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 When the Chinese market storm hit, this manager was ready-ZT |
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科尔沁草原殿下
头衔: 海归少校
声望: 博导
性别: 
加入时间: 2007/03/04
文章: 2263
来自: 哲里木盟科尔沁左翼中旗木里图苏木爱搞不搞嘎差
海归分: 25873
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作者：科尔沁草原殿下 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
When the Chinese market storm hit, this manager was ready to scoop up the resulting bargains.
Earlier this year, Chuk Wong believed Asian markets were vulnerable. Anticipating a downturn, the lead manager of the $66-million Dynamic Far East Value and the $473-million Dynamic Global Value allowed his cash reserves in the two funds to grow to about 16%.
Once the Shanghai-centred market storm hit in late February, he was ready to put some of that buying power to work. "With a little bit more cash, we can step in and buy stocks at lower valuations," says Wong, a vice-president and portfolio manager with Goodman & Co., Investment Counsel Ltd. in Toronto. He has managed Dynamic Far East Value since 1996 and Dynamic Global Value since 2003.
Fluctuations in his cash reserve explain only a small part of how Wong has become one of the country's best performing managers in the Asia-Pacific Rim Equity category. A value-oriented manager in a high-risk, high-growth market, he focuses on companies with strong balance sheets and healthy cash flows.
To cut through a universe of more than 10,000 companies worldwide, Wong runs a valuation screen every Friday. He then uses conventional metrics -- such as price to cash flow, price-earnings and price-to-book ratios and dividend yields -- to assess the value of stocks.
As well, in the past seven months, Wong has developed a risk-profile monitoring tool for the global fund and is fine-tuning a similar one for the Far East mandate. Any such measures are welcome, given that historically the fund's 12-month returns have ranged between a spectacular 103.7% in calendar 1999, to a devastating 45.7% loss in the 12 months ended in March 2001.
Wong's other strategies to mitigate risk include ensuring that he is diversified by country, by industry sector and by individual security. He'll keep his exposure to any one country or industry at less than 30% of the portfolio.
Currently, the top three country weightings are 15% in China, 13% in South Korea and 12% in Taiwan. In terms of individual securities, the fund currently holds about 50 positions. The maximum for any one holding is less than 5% of the overall portfolio.
Wong holds a range of market capitalizations, and he demands higher expected returns for his smaller names. Among large-cap companies, he seeks stocks with an expected return of 40% to 50% over the course of three to five years. In the small- and mid-cap segment, he looks for stocks that he expects will return 50% to 60% over the same period.
Another one of Wong's strategies, in a region known for its widely fluctuating currency exchange rates, is selective currency hedging. However, right now there is no hedging in Dynamic Far East Value because Wong expects Asian currencies to appreciate over time. But in Dynamic Global Value, Wong is hedging his U.S. dollar exposure.
Wong's investment strategy has produced meagre absolute returns during his tenure. Dynamic Far East Value has an annualized 10-year return of 4.3%. But in relative terms, his fund is a standout. Over the same period, the median mutual fund in his peer group has lost money at an annualized rate of 0.4%.
Despite the recent market shocks, Wong is hopeful that Asian returns will improve. "While stock prices could be weak and volatile in the near run," he says, "my assessment is that it's not the beginning of a bear market. Markets in China, India and Vietnam have exhibited unprecedented strong growth, which will likely continue as they become more integrated with developed countries."
The Hong Kong-born Wong graduated from the Chinese University of Hong Kong in 1984 with a bachelor of business administration. After working for two years as a loans syndication officer at the Bank of East Asia, he moved to Vancouver to obtain a masters of science in business administration from the University of British Columbia in 1989. Upon graduation, he joined Daiwa Securities Canada Ltd. as a sales associate.
In 1991, he rejoined the Bank of East Asia in Hong Kong as an analyst. He then moved to Toronto and became and analyst with Gluskin Sheff and Associates Inc. from 1993 to 1996. He joined Goodman in 1996 to run the Dynamic Far East mandate, and is now responsible for about $700 million in total assets under management.
Looking back 11 years ago when he began managing Dynamic Far East Value, Wong says he was more a "one-dimensional manager" focused on stocks that would go up. His job today, he says, is not just to pick stocks that go up but also to manage risk -- and the lower the risk the better.
作者：科尔沁草原殿下 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 When the Chinese market storm hit, this manager was ready-ZT -- 科尔沁草原殿下 - (4676 Byte) 2007-4-10 周二, 01:27 (965 reads)
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