出于客户资料保密原则.doc

出于客户资料保密原则，此翻译样文中隐去相关内容。目录投资理念4新兴市场股票投资团队的组织架构4投资流程介绍8研究流程8投资组合构建16交易执行17风险管理18为什么在进行新兴市场股票投资时选择XXXX公司？20XXXX Asset Management has been a specialist investor in emerging markets for over 35 years. XXXX资产管理公司是新兴市场的专业投资者，拥有35年的投资经验。The Emerging Markets Equity Team offers a wide range of emerging markets expertise in a single, world class, strategic platform and manages $21.1 billion in assets as at March 2007, including $10.6 billion in the GEM Focused strategy. “新兴市场股票投资团队”通过一个集中、世界级的战略平台提供关于新兴市场的各种投资建议，截止到2007年3月，共管理211亿美元的资产，其中包括106亿美元的新兴市场投资。For further information, please contact了解更多情况，请联络Claudia Barrulas 克罗蒂亚-伯卢拉斯Client Portfolio Manager 客户业务经理Tel: + 44 20 7742 3877 E-mail: claudia.m.barrulasXXXX.com 电话：+ 44 20 7742 3877 电子邮件: claudia.m.barrulasXXXX.comClaire Simmonds 克莱尔-西蒙兹Client Portfolio Manager 客户业务经理Tel: + 44 20 7742 3512 E-mail: claire.c.simmondsXXXX.com电话: + 44 20 7742 3512 电子邮件: claire.c.simmondsXXXX.comInvestment Philosophy 投资理念JPMorgan Asset Management believes that emerging markets are inefficient. This is demonstrated by the high and variable volatility of many emerging markets and individual companies. Corporate disclosure and transparency can vary widely thereby exacerbating the inefficiency of these markets, and offering opportunities to experienced, well-informed active investors. We believe that outperformance comes from buying good businesses at the right price, while local knowledge and repeated company contact is a key advantage. Constant communication amongst our worldwide team ensures ideas are captured in client portfolios.Emerging Markets are inherently inefficient markets which is demonstrated by the high volatility of many emerging markets and individual companies. 新兴市场从本质上来说是低效率的市场，表现形式是许多新兴市场及其上市公司都会经历剧烈的价格波动。XXXX Asset Managements Emerging Markets Equity Team has been a specialist investor in emerging markets for over 35 years. We consistently achieve superior performance through an investment process which has been designed specifically for emerging markets: XXXX资产管理公司的“新兴市场股票投资团队”致力于新兴市场投资，已经有35年历史。通过一个为新兴市场量身定做的投资流程，我们不断取得优异的投资业绩。 Identifying sustainable GROWTH is our focus. 确定可持续的增长率是我们的重点。 VALUATION disciplines enable us to invest at the right price. 价值评估原则使我们能在适当的价位投资。 QUALITY of corporate and market governance is crucial. 公司治理和市场监管的品质至关紧要。 Finding CATALYSTS for market movements is important. 找到市场新动向的触发因素十分重要。Our approach for investment in emerging markets equities is active with a strong emphasis on bottom-up and top-down fundamental research. It is characterised by identifying and purchasing high quality companies with sustainable earnings growth on attractive valuations, and avoiding overvalued stocks and markets. 我们的新兴市场股票投资策略十分注重微观及宏观的基本面研究，具体表现形式是，我们善于找到并投资那些高品质的上市公司，它们不但具有可持续的利润增长，而且价格水平也具备投资价值。XXXX Asset Management remains committed to ongoing improvements in the process to reflect changing market conditions and technology advances in order to continue to achieve sustained outperformance for our emerging markets equity funds. XXXX资产管理公司致力于不断优化投资流程，以适应时刻变化着的市场情况和科技进步，从而使我们的新兴市场股票基金继续获得可持续的优异业绩。Structure of the Emerging Markets Equity Team新兴市场股票投资团队的组织架构XXXX Asset Managements Emerging Markets Equity Team distinguishes itself by the quality of its investment professionals and depth of coverage globally. The team includes 42 investment professionals with over 12 years average investment experience, and over 8 years average service with the firm. XXXX资产管理公司的“新兴市场股票投资团队”以其投资专家的品质和对全球投资领域的研究深度而著称。团队包括42名投资专家，平均拥有12年的专业经验，在本公司平均工作8年以上。The Emerging Markets Equity Team consists of a Global Group and three regional groups covering Latin America, Emerging Asia and EMEA (Emerging Europe, Middle East and Africa). The Team and emerging markets business are headed by Richard Titherington, Chief Investment Officer. All emerging markets products are supported by a team of client portfolio managers, responsible for communicating strategy to existing and prospective clients. “新兴市场股票投资团队”由一个“全球团队”和三个“地区团队”构成，后者分别负责拉丁美洲、亚洲新兴地区和EMEA地区（欧洲新兴地区、中东和非洲）。投资总监理查德-提瑟林顿负责整个团队和新兴市场业务。由客户业务经理组成的团队负责为所有的新兴市场产品提供支持服务，负责与现有及潜在客户就投资策略进行沟通。The Global Group is responsible for the management of global emerging markets (GEM) portfolios and consists of portfolio managers combining extensive investment experience, a dedicated emerging markets macro analysis capability and a global research team to support the GEM portfolio managers by conducting detailed research on specific industries, companies or sectors. “全球团队”负责全球新兴市场(GEM)投资组合的管理，成员包括富有经验的投资组合经理、一个新兴市场宏观经济分析小组，和一个全球研究小组。全球研究小组通过对特定行业、公司或板块的细致研究，为GEM投资组合经理提供支持服务。Bottom-up stock analysis is the responsibility of our 33 equity research analysts and “country specialists”; they are multi-cultural, multi-lingual, and sit in ten different locations across the globe to better understand the companies and markets in their respective areas. 我们有33名股票分析师和“各国市场专家”从事微观的股票分析工作，他们熟悉多种文化，会多国语言，在全球10个不同的地方工作，从而能更好地理解各自区域的上市公司和市场。The structure of our Emerging Markets Equity Team is shown below: “新兴市场股票投资团队”的组织架构如下：新兴市场股票投资-投资总监：理查德-提瑟林顿(21,23)*全球新兴市场团队结构化投资 动态投资 总回报投资 客户服务团队 乔治-伊瓦尼奇(14,19) 奥斯丁-弗瑞(19,19) 克里斯托弗-莫莱尔(2,20) 克罗蒂亚-伯卢拉斯(1,10) 里昂-艾德曼(5,5) 格莱格-麦迪克(5,15) 克莱尔-西蒙兹(5,5) 卢克-里奇戴尔(14,14) 阿希拉夫-阿纳塞利(8,8) 全球研究团队 艾米莉-怀丁(3,3) 安努伊-阿罗拉(2,5) 欧迪特-王(2,2) 蒂莫西-莫里斯(3,3) 菲力普-范(3,3) 拉丁美洲 新兴欧洲、中东和非洲 新兴亚洲 6位“各国市场专家” 6位“各国市场专家” 20位“各国市场专家” 纽约、布宜诺斯艾利斯 伦敦、莫斯科 香港、台北、汉城 新加坡、孟买、上海 *（本公司工作时间、总从业时间），截止到2007年3月The structure of our business is unusual in that we manage a large number of highly specialised single country and regional emerging markets strategies implying, throughout our team, a greater degree of specialisation and in-depth country knowledge than would be found in a typical global emerging markets group. This also means that the majority of our country specialists have direct responsibility for investment decisions through the specialised mandates which they manage, providing the most powerful incentive possible to make the right research decisions. 我们业务结构不同寻常的地方在于，我们管理着许多高度专业化的单一国家和地区新兴市场投资业务，也就是说，我们的团队要比一般的全球新兴市场投资团队专业化程度更高，对各国的市场情况更为了解；这还意味着，我们大多数的“各国市场专家”都管理着一块专业的投资业务，直接做出各种决策，这使他们成为最具活力的投资者，能够做出正确的分析和决策。Our research at the stock level is structured on a country, rather than a sector basis, as we believe that the primary drivers of share prices in emerging markets are country effects. 我们的股票类研究是以国家为单位来进行的，而不是按板块划分，因为我们认为在新兴市场，股票价格的关键驱动力是国家因素。The investment professionals of the team are organised in a flat management structure designed to combine the best elements of teamwork and individual responsibility. 该团队的投资专家实施扁平化管理，目的是实现团队协作和个人分工的最佳组合。Investment Process Summary投资流程介绍Idea generation is one of our key strengths and competitive advantages. Our emerging markets equity process seeks to achieve superior returns by combining ideas from our well-resourced and experienced team in an appropriate way according to each clients or Funds risk profile and performance requirements. Portfolio managers are active participants in the process of idea generation, not simply passive recipients of the specialists ideas. 创意是我们的关键特点和竞争优势之一。根据每一客户或基金的风险偏好和业绩要求，我们将资源充足、经验丰富的投资团队所迸发出的各种思维集思广益，确立新兴市场股票投资流程，以实现卓越的价值回报。在思维创新的过程中，投资组合经理不是被动的接收者，而是积极的参与者。The JPM Emerging Markets Equity Fund, which follows the GEM Focused strategy, is managed from a primarily bottom-up perspective using the ideas generated by our team of 42 emerging markets investment professionals. Some of the differentiating characteristics of the Funds strategy include its long-term approach, quality bias, and the concentrated nature of the portfolio (holding 60 75 stocks). XXXX资产管理公司的“新兴市场股票基金”遵循全球新兴市场投资策略，运用42位新兴市场投资专家的创意，以注重微观基本面的方式实施管理。我们基金策略的差异化特点包括长远规划、品质偏好、投资组合集中化（持有60-75只股票）等。The following sections provide an overview of our research and portfolio construction process. 下文介绍我们的研究流程和投资组合构建流程。Research 研究流程Bottom-up fundamental research微观的基本面研究Research on over 1,000 emerging markets companies is conducted by the Emerging Markets Equity Teams 33 research analysts and country specialists located in Buenos Aires, London, New York, Moscow, Hong Kong, Mumbai, Seoul, Singapore, Taipei and Shanghai. Company visits form the cornerstone of our research approach at the stock level; in 2006, approximately 3,000 visits were made by members of the Emerging Markets Equity Team. “新兴市场股票投资团队”的33名分析师和位于布宜诺斯艾利斯、伦敦、纽约、莫斯科、香港、孟买、汉城、新加坡、台北、上海的“各国市场专家”负责研究新兴市场中的1000多个上市公司。公司拜访是我们股票研究工作的基石；2006年，“新兴市场股票投资团队”的成员们大约进行了3000次公司拜访。Country specialists use their local expertise to identify, research and rank companies according to expected performance. Stocks are assessed considering both expected shorter term price moves and longer term business growth characteristics and qualitative factors. “各国市场专家”运用本土化的投资经验，发现和研究值得投资的上市公司，并按预期业绩对公司进行排名。我们根据上市公司的短期价格走向、长期业务增长以及各种量化指标来对其股票进行分析。In order to encourage creativity, considerable autonomy is given to country specialists at the stock idea generation stage of the process. 为鼓励创新，我们在投资流程设计的创意阶段，给予“各国市场专家”很大的自主性。Growth & Quality analysis 增长性及品质分析Our quality and growth analysis aims to assess a companys ability to create value for shareholders over the long-term, and focuses particularly on its trend in returns on capital and its ability to grow by reinvesting cashflows. Each country specialist aims to assess growth prospects for the company and the industry in which it operates, as well as the quality of the companys management, capital structure and competitive advantage. This requires analysis of the key variables set out below: 我们的增长性及品质分析目的在于评估上市公司为股东创造长期价值的能力，尤其注重其资本回报率趋势和现金收入再投资部分的增长性。每个“各国市场专家”都致力于评估上市公司及所在行业的增长前景、公司的管理品质、资本结构和竞争优势。这需要对下列关键变量进行分析。业务结构的品质竞争优势的性质和可持续性资本回报率资本结构业务/行业周期性管理品质运营能力公司治理股息政策注重：业务-长期发展Our research considers such factors as Return Analysis, Quality of Management, Competitive Advantage, Growth, and Shareholders Value Creation, for example: