两只中国A股ETF在香港上市
香港一家小型投资公司正在叫板贝莱德(BlackRock)等资产管理巨擘，在当地证交所上市两只中国A股“智能贝塔”交易所交易基金(ETF)，而收取的费用只有业内通常水平的一半。
Premia Partners’ two ETFs, which debuted in Hong Kong on Tuesday, are built around the stalwarts of the old economy and the icons of the new economy in China, respectively. But they are designed to offer lower volatility and higher returns on a risk-adjusted basis than traditional ETFs, and the management fee is half a percentage point compared to a full percentage point typical of traditional managers.
Premia Partners的两只ETF周二在香港上市，分别围绕中国传统经济老牌企业和新经济代表企业构建。但它们的设计宗旨是在风险调整基础上提供比传统ETF更低的波动性和更高的回报率，而管理费只有半个百分点，远低于传统资产管理公司的一个百分点。
The new listings come ahead of the inclusion from next year of China in MCSI’s key emerging market equity indices. The addition of Chinese A-shares — the world’s second-largest market by capitalisation, behind the US — is expected to lure more professional money managers into mainland markets, which are currently are dominated by retail investors.
明年中国A股将被纳入MSCI明晟的主要新兴市场股票指数。按总市值计算，中国A股市场在世界上排名第二，仅次于美国。A股被纳入预计将吸引更多的专业基金经理投资于内地市场，目前这些市场由散户投资者主导。
The introduction of the Premia ETFs comes at a time when many international money managers are still deeply underweight China. That underweight stance means that fund managers who benchmark their performance against MSCI indices will need to increase their exposure to China and so are likely to support more such products.
Premia的两只ETF出炉之际，许多国际基金经理对中国股票仍处于大幅低配状态。这种低配姿态意味着，把MSCI指数作为自己表现的参考基准的基金经理，将需要增加他们对中国的敞口，从而有望支持更多这类产品。
Chinese shares have staged a partial comeback since their 2015 crash, but they are still relatively cheap compared to regional peers such as India and Japan, where valuations are high. Moreover, fees in Asia for retail investors are high compared to elsewhere.
中国股市在2015年大幅下跌后已出现反弹，收复部分失地，但与估值较高的印度、日本等亚洲股市相比，中国股票仍相对便宜。此外，相比其他地方，亚洲散户投资者面对的收费较高。
Each of the two new ETFs is based on about 300 shares listed in either Shanghai or Shenzhen. Financial and industrial shares make up the largest portion of the Premia CSI Caixin China Bedrock Economy ETF while the New Economy ETF is dominated by consumer discretionary names, IT and healthcare groups.
两只新ETF都基于在上海或深圳上市的大约300只股票。Premia中证财新中国基石经济ETF(Premia CSI Caixin China Bedrock Economy ETF)侧重于金融和工业板块股票，而Premia中证财新中国新经济ETF(Premia CSI Caixin China New Economy ETF)以非必需消费品、信息技术和医疗保健集团为主。
Both “introduce a buy-low, sell-high discipline as opposed to traditional market capitalisation approaches that favour a buy-high and sell-low mentality,” Premia said.
Premia表示，两只基金都实行低买高卖的纪律，避免了传统市值型投资会出现追涨杀跌的缺陷。
The Hong Kong exchange already has dozens of China ETFs based on a variety of indices offered by major competitors including BlackRock, South Korea’s Mirae, Haitong Securities, and China Asset Management, an arm of Citic Group. But variety is limited.
香港交易所已经拥有数十只中国ETF，基于各种指数，这些指数提供商包括贝莱德、韩国的未来资产(Mirae)、海通证券(Haitong Securities)以及中信集团(Citic Group)旗下的华夏基金管理公司(China Asset Management)。但这些ETF品种有限。
A ‘smart beta’ fund weights stocks by measures other than market cap, and offers a halfway house between active and passive management styles. Many fund managers reckon that in a market such as China, where retail buyers dominate, a disciplined approach is likely to result in significant outperformance.
“智能贝塔”基金依据市值以外的其他衡量标准调整股票权重，提供了主动和被动型管理风格之间的中间道路。许多基金经理认为，在中国这样由散户主导的股票市场，遵守纪律的做法有望带来显著的超常表现。
Under Premia simulations, the Bedrock fund returned more than 30 per cent over three years — nine percentage points better than the CSI 300, and 12 percentage points better than MSCI China A-shares. However, its New Economy product under-performed those indices for the three years to June 2017.
根据Premia所做的模拟，基石基金在过去三年的回报率超过30%，比沪深300指数(CSI 300 index)的回报率高出9个百分点，比MSCI中国指数(MSCI China index)高出12个百分点。然而，其新经济基金在截至2017年6月的三年里表现逊于这些指数。
Premia Partners was founded in 2016 by Rebecca Chua, who was previously at BlackRock in Hong Kong and is a graduate of the Yale School of Management. The China A-share ETFs are Premia’s maiden products.
Premia Partners于2016年由蔡瑞怡(Rebecca Chua)创立，她曾在贝莱德香港工作，毕业于耶鲁大学管理学院(Yale School of Management)。两只中国A股ETF是Premia首推的产品。
BlackRock, owner of the iShares ETFs business, is the world’s largest asset manager with $5.98tn under management as of the third quarter.
拥有安硕ETF(iShares ETF)业务的贝莱德是全球最大资产管理公司，截至第三季度旗下管理着5.98万亿美元资产。
