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Asset Management Profile

ྤயგநᐂ

ᜦ඼ Ujn!TdipmfgjfmeĈ‫گ‬જξ‫ֽ૲ڶ‬፟ົ ଂ ۵ ை ξ ಞ ۞ ֎ ‫ ޘ‬ထ ̶Ă΁ ࠻ р ̚ ઼ ‫઼ ࡻ ׶‬Ă࠻ ୶ ࡚ ઼ ‫ ͟ ׶‬ώ ᔵ൒າᎸξಞ۞གྷᑻᆧ‫ܜ‬ ᅈ ෹ ̏ ൴ ण ઼ छĂҭ ۵ ξ ‫ݒ‬ ՟ ѣ ྫྷ ᐌ གྷ ᑻ ᆧ ‫ܜ‬Ăͽ പ ˠ ٙ ሢ ଉ ۞ ̚ ྤ ۵ ࠎ ּĂጐ გ ೼࿆࿰ഇ̫ѐ઼̚གྷᑻҌ ͌ ѣ : & ᆧ ‫ܜ‬Ă Ҥ ࣃ ˫ ‫ ܧ‬૱ ‫آ ܮ‬Ă۵ ᆊ ‫ ݒ‬Ϗ т ధ к ̂ Җ ѐ ‫ ۞ ܐ‬࿰ ീ ਠ ˯ ̿Ąѐ ‫ ܐ‬Ҍ ̫ ˯ ঔ B ۵ ฀ 2 8 &ă㖀 Ϡ ઼ Ћ ۵ ޽ ᇴ ฀ 9 &Ą ۵ξ‫׶‬གྷᑻܑனࡦ࿺۞ ଐ‫̫ڶ‬ѐТᇹ΍னд‫΁׎‬ າ Ꮈ ξ ಞ Ą ᝘ ‫ ੃ ז‬۰ યĶ ‫ז‬ ‫ غ‬ᔘ ࢋ ඈ к ˳ ķĂᜦ ඼ ྤ ய გ ந ᒖ ஧ ۵ ை Ը ྤ ᓁ Ⴞ U j n! T d ip mf g jf me৯ ˞Ă΁ ܑ ϯĂү ࠎ۵ைԸྤ۰ᅮࢋк˘ᕇ ࡝ ّĄ Ķ ү ࠎ ۵ ξ Ը ྤ ۰Ăϫ Ѝ ᅮ ࠻ ‫ ܜ‬ᅈ ֱĂԧ ࣇ ົ ࠻ 23 Ҍ 2 9 ࣎ ͡ ۞ ᆧ ‫ ܜ‬ሕ ˧Ąϫ ݈ γ ಛ ᔘ ѣ ధ к ̙ ‫ ځ‬६ Я ৵Ă ҃дΝѐ̂̿‫˵ޢ‬ᅮࢋፋ ‫׽‬ĄԸ ྤ ۰ ᅮ ࢋ к ˘ ᕇ ۞ ࡝ ّĄķ ΁ᄮࠎனдߏ෴ˢᐹኳ ۵ ை ۞ ։ ፟Ăҭ ߏ Ը ྤ ۰ υ ื ̈ ͕ Ᏼ ፄ ۵ ЊĂ҃ Ը ྤ ξ ಞ ົ ၆ ఺ ჌Ķ Ᏼ ፄ ķү ΍ а ಡĄ ੵ ˞ ࡝ ّ ‫ ׶‬Ᏼ ፄ ّĂ΁ ᔘ ᚍ Ә Ը ྤ ۰ ࢋ ࢬ ၆ ன ၁Ă ϫ ݈ ۞ Ը ྤ ξ ಞ ͧ 3 1 1 8ă 31 1 9ѐ ݈ ࢋ ‫ گ‬જĄҭ ߏ ‫گ‬ જ၆‫ٺ‬ѣࡔ‫۞ޠ‬Ըྤ۰ֽ ᄲĂϒ р ૲ ֽ ˢ ξ ॡ ፟Ă΄ ྤ ய ௢ ᎕Ą ̙ࢋᗓୢјሢξಞ ଂ གྷ ᑻ ۞ ֎ ‫ޘ‬ĂT d i p m f . g j f m e ‫ ׶‬ξ ಞ ͹ ߹ ˘ ᇹĂᄮ ࠎ າ Ꮈ ઼ छ ົ ᓄ ၷĂ҃ ͽ Ҙ ͞

www.professionaladviser.com.hk

ࠎ ࢵ ۞ ̏ ൴ ण ઼ छ ົ ি ऴĂ ҭ ΁ ೩ ᏹ Ը ྤ ۰Ă఺ ̙ ΃ ܑ дᏴ۵ॡಶࢋᅈᗓҘ઼͞ छ҃БࢬԸШາᎸξಞ۞ ᘃ ‫ٱ‬ĂЯ ࠎ າ Ꮈ ξ ಞ Ш Ҙ ͞ ઼ छ ᔉ ෴ ‫ ޝ‬к ‫ ڌ‬ҘĂ‫˘ ̚ ׎‬ ࣎ ౵ ָ ۞ ּ ̄ ‫ ߏ ܮ‬ᇇ ઼Ąᇇ ઼̝ٙͽѣ̙ܸ۞གྷᑻᆧ ‫ܜ‬Ă‫ ࣧ ࣎ ˘ ̚ ׎‬Я ߏ ᇇ ઼ ̂ ณ Ш ̚ ઼ ซ ˾ ய ‫ݡ‬Ăᓐ ‫۞ ځ‬ Ըྤ۰ົᏴፄ఺ֱ‫׶‬າᎸ ξಞѣ૜̷Ϡຍ‫˯۞ֽـ‬ ξ ̳ ΦĂ఺ ϒ ߏ ༊ г ‫˘ ̚ ׎‬ ࣎ Ը ྤ ͹ ᗟĄ ְ ၁ ˯Ă‫ ޝ‬к ለ ࡚ Ћ ຽ ౌ д ᕖ ̂ າ Ꮈ ξ ಞ ۞ Ը ྤĂͽ ‫ܓ‬ତາᎸξಞ۞ᘀ̂ঐ෱

• Long term economic growth and consumption in

‫ ׶ ܜ‬۵ ᆊ ӛ ͔Ă΁ ಈ ᝌ ۞ ঐ ෱ ۵ Β ߁ ‫ ܛ‬Ꮙ ‫ ׶‬ঐ ෱ ‫ᙷ ݡ‬Ą ΁ ࠻ ୶ ࡚ ઼ ‫ ͟ ׶‬ώĂࣧ Я ߏ ᄮ ࠎ ࡚ ઼ ۵ ᆊ ̏ ͧ ྵ ෳĂ ҃ͷ༊гЋຽ࠳Ӏ۞Ӏማ த ̏ གྷ ֍ ౤Ă‫ ޝ‬ᙱ ຐ ည ‫ ځ‬ѐ Ћ ຽ т ң ᆧ ΐ ࠳ Ӏ தĂ͍ ‫׎‬ ߏ ༊ ќ ˢ ᆧ ‫ ܜ‬ϒ д ഴ ͌Ą͟ ώ ͞ ࢬĂᔵ ൒ གྷ ᑻ ࠹ ༊ Б ஧ ̼Ăҭ ߏ ͹ ࢋ ֶ Ꮵ ̏ ൴ ण ઼ छĂٙ ͽ ༊ ለ ࡚ གྷ ᑻ ͣ ָĂ ͟ ώ ˵ ᙱ ፾ ච ‫֗ ׎‬Ą

າᎸξಞԸྤ۰۞ ˬี߄ጼĈ • ࡝ ّ! • Ᏼ ፄ ّ! • ࡔ ‫!ّ ޠ‬ ᅮ ՐĂ఺ ˵ ߏ T d i p m f g j f m e д Ᏼ ۵ ॡ ‫ ࣎ ˘ ̚ ׎‬͹ ᗟĂ΁ ͍ ‫ ࠻ ׎‬р ྺ ຽăਕ ໚ăથ ‫׶ ݡ‬ ࣧ Մ फ़ Җ ຽĂЯ ࠎ ఺ ֱ Җ ຽ ϒߏາᎸξಞ‫ܜ‬ᅈ൴णٙ ᅮ ࢋ ۞ ‫ ڌ‬ҘĄ ࡶଂ۵ைξಞ۞֎‫ޘ‬ထ ̶Ă΁ ࠻ р ̚ ઼ ‫઼ ࡻ ׶‬Ă࠻ ୶ ࡚ ઼ ‫ ͟ ׶‬ώĄ΁ ࠻ р ࡻ ઼ ۵ ξ ੵ ˞ Я ۵ ᆊ ‫آ ܮ‬ăξ ࠳ த Ϊ ࠎ Ҳ ᗕ Ҝ ᇴ γĂ˵ Я ࠎ ̂ ొ Њ ˯ ξ ۞ ߏ ઼ ᅫ Ћ ຽĂ Ξ ‫ צ‬೎ າ Ꮈ ξ ಞ ᆧ ‫ܜ‬Ą Ҍ‫ٺ‬ಈᝌ઼̚۵ξ۞ࣧ ЯĂΒ ߁ ૻ ̂ ۞ ‫ ܜ‬ቢ གྷ ᑻ ᆧ

emerging markets will be the key global investment themes, said Tim Scholefield, head of equities at Baring Asset Management. However, he notes investors can play the emerging market story in a lot of different ways, as US and European companies are increasingly fulfilling the demands of the emerging world with their exports. He is overweight on China and UK, underweight on US and Japan. Selectivity and patience are important virtues for investors, says Scholefield. In response to questions about when the equity markets of EM will rise to reflect their value and economic growth he adds they will have to get used to volatility too, however he believes volatility in the market will offer entry points for disciplined investors.

̶ ‫ ࣶ ژ‬ѣ ӎ ࿅ Њ ሄ ៍ĉ

Tim Scholefield, head of equities at Baring Asset Management

ଂ Җ ຽ ֽ ࠻Ă΁ ࠻ ୶ Ҙ ͞ ઼ छ ۞ ঐ ෱ ‫ ̳ ׶‬ϡ ְ ຽĄҘ ͞ ઼ छ ۞ ঐ ෱ ΄ˠ ᇎ ᇋ ̝ ఍ д ‫ ا ٺ‬ϔ ྤ ய ᒺ ͪăε ຽ த ˯ ̿Ăੑ ߆ ღ ௞ ۞ ߆ ‫ ځ ع‬ѐ ࠤ ѣ Ξ ਕ ົ ̂ ಼ ΐ ඁĂೱ ֏ ̝ ‫ا‬ϔΞͽ જϡ۞ฟ͚ ૟ົ ഴ ͌ćҌ ‫ ٺ‬࿪ ˧ăͪ ચ ඈ ̳ ϡ ְ ຽĂᔵ ൒ Ћ ຽ ۞ ќ ˢ ͧ ྵ ᘦ ‫ؠ‬Ăҭ ߏ Я ࠎ ‫ ׎‬གྷ ᒉ ‫צ‬ ‫ ع ߆ ז‬Ⴞ გĂ҃ ߆ ‫ ޝ ع‬Ξ ਕ ࠎ˞ ๱ ྃ ੑ ߆ ᅮ ࢋ ҃ Ш ఺ ֱ Җ ຽ ฟ ˥Ă΄ ࠳ Ӏ ‫ צ‬ຫĄ Ҍ‫̫ٺ‬ѐБ஧۵ξтѩ ‫ گ‬જĂ΁ ᄮ ࠎ ‫ ̂ ޝ‬඀ ‫ߏ ޘ‬ Яࠎξಞፉ͕གྷᑻিऴົ χ ᑝ Ћ ຽ ࠳ ӀĄ΁ ᄮ ࠎ д ҂ ᇋ Ϗ ֽ 23 Ҍ 3 1 ࣎ ͡ ۞ Ը ྤ ॡĂυ ᅮ ࢋ ય ‫ ࣎ ׌‬ય ᗟĈ˘ ߏ‫غז‬གྷᑻົӎᇆᜩ఺छ ̳ Φ ۞ ࠳ Ӏĉ˟ ߏ ̶ ‫ ࣶ ژ‬၆ Ћຽ࠳Ӏѣ՟ѣү΍࿅Њ ሄ ៍ ۞ ෞ Ҥĉ ΁ ᄮ ࠎĂ̏ ൴ ण ઼ छ ۞ Ћຽֽѐ࠳Ӏࢋ‫੼଀פ‬Ҍ 31 &۞ᆧ‫ߏ˵ܜ‬Ξͽઇ ‫ז‬ ۞Ă҃ ૄ ‫ ઼ ٺ‬छ གྷ ᑻ ѣ ϒ ᆧ ‫ܜ‬ăາ Ꮈ ξ ಞ ‫ ו‬፬ ‫ ا‬ϔ ঐ ෱

ͽ ̈́ Ћ ຽ ड़ ৈ Լ චâ ֱ д ለ߷۞ЋຽࠤҌ૟ົ଀‫ז‬ ෞ ৺ ˯ አĄ T d i p m f g j f m e˫ ᄮ ࠎ ϫ ݈ Б ஧ ۵ ξ ֭ ̙ ͉ ෳĂ౵ р ۞ ᙋ ‫ ܕ ߏځ‬ೀ ֽ࣎̂͡ ณ۞‫׀‬ ᔉ າ ჷĈĶ ఺ ֱ ‫ ׀‬ᔉ ߿ જ ᙋ ‫ ׌ ˞ ځ‬ᕇĈ˘ ߏ Ћ ຽ ώ ֗ ˵ ᛇ଀ќᔉ‫̳΁׎‬Φ۞ᆊॾ Ъ நĂ˟ ߏ ѣ Ћ ຽ ਕ ૉ ‫଀ פ‬ λ ̂ Ꮙ ྤĂѩ ˵ Ш Б ஧ ព ϯ ˞ ‫ ׎‬ੑ ߆ ၁ ˧Ąķ΁ ֭ ࿰ ࢍ ‫׀‬ᔉ߿જдϏֽ˘ѐ̪ົ ߿ ᜙Ą д Б ஧ ౵ ̂ ࿔ ۲ ̳ Φ Qp u b t i˯ ͡ Ш ፫ ߷ ᚩ ຽ ̳ Φ υ ‫ ׶‬υ ٤ĞC I Q ! C j mmju p oğĶ١ ૓ ķ‫ޢ‬Ă็ ΍ ̰ г ̚ ̼ ะ ဥ ‫׶‬າΐ‫؂‬͹ᝋૄ‫ܛ‬ΐˢጼ ဥć҃ ࡚ ઼ ‫ ࣎ ̂ ׌‬ˠ ࿪ ཝ ᄦ ౄથ೎೼‫׶‬ᑛႬ၆ᇴፂх ᐼ થ 4 Q B S ۞ ќ ᔉ ጼĂд ᗕ ͞ གྷ ࿅ ˣ Ѩ ΍ ᆊ ‫ޢ‬Ă೎ ೼ ᑝ ୀ ᑛ Ⴌ ј Α ќ ᔉ 4 Q B SĂќ ᔉᆊՀߏ೎೼౵‫ܐ‬೩΍ќ ᔉ ᆊ ۞ ˘ ࢺĄ ‫ޝ‬кԸྤ۰ፉ઼͕࡚གྷ ᑻ ົ ΍ ன ᗕ ‫ غ‬਽ ੜĂд ఺ ჌ ଐ‫˭ڶ‬Б஧Їң઼छౌᙱ ፾ ච ‫֗ ׎‬Ąҭ T d i p m f g j f m e ᄮ ࠎд෹৺ᆵᗫ۞ఱ။߆ඉ ˭Ăᗕ ‫ غ‬਽ ੜ ̙ ົ ΍ னĄ ΁ फ़ ̏ ൴ ण ઼ छ т ࡚ ઼ă͟ ώ ‫ ׶‬ለ ߷ д Ϗ ֽ 23 Ҍ 3 1 ࣎ ͡ ۞ གྷ ᑻ ᆧ ‫ ޝ ົ ܜ‬ቤ ၙĂπ Ӯ ̂ ࡗ ࠎ 3 & Ҍ 3 / 6 &Ăҭ ‫ؠ ۺ‬ Ξ ͽ ᐂ ଀ ϒ ᆧ ‫ܜ‬ĄҌ ‫ ٺ‬າ Ꮈ ξ ಞ г ડĂ΁ ࿰ ഇ གྷ ᑻ ᆧ ‫ܜ‬ πӮΞ྿̏൴णгડ۞‫׌‬ ࢺĂࣧ Я ߏ ఺ ֱ ઼ छ ߆ ‫۞ ع‬ ࢑ ๅ ྵ ᅅĂ҃ ᅮ ࢋ ү ΍ ‫ ו‬፬ གྷ ᑻ ۞ Ը ˢ ˵ ͧ ྵ ͌Ą joy.thian@incisivemedia.com

Professional Adviser 13 September 2010 7


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