Wednesday, July 21, 2010

惠理逆市奪冠

內地股市連升兩日,深滬股市均漲逾2%,是否跌得太殘而反彈,至於恒指亦跟隨裂口直衝210點至20300點以上,午後亦要收窄至僅升173點至20,264點,增0.86%,而國企股指數表現更勝一籌,全日漲1.74%至11,507點收市,大市總成交亦回升至逾520億元。

另一個需注意的是,沽空額自本月13日起,已經連升3日,至上周五的37.34億元,之後本周首兩日回落,昨日沽空額更由周一的33.36億元降至25.17億元,當中1.2億元更屬於上周五才掛牌的中國農業銀行(1288),反映其他重磅股的沽空額減少幅度更大,是否反映淡友未敢造次?

談到造淡,對沖基金(Hedge Fund)於6月表現非佳,據Edhec-risk Institute統計顯示,基金中的基金(Funds of Funds)下跌0.82%,而上半年累計仍然回落1.3%,而採取長短倉股票投資策略的對沖基金,在上月亦要跌1.69%,上半年合共便挫1.8%,唯一較好的就是做短倉的對沖基金,錄得4.05%回報,可惜半年計算,依然損失0.5%,可見市況波動,要幫客戶賺錢也不容易。

投資表現未如理想,對沖基金更要面對客戶贖回投資金額的壓力,據Hedge Fubd Research統計,單是今年首季,以亞洲為投資焦點的對沖基金便錄得高達7億美元(約54.6億港元)的贖回額,變相減少投資的彈藥。

不過,市場總會有逆市奇葩,望望《Institutional Investors》(機構投資者)雜誌,原來在今年《亞洲對沖基金25》排名中,惠理集團(Value Partners)(806)竟然成功壓倒日本對沖基金Sparx集團,奪得冠軍位置,而Sparx集團連續4年獲得首名位置後,挑戰五連冠的希望終被打破。惠理主席兼首席投資總監謝清海相信可以開香檳慶祝了。

惠理集團在09年管理的資產總值漲71%,但原來去年資產能夠膨脹,並非由新增認購基金的金額帶動,主要是靠投資有道,所管理的資產增值所致。踏入今年,該集團所管理的資產總值亦只能徘徊在50億至59億美元(約390億至460億港元)之間,而直至5月底,其總值為55億美元(約429億港元),與去年底水平相同,代表無增長,相信與新認購金額未見大增和市況波動有動有關,但已較一些對沖基金的資產大縮水為佳。

惠理集團昨日收市升4.5%至4.4元,而今年以來,股價累升10.8%,比恒指今年以來累計下跌7.3%表現為佳,算是向股東有所交代了。
至於排名第三名的,就是來自新加坡的Arisaig Partners,該基金由第五位衝上季軍位置,反映星洲對本港金融中心的威脅日漸加劇。該基金憑藉資產大幅增長44%,加上其坐擁14億美元(約109億港元)的亞洲基金於4月底止的12個月間,增長8%而打入三甲。

另一個強勁對手,就是今年重回母校美國耶魯大學,捐贈高達8,888,888美元(約6,900萬港元)而聲名大噪的張磊,因其以北京為基地的高瓴資本管理已奪殿軍,管理資產總值達25億美元(約195億港元),可見內地的對手正以高速發展業務,實力不容小覷。

(7月21日刊於《am730》)

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