投资者在投资之前应谨慎考量投资目标.ppt

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1、投资者在投资之前应谨投资者在投资之前应谨慎考量投资目标慎考量投资目标簡歷簡歷投資者在投資之前應謹慎考量投資目標，風險，費用和支出。這些相關信息可以在資金募集書中獲取，你可以向PIMCO代表索取。請在投資及付款之前閱讀基金募集書Sun HaoSun Hao is a Vice President in PIMCOs Hong Kong Office.He is responsible for marketing and business development in China.Mr.Sun joined PIMCO in 2006,having previously spent 6 years

2、 with ING Bank Hong Kong as the head of China sales.Prior to this,he was working at Dresdner Kleinwort Benson Hong Kong in fixed income sales.Mr.Sun worked at Bank of China for 10 years in Treasury management and trading.Mr.Sun has 20 years of investment experience,earned his bachelors degree in eco

3、nomics from Beijing University and MBA degree from China-Europe International Business School in Shanghai.孫昊孫昊 孫昊是PIMCO香港的副總裁。負責中國的市場及業務發展。他2006年加入PIMCO，此前，他作為中國銷售主管在ING銀行香港分行工作了6年。再此之前，他在德累斯頓銀行香港分行負責債券銷售。他也曾在中國銀行資金部工作10年。他有近20年的投資經驗，擁有北京大學經濟學學士學位和上海中歐國際工商學院MBA學位。1日程日程I.為什麼投資全球債券?II.PIMCO 介紹III.投資理念

4、與過程IV.投資展望與投資組合結構V.業績表現VI.為什麼選擇PIMCO?2為什麼投資全球債券為什麼投資全球債券?具有競爭性的回報低波動率多種資產品種分散化3PIMCO 全球債券投資專業技能全球債券投資專業技能截止2006年9月30日全球債券投資專業全球債券投資專業技能技能全球債券投資策略下全球債券投資策略下的資產的資產管理針對不同投資組合的對管理針對不同投資組合的對沖及未對沖基金沖及未對沖基金目前管理目前管理40隻基金和隻基金和156個個專項帳戶專項帳戶在投資組合中廣泛運用全球在投資組合中廣泛運用全球策略策略全球最大的債券投資管理人之一全球最大的債券投資管理人之一18年管理全球債券投資經驗年

5、管理全球債券投資經驗分分佈佈在全球金融中心的投資組合管理在全球金融中心的投資組合管理隊隊 資資產產類別類別（十億美金十億美金)全球策略型基準全球策略型基準:全球已對沖全球已對沖 33.5 全球未對沖全球未對沖 29.2 本地市場基本地市場基準準 2.6 環球覆蓋投資環球覆蓋投資 0.8全球策略債券資產全球策略債券資產 66.1戰術性投資非美金債券戰術性投資非美金債券 82.5 全球策略債券資產總計全球策略債券資產總計148.64Bermuda/CaymanNewportBeachLondonTokyoSingaporeSydneyMunichNew YorkTorontoPIMCO 全球機構設

6、置截止截止2006年年9月月30日日機構機構設立時間設立時間紐波特比奇紐波特比奇新加坡新加坡倫敦倫敦悉尼悉尼東京東京紐約紐約多倫多多倫多慕尼黑慕尼黑香港香港197119961997199719972001200420052005Hong Kong5投資理念:多樣化的增值 久期國家選擇收益曲線定位貨幣種類信用分析行業/數量波動率 短期資金管理價值增值 由上至下的策略由下至上的策略用由上至下和由下至上的策略構建分散化的投資組合 由上至下的策略包括持續時間，國家選擇，收益曲線定位和貨幣種類 由下至上的策略是引用各具體債券領域專才的技能 由此獲益由此獲益 沒有單獨的策略沒有單獨的策略主主導投資組合的風

7、險導投資組合的風險 目的是減少投資組合的波動率而使增值平穩目的是減少投資組合的波動率而使增值平穩6投資理念：關注風險投資策略被限定在風險預算的範圍內以重複的程序不斷地評估個別風險及整個投資組合的風險用多種自有的先進系統隨時監控投資組合的風險指標由此獲益由此獲益 沒有黑洞沒有黑洞,我們堅持任何所我們堅持任何所承擔承擔的風險都得到補償的風險都得到補償 在優化實施以提高信息比率在優化實施以提高信息比率7專家團隊PIMCO投資委員會投資委員會投資過程：將最佳觀念落實到客戶 的投資組合中3-5年期間結構性趨勢長期論壇周期論壇主題討論結構分析風險分布提供各領域的最佳建議提供不同領域的分析和智慧實施/執行檢

8、討四個地區預測GDP和CPI核准投資組合模型監督實施每日風險監控 自上而下 的主題自下而上的策略8Intl_orga_26投資過程:多種涵蓋各債券領域的方法專家提供各個債券領域的意見全球債券投資組合模型可轉債專家國際市場專家技術分析專家市政債券專家C抵押債券專家Investmentommittee總體投資組合經理政府債券/期貨專家信用分析專家短期市場專家labolG新興市場專家9全球周期性宏觀經濟展望全球周期性宏觀經濟展望房地產市場的回落引起經濟廣泛的放緩聯儲局暫停加息,但之後會怎樣?自身需求引導的增長遇到一些阻力強勢的歐洲央行密切關注的通脹指標當前增長的基本面保持強勁日本央行已經結束了零利率

9、政策，但未來的政策變化是相當謹慎的周期性預測周期性預測GDP(%)Inflation(%)美國美國.:.:2 2 2 2*日本日本:1 2 歐洲歐洲:1 2 1 2 美國歐洲日本*U.S.Inflation is Core PCE(note Core Price Consumption Expenditures is usually about 50bps lower than core CPI)Refer to Appendix for additional outlook and strategy information 截止截止到到2006年年9月月10intl_770_stru_09P

10、IMCO GIS 全球債券基金是怎麼構成的For Fund Presentations截止2006年10月31日久期久期5.05 年年平均到期日平均到期日8.18 年年品種細分品種細分(按久期權重按久期權重%)%)政府債政府債住房抵押債券住房抵押債券公司債公司債其他其他64%22%8%5%投資組合品質投資組合品質AAA地區細分地區細分(按久期權重按久期權重%)%)美國及美元區美國及美元區歐洲歐洲英國英國日本日本投資組合投資組合 54%29%7%8%Lehman 全球債券全球債券已已對對沖美元沖美元33%32%9%18%11retu_699_5699PIMCO GIS 全球債券基金的表現如何 所

11、有超過一年的數據均按年進行了調整 2000年12月之後採用的基凖為Lehman Brothers Global Aggregate，之前為J.P.Morgan Global Bond Index Hedged。上述引用的業績表現為過去的表現，過去的表現不能保証將來的收益。投資的回報和本金是波動的，在贖回時其價值或高於或低於其本的成本。目前的業績表現或高於或低於上述引用的數據。當前的業績表現可以在網址上或通過電話（800）927-4648獲得。上表反映了PIMCO GIS全球債券基金相對於J.P.Morgan Global Index 及Lehman Brothers Global Aggreg

12、ate Hedged bond index已對沖回美元全球債券的總回報。基凖指標包含了相關政府債券，公司債券，抵押債券。數據扣除了費用和支出。超過一年的均按年做了調整。機構類別的基金扣除了費用和支出，累計的份額包括了再投資的收益。上述信息僅供參考。其他信息請聯系我們的Investor Fund Services(Ireland)Limited,Block D,Iveagh Court,Harcourt Road,Dublin 2,Ireland,Telephone+353-1-475-2211,Fax+355-1-475-2250.3 年5 年信息比率1.090.98追踪誤差0.700.92P

13、IMCO GIS 全球債券基金全球債券基金費用前(%)6.855.664.805.213.88n n費用後(%)6.165.104.284.693.35n n基凖(%)*5.924.734.004.343.40費用後增值費用後增值(bps)24372835(5)02468回報(%)從設立開始03/12/985 年3 年2 年1 年截止截止 09/30/0612費用費用管理費用:0.35%其他費用:0.30%(最高限額)總費用:0.65%(最高限額)13phil_03為什麼選擇 PIMCO?持續回報的目標雄厚的資源管理風格特點：廣泛的債券投資技能保守，價值主導高品質的客戶服務獨特的培訓機會14P

14、IMCO Recent AwardsFirmFixed Income Manager of the Year Morningstar1998&2000GlobalFixed Income Manager of the YearGlobal Pensions Magazine 2006International Fixed Interest Fund Manager of the Year Morningstar 2004 Finalist for Australian Fixed Interest Fund Manager of the YearMorningstar 2004 Asia As

15、set Management Awards Global Bonds Asia Asset Management Magazine2004International Fixed Interest Fund Manager of the YearMoney Management Magazine 2004Fixed Income Manager of the YearGlobal Pensions Magazine2004Asian Investor Achievement Awards Global Fixed IncomeAsian Investor Magazine 2003,2004 A

16、sian Investor Achievement Awards Japan Fixed IncomeAsian Investor Magazine2003“The Real Mutual Fund Dream Team”Fortune Magazine2003“Awards for Excellence”Euro Fixed IncomeGlobal Investor Magazine2002“Awards for Excellence”Global Fixed Income Global Investor Magazine1997,2000&2001“European Bond Manag

17、er of the Year”PIMCOFinancial News2002“European Personality of the Year”Bill Gross of PIMCOFinancial News2002Risk ManagementRisk Manager of the YearRisk Magazine200115Fund RisksInvesting in non-U.S.securities may entail risk due to foreign economic and political developments;this risk may be enhance

18、d when investing in emerging markets.High-yield bonds typically have a lower credit rating than other bonds.Lower rated bonds generally involve a greater risk to principal than higher rated bonds.Mortgage-backed securities are subject to prepayment risk and may be sensitive to changes in prevailing

19、interest rates.When interest rates rise,the value of fixed income securities generally declines.These Funds may use derivative instruments for hedging purposes or as part of its investment strategy.Use of these instruments may involve certain costs and risks such as liquidity risk,interest rate risk

20、,market risk,credit risk,management risk and the risk that a fund could not close out a position when it would be most advantageous to do so.Portfolios investing in derivatives could lose more than the principal amount invested in those instruments.These Funds are non-diversified,which means that it

21、 may concentrate its assets in a smaller number of issuers than a diversified fund.Diversification does not ensure against loss.The credit quality of a particular security or group of securities does not ensure the stability or safety of the overall portfolio.Fund StructureThe portfolio structure pr

22、esented is intended to illustrate sectors in which the portfolios may invest.The structure is subject to change and no guarantee is being made that similar results will be achieved.Tracking Error/Information RatioTracking error is defined as the standard deviation of the portfolios relative return v

23、s.the benchmark.The information ratio is defined as the portfolios relative return per unit of risk,or tracking error.Outlook and StrategyStatements concerning financial market trends are based on current market conditions,which will fluctuate.There is no guarantee that these investment strategies w

24、ill work under all market conditions,and each investor should evaluate their ability to invest for the long-term,especially during periods of downturn in the market.Outlook and strategies are subject to change without notice.Efficient FrontiersThe efficient frontier models illustrate performance of

25、the Citigroup World Government Bond Index(WGBI)vs.the LBAG and the Citigroup U.S.Treasure Index from the dates illustrated on the graphs.Different time periods may produce different results.This information does not illustrate the past or future performance of any PIMCO product.Certain assumptions w

26、ere made in this analysis,which have resulted in the returns detailed herein.Transaction costs(such as commissions)are not included in the calculation of returns,and changes to the assumptions may have an impact on any returns detailed.Appendix16PIMCO ExperienceThe years of experience of the portfol

27、io management and credit team includes all credit analysis and work-related experience,respectively,including firms other than PIMCO.Index DescriptionsThe Lehman Brothers Aggregate Bond Index is an unmanaged market index representative of the U.S.taxable fixed income universe.The Citigroup US Govern

28、ment Treasury Index is an unmanaged comprising of the universe of U.S.Government Treasury Securities.The Citigroup World Government Bond Index(WGBI)is a market capitalization weighted index consisting of the government bond markets of the following countries:Australia,Austria,Belgium,Canada,Denmark,

29、Finland,France,Germany,Italy,Japan,Netherlands,Spain,Sweden,Switzerland,United Kingdom,and United States.Country eligibility is determined based upon market capitalization and investability criteria.The index includes all fixed-rate bonds with a remaining maturity of one year or longer and with amou

30、nts outstanding of at least the equivalent of US$25 million.Government securities typically exclude floating or variable rate bonds,US/Canadian savings bonds and private placements.Prior to 4/7/03 the Citigroup Indices were known as the Salomon Indices The Lehman Brothers Global Aggregate Index cove

31、rs the most liquid portion of the global investment grade fixed-rate bond market,including government,credit and collateralized securities.The liquidity constraint for all securities in the index is$300 million.The JPMorgan GBI Global Ex-U.S.Index(US$Hedged)is an unmanaged market index representativ

32、e of the total return performance in U.S.dollars on a hedged basis of non-U.S.bond markets.The JPMorgan GBI Global Ex-U.S.FX NY(US$Unhedged)is an unmanaged market index representative of the total return performance in U.S.dollars on an unhedged basis of non-U.S.bond markets-changed to 4 p.m.NY clos

33、e of exchange markets on 07/01/2004.The JPMorgan GBI Global Index(Hedged)is an unmanaged market index representative of the total return performance in U.S.dollars on a hedged basis of major world bond markets.The JPMorgan GBI Global FX NY(US$Unhedged)is an unmanaged market index representative of t

34、he total return performance in U.S.dollars on a hedged basis of major world bond markets-changed to 4 p.m.NY close of exchange markets on 07/01/2004.It is not possible to invest directly in an unmanaged index.The Personal Consumption Expenditures(PCE)deflator is published by the Bureau of Economic A

35、nalysis as part of the GDP report.It measures inflation across the basket of goods purchased by households,and is computed by taking the difference between current dollar PCE and chained dollar PCE.The Consumer Price Index(“CPI”)is an unmanaged index representing the rate of inflation of the U.S.con

36、sumer prices as determined by the US Department of Labor Statistics.There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time.Appendix17In an environment where interest rates may trend upward,rising rates will negatively impact most bond fund

37、s,and fixed income securities held by a fund are likely to decrease in value.Bond funds and individual bonds with a longer duration(a measure of the expected life of a security)tend to be more sensitive to changes in interest rates,usually making them more volatile than securities with shorter durat

38、ions.This presentation contains the current opinions of the manager and such opinions are subject to change without notice.Information contained herein has been obtained from sources believed to be reliable,but not guaranteed.No part of this presentation may be reproduced in any form,or referred to

39、in any other publication,without express written permission of Pacific Investment Management Company LLC,840 Newport Center Drive,Newport Beach,CA 92660.2006,PIMCO.PIMCO Funds are distributed by Investor Fund Services(Ireland)Limited,Block D,Iveagh Court,Harcourt Road,Dublin 2,Ireland,Telephone+353-1-475-2211,Fax+355-1-475-2250.Appendix18