如何投资于转型中的“新中国”？

Two years ago, Chinese stock markets sent tremors around the globe. Share prices tumbled as traders fretted about the growth prospects of world’s second-largest economy.

两年前，中国股市引起全球惊慌。由于交易员们对全球第二大经济体的增长前景感到担忧，中国股市暴跌。

The rout soon spread across US and European markets, causing such mayhem that Apple’s stock momentarily plunged 13 per cent. About half of the stocks listed on the Chinese market were temporarily suspended from trading.

这场大跌很快蔓延到了美国和欧洲市场，兵荒马乱之下，苹果(Apple)股价顷刻间下跌了13%。中国市场上大约一半的股票停牌。

Today, China’s fortunes have improved dramatically in the eyes of international investors. Chinese equity funds have been the best-performing asset class for UK investors in the year-to-date, and plenty of emerging market and global equity managers are excited about the market’s long-term growth prospects.

如今，在国际投资者眼中，中国的形势已大为好转。今年迄今为止，对英国的投资者们来说，中国股票基金是表现最好的资产类别;许多新兴市场和全球基金公司都对中国市场的长期增长前景感到兴奋。

“Basically we’ve gone from alarms and blue lights flashing that China is about to crash, to thinking it’s pretty much steady as she goes,” says Gary Greenberg, head of global emerging markets at Hermes, the asset manager.

“预示中国即将崩盘的警报和蓝灯算是熄灭了，我们开始认为她运行得相当平稳，”资产管理公司Hermes的全球新兴市场主管加里•格林伯格(Gary Greenberg)表示。

That is not to say that all fund managers are rushing back in. According to research by Goldman Sachs, global and emerging market fund managers are still underweight in China against their broader indices — although they have been gradually increasing their exposure over the year.

这不是说所有的基金管理公司都赶紧重返中国市场了，高盛(Goldman Sachs)的研究显示，全球及新兴市场的基金管理公司在中国的配置比例仍然偏低——尽管今年他们逐渐加大了在中国市场的敞口。

Goldman says Asian markets are up 25 per cent since the start of 2017 — their best performance since the post-financial crisis recovery in 2009. Funds investing in China returned nearly 19 per cent to investors on average over the six months to June 30, according to separate data from Morningstar.

高盛称亚洲市场自2017年初以来上涨了25%——这是自2009年金融危机过后市场展开复苏以来的最佳表现。另外，晨星(Morningstar)的数据显示，在中国投资的基金今年前6个月平均为投资者赢得近19%的回报率。

It all sounds like good news for investors — but have the blue flashing lights really gone away? FT Money examines the long-term case for investing in China, the likely risks and rewards, and the best ways into this fast-changing market.

对于投资者来说这些都是好消息——但是蓝色警示灯真的不见了吗?FT Money分析了从长远来看投资中国的理由、可能的风险和回报，以及进入这个瞬息万变的市场的最佳途径。

Playing chicken

考验勇气

For all the country’s recent good performance, investors still have plenty of concerns about China’s economy. Rather than a roaring dragon, James Kynge, the FT’s emerging markets editor, likens it to a “Chicken Licken economy”.

即便中国市场近来表现良好，投资者对中国经济仍有颇多担忧。FT新兴市场编辑金奇(James Kynge)认为，与其说它是一条咆哮的巨龙，不如将它比喻成“小鸡里肯式的经济”(Chicken Licken economy，来源于英国童话故事《小鸡里肯》，一只小鸡被树上掉下来的果子砸到了，她就以为天要掉下来了——译者注)。

“What investors are worried about is whether the sky is going to fall in,” he says. “Two years ago a lot of them thought it would. Now, very few of them do.”

“投资者们担心的是，天会不会塌下来，”金奇说。“两年前，很多投资者都认为会。而现在，很少有人会这么想。”

In 2016, China grew at its slowest pace since 1990, as its manufacturing and construction industries slowed and fears abounded about its debt levels.

2016年，随着中国的制造业和建筑业增长放缓，债务水平引发广泛担忧，中国的经济增长速度降至1990年以来最慢。

According to the Bank of International Settlements, China’s total debt has grown from $6tn at the end of the financial crisis to almost $28tn at the end of 2016. This means its total debt is equivalent to 260 per cent of its GDP, while the debts of Chinese companies are about 170 per cent of GDP.

根据国际清算银行(Bank for International Settlements)的数据，2016年底，中国的债务总额已从经济危机结束时的6万亿美元，增长到将近28万亿美元。这表示中国的债务总额相当于其国内生产总值(GDP)的260%，而中国企业的债务约为GDP的170%。

Standard & Poor’s, the credit rating agency, downgraded the country’s sovereign debt by one notch this week, following a similar move by Moody’s in May.

信用评级机构标准普尔(Standard & Poor's)近日将中国的主权信用评级下调了一个等级，今年5月穆迪(Moody’s)就采取了同样做法。

In August, the International Monetary Fund warned that the Chinese government was not doing enough to rein in the country’s “dangerous” debt levels, which it said would make it more difficult for policymakers to react to a potential “loss of confidence” in asset and wealth management products.

今年8月，国际货币基金组织(International Monetary Fund)警告说，中国政府没有采取足够的措施遏制中国“危险的”债务水平，称这将使政策制定者更难应对这种局面——投资者对资产和理财产品可能“丧失信心”。

The products, which have underpinned the expansion of China’s shadow banking sector, are generally sold to Chinese retail investors by its banks — but investors have been buying under the illusion that the banks are guaranteeing their returns.

这些助长了中国银子银行业扩张的投资产品，一般由各家银行销售给中国的散户投资者——但投资者购买这些产品时一直存在一种错觉，认为银行能保障他们的投资回报。

Julian Evans-Pritchard, China economist at consultancy Capital Economics, says banks have been willing to stand behind these products so far because selling them has proven so lucrative. However, the size of the exposure could prove costly.

凯投宏观(Capital Economics)的中国经济学家朱利安•埃文斯-普里查德(Julian Evans-Pritchard)称，到目前为止，银行一直很乐意为这些产品站台，因为销售这些产品带来的利润非常可观。然而，巨大的敞口规模意味着可能要付出高昂代价。

He warns that if the banks’ implicit guarantee unravels, households might rush into withdrawing funds. This would force down revenues at Chinese asset managers and cause problems for smaller banks which rely on asset managers as a funding source.

他警告说，如果银行的这种隐性担保不灵了，散户们可能会蜂拥撤资。这将令中国资产管理公司的收入缩水，并给依赖这些资产管理公司作为资金来源的小银行带来麻烦。

Concerns about high debt levels and the shadow finance sector have caused some fund managers to steer clear of China altogether. Others point to recent efforts by local regulators to tighten financial conditions. In July, China’s central bank — the People’s Bank of China — announced it would do more to regulate the sale of investments by banks.

对中国的高债务水平及影子金融业的担忧，让一些基金经理对中国市场敬而远之。另一些人则指出，中国监管机构最近采取举措收紧金融状况。今年7月，中国的中央银行——中国人民银行——宣布要对银行销售的投资产品加大监管力度。

“We are structurally worried about the level of debt, of course,” says Nadège Dufossé, head of asset allocation at French fund manager Candriam. “But the Chinese government is tightening financial conditions — it is trying to manage the risk, so for the time being, I’m less worried.”

“诚然，从债务结构上来说，我们很担心中国的债务水平，”法国基金管理公司Candriam资产配置部负责人娜代治•迪福斯(Nadège Dufossé)说。“但中国政府正在收紧金融状况——正在试图管理风险，所以就目前而言，我不那么担心了。”

Karine Hirn, chief executive officer at fund house East Capital Asia, agrees: “The regulator has shown it wants to do something about it, and is tackling the most problematic parts of the sector.”

基金公司East Capital Asia的首席执行官习卡琳(Karine Hirn)对此表示赞同：“中国的监管机构已表现出希望对此采取一些举措，并正在解决该行业中问题最严重的部分。”

The Wild East “东方蛮荒之地”(Wild East)

The Chinese government has shown it is willing to intervene in markets when it feels it is necessary — but this can be bad news where investors are concerned.

中国政府已经表明，愿意在它认为有必要的时候出手干预市场，但就投资者来说，这可能是坏消息。

This year, China’s foreign exchange reserves fell to below $3tn as ambitious companies made a series of large overseas acquisitions. This prompted a crackdown from Beijing, which has accused some of its larger companies of posing “systemic risk” — which, in turn, resulted in the high-profile detention of Chinese businessman Wu Xiaohui, the head of insurance group Anbang.

今年，由于一些雄心勃勃的企业在海外进行了一系列的大手笔收购，中国外汇储备下降至3万亿美元以下。这招致北京方面的打击，后者指责一些大公司带来“系统性风险”，从而导致了一起引人注目的事件——中国商人、保险集团安邦(Anbang)董事长吴小晖被有关部门带走。

Mr Greenberg of Hermes says he thinks about Chinese companies’ “social licence to operate” when looking at whether to invest. “They are very aware of it,” he says. “You play the game and you fund a school and a reservoir, and you are a good citizen. The amount of work Alibaba has done in its home city [Hangzhou] is phenomenal,” he adds. Conversely, says Mr Greenberg, companies that take “lots of money” out of the country soon learn the consequences. “In China, nobody will let you get away with that.”

Hermes的格林伯格表示，他在权衡是否投资的时候会考虑中国公司的“社会运营牌照”。他说：“他们显然清楚这一点。”他补充称，“你遵守游戏规则，为学校和水库提供资金，你是一个好市民。阿里巴巴(Alibaba)在其总部所在地杭州做了大量的工作。”格林伯格表示，反过来，那些将“大量资金”带出中国的公司很快明白了后果。“在中国，没有人会让你这么做却不受惩罚。”

Corporate governance is another issue. Chinese companies are not subject to the same accounting and legal rules as those in Europe or the US. Broadly, though, fund managers argue that companies in emerging markets will always run the risk of having weaker corporate governance structures than those in developed markets.

公司治理是另一个问题。中国企业不受欧洲或美国那套会计和法律准则的限制。然而，普遍而言，基金经理们辩称，新兴市场公司的企业治理结构总是可能比发达市场的公司弱一些。

“Admittedly, corporate governance standards overall are not up to developed market standards,” says Jennifer Wu, fund manager at JPMorgan. “I’d say we are pragmatic in how we incorporate governance views and considerations — we won’t purely exclude if there are governance issues, but we work with management to see how they could do things differently.”

摩根大通(JPMorgan)的基金经理Jennifer Wu表示：“诚然，中国公司治理标准总的来说比不上发达市场的标准。我想说，我们在采纳有关治理方面的意见和考量时会抱着务实态度——如果有治理问题，我们不会完全排除，而是会与管理层合作，看看他们能否改变做法。”

Is there a risk that the chief executive of a Chinese company you have invested in will disappear? “Yes,” says Mr Greenberg. “It’s a risk that the corporate chiefs get too big for their breeches. The requirement in China is that you stay out of politics and you co-operate.”

你投资的中国公司的首席执行官有失踪的风险吗?“有的，”格林伯格表示，“有的企业首席执行官可能变得妄自尊大。在中国，你绝不能介入政治并且要保持合作。”

A-shares A股

Despite these potential problems, Chinese markets are becoming increasingly open to overseas investors. While several major Chinese companies are listed in Hong-Kong or New York and already available to overseas investors, those listed in mainland China are much harder to access.

尽管有着这些潜在的问题，但中国市场对境外投资者越来越开放。数家大型中国公司在香港或者纽约上市，境外投资者已经可以投资，但如果他们要投资那些在中国内地上市的公司则会困难得多。

This summer, MSCI, the emerging markets index provider, decided it would include mainland Chinese shares denominated in renminbi — so-called A-shares — in its global and emerging market indices for the first time from next year.

今年夏天，新兴市场股票指数提供商MSCI明晟决定，从明年起首次将人民币计价的中国内地股票(所谓的A股)纳入其全球和新兴市场指数。

This will automatically funnel more of the world’s wealth into China’s stock markets — every passive fund tracking an MSCI index featuring Chinese shares will be duty bound to buy them from next year. It is estimated that about $1.6tn of assets in funds globally follow MSCI’s emerging markets index.

这将自动让更多的全球财富进入中国股市——每个追踪包含中国股票的MSCI明晟指数的被动基金从明年开始都将必须买入A股。据估计，全球基金大约有1.6万亿美元资产在追踪MSCI新兴市场指数。

Many brokers and investors say this heralds an enormous victory for globalisation and cross-border investment. “This is the start of internationalisation,” says Ms Hirn, of asset manager East Capital. “Everyone is excited for good reason.”

许多经纪商和投资者表示，这预示着全球化和跨境投资的重大胜利。资产管理公司East Capital的习卡琳表示：“这是国际化的开始。所有人都有理由感到兴奋。”

Ms Hirn says the inclusion of A-shares has already brought new interest from overseas investors — even though the portion of the Chinese stock market that will be included is very small. “You cannot ignore this market any more,” she says. “My colleague is just back from Shenzhen and he said he wasn’t the only foreigner any more.”

习卡琳表示，将A股纳入MSCI明晟指数的决定让海外投资者产生了新的兴趣——即便A股所占的比例非常小。她说：“你不能再忽视这个市场。我的同事刚刚从深圳回来，他说自己不再是那里唯一的老外了。”

Others are less excited, and point out that even MSCI is being cautious. To begin with, only about 5 per cent of the weight of each Chinese company’s full market value will be included in the index, and only 222 large-cap companies will be eligible.

其他人则没有那么兴奋，他们指出，即便是MSCI也保持谨慎。MSCI最初仅以流通市值的5%纳入所选A股，而且只有222只大盘股有资格被纳入。

This has left some investors shrugging their shoulders. “Really, it’s not going to make a huge difference to flows and valuations of A-shares, given the percentage inclusion in the index we’re talking about,” says Patrick Thomas, investment manager at Canaccord Genuity Wealth Management. “There’s a lot of hype about it, but it’s less than 1 per cent of the index.”

这让一些投资者不以为然。Canaccord Genuity财富管理公司的投资经理帕特里克•托马斯(Patrick Thomas)表示：“真的，鉴于A股被纳入我们正在谈论的指数的比例，它不会对A股的资金流入和估值产生重大影响。关于这件事有很多炒作，但它在MSCI指数中的比例不足1%。”

MSCI has argued that including Chinese stocks in its indices will help the country bring its markets into line with western standards. “Future inclusion will be subject to a greater alignment of China with international accessibility and trading standards,” Sebastien Lieblich, MSCI’s global head of index management research, told the FT in June.

MSCI辩称，纳入A股将有助于中国市场与西方标准接轨。今年6月， MSCI指数管理研究部门全球主管塞巴斯蒂安•利布利希(Sebastien Lieblich)向英国《金融时报》表示:“今后的纳入进程将取决于中国能否更大程度地符合国际准入和交易标准。”

Tomorrow’s multinationals?

明日的跨国公司?

A troublesome financial system and slowing growth mean investors in China have to be watchful. “Everyone agrees China is the biggest story for the global economy — but it’s not an easy story for your investments,” says Markus Stadlmann, chief investment officer of Lloyds Private Bank, the bank’s wealth management arm.

金融体系存在问题以及经济增长放缓意味着，在中国的投资者必须要当心。“所有人都认为，在全球经济中，中国是最大的故事——但就你的投资来说，它不是一个简单的故事，”劳埃德私人银行(Lloyds Private Bank，即劳埃德旗下的财富管理部门)首席投资官马库斯•施塔德尔曼(Markus Stadlmann)说。

The Chinese government wants to move the economy towards one powered by home consumers, referred to by fund managers as the “new China”. It is here, investors say, that the best investment prospects can be found.

中国政府希望将经济转型为由国内消费者驱动，这被一些基金经理称为“新中国”。投资者表示，在这个领域，可以找到最好的投资前景。

“Investors tend to focus too much on macro concerns, which prevents them from looking at the companies that are doing well,” says Jian Shi Cortesi, Asian equities portfolio manager at Swiss fund house GAM.

“投资者往往过于关注宏观问题，这使他们看不到那些表现良好的公司，”瑞士资产管理公司GAM的亚洲股票投资组合经理Jian Shi Cortesi说。

Ms Cortesi points to two high-growth technology companies whose names are familiar around the world — Alibaba (think China’s answer to Amazon — only much bigger) and Tencent, the internet giant whose app-driven business spans social media, gaming and e-commerce.

Cortesi提到了两家高成长的中国科技公司，它们的名字在世界各地为人熟知——阿里巴巴和互联网巨头腾讯(Tencent)，前者可以说是中国的亚马逊(Amazon)，只是规模比亚马逊大得多，后者以应用(app)为支柱，业务范围覆盖社交媒体、游戏和电子商务。

Tencent and Alibaba — listed in Hong Kong and New York respectively — are the largest and third-largest constituents of MSCI’s emerging markets index. Ms Cortesi says that among China’s mainland listed shares, there are more companies with their potential.

分别在香港和纽约上市的腾讯和阿里巴巴，是MSCI明晟新兴市场指数中的第一大和第三大成分股。Cortesi表示，在中国内地挂牌的上市公司中，还有更多公司具备类似这两家公司的潜力。

“Alibaba and Tencent both started in the late 1990s or early 2000s, and over the past 10 years they’ve grown into billion-dollar companies,” Ms Cortesi says. “My job is to find these attractive companies.”

“阿里巴巴和腾讯成立于上世纪90年代末或本世纪初，过去10年里，它们都已成长为10亿美元级别的公司，”Cortesi说，“我的工作就是物色这类有吸引力的公司。”

Technology stocks are part of what Ms Cortesi sees as the unfolding consumer story in China. Since 2013, she has avoided holding manufacturing stocks in her portfolios and has focused more on what ordinary Chinese people are buying.

在Cortesi看来，中国正在上演着消费故事，而科技股正是这个故事中的一部分。自2013年以来，她一直避免在自己的投资组合中持有制造业股票，并且更多关注中国老百姓在买什么。

“We look at where people spend their salaries,” she says, noting the desire to spend more on experiences. “People are eating better quality food and drinking more expensive beverages, and people are spending more on intangible things like travel and education.”

“我们关注人们把工资花在哪里，”她说。她指出，人们愿意在体验型消费上花更多的钱。“现在人们吃更优质的食物，喝更贵的饮料，并且把更多的钱花在旅游和教育等无形的东西上。”

Growth stocks focused on these areas are what fund managers are looking for — and what they are not finding in the manufacturing and construction sectors that used to dominate the Chinese markets. “The growth is more stable for the new economy [shares],” says Ms Dufossé of Candriam.

聚焦于这些领域的成长股，是基金经理们正在寻找的东西——在曾经在中国市场占据主导地位的制造与建筑行业，他们没有找到这些东西。“新经济(股票)的增长更稳定，”Candriam的迪福斯说。

Even investors who dislike other parts of China’s ecosystem love their tech and internet companies.

就连讨厌中国生态系统中其他部分的投资者，都喜欢中国的科技和互联网公司。

“Although people love to hate China, they love to love internet stocks in China,” says Josh Crabb, head of Asian equities at Old Mutual. “Investors are often very inconsistent,” he says, pointing out that it doesn’t make sense to buy China’s technology companies “if you think the banking system is going to implode”.

“尽管人们对中国爱恨交加，对中国互联网股票却喜爱得无以复加，”Old Mutual亚洲股票市场主管乔希•克拉布(Josh Crabb)说，“投资者经常反复无常，”他说。他指出，“如果你认为中国银行体系会内爆的话”，那么买入中国科技公司股票就是不合理的。

The four largest Chinese “internet” stocks — Baidu, Alibaba, Tencent and JD.com — are already popular across global equity funds, which has led to some fund managers worrying about excessive valuations — just as they do with the US technology “Fang” stocks of Facebook, Apple, Netflix and Google.

中国四大“互联网股票”——百度(Baidu)、阿里巴巴、腾讯和京东(JD.com)——已颇受全球股票基金的青睐，这让一些基金经理们担心这些公司的估值过高，正如他们担心被称为“Fang”的4家美国科技股Facebook、苹果、Nexflix和谷歌(Google)那样。

“Comments have been made by a number of fund managers recently [around] the sheer valuation levels of these companies,” says Patrick Thomas, investment manager at Canaccord Genuity Wealth Management. “If people think Apple and Netflix, et cetera are expensive, the same is definitely true of Alibaba and Tencent.”

“近来，很多基金经理谈论的一个焦点是这些公司的估值水平，”Canaccord Genuity财富管理公司的托马斯说，“如果说人们认为苹果和Netflix等等太贵了，那么他们对阿里巴巴和腾讯也肯定是这么认为的。”

Cyrique Bourbon, portfolio manager at Morningstar, says whichever way you view it, China is to be viewed as a “high-risk opportunity”, partly because of corporate governance issues and a lack of transparency.

晨星投资组合经理西里克•波旁(Cyrique Bourbon)表示，无论你如何看待中国，中国都将被视为一个“高风险的机遇”，部分原因在于公司治理问题和透明度不足。

But the upside for risk-taking investors is potentially large, says Mr Greenberg of Hermes. In an inefficient market, careful stockpickers could win big. As the country’s market opens its doors to overseas investors, today’s unheard-of stocks could turn into tomorrow’s multinationals.

但Hermes的格林伯格表示，对于敢于冒风险的投资者而言，好处可能很大。在一个效率不太高的市场上，懂得谨慎挑选个股的投资者有可能获得高回报。随着中国市场对境外投资者打开大门，今天一些默默无闻的股票可能成长为明天的跨国公司。

side bar: Gaining exposure to China

附：增加对中国股票的配置

If you are going to make the leap and allocate some of your portfolio to China, you need not buy a specialist China fund — though this might give you access to some of the smaller companies and sectors in the country. Plenty of Asia ex-Japan, emerging market, or even global equity funds allocate a portion of their capital to China.

如果你想向前迈出一大步，把自己投资组合中的部分资金配置到中国市场，那么你不一定要买入一只专门投资中国的基金——尽管这也许会让你的投资覆盖中国一些更小的公司和行业。很多除日本外亚洲、新兴市场、甚至全球的股票基金都会配置部分资金买入中国股票。

“There’s a huge opportunity here for active management,” says Mr Stadlmann of Lloyds. “The best opportunities are there for global and emerging markets equities funds, because they have the entire playing field, and can invest in companies benefiting from Chinese growth sector by sector, but also they can invest in China if they want.”

“主动管理策略在这里大有机会，”劳埃德的施塔德尔曼说，“对全球和新兴市场股票基金来说，中国存在最好的机遇，因为它们会拥有整个竞技场，可以投资于各行各业受益于中国增长的公司，而且如果它们愿意的话也可以直接投资于中国。”

Over three and five years, the best-performing specialist China equity funds for sterling investors have all been active funds, according to figures from data provider Morningstar. These funds hold a mixture of A-shares, shares in Chinese companies listed in Hong Kong or the US, and shares listed in mainland China but trading in overseas currencies.

数据提供商晨星的数据显示，在三到五年的时间段内，面向英镑投资者、专业投资中国的股票基金中表现最好的都是主动型基金。这些基金同时持有中国A股、在香港或美国上市的中国公司股票，以及在中国内地上市但以外币交易的中国公司股票。

For retail investors, the top performing sterling-denominated funds over a three-year period have been GAM’s China Evolution, Fidelity China Focus and Henderson China Opportunities — which have returned between 77 per cent and 83 per cent over that time.

对零售投资者而言，过去3年里业绩最好的英镑计价基金是GAM的China Evolution、富达的中国聚焦基金(Fidelity China Focus)，以及亨德森(Henderson)旗下的远见中国跃升基金(Henderson China Opportunities)——它们的3年回报率都在77%至83%之间。

GAM’s fund holds Tencent and Alibaba as its largest constituents, and its biggest sector weighting is information technology. It also has a large tilt towards consumer discretionary stocks (more than a fifth of the fund is dedicated to them), and an ongoing charge figure (OCF) of 1.05 per cent.

GAM的基金对腾讯和阿里巴巴持仓最多，权重最大的行业是IT行业。该基金也持有很大比例的非必需消费品行业股票(占资产比例高于五分之一)，其经常性开支比率(OCF)是1.05%。

Henderson’s fund invests about two-thirds of its assets in Hong Kong listed Chinese companies, with only around a tenth of the fund buying A-shares. The largest holdings are Alibaba and Tencent, which make up about a fifth of the fund, and its OCF is 1.72 per cent.

亨德森的那只基金把其大约三分之二的资产配置于在香港上市的中国公司股票，投资于A股的比例仅为约十分之一。持股最多的是阿里巴巴和腾讯(约占基金资产的五分之一)，其OCF是1.72%。

Fidelity’s China Focus, run by manager Jing Ning, takes a slightly different approach. While technology and consumer cyclicals are among its top three sector weightings, it also devotes around a third of its assets to financial services. The fund has an OCF of 1.91 per cent.

富达旗下由宁静(Jing Ning)管理的中国聚焦基金，采取了略微不同的手法。尽管科技股和周期性消费类股是其三大重仓行业中的两个，但该基金也用约三分之一的资产配置在金融服务类股票。其OCF是1.91%。

Alongside its China Focus fund, Fidelity also offers the only specialist China-focused investment trust, Fidelity China Special Situations. Formerly run by star manager Anthony Bolton, the fund hit trouble soon after its launch in 2010 when the Chinese market slumped. Unlike open-ended funds, investment trusts can use gearing to boost returns — although this can also potentially magnify losses, as it did during Mr Bolton’s early stewardship.

除了其中国聚焦基金，富达还有一只专注于中国市场的投资信托产品——富达中国特殊情况基金(Fidelity China Special Situations)。该基金此前由明星基金经理安东尼•波顿(Anthony Bolton)管理，但在2010年发行后不久，因中国市场大幅下挫而遇到麻烦。跟开放式基金不同的是，投资信托可以使用杠杆来增加回报——尽管这也可能会放大亏损，正如波顿早期管理基金时发生的情况那样。

The manager managed to turn the fund around — when he stepped down in 2014 the trust had beaten the wider Chinese stock market, but was only trading slightly above launch value. During his last day in the office, Mr Bolton admitted he had been “wrong about the market in China”.

波顿努力扭转了该基金的颓势——当他于2014年卸任时，该信托已战胜了中国股市大盘，但价格仅仅略高于发行时的水平。在该基金任职的最后一天，波顿承认，他一直以来“看错了中国市场”。

Now run by Dale Nicholls, the fund has achieved a share price total return of 84.3 per cent over the past three years, and its gearing is currently 25 per cent of assets. About 40 per cent of its assets are in consumer discretionary stocks, and a further 35 per cent in information technology. Up to 10 per cent of its assets can be invested in unlisted companies — among its 20 largest holdings is Xiaoju Kuaizhi, an unlisted taxi booking app which operates across 400 cities in China. The trust’s OCF is 1.15 per cent.

该基金如今由戴尔•尼科尔斯(Dale Nicholls)管理，过去3年的总回报率为84.3%，目前的杠杆水平为资产的25%。其大约40%的资产配置于非必需消费品行业股票，另有35%投资于IT股。不超过10%的资产可投资于非上市公司——其持股最多的20家公司中包括小桔快智(Xiaoju Kuaizhi)，这是一家在中国400座城市运营的未上市的打车应用公司。该基金的OCF为1.15%。