of the China Banking Regulatory Commission, said in an interview today in Hong Kong. New loans in the first 10 days of this year were “relatively high,” he told the Asian Financial Forum.
...
Last year’s record loan growth helped economic growth rebound to 8.9 percent in the third quarter of 2009. China will release fourth-quarter growth figures tomorrow. The world’s third-biggest economy may have expanded 10.5 percent in the final three months of 2009, according to the median forecast of 41 economists in a Bloomberg News survey.
Loan growth will “ease very soon,” according to a transcript of Liu’s speech posted on CBRC’s Web site.
“We will continue this year to control the pace and amount of credit supply,” which will “come down to 7.5 trillion yuan this year,” Liu said.
....
China Asks Some Banks to Limit Lending as Loans Surge (Update1) - Bloomberg.com
alingtonsky
Forumer storico
07:00:00 | 04 February 2010
...
AAA-rated Gustav Rhenman says the recent flight to US dollar assets has dried liquidity in Asian markets and created another round of unfounded China panic.
Stockholm-based Rhenman said several factors have contributed to the weak performance in many equity markets around the world. 'Investors seem concerned about the reversal of the easy money policies in several countries meaning less money chasing stocks. There is also an element of profit taking after the strong equity market rally last year which attracted substantial flows especially in the wake of the massive Chinese stimulus package.'
‘Several influential international brokerage houses are using statistics like a drunk uses a lamp post; more for support than illumination. For example, China’s slightly rising CPI number and rising property prises in some major cities are used to support the case that China is overheating and that policy makers will slam the brakes by raising interest rates, strangling credit growth and the like. This view is simply wrong,’ said Rhenman.
Gustav Rhenman argues the rise in the CPI is largely due to rising vegetable prices, in turn a consequence of extreme weather conditions. Similarly the bubble in real estate is limited to a few small picket of China’s enormous real estate market.
‘Housing prices in 70 large and medium-sized cities across China rose at a modest 7.8% year-on-year in December, and 5.7% and 1.2% in November and October respectively, compared to the same periods last year. In other words, property prices in China are actually rising slower than disposable incomes are rising. Sure, there will eventually be corrections in Shanghai’s property market, but that will not in any significant way impact the growth trajectory of China’s economy,’ said Rhenman.
The manager anticipates market headwinds because of expected profit taking, fear of rising interest rates, the withdrawals of stimulus packages and reasonable valuations of companies.
‘Chinese valuation levels are not high in a historical context. On 2009 earnings estimates the average price to earnings multiple is 16 and on this year's estimates a multiple of 12. On a price to book level, Asia ex-Japan is now trading on average around 1.8, not far from the 30 year historical average. We believe earnings are more likely to be revised upward than downward during the year,’ Rhenman said.
....
Big brokers are wrong on China, says AAA-rated manager | Fund Selector | Citywire
...
AAA-rated Gustav Rhenman says the recent flight to US dollar assets has dried liquidity in Asian markets and created another round of unfounded China panic.
Stockholm-based Rhenman said several factors have contributed to the weak performance in many equity markets around the world. 'Investors seem concerned about the reversal of the easy money policies in several countries meaning less money chasing stocks. There is also an element of profit taking after the strong equity market rally last year which attracted substantial flows especially in the wake of the massive Chinese stimulus package.'
‘Several influential international brokerage houses are using statistics like a drunk uses a lamp post; more for support than illumination. For example, China’s slightly rising CPI number and rising property prises in some major cities are used to support the case that China is overheating and that policy makers will slam the brakes by raising interest rates, strangling credit growth and the like. This view is simply wrong,’ said Rhenman.
Gustav Rhenman argues the rise in the CPI is largely due to rising vegetable prices, in turn a consequence of extreme weather conditions. Similarly the bubble in real estate is limited to a few small picket of China’s enormous real estate market.
‘Housing prices in 70 large and medium-sized cities across China rose at a modest 7.8% year-on-year in December, and 5.7% and 1.2% in November and October respectively, compared to the same periods last year. In other words, property prices in China are actually rising slower than disposable incomes are rising. Sure, there will eventually be corrections in Shanghai’s property market, but that will not in any significant way impact the growth trajectory of China’s economy,’ said Rhenman.
The manager anticipates market headwinds because of expected profit taking, fear of rising interest rates, the withdrawals of stimulus packages and reasonable valuations of companies.
‘Chinese valuation levels are not high in a historical context. On 2009 earnings estimates the average price to earnings multiple is 16 and on this year's estimates a multiple of 12. On a price to book level, Asia ex-Japan is now trading on average around 1.8, not far from the 30 year historical average. We believe earnings are more likely to be revised upward than downward during the year,’ Rhenman said.
....
Big brokers are wrong on China, says AAA-rated manager | Fund Selector | Citywire
vegar
Forumer storico
Sono entrambi in dollari però (credo che adesso ti stiano rendendo ancora di più quindi
).Qualche ETF in euro?
Mi daresti qualche dritta su come scegliere? Non ho mai comprato etf per ora, ma sono interessato a questi sui mercati emergenti
alingtonsky
Forumer storico
Che siano denominati in € o in US$ non è rilevante perchè non sono coperti sul cambio e le azioni che hanno dentro sono Cinesi, con una valuta cinese di riferimentoSono entrambi in dollari però (credo che adesso ti stiano rendendo ancora di più quindi
Qualche ETF in euro?
Mi daresti qualche dritta su come scegliere? Non ho mai comprato etf per ora, ma sono interessato a questi sui mercati emergenti
ETF sulla Cina è Lyxor ETF China Enterprise (HSCEI)
Fondi, ETF, Rendimenti, Performance, NAV |Fondi Italiani|Lyxor ETF China Enterprise (HSCEI) A A/I|ISIN:FR0010204081
Sull' Asia-Pacifico escluso Giappone esistono tra gli altri
db x-trackers MSCI Pacific ex-Japan TRN
Performance del Fondo |Rendimenti Annuali, Cumulati e Trimestrali |db x-trackers MSCI Pacific ex-Japan TRN|ISIN:LU0322252338
db x-trackers MSCI AC Asia ex-Japan TRN
http://www.morningstar.it/it/snapshot/snapshot.aspx?tab=1&id=0P0000J4J6&lang=it-IT
Lyxor ETF MSCI Asia APEX 50 A A/I
http://www.morningstar.it/it/snapshot/snapshot.aspx?id=F0000028D5&lang=it-IT
alingtonsky
Forumer storico
07:01:00 | 09 February 2010
Two leading China specialists believe investors are too pessimistic on the country's stockmarket, even though some areas of the economy such as property do face the prospect of a slowdown.
William Fong, manager of the Baring China Growth Fund, says he remains positive on the prospects for the Chinese equity market over the medium to long term, despite concerns about the Chinese economy overheating.
‘Concerns about an asset bubble are overdone,’ he said, ... . ‘New loans made in 2009 are mostly being used to fund government and infrastructure projects, as well as to finance industrial capital spending. The suggestion that these loans are mainly being used for speculation in the equity and property markets is erroneous, in our opinion.
‘We believe there is ample room for China to make further developments from a domestic perspective that will enable it to digest the actual emergence of non-performing loans, when they eventually occur.’
In the short term, however, the prospect of the Chinese government taking action to slow the pace of economic growth combined with possible interest-rate may curb investors’ enthusiasm and create a risk of a period of heightened volatility in the market, he thinks.
Fong singles out consumer discretionary, financials and insurance as the equity sectors to follow most closely in 2010.
‘We expect consumer discretionary companies to benefit from increased consumer spending next year, while government policy will continue to drive more spending, both from urban and rural areas. We believe that 2010 will be a year in which fundamental stock-picking takes over from liquidity as the primary driver of the China equity market.’
Meanwhile, Richard Wong, manager of the HSBC GIF Chinese Equity fund, believes domestic consumption will remain a key driver for the economy and the rebound in Chinese shares will continue in 2010.
One of the areas he has outlined as most promising are the export related sectors. He expects these will benefit from a continuing rebound in overseas sales and after a tough 2009, those companies who remain have become leaner and gained market share from those that have closed.
He points out that China's equities lagged the performance of fellow Brics Brazil, Russia and India in 2009, but could catch up this year.
...
‘Following a phenomenal rise in sales prices last year, especially between March and September, the government is keen to maintain market stability by tightening regulations, which we expect to increase for a while. In addition, interest rate increases are on the horizon for the second half of the year,’ Wong said.
...
Chinese bubble fears overdone, say local specialists | Fund Selector | Citywire
Two leading China specialists believe investors are too pessimistic on the country's stockmarket, even though some areas of the economy such as property do face the prospect of a slowdown.
William Fong, manager of the Baring China Growth Fund, says he remains positive on the prospects for the Chinese equity market over the medium to long term, despite concerns about the Chinese economy overheating.
‘Concerns about an asset bubble are overdone,’ he said, ... . ‘New loans made in 2009 are mostly being used to fund government and infrastructure projects, as well as to finance industrial capital spending. The suggestion that these loans are mainly being used for speculation in the equity and property markets is erroneous, in our opinion.
‘We believe there is ample room for China to make further developments from a domestic perspective that will enable it to digest the actual emergence of non-performing loans, when they eventually occur.’
In the short term, however, the prospect of the Chinese government taking action to slow the pace of economic growth combined with possible interest-rate may curb investors’ enthusiasm and create a risk of a period of heightened volatility in the market, he thinks.
Fong singles out consumer discretionary, financials and insurance as the equity sectors to follow most closely in 2010.
‘We expect consumer discretionary companies to benefit from increased consumer spending next year, while government policy will continue to drive more spending, both from urban and rural areas. We believe that 2010 will be a year in which fundamental stock-picking takes over from liquidity as the primary driver of the China equity market.’
Meanwhile, Richard Wong, manager of the HSBC GIF Chinese Equity fund, believes domestic consumption will remain a key driver for the economy and the rebound in Chinese shares will continue in 2010.
One of the areas he has outlined as most promising are the export related sectors. He expects these will benefit from a continuing rebound in overseas sales and after a tough 2009, those companies who remain have become leaner and gained market share from those that have closed.
He points out that China's equities lagged the performance of fellow Brics Brazil, Russia and India in 2009, but could catch up this year.
...
‘Following a phenomenal rise in sales prices last year, especially between March and September, the government is keen to maintain market stability by tightening regulations, which we expect to increase for a while. In addition, interest rate increases are on the horizon for the second half of the year,’ Wong said.
...
Chinese bubble fears overdone, say local specialists | Fund Selector | Citywire