Your SlideShare is downloading. ×
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Investment Project Presentation - HKD10M Fund Porotfolio
Upcoming SlideShare
Loading in...5
×

Thanks for flagging this SlideShare!

Oops! An error has occurred.

×
Saving this for later? Get the SlideShare app to save on your phone or tablet. Read anywhere, anytime – even offline.
Text the download link to your phone
Standard text messaging rates apply

Investment Project Presentation - HKD10M Fund Porotfolio

1,565

Published on

This presentation was prepared by MCF student for Investment subject

This presentation was prepared by MCF student for Investment subject

Published in: Business
0 Comments
0 Likes
Statistics
Notes
  • Be the first to comment

  • Be the first to like this

No Downloads
Views
Total Views
1,565
On Slideshare
0
From Embeds
0
Number of Embeds
0
Actions
Shares
0
Downloads
0
Comments
0
Likes
0
Embeds 0
No embeds

Report content
Flagged as inappropriate Flag as inappropriate
Flag as inappropriate

Select your reason for flagging this presentation as inappropriate.

Cancel
No notes for slide
  • Executive Summary - GigiResults - FonyEconomic Analysis - GigiIntroduction – Investment Process - PhyllisAsset Allocation – Portfolio Construction & Structure - PhyllisTiming – Rebalancing & Investment Strategy - ThomasSecurity Selection - MarthaConclusion - Thomas
  • Within 1 slideTo be presented by GigiP&L figures to be provided
  • Presented by Fony
  • Figures to be updated to reflect week 5 p&l
  • Investment Process
  • Investment Process
  • Investment Process
  • Investment Process
  • Within 4 slides Presented by __________News will be provided by Gigi
  • Investment Process
  • For reference only – model from lecture 1 [may not need for presentation]
  • For reference only – model from lecture 1 [may not need for presentation]
  • For reference only – model from lecture 1 [may not need for presentation]
  • Calculate the mean return of stocks within each sectors and fundamental analysis of the best stocks in each sector
  • A basis point is 1/100th of 1%.
  • Risk control: systematic risk vs firm specific risk – split is ?) and portfolio beta (weekly) –e.g. add ChinaGas to hedge another two utilities
  • Within 2 slidesTo be presented byThomas
  • Transcript

    • 1. Monthly Report
      Super Equity Fund
      April 26, 2009
      1
    • 2. Our Team
      • Team Member 1
      • 3. Team Member 2
      • 4. Team Member 3
      • 5. Team Member 4
      • 6. Team Member 5
      2
    • 7. Agenda
      • Executive Summary
      • 8. Weekly Results
      • 9. Economic Analysis
      • 10. Investment Process & Asset Allocation – Portfolio Construction & Structure
      • 11. Timing – Rebalancing & Investment Strategy
      • 12. Security Selection & Performance Analysis
      • 13. Conclusion
      3
    • 14. Executive Summary
      • Overall result:
      • 15. Investment horizontal : 5 weeks (Mar 23 ~ Apr 24, 09)
      • 16. Initial Investment: HK$10M
      • 17. Fund Balance: HK$10,902,417
      • 18. Stock returns are measured and based on market value, Sharpe ratio to Hang Seng Index
      • 19. Risk control by beta, standard deviation, volatility within 130% Hang Seng Index
      4
    • 20. Are you ready to invest?
      5
    • 21. Super Equity Fund ~ The Report Card
      Weekly Results
      6
    • 22. Weekly Result
      Overall Strategy
      Diversification and balance among sectors
      Component in each week’s portfolio will be rebalanced as required
      7
    • 23. Portfolio Composition – Week 1 ~ 5
      Updated as at Apr 24, 2009
      8
    • 24. Portfolio & Result - Week 1
      Week 1 Portfolio
      The Figures
      9
    • 25. Portfolio & Result - Week 2
      Week 2 Portfolio
      The Figures
      10
    • 26. Portfolio & Result - Week 3
      Week 3 Portfolio
      The Figures
      11
    • 27. Portfolio & Result - Week 4
      Week 4 Portfolio
      The Figures
      12
    • 28. Portfolio & Result - Week 5
      Week 5 Portfolio
      The Figures
      13
    • 29. Portfolio Performance
      Updated as at Apr 24, 2009
      14
    • 30. Returns
      Cumulative Performance
      Updated as at Apr 24, 2009
      15
    • 31. Returns
      Weekly Performance
      Updated as at Apr 24, 2009
      16
    • 32. The Global Rally?
      Economic Analysis
      17
    • 33. Economic Analysis - GDP
      4th Qtr 2008: -2.5% year-on-year % change in real terms
      Source: Census and Statistics Department, HK
      18
    • 34. Economic Analysis - CPI
      Mar 2009: +1.2% year-on-year % change
      Source: Census and Statistics Department, HK
      19
    • 35. Trend of HSI
      23rd Mar: 13,447.42
      24th Apr: 15,214.46
      Source: www.aastock.com
      20
    • 36. HSBC – Rights Issue
      Lowest closing: $33.00 on 9 Mar
      Highest closing: $55.60 on 14 Apr
      1st Week close at: $41.70 on 23 Mar
      5th Week close at: $52.70 on 24 Apr
      • 2 March, proposes to raise US$17.7b: basis of 5 New Ordinary Shares for every 12 Existing Ordinary Shares
      • 37. The Issue Price: HK$28.00/New Ordinary Share
      Source: www.aastock.com
      21
    • 38.
      • Covering finance and Law, raising capital and cross-border investment in small-cap with Chinese-based Asian companies seeking financing
      • 39. The PIPEs market offers the opportunity for company’s growth for equity markets disarray
      22
      • Largest forum for Chinese companies interested in going public in the US
      • 40. Covering cross-border investment in small-cap Chinese companies
      Market research for equity private placement market
    • 41. G20 – US$1.1 trillion
      • Held on Apr 1-2 in London, UK
      • 42. Financial commitments:
      • 43. U$500 billion for the International Monetary Fund (IMF) to aid struggling economies
      • 44. US$250 billion to boost world trade
      • 45. US$250 billion for a new IMF overdraft facility
      • 46. US$100 billion to assist international development banks in lending to poor countries
      • 47. Regulation - wider global regulation and common approach to clean toxic assets
      • 48. No Green Policies
      • 49. Decreased influence of the United States
      23
    • 50. Economic Analysis
      • G20 is “Turning point” for economic recovery and reform of “failed regulatory system” e.g. hedge funds, “credit rating agencies”
      • 51. Banking collapses and Governments focus steady funding
       banks are able to meet commitments
      • Worldwide stock markets rise, HSI up 1,002 points (7.4%) to 14,522
      • 52. Approved Financial Accounting Standards Board (FASB) using new standard on valuing assets and reporting losses
      • 53. Organization of Economic Cooperation and Development published a blacklist of countries deemed uncooperative, e.g. Malaysia, Philippines etc.
      24
    • 54. BOAO Forum For Asia (BFA)
      • Held on 17-19 Apr, 2009 at Hainan, China
      • 55. “Strengthen confidence and deepen cooperation for win-win progress”
      • 56. 10 billion USD China’s Association of Southeast Asian Nations on Investment Cooperation to support infrastructure development
      • 57. Protesters denouncing the Thailand prime minister and blocked the hotels where visiting leaders were staying
      • 58. The summit was cancelled
      • 59. Create more job opportunity by construction and stimulate domestic demand
      Source: www.boaoforum.org
      25
    • 60. Economic Analysis -
      • National Bureau of Statistics
      • 61. Earnings of state-owned enterprises in increase 86% in February
      • 62. Economy grew 6.1% in the 1Q - the slowest since 1992
      in line with market expectations
      • Industrial output, property transactions and car sales registered growth stronger in March
      • 63. Strong growth in fixed-asset investment and retail sales helped offset the declines in exports
      • 64. China economy is recovering and its stimulus measures are expected to drive higher growth in the half year
      26
    • 65. RMB Clearing
      Purpose
      • To strengthen the financial cooperation of Mainland and Hong Kong
      Features
      • Regional commercial banks' internal fund
      lending & borrowing, and clearing in
      different branches within banks
      • Enhance efficiency in fund transfer,
      improves liquidity management, and
      realize external payment
      Opportunities in financial services:
      • Expansion of US financial services industry
      • 66. Expansion of QDII investment to include equity investment
      • 67. RMB credit and debit cards services by foreign backs
      • 68. Market access for insurance companies
      27
    • 69. Super Equity Fund - The New Born
      Investment Process
      Asset Allocation – Portfolio Construction & Structure
      28
    • 70. The Investment Process
      29
    • 71. The Investment Process
      30
    • 72. The Investment Process
      31
    • 73. Portfolio Construction
      32
      historical stock performance, company background & market news
    • 74. Portfolio Construction
      33
    • 75. Portfolio ConstructionCorrelation (6-month historical data)
      34
    • 76. Portfolio ConstructionCorrelation (6-month historical data)
      35
    • 77. Portfolio ConstructionCorrelation (3-year historical data)
      36
    • 78. Portfolio ConstructionCorrelation (3-year historical data)
      37
    • 79. Portfolio Construction Result
      + market news &
      speculation justification
      CLP (10%) HK Electric (25%) MTRC (10%) Li & Fung (10%)
      Tencent (30%) China Life (15%)
      38
    • 80. How Super Equity Fund Grow?
      Timing – Rebalancing & Investment Strategy
      39
    • 81. Market Timing
      40
    • 82. Market Timing – Week 1
      Our Investment
      Strategy:
      Prudent
      41
    • 83. Market Timing – Week 2
      Rebalancing Strategy
      Our Investment
      Strategy:
      Prudent
      42
    • 84. Market Timing – Week 3
      Rebalancing Strategy
      Our Investment
      Strategy:
      Prudent
      43
    • 85. Market Timing – Week 4
      Rebalancing Strategy
      Our Investment
      Strategy:
      Moderate
      44
    • 86. Market Timing – Week 5
      Rebalancing Strategy
      Our Investment
      Strategy:
      Aggressive
      45
    • 87. Super Equity Fund – An in-depth look
      Security Selection &
      Performance Analysis
      46
    • 88. Daily Returns & Dollar Appreciation: Portfolio vs Market Index
      Daily Return: (%) Portfolio vs Market
      Daily Balance: Portfolio vs Market
      Updated as of Apr 24, 2009
      47
    • 89. Returns: Portfolio to Market Indexa single index model approach
      Portfolio Return vs Market Portfolio Return (Hang Seng Index)
      Updated as of Apr 24, 2009
      48
    • 90. Regression – Portfolio vs Indexa single index model approach
      Updated as of Apr 24, 2009
      49
    • 91. Market Return to Portfolio Return
      Updated as of Apr 24, 2009
      50
    • 92. Capital Market Line & Security Market Line
      51
      Note: risk free rate is referred to exchange fund bill – Mar 2009 (HKMA)
      Updated as of Apr 24, 2009
    • 93. Risk Control
      Sector-wise
      diversify risk among sectors
      Portfolio
      diversify stock in the same sector
      correlation among stock in the portfolio
      Portfolio standard deviation within 130% of volatility of the Hang Seng Index
      Updated as of Apr 24, 2009
      52
    • 94. Super Equity Fund ~ our forecast & wrap up
      Conclusion
      53
    • 95. Conclusion
      Overall returns is 9.02% , compared with market index 18.90%
      Inappropriate stock picking in Week 1
      Week 2-4 performance is similar to that of market
      Week 5 performance is better than that of market
      Progressive improving performance every week by rebalancing
      Achieve the objectives : the risk tolerance is less than 10% and the average return is greater than 2.5%
      Improvements:
      • Good Asset Allocation
      • 96. Good Market Timing
      • 97. Good Security Selection
      54
    • 98. Conclusion
      Other Strategy:
      • Long-term Investment Strategy
      • 99. Warren Buffett approach
      • 100. Short-term Investment Strategy
      • 101. Day-trade approach
      Other Considerations:
      • Trading cost
      • 102. Tax
      • 103. Management fee of other assets such as ETF, fund, bonds, derivatives, futures, options, swap, … etc.
      55
    • 104. Thank You
      56

    ×