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英国NCO基金管理公司(一)

(2008-07-11 16:06:05)
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北京华文翻译

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笔译

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口译

英国nco基金

股票

金融

分析

英国NCO基金管理公司(一) 

 

 

英国NCO基金管理公司(一)

 

中英对照

(部分)


3.1. NCO is a highly successful UK fund management company with a considerable reputation and track record investing in international markets.  Our key strengths are:
3.1. NCO是英国一家优秀的基金管理公司,在国际投资市场里声誉显赫、业绩非凡。本公司的关键优势是:

Business focus
Our sole activity is investment management, giving us a powerful focus.  Over 70% of our mandates are of a global nature and we have managed money on a global basis for over 25 years.
业务关注
我们的业务全部集中在投资管理,具有高度专门化的优势。我们代理的客户中有70%以上具有全球化特点,而我们在全球的基础上管理资金的历史已有25年的历史。

Performance culture
NCO are pioneers in investment performance accountability with over 95% of segregated clients remunerating us through performance related fees. This performance driven culture permeates through every decision we make, across corporate decision-making and of course investment selections. Our whole set-up is geared towards increasing the net worth of our clients.  This culture encourages teamwork, team accountability and team focus on pursuing every basis point of investment performance for our clients. 
绩效文化
NCO是投资绩效责任制的开创者,我们95%以上的独立客户是按照投资绩效向我们付费的。这种以绩效为动力的公司文化已渗透到我们的每次决定中,无论是公司决策,还是投资抉择。公司上下只有一个目标:那就是为客户的资产增值。这样的企业文化鼓励团队精神、团队责任和团队绩效。

Global perspective from a single location
The core of our investment philosophy is unchanged from our inception over 25 years ago.  We believe that a global comparison of companies is the best method of stock analysis. Though we think globally, we are consciously and deliberately based in a single location, London. This is in stark contrast to the majority of competitors and affords us some major advantages. Assessing global stock comparisons from a ‘neutral’ single location enables us to remain focused on objective decision-making as opposed to being caught up in local ‘noise’. We also avoid having to justify the expense of regionally located research teams, such as making local recommendations regardless of conviction and have greater control over prioritising the strongest global research ideas.
立足伦敦,胸怀全球
自创立之初,我们的核心投资理念25年以来从未发生改变。我们认为对所有的公司在全球范围内进行比较是股票分析的最好方法。我们总是站在全球的高度思考问题,但又自觉而特意地仅立足于一个地方 - 伦敦。这与我们大多数的同行们形成了鲜明的对比,也使我们具有几大优势。因为我们是从一个“中立”的地方来评估全球股票的特点,这样,我们就能够做出客观的决策,而免于受到当地“噪音”的干扰。我们也不必烦心于分布在各地区的研究团队的费用问题,不会违心地提出只对当地有利的建议,我们由此具有更强的控制力,就可优先地考虑那些最具说服力的着眼于全球的投资想法。

Efficient idea generation and rapid implementation
Our single location is a key enabling feature of our investment approach, which is based around free-flowing communication and creativity. The advantage of this is the output of efficiently generated ideas, which are then rapidly implemented for the benefit of our clients. Both points contribute directly to our achieving outperformance. Our investment process is as disciplined as our idea generation process is creative.
想得快做得也快
立足于一地是我们的重要特色,这使得我们的投资方案可以建立在沟通与创造力进行自由发挥的基础之上。这个优势不仅使我们能高效地产生各种投资想法,而且为了客户的利益我们能快速地执行投资方案。这两点直接为我们带来了更优异的成绩。我们的投资过程训练有素,如同我们投资想法的产生一样具有创造力。

Powerful combination of perspectives
Our career global industry analysts undertake the hub of our global research. Complementing our analysts are our global and specialist asset class fund managers.  All of our investment professionals provide different perspectives to the investment process and our single location provides clients with a single multi-disciplinary team. This makes us excellent multi-asset and specialist managers, as this structure is beneficial to both.
博采众长
我们职业的全球行业分析师在我们的全球研究中处于中心位置。而辅助这些分析师的是我们全球的、资产专家级的基金管理师。在投资过程中,我们的投资专家提供了所有的不同看法,而我们在伦敦的唯一立足地则向客户提供了一个多学科的团队。这使我们成为在多元资产和业界两个方面都很优秀的管理师,这两点正是得益于我们的这种团队结构。

Flexibility of approach
Our investment approach is pragmatic in that we are not wedded to any particular style bias – undervalued companies do not always fall into ‘growth’ or ‘value’ categories.  Our belief is that to be a superior asset manager, you need to be flexible and demonstrate an ability to provide consistently good investment returns at all stages of market cycles. We adjust our investment criteria with our changing interpretation of market conditions. This enables us to deliver against client performance expectations regardless of those market conditions.
灵活的投资方案
我们的投资方案是注重于实际效果的,因此我们不会在投资方案加入任何有特别风格的偏见 – 被低估的公司并不总是分成“成长”或“价值”的类别。我们追求的是成为一个出众的资产管理师,因此你要有灵活性,以显示你有能力在市场周期的所有阶段中都可以持续不断地向客户提供良好的投资回报。通过改变对市场状况的理解,我们调整了我们的投资标准。这使我们能够不辜负客户的期望而为他们带来回报,而不管市场状况是怎样的。

The consistency of our performance is the ultimate endorsement of our investment approach.
持续的投资绩效使我们的投资方案得到客户的最终认可。

3.2.1 NCO is distinguished by having career analysts who conduct their industry and sector research globally. These analysts have expert knowledge in their field. Their backgrounds are largely in accounting, consulting, stock broking or in industry.  Specialist global research at NCO is a separate career path from fund management.
3.2.1 NCO的特点是拥有职业的分析师。在全球范围内,他们致力于各自专业和行业的研究工作。这些分析师们掌握了他们各自领域的专门知识,专业背景主要是会计、咨询、股票经纪或者产业。NCO的专家们在全球的研究是源于基金管理的独立职业道路。

In addition to the equity analysts, the research team includes credit analysts, who provide complementary fundamental analysis, as well as providing expertise on specific credit issues. Furthermore, the global industry focus of the analysts is complemented by input from ‘regional’ portfolio managers with a wider view of the local market, covering the UK, US, Europe, and Asia.
除了资产分析师,研究团队还包括信用分析师。他们补充一些基础分析,同时还对特定的信用问题提供专业意见。此外,各“区域”的投资组合管理师在更宽广的视角上通过对各地,如英国、美国、欧洲和亚洲市场的了解,为这些分析师专注于全球产业的研究提供支持。

The research output from the global analysts is of course supplemented and also prioritised by our regional and global fund managers. It is the interaction between the professionals in these different and complementary roles that is so important to achieving the optimum output from our research. We employ a ‘twinning’ system (a global analyst twinned with a fund manager) to promote this interaction and to ensure ideas and issues are widely discussed and voiced across the house.
当然,全球分析师们的研究成果只是作为一种补充,但同时也是我们区域的和全球的基金管理师要优先考虑的。正是因为这些职能不同而又相互补充的专业人士之间的交流受到重视,才使得我们从投资研究中获得了最优的成果。我们使用的是一种“孪生”系统(一个全球分析师与一个基金管理师结为一对)。它促进了相互的交流,确保每一个投资想法和问题都得到广泛地讨论,确保每一种意见都得到整个机构的重视。

Research Process:
研究过程

One of NCO’s key strengths is its ability, through its global analysts, to conduct fundamental research across markets and not simply within the narrow confines of geographic borders. 
NCO的关键优势之一在于它有能力通过其全球的分析师对整个市场进行基础研究,而不是简单地局限在一个窄小的地理范围内。

Proprietary research conducted by our team of career global analysts is a major feature of our investment process. An analyst is expected to provide authoritative investment leadership for the House in their sector(s).  Their remit is very flexible, although structured by an awareness of the requirements of different client benchmarks across NCO.  For a typical client portfolio, an analyst needs to find 8-10 good ideas in their sector.
我们职业的全球分析师团队进行拥有自主产权的研究是我们投资过程的一大特色。一个分析师总是期望在他们的研究领域内为这个机构提供权威的投资领导力。他们的成果是很有灵活性的,即便在其结构上他们考虑了NCO的不同客户对基准指数的要求。对于一个典型的客户投资组合而言,一个分析师需要在他们的研究领域里找到8-10个好的投资想法。

The analysts look, on a global basis, for good quality companies on attractive valuations.  Our global investment approach concentrates on finding companies with good products, strong management and strategy, and which are attractively priced.  A thematic backdrop helps to stimulate the investment debate and highlights trends and areas of opportunity. 
分析师在一个全球的基础上通过令人信服的评估寻找出优秀的公司。我们的全球投资方案注重于寻找到拥有良好产品、管理和策略的公司,并且其价格也具有吸引力。通过主旨讨论的方式,我们鼓励对投资进行争论,以明确发展的趋势和机遇的范围。

Before assessing the relative attributes of individual stocks, we look at the ‘bigger picture’ to assess the global trends (themes) that we regard as the key forces driving change around the world.  Our themes provide a stimulus for investment debate at the widest level and provide the analysts with an additional focus when assessing the merits of the stocks in their sectors.
在评估单个股票的相关特性之前,我们总是将目光投在“更大前景”上,也就是关注于对全球趋势(主旨)的评估上,因为我们视此为全球变化的关键力量。我们的主旨讨论会会最宽广地激励对投资的争论,并为分析师在他们各自的领域内进行股票优点评估时提供额外的关注。

To reach our list of recommended stocks we may apply a number of initial screens on the portfolio's universe, although these will change over time given market expectations.  Typical screens would include future and trailing P/E ratios, EPS growth expectations, positive earnings momentum, and earnings stability. 
为了列出我们推荐的股票清单,我们在开始时会为所有的投资组合使用一些展示屏,虽然这个清单会随时因为对市场期望的不同而发生变化。在典型的展示屏上会包括:未来及当前的市盈率、每股盈利增长预测、收益的积极因素以及收益的稳定性。

A variety of valuation techniques are used, including earnings, asset value, cashflow and cost of capital measurements.  The measurements used will reflect their appropriateness to a particular industry or company. However, although our global analysts perform detailed analysis of company fundamentals on each stock in which NCO invests, we do not give particular weight to any individual accounting ratio in our analysis.
我们运用了多种多样的评估技术,包括有收益、资产价值、现金流以及资本成本计量。所用到的计量技术将反映出资本对特定行业或公司的适用性。然而,即便我们的全球分析师们对NCO投资的每一个股票的公司基本情况进行了详细地分析,但我们也不会在我们的分析中对任何单个会计比率给出具体的比重。

Dogmatic adherence to any particular ratio would inevitably result in some information being missed. For example, EV/EBITDA gives no indication of the financial risk within a company, while P/CF misses a company’s potential need to reinvest to sustain itself. We believe that it is better to understand the company accounts as a whole in order to appreciate fully the risks it faces and the value it represents, as well as its ability to generate cash.
教条地固执于某些特定的比率将不可避免地遗漏一些信息。例如,EV/EBITDA(公司价值/未计利息、税项、折旧及摊销前盈利)并没有对一个公司内部的金融风险给出警示,而P/CF(市价现金流比率)则忽略了公司潜在的为维持自身而进行再投资的需求。我们认为最好从整体上认识一个公司的账目,这样就可以全面地识别出这个公司所面临的风险、所显现出的价值,以及它产生现金的能力。

We do not have fixed guidelines on the number of companies that are followed by each analyst. NCO's team of global analysts is organised by sector and each analyst has the flexibility to look at any opportunity within that industry. As a result, the number of companies followed will vary as their research identifies potential candidates for stock selection within their respective sectors.  All companies purchased for client portfolios will be followed by one of our global analysts or regional specialists.
对每个分析师所研究的公司数目,我们没有固定的规定。NCO的全球分析师团队是按研究领域组织起来的,每个分析师在所处的行业内寻找机会具有很大的灵活性。因而,被研究的公司数目会随着分析师在其相应的领域内研究的对潜在候选公司的股票选择的多少而不同。为客户投资组合而购买的所有公司的股票将被我们的全球分析师或区域专家中的一员来研究。

Company visits are an important part of NCO's decision making. Most of our research of this type is aimed at deepening our existing knowledge of companies as it helps us to understand companies more intimately.
对这些公司进行参观是NCO决策的一个重要部分。我们大多数的这种类型研究的目的就是要加深我们目前对这些公司的认识,帮助我们对这些公司有更加密切的了解。

NCO meets with the management of companies they own on a regular basis. NCO also meets with the management of companies that are being considered for investment or sale, all of which is part of our research effort in providing a view of the particular company. 
NCO不仅满足了对他们拥有的常规公司的管理,还满足了对那些被认为要进行投资或被出售的公司的管理。所有这些都是我们为了解特定公司所做研究的一部分。

Research Output:
研究成果

We have a clearly defined investment process to ensure that all analyst recommendations are communicated to the whole investment team.  Teamwork is critical to the success of our process; analysts and fund managers work together through formal and informal meetings to make sure the best ideas are reflected in all our client portfolios.
我们对投资过程有很清晰的定义,以确保所有分析师所做的推荐都能在整个投资团队中得到沟通。团队工作对我们投资过程的成功是很重要的;分析师和基金管理师通过正式的和非正式的会议在一起合作,以保证最好的投资想法都能反映在我们所有的客户投资组合中。

The Research Recommended Lists for the UK and World ex-UK reflect analysts’ stock recommendations and provide the basis for model portfolios. The lists look similar to portfolios, though they are drawn up purely as stock selections, with weightings according to the strength of an analyst’s view, rather than being genuine, constructed model portfolios.  The lists are broken up by sector, with the analysts making recommendations on the stocks they believe will achieve real outperformance in their sector.  Any change in the analysts’ recommended lists is immediately highlighted to the fund managers. 
研究推荐表(RRL)是为英国以及除了英国以外的国家所作的,对分析师所推荐的股票进行了反映,并为投资组合模型打下基础。这个推荐表看起来与投资组合很相似,但它们纯粹是为股票的选择而提出的,并根据分析师的观点对股票的优势作了重点的说明,因而它们并不是对投资组合模型真实的表现。这个表在不同的领域会有所不同。分析师认为他们所推荐的股票在他们各自的领域内确实能取得超出别人的绩效。分析师的推荐表中如果发生任何变化,都要立即向基金管理师明确地指示出来。

In addition to the RRL’s, a prioritisation process is undertaken by a small group of senior investment staff.  The group attempts to capture all the best ideas being discussed around the house or coming out of the investment meetings.  Individual analysts or managers may complete a research prioritisation form requesting that an idea be investigated.  The group reviews all of these ideas and prioritises the analysts to investigate these potential investments. 
除了这些研究推荐表(RRL),一个由高级投资职员组成的小组会采取一个优先进行的程序。这个小组试图有效地利用由机构或团队产生的所有最好的投资想法。单个的分析师或管理师会完成一个“优先研究”的表格,以对投资想法进行调查。这个小组会审查所有的投资想法,并确定分析师是否优先对这些潜在的投资进行调查。

Managers’ model portfolios and analysts’ recommended lists are regularly compared and analysed to highlight differences and opportunities.
对管理师的投资组合模型以及分析师的推荐表,要定期进行比较和分析,以明确二者的差异和机遇。

External Research:
外部研究

 Each individual analyst is encouraged to use a range of different sources to generate ideas and develop stock recommendations.  External research, typically provided by brokers or other counterparties, can assist the global analysts in forming a base upon which to build their proprietary research into the future prospects of a company.  We utilise broker research for the base data provided to aid us in coming up with our own forecasts and recommendation on the stock and to gauge the feeling of the broader market towards the stock. We never act on broker recommendations, always undertaking our proprietary research on the company in question.
 每一个分析师都被鼓励可以使用一定范围的不同资源,以产生投资想法并对股票推荐进行改进。这些外部研究主要由经纪公司或其它公司提供,它们能够作为一个基础而辅助我们的全球分析师完成他们拥用自主产权的、对一个公司的未来前景进行的研究。利用经纪公司为帮助我们而提供的研究作为基础数据,我们形成了自己的预测以及对股票的推荐,并对股票在市场上更宽广的机会进行估量。我们从来不会按照经纪公司的建议而采取任何行动,而总是运用我们拥有自主产权的对问题公司进行的研究成果。


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