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2017年最佳香港股票基金得獎者訪問 - 恒生指數上市基金

Morningstar最佳基金獎的得獎者,是Morningstar視為在同類基金中於當年度及長期為投資者提供最高價值的基金。為協助讀者了解這些基金贏家,我們早前向獲獎的基金團隊發出問卷,邀請他們詳述其團隊結構、各種風險如何影響其投資決策,以及過去一年的主要投資組合變化等。

Nelly Poon 22/03/17

Morningstar最佳香港股票基金 - 恒生指數上市基金

基金資料
成立日期:2004年9月13日
總資產淨值(百萬,截至2016-12-31): 43,961.34港元
基金經理:沒有披露

M: Morningstar H: 基金管理團隊
(基金團隊以英文回覆問卷,以下中文版本為撮要譯本。你可以在此閱讀完整的英文版本。)

M: 基金組合於2016年內有否重大變化?是否有個別持股驅動基金的年內表現?

H: 恒生指數ETF旨在提供盡可能接近恒生指數表現的回報(扣取費用前),為被動管理產品。 我們的複製策略是盡可能投資於恒生指數的所有成份股,並盡量為持股配以與恒生指數相同的權重。

M: 你對2017年香港股票市場有何展望?將如何部署基金以捕捉機會或減少風險?

H: 市場環境將繼續波動和具有挑戰性。我們會通過分散投資來減輕潛在投資風險。

M: 你如何看環球經濟的宏觀風險,如美國政治領導層的變化以及新興市場面對重大阻力?這些風險如何影響你的投資決策?

H: 我們預計2017年將出現兩大宏觀風險。首先是美國總統特朗普會否實現他在競選時作出的承諾,如貿易保護主義和「美國優先」政策。由於美國證券市場的估值已達至過去5年的最高水平,特朗普政策的任何不確定性都會對美國市場造成下行壓力。第二個風險來自中國貨幣政策的不確定性。如中國的貨幣政策意外收緊或金融行業進一步去槓桿化,或將對香港股市造成影響。

不過,由於此基金是指數追蹤基金,因此以上風險並不會影響我們的投資決策。

M: 你的投資團隊結構如何?過去一年有沒有重要的人事變動?是否有計劃於未來擴大團隊?

H: 投資團隊成員具有不同背景和經驗。

M: 你認為基金的管理團隊或投資程序有哪些可以改進的地方?

H: 我們有機制定時評估基金,以確保基金能跟隨市場和客戶的需求演化。

 

你可以在閱讀其他關於基金獎的文章。

 

***

Important risk warnings / Fund information

Hang Seng Index ETF (the “HSI ETF”) is an index-tracking fund which aims to match, before expenses, as closely as practicable the performance of the Hang Seng Index (the “Index”). The HSI ETF invests primarily in the constituent stocks of the Index.
The HSI ETF is different from a typical unit trust as it is listed on The Stock Exchange of Hong Kong Limited, and like other listed stocks, carry similar risks such as liquidity risk and risk of trading suspension. The market price per Unit could be significantly higher or lower than its Net Asset Value per Unit due to market demand and supply, liquidity and scale of trading spread in the secondary market and will fluctuate during the trading day.
The HSI ETF is subject to tracking error risks, risks associated with passive investments and risks of concentration of investments in a single market/several constituent stocks of the Index.
The Manager may, at its discretion, pay dividend out of capital. The Manager may also, at its discretion, pay dividend out of gross income while all or part of the fees and expenses of the HSI ETF are charged to/paid out of the capital of the HSI ETF, resulting in an increase in distributable income for the payment of dividends by the HSI ETF and therefore, the HSI ETF may effectively pay dividend out of capital. Payment of dividends out of capital or effectively out of capital amounts to a return or withdrawal of part of an investor’s original investment or from any capital gains attributable to that original investment. Any distributions involving payment of dividends out of the capital of the HSI ETF or effectively out of the capital of the HSI ETF may result in an immediate reduction of the Net Asset Value per Unit of the HSI ETF.
Investment involves risks and investors may lose substantial part of their investment in the HSI ETF. Prices of fund units may go up as well as down and past performance information presented is not indicative of future performance.
Investors should not only base on this material alone to make investment decisions, but should read the HSI ETF’s offering documents (including the full text of the risk factors stated therein) in detail.

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Please read the full disclaimer in relation to the Hang Seng Index in the Hong Kong Offering Document of the Hang Seng Index ETF.

The answers to the questions above are provided by Hang Seng Investment Management Limited, as the Manager of the Hang Seng Index ETF, upon request by Morningstar Asia Limited and in relation to the 2017 Morningstar Award in the category “Best Hong Kong Equity Fund”. The views and opinions contained in the answers are for reference only. No responsibility or liability is accepted in relation to the use of or reliance on any views or opinions contained in the answers. All such views and opinions are subject to change without notice.

The Hang Seng Index ETF has been authorised by the Securities and Futures Commission in Hong Kong ("SFC"). SFC authorisation is not a recommendation or endorsement of the Hang Seng Index ETF nor does it guarantee the commercial merits of the Hang Seng Index ETF or its performance. It does not mean the Hang Seng Index ETF is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors.

This material has not been reviewed by the SFC.

作者簡介 Nelly Poon

Nelly Poon  

Nelly Poon為Morningstar的編輯。

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