歐洲股票基金

風險考慮因素：

本基金以主動方式管理及主要投資於歐洲公司股票的多元化投資組合。
投資於本基金涉及風險，包括一般投資風險、股票市場風險、與預託證券相關的風險、剔除標準風險、地理集中及歐元區風險、因英國脫歐引致的變動帶來的風險、中小市值股票風險和貨幣風險，並可能導致您損失部分或全部投資金額。
本基金可運用衍生工具作對沖及有效投資組合管理，因而涉及與衍生工具相關的風險。投資於衍生工具可能導致基金蒙受重大損失的風險。
本基金價值可以波動不定，並有可能大幅下跌。
投資者不應僅根據本網站而投資於本基金。

投資涉及風險。過往業績並非當前或將來的表現的可靠指標，亦不應作為選擇個別產品或策略的唯一考慮因素。

概覽

Manager's Outlook

Sentiment toward European equities is negative following the unusual challenges of 2016. There were significant fund outflows throughout the first 10 months of the year, which seemed to indicate that some investors had capitulated. We believe there will be more uncertainty in the year ahead, with the prospect of further potentially sizable shifts in the European political landscape. However, in our view, the foundations for investing in Europe are more solid than investors may appreciate, once one looks below the surface. In particular, economic growth and the corporate earnings outlook are both currently meeting expectations.

Political uncertainty weighs

However, it would be premature just yet to say that the gloomy perceptions of the European economy are beginning to lift. The UK's exit from the European Union (EU) may still turn out to be disruptive. The European Central Bank appears to be less certain about growth in 2017, and its policy remains highly accommodative. Political uncertainty is expected to persist in the year ahead with crucial elections in Germany and France, the two largest eurozone members, which could be additional flashpoints for instability in the EU.

Donald Trump's victory in the U.S. presidential election has triggered an unexpected change in market sentiment, providing a welcome respite for investors resigned to the idea of a prolonged period of secular stagnation. The ensuing rally has favored stocks on both sides of the Atlantic, with the main beneficiaries in Europe being in the banking, materials, and capital goods sectors. Whether this surge will extend into 2017 depends at least in part on the execution of the promised fiscal stimulus by the incoming administration. Furthermore, we have yet to see evidence that the U.S. economy is strong enough to withstand higher interest rates.

Europe valuations reasonable

These political and economic factors all have a bearing on our assessment of market conditions. However, we believe that Europe's market is reasonably priced, and the potential for more positive momentum has improved. European valuations are by no means extended versus historical averages. At the end of the fourth quarter 2016, investors were paying just over 16 times forward 12-month earnings for developed European equities, which only slightly exceeded the longer-term historical average.[1]

Meanwhile, the UK's vote to leave the EU lingers over all. We cannot second-guess how the Brexit process will play out. We are not attempting to position our European equity portfolio to benefit from one particular scenario or another. Rather, we continue to invest in a blend of high-quality growth and value stocks that we believe could benefit whether Europe's economy stays on course for recovery or if it falters due to Brexit-related risks.

Whatever the prevailing economic and market conditions, we stick to our investment philosophy and process-tried and tested for more than a decade. We get to know the businesses that meet our quality criteria, we establish a price we are prepared to pay for those companies, and we act on those opportunities if and when our valuation requirements are met.

[1] Sources: FactSet and T. Rowe Price. As of December 31, 2016.

策略

基金概要

以主動方式管理及主要投資於歐洲公司股票的多元化投資組合。

表現（已扣除費用）

過往表現並非未來表現的可靠指標。

2016年12月31日 - Dean Tenerelli, 基金經理,

The MSCI Europe Index rallied strongly in December, fuelled by continuing optimism over U.S. economic growth, higher oil prices in the wake of OPEC's output reduction accord, and waning concerns about deflation. Markets also took the majority 'No' vote in the Italian constitutional referendum in their stride and fears of a blow to European unity receded. At the portfolio level, consumer discretionary, information technology, and financials were the main underperformers. Our holding in Liberty Global, Europe’s largest cable operator, weighed the most on performance. Mobile companies with non-U.S. dollar earnings fared less well than their more U.S. centric rivals at the start of the month after U.S. President-elect Donald Trump announced a pro-business regulator for the industry. On the positive side, consumer staples, materials, and utilities made the strongest relative contributions to performance. Our position in Nestlé, the world’s largest packaged-food company, performed well as investors sought quality defensive stocks that have fallen sharply since Trump's election win.

2016年12月31日 - Dean Tenerelli, 基金經理,

Materials is now our largest negative allocation after we sold our position a precious metals miner that has had a strong run but is now likely to see its earnings curbed by the stronger U.S. dollar. We moved from underweight to slightly overweight in financials, still one of our largest absolute positions. We have invested in a number of banks either with a large U.S. exposure or having strong balance sheets and franchises, moving the portfolio to an overweight allocation to the industry.

2016年12月31日 - Dean Tenerelli, 基金經理,

We reduced our underweight to the Netherlands, investing in a large bank with a strong European franchise and healthy balance sheet. In contrast, we deepened our underweight allocation to Germany, selling out of a pharmaceutical company that we believe might be moving away from its core business.

2016年12月31日 - Dean Tenerelli, 基金經理,

We moved to an overweight position in financials, adding banks with significant U.S. exposure, such as UBS and HSBC Holdings, and those benefiting from strong balance sheets and businesses, which include Nordea Bank and BNP Paribas.
We further reduced our overweight allocation to the consumer discretionary sector on concerns that accelerating inflation might sap consumer confidence and affect retailers.

Information technology, where our holdings are concentrated in the IT services and software industry, and telecommunication services, which are benefiting from corporate consolidation, are now our largest overweight allocations.
We reduced our exposure to "bond proxy" sectors as bond yields rose in anticipation of higher interest rates. We moved underweight to utilities, selling holdings mostly in Spain and the UK, while investing in regulated Italian companies. We cut our exposure to real estate by eliminating our holding in French property REIT Gecina.
Materials is now our largest negative allocation, after we sold out of Fresnillo, the UK-listed Mexican miner. The industry's business models tend not to fit our investment philosophy.
We initiated a position in global mega-cap bank HSBC Holdings following Trump's election victory. Expectations for growth and inflation have moved higher, causing bond yields to rise and the yield curve to steepen, which benefits banks as they are able to increase net interest margins. The bank also generates a large amount of its profits in the U.S., which will benefit from the stronger U.S. dollar.
We sold out of our position in Sweden-listed technology equipment company Hexagon after the chief executive officer (CEO) was detained by Norwegian police in an insider trading probe. CEO Ola Rollen was key to our investment thesis as he pioneered the turnaround in the company, and while we await the result of the charge, we believe that Hexagon no longer fits our philosophy of being a high-quality company.
We sold our position in Sweden-listed specialty retailer Hennes & Mauritz. We are concerned about the effect of inflation on consumer confidence and the impact this could have on footfall for retailers in the months ahead.
We acquired a new position in Italgas following its demerger from Snam, the Italian natural gas infrastructure company. Italgas will focus on local gas distribution services within Italy, while Snam will focus on the regasification process on a national level. We added to our initial holding in Italgas following the weakness in the share price as investors sold out of "bond proxy" sectors.
We further increased our underweight by selling our position in Fresnillo, the Mexican precious metals miner listed in the UK. We profited from this defensive holding during the pronounced market rotation earlier this year, but we now believe that the stronger U.S. dollar will likely weigh on the price of gold and reduce earnings.

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風險

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