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英国NCO基金管理公司(二)

(2008-07-11 16:12:32)
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北京华文翻译

北京翻译

笔译

翻译

金融

口译

英国nco基金

分析

财经

 英国NCO基金管理公司(二)

 

英国NCO基金管理公司(二)

 

中英对照

(部分)

 

In summary, the vast majority of our research is proprietary and is consistently applied across sectors on a global basis.
总之,我们绝大多数的研究都拥有自主产权,并且在一个全球的基础上与产业的适用性相一致。

3.2.2 All investment decisions that impact the portfolio ultimately lie with the portfolio manager. Portfolio managers are grouped into teams managing similarly benchmarked funds.  Each team produces a model portfolio appropriate to its benchmark.  Managers’ models and analysts’ recommended lists are regularly compared and analysed to monitor commonality.
3.2.2 对投资组合产生影响的所有投资决策最终由投资组合管理师来负责。投资组合管理师被分成小组,各自对相类似的基准基金进行管理。每一个团队都建立起一个适用于该基准的投资组合模型。对管理师的模型和分析师的推荐表要定期地进行对比和分析,以找出它们的相同之处。

Unlike some investment firms, our fund managers are fund managers as opposed to portfolio implementers.  They have full accountability for portfolio construction, and by drawing on the rich output generated by the whole investment team, provide the focal point for coordinating NCO’s best global ideas into each portfolio.
与某些投资企业不同的是,相对于投资组合执行人员,我们的基金管理师就是基金管理师。他们对投资组合的结构负有完全的责任,要通过整个投资团队的努力使投资组合产生可观的产出,并致力于将NCO全球最好的投资想法运用到每一个投资组合中去。

3.2.3 NCO’s global analysts produce Research Recommended Lists (RRLs) for the UK and World ex-UK reflecting stock recommendations and providing 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. 
3.2.3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。

Model portfolios for each key type of mandate form the basis of the link between idea generation and portfolio construction.  Each team develops an idealised model of their portfolio, reflecting their view of the optimal route to capture value within the market, without any guidelines imposed beyond the desk or house limitations.  The models express views in their “purest” form, they are then adapted to reflect individual fund restrictions and risk tolerance. 
为每一个关键类型的客户所作的投资组合模型形成了连接投资想法产生和投资组合构建的基础。每个团队为他们的投资组合建立一个理想化的模型,提出他们对在市场中获取价值的最佳途径的观点,而不超出团队或机构所作的限定。这种模型以一种最纯粹的形式表达了他们的看法。它们随后会根据具体的基金限制和风险容限而加以修改和完善。

In the construction of models, each team will select stocks from the RRLs, and weight each stock in relation to their view of the region and outputs from our in-house economists/strategists. The model portfolios will thus indicate implicit, rather than specific, position size recommendations.  There is no set formula for determining individual stock weights.  Portfolios are constructed with reference to the model portfolio with deviations reflecting the differing objectives and risk tolerances of clients.
在构建模型时,每个团队将从研究推荐表(RRL)中选择股票,并根据他们对该地区的看法以及机构内部的经济学家或策略专家们的研究结果,决定每个股票的投资比重。这样,投资组合模型对头寸规模的推荐是隐含的而不是明确地指出的。这里没用固定的公式用来确定单个股票的比重。根据客户各自不同的目标以及风险容限,对投资组合模型进行调整就能构建出投资组合。

Deviations from the lead portfolio are closely monitored. Some discretion is allowed to deviate from the model asset allocation to provide the portfolio manager with the flexibility to reflect the differing objectives and risk tolerances of their clients.  There are no strict limits; but as the model is arrived at through consensus and reflects the desk view, commonality is typically high. 
对主导的投资组合进行的调整,我们要进行密切的监控。投资组合管理师可以灵活地对资产分配模型进行一些修改,以适应他们客户的不同目标和风险容限。这里没有严格的限定,但是由于分析师所得到的模型都是经过一致同意的,并反映了团队的观点,因此共同之处比较多。

Models are used not only in the portfolio construction process, but also as a tool for subsequent performance monitoring in terms of commonality, risk profile and appropriateness. In addition, the model is used as an internal communication tool, providing a very efficient means for each team to indicate their views to the rest of the house.
投资组合模型不仅可以应用于投资组合的构建过程中,而且还可以作为一种工具对后续的绩效进行共同性、风险特性以及适用性等方面的监控。另外,这个模型可用作内部的沟通工具,为每一个团队提供了一个很有效的方法,使他们可以与机构的其它人员交流看法。

Benchmarks are used primarily as a guide to asset allocation weightings and performance, rather than dictating portfolio construction.  This approach reflects our view that index weightings are not particularly relevant with respect to the market outlook for each country/sector.  As a result we are not constrained by absolute maximums, although country and sector weightings are rigorously monitored.
除了对投资组合的构建进行指导外,基准点主要被用作对资产分配的比重和绩效进行指导。这种投资方案反映了我们的一种观点,即指数权重并不与每个国家或产业的市场前景有着特别的关联。所以,我们不会被绝对的最大值所制约,虽然国家的和产业的比重受到了严格的监控。

It is the responsibility of the individual portfolio manager to implement prevailing strategy for his/her funds and construct a portfolio drawing on the house themes, expected trends, views on individual markets and the best ideas from research, based on the model portfolio but also reflecting individual guidelines.
单个投资组合管理师有责任为他或她的基金实施占据优势的策略,并且构建一个投资组合,以反映出机构主旨、预期趋势、有关单独市场的观点以及从研究中得到的最佳想法。这个组合以投资组合模型为基础,但同时又反映了单独的规定。

3.2.4 The unit operates on the basis of open internal communication, can programme trade and is fully FSA compliant.  There is no proprietary trading.  Although the individual team members have specific areas of expertise, the unit operates on a team basis, providing full market coverage at all times.  Team members have been with the company for an average of 10 years, and have an average 14 years’ investment experience.
3.2.4 各单位的运作可在开放的内部沟通的基础上有计划地开展,并完全与FSA相适应。这里不存在非自主产权的交易。虽然单个的团队成员在各自专业上拥有特定的领域,但各单位以团队为基础的运作在任何时候都完全对市场进行负责。所有团队成员在公司工作的平均年限有10年,而且每个人平均有14年的投资经验。

3.2.5 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. 
3.2.5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/C(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。

3.2.6 The overall framework for risk management at NCO may be summarised as the management of risk management through the investment process, not through controls.
3.2.6 在NCO,风险管理的全部框架可总结为:通过投资过程对风险管理进行管理,而不是通过控制。

At the forefront of risk awareness and risk management are NCO’s portfolio managers, who actively manage risk and return on a daily basis, and participate in the process by which ideas are generated, shared, evaluated and implemented in portfolios.
NCO的投资组合管理师位于风险意识和风险管理的最前线,他们每天都积极地对风险和回报进行管理,并参与到投资想法在投资组合中得以产生、分享、评估和实施的过程中去。

Risk monitoring by the Portfolio Analytics Team (PAT) and Portfolio Analysis Group (PAG) is a “quality control” activity with the objective of protecting the interests of the clients (and thus of NCO).  The PAT and PAG regularly review and identify risk inherent in each portfolio.  This ensures that the manager takes only intended and appropriate risk in accordance with the client’s objectives.  The analysis also ensures that house views are being adequately and appropriately expressed in portfolios.
投资组合分析团队(PAT)和投资组合分析组(PAG)对风险的监控是一项“质控”活动,这的目标就是要保护客户的利益(以及由此保护了NCO的利益)。PAT和PAG定期审查和确认在每个投资组合中存在的风险。这保证了管理师只需解决符合客户目标的有计划的和适合的风险。它还保证了机构的观点被充分地、适当地表现在投资组合中。

The PAT is part of the investment team, and supports the Portfolio Analysis Group and the CIO by providing information on portfolio construction and risk profiles. The PAT produces comparative and independent analysis of portfolios, and maintains lead model portfolios on Quasar.
PAT是投资团队的一部分,它通过提供投资组合构建以及风险特性等信息对PAG和首席信息官予以支持。PAT对投资组合进行独立地比较和分析,以保持它在Quasar中作为主导的投资组合模型。

The PAG is a committee that meets monthly with representatives from the PAT and the investment management team, to review a detailed pack of information on the risk profiles of portfolios. The PAG is responsible for identifying the most important risk-related issues and highlighting them to portfolio managers and the Chief Investment Officer. 
PAG是一个委员会,每月要会见来自PAT和投资管理团队的代表,审阅有关投资组合风险的详细信息。PAG负责确认最重要的、与风险相关的问题以及将这些问题向投资组合管理师和首席投资官进行明确的指示。

NCO would define investment risk as being the possibility of significant difference between the returns for a portfolio and its benchmark.
NCO将根据投资组合的回报和它的基准之间可能存在的明显差异而对投资风险进行确定。

3.2.7 All investment decisions that impact the portfolio ultimately lie with the portfolio manager. Portfolio managers are grouped into teams managing similarly benchmarked funds.  Each team produces a model portfolio appropriate to its benchmark.  Managers’ models and analysts’ recommended lists are regularly compared and analysed to monitor commonality.
3.2.7对投资组合产生影响的所有投资决策最终由投资组合管理师来负责。投资组合管理师被分成小组,各自对相类似的基准基金进行管理。每一个团队都建立起一个适用于该基准的投资组合模型。对管理师的模型和分析师的推荐表要定期地进行对比和分析,以找出它们的相同之处。

Unlike some investment firms, our fund managers are fund managers as opposed to portfolio implementers.  They have full accountability for portfolio construction, and by drawing on the rich output generated by the whole investment team, provide the focal point for coordinating NCO’s best global ideas into each portfolio.
与某些投资企业不同的是,相对于投资组合执行人员,我们的基金管理师就是基金管理师。他们对投资组合的结构负有完全的责任,要通过整个投资团队的努力使投资组合产生可观的产出,并致力于将NCO全球最好的投资想法运用到每一个投资组合中去。

3.2. A strategy group, drawing on the expertise of various analysts and managers, as well as dedicated strategists, is tasked with providing an economic and strategic backdrop to our stock selection process.  The Group also considers investment themes.  These attempt to encapsulate major trends such as changing demographics, the effects of globalisation or the impact of new technologies.
 3.2.  策略小组将对分析师、管理师以及策略专家的各种专业意见进行归纳和吸收,并负责对我们的股票选择过程提供一个经济的、策略的背景。这个小组还要考虑到投资主旨。所有这些都尝试将主要的发展趋势,如:人口统计学、全球化影响以及新技术的影响等都考虑进来。
 
 This strategic and thematic debate acts as a stimulus to the investment process, highlighting areas of opportunity.  Fundamental research by our global analysts and fund managers can then be focused towards stocks not only offering strong financial positioning, good management and attractive valuation but also benefiting from favourable long-term trends.
 这种对策略和主旨的讨论成为投资过程的一种激励,从而明确地发现了机遇的范围。这样,我们全球的分析师以及基金管理师所进行的基础研究就可以专注于股票之上,不仅可以向我们提供强有力的金融头寸、良好的管理以及有吸引力的评估,而且还从有利的长期趋势得到受益。
 
 The analysts look, on a global basis, for good quality companies on attractive valuations. 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.
分析师在全球的基础上通过令人信服的评估寻找优秀的公司。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。
 
 When purchasing a stock, therefore, the potential upside will have been evaluated. Target prices are constantly reviewed through the UK, global and research meetings. Stocks are also monitored on NCO’s proprietary research database, whilst the analysts and fund managers continually assess the implications of movements in the markets, news, or developments affecting holdings. The information gathered from these reviews may result in the decision to take profits or to increase, reduce or sell out of a position entirely.
 当我们购买了一个股票后,我们就对它的上升潜力进行评估。目标价格不断地在英国、全球以及研究会议上被审查。股票也同样在NCO拥有自主产权的研究数据库中进行监控,同时,分析师和基金管理师也持续地对市场、新闻或者影响所持股票的事件发展所暗含的趋势变化进行评估。从这些审查中得到的信息将会形成决策,以决定是进行套利还是进行增持,是进行减持还是售出全部头寸。
 
 Buy and sell decisions will typically be a result of one or more of the following:
 买与卖的决策主要有以下一个或几个原因:
 
• A change in investment theme or strategy
• Profit-taking
• A significant change in the prospects of a company
• Price movement and market activity have created an extreme valuation
• The valuation has become cheap/expensive against peers
• 投资主旨或策略的改变
• 套利
• 公司前景发生显著变化
• 由于价格变动和市场行为而产生一个极端的估价
• 估价变低或变高

Model portfolios for each key type of mandate form the basis of the link between idea generation and portfolio construction.  Each team develops an idealised model of their portfolio, reflecting their view of the optimal route to capture value within the market, without any guidelines imposed beyond the desk or house limitations.  The models express views in their “purest” form, they are then adapted to reflect individual fund restrictions and risk tolerance. 
为每一个关键类型的客户所作的投资组合模型形成了连接投资想法产生和投资组合构建的基础。每个团队为他们的投资组合建立一个理想化的模型,提出他们对在市场中获取价值的最佳途径的观点,而不超出团队或机构所作的限定。这种模型以一种最纯粹的形式表达了他们的看法。它们随后会根据具体的基金限制和风险容限而加以修改和完善。
Deviations from the lead portfolio are closely monitored. Some discretion is allowed to deviate from the model asset allocation to provide the portfolio manager with the flexibility to reflect the differing objectives and risk tolerances of their clients.  There are no strict limits; but as the model is arrived at through consensus and reflects the desk view, commonality is typically high. 
对主导的投资组合进行的调整,我们要进行密切的监控。投资组合管理师可以灵活地对资产分配模型进行一些修改,以适应他们客户的不同目标和风险容限。这里没有严格的限定,但是由于分析师所得到的模型都是经过一致同意的,并反映了团队的观点,因此共同之处比较多。

3.4. NCO’s investment philosophy is inherent in the structure of its investment process and team.  NCO believes that its success in investment management is the result of a number of powerful factors -
3.4. NCO的投资理念是包含在它的投资过程和团队结构之中的。NCO相信:它在投资管理方面的成功,源于以下一些让人信服的因素:

• Focussing the investment debate with a thematic backdrop of observable trends
• Drawing on our long history of global proprietary research and portfolio management combined with expertise in domestic markets such as the UK, Continental Europe, Japan and Asia
• Ensuring that the entire investment team is responsible for generating investment ideas, to ensure that there is a high proportion of potential decision makers within the team, and that no individual can dominate the investment thinking or process
• Ensuring that the investment process is adaptable, flexible and opportunistic and can capture ideas without stifling creativity
• Building an investment team with a rich mix of generalists and specialists
• Locating the team on a single investment floor to encourage constant debate
• 注重对投资的讨论,召开投资主旨会议,找出发展趋势
• 很早就在国内市场运用专门的技术在全球范围内进行拥有自主产权的研究以及投资组合管理,内容涉及英国、欧洲大陆、日本和亚洲
• 确保整个投资团队对投资想法的产生负起责任,确保在团队中有高比率的潜在决策者,并确保任何单个人都不可对投资思考或过程进行支配
• 确保投资过程是可适用的、灵活的和有机会的,而且能有效利用所有的投资想法,而不是压制团队的创造力
• 打造一个既有通才又有专才的高效组合在一起的团队
• 团队都工作在同一个地点,不断激励他们对投资展开讨论

3.5. NCO’s organisational structure encourages lateral thinking, fluid communication and swift implementation.
3.5. NCO的组织机构有利于激励水平思考、自由沟通和快速执行。

Interaction between the analysts and fund managers is both formal and informal.  Importantly, the analysts and fund managers are all located on a single investment floor in London to provide optimum results and sound controls.  (A couple of our UK equity fund managers split their working week between London and Leeds).  There is a high level of informal debate amongst the analysts and fund managers, without the impediment of distance or different time zones, ensuring that the investment process is adaptable, flexible and opportunistic and can capture ideas without stifling creativity and has built an investment team with a rich mix of generalists and specialists.
分析师和基金管理师之间的交流既有正式的又有非正式的。重要的是,分析师和基金管理师都工作在伦敦的同一个投资办公室,因而可以产生最适宜的结果和进行最有效的控制。(我们部分的资产管理师同时在伦敦和利兹两个城市之间来回工作)。在分析师和基金管理师之间,我们可以召开高水平的正式讨论会,而不会存在距离或时差上的妨碍,这保证了投资过程的适用性、灵活性和机会性,从而有效地利用每一个投资想法,而不是压制团队的创造力,并已经打造出一个既有通才又有专才的高效组合在一起的团队。

3.6. The research department maintains an intranet database, available to all investment staff, holding financial information on companies held or potential investments.  All company or sector comments made by the analysts at internal meetings are minuted on the database, which also holds company meeting notes, strategy documents, corporate governance statements and the like. In addition, the database links into various external services.
3.6. 我们的研究部门拥有一个内部网的数据库,所有的投资职员都可以利用。它上面有公司掌握的信息或有关潜在投资的信息。所有分析师在内部会议上对公司或产业的评论也实时地反映在这个数据库中。这里还包括有公司会议记录、策略文件、公司管理规定等内容。此外,这个数据库还同各种外部服务相链接。

3.7. Where we are permitted to use derivatives by our clients, we may use forward currency contracts to protect the capital value of a portfolio against a weak currency.  Where possible we also like the flexibility to buy put options at the market index level, again for downside protection. We would generally only use derivatives for efficient portfolio management purposes. 
3.7. 当我们被允许利用客户的派生金融工具时,我们会运用货币期货合约来保护在货币疲软时投资组合的资本价值。如有可能,我们同样也愿意在市场指数的水平上购买认沽期权,以进行下跌保护。一般地,我们将只在有效的投资组合管理的情况下才用到衍生金融工具。

It is the portfolio manager who is responsible for managing and implementing derivative strategies. We have a derivatives process whereby ‘gatekeepers’ assess each and every derivatives trade in the company before they are transacted. The Derivatives Control Group, chaired by our Chief Executive Helena Morrissey, reviews all derivative positions across the company each month.
投资组合管理师要负责管理和执行衍生金融工具的策略。在衍生金融工具交易之前,我们会有一个衍生金融工具程序。在那里,“看门人”(Gatekeeper)会评估每一个衍生金融工具以及它的每一笔交易。衍生金融工具控制小组,它的主席就是我们的首席执行官Helena Morrissey,每个月他将审查公司里所有的衍生金融工具的头寸情况。

 


资料来源:北京华文翻译公司

 

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