Benchmark Nov 2014

The Age of
The Trusted
Advisor
over the next few issues of BEnCHMARK, we will be featuring the key Awards competitions that are an
annual feature of our publishing and events calendar. It is a time of year to reflect on what has happened in
our industry and out in the big wide world. Having the chance to celebrate the good things and to highlight
outstanding performance is one of the most satisfying aspects of our work at WealthAsia Media. We are
gratified that so many of you are able to share these moments with us.
this month our focus has been on the BEnCHMARK Wealth Management Awards for 2014, the celebration
dinner for which was held on november 12th at the Conrad Hotel. It was a great industry gathering and a lot
of fun was had. see for yourself - In this edition we celebrate the individual Advisors who were successful in
this year’s competition. see them taking part in the competition and then, the best bit, celebrating at the
Wealth Management Awards dinner.
In the next edition of BEnCHMARK we will focus on the companies who were voted tHE BEst In CLAss for
2014.thank you again to our sponsors, all the participants and of course the winners in the Advisors to trust
Competition.turn to page 40 for full details.
As we celebrate the 5th anniversary of the Wealth Management Awards and Advisor of the Year Awards, and
the 11th year of our Fund of theYearAwards, we are humbled by the trust that you have placed in our hands.
our Awards are not easy to win, or easy to judge for that matter. so we are extremely thankful for the time
and commitment given by our judging panel, and for the effort made behind the scenes at the companies
who participate.While we at WealthAsia Media cannot hope to change the world, and what we do is only a
drop in the ocean, I wish to thank you for your support of us in choosing a tougher path.
Elsa Pau
Publisher and Editor-in-Chief
XXXXxxxxxxxxxx
在接下來的幾期，《指標》將會刊載主要獎項的年度頒獎典禮資訊，這些比賽都是我們所關
注的。一年很快又過去了，現在是時候回想今年在我們的行業，以至環球社會所發生的事
情。我們在WealthAsia Media工作，感到最自豪、最滿足的地方就是能夠有機會去慶祝美好
的事物，表揚出色的表現。我們很高興能夠與你分享這些動人時刻。
我們本月的焦點落在指標2014財富管理大獎。頒獎典禮及晚宴在11月12日於香港港麗酒
店（Conrad Hotel）舉行。這是一場盛大的行業聚會，繽紛節目精彩不斷。在本期，我們將介
紹在今年比賽中成功取得殊榮的獨立理財顧問。你可以細閱他們的參賽過程，並分享他們
在財富管理大獎晚宴中慶祝的喜悅。
我們在下一期的《指標》將聚焦於獲得BEst In CLAss獎項的機構。我們再一次感謝我們的贊
助商、所有參賽團體，當然還有Advisors to trust比賽的得獎者。請翻到40頁細閱詳情。
今年是我們第5年慶祝財富管理大獎及理財顧問年獎，也是第11年慶祝年度基金獎項。我
們十分榮幸能夠得到衆多行內人士的信任。我們的獎項並不容易贏取，決定比賽中的勝出
者也不是一件容易的事，因此我們非常感激我們評審團付出的時間和努力，以及參賽機構
在幕後的付出。雖然我們在WealthAsia Media的工作並不能改變世界，而我們所做的也只是
滄海一粟，我還是衷心感謝你們的支持，讓我們在這條難走的道路上勇往直前。
www.FundAsia.net
1
Publisher's Note

Contents錄
目
NOVEMBER 2014 Vol.12 No.6
Advisors To Trust xxxxxxx
40 special Report – Advisors to trust
特別報告—理財顧問年獎
The annual BENCHMARK Advisor of the Year Awards has become an industry standard for
financial practitioners who strive for best practice.We present profiles of the winners, who were
presented with their trophies at this month’s BENCHMARKWealth ManagementAwards dinner.
《指標》的理財顧問年獎已成為金融從業員追求最佳實踐的行業指標。比賽採用以客為本的準
則，評核參賽者的操作實踐和態度是否符合客戶利益。
Financial Planning 財務計劃
23 Managing Income When Rates Are Low
構建投資組合 — 設定您的投資目標
The need to generate regular income on your investments is of particular concern to those at or
near retirement. But every investor should understand how bonds and interest-paying capital
notes can work for them within a diversified portfolio, writes Richard Newell
將近或已經退休的人一般會特別關注能否從投資中賺取定期收入。所有投資者均需要理解
債券和付息資本票據如何從多元化投資組合中為這類人士達成目標。編者：Richard newell。
Legal Briefing xxxxxx
25 the theft of Art 藝術品盜竊
While art trafficking is not a new phenomenon in western jurisdictions, there has been a lot
more interest surrounding the theft of Chinese art from European museums in recent years.Yet
not much has been said about how art is being sought out and focussed on in China by
criminals and forgers. Richard Norridge provides the background.
藝術品走私販賣在西方國家早已屢見不鮮，而近年來歐洲博物館的中國藝術品盜竊事件
引起了大眾更多的關注。然而，坊間並無太多罪犯和贗造者如何選出及注意到這些中國
藝術品的相關資料。Richard norridge在此為你提供背景資料。
Family Offices 家族辦工室
28 setting Up A Family Education Program
發展家族教育計劃
Christian Stewart explains how family offices that have as their mission the preservation of
family wealth, in all of its forms, must also address the topic of family member education.
所有的家族辦公室都有同樣的任務，那就是保存家族財產。所以Christian stewart認為不論採用
任何方式，它們都要面對家庭成員的教育問題。
BENCHMARK Conversation
《指標》對話
31 Meet the Manager 與基金經理對話
Attendees at WealthAsia’s event ‘The Sustainable Family Office Forum’ were given a rare
opportunity to listen to the personal observations of local fund manager Martin Lau. He is the
subject of this month’s Meet The Manager interview.
WealthAsia活動「可持續發展家族辦公室論壇」的出席者得到千載難逢的機會，聽取本地基金經
理MartinLau的個人見解。他是本月「與基金經理對話」訪問的受訪者。
40
23
206%
28

BENCHMARK Conversation
《指標》對話
38 Investing in Hong Kong’s Vibrant Restaurant scene
高級餐飲業的風險和回報
Addressing environmental, social and governance concerns in the context of emerging
countries, is a big problem for investors. Martina MacPherson explains the background.
兩位香港高級餐飲文化的行業領導者，親身經營自己的餐廳及個人品牌。他們與本刊分享如
何在全球競爭最激烈的市場中，成功投資及經營高級餐廳。
Personal Investing 個人投資
06 the Global Portfolio 環球投資組合
As uncertainty increases in regional and world markets,it is important for investors to keep abreast
of the implications for their portfolios.This regular feature in BENCHMARK provides a snapshot of
recent market developments and highlights areas of threat and opportunity for investors.
本期《指標》的環球投資組合將會向投資者展示最近的市場發展概況，並重點指出當中的危
與機。
12 The Editors’ Choice – Global Fixed Income Funds
編者之選 — xxxxxxx
We have another new section which uses our own methodology to assess those funds likely to
produce consistent long term returns.Each month we will focus on a different sector.This month
it is Global Fixed Income
我們在這個新章節採用獨有方法，分析有潛力產生長期穩定回報的基金。我們在每一個
月都會挑選一個地區進行分析。今期是全球固定收益基金。
20 Maximising Your MPF Benefits 把強積金的得益最大化
How can my MPF be a benefit when it seems like a tax on earnings?” Stewart Aldcroft explains
how, over time, the benefits will show themselves clearly.
「強積金(MPF)就像從我的收入徵稅一樣，怎會令我有所得益呢？」stewart Aldcroft為你明確解釋
這些利益會如何隨著時間過去展現眼前。
Responsible Investment xxxxx
38 EsG challenges in Emerging Markets
新興市場在環境、社會和管理上遇到的挑戰
Addressing environmental, social and governance concerns in the context of emerging
countries, is a big problem for investors. Martina MacPherson explains the background.
對投資者來說，在新興市場探討有關環境、社會和管理上的問題，絕對是一個難題。Martina
MacPherson將會跟我們解釋一下其背景。
Top Performing Funds 最佳表現基金
90 Check the performance of your HK funds using the latest data from Morningstar
用晨星的最新數據，查看您所選的香港基金表現如何。
38
06
31
Contents錄
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Contributors
Christian Stewart
Christian Stewart founded Family Legacy Asia in July 2008 to
helpAsianfamiliespreservetheirfamilywealthforgenerations,
by providing them with independent and objective advice on
effective family governance. An Australian solicitor by
background, and a former tax partner at PWC in Hong Kong,
he also spent 6 years as head of the Wealth Advisory Team in
Asia for JPMorgan Private Bank.
Martina MacPherson
Martina is Managing Partner at Sustainable Investment
Partners, a UK-based consultancy specialising in business
strategy, intermediary business development and multi-lingual
content marketing services within the areas of sustainable
investments, CSR, technology, lifestyle and education. Martina
was formerly Vice President, Head of ESG Commercial
Relationships and Marketing with MSCI andAssociate Director,
Strategic Marketing and Business Development with Lloyds
Banking Group.
Peter Guy
Peter brings global experience to his financial writing through
his international career in investment banking, private equity
and developmental banking.He is a weekly business columnist
in the South China Morning Post. Peter’s investment and
developmental banking experience includes being a director of
CLSA Capital, an investment officer at the World Bank. His
technology experience includes being a founding investor and
member of the board of Flextronics, Inc., one of the world’s
largest, offshore subcontract electronic manufacturers and a
NASDAQ index constituent stock.
Richard Norridge
Richard heads up Herbert Smith Freehills’ Asia private wealth
practice. He acts for high net worth individuals, their families,
private banks and other advisers across Asia on a range of
contentious and non-contentious trust and probate issues
together with charitable and family company matters; this
includes advising mental health committees and estate
administrators. Richard also has extensive experience in acting
for international banks and individuals in cases involving
fraud.
Stewart Aldcroft
Stewart Aldcroft is Chief Executive Officer of CitiTrust Limited
(CitiTrust) in Hong Kong.He is also managing director andAsia
Pacific senior advisor for Citi’s Investor Services business within
Citi’s Securities and Fund Services (SFS), a business unit of
Citi’s Institutional Clients Group. He has been in Hong Kong
since 1985, and previously worked at Schroders, HSBC,
Franklin Templeton, Investec and EIP.
NOVEMBER 2014 Vol.12 No.6
Editorial
Publisher & Editor-in-Chief Elsa Pau
Managing Editor Richard Newell
Translators David Wilck Leung
Tony Yip
Design Winnie Li
Jason Leong
Business
Associate Publisher Joanna Tang
& Managing Director
Business Development Manager Daniel Lau
Web Master Vanson Chan
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©2014 WealthAsia Media.All rights reserved.
ISSN1028-5723
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d signature
sion

The increased market turbulence in October and early November is driving
investors to question if they should be repositioning their investment portfolios,
whether the current volatility is a new normal, and what will happen to different
asset classes as interest rates start to rise and inflation moves further up the
agenda.
David Shairp, Global Strategist in J.P. Morgan Asset Management’s Multi Asset Group, says, “It has been six years since the
end of the great recession and we are certainly on the road to normalisation. In general, due to continued headwinds, we
believe that diversification across geographies and asset classes will be rewarded in the longer term.”
After a period of strong returns in US equities, investors may also want to find out what opportunities may exist in other
markets.And according to Axa’s Mark Tinker,“Asia is the place for equities.” Equity markets in Asia Pacific continue to offer
attractive valuations compared to other markets and looking ahead, economic reform is expected to be the key driver of returns.
Old Mutual’s Head of Asian Equities, Joshua Crabb says although the world is still unstable geopolitically, he isn’t unduly
concerned about the effect on world markets. Furthermore he believes Asia is the region where growth is strongest and most
sustainable. He points to the superior growth being produced in Thailand, India,Vietnam, Indonesia and Thailand and risk
premiums between developed and emerging Asia converging.
The Global
Portfolio
環球投資組合
NOVEMBER2014
8
Personal Investing
8
NOVEMBER2014

As Crabb identifies,Asia is no longer a homogenous bloc, but intra-region and in the case of China, intra-country, there are
different dynamics at play. In China, the downturn in the housing market remains the major risk.The market awaits news of
a sustained upswing in the traditionally strong third and fourth quarters. In Japan, the market has been gyrating heavily on
news of the sales tax increase and then the postponement of the increase.A rise in real wages remains the key to a recovery
in private consumption.
Meanwhile, although several firms have stated their intention to wait on the sidelines as Shanghai-Hong Kong Stock
Connect gets under way on November 17th, the potential for a boost to both markets is substantial. Mainland investors will
have easier access to many of the blue chip H shares while global asset managers who have already researched second tier
industrials on the Shanghai bourse will be keen to find the value in these companies. India’s new government is expected to
be successful in pushing through new reforms.And Thailand has responded well to its new military-led government, while
Korea is implementing pro-growth measures. So there are plenty of bright spots in the region for investors to take advantage
of and new markets, particularly in Greater China and Indochina, providing prospects for the longer term.
十月和十一月初的市場較為波動，投資者的腦海中浮現著多個問題：是否應該為投資組合重新定
位？現時的波幅是否一個新的常態？隨著利率及通脹率提升，不同的資產類別表現如何？
摩根資產管理多元資產部的環球策略師David shairp說：「現在是經濟蕭條結束後的第六年，一切將會逐漸回
復正軌。總括來說，基於持續的不利因素，我們相信跨地域、跨資產類別的投資多樣化策略長遠能為投資者
帶來回報。」
自美股反彈一段時間後，投資者都渴望尋找其他市場的機會。Axa的Mark tinker提出：「亞洲是投資的最佳地
方。」亞太區股票市場的估值比其他市場更加吸引，而經濟改革將會是推動收益增長的動力。
先機環球投資亞洲股票團隊主管Joshua Crabb表示，儘管世界上多個地區地緣政治不穩，他不太擔心這些不
穩因素將對環球市場造成影響。他亦認為亞洲的增長最強大及具持續性，並特別指出泰國、印度、越南和印
尼的高速增長以及亞洲發展地區與已發展市場之間的風險溢價差距收窄。
正如Crabb指出，亞洲再也不是一個單一化的整體。不同的地區市場有不同的動態，而中國國內的市場動力
也互不相同。在日本，隨著政府計劃增加銷售稅，但之後決定暫緩方案，市場跟隨消息大幅波動。畢竟，要
使民間消費復蘇，實際工資的上升仍然是一個關鍵。在中國大陸，房地產市場低迷依然是主要風險，市場希
望把握傳統第三和第四季較好的銷售數字，重拾升勢。
此外，雖然幾間機構已經宣佈暫時不會參加11月17號開通的滬港通計劃，計劃對兩地市場的發展潛力是巨
大的。地投資者將會更容易買賣大藍籌H股，而那些對上海股市二綫工業股有深入認識的環球資產經理也
可以抓緊良機，發掘那些公司的價值。印度新政府預計能夠順利推行改革，而泰國市場對軍政府執政的反應
也不錯。同時，韓國正推行一系列促進增長的措施。由此可見，亞太區可供投資者把握機會的地方其實有
很多，而大中華及印度支那的長遠前景最為吸引。
www.FundAsia.net
9
Personal Investing
9

RealEstate
Currencies
Real Estate
According to real estate specialist Jones Lang
LaSalle, the economic recovery in the US will
continue to benefit real estate markets inAsia
Pacific,as the Quantitative Easing programme
orchestrated by the Fed comes to an end.The
US central bank has announced an end to its
six-year QE programme, which sought to
inject money into the US economy through
large-scale asset purchases in the aftermath
of the global financial crisis. Analysing the
impact on Asia Pacific’s real estate markets,
Dr Megan Walters, Head of Research at JLL,
said:“The implementation of QE programmes
in advanced economies produced a significant
spill-over effect on to developing markets,
with strong capital flows from advanced
economies. Global interest rates have been
driven lower and investors have been
deploying additional capital into real estate in
the search for yield. In Asia Pacific, these two
factors created a wave of investment in real
estate that led governments in China, Hong
Kong and Singapore to implement regulations
to cool real estate markets, primarily focused
on residential property. The ending of US QE
will be another step towards these
governments deciding to lift or ease their
cooling measures. The impact of potential
interest rate rises from the end of US QE and
any effect on commercial real estate yields
should be off-set by the expectation of rising
rents in most major office markets in the
region. In the first nine months of 2014, the
global and inter-regional capital flows into
Asia Pacific commercial real estate (from
global, US and Europe investors) exceeded
last year’s total by 35 percent. Continuing
economic recovery in the US appears to be
providing US and global investors with the
funds to deploy in Asia Pacific and we expect
that picture to continue in the medium term.
Investors will continue to see core real estate
as a highly attractive asset class and Asia
Pacific will remain attractive as international
investors continue to diversify their
portfolios.”
Currencies
As we look into 2015,AXA’s Mark Tinker says
investors need to consider some new tail risks
from a stronger dollar – currency wars, the
need to buy inflation not deflation hedges,
further falls in gold and a reversal of many of
the anti-dollar trades of the last five years.
“The US may become a source of investment
rather than a source of funding,” he says.
“One immediate impact has been on other
Asia, where exporters to the US (e.g. Korean
autos) have been hit by the prospects of an
increasingly competitive yen, now back to
levels not seen since just before the crisis. For
Fibonacci fans (who seem to be all over these
currencies at the moment) the return to pre-
GFC levels represents a 76.4% retracement
of the full rally from the lows of 2007. That
break suggests a target of below eight on
yen/won from here, which would make a lot
of Korean corporates very nervous. Obviously
it is not just Korea, other Asian export
oriented countries like Taiwan will be
concerned by the move in the yen, although
as ever from an equity point of view it is
important to focus on other competitive
aspects. It is those companies competing on
price that are most affected. Nevertheless,
this raises the first risk to think about for next
year, currency wars.” This is not just yen
weakness, there is a broader issue of dollar
strength. Bank of America Merrill Lynch
Global Strategist, Michael Hartnett, points
out there is now a prospect of genuine rate
differentials starting to emerge to drive
currencies. The caveat Michael Hartnett had
to this story was that even his eight year old
son is bullish of the US dollar.Threadneedle’s
Mark Burgess adds that the major plus for
risk assets is the boost to consumption and
industry in the developed world that should
arise from a weaker oil price. The flipside is
greater fiscal pressure and currency volatility
for oil-producing nations. Time will tell if the
decline in oil is sustainable or just a phase,
but falling energy prices (and hence weak
inflation prints) should mean there will be
little or no pressure for developed world
central banks to contemplate raising interest
rates until at least the second half of next
year.
Education
Education is one of the most pressing socio-
economic challenges today. It is a major
component of well-being and a key measure of
economic development and quality of life. It
contributes to poverty alleviation, gender
equality, health, and environmental
sustainability. However, barriers to school
enrolment and completion mean that,globally,
there an estimated 793 million illiterate adults
(two-thirds of which are women) and close to
100 million children who are not in school.
Education spending is already very large
(accounting for around 5% of global GDP).
According to the United Nations, every dollar
invested in education is estimated to generate
US$10-15 in economic returns,and expenditure
is expected to continue to grow by at least
7-8% to 2017. Factors driving this growth
include higher enrolment targets, demographic
opportunities (booming population of 5-17 year
olds in emerging markets), more women in
education, the increase in the middle-income
bracket in emerging markets (disposable
spendingoneducationinChina,IndiaandBrazil
is just 10-13%), increasing global mobility, and
a growing realisation of employment, earnings
and economic development needs and
opportunities. It is estimated that, over their
lifetime,developed market graduates earn more
than US$1 million compared to early school
leavers.Growth in the private sector is expected
to be at least double the overall 7-8% spend as
governments increasingly seek public-private
partnerships to tackle the education challenge.
For example,e-learning expenditure is expected
to continue growing at 20-25% compound
annual growth rate over the next decade. IN
Australia, according to Oxford Economics, by
2020, an additional 50,000 international
students per annum will study higher education
– the highest absolute growth of any country in
the world.
The
Portfolio
Review
投資組合概覧
NOVEMBER2014
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Personal Investing
115%

Infrastructure
Cash
Climate
Education
Cash
Judging by recent fund investment flow figures,
As investors confront both a shifting interest
rate environment and far-reaching regulatory
reforms, JP Morgan Asset Management has
released the findings of its Global Liquidity
survey, taking responses from over 300 CIOs,
treasurers and other senior decision makers.The
key finding is that liquidity is still a central
concern, as reflected in the choice of
investments: half of global cash assets are
placedinbankdeposits.Usageismostprevalent
in Asia, where 68% of assets are held in bank
deposits,compared to 48% in Europe and 38%
in the Americas. Money market funds account
for over one-third of cash assets in theAmericas.
In an effort to control risk, investment policy for
the majority of respondents’ focuses on defining
portfolio duration and credit standards for long
and shorter-term securities. Larger investors
tend to be less conservative in their definition of
permissible credit rating, which allows them to
take on additional interest rate and credit risk.A
majority of respondents plan to stay the course
with their current cash allocation through 2015,
even in the face of low interest rates and
regulatory concerns. Firms with larger cash
balances have a broader set of investment
guidelines.A third or more of larger firms permit
investment in asset-backed securities or
mortgage-backed securities. Investors with
relatively smaller cash balances typically have
fewer investment options at their disposal.
Separately managed accounts, customised
portfolios that allow investors to define their
own risk, security and liquidity parameters,
account for a significant share of cash
allocations.In theAmericas,11% of cash assets
are invested with SMAs specialist managers.
Investor demand for SMAs can be seen as a
clear demonstration of the need for yield.
Climate Agreement
As the New York Times wrote, “The historic
announcement by President Obama and
President Xi Jinping that they will commit to
targets for cuts in their nations’ carbon emissions
has fundamentally shifted the global politics of
climate change.” The agreement, which saw
China set targets for a scaling down of its
pollution by 2030, has given a fresh jolt of
optimism to negotiations aimed at reaching a
newinternationalclimatetreatynextyearinParis,
where the American and Chinese targets are
expected to be the heart of the deal. Former US
vice president Al Gore commented, “to reduce
their nations’ carbon emissions is a major step
forward in the global effort to solve the climate
crisis. Much more will be required - including a
global agreement from all nations - but these
actions demonstrate a serious commitment by
the top two global polluters” The investment
implications of this could be substantial, given
that America and China are the world’s biggest
polluters, and that other countries that have
dismissed climate targets, such as Australia, may
be forced to backtrack on their reluctance to fall
into line. An acceleration in climate change
investment vehicles, as well as an increase in
research and development in this area, will
produce new opportunities for early stage
investors as a well as portfolio managers. By
2030, China has pledged that 20% of its energy
will be renewable. This is ambitious given the
country’s addiction to coal and requires a greatly
increased commitment to energy sources that do
not depend on fossil fuels. Some experts have
saidthatChinashouldtrytohaltthegrowthofits
emissions by 2025.
Infrastructure
From an Asia perspective, the prospect for fast
tracking theTrans-Pacific Partnership (TPP) trade
agreement is a real potential positive, although
clearly China is pushing for a full Asia-Pacific
Economic Cooperation (APEC) agreement at
the conference this week in Beijing. It is also
talkingaboutlargescale,longterminfrastructure
investment and a new Silk Road and maritime
Silk Road, a massive investment programme
overthenext20yearsthatisbeingreferredtoin
some quarters as a Chinese‘Marshall Plan’.One
partofthepackageisa$16billionplantoboost
rail infrastructure inside China along the
plannedroute,whilethesecondpartof theplan
involvesthenewAsianInfrastructureInvestment
Bank lending $50 billion to $100 billion for
infrastructure projects to other countries on the
route. Focussing heavily on rail infrastructure
and ports it is a hugely ambitious plan to link
China with the rest of the world, even as far as
tunnelling under the Bering Strait to Canada.
TheauthoritiesrefertoitasaSilkRoadeconomic
belt with the slogan‘one belt one road’. As with
everything in China the numbers can be
stratospheric, with one long term estimate from
Want China Times (here) suggesting the total
scale of the project could be $21 trillion.
Whatever the number, the real point is that
China’s savings will increasingly be channelled
into productive infrastructure – rather than
ghost cities and housing projects – meaning
that Chinese growth will remain skewed
towards investment. Consumption will grow,
but will not have to do all the heavy lifting as
some fear.
www.FundAsia.net
11
Personal Investing
148%
144%
117%

貨幣
展望2015年，AXA的Mark tinker表示，投
資者需要因美元走高而考慮一些新的尾
隨風險——貨幣戰爭、購買通脹對沖基
金而非通縮對沖基金的需求、黃金價格
的進一步下跌以及近五年來大量反美元
交易情況的逆轉。「美國有可能成為投資
來源，而非資金來源，」他說：「一個直
接的影響可見於日本以外的其他亞洲國
家，出口到美國的商家（如韓國汽車）面
對來自日圓日益激烈的競爭而受創，現
在日圓匯價已回到金融危機前的水平。
對於斐波納奇（Fibonacci）理論的支持者
來說（他們似乎都在熱烈追捧這些貨
幣），返回全球金融危機前的水平代表了
日圓從2007年的低點全面反彈後，回調
率已達到了76.4%。此差距代表日圓兌韓
圜低於『8算』的目標，這使得許多韓國
公司非常緊張。顯然，不僅僅是韓國遇
到了此類情況，亞洲其他出口導向國家
（如台灣）也因日圓的動向而憂心忡忡，
儘管從股票角度來看，投資者應該注重
其他更有競爭力的方面。當然，以價格
進行競爭的企業受創最大。無論如何，
這趨勢明年帶來首要考慮的風險就是貨
幣戰爭。」然而，不僅僅是日圓疲軟，
美元強勢也會產生一系列問題。美國銀
行／美林證券環球策略師Michael Hartnett
指出，目前真正的息差開始出現，並將
影響貨幣匯價走勢。他告訴我們，即使
是他八歲的兒子也對美元充滿信心。
threadneedle的Mark Burgess補充說，風險
資產的主要優勢是由於油價疲軟而受刺
激帶動的發達國家消費和工業，不利的
一面則是石油生產國將會面對更大的財
政壓力和匯率波動。石油價格的下跌會
否長期繼續下去？還是只會維持一段短
暫時間？時間將會告訴我們答案。但能
源價格下跌（以及由此產生的疲弱通脹
跡象）對於各個發達國家的中央銀行而
言，至少直至明年下半年，其應對調高
息率的壓力很小，甚至是毫無壓力可言。
房地產
根據房地產專家仲量聯行（Jones Lang
Lasalle）估計，隨着美國聯儲局的量化寬
鬆政策即將結束，美國經濟復甦將繼續
刺激亞太地區房地產市場的發展。聯儲
局宣布結束其為期六年的量化寬鬆政
策，該政策透過大規模的資產購買來為
環球金融危機後的美國經濟注入活力。
在分析該政策對亞太地區房地產市場的
影響時，仲量聯行研究部主管 Megan
Walters博士表示：「量化寬鬆計劃在發達
經濟體的實施對於發展中國家市場產生
了顯著的『溢出效應』（spill-over effect），
產生了從發達經濟體中流出的雄厚資金
流。環球利率持續走低，投資者已開始
尋求額外的資本進入房地產市場來尋求
收益。在亞太地區，這兩個因素造就了
房地產投資潮流，導致中國大陸、香
港、新加坡等地政府實施政策來冷卻房
地產市場，有關措施主要針對住宅物
業。」
「美國量化寬鬆政策的結束同樣也使得上
述這些政府決定減輕或結束其經濟冷卻
政策。美國量化寬鬆政策結束後對於潛
在利率上漲的影響以及其在商業房地產
市場收益的任何影響應該可以被該地區
大部分主要寫字樓市場的預期租金上漲
所抵銷。在2014年最初的九個月中，環
球及地區間流向亞太地區商業房地產市
場的資金流（資金來源為環球、美國和
歐洲投資者）已經超過了去年全年的
35%。美國經濟的持續復甦提供給美國
和環球投資者資金來於亞太市場投資。
我們希望這一趨勢可以在中期內繼續保
持。投資者繼續將核心房地產看作吸引
力大的資產類別。隨着國際投資者將繼
續多元化其投資組合，亞太地區將保持
其巨大的吸引力。」
世邦魏理仕（CBRE）認為，亞太地區寫字
樓租金指數預測今年將上漲4.0％，而增
長將持續到2015年。新加坡將繼續脫穎
而出，成為區內表現最佳的國家，而區
內出現強勁增長的國家也包括日本。馬
尼拉按季增長為6.5％，而新加坡按季上
漲了3.3％，由於中央商務區黃金地段持
續缺乏空間，兩者將保持區內龍頭表
現。其他市場（包括：悉尼、墨爾本、上
海）在一年多的時間內都呈現下降趨勢，
而這一季度卻呈現租金增長的情況，表
明市場需求正在逐步改善。在第三季度
表現疲軟的市場包括首爾和孟買，這些
地方由於辦公室需求遲緩而導致租金進
一步下跌。另據報道，北京的下滑也很
嚴重，自從2010/11年度市場進入上升週
期以來，北京的租金首次出現下跌。
儘管如此，市場的基本因素依然穩固，
而房地產業主仍在談判中佔上風。區域
董事總經理兼經紀業務部主管 Manish
Kashyap表示：「寫字樓市場將繼續見證適
度擴張的需求，需求主要由於本地企業
或亞洲企業正在核心地段取替跨國企業
成為租戶而有所推動。此情況在香港隨
處可見，中國大陸企業正佔用外國租戶
騰出的空間。雖然外國企業仍然將亞太
地區視為業務長期增長的核心地區，但
這些跨國公司一般都實施成本效益的解
決方案，將辦公室遷離市中心黃金地段
或改用外判服務。我們預期在傳統銀行
業會看到穩定的動向，而科技、電訊和
媒體行業（tMt）的走勢亦將保持強勁。
美股再創高位
教育是當今社會面對最逼切的社會經濟
問題。教育是福祉的重要一環，也是經
濟發展及生活質素的關鍵指標。教育與
減輕貧困、推動兩性平等、健康和環境
可持續發展息息相關。可惜的是，由於
入學和畢業的重重障礙，全球文盲的成
人數目達7億9300萬（當中三分之二為女
性），接近1億個孩童未能入學。
全球花在教育的支出十分龐大（佔全球
GDP 約 5%）。根據聯合國數據顯示，在
教育投資的每一美元，就能夠產生10-15
美元的經濟回報，而教育方面的支出預
計於2017年增加至少7-8%。推動增長的
因素包括招生數字的提高、人口機會
（發展中市場擁有大量5-17歲人口）、更
多女性獲得學習機會、發展中市場的中
等收入階層擴大（中國、印度和巴西在
教育方面的可支配支出為 10-13%）、全
球流動性上升，以及就業、收入、經濟
發展需求和機會的增長。據估計，已發
展市場的高校畢業生一生能夠比離校生
多賺超過 100 萬美元。政府越來越傾向
組織公私夥伴合作關係來解決教育方面
的挑戰，私營市場的增長預計至少會是
教育整體7-8%支出的一倍。舉例來說，
電子學習的支出預計在未來十年以
20-25%的年複合增長率上升。在澳洲，
根據 oxford Economics 指出，到 2020 年，
每年會多5萬名國際學生在當地接受高
等教育，是全球絕對增長最高的國家。
基礎設施建設
從亞洲角度來看，加快推進《跨太平洋
夥伴關係》（tPP）貿易協定擁有真正的潛
在利好前景，儘管中國顯然想藉本週在
北京舉行的亞太經合組織（APEC ）會議之
機會推動一項完整的亞太經合組織協
議。這同樣也關係到大規模、長期的基
礎設施投資以及新絲綢之路和海上絲綢
之路計劃。這個被稱為中國「馬歇爾計
劃」的項目，將是一項未來二十年針對
某些特定地區進行的龐大投資計劃。該
投資計劃的一部分預計涉及160億美元，
以刺激除既定線路之外的中國國內鐵路
基礎設施建設；而該計劃的第二部分涉
及新開設的「亞洲基礎設施投資銀行」，
該銀行為其他在該線路中的國家發放500
億至1, 000億美元的貸款，以便開發基礎
設施項目。該計劃雄心勃勃，重點集中
在鐵路和港口基礎設施建設，務求將中
國與世界其他部分連接起來，該計劃甚
至包括建立白令海峽海底隧道來連接加
拿大。有關當局將其看作是現代經濟絲
綢之路，口號是「一路一帶」。凡涉及到
中國，數字都會變得異常巨大。根據
《旺旺中國時報》（按這裡）的長期估計，
該計劃的整體規模將達到21兆美元。無
論投資額是多少，真正焦點在於將有越
來越多的中國儲蓄存款轉化為具生產力
的基礎設施建設，而非「空城」或房地產
項目，這意味著中國的經濟增長將越來
越向投資傾斜。消費將繼續增長，但不
會像有些人擔心的那樣成為經濟發展的
重擔。
現金為王
投資者同時面臨正在轉變的利率環境以
及影響深遠的監管改革。因應超過 300
名企業投資總監（CIo）、財務主管及其他
高級決策者的要求，摩根資產管理發佈
了《環球流動資金調查報告》。
報告中最關鍵的發現是現金流動性仍是
投資者的重點考慮問題，這反映在投資
的選擇上：全球一半現金資產都儲蓄在
銀行。這種投資方法在亞洲最為普遍，
投資者平均68%的資產都儲蓄在銀行，
而歐洲的數字僅為48%，在美洲則只有
38%。
貨幣市場基金佔了美洲現金資產的三分
之一以上。為了努力控制風險，對大多
數受訪者而言，投資政策的重點在於確
定長短期證券投資組合的存續期和信貸
標準。在允許的信用評級方面，大客戶
沒有小客戶那麼保守，這代表了他們可
以接受額外的利率和信用風險。即使面
臨低利率和監管問題，大部分受訪者計
劃在2015年前都保持現有的資金配置不
變。擁有大規模現金結餘的公司所擁有
的投資指引比較廣泛。三分之一或以上
的大公司容許投資於資產抵押證券
（ABs）或按揭擔保證券（MBs）。現金結餘
相對較小的投資者通常有較少投資選
擇。獨立管理帳戶佔現金分配的很大比
重，這些帳戶可由客戶自行設置投資組
合，允許投資者設定其風險水平，設置
債券及流動資金參數。在美洲，11%的
現金資產投資由獨立管理帳戶專業經理
管理。投資者對獨立管理帳戶的需求可
明確證明他們對投資回報收益的渴望。
NOVEMBER2014
12
Personal Investing

Global
Fixed
Income
Funds
NOVEMBER2014
14
Editors' choice

S
chroders’ global bond team says that despite a flow of
potentially disruptive news, fixed income markets have
broadly progressed. But in mid-October, investors were
startled by a ‘flash-crash’ in the 10-year Treasury yield, which
dipped below 2% for a very short time.The move did not
appear to be precipitated by any clear negative factor, and
largely recovered by the end of the month.Through October,
the 10-year Treasury yield fell from 2.49% to 2.34%, and the
10-year gilt yield fell from 2.43% to 2.25%.The German
10-year bund yield fell from 0.95% to 0.84%, and peripheral
yields remained at historic lows.The Italian 10-year yield rose
slightly from 2.33% to 2.35% while the Spanish equivalent
fell from 2.14% to 2.08%.
Michael Hasenstab, Global Bonds CIO at Franklin Templeton
says it is time for fixed income investors to think outside
traditional boxes. He believes that with today’s market
environment and the prospect of rising US interest rates on
the horizon, investors need to rethink their core fixed income
portfolio. He says the strategy needs active management “to
be able to adeptly invest in the relative strength of select
countries and currencies while avoiding the weakness of
others - something an index cannot do. Second, it should be
well-poised to deliver a negative correlation to US Treasuries,
given the seemingly inevitable eventual rise in interest rates.
Notably, while some strategies claim to have a negative
duration, that is not synonymous with the more important
goal of having an overall negative correlation to US
Treasuries. ”
PIMCO’s CIO for US Core Strategies, Scott Mather says, “With
easier monetary policy in the eurozone, Japan, China and
many emerging markets, we expect plenty of liquidity in the
marketplace. Broad market liquidity facilitates portfolio
liquidity, allowing investors to allocate a portion of their
holdings to cash or cash-like instruments that they can
deploy when markets correct, such as we saw last month.
Inthissection of Benchmark, the team havecreatedamethodologyforassessingonespecific
fundsectorevery month. Funds are designedtobeheldforthemediumtolongterm,soitis
importantforinvestors to pick the right fund/managertoridethroughtheupcomingvolatility.
Overthefollowing pages, we have whittleddownthelocallyregisteredGlobalFixedIncome
fundstoaTop10 that we believe have thequalitiesofconsistencyandreliability.
在本欄，我們《指標》團隊以獨特創建的評選方式，每個月為一組基金類別進行評估。基金是屬於
中長綫的投資，所以投資者必須選擇適合的基金和基金經理，以克服市場波幅。在以下幾頁，我
們按照基金呈現的穩定及可靠性，選出了首10隻本地註冊的全球固定收益基金。
施
羅德的全球債券團隊指出，儘管市場潛在壞
消息不斷，固定收益市場得到廣泛增長。可
是在十月中，美國10年期國債孳息率下跌，
甚至在很短的一段時間低過2%，引起投資者憂慮。
這下跌走勢並不是由任何明顯負面因素所觸發，在
十月底亦大致靠穩。在十月，10年期國債收益率從
2.49%下跌至2.34%。10年期金邊債券孳息率從2.43%
下跌至2.25%。德國10年期國債孳息率也從0.95%
跌至0.84%。外圍國債孳息率亦徘徊在歷史低位。
意大利 10 年期國債孳息率從 2.33% 稍微上升至
2.35%，而西班牙10年期國債孳息率則從2.14%下跌
至2.08%。
富蘭克林鄧普頓的全球債券投資總監 Michael
Hasenstab說，固定收益投資者現在是時候在思想上
打破傳統框框。他認為，按照今日的市場環境以及
美元利率上升的前景，投資者要重新考量他們的固
定收益投資組合。他指出，投資策略需要有主動積
極的管理，以嫺熟的方式針對部分國家及貨幣的優
勢而進行投資，同時避開它們不足的地方——這一
點乃是指數不能做到的。第二，鑒於目前利率升勢
無可避免，現時採用的策略應與美國國債走勢呈反
向關係。當然，其他的策略也許標榜著負存續的概
念，但這跟反向關係並不相同。以反向關係從美元
利率升勢中得益，這一點是較重要的。
太平洋投資管理的美國核心策略（Us Core strategies）
投資總監scott Mather 說：「隨著歐元區、日本、中
國和其他發展中市場的貨幣政策變得寬鬆，我們預
計市場的流動性將十分充裕。廣泛的市場流動性將
帶動投資組合流動性增加，讓投資者把資產的一部
分放到現金或現金類工具，等待市場調整的時候再
出擊，就像我們上個月看到的情況一樣。」
www.FundAsia.net
15
Editors' choice

1
2
Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
10.0K
11.0
12.0
13.0
14.0
15.0
16.0
2009 2010 2011 2012 2013 10/14
25.26 3.43 -9.85 18.09 3.19 3.36
- - - - - -
16.02 -2.16 -12.63 10.53 5.26 2.59
5 78 98 8 10 13
Amundi Fds Bd Global AU-C 東方匯理系列—環球債券基金 - AU C
Top 10 Holdings % Port.
Cbt Us 2yr Note Dec14 Future (Exp... 3.70
Jpmorgan Chase FRN2049-12-31 1.28
Ford Motor Credit Co 5.75%2021-02-01 1.16
Granvia A.S. 4.781%2039-09-30 1.12
Hsbc Fin 6.676%2021-01-15 1.11
Italy(Rep Of) 4.5%2019-03-01 12.06
United Kingdom (Government Of)... 7.70
US Treasury Bond... 5.94
Portugal(Rep Of) 3.85%2021-04-15 5.02
Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
10.0K
12.0
14.0
16.0
18.0
20.0
2009 2010 2011 2012 2013 10/14
5.83 3.27 -6.27 21.37 2.47 2.47
-24.97 -0.78 -10.45 5.20 0.33 -0.70
- - - - - 0.22
100 73 100 1 22 30
Aberdeen Glb Sel Glb Crdt Bd D1 安本環球—世界債券基金 - D1
Source: Morningstar / Benchmark
How we came up with the Editor’s Choice:
• We’ve screened all HK authorized – Global Fixed Income funds
• Only funds with minimum initial investments equal or less than USD 50,000 to eliminate institutional classes being included into the
assessment process
• We’ve considered quantitative data such as the funds’ risk-adjusted returns for 1, 3 and 5 years, fees, manager’s stability and
experience, accessibility and other risk ratios to measure upside and downside volatility
• While the past performance cannot always be an indicator of future performance, it is possible to make some educated judgments
based on the available data. Our aim is to help investors make wiser decisions by analysing relevant information on performance,
volatility, portfolio diversification, fees and operations.
Total Ret YTD 本年至今
3.11
1 YR Return 一年
6.37
3 YR Return 三年
7.67
5 YR Return 五年
4.65
Sortino Ratio 3 YR
2.54
Total Expense Ratio 總開支比率
1.17
Manager Name 基金經理
Management Team
Ave Mgr 基金經理平均年資
5.33
Worst 3 Mo Ret % 最差3個月回報
-10.65
Std Dev 3 Yr %標準差
10.17
Morningstar Rating 3 Yr 星號評級
ÙÙÙÙÙ
Fund Size (USD Mil) 基金規模 (百萬美金)
69.23
# of Holdings 持有股票項目
205
Turnover %十大投資項目比重%
650.38
3.36
1 YR Return 一年
2.61
3 YR Return 三年
5.89
5 YR Return 五年
2.92
Sortino Ratio 3 YR
1.10
1.34
Cédric
Morisseau;Laurent
Crosnier;
5.79
-12.65
7.56
ÙÙÙÙÙ
279.94
157
-34.43
Cnpc General Cap 2.75%2019-05-14 1.02
Wells Fargo Co Mtn Be 4.1%2026-06-03 0.99
Adcb Fin (Ky) 2.75%2019-09-16 0.98 0.98
Teachers Ins & Annuity Assn 144A... 0.98
Portugal(Rep Of) 4.75%2019-06-14 3.90
Italy(Rep Of) 3.75%2016-04-15 3.87
Italy(Rep Of) 5.75%2016-07-25 3.24
Amundi Fds Bd Global Corporate... 2.89
Pgh Cap 5.75%2021-07-07 0.96
Total Stock Holdings 0
Total Bond Holdings 173
Assets in Top 10 Holdings % 13.31
Bulgaria(Nat Rep)... 2.79
NOVEMBER2014
16
Editors' choice

3
4
BGF Global Government Bond A2 USD 貝萊德全球基金—環球政府債券基金A2 - USD
Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
9.5K
10.0
10.5
11.0
11.5
12.0
12.5
13.0
2009 2010 2011 2012 2013 10/14
4.49 5.32 6.09 1.82 0.24 2.16
-2.44 -0.23 0.44 -2.50 2.84 0.51
-4.74 -0.27 3.32 -5.74 2.31 1.40
66 52 18 83 28 27
BEA Union Investment Global Bond A 東亞聯豐環球債券基金 A Acc
我們按照下列的條件和流程，選出本期的編者之選：
• 我們篩選出所有香港認可的全球固定收益基金
• 在評審過程中，為了剔除所有機構類別基金，我們不包括所有初始投資額超過5萬美元的基金
• 我們審核的定量數據包括基金在1、3及5年後的風險調整後回報率、費用、基金經理的穩定性和經驗、開放性以及
其他量度上行及下行波幅的風險比率
• 過去表現固然不能夠作為未來走勢的指標，但我們可以根據過往數據，作出理性的決定。我們的目的是幫助投資者
分析相關資訊，包括表現、波幅、組合多樣化、費用和運作，以做出更精明的投資決定。
2.16
1 YR Return 一年
2.26
3 YR Return 三年
1.24
5 YR Return 五年
2.91
Sortino Ratio 3 YR
0.69
0.05
Management Team
10.67
-7.55
2.59
ÙÙÙÙ
512.36
69
Bundesrepublik Deutschland 1.75%2024-02-15 12.96
Bundesobligation 1.00%2018-10-123 8.13
Italy Buoni Poliennali Del Tesoro... 5.35
Bundesrepublik Deutschland 2.00%2023-08-15 5.32
Spain Government Bond 3.80%2024-04-30 4.77
Germany (Federal Republic Of)... 3.03
Tencent Hldgs 144A 4.625%2016-12-12 2.85
Cnpc General Cap 2.75%2017-04-19 2.21
Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
10.0K
10.5
11.0
11.5
12.0
12.5
13.0
13.5
2009 2010 2011 2012 2013 10/14
3.56 4.12 3.08 6.19 1.08 6.04
-1.53 -0.49 -2.32 0.47 1.22 0.01
-5.17 -1.47 -0.23 -0.45 1.53 2.21
66 73 50 52 18 26
US Treasury Note 0.5%2016-07-31 8.49
Japan(Govt Of) 1%2021-09-20 6.32
Japan(Govt Of) 1.1%2020-06-20 5.20
5 Year US Treasury Note Future... 5.06
Euro-Bobl Dec 14 12/08/2014 3.88
6.04
1 YR Return 一年
5.71
3 YR Return 三年
4.84
5 YR Return 五年
4.14
Sortino Ratio 3 YR
3.63
0.97
Scott Thiel
3.08
-3.56
2.52
ÙÙÙ
584.31
219
115.72
France(Govt Of) 1.75%2023-05-25 2.73
Japan(Govt Of) 1.8%2031-09-20 2.53
Us Ultra T-Bond Dec 14... 2.43
Japan(Govt Of) 2.1%2027-12-20 2.42
Japan(Govt Of) 1.5%2034-06-20 2.39
www.FundAsia.net
17
Editors' choice

Source: Morningstar / Benchmark
5
7
BGF World Bond A1 USD 貝萊德全球基金—世界債券基金A1
Legg Mason WA Global Credit Inc A Inc (S) $ 美盛西方資產環球信貸基金 A Inc (D) $
5.82
1 YR Return 一年
5.41
3 YR Return 三年
4.60
5 YR Return 五年
4.28
Sortino Ratio 3 YR
3.02
1.05
Scott Thiel
8.08
-5.71
2.66
ÙÙÙ
1,211.60
342
107.84
5.18
1 YR Return 一年
4.31
3 YR Return 三年
4.86
5 YR Return 五年
Sortino Ratio 3 YR
1.95
1.36
Management Team
4.00
-3.59
4.06
ÙÙ
98.49
239
50.82
US Treasury Note 0.5%2016-07-31 5.89
Japan(Govt Of) 1%2021-09-20 3.76
US Treasury Bill2015-04-02 3.14
Us Ultra T-Bond Dec 14... 2.67
Euro-Bobl Dec 14 12/08/2014 2.20
Fnma 30yr 4% Llb 85k 20142044-01-04 1.85
Japan(Govt Of) 1.5%2034-06-20 1.76
Us 5yr Note (Cbt) Dec142014-12-31 13.15
US Treasury Note 1.625%2019-06-30 3.93
Bk Ned Gemeenten 1.875%2018-12-07 1.99
EURO INV BANK2024-04-15 1.65
Goldman Sachs Grp 5.125%2019-10-23 1.39
US Treasury Bond 3.375%2044-05-15 1.04
General Elec Cap Corp Mtn Be... 0.97
At&T 4.25%2043-06-01 0.92
Gdf Suez 2.875%2022-10-10 0.86
6Top 10 Holdings % Port.
US Treasury Note2016-07-31 11.29
Italy(Rep Of) 5%2039-08-01 6.93
Kommunalbanken As 0.3931%2017-05-02 4.48
Legg Mason BW Glb Fxd Inc A Inc (S) $ 美盛布蘭迪環球固定收益基金 A USD INC
4.94
1 YR Return 一年
4.09
3 YR Return 三年
2.59
5 YR Return 五年
4.95
Sortino Ratio 3 YR
0.73
1.39
DavidF.Hoffman;Stephen
S.Smith;
11.17
-14.35
5.27
ÙÙÙÙ
1,468.39
3,575
164.09
Hungary(Rep Of) 5.5%2025-06-24 4.25
Secretaria Tesouro Nacl 10%2023-01-01 3.93
Vereinigte Mexikanische 7.75%2042-11-13 3.92
Mexico(Utd Mex St) 8.5%2038-11-18 3.89
Queensland Tsy Cp 6.25%2020-02-21 3.58
Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
10.0K
10.5
11.0
11.5
12.0
12.5
13.0
13.5
2009 2010 2011 2012 2013 10/14
5.50 4.30 3.63 6.85 0.32 5.82
0.41 -0.32 -1.77 1.13 0.46 -0.21
-3.22 -1.30 0.32 0.21 0.77 2.00
59 69 38 44 32 32
Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
10.0K
11.0
12.0
13.0
14.0
15.0
2009 2010 2011 2012 2013 10/14
17.55 7.92 7.43 7.62 -4.32 4.57
10.62 2.38 1.79 3.30 -1.72 2.92
8.31 2.33 4.66 0.06 -2.25 3.81
13 14 4 39 66 6
Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
10.0K
10.5
11.0
11.5
12.0
12.5
2009 2010 2011 2012 2013 10/14
- - 3.41 10.79 -1.13 5.18
- - -1.37 -0.13 -1.20 -1.38
- - - - - -0.32
- - 46 59 89 72
NOVEMBER2014
18
Editors' choice

Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
10.0K
11.0
12.0
13.0
14.0
15.0
16.0
2009 2010 2011 2012 2013 10/14
17.73 10.95 -3.72 15.76 0.77 3.41
10.79 5.41 -9.37 11.44 3.37 1.75
8.49 5.36 -6.50 8.20 2.84 2.64
12 9 92 11 22 10
8
10
Schroder ISF Glbl Corp Bond A Acc 施羅德環球基金系列—環球企業債券 - A-ACC
Templeton Global Bond A Mdis USD 鄧普頓環球債券基金 A-MDIS-$
Italy(Rep Of) 3.75%2021-05-01 6.32
Japan(Govt Of) 0.6%2023-03-20 3.40
Japan(Govt Of) 0.8%2022-09-20 2.55
Ireland(Rep Of) 5%2020-10-18 3.78
Ireland(Rep Of) 5.4%2025-03-13 2.28
Poland(Rep Of)2016-01-25 2.27
Mexico(Utd Mex St) 8%2015-12-17 2.25
Bk Of Korea 2.76%2015-06-02 2.14
5.48
1 YR Return 一年
5.48
3 YR Return 三年
5.24
5 YR Return 五年
5.10
Sortino Ratio 3 YR
2.12
1.04
Wesley A. Sparks
3.67
-5.54
3.94
ÙÙ
2,651.30
237
237.38
3.82
1 YR Return 一年
4.42
3 YR Return 三年
5.54
5 YR Return 五年
6.23
Sortino Ratio 3 YR
1.14
1.40
Michael J. Hasenstab;
Sonal Desai;
8.12
-7.99
7.68
ÙÙÙÙÙ
38,502.18
209
50.05
France(Govt Of) 2.25%2024-05-25 2.14
Italy(Rep Of) 3.5%2018-12-01 1.85
Italy(Rep Of) 2.75%2015-12-01 1.82
Vereinigte Mexikanische 8%2020-06-11 1.61
Sweden(Kingdom Of) 4.5%2015-08-12 2.10
Hungary Rep 6.375%2021-03-29 2.05
Bk Of Korea 2.78% 1.75
Canada Govt2015-02-01 1.71
US Treasury Bond 3.75%2041-08-15 1.51
Japan(Govt Of) 1.2%2020-12-20 1.49
Malaysia 4.72%2015-09-30 1.54
Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
10.0K
11.0
12.0
13.0
14.0
2009 2010 2011 2012 2013 10/14
9.87 6.42 5.19 6.44 -2.49 2.38
2.94 0.87 -0.45 2.12 0.11 0.72
0.63 0.83 2.42 -1.12 -0.42 1.61
37 36 34 47 47 25
9
Templeton Glbl Total Return A Acc $ 鄧普頓環球總收益基金—A-ACC-$
2.52
1 YR Return 一年
3.97
3 YR Return 三年
7.04
5 YR Return 五年
8.46
Sortino Ratio 3 YR
1.32
1.41
Michael J. Hasenstab;
Sonal Desai;
7.54
-10.04
8.26
ÙÙÙÙÙ
34,730.37
490
17.58
Korea(Republic Of) 2.75%2015-12-10 2.66
Portugal(Rep Of) 5.125%2024-10-15 2.48
Uruguay Rep 4.375%2028-12-15 2.32
Bk Of Korea 2.47%2015-04-02 2.21
Mexico(Utd Mex St) 8%2015-12-17 2.19
Ireland(Rep Of) 5.4%2025-03-13 2.11
Vereinigte Mexikanische2015-04-01 2.05
Bk Of Korea 2.74%2015-02-02 2.03
Sweden(Kingdom Of) 4.5%2015-08-12 1.82
Bk Of Korea 2.76%2015-06-02 1.78
Growth Of 10000
(USD)
Fund
Index
Category
Performance
Fund
+/- Index
+/- Category
Percentile Rank
10.0K
12.0
14.0
16.0
18.0
20.0
2009 2010 2011 2012 2013 10/14
32.53 14.62 -1.76 18.93 2.82 1.94
25.60 9.07 -7.40 14.62 5.42 0.29
23.30 9.03 -4.53 11.38 4.89 1.17
3 4 85 7 11 30
www.FundAsia.net
19
Editors' choice

“How can my MPF be a benefit when
it seems like a tax on earnings?”
Stewart Aldcroft explains how, over
time, the benefits will show themselves
clearly.
F
or many people, the Hong Kong Mandatory Provident
Fund seems like an additional tax on their earnings,
albeit, quite small. Every month a little is taken away
and put into an account that can’t be touched for many
years to come.
With the absence of active advice on how to get the best out
of your MPF, most Members of MPF schemes have tended to
ignore it, not so much in the hope that it will go away, but
because they can’t be bothered to spend time on something
they think is worth so little.
Slowly, but surely, this is no longer the case. For those that
have been Members for the whole of the 14 years since it
started, they will by now have begun to see a reasonable
balance grow up in their MPF account, and one that deserves
a lot more attention in the future.
For the purposes of this article, I plan to cover a few key
issues all MPF Members should take into account, in order to
fully utilize the benefits MPF offers.
1. Additional Voluntary Contributions
(AVC)
While it is a mandatory requirement that there are
minimum contributions made monthly to an MPF of 5%
of salary up to HK$30,000 per month (since 1 June 2014)
or up to HK$1,500 by both the employer and employee,
this should not be treated as the maximum as well.There
is no reason why an employee shouldn’t put a lot more
into the MPF, especially for higher earning employees,
who would otherwise not know what best to use for their
savings.
Any contributions made in this way to the MPF get the
benefit of buying units in the various available funds at
the lowest possible costs.There are no loads and
management fees are generally lower than apply for
regular mutual funds.
There is also a wide choice of funds available in most
MPF schemes these days.Whether investing in the US
equity market,Asian region equities, or just into the Hong
Kong market, most MPF providers offer the choice.And if
you don’t want to make these choices, then there are
funds that will do it all for you.
Maximising
your benefits
from the MPF
把強積金的得益最大化
NOVEMBER2014
20
MPF UpdATE
20

Although it might be the case that the accumulated value
of an MPF is not available to use for day-to-day spending,
for medical or school fees, or to repay mortgages, for
many people this form of “enforced savings” can be their
only way to ensure they have some money with which to
retire. It won’t be the whole of their retirement income,
but the more that is put to work via an MPF, especially in
the early days of a working life, the more that can
become available on retirement.
2. Fund choices
As contributions are made on a monthly basis, selecting a
fund that provides a volatile return actually can provide a
far better return over the longer term, that a fund that in
more constant.Volatility is good, it enables purchases to
be made when markets are down as well as up, and this
takes out of the investment equation, the emotional
aspect of trying to choose which market is best.
For younger MPF Members, it is far better to choose
equity funds that can provide the opportunity to benefit
from longer term investment trends.As you get older,
then a variation can occur, such as moving some money
into managed or balanced funds. Only when in the last
year or two before retirement actually occurs is it really
necessary to proactively ensure the accumulated gains
made are preserved.This can be achieved through use of
lower risk fund choices, which will also depend on what
your MPF provider can offer.
Choosing and then changing fund choices during the
course of an MPF lifetime should be strongly encouraged.
All providers have arrangements in place to enable this to
be done easily and with the minimum of documentation.
3. Taking Retirement Benefits
The way the MPF is set up, (in most circumstances) only
when you retire can you have access to the accumulated
assets built up. But if you don’t have any immediate need
for them, there can be good reasons not to draw down
from the MPF pot straight away. If markets are at an
unfavourable stage, then maybe it is best to wait awhile
before taking money out.This can lead to greatly
improved returns if the timing is handled well.
Despite the many reports to the contrary, the MPF is quite
a flexible vehicle with which to accumulate savings.You
can keep control on where your contributions are
invested, when you draw them out and of course on how
much you have put in to create a savings pot.
Guidance on MPF accounts from the MPFA website-mpfa.org.hk
198%
www.FundAsia.net
21
MPF UpdATE

對
於很多人來說，香港的強制性公積金（強積
金）就像從收入徵收附加稅一樣，縱使這金
額是相當低的。對他們來說，每個月要拿
走少許金錢，放進一個未來很多年都不會動用的賬
戶裡。
業界並沒有踴躍提供意見，教導大眾如何從MPF中
獲取最大得益，因此大部份參加MPF計劃的成員都
傾向不理會這事。這並不是因為他們希望失去這些
利益，而是由於不想為他們認為價值甚低的
事項花時間。
然而，隨著時間過去，情況已變
得不一樣了。有些人於14年前
MPF計劃推出時已成為成員。
現在他們已發現自己的 MPF
賬戶結餘有合理增長，因此
值得在將來就此給予更多注
意。
在這篇文章中，我打算涵蓋
所有MPF成員應予考慮的數個
重要事項，以充份利用MPF能帶
來的好處。
附加自願性供款
強制規定的MPF最低供款額是每個月薪金（自2014
年6月1日起，計算的最高入息水平為30,000港元）
的5%，或僱主僱員雙方每月最多供款1,500港元。
然而，這最低要求不應被視為供款額上限，事實上
並沒有原因令僱員不得為其MPF注入更多投資，尤
其是賺取高收入而不知道如何善用儲蓄的僱員。
以附加自願性供款方式向MPF供款，能以最低成本
價購買多隻基金中的基金單位。無需經過繁複程
序，而且管理費用一般會比申請常規互惠基金的更
低。
現時大部份MPF計劃均提供廣泛的基金選擇。不論
是投資於美國股票市場、亞洲地區證券，還是香港
市場，大部份MPF營運商均會提供此等選項。如果
你不想自己作決定，市場上亦有些基金能為你作出
選擇。
雖然MPF累積的金額不可用於日常消費、醫療或教
育開支，或償還按揭款項，對很多人來說這種「強
制儲蓄」可能是確保他們會儲起養老金的唯一方
式。這並不會構成全部養老金金額，但是如果能投
放更多資源於 MPF（尤其是自工作生涯的早期開
始），退休後就會有更多可運用的資金。
基金選擇
基於MPF每月供款的機制，帶有波動回報的基金與
較平穩的相比，在長遠而言能帶來更為可觀的回
報。這些波幅是好的，市場有升跌時這些基金會有
買賣交易（不受市場情緒影響，因為投資者
情感上會試圖選擇最好的投資市場）。
對於年輕的 MPF 成員來說，在長
期投資趨勢中能提供更佳獲利機
會的股票基金更適合他們。在
年齡有所增長後，則可以作出
一些變更，例如將部份資金轉
移至管理或平衡基金。只有在
實際退休前一或兩年，才需要
更主動地確保累積的增長能穩
妥保存，並可透過選擇風險較
低的基金達成這目的。當然，這
亦需視乎你的MPF營運商提供什麼
基金選擇。
我們十分建議你在整個MPF計劃投資過程中
持續選擇及更改基金選項。所有MPF營運商均設有
相關安排，令這過程簡單容易，將所需的文件往來
減至最少。
提取退休保障款項
在大部份情況下，MPF的制度讓成員在退休時方可
提取累積的資產。然而，如果你沒有急切需要，建
議不用在退休時立即提取全部MPF投資所得款項。
如市場處於不利階段，可先等待一段時間再提取資
金。如可好好把握時機，則能有效提升投資收益。
雖然有很多報告提出相反意見，然而其實MPF是相
當靈活的累積儲蓄投資工具。你可以控制自己的供
款投資於哪隻基金、何時提取資金，以及投放多少
金額。
「強積金(MPF)就像從我的收入徵稅一樣，怎會令我有所得益呢？」stewart Aldcroft為你明確解釋這些
利益會如何隨著時間過去展現眼前。
NOVEMBER2014
22
MPF UpdATE

The need to generate regular income on
your investments is of particular
concern to those at or near retirement.
But every investor should understand
how bonds and interest-paying capital
notes can work for them within a
diversified portfolio, writes Richard
Newell
I
n simple terms, your equity investments are expected to
appreciate over the longer term, to provide a nest egg.
Meanwhile the bond and deposit element of your savings
is generating income for day-to-day living. Retirees typically
want a regular income to supplement their retirement savings
and they also want a sizeable emergency fund to pay for
unexpected costs like medical bills. Retirees who can
realistically expect to live at least another 15 to 20 years,
must keep some of their investments in higher return assets.
This is the money they’ll be drawing on in 10 years’ time.The
majority of the money should be held in a variety of fixed
interest issues, with some set aside in an emergency fund like
a savings account.
The current environment of low inflation and low growth in
many parts of the world translates into uncertain share
markets and rates of interest that are historically low. People
are getting lower returns than they expected on their
investments, but of greatest concern possibly is the decline in
their income levels.
At a time when the dividend yield on some shares is
outstripping the interest on fixed term deposits and
government bonds, financial planners need to be vigilant in
making sure their clients are appropriately positioned to
benefit from this.
Managing the income elements of a client’s portfolio is a key
part of the service for clients.And since these people are
naturally risk-averse, it’s best to keep things simple. Look at
the range of maturities and try to ensure that these are
evenly spread over say a five year term. So clients are not
making any big macro decisions about the course of interest
rates.You are taking away the worry about whether interest
rates are going down further in the short term, by averaging
out their interest return over a reasonable time period.They
won’t be getting the lowest rate and they won’t always be
getting the top rates either, but over time they will get more
of a steady income stream.
As we know, each client has a slightly different objective, but
most have one thing in common; they overestimate their own
risk-tolerance. Even within the confines of a bond portfolio,
it’s important to establish the right level of exposure for their
needs from the start and for the client to be careful not to
overestimate potential returns.
The greatest risk when rates are declining is for the client to
move too far up the risk scale in search of a higher income.
Investors do need to be aware of the risks involved in moving
into some of higher yield capital note issues. Do you consider
that your clients are equipped to grasp the concept of
sub-ordinated debt? Some will understand, but to be safe,
the adviser should limit the amount held in any one
investment to between 5% and 10% of the fixed interest
portfolio.There isn’t enough understanding of the differences
between an investment paying 7% and one paying upwards
of 9%.
It is wrong to assume that issues that carry a higher headline
interest rate are dramatically more high risk. Some are, and it
is not uncommon that investors in mis-priced un-rated debt
securities do not get a return commensurate with the risk
they are taking.The good adviser will have a clear
understanding of fixed interest schedules and structured
products available, and their suitability for different types of
client.
In managing credit risk, an adviser needs to consider how
much debt relative to equity an issuer carries in its balance
Managing income
when rates are low
在利率偏低時管理收益
www.FundAsia.net
23
Financial PLANNING

將近或已經退休的人一般會
特別關注能否從投資中賺取
定期收入。所有投資者均需
要理解債券和付息資本票據如何從多元化投資
組合中為這類人士達成目標。編者：Richard
newell。
簡
單來說，你的股票投資應該在長遠而言有
增值空間，以提供個人儲備金。同時，用
作儲蓄的債券和存款則賺取用作日常開支
的收入。退休人士一般希望賺取定期收入作為退休
儲備金的一部份，以及持有一筆可觀的緊急資金以
應付突如其來的賬單（例如醫療支出等）。實際上預
期未來人生尚有15至20年的路要走的退休人士，
必須將部份投資投放於更高回報的資產，因為這是
未來10年會提取使用的資金。大部份資金應投放於
各種不同的定息證券，其餘的則存於緊急基金（例
如儲蓄賬戶）。
現時世界上很多地方都有低通脹和低經濟增長的現
象，導致股票市場不明朗以及息率創歷史性新低。
投資人士從投資所得的收入比預期低，而最大的關
注是他們的收入水平下降。
每當某些股票的股息回報率超出定期存款和政府債
券提供的利率，財務策劃師就要格外留神，確保採
取適當持倉以令客戶能從中獲利。
管理客戶投資組合內的收入元素是主要的客戶服
務。由於退休人士通常是希望避免風險的投資者，
sheet, how much senior debt may rank above its paper, its
cash flows and its interest cover (how many times its
earnings will cover its interest costs).The do-it-yourself
portfolio builder needs to consider interest rate risk, the
direction or trend for rates and credit risk, the likelihood that
the issuer will default.The last factor is largely determined by
reference to the credit rating of the bond issue or, more
accurately, the issuer.
You can get capital gains from both bond markets (from
falling yields) and equity markets at the same time. One of
the most effective ways of managing your portfolio to boost
the income element is to skew your share portfolio towards
the high dividend shares. It pays to
look at overseas markets, for a
broader range of high-yielding share
opportunities.
因此令事情越簡單越好。留意所有投資項目的到期
日，嘗試確保它們（例如在五年期間）平均分布，讓
客戶不會就息率期作出任何重大宏觀決定。將客戶
的利息回報平均分布於合理的期間，可以釋除他們
關於息率在短期內會否下降的憂慮。他們不會得到
最低或最高的利率回報，但可隨著時間得到穩定的
收入。
就我們所知，每名客戶的目標都稍為不同，然而都
有一個共通點：高估了自己承受風險的能力。即使
在債券投資組合的規限內，一開始就客戶需要設置
適當的風險水平，以及讓客人注意不要高估潛在回
報是相當重要的。
利率下降時，當中最大的風險是
客戶為了賺取更高收入而承受更
高風險。投資者需要注意投資於
更高收益率的資本票據所涉及的
風險。你認為你的客戶理解「後
償債項」的概念嗎？有些客戶會
理解，然而為安全起見，投資顧
問應該將任何一項投資的所持金
額限制於定息投資組合的5%至
10%。對於兩個分別能賺取7%及
9% 以上的投資項目，一般人仍
未能充分理解它們之間的分別。假定提供更高息率
的證券必然會附隨極高風險是不正確的。雖然有些
個案確是如此，然而投資者投資於錯定價格的（未
經率定）債務證券，最後未能賺取與所承受風險相
稱的回報亦是常見情況。出色的投資顧問應該要清
楚知道支付定息的時間表和可供選擇的結構性產
品，以及它們對於不同類型客戶的合適程度。
管理信貸風險時，投資顧問需要考慮發行公司的資
產負債表中有多少與股票相關的債項、票據附有多
少優先債務、其現金流以及利息支出佔淨利的比例
（盈利對利息倍數）。建立度身定製投資組合的顧
問，需要考慮息率風險、利率以及信貸風險的走向
或趨勢，以及發行公司違責的可能性。違責的可能
性很大程度上可憑籍發行債券（或更準確來說是發
行公司）的信貸評級確定。
你可以同時從債券市場（從下降收益率）和股票市場
中賺取資本收益。管理你的投資組合以提升收入元
素的其中一個最有效的方法是將股票投資組合內的
股票轉為高股息股票。留意海外市場，以尋找更廣
泛的高收益股票投資機會。
NOVEMBER2014
24
Financial PLANNING

I
n China, rather than museums and
cultural institutions being the
victims of theft, as it tends to be in
the West, it is often the homes and
offices of high net worth individuals or
public figures that are targeted by art
thieves. China also struggles with a
huge counterfeit art market.A 2012
Artron study estimated that about a
quarter of a million people in China
are involved in producing and selling
fake art, which has been said to often
jeopardise the successful sale of
authentic pieces.
Yet in a country where the number
wealthy individuals is rising rapidly
and such individuals tend also to have
an increasing appetite for fine art ,
there are no specific criminal laws that
While art trafficking is not a new phenomenon in western jurisdictions, there has
been a lot more interest surrounding the theft of Chinese art from European
museums in recent years. Yet not much has been said about how art is being
sought out and focussed on in China by criminals and forgers. Richard Norridge
provides the background.
focus on either the theft of or
counterfeiting of art works or heritage
items. In fact, applicable laws absolve
auctioneers or consignors of any
responsibility as to fakes. Further,
China does not yet have a domestic
database of stolen art of cultural
property, unlike many European and
North American countries which makes
it extremely difficult to monitor let
alone police thefts and forgeries.
Will things change? In 2012, the
Chinese government acknowledged
that the art industry and market have
issues and it might therefore introduce
new legislation to target those
problems. It has been reported that the
government is aiming to crack down on
the “three fakes”—fake works, fake
sales and fake auctions.There has yet to
be any progress in that aspect.
Here is a list of pointers on the
background and recent developments
in art theft and forgeries.
The Art of Theft
Cost, Development and Impact
• Art theft is not just limited to
Europe and the Americas - over
the last 5 years China has become
one of the leading art markets in
terms of revenue. In 2011, China
was cited as the leading art market
in the world.
• The cost of the theft of art and
antiques in the UK alone every
year is estimated to exceed £300
million.The media frequently cites
The Theft of Art
藝術品盜竊
www.FundAsia.net
25
LegalBriefing

the statistic that trafficking in
cultural property is the third most
common form of trafficking, after
drug trafficking and arms
trafficking.
Targets
• In Europe, the targets of art theft
tend to be museums, galleries and
institutions. By way of comparison,
targets in China tend to be
wealthy individuals, even goliaths
such as the Forbidden City have
been the victim of theft.
• Europe appears to be the victim of
a growing trend of “thefts to
order” often suspected to be
sourced for and requested by
Asian buyers.
Faking it
• China’s historical approach to art
presents its own problems. In
China, artists are frequently trained
to imitate the old Chinese masters.
• The number of artists who create
copies of Chinese works of art is
growing. Fake art works have
caused concern within the Chinese
art market and doubts over the
authenticity of a number of works
of art sold via auction houses.
• Doubts over authenticity have led
to a number of high net worth
sales in China not being
completed.
• China’s existing legislation
prevents any substantive reform or
clean-up of the art market. The
applicable laws currently absolve
auctioneers or consignors of any
responsibility as to fakes.
• The Criminal Law of the People’s
Republic of China does not contain
any specific provisions which refer
to the theft of art works or
heritage items means that it is
difficult to police thefts of art and
to enforce any specific penalty in
the event that a fake work of art
or a stolen work of art is sold at
auction or otherwise.
Chinese art thefts
• A Chinese farmer Shi Baikui was
sentenced to 13 years
imprisonment, deprived of his
political rights for three years and
fined 13,000RMB for stealing nine
pieces of art made of gold and
jewels from the Forbidden City.
Chinese forgeries
• The late Qi Baishi, a modern
master of Traditional Chinese
Painting, has been the victim of a
huge number of forgeries and is so
extensively “faked” that no one
can be sure if Baishi’s painting are
authentic unless the painting has
either been recorded in his lifetime
or his family can verify that the
painting is an original.
Major Asian art
acquisitions
• It was reported that in November
2013, a series of art auctions in
Hong Kong held by Christie’s
Auction House raised HK$3.82
billion (£300 million), almost twice
as much as estimated, as affluent
collectors from China and
elsewhere in Asia paid record
prices for several items, including a
Qing dynasty porcelain jar which
sold for HK$64.52 million (£5
million).
Why is this type of crime
on the increase?
Lack of Centralised Resources
and Records
• The lack of any centralised record
in China means not only that there
is an ineffective approach to the
registration of thefts of artworks in
China but that policing the theft of
artis increasingly difficult.
Increase in Prices and Profile of
Artworks
• In December 2013, Sotheby’s sold
on behalf of the Art Institute of
Chicago a large swirling abstract
from 1958 by Zao Wou-Ki for
which a record 89.7 million RMB
(£9 million) was paid by Zhang
Xiaojun, a collector from Shanxi
province.
• The huge expansion of the art
market in China has created a
frenzy of purchasing which the
regulators cannot keep up with.
What is being done?
• The Chinese government has
acknowledged that the art industry
and market has issues and in 2012
it indicated the possibility of
introducing new legislation to
target these problems.
The main target for art thieves
199%
NOVEMBER2014
26
LegalBriefing

www.FundAsia.net
27
LegalBriefing
藝術品走私販賣在西方國家早
已屢見不鮮，而近年來歐洲博
物館的中國藝術品盜竊事件引
起了大眾更多的關注。然而，
坊間並無太多罪犯和贗造者如
何選出及注意到這些中國藝術
品的相關資料。Richardnorridge
在此為你提供背景資料。
在
西方國家，通常是博物
館和文化機構成為盜竊
案的受害者；而在中
國，則通常是具有高資本淨值的
人士或公眾人物的家居及辦公室
成為藝術品盜賊的目標。事實
上，中國亦有龐大的藝術贗品市
場。2012年一項雅昌研究估計，
在中國大約有25萬人涉及製作及
售賣藝術贗品，經常影響真品的
出售狀況。
雖然中國富裕人士的人數急升，
而這些人通常會對藝術品更感興
趣，然而中國並無針對藝術品或
文化遺產盜竊或仿製的特定刑事
法例。事實上，中國的適用法律
會免除拍賣商或貨主關於贋品的
責任。而且，跟眾多歐美國家不
同的是，中國尚未建立被竊文化
藝術品的本地資料庫，這令盜竊
及偽造個案非常難以監察，更不
用說去追查了。
情況將會有所改善嗎？在 2012
年，中國政府確認藝術品業界和
市場出現了問題，並因此可能會
推出新法例以解決這些問題。根
據報道，政府的目標是打擊「三
假」現象 —— 造假、售假和假
拍。然而，現時仍未有任何進展。
以下是藝術品盜竊和偽造的背景
資料以及最新發展的要點列表。
藝術品盜竊
成本、發展及影響
• 藝術品盜竊並不只在歐洲和
美國發生 - 過去5年，中國就
收益方面來說已成為領先的
藝術品市場之一。在 2011
年，中國獲譽為世界上領先
的藝術品市場。
• 在英國，藝術品和古董盜竊
帶來的成本估計每年超過 3
億英磅 1
。傳媒經常引用數
據，指出文化產物非法買賣
是第3種最常見的走私販賣，
僅次於毒品和槍械走私。
盜竊目標
• 在歐洲，藝術品盜竊的目標通
常是藝術館、畫廊和公共機
構。而在中國則是富裕人士，
即使是大型機關（例如故宮）
亦曾是盜竊案中的受害者。
• 歐洲似乎已成為「盜竊訂單」
趨勢中的受害者，當中的罪
犯懷疑是為亞洲買家尋找貨
源以及應其要求作出盜竊。
造假
• 中國一貫對待藝術品的態度
造成了這些問題。在中國，
美術家經常會接受訓練，學
習如何模仿中國歷史上藝術
大師的作品風格。
• 創製中國藝術仿製品的美術
家人數正在上升。藝術贗品
已引起中國藝術品市場的關
注，以及對通過拍賣行出售
的多項藝術品真實性的懷疑。
• 這些對藝術品真實性的懷疑
已導致在中國多個高價的買
賣交易未能完成。
• 中國現有的法例妨礙對藝術
品市場作出任何大規模改革
或整頓。中國現行的適用法
律會免除拍賣商或貨主對於
贋品的責任。
• 中華人民共和國的刑事法並無
載有關於藝術品或文化遺產盜
竊的特定條文，令追查藝術品
盜竊以及（一旦藝術贋品或盜
竊品在拍賣會或其他地方出
售）執行特定處罰非常困難2
。
中國藝術品盜竊案
• 一名中國農民石柏魁因從故
宮盜取 9 件用黃金和珠寶製
成的藝術品，被判處監禁13
年，剝奪政治權利 3 年，以
及罰款人民幣13,000元。
中國的偽造情況
• 已故國畫大師齊白石是偽造
風氣下的受害者，針對他作
品以製造的偽造品眾多。除
非他生平 3 中有某項畫作的
記錄，或他的家人確認某畫
作是原創品，否則業界並沒
有人能確定聲稱是齊白石的
作品實際上是否真品。
主要的亞洲藝術品交易
• 根據報道，在2013年11月佳士
得拍賣行在香港舉行的一系列
藝術品拍賣會有3,820,000,000
港元（300,000,000英磅）的銷售
額，幾乎是預期的兩倍。這是
由於來自中國和亞洲其他地區
的富裕收藏家就數項藝術品支
付了破記錄的天價，包括一件
清朝的瓷瓶以64,520,000港元
（5,000,000英磅）成交4
。
為什麼這類型的罪案正在
增加？
缺乏中央資源和記錄
• 中國缺乏中央記錄，不但令
藝術品盜竊個案的登記非常
沒有效率，而且令這些個案
的追查增添難度。
藝術品價格上升以及日趨受公眾
注目
• 2013年12月，蘇富比代表芝
加哥藝術博物館（the Art
Institute of Chicago）出售趙無極
在1958年創作的《抽象》，由
來自山西省5
的收藏家張小軍
以破記錄的人民幣89,700,000
元（9,000,000英磅）購入。
• 中國藝術品市場的大規模擴
展造成了購買熱潮，監管機
構未能跟上進度。
作出了什麼補救措施？
• 中國政府確認藝術品業界和
市場出現了問題，並在 2012
年指出可能會推出新法例以
解決這些問題。
• 根據報道，政府的目標是打
擊「三假」現象——造假、售
假和假拍，因為「三假」損害
了中國藝術品市場在國際舞
台的聲譽6
。

Christian Stewart explains how family offices that have as
their mission the preservation of family wealth, in all of
its forms, must also address the topic of family member
education.
I
n practice family offices in Asia tend to start off with a focus on preserving family
financial capital.They may be organized with an investment committee.The natural
next step is for the FO to start to assist the family members with the family’s social
capital, i.e. with the family charity and philanthropy.There might be a family philanthropy
committee.
Families set up FOs to help preserve family wealth. It is common to refer to “family wealth”
as going beyond the financial and the social capital of the family to also include family
human capital and intellectual capital.What role can the FO play in relation to human and
intellectual capital?
Just as there will be an investment committee and a philanthropy committee, there should
be an education committee.And the first task for the education committee will be the
development of a family education curriculum.
The Family Governance System
The well-known “three circle model” allows us to look at a wealthy family and its financial
assets as a complex system comprising of the overlap between the family circle with its
dynamics, the ownership circle (the perspective of the owner/investor) and the
management circle (looking at how the financial wealth is being managed).
The key to managing this complex system is having an effective system of family
governance.This includes having appropriate forums for each “circle” and well defined
Developing a
Family
Education
Program
發展家族教育計劃
NOVEMBER2014
28
Family Offices

boundaries between them.The education curriculum has to
include making sure that the family members are properly
educated on their family governance system and the different
roles that it entails.
The three circle model also helps us to see that that family
members need to be educated on the ownership role; they do
not need to be educated on the management role (though
they can be educated on how to select and use advisors).
Over the long run ownership is more important than
management.As owners the family members need to be
competent to make any key decisions that have to be made
at the ownership level.The curriculum has to deal with the
topic of how to be an effective owner.
The Trust Relationship
Another key topic is that of
trusts, or more specifically the
trustee beneficiary
relationship.The SFO does not
own the family financial
wealth.The most common
ownership vehicle will be one
or more family trusts.A trust
is fundamentally a
relationship between the
trustee and the beneficiaries.
If you look at the US
experience, the trust
relationship can often be one
that is harmful to the
beneficiaries.We have all
heard of the term “trust fund
babies”.To avoid creating
such a negative scenario, it is
critical that the parties to the
trustee beneficiary
relationship are properly
educated as to the roles that
the relationship involves. How can you possibly have a good
relationship if the parties involved do not know the roles the
relationship is based on?
A simple starting point in this area is to include discussion of
the terms of the family trust structures as an agenda item at
family meetings.This can be done in age appropriate ways.
Authors Hartley Goldstone and Kathy Wiseman in their book
‘Trustworthy’, believe that one of the best ways to encourage
positive trustee and beneficiary relationships is to show
families stories of times when these kinds of relationships
have been at their best.
For a family to be successful for at least five generations, they
have to develop a system for making slightly more good
decisions together over the long term, than bad ones. If the
mission of the FO is to help the family to preserve its wealth for
generations, then the question is how can the FO assist the
family members to make the best decisions that they can?
Another critical element of the education curriculum is
ensuring that family members are developing the skills to be
effective joint decision makers.
Joint Decision Making
Family wealth expert James E. Hughes Jr. in his book, ‘Family;
the Compact among
Generations’, recommends that
four specific issues should be
addressed for each family
member in order to help them
fully participate in their family’s
joint decision making system.
First, they need to know how
as individuals they learn and
take in information. Second,
they need to know what is own
unique calling in life.Third, they
need to know their individual
work style; i.e. how they prefer
to work in a group. Fourth, they
need to know their own
personality type. Hughes’ book,
which is another essential
addition to the family office
library, can be referred to for
more detailed information on
how to approach each of these
four steps. Finally, as a fifth
task, Hughes recommends that
each family member must be taught the skills of having
difficult conversations.
Family education is a topic that many FOs in Asia know is a
critical issue but perhaps they are not sure where to start.A
recent survey of over 35 family offices in the Asia Pacific
showed that none of the FOs surveyed had an education
committee; but that 28% of them were thinking of having
one. By addressing each of the above areas in a family
education curriculum, a family education committee will be
ready to go to work.
Ownership
liquidity, capital allocation
assurng succession strategic
direction performance, etc
Business
Operations, finance,
employees, supplier and
customer relationships,
etc
Family
Health, prosperity,
continuity, participation,
community role,
communication, education,
values, goals, etc
The Three-Circle Model
Source: Christian Stewart; Gary E. Aronoff and John L. Ward
www.FundAsia.net
29
Family Offices

所有的家族辦公室都有同樣的任務，那就是保存
家族財產。所以Christianstewart認為不論採用任何
方式，它們都要面對家庭成員的教育問題。
亞
洲地區的家族辦公室傾向以保存家族財政
資金為第一步，他們或會成立一個投資委
員會。下一步就是利用家族的社會資金來
輔助家庭成員，例如舉辦一些慈善活動，或成立一
個家族慈善委員會。
家族成立家庭辦公室就是為了保存家族財產，我們所
稱的「家族財產」一般都不只是代表財政及社會資
金，更會包括家族的人力資本和智慧財產。那麽家庭
辦公室在針對人力資本和智慧財產應擔當什麼角色？
家庭辦公室既然設有投資委員會和慈善委員會，同
樣應有一個教育委員會。而教育委員會的首項任務
就是設計一套家族教育
計劃。
家族管理系統
眾所周知的「三環模式」
讓我們更有系統去了解
一個富裕家族及其財政
資產。這個系統模式由
三個不同範疇互相交織
而成，包括家族、擁有
權（從擁有人/投資者角
度出發）及管理（研究如
何管理財政資產）。
管理這個複雜系統的要
訣在於制定一個有效的
家族管理體制，包括在
不同圈子之中設立溝通
平台及在圈子間定出明
確的分界線。教育計劃
的目的就是需確保家庭
成員能夠了解他們自己的家族管理體制，以及當中
的不同崗位。
「三環模式」亦讓我們認清家族成員了解有關擁有權
的必要性，他們不需學習管理的角色（雖然他們可
以學習如何挑選及運用顧問）。長遠來說，擁有權
比管理更重要。因為作為擁有者，家族成員需要有
能力下重要的決定，所以計劃亦需包括教導家庭成
員如何成為一個良好的擁有者。
另一個議題就是信託基金，或更具體來說是受託人
與受益人的關係。家庭辦公室並不支配家族的財政
資金，而最常見的狀況是透過一個或多於一個的家
族信託基金來操作家族財政資金。信託基金基本上
就是受託人與受益人之間的關係。以美國為例，這
種關係都不利於受益人。我們都聽說過「信託基金
寶貝」一詞。要避免這情況發生，信託基金受益人
必須接受良好的教育，認清自己的角色。如果不了
解一段關係當中每個人的角色，你又怎能夠維繫一
段良好的關係呢？
我們可以在受托人成年的時候，先在家庭聚會上簡
單地加入討論家族信託基金條款的議題。
由Hartley Goldstone and Kathy Wiseman 所著的「至可信
賴 (trustworthy)」一書中，他們認為其中一個促進受
託人與受益人建立良好關係的途徑就是讓受託人知
道，當他們之間建立良好關係的時候，會為雙方帶
來多大的益處。
要讓一個家族成功傳承至少到第五代，他們需要制
定一個機制，長遠來說這個
機制所作出的好決定要比壞
的決定稍多一點。如果一個
家庭辦公室的任務就是協助
家族為後代保存財富，那麼
問題就在於家庭辦公室如何
協助家族成員作出最正確的
決定。另外一個教育計劃的
關鍵元素就是要確保家族成
員能夠不斷學習決策者所需
的技巧。
共同商討對策
家族財產專家James E. Hughes
Jr.在他的著作「家族 – 世代
之間的契約 (Family; the
Compact among Generations)」
中建議每個家族都應該正視
四個問題，讓他們可以充分
參與決策。首先，他們需要
了解一個人如何學習及吸收
資訊；第二，他們需要了解
一個人的使命是什麽；第三，他們需要了解自己的
工作模式；第四，他們需要了解自己的性格。在他
的著作之中，可以參考到一些更具體如何實行這四
個步驟的資料，這本書絕對是家庭辦公室的重要藏
書。最後，他建議每位家族成員都要學習面對溝通
上的困難。
家族教育是亞洲地區很多家庭辦公室公認為非常重
要的問題，只是他們不確定應該從何處著手。最近
有一份研究訪問亞太區超過35個家族辦公室，並發
現他們都並未設有教育委員會，但有28%正考慮當
中。只要在計劃中涵蓋以上提及有關家族教育的範
疇，家族教育委員會就準備好開始運作。
Ownership
liquidity, capital allocation
assurng succession strategic
direction performance, etc
Business
Operations, finance,
employees, supplier and
customer relationships,
etc
Family
Health, prosperity,
continuity, participation,
community role,
communication, education,
values, goals, etc
The Three-Circle Model
Source: Christian Stewart; Gary E. Aronoff and John L. Ward
NOVEMBER2014
30
Family Offices

Benchmark Nov 2014

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