荷銀新興市場債券基金跌咁多！

雖然這隻基金最近換了基金經理，所以引發一些投資者贖回，基金價格下跌了幾個percent，但管理這隻基金的團隊不變，而且當投資者了解之後，暫時已經止跌，我會建議觀察多一段時間才考慮是否應贖回。以下是荷銀報告關於基金下跌的原因：
Here below explains the latest NAV movement of the Global Emerging Markets Bond Fund (GEMBF).

The fall in NAV from April 12 to 13 by 2.7% is due to two factors:

1) Market prices for emerging market bonds have decreased since prior valuation. Please also note the previous move is not of extraordinary proportions for a GEM Bond fund and for this one in particular. The GEMBF NAV decreased 19 times by more than 1% since the beginning of 2005. Additionally, this drop in NAV should be compared to the substantially higher gains (an annualised 8.1% above benchmark over 3 years in US$ fund at end of March) accumulated in the Fund.

2) The latest NAV was calculated in the context of a larger than usual redemption flow. Though such redemption flow was not unexpected due to the change of management in the Fund and the Fund holds a large proportion of very liquid assets (20.7% as at 31.Mar.07) which could support such redemptions, the Fund Board must ensure that a realistic reasonable price on all assets is applied. This is technically calculated and takes into account a number of factors, which are agreed with the Management Company and subject to the Fund audit review.

Indeed, the NAV has been raised by 1.2% from April 13 to 16. One of the main attractions of the GEMBF has been its Total Return approach, being neither Index Linked nor Absolute Return. We intend to maintain the approach that it works more as a hybrid, maximizing total return through strategic exposure to selected emerging market debt markets. In fact, we have had a narrow focus on external sovereign debt and with a trend towards current account surplus. Going forward, this may lead to a narrowing supply. So, we will actively continue to seek alpha in from other regions (outside of Latin America) in Europe and Asia. In addition we will look at;

- Looking more actively at local emerging markets; domestic capital markets provide a further opportunity (at max. 10%)
- Foreign Exchange exposure; not focusing on straightforward strategies such as the old fashioned carry trade but looking to develop cross currency exposure across emerging markets, to take advantage of the relative value behind specific economies

ABN AMRO Asset Management (Asia) Limited

交易員出身的基金經理辭職，4 月 13 日的事來的，消息出後無耐，單日跌 3% (非常厲害)，也有不少人贖回。我早前已經轉走這基金。