宏利兩QFII基金匯兌成本不菲

2010/10/08 12:09:49 網誌分類: 其他

08 Oct

宏利兩QFII基金匯兌成本不菲

2010年10月6日

【明報專訊】內地經濟前景遠勝歐美，中國相關的投資產品自然受到市場青睞。宏利資產管理推出2隻利用合格境外機構投資者(QFII)額度投資內地的A股及債券基金，不過投資者以港元付款，買的是人民幣資產，基金卻以美元計價，當中的匯兌成本不菲。

宏利盈進基金SPC－中國A股獨立資產組合並非純股票基金，可以購買不多於三成的人幣計價債券、短期票據、固定收入證券等，但A股投資仍然佔組合比重70％或以上，另設15％表現費。另一隻宏利盈進基金SPC─人民幣債券獨立資產組合，則主要買入人幣計價債券，投資對象包括在上海或深圳交易所上市、內地政府或企業發行的債券，比重至少70％，並須同時有85％或以上獲評級機構BBB-/Baa3評級的投資。政府債券及企業債券的投資比重初步擬定為80％及20％。

匯兌多達4次不利短炒

既然宏利獲得QFII投資額度，投資彈性應較早前推出的海通環球人民幣收益基金為高，惟跟該行A股基金的情况相同，2隻皆以美元計價。基金將認購得來的港元款項兌換成美元，買入投資工具時，便得將美元再兌成為人民幣。在贖回時，基金又要倒過來匯兌2次變回港元。即是說，由買入至贖回涉及的匯兌次數多達4次，所支付的買賣成本(差價)相應提高，雖說人民幣升值仍有助提升基金回報，但受惠程度便大打折扣了。

須留意的是，2隻基金每月只會交易1次，並設有0.3％/5.3％的贖回費用，短炒投機者未必有着數。最低認購金額為2萬港元，首次認購期至10月29日。

撰文：郭子威

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chanreborn 2011/02/17

Wilshere and Szczesny give Arsenal far more authority and guts

By Myles Palmer

Arsenal 2 Barcelona 1

Villa 26, Van Persie 78, Arshavin 83

____________________________

The key player in the Nou Camp will be Szczesny.

So pray that nothing happens to Arsenal’s goalkeeper between now and Tuesday, March 8th.

Barcelona’s style is cleverly-timed runs onto sharp little passes, which ｃｒｅａｔｅs a lot of one-on-one chances with the keeper.

Wojciech Szczesny’s fine positional judgement makes him a master of making opponents shoot into the side-netting or just past the post.

On the goal, he was a bit unlucky because David Villa, a razor finisher in these situations, slotted between his legs.

By contrast, he got lucky on the loose ball after his save, when the scrambling Messi headed in but was flagged offside. Messi wasn't offside.

For me, Szczesny was Arsenal’s best player last night for that reason. Making Messi miss was the name of the game.

Yes, Koscielny played his finest game in an Arsenal shirt.

Yes, Jack Wilshere played with remarkable authority at the heart of the team. England need to play Jack football, Fabio - not Capello football.

Yes, of course, CL knock-out ties are a game of four halves.

Arsenal lost the first half 1-0 and won the second half 2-0 and halves three and four will roll round 20 days from now.

Arsenal raised their tempo after half-time and the game turned on 68 when Keita and Arshavin came on.

Keita replaced Villa to stiffen Barca's midfield, which was running out of steam, and allowed young Busquets to go ball-hunting further up the field.

Arshavin’s arrival (for Song) allowed him to link in a cool manner with Clichy, who played a killer ball forward into the box with his right-foot and gave Van Persie a chance to hit a mighty left-foot shot on the half- volley inside the near post of Victor Valdes for 1-1.

Valdes has always had flaky moments. That blunder by allowed Arsenal back into a game that Barcelona were still playing mostly in Arsenal's half.

Still, defending deeper can be good. You can only counter-attack if your opponents are in your half of the field. You can attack too much in a game. If you attack less, you often score more.

Frankly, Fabregas, Eboue and Walcott had been crap.

All three played crap. Only a blinkered, badge-kissing nincompoop would say any of those three played well last night.

Arsenal had nothing on the right flank but now, suddenly, that was where the winning goal came from after a fabulous move.

The cool Koscielny picked up the ball in his penalty area, passed to Bendtner, who passed infield to Wilshere, then quickly forward to Fabregas, who instantly released Nasri with a superb ball down the right flank.

Nasri could have tried the obvious with a low cross to the far post but chose instead to play a lovely pass which allowed Arshavin to curl his sidefoot shot behind Abidal and into the net from 15 yards.

That quality goal gave Arsenal their first victory against Barcelona and it set the seal on the pulsating, rocking, thrilling night that the Emirates has needed since 2006.

Sporting Gijon was a factor last night because game was much harder than the Wolves game was for Arsenal .

After two and half years of staggering success, and intensifying pressure, Barcelona are showing signs of burn-out, so Pep has to husband his resources very carefully.

Coming back off an international break, which is mostly where Barcelona ｄｒｏｐ their points, he conceded an early goal at Gijon in a game that was very passionate, intense and physical, since Gijon are fighting for their lives just above the drop-zone.

I was really enjoying the game but as the second half went on I was thinking : This is taking a lot out of Barcelona !

Indeed, it was a helluva battle that was taking a lot out of both sides.

Just as the commentators began to say that David Villa was about to be taken off, he glided onto a wonder-pass from Messi and chipped the keeper from the edge of the box and it finished 1-1.

Success brings a heavy schedule.

The more games you win, the more the pressure is on you. To handle that you need character and guts. Wilshere and Szczesny have given the team a lot more personality and authority than it had last year.

Big characters, big difference.

As Rufus Thomas said, age ain’t nothin’ but a number.

_________________________________________

ARSENAL (4-2-3-1): Szczesny; Eboue, Djourou, Koscielny, Clichy; Song (Arshavin, 67), Wilshere; Walcott (Bendtner, 77), Fabregas, Nasri; Van Persie. Subs not used Almunia (gk), Rosicky, Denilson, Squillaci, Gibbs. Booked Song, Nasri, Van Persie

BARCELONA (4-3-3): Valdes; Alves, Pique, Abidal, Maxwell; Xavi, Busquets, Iniesta (Adriano, 88); Pedro, Messi, Villa (Keita, 67). Subs not used Pinto (gk), Bojan, Mascherano, Milito, Afellay. Booked Iniesta, Pique (misses second leg)

Possession :Arsenal 47% Barcelona 53%

Shots on target Arsenal 8 Barcelona 7

Man of the match: Szczesny.

Referee Nicola Rizzoli (Italy)

Crowd 59,927.

宏利兩QFII基金匯兌成本不菲

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