最佳全球債券 ─ 天達環球策略基金 - 歐洲股票基金 C 收益股份
A: In 2017, we continued the rotation into Resources which started the previous year. Additionally we increased our weighting in Financials driven by interest rate normalization and improving credit quality. Regarding stocks which drove performance, 2017 mirrored previous years where typically 75% of stocks added to the performance of the portfolio which is the main reason for the strong risk adjusted returns.
M: 請您與投資人分享2018年經濟發展前景與展望， 您又將如何利用個別市場的投資機會? 又計畫如何控制潛在風險?
A: Our outlook on European equities for 2018 remains constructive. While 2017 presented some political speed bumps in the region, stock markets were resilient, achieving decent gains for the year. Additionally, the strengthening euro provided a boost for international investors. The increasing evidence of a recovery of European economies and thus corporate earnings was the crucial factor, with initial expectations of earnings-per-share growth for the year in the low teens proving prescient. Additionally, we continued to see industries consolidate and rationalise to provide further momentum. The sustainability of this recovery is key to the outlook for the region, and we point to several factors for our optimism. Firstly, banks have not significantly helped in the recovery so far with consumers and corporates still deleveraging in many European economies. With the finalised Basel 4 framework finally agreed, perhaps now banks have the ability to better decide uses for their accumulated capital, either via lending growth or shareholder payouts. More broadly, corporate balance sheets remain healthy and we would expect the region to continue to benefit from M&A activity. Brexit remains a headline risk, but one that is clearly visible such that companies are able to plan, and investors are able to position accordingly.
On a portfolio level, our relatively concentrated portfolio allows us to steer clear of risks we may not be willing to take. If 2017 is a guide, political headlines create a more inefficient market, which gifted us two takeover situations in UK domestic stocks in 2017.
M: 關於目前全球總體經濟環境所面臨的不確定性，包括美國升息以及高漲的資產價格，請問您的看法為何? 而這些風險與挑戰會如何影響您的投資決策?
A: Valuations do not yet reflect a full recovery in corporate earnings, with European stock markets generally at the same level as previous peaks whereas other markets have far exceeded their historical highs. European stocks are generally in line with their average dividend yield and price-to-book ratios, and are at a small discount on cyclically-adjusted price-to-earnings, at a time when other major regions are trading at a premium. The gradual normalisation of monetary policy in Europe and globally will likely ease the valuation distortions we have seen in parts of the market. We continue to discover good investment ideas, through our 4Factor process, in sectors and countries where recovery is evidenced but the extent of the recovery to normalised levels can still be significant. Given the crisis in the region during 2011/12 and that quantitative easing in Europe only began in 2015, compared to 2009 for the US, we can begin to understand how protracted and gradual the recovery has been so far.
M: 請問您的投資團隊是如何組成? 在2017年是否調整改變過? 您會於近期或者未來增加投資團隊成員嗎?
A: With an average of over 16 years’ investment experience we have assembled a talented and highly experienced investment team from a variety of backgrounds. All the members of our 4Factor team have direct performance accountability for a sector, region or a specific strategy ensuring alignment with our clients’ interests. All members of the team work within the same shared 4Factor framework ensuring consistency across our global strategies. All members of the team perform research or have research support responsibilities with the relevant strategy leader having final decision-making authority.
The European Equity Strategy is managed by Ken Hsia. Each sector or region covered by the 4Factor team has a designated analyst, who is in a strong position to guide the lead portfolio manager on the stock selection for the portfolio. Rajeev Bahl is the dedicated European analyst and assistant portfolio manager for this strategy, providing close support and cover for Ken.
A: Not applicable