| 作者 |
 [ZT]Matthews Takes Long View Of China |
 |
siliturtle
头衔: 海归少校
加入时间: 2004/05/08
文章: 114
海归分: 10016
|
|
|
作者：siliturtle 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
Investor's Business Daily
Matthews Takes Long View Of China
Tuesday May 11, 10:46 am ET
By Murray Coleman
Last year's rush into China has taken a detour. The average China fund tracked by Lipper Inc. was down 11% the past four weeks. But that isn't worrying managers at $382 million Matthews China Fund. (Nasdaq:MCHFX - News)
After all, they've been through a lot worse.
"We launched the fund in the teeth of the Asian financial crisis in 1998. But we've stayed with it and more than made our money back," said Mark Headley, part of the three-member team that manages Matthews China.
Like most funds investing in the region, it had a banner 2003. Matthews China posted a total return of 65%. The average for funds investing in Asia Pacific outside of Japan was 51.5%, says Morningstar Inc. The fund also handily beat the S&P 500's 28.7% gain.
Since inception through March 31, Matthews China produced an 8.46% average annual return. It has averaged 16.34% the past five years. That put it in the top 5% of its class.
Investors in this fund had better be prepared for volatility. "We tell people they shouldn't invest in a China-specific fund unless they're able to withstand a 30% to 50% drop at some point," said Headley. "We've certainly seen a lot of volatility in China. You've got to be a long-term investor."
At the end of last month, investors were spooked by Chinese officials' move to restrict lending. The idea is to cool the country's white-hot commodities and real estate sectors.
A decade ago, regulators tried the same thing. The tack backfired. China's then-bubbling economic engine slowed to a crawl. Analysts are concerned of a replay.
Richard Gao, a native of China and ex-Bank of China executive, doesn't think it will happen again. Some five years ago, he joined Matthews China Fund as a manager.
Just A Few Sector
"This time, China's focused on cooling just a few overheated sectors," said Gao, 36. "If in the next three to six months these sectors aren't slowing, then they'll probably expand their efforts to other industries."
The latest consumer price index figures, he says, show those sectors - outside of commodities and real estate - growing a third slower. Gao and Headley also point out that China's economy is much broader than it was in the mid-'90s.
"Most of what U.S. investors hear about China is either way too optimistic or way too pessimistic," said Headley, 45. "The answer's usually somewhere in between."
To find out what's actually going on, Matthews China sends its managers to visit companies in the regions. "We're very much fundamental stock pickers," Gao said. "Our focus is on finding good growth companies using our expertise in the entire region."
The third member of the fund's management team is Paul Matthews. The 48-year-old Asia specialist has built a seven-fund shop focused on the region. It now manages $2.6 billion in assets for retail investors.
"We're looking for strong growth companies to hold for the long term," said Headley. "We might change the size of our positions based on the attractiveness of pricing at a certain time or 12-month outlook of a company. But we'll only sell a company if we have deep concerns."
The fund, he says, makes a nice complement to a larger portfolio. But it's not designed to be a core holding. "We diversify through 40 to 50 stocks across a broad range of sectors," he said. "But owning a single-country specific fund is much like owning a single company stock in the U.S. Its performance is going to be much more volatile than a broader-based international fund."
The fund's 2003 turnover rate of 19% reflects a belief in solid research, minor tweaking and plenty of patience.
Tilt Toward Growth
"We're not value investors," said Headley. "Our experience is that investing in more risky, less-developed economies requires putting your money in stocks with good growth potential."
Investing in downtrodden stocks with the hope of benefiting from a big rebound isn't a smart strategy in Asia, he says.
"Value investing is more suited to mature economies," said Headley. "It's very rare to see a hostile takeover in Asia. So a lot of catalysts for change that investors are used to seeing in the U.S. just don't take place over there."
作者：siliturtle 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
|
|
|
| 返回顶端 |
|
 |
|
-
 [ZT]Matthews Takes Long View Of China -- siliturtle - (4313 Byte) 2004-5-14 周五, 05:57 (1076 reads)
|
|
|
|
您不能在本论坛发表新主题, 不能回复主题, 不能编辑自己的文章, 不能删除自己的文章, 不能发表投票, 您 不可以 发表活动帖子在本论坛, 不能添加附件不能下载文件, |
|
|
