富
达国际投资(Fidelity Worldwide Investment)基金经理波顿(Anthony Bolton)在香港的业绩虽然不佳，但他依然看好中国。
Kevin Lee/Bloomberg
波顿周三说，目前为止我一直错了。他说，他曾预测2011年亚洲市场将更多地与发达市场脱钩，但显然，去年亚洲市场实际上却是全线下跌。
波顿说，该基金业绩不佳的原因之一是，在中国中小型股上的敞口过高。他在这些公司中看到了机会，因为相对来说分析师对这些公司关注不足，但他承认在市场低迷时期这类股票常常遭抛售。此外，该基金的杠杆率为20%，这也加重了波顿的损失。
他承认，在我关注的一些公司中，挑战比我预期的要大。
这位资深股市人士说，去年香港市场的走势，特别是去年9月的走势算得上是我投资生涯中见过的最糟糕、最动荡的。
去年，中资企业的一系列会计丑闻也打击了投资者对中国公司股票的喜好。不过，波顿说，这也有助于淘汰掉质量差的公司，提高存续下来的中资企业的平均质量，而中资企业的上市规则（特别是在美上市的规则）也将因此收紧。
在如此黯淡的表现后，波顿说，他仍坚持看好中国。
尽管他预测亚洲市场将与发达市场脱钩没有说对，他却并没有放弃这一希望。他认为，欧元区的问题不断恶化将意味着更多的西方投资者会将钱投到新兴市场。
他说，就市场估值和情绪而言，去年中国股市大溃败是最极端的情况之一。随着中国中产阶级的壮大，他依然看好消费类股及服务类股。就自己在中小型股上的敞口和杠杆率而言，波顿说，他不会做出任何改变。
他说，当其他所有人都非常谨慎时，当估值很低时，我认为你必须保持乐观，必须看好；我对未来态度乐观。
一年后我们再来看。
Isabella Steger
（本文版权归道琼斯公司所有，未经许可不得翻译或转载。）
Fidelity Worldwide Investment's fund manager Anthony Bolton has had a rough run in Hong Kong, but he's still bullish on China.
The vaunted fund manager made a high-profile move to Hong Kong to run Fidelity's China Special Situations Fund in 2010. But he hasn't been able to reproduce the almost three-decade track record he brought from the U.K., to say the least. The China fund lost more than a third in value in 2011, though it's up 2.7% so far in 2012.
'I've been wrong to date,' said Mr. Bolton on Wednesday. He said he expected Asian markets to decouple more from developed ones in 2011, but of course last year turned out to be a year of total carnage for markets in the region.
Mr. Bolton said part of the reason for the poor performance of the fund was its high exposure to Chinese small- and mid-cap stocks. He saw opportunities in those companies as they are relatively under-covered by analysts, but admits in market downturns they are prone to selloffs. The fund was also 20% leveraged, exacerbating Mr. Bolton's pain.
'The challenges have been greater than I expected in some of the companies that I've seen,' he admitted.
The stock market veteran said the movements seen in the Hong Kong market last year, particularly in September, were as 'bad and as volatile as…anything I've ever seen in my career in investing.'
The spate of accounting scandals among Chinese companies also took a toll on investor appetite for Chinese stocks last year. But Mr. Bolton said that has helped 'weed out' the poor quality companies, raising the average quality of Chinese companies still standing, while listing rules for Chinese companies, particularly in the U.S., will be tightened as a result.
After such a dismal performance, Mr. Bolton says he still remains an 'unremitting bull.'
Though his decoupling call was poorly timed, Mr. Bolton hasn't abandoned that hope. He thinks the worsening problems in the euro zone will mean more investors in the West putting their money into emerging markets.
He said the rout in Chinese stocks last year was 'one of the most extreme situations in terms of valuation and sentiment in the market.' He continues to prefer consumption and services stocks as China's middle class grows. In terms of his exposure to small and mid-caps and his leverage ratio, he says he will 'change nothing.'
'When everyone else is very cautious, when valuations are low, in my view you have to be positive and you have to be bullish,' he says. 'I'm optimistic about the future.'
We'll be checking in again in a year's time.
Isabella Steger
The vaunted fund manager made a high-profile move to Hong Kong to run Fidelity's China Special Situations Fund in 2010. But he hasn't been able to reproduce the almost three-decade track record he brought from the U.K., to say the least. The China fund lost more than a third in value in 2011, though it's up 2.7% so far in 2012.
'I've been wrong to date,' said Mr. Bolton on Wednesday. He said he expected Asian markets to decouple more from developed ones in 2011, but of course last year turned out to be a year of total carnage for markets in the region.
Mr. Bolton said part of the reason for the poor performance of the fund was its high exposure to Chinese small- and mid-cap stocks. He saw opportunities in those companies as they are relatively under-covered by analysts, but admits in market downturns they are prone to selloffs. The fund was also 20% leveraged, exacerbating Mr. Bolton's pain.
'The challenges have been greater than I expected in some of the companies that I've seen,' he admitted.
The stock market veteran said the movements seen in the Hong Kong market last year, particularly in September, were as 'bad and as volatile as…anything I've ever seen in my career in investing.'
The spate of accounting scandals among Chinese companies also took a toll on investor appetite for Chinese stocks last year. But Mr. Bolton said that has helped 'weed out' the poor quality companies, raising the average quality of Chinese companies still standing, while listing rules for Chinese companies, particularly in the U.S., will be tightened as a result.
After such a dismal performance, Mr. Bolton says he still remains an 'unremitting bull.'
Though his decoupling call was poorly timed, Mr. Bolton hasn't abandoned that hope. He thinks the worsening problems in the euro zone will mean more investors in the West putting their money into emerging markets.
He said the rout in Chinese stocks last year was 'one of the most extreme situations in terms of valuation and sentiment in the market.' He continues to prefer consumption and services stocks as China's middle class grows. In terms of his exposure to small and mid-caps and his leverage ratio, he says he will 'change nothing.'
'When everyone else is very cautious, when valuations are low, in my view you have to be positive and you have to be bullish,' he says. 'I'm optimistic about the future.'
We'll be checking in again in a year's time.
Isabella Steger
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