Wednesday, December 01, 2010

對沖基金吸金力強

還有一個月,2010年轉眼便過,證券界始終仍看好,特別是「粉飾櫥窗」作為造好的理由,畢竟那些管理資產的投資界專家,都要將盤數整理得漂亮,好向投資者交代,希望他們繼續將資產保留在戶口內,但亞洲區的對沖基金經理可能會省下這個搶錢傳統了。

像Eurekahedge統計顯示,今年首7個月,不計日本市場,亞洲區的對沖基金本來被提走約16億美元(約124.8億港元),但之後市況改變,無他,當人人都看好亞洲區,又話美國推出第二輪量化寬鬆措施,為熱錢提供足夠彈藥後,隨後8和9月已錄淨流入2.5億美元(約19.5億港元),而10月初步估計再流入約10億美元(約78億港元),可見流入速度之快,特別是大型和具環球規模的對沖基金自然較有吸金優勢,兼且10月回報平均1.99%,現在不用急於搶高吧!

資金一多,大家要分一杯羹,除了新股搶著要錢外,3隻內銀股亦選擇在這段時間供股,單是建設銀行(939)、工商銀行(1398)和中國銀行(3988)便齊齊供股,粗略一計H股供股部分,他們已合共抽水逾千億元。有金融界朋友話,股東也多屬長情客,特別是年紀稍大的股東,多會捧場,參與供股。

至於投資高手當然注意這些內銀股供股權,像中行供股權(2946)交投量不俗,單日逾億股成交屬等閒,而建設銀行供股權(2948)雖見交投逐步回落,由1.3億股降至昨日的5,939萬股,依然不乏短線客當輪炒。至於工商銀行供股權(2951)今日也要登場,若果股東參與供股,當然不用理會,但若無意持碎股,或想出售供股權就要注意買賣日期了。

同資深老散戶朋友談起,他不需參與內銀股供股,因為手上份清單盡是細價股也,但亦要留意股仔的分派,並講了一個故事。原來他曾買入的泛海酒店(292)於07年送了一批紅利認股證給股東,年期為3年。日子一過,原來批紅利認股證即將到期,相熟證券行亦服務周到,問會否行使,朋友初聽後不太理會,因為股份曾經10合一等,認股證行使價自然調整,以為變廢紙,但再望一望,原來行使價已調整至每股0.29元,惟泛海酒店股價於8、9月間已企在0.48至0.49元以上,即每份紅利認股證若行使的話,回報已經高達68%!

朋友話,儘管所持股份並非顯著,但最終仍選擇行使,而該股昨日收市報0.53元,即帳面獲利逾82%。他更以「陰謀論」話,其實將股票放在證券行,證券行以委託人(nominee)身份管理,若敷衍了事,證券行分分鐘自行幫你處理,拿了你的行使權,自行兌換股份賺差價去了。資深證券界朋友則話,其實認股證行使與否,還要考慮所持股份數量,若數目太少,分分鐘連手續費也蝕埋,故此要先作衡量,更抱不平話,相信證券行亦不存在拿著數的說法,並派定心丸,指證券行是無法拿你的供股權去賣的。禤中怡始終認為,凡事親力親為,才能享受投資樂也。

(於12月1日刊於《am730》)

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