上半年中國市場爲英國投資者賺得最大回報

Funds investing in China delivered the best returns to UK investors in the first half of 2017 as riskier parts of global stock markets paid off.

對英國投資者而言，今年上半年爲他們賺到最大回報的是投資於中國的基金。全球股票市場裏風險更大的部分，產生了不錯的行情。

Funds investing in China returned nearly 19 per cent to investors on average over the six months to June 30, according to data from Morningstar.

晨星(Morngingstar)的數據顯示，在截至6月30日的6個月裏，投資於中國的基金平均爲投資者帶來了近19%的回報。

Returns from China were closely followed by funds investing in the Asia Pacific region, which returned 15 per cent, and those buying small-cap companies in both Europe and the UK, which returned the same.

緊隨其後的是投資於亞太地區的基金（平均收益率爲15%），以及買入歐洲和英國小盤股的基金（投資這兩個市場的收益率相同）。

“Investor sentiment has remained incredibly positive in 2017 and this is reflected in the returns from high-risk sectors like Asia and emerging markets and smaller company equities,” said Patrick Connolly, financial adviser at Chase de Vere.

“2017年，投資者保持了難以置信的樂觀情緒，這在亞洲、新興市場以及小盤股等高風險領域的回報率中得到了反映，”Chase de Vere的金融顧問帕特里克?康諾利(Patrick Connolly)說。

Ben Yearsley, director at Shore Financial, said China in particular was still a cheap market and that its growth story was attracting investors. “China and Asia are the long-term growth areas, and China has had a good six months,” said Mr Yearsley.

Shore Financial董事本?耶爾斯利(Ben Yearsley)表示，尤其中國仍是個便宜的市場，中國的增長故事對投資者很有吸引力。“長期來看，中國和亞洲屬於增長地區，中國在過去6個月表現很棒，”耶爾斯利說。

Funds investing in small-cap companies, meanwhile, can offer higher returns than those investing in large-cap companies as fund managers have more opportunity to pick stocks that are not well covered by analysts’ research.

另一方面，跟投資於大盤股的基金相比，投資於小盤股的基金可以獲得更高的回報，因爲基金經理有更多機會去挑選沒有被分析師研究充分覆蓋到的股票。

Darius McDermott, financial adviser at Chelsea Financial said Europe was “out of the doldrums” and beginning to recover.

Chelsea Financial的金融顧問達利斯?麥克德莫特(Darius McDermott)表示，歐洲已“走出低迷”，開始復甦。

Experts were divided on whether investors should invest their money in riskier assets for the second half of the year.

至於今年下半年是否應投資於風險更大的資產，專家們的意見存在分歧。

Mr Connolly of Chase de Vere said the investment outlook was now “particularly dangerous”, with both equities and bonds “looking expensive”, and that issues such as the fallout from Brexit or concerns over the Chinese banking system could “come to the fore”.

Chase de Vere的康諾利表示，目前的投資展望“極其危險”，股市和債市“看來都很貴，”而英國脫歐的後果和中國銀行體系引發擔憂等問題可能會“浮出水面”。

He added: “This could lead to people making big investment losses, because we know that too many investors ignore risks and instead are swayed by strong past performance figures, which led to them investing near the top of the market.”

他接着說：“這可能導致人們蒙受很大的投資損失，因爲我們知道，太多投資者忽視了風險，反而受到了以往強勁回報數據的影響，這會導致他們在市場頂點進行投資。”

Mr Yearsley disagreed, however. “Where will you make money for the next decade?” he said. “It’ll be Asia and China and emerging markets. I’m a big long-term fan, it’s still very cheap and the long-term growth is better compared with other markets.”

然而，耶爾斯利不認同此看法。“下一個十年，你們將從哪裏賺錢？”他說，“那將是亞洲、中國和新興市場。我特別提倡長遠投資，它們目前仍很便宜，長期增長好於其他市場。”

Despite his enthusiasm, Mr Yearsley warned that markets such as Asia tended to be more volatile, and that investors could face losses over a six-month period as well as gains.

儘管充滿激情，但耶爾斯利警告稱，亞洲等市場的波動會變得更大，在未來6個月內，投資者可能獲得收益，也可能蒙受損失。

Mr McDermott warned that even those prepared to invest in higher-risk investments should not hold more than 5 per cent of their portfolio in China. “Over different time periods, different regions and asset classes do well at different times,” he said. “Building a good portfolio of diversified assets to suit your needs is the way to go.”

麥克德莫特警告稱，即便是那些準備投資於風險更高資產的人，對中國市場的配置比例也不應該高於5%。