China International Fund Management Co., Ltd. General Manager, Mandy Wang Interview
(Reprinted from the A stock is not on the opportunity to reverse the passive situation?
Mandy Wang (hereinafter referred to as the king): see the next two years can be said from the A-share market opportunities far more than bonds. because if only spreads bond spreads relatively small space, it's a bull market and the interest rate cycle was more closely linked. This is a rate cut big time soon, squeezing the bond market's future profitability. The stock market fall this year abnormal violent, into the rate cut cycle, may have a potential opportunity to win.
note: After this year's side down, everyone is most concerned about is the bottom of the market problems. you think the A shares is not a bottom has been successful, the duration of the bottom there will be long?
King: the bottom point is difficult to judge, but after such a crash, the risk has indeed been much smaller, or more secure investment. had risen to 5000, when the market I was asked on the 10,000 A shares can not, I can say that, but it must be for a long time, in the middle there will be many iterations. Now I still insist on such a decision, the key is up there is a matter of time and how the problem. In this period if the index has not looked back upstream, then could be very dangerous, so the callback order is also not so bad. experienced a slump this year, the market more secure, and I think next year is a good layout of the time, whether domestic market or overseas markets. for ordinary investors to spread risk, can be cast in the way of intervention, or every quarter or six months in position adjustment.
Reporter: China's fund industry is experiencing winter, unprecedented competition intense, you think the fund industry in 2009 will be a kind of market structure? investors to select stocks should pay attention to what is the problem?
King: The challenge next year, fund companies must more than this year, the Fund will also be more differentiation between the obvious. last year and this is unilateral City, where the second half of 2006 to 2007, the market is few kilometers from heaven, down side of the market in 2008 is all from the the economy will recover. In bid farewell to the unilateral and unilateral rise after falling for that next year will see the real skill of fund managers a year, Foundation for the poor competitiveness losses, and the market determine the correct stock selection ability of the Foundation obtain a positive return. in the international environment and domestic environment in the context of unprecedented complexity, the difficulty in the selection of listed companies will be greater in the past we focus on business profit and loss statement, balance sheet, more attention now, especially a stock, who can solve this problem, in the coming year to make structural adjustments quickly, it will stand out in a crisis, the first recovery, these companies need to identify what we selected.
note: different to last year's hot this year, the market is large or, more difficult issue of equity funds, competition is more intense. on the JP Morgan Small Cap Equity Fund in the next week on sale, on why JP Morgan selected the current market downturn and difficulties, the issue of new funds?
Wang : investment from the market point of view, the reason for the small-cap stocks chosen as the main investment targets, largely optimistic about the growth of such stock. This year A major adjustment in the number of shares with good growth potential in the long-term investment opportunities in small cap stocks brewing . When the market return to rational, structural opportunities in the market rebounded during the operation in the small cap stock space is often greater. from national history, many excellent small and medium sized listed companies with a market value of vitality and growth high long-term investment value of concern; to the U.S. market index representative example, the September 30, 1998 to September 30, 2008, S & P Mid Index and the S & P Small Cap Index reached an annualized rate of return 10.3% and 10%, both S & P 500 Index over the same period exceeded the 3.1% annualized rate of return. This year A major adjustment in the number of shares with good growth potential in the long-term investment opportunities in small cap stocks brewing.
improve the company's products from structural point of view, in terms of equity funds, leaving a shortfall of a CIFM capacity of more emphasis on small-cap stock picking fund.
in the small cap category much broader than the small plates, the Chinese A-share market in the stock float order from small to large market capitalization and adding the total market capitalization to A shares 70% of the total market capitalization stocks can be classified in this part of the small cap stock selection is very large, so that more emphasis on small cap funds in the stock selection ability.
need to be reminded that the Fund is equity funds, in funds belonging to high risk breeds, and its level of expected return and risk than mixed funds and bond funds, if the level of risk tolerance is low or the first time purchase the Fund's new Christian Democratic, does not recommend purchase.
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