Trends in Chinese Fund Industry
Transcript of Trends in Chinese Fund Industry
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Trends in Chinese Fund Industry
Yang Lu
Feb. 20, 2011
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Rural to Urban
Ref: The two million minutes blog: http://2mm.typepad.com/usa/2010/11/chinas-shifting-population.html
http://2mm.typepad.com/usa/2010/11/chinas-shifting-population.htmlhttp://2mm.typepad.com/usa/2010/11/chinas-shifting-population.htmlhttp://2mm.typepad.com/usa/2010/11/chinas-shifting-population.htmlhttp://2mm.typepad.com/usa/2010/11/chinas-shifting-population.htmlhttp://2mm.typepad.com/usa/2010/11/chinas-shifting-population.htmlhttp://2mm.typepad.com/usa/2010/11/chinas-shifting-population.html -
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GDP
Ref: Emerging market valuation: http://blog.tropenas.com/?p=12
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Fund companies
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Outline
Current situation
Fund types
Trends
Observations
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Current situation
68 companies, 33 domestic, 35 mixed
AUM 2.5 or $380B
AUM = 6% GDP compared to 76% in US
Largest 10 companies have half the AUM
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Funds
642 open funds, 49 closed
Styles: stock, bonds, mixed, etf, qdii
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Stock funds
growth value dividend
quality index total return
growth value strength
large cap mid and small captrend balanced focused growth
healthcare sector rotation
internal demand
consumption
coastal region flexible portfolio
public works quant alpha
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Bond funds
bond fund
stable return
enhanced returntranche return
convertible bond
actively managed bonds
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Mixed
two incomes
selection
multiplevalue appreciation
regional strength
balanced
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ETF
stock market indexetflarge capetfmid and small capetfdividendetf
growthetfleaderetfconsumer sectoretfvalueetf
social responsibilityetfcommodityetfgov enterpriseetfprivateetf
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QDII
globalHKAsia pacificAsia ex JapanSP500
BRICNasdaq100EMoff shore listedgold
greater Chinaglobal resourcesanti-inflation
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Trends
Influx of experienced managers from outside
More domestically established managers
Separable funds: F A + B (one is more
levered, one less) More ETFs
More QDII
Commodity funds
Long-short products
Stock options
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Observations
more Less
flexibility style stickiness
game theory Fundamental
capital adjustment full investment
Growth cumbersome regulation
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Contributors
Dr. Zheng Wang, CIO of active strategies and ETF at Bosera
Mr. Tony Liu, portfolio manager at China Merchant Funds
Dr. Shujing Li, official at CSRC
Ms. Hangqing Tian, official at CSRC
Dr. Ben Zhang, Haitong Securities Co.
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