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 两个明星基金投资家栽倒在中国公司手里，嘻嘻。一个是大名鼎鼎的约翰泡省 |
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作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
John Paulson 的对冲基金亏得不多，才5个亿，他输得起。亏在那个Sino Forest 公司手上。
最近这个是Anthony Bolton, the star fund manager at Fidelity International, has revealed that his flagship China fund suffered losses from investments in two small US-listed Chinese companies accused of fraud.
我要接受教训 said Mr Bolton, whose China Special Situations fund raised £460m ($743m) when it launched with much fanfare on the London Stock Exchange in April 2010.
这就提醒大家，再好的投资大鳄都会栽 said Fraser Howie, Chinese stock market expert and author of Red Capitalism.
Some sceptics had questioned whether Mr Bolton, who does not speak Chinese, would be able to apply the strategies that worked well in the UK to China.
Mr Bolton made his name in the UK as a contrarian investor with a knack for consistently outperforming the market. Before moving to Hong Kong last year, he dazzled investors during his 28 years at Fidelity’s flagship London-ba<x>sed Special Situations fund by delivering an annualised return of 19.5 per cent.
About 30 Chinese companies in Mr Bolton’s fund, representing about 15 per cent of the total portfolio, are listed in the US. Of those companies, about six were reverse merger companies, Mr Bolton said.
The CSS fund had liquidated its holdings in several Chinese reverse merger stocks at a loss this year, Mr Bolton said, including two companies accused of fraud.
One of the companies, China Integrated Energy, has lost 90 per cent of its market value this year after it was accused of fraud by short sellers and its auditor KPMG resigned. The Nasdaq-listed company has denied the allegations and started an independent investigation into the accusations.
Mr Bolton declined to name the other company or the extent of the losses his fund had suffered, but said they represented a small fraction of the overall portfolio.
The fund’s share price has declined by about 15 per cent in the year to date, a bigger fall than stock markets in New York, Hong Kong or Shanghai. On Wednesday shares in the fund closed at 99p, slightly lower than the 100p at which they were sold in last year’s IPO.
Mr Bolton said the main driver of losses in the fund had been his decision to buy put options on the Kospi stock index, a bet designed to protect against the risk of escalating tension between North and South Korea.
The fund also suffered losses on its investment in Vision Opportunity China, a London-listed small-cap fund focused on China, which in May said it would wind itself down.
Most of the Chinese companies in Mr Bolton’s fund are listed in Hong Kong, with the remainder listed in Shanghai, New York and elsewhere
作者：ceo/cfo 在 海归商务 发贴, 来自【海归网】 http://www.haiguinet.com
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 两个明星基金投资家栽倒在中国公司手里，嘻嘻。一个是大名鼎鼎的约翰泡省 -- ceo/cfo - (2636 Byte) 2011-7-15 周五, 04:29 (2411 reads)
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