开业仅12年，华夏基金管理有限公司（China Asset Management Company，简称华夏基金）可能已成为国内市场上的老大。但与许多中国公司一样，它的雄心不止于此。
这家总部位于北京的基金管理公司，目前正宣扬自己植根于“中央王国(Middle Kingdom)”的优势，着手招徕欧美及亚洲其它地区的投资者，
华夏基金香港子公司董事总经理陈佳铃(Iris Chen)罕见地接受了国际媒体的采访，她表示：“中国地方这么大，从内蒙古到海南，一家公司可能位于任何一个地方。如果你没有真正的本土研究分析师来跟踪这些公司，只是依赖其它机构或相关报告，有时你会错过投资机遇。”
“我们拥有150位专业人士，其中许多是研究分析师。这是规模最大的买方研究团队。我们不仅与公司沟通，还跟它们的分销商和供应商接触。过去几年，我们的业绩一直很抢眼。”
华夏基金拓展国际市场的举动，适逢中国证监会(CSRC)禁止其在国内市场发行新基金之际。
中国最大的上市证券公司中信证券(Citic Securities)持有华夏基金100%的股权，这违反了证监会的相关规定，即内资基金公司中单一股东持股比例不能超过49%；中外合资基金公司不能超过75%。
上周有报道称，中信证券已同意向美国普信(T. Rowe Price)和中国电器零售商苏宁电器(Suning Appliance)分别出售11%和10%的股权。另外30%股权将在北京金融资产交易所(Beijing Financial Assets Exchange)拍卖，从而将中信证券的持股比例降至证监会所允许的49%的上限。
然而，陈佳铃表示，在证监会禁止华夏发行国内新基金之前，该公司就已决定向海外扩张。上述禁令于今年1月开始生效。
她表示：“我们希望向国际社会提供在真正的本土专家帮助下投资中国的机会。”她指出，中国目前在摩根士丹利资本国际全球指数(MSCI World index)中所占的权重仅为5.6%，明显低于它在全球经济活动中所占的比例。因此，在未来几年，许多机构投资者几乎别无选择，只能增加在这一市场的风险敞口。
华夏基金的首次海外尝试是华夏中国成长基金(China AMC China Growth Fund)。这是一只在开曼群岛注册的多/空股票型基金（但鉴于在香港做空存在困难，该基金更偏向于做多），自一年前推出以来，已吸引了1.7亿美元资产。
上月，华夏担纲投资顾问的基金——野村新中国A股基金(Nomura New China A Share Fund)在日本的初始募资规模达到了300亿日元（合3.67亿美元）。不过，在其它地区，华夏基金或许难以复制这样的成功。
中国限制外资投资沪深股票市场上以人民币计价的股票（即A股），仅允许那些拥有合格境外机构投资者(QFII)牌照的公司购买这些股票。目前大约只有80家机构获得了这种牌照，购买额度约为300亿美元，在A股总市值中仅占非常小的一部分。
野村拥有一张QFII牌照，目前正将这张牌照用于这只新基金——这意味着，它可以自由购买A股股票。然而，华夏基金的大多数国际扩张尝试，可能会被限制在专门投资H股的工具上。所谓H股，是指在内地注册、香港上市的股票，相对于目前在内地上市的1600只到1800只股票，仅仅是浅尝辄止。华夏基金进军欧洲的首项尝试——华夏中国机会基金(China AMC China Opportunity Fund)就是如此。该基金是一家卢森堡可变资本(Sicav)投资基金，于上月推出，华夏正尝试通过瑞士私人银行等代销机构出售该基金。
华夏与德国商业银行(Commerzbank)上周推出的德国商业银行中国波动目标基金(Commerzbank China Volatility Target Fund)的情况也是如此。
陈佳铃表示，华夏正计划在欧洲逐步扩张，可能每年会推出两至三只基金，并会设立一间小型销售及营销机构为其提供支持。
除了只做多的股票型基金，该基金公司还可能推出它称之为“绝对回报”的基金——即偏向做多的多/空型基金。
不过，尽管外国投资者对中国内地与香港市场的兴趣日益高涨，但华夏预计不会出现大规模的反向资金流动，至少目前如此。
中国政府已开始通过创建合格境内机构投资者(QDII)制度来开放市场，允许中国机构将部分资产投资到外国市场。
但这尚未普及开，许多早期尝试者出现了亏损。
华夏基金副首席投资官兼股票投资主管程海泳表示：“首批基金推出是在2007年，不幸的是，当时恰好是市场的顶点。投资者也倾向于认为人民币会升值（从而会降低以本币计算的海外投资的价值）。”
尽管如此，程海泳仍相信，市场对同时投资于国内外市场的共同基金的购买量将会增加。“长期来看，由于渗透率很低，我们很有信心。”
程海泳表示：“中国投资者仍需要教育。太多投资者眼睛只盯着房地产。经过30年的发展后，共同基金目前管理下的资产规模仅为国内储蓄的6%。”
韬睿惠悦(Towers Watson)的数据显示，华夏基金在这一初具规模的市场上排名第一，2009年末的资产规模达到了450亿美元，相当于中国共同基金市场规模的10.2%，领先于博时基金(Bosera Asset Management)与易方达基金(E Fund Management)，后两家公司的规模分别为308亿美元和293亿美元。
该基金将这种成功归因于自己的业绩；该公司数据显示，华夏旗下12只拥有3年期评级的国内A股基金，同期回报率均超过了沪深300指数(CSI 300 index)，且通常超出幅度很大；7只拥有5年期评级的基金同样跑赢大盘。
陈佳铃表示：“这种领先的市场地位并非靠运气。这归因于我们多年卓越的业绩，以及卓越的研究平台。我们多数基金拥有晨星中国(Morningstar China)的4星或5星评级。”
译者/何黎
http://www.ftchinese.com/story/001035399
China Asset Management Company may have become the number one player in its home market just 12 years after opening its doors but, like many Chinese companies, its ambitions do not end there.
The Beijing-based fund manager is now embarking on a drive to drum up investors from Europe, the US and the rest of Asia, touting the benefits of its boots on the ground in the Middle Kingdom.
“China is such a big place, a company could be located anywhere from Mongolia down to Hainan. If you do not have the real local research analysts to cover these companies and you only rely on other agencies or reports, sometimes you miss the opportunities to invest,” says Iris Chen, managing director of China AMC’s Hong Kong-based arm, in a rare interview with the international media.
“We have 150 professionals, many of them research analysts. That is the biggest buy-side research team. We are not only talking to the companies, we talk to their distributors, their suppliers. Our performance has been outstanding in the last few years.”
China AMC’s international push coincides with a ban by the China Securities Regulatory Commission on launching new funds in its home market.
The asset manager is 100 per cent owned by Citic Securities, China’s biggest listed securities brokerage, contravening CSRC rules that bar a single shareholder from owning more than 49 per cent of a fund manager, or 75 per cent if it is a joint venture with a foreign investor.
Reports last week suggested Citic had agreed to sell an 11 per cent stake to T Rowe Price of the US and a 10 per cent holding to Suning Appliance, a Chinese electrical retailer. A further 30 per cent stake will be auctioned on the Beijing Financial Assets Exchange, the reports added, paring Citic’s stake back to the maximum 49 per cent permissible.
However, according to Ms Chen, the decision to expand abroad predates the ban on domestic fund issuance, which came into force in January.
“We would like to offer the international community the chance to invest in China with the real local experts,” she says, arguing that because China currently only has a 5.6 per cent weighting in the MSCI World index, significantly less than its proportion of global economic activity, many institutional investors will have little option but to increase their exposure in the years to come.
China AMC’s first foreign foray was the China AMC China Growth Fund, a Cayman Islands-domiciled long/short equity fund (albeit with a long bias, given the difficulties of shorting in Hong Kong) which launched a year ago and has since then attracted $170m of assets.
Last month the Nomura New China A Share Fund, for which China AMC is the investment adviser, raised Y30bn ($367m) in Japan in its initial fundraising. However, China AMC may struggle to replicate this success elsewhere.
China restricts foreign investment in renminbi-denominated stocks listed on the Shanghai and Shenzhen stock markets, known as A shares, by limiting buying to those groups with a Qualified Foreign Institutional Investor licence. Currently only about 80 institutions have been granted licences to buy $30bn of A shares, a fraction of the market capitalisation.
Nomura has a QFII licence and is using it in this fund, meaning it is free to buy A shares. However, the bulk of China AMC’s international expansion is likely to be restricted to vehicles specialising in H shares, the Hong Kong-listed paper of companies incorporated in China, which represent only a taste of the 1,600-1,800 stocks currently listed in mainland China. This applies to China AMC’s first venture into Europe, the China AMC China Opportunity Fund, a Luxembourg Sicav investment fund that launched last month and which the company is endeavouring to sell via outlets such as Swiss private banks.
It is also the case with the Commerzbank China Volatility Target Fund, which China AMC launched last week in conjunction with the German bank.
China AMC is planning gradual expansion in Europe, with two to three funds a year likely to be launched, according to Ms Chen, backed by a small sales and marketing office.
Alongside long-only equity funds it is also likely to roll out what it terms “absolute return” funds, long/short funds with a long bias.
However, in spite of growing interest from foreign investors in the Chinese and Hong Kong markets, China AMC is not expecting any significant flows in the opposite direction, for the time being at least.
Beijing has started to open up the market by creating the Qualified Domestic Institutional Investor scheme, allowing Chinese bodies to invest a portion of their assets outside the country.
But this has yet to take off, with many of the early adopters nursing losses.
“The first funds were launched in 2007, which was unfortunately the peak of the markets,” says Haiyong Cheng, deputy chief investment officer and head of equity investments at China AMC. “Investors also tend to believe the renminbi will appreciate [lessening the value of overseas investments in local currency terms].”
In spite of this, Mr Cheng is confident of stronger take-up of mutual funds investing in both domestic and foreign markets. “In the long term, because of low penetration, we have strong confidence.
“The Chinese investor still needs education. Too many investors are focused on property. After 30 years’ development, currently mutual funds’ assets under management is only 6 per cent of domestic savings,” said Mr Cheng.
China AMC is the largest player in this fledgling market, with assets of $45bn at the end of 2009, according to Towers Watson, equivalent to 10.2 per cent of the Chinese market, ahead of Bosera Asset Management with $30.8bn and E Fund Management ($29.3bn).
The fund house attributes this success to its performance; according to company data all 12 of its onshore A-share funds with a three-year track record have beaten the CSI 300 index over this period, often by large margins, with all seven of the funds that have been running for five years also outperforming.
“This market-leading position does not come from luck. It comes from excellent performance over the years and an excellent research platform. Most of our funds have four or five stars with Morningstar China,” says Ms Chen.
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