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Investment Philosophy 投資理念

Investment Philosophy 投資理念. Holistic approach to enhance performance over an investment cycle 整體規劃以優化投資表現 Disciplined processes provide validation and transparency 規範化確認程序與透明度 Diversification of asset classes 資產多樣化

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Investment Philosophy 投資理念

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  1. Investment Philosophy投資理念 Holistic approach to enhance performance over an investment cycle 整體規劃以優化投資表現 Disciplined processes provide validation and transparency規範化確認程序與透明度 Diversification of asset classes資產多樣化 Market inefficiencies provide opportunities for active management低效率市場為積極管理提供機會 Innovative and yet prudent approach to produce consistent performances創新而謹慎的投資取向以保持穩健回報

  2. Monitoring & Maintenance監察與維持 Asset AllocationPolicy資產分配措施 Investment Management Structure投資管理架構 Manager Selection 基金經理選任 Investment Planning Cycle投資規劃流程 Investment Objectives Review 檢討 投資目標 Planning 計劃 Implementation 實踐

  3. Fund Designing Stage 基金設計 FUND 基金 OBJECTIVES 目標 Added value附值能力 Active management積極管理 Long term surplus/solvency長期盈利/償付能力 Benchmark 標竿指數 (Peer or Customised)(同類或指定) Liabilities 負債

  4. Financial Risk Management 財務風险管理 Investment risk 投資風險 (資產價格, 利率及外滙風險) Liquidity risk流動資金風險 Credit risk信貸風險 Operational risk 運作風險

  5. Investment Risk Control External consultants assist in strategy formulation and manager selection投資顧問協助設定投資策略及選任基金經理 Compliance monitoring against investment policies and guidelines監察投資政策及指引 Independent valuation and reconciliation of investment portfolios獨立審核資產值及投資組合 Periodic performance review and board reporting 定期向董事局滙報投資及基金經理的表現

  6. Liquidity Risk Control Designate separate liquidity portfolios另設流動資金組合 Setting appropriate investment objectives (principal preservation, liquidity, low volatility)投資目標以保本低風險及流動性為主 Back-stop bank line備用銀行信貸

  7. Credit Risk Control Policies on counterparty credit quality, transaction type, maturity limits交易對手之信貸素質 (下限),交易種類及交易年期 (上限) Control limits for each counterparty including off balance sheet transactions衍生工具交易上限 Periodic review of approved counterparties with addition/deletion where appropriate定期覆核交易對手的信貸風險

  8. Operational Risk Control Assets held by external custodians資產託管人保管 Dividends, interests and corporate actions administered by custodians股息, 利息由託管人交收 Internal controls on management of liquidity portfolio內部監控流動資金的管理

  9. Asset Distribution資產分佈 (Long Term and Working Capital長期資產及營運資金) Data as at 31 March 2008

  10. 美國大學基金平均資產分配

  11. Mean Strategic Allocation to Alternative Investments 另類投資百份比 北美洲 North America* *All data based on survey responses, for North America n=167 **2003 was the first year for which information on use of real estate was collected. Source: The Russell Research, The 2007-2008 Russell Survey on Alternative Investing

  12. Mean Strategic Allocation to Alternative Investments 另類投資百份比 歐洲 Europe* *All data based on survey responses, for Europe n=69 **2003 was the first year for which information on use of real estate was collected. Source: The Russell Research, The 2007-2008 Russell Survey on Alternative Investing

  13. Mean Strategic Allocation to Alternative Investments 另類投資百份比 澳大利亞 Australia* *All data based on survey responses, for Australia n=18 **2003 was the first year for which information on use of real estate was collected. Source: The Russell Research, The 2007-2008 Russell Survey on Alternative Investing

  14. Mean Strategic Allocation to Alternative Investments 另類投資百份比 日本 Japan* *All data based on survey responses, for Japan n=72 **2005 was the first year for which information on use of real estate was collected. Source: The Russell Research, The 2007-2008 Russell Survey on Alternative Investing

  15. 不同指數指示的投資風險與回報 MSCI World Index= 摩根士丹利世界指數Hang Seng Index = 恆生指數Total Hedge Funds = 全部對沖基金HFRI Fund of Funds = 美國避險基金研究所 組合式避險基金指數S&P 500 Index = 標準普爾500指數Lehman Global Aggregate = Lehman 環球債券綜合指數3M T-Bill = 3M 庫券

  16. Average Monthly Return of total hedge funds with MSCI World (TR) May 2002 – Mar 2008 摩根士丹利世界指數與全部對沖基金月均回報二零零二年五月至二零零八年三月 月均回報與世界指數正回報 月均回報與世界指數負回報

  17. Thank You謝謝

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