Thursday, February 28, 2008

CIMB-Principal MENA Equity Fund



联昌信安资产管理公司(CIMB-Principal Asset Management)这次找上了法国兴业银行(Société Générale),推出了旗下欠缺的一块拼图-中东北非基金,是市场上目前独一无二的。这个决定,让投资者能够有机会参与世界其中一个成长快速的经济体。国际原油价居高不下,中东国油钱丰裕,他们对投资硬体与软体设施决不手软,估计2007年至2011年投资金额将高达1.5兆美元,令当地产业市场發展腾飞。本月16日,阿联酋富商以1420万美元天价购得“1”号车牌的事件,就证明了“黑金”绝对是未来经济主流的支配者。

此档基金也并非没有隐忧,中东地区的政治局势虽还不至于到了恶化的地步,但也并非完全和平与安宁。中东和平的心腹大患不外是长久存在的以巴冲突、圣城耶路撒冷的归属问题、伊朗核问题等。任何一件单独问题都足以破损害中东地区先有局势,连带影响区域的经济发展。此外,法兴银行之前所爆发的巨额亏损也让投资者带来了很大疑问,担心基金的表现会因此而受到影响。尽管母公司蒙受重创,但由于她的投资臂膀─兴业资产管理公司(SGAM)是归独立监护人监管,营运模式和风险管理均独立运作,所以业务表现料不会受到母公司亏损影响。

中东北非地区(MENA)
根据世界银行(World Bank)的定义,中东北非地区范围内共包括20个国家,分别是阿联酋、科威特、沙特阿拉伯、巴林、卡塔尔、伊拉克、也门、叙利亚、黎巴嫩、约旦、巴勒斯坦、埃及、利比亚、突尼斯、阿尔及利亚、索马里、科摩罗、摩洛哥、毛里塔尼亚、吉布提等。中东北非地区总人口占了全世界的百分之六。这个数字是中国总人口的三分之一,或欧盟人口的总和,比美国人口多出二十五百分点。

中东和北非所探明的石油储量在世界石油中具有重要地位,其份额正逐步大幅度增长,世界对该地区石油依赖程度日趋提高。根据《石油天然气学报》一月份的报道,中东北非地区的石油储量达到7970.4亿桶,占70%。据美国能源情报局预计,中东石油在未来20年内仍将称霸世界石油市场,2025年对石油的需求将从2002年日需求量7800万桶增长到1.18亿桶。

伴随着石油天然气的巨大储量,中东各国工程建设市场非常活跃。近几年来,中东工程承包市场出现迅猛增长的势头,每年工程总额达300亿美元以上,石油化工、电力、通信工程和供水工程等行业列入国家发展计划的项目多、投资大、竞争激烈。从目前看,中东及非洲市场在世界上是最充满商机、前景良好的热点市场。

投资策略
本基金是个支线基金(feeder fund),把起98%净产值投资在Ocean基金/股票中东北非机会基金(Ocean Fund/Equities MENA Opprtunities Fund),一个注册于卢森堡的基金,主要投资在那些在中东和北非国家运作或设有显着运作及上市的公司股票。这项基金将维持其至少2%净产值为流动资产。

Ocean基金
中东股市本益比僅16.4倍,远较新兴市场的21倍为低,可为投资者提供可观的投资回酬。另外,中东股市与世界股市的相互关系情况(correlation)才0.25,比亚洲的0.63或新兴市场的0.80低。根据资料显示,Ocean基金的镜子基金─SGAM Arab Fund,从2002年11月至今,三年平均的常年回酬是42.59一年。

基金经理会使用“Bottom-Up”的方式从区域内共1,400家公司中筛选出25-40家作出投资。十大股项(30/11/2007)为:

Emaar Properties(Dubai)
First Gulf Bank(Abu Dhabi)
Saudi Arabia Investment Fund(Saudi Arabia)
Dubai Financial Market(Dubai)
Qatar Navigation(Qatar)
Global Investment House(Kuwait)
Egyptian For Tourism(Egypt)
Qatar REIT(Qatar)
Egyptian Internation Pharmaceuticals(Egypt)
Agility(Kuwait)

领域分配为不动产24.90%,多元化金融22.03%,银行10.85%,运输8.69%,消费品7.82%,资本货物6.52%,公用事业4.60%,原产品4.51%,科技3.55%。
国家分配为卡塔尔17.2%,阿布扎比16.9%,杜拜15.9%,埃及12.4%,阿曼11.2%,沙地7.7%,科威特7.4%,约旦2.5%。

重要资讯摘要
基金组别支线/成长
基金经理CIMB-Principal Asset Management Berhad
推出日期2008年2月21日
申请费用最高为每个单位资产净值的6.5%
管理费与信托费管理费:最高为每年资产净值的1.80%
信托费:为每年资产净值的0.08%,或每年最少RM18,000
派息频率配合本基金的投资目标,本基金料将不派任何股息。
赎回费最高为每个单位资产净值的1.0%(首六个月内赎回基金)
冷静期从基金经理接获及接受申请起的6个工作日(只限首次投资的个人投资者)
投资额首次投资至少RM1,000,接下来的投资至少每次RM100。
转换基金政策每次转换的基金最低数额是RM1,000或2千单位,视何者为低,或由经理人另定的数额。

资料来源
1)CIMB-Principal Asset Management - CIMB-Principal MENA Equity Fund
2)Wikipedia - MENA
3)365优中国办公网 - 中东市场基本情况
4)星州日报 - 联昌信安新基金推出

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