投资者在投资之前应谨慎考量投资目标.ppt

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1、0,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 Hao Sun 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 with ING Bank Hong Kong a

2、s 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 economics from Beijing

3、 University and MBA degree from China-Europe International Business School in Shanghai. 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。,天马行空官方博客： ；QQ:1318241189；QQ群：175569632,1,日程,為什麼投資全球債券?

4、PIMCO 介紹 投資理念與過程 投資展望與投資組合結構 業績表現 為什麼選擇PIMCO?,天马行空官方博客： ；QQ:1318241189；QQ群：175569632,2,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,3,PIMCO 全球債券投資專業技能,截止2006年9月30日,全球債券投資專業技能,全球債券投資策略下的資產,管理針對不同投資組合的對沖及未對沖基金 目前管理40隻基金和156個專項帳戶 在投資組合中廣泛運用全球策略,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 分佈在全球金融中心的投資組合管理隊,4,PIMCO 全球機構設置,截止200

5、6年9月30日,Hong Kong,5,投資理念: 多樣化的增值,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 沒有單獨的策略主導投資組合的風險 目的是減少投資組合的波動率而使增值平穩,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 沒有黑洞,我們堅持任何所承擔的風險都得到補償 在優化實施以提高信息比率,7,專家團隊,PIMCO投資委員會,投資過程：將最佳觀

6、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,8,Intl_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,I,n,v,e,s,t,m,e,n,t,o,m,m,i,t,t,e,e,總體投資 組合經理,政府債券/ 期貨專家,信用分析 專家

7、,短期市場 專家,l,a,b,o,l,G,新興市場 專家,9,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政策，但未來的政策變化是相當謹慎的,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 ad

8、ditional outlook and strategy information,截止到2006年9月,10,intl_770_stru_09,PIMCO GIS 全球債券基金是怎麼構成的,For Fund Presentations,11,retu_699_5699,PIMCO GIS 全球債券基金的表現如何,所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

9、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 Aggregate 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Inv

10、estor Fund Services (Ireland) Limited, Block D, Iveagh Court, Harcourt Road, Dublin 2, Ireland, Telephone +353-1-475-2211, Fax +355-1-475-2250.,12,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),13,phil_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,14,PIMCO Recent A

11、wards,Firm Fixed Income Manager of the Year Morningstar1998 this risk may be enhanced 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 s

12、ecurities are subject to prepayment risk and may be sensitive to changes in prevailing 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 thes

13、e instruments may involve certain costs and risks such as liquidity risk, interest rate risk, 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 pr

14、incipal amount invested in those instruments. These Funds are non-diversified, which means that it 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

15、not ensure the stability or safety of the overall portfolio. Fund Structure The portfolio structure presented 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/

16、Information Ratio Tracking error is defined as the standard deviation of the portfolios relative return vs. the benchmark. The information ratio is defined as the portfolios relative return per unit of risk, or tracking error. Outlook and Strategy Statements concerning financial market trends are ba

17、sed on current market conditions, which will fluctuate. There is no guarantee that these investment strategies will 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 strategi

18、es are subject to change without notice. Efficient Frontiers The efficient frontier models illustrate performance of 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 differ

19、ent results. This information does not illustrate the past or future performance of any PIMCO product. Certain assumptions were 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 chang

20、es to the assumptions may have an impact on any returns detailed.,Appendix,16,PIMCO Experience The years of experience of the portfolio management and credit team includes all credit analysis and work-related experience, respectively, including firms other than PIMCO. Index Descriptions The Lehman B

21、rothers Aggregate Bond Index is an unmanaged market index representative of the U.S. taxable fixed income universe. The Citigroup US Government Treasury Index is an unmanaged comprising of the universe of U.S. Government Treasury Securities. The Citigroup World Government Bond Index (WGBI) is a mark

22、et capitalization weighted index consisting of the government bond markets of the following countries: Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Italy, Japan, Netherlands, Spain, Sweden, Switzerland, United Kingdom, and United States. Country eligibility is determined b

23、ased upon market capitalization and investability criteria. The index includes all fixed-rate bonds with a remaining maturity of one year or longer and with amounts outstanding of at least the equivalent of US$25 million. Government securities typically exclude floating or variable rate bonds, US/Ca

24、nadian 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 covers the most liquid portion of the global investment grade fixed-rate bond market, including government, credit and collateralized securi

25、ties. 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 representative 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.

26、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 close of exchange markets on 07/01/2004. The JPMorgan GBI Global Index (Hedged) is an unmanaged market index represent

27、ative 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 the total return performance in U.S. dollars on a hedged basis of major world bond markets- changed to 4 p

28、.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 Analysis as part of the GDP report. It measures inflation across the basket of goods purchased by h

29、ouseholds, 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. consumer prices as determined by the US Department of Labor Statistics. There can be no guarant

30、ee that the CPI or other indexes will reflect the exact level of inflation at any given time.,Appendix,17,In an environment where interest rates may trend upward, rising rates will negatively impact most bond funds, and fixed income securities held by a fund are likely to decrease in value. Bond fun

31、ds 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 durations. This presentation contains the current opinions of the manager and such opin

32、ions 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 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.,Appendix,