近日，《亞洲對(duì)沖基金雜志》報(bào)道了諾亞財(cái)富旗下的歌斐中國(guó)母基金于上半年取得強(qiáng)勁回報(bào)，接下來(lái)我們一起看看中英文對(duì)照原文吧！~

歌斐海外中國(guó)股票精選離岸專項(xiàng)基金在今年前六個(gè)月取得17.10%的強(qiáng)勁回報(bào)

Gopher Asset Management’s high-conviction Gopher China Equity Selection Offshore Master Fund delivered a robust 17.10% return in the first six months of the year to rank as one of the better performing fund of hedge funds in the region this year.

歌斐旗下歌斐海外中國(guó)股票精選離岸專項(xiàng)基金在今年前六個(gè)月取得了強(qiáng)勁的17.10％回報(bào)，成為今年該地區(qū)對(duì)沖基金表現(xiàn)優(yōu)異的基金之一。

The strategy, which runs close to $100 million in assets, was invested in 10 China-focused hedge funds as at the end of June – which included Larry Chen’s Tairen Fund and George Jiang’s Golden China Fund at Greenwoods Asset Management.

該策略，目前投資規(guī)模近1億美元，截至于今年六月投資了近10個(gè)大中華側(cè)重的對(duì)沖基金，其中包括陳立人(Larry Chen) 的泰仁基金，蔣錦志(George Jiang)的景林金色中國(guó)基金。

The Cayman-registered fund-of-hedge funds is managed by William Ma, the chief investment officer of Gopher at Noah Holdings, together with Paul Gan, who prior to joining Noah late last year was deputy portfolio manager at LGT Capital Partners. Gopher is controlled by Shanghai-headquartered wealth company Noah Holdings.

這只注冊(cè)于開(kāi)曼的對(duì)沖母基金由諾亞控股有限公司旗下的諾亞香港及歌斐資產(chǎn)聯(lián)席首席投資官、歌斐資產(chǎn)全委投資董事總經(jīng)理馬暉洪（William Ma）和投資董事顏呈煒(Paul Gan)共同管理。顏呈煒于去年11月加入諾亞，在加入諾亞之前，他擔(dān)任LGT Capital Partners的副投資組合經(jīng)理。歌斐是總部坐落于上海的諾亞控股有限公司旗下公司。

Among the more notable changes to the Gopher portfolio this year was the significant increase in its exposure to the Tairen China Fund to the teens by the end of June – a move that partly explains its strong performance this year as Tairen has outperformed many of its peers in recent months.

今年截至六月時(shí)，歌斐投資組合較顯著的＂組合＂調(diào)整為增加了對(duì)泰仁中國(guó)基金(TAIREN CHINA FUND)的配置，此部分解釋母基金上半年表現(xiàn)，因?yàn)樘┤式鼛讉€(gè)月的業(yè)績(jī)表現(xiàn)優(yōu)于同行。

Ma said his team is looking to allocate more to managers with strong exposure to China A shares given the sustained rally on the asset class after the increased interest among institutional allocators with its inclusion next year in MSCI’s emerging market indices.

馬暉洪表示，他的團(tuán)隊(duì)正計(jì)劃加倉(cāng)配置更多在中國(guó)A股有優(yōu)勢(shì)的對(duì)沖基金管理人，因?yàn)橄嚓P(guān)資產(chǎn)持續(xù)走強(qiáng)，機(jī)構(gòu)投資人對(duì)于此資產(chǎn)需求持續(xù)增加，看好明年A股會(huì)納入MSCI新興市場(chǎng)指數(shù)。

Meanwhile, the Greenwoods Golden China Fund, a directional-bias strategy managed by veteran China manager George Jiang at Greenwoods Asset Management, delivered a 27% return in the first half, contributing in a big way to Gopher’s performance

同時(shí)，景林金色中國(guó)基金，一只由景林資產(chǎn)管理公司資深中國(guó)管理人蔣錦志所管理的偏長(zhǎng)倉(cāng)策略對(duì)沖基金，在上半年取得27％的回報(bào)，為歌斐的業(yè)績(jī)做出了重大貢獻(xiàn)。

The Gopher fund posted in March its strongest performance for the first half when it clocked a 4.61% gain. It has yet to experience a monthly drawdown this year in contrast to 2016 when the strategy was down 3.80% for the full year. The strategy gained 13.76% in 2015 and 26.76% in 2014. The Gopher strategy runs on average a net long exposure of 45% at the portfolio level.

歌斐基金上半年表現(xiàn)最強(qiáng)勁的是三月，漲4.61％。今年還沒(méi)有一個(gè)月是回撤的，相比去年全年以回撤3.8%總結(jié)全年。該策略在2015年回報(bào)為13.76％，2014年回報(bào)為26.76％。歌斐的策略的平均組合凈長(zhǎng)倉(cāng)敞口為45%。

The team say they will hard close the fund when it reaches its capacity size of around $1 billion. Gan said the ability and willingness of the team at Gopher to actively manage the portfolio is a key differentiating factor.

該團(tuán)隊(duì)表示，如果達(dá)到10億美元的規(guī)模，他們將強(qiáng)制關(guān)閉該基金。顏先生表示，歌斐團(tuán)隊(duì)的主動(dòng)管理組合的能力和意愿是主要該基金的最大差異因素。

“A lot of our peers like to use a buy-and-hold approach with their high-conviction managers,” he said. “We are different from that perspective, because we do not shy away from aggressively taking profit after a manager has an extended run, or quickly scaling up exposure in managers whom we think have good potential to do well in the months ahead.”

他說(shuō)：“我們很多同行買(mǎi)入并長(zhǎng)期持有一些看好的子基金。”我們有些不同，因?yàn)槲覀冊(cè)敢夥e極地止盈和加倉(cāng)。”馬暉洪說(shuō)”我們不會(huì)因?yàn)榛鸪掷m(xù)上漲，而對(duì)是否要鎖定利潤(rùn)贖回猶豫不決，相反的，如果我們繼續(xù)看好某個(gè)管理人在接下去幾個(gè)月的表現(xiàn)，我們也會(huì)非常積極地加倉(cāng)。”

Another key differentiating factor is Noah’s network in China itself, added Ma. “We have at least 180 people in China, we run more than $18 billion in onshore assets and our domestic China hedge fund team already covers half of the 7,500 hedge funds in operation in China – so we see ourselves as better able to collaborate and exchange significant pieces of information compared to other global players,” he said.

另一個(gè)重要的區(qū)別因素是諾亞在中國(guó)的工作網(wǎng)絡(luò)，馬暉洪補(bǔ)充說(shuō)。 “我們?cè)谥袊?guó)的團(tuán)隊(duì)至少有180人，我們?cè)诰硟?nèi)管理的資產(chǎn)超過(guò)180億美元，而我們國(guó)內(nèi)的中國(guó)對(duì)沖基金投資團(tuán)隊(duì)已經(jīng)覆蓋了7,500個(gè)對(duì)沖基金中的一半， 所以我們認(rèn)為與其他國(guó)際同行相比，我們能夠有更好的合作與信息交換條件。”

Gan added that the Gopher fund originally started with a ‘highly concentrated’ approach holding no more than five managers, but the number grew to 10 after Ma joined in 2015.

顏呈煒補(bǔ)充說(shuō)，歌斐基金最初以“高度集中”的方式開(kāi)始，持有不超過(guò)五名的經(jīng)理人，但自從2015年馬暉洪加入之后，投資的基金經(jīng)理數(shù)已經(jīng)上升到10只。

Ma considers 10 managers as the ideal number, adding that going beyond that number increases the risk of over-diversifying.

馬暉洪認(rèn)為10只基金經(jīng)理人是理想基金數(shù)，超過(guò)這數(shù)量會(huì)使組合有過(guò)度分化的風(fēng)險(xiǎn)。

“Most funds of funds investing in the region are now opting towards higher conviction and concentration unlike before when their focus was having a highly diverse set of exposures,” he said. He added that the portfolio is also now more focused on managers with a domestic A-share market focus – unlike last year when the environment was more positive for US ADRs, especially those in the new economy and tech-focused sectors.

他說(shuō)：“投資該地區(qū)的母基金資金現(xiàn)在大部分都選擇了更高確信度和集中度的基金，不像以前著重于高度多樣化的組合配置敞口。”他補(bǔ)充說(shuō)，投資組合現(xiàn)在也更加專注于國(guó)內(nèi)A股市場(chǎng)的基金經(jīng)理人，不像去年市場(chǎng)環(huán)境專注于新經(jīng)濟(jì)和科技為主的美國(guó)ADR(中概股)。

The team uses qualitative and quantitative measures for its manager selection process, and it has also adopted a highly flexible approach when considering the size of a manager.

團(tuán)隊(duì)對(duì)其經(jīng)理選拔過(guò)程采用定性和量化措施，對(duì)于經(jīng)理的管理規(guī)模在考慮配置時(shí)有彈性。

“Investors gets more access and better pricing from bigger funds, but also face the risk of seeing a breakdown in returns when a fund reaches a certain size,” said Ma, who added that his observations over time suggest that the quality of performance of many Greater China funds suffers when they reach $500 to $600 million in size.

馬暉洪說(shuō)：“投資人一般從有規(guī)模的基金更容易投入且拿到好價(jià)格，但同時(shí)因?yàn)榛鹪鲩L(zhǎng)至一定大小，將面臨投資回報(bào)下降的風(fēng)險(xiǎn)“。他補(bǔ)充說(shuō)他多年的投資觀察，許多大中華策略的對(duì)沖基金業(yè)績(jī)的質(zhì)量在規(guī)模達(dá)到5億美元到6億美元時(shí)將面臨挑戰(zhàn)。

“Our team takes a balanced approach and we have a good mix of established managers such as Tairen and Golden China, but are always open to smaller managers since they tend to be hungrier and run with more high-conviction ideas.”

“我們的團(tuán)隊(duì)采取平衡的做法，我們擁有新興黑馬與白馬的對(duì)沖基金，如泰仁及景林金色中國(guó)，但時(shí)時(shí)尋找基金規(guī)模相對(duì)小的對(duì)沖基金管理人，因?yàn)檫@些管理人往往會(huì)更加進(jìn)取，有更高確信度的投資理念”

He cited the Beijing-based hedge fund manager Brilliance, a niche and smaller-sized manager that has grown to $400 million. “We went in there early and I always cite our exposure there as good example of finding value by being early.”

他以北京的對(duì)沖基金經(jīng)理Brilliance為例，這是一只規(guī)模稍小但有特色的基金，目前已有4億美元的規(guī)模。 “我們是他們的早期投資人，我也經(jīng)常把他們當(dāng)作一個(gè)早期投資進(jìn)入這類基金價(jià)值的例子。”