環球科技股票基金

風險考慮因素：

本基金以主動方式管理及主要投資於科技發展或使用公司的股票的多元化投資組合，聚焦於環球領先的科技公司。
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、界別集中風險、剔除標準風險、地理集中風險、發行人集中風險和貨幣風險，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[文件/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

Generally speaking, the technology industry is less impacted by government policies and landscapes than some other industries. Nevertheless, a high degree of uncertainty surrounds the policies of President-elect Donald Trump. Above all, technology companies have been major beneficiaries of global trade, and most large technology firms derive significant revenue from outside the U.S. While campaign rhetoric on trade, immigration, and possible China tariffs is a source of concern for several leading technology companies, the market has not yet received enough clarification on these specific issues to warrant a major shift in sentiment one way or the other.

Conversely, rumored tax reform could possibly counterbalance any negative impact resulting from shifts in trade and immigration policy. Overall, tax reform would be beneficial to the technology industry given the possibility of tax repatriation, which would release cash currently trapped offshore, raising the odds of large-scale mergers and acquisitions in the domestic market. To date, the vast majority of M&A activity within the industry has involved small- to mid-cap companies; however, repatriation opens the door for major players in technology to look more closely at acquiring larger companies.

In the face of an evolving macroeconomic landscape, we remain committed to our bottom-up approach to stock selection. We continue to believe that truly innovative companies can thrive even in the face of broader economic challenges. For example, we believe that many companies within the software industry are well positioned to achieve meaningful growth over the next several years as the growth in cloud computing continues unabated. New applications like autonomous driving, Internet-delivered video programming, and augmented reality will further bolster this trend, and we believe it stands as an area that offers long-term growth opportunities. We also continue to research new investment themes in order to uncover companies that offer long runways for growth. The consumer video game market, which has been transformed over the last decade, represents one such investment theme. Companies are now less reliant on creating hit video games and can instead rely on intellectual property (like in-game monetization), franchises, and a common developer platform to help with growth and margins.

策略

基金概要

以主動方式管理及主要投資於科技發展或使用公司的股票的多元化投資組合，聚焦於環球領先的科技公司。該等公司可能遍佈世界各地，包括新興市場。

表現（已扣除費用）

過往表現並非未來表現的可靠指標。

由2024年7月1日起，基金的基準已改為MSCI綜合世界資訊科技10/40淨額指數 (MSCI ACWI Information Technology 10/40 Net) (權重上限指數)。在此之前，基金的基準為MSCI綜合世界資訊科技淨額指數 (MSCI ACWI Information Technology Net Index)。先前基準的表現未重列。

2017年01月01日 - Joshua Spencer, 基金經理,

Global technology shares underperformed the broader equity markets in December. Within the fund, stock selection in software detracted the most from relative performance. The Internet industry, hampered by stock selection and an overweight, also pulled down relative returns. In contrast, the fund benefited from our non-benchmark position in a prominent automotive manufacturer as well as stock selection in telecommunication services.

2016年12月31日 - Joshua Spencer, 基金經理,

The start of the new year is likely to bring with it a heightened level of uncertainty, as the market learns more of President-elect Trump's proposals and continues to digest the possibility of interest rates increasing at a faster rate. We continue to implement a bottom-up approach to stock selection, seeking companies whose innovative use of technology allows them to capture market share from competitors. We also value companies that have positioned themselves to benefit from broader trends within the technology space. Finally, we place a premium on those companies that benefit from solid fundamentals and strong management teams.

Semiconductors

The semiconductor industry stands as one of our largest positions within the portfolio. Several companies in this industry are appealing because they serve a range of end markets. This characteristic helps add a level of diversification to their mix of revenues. The industry underwent heavy consolidation during the past several years, and there remains room, albeit limited, for this to continue. Our holdings in semiconductors focus on companies that are on the cutting edge of new and evolving technologies that have the potential to play key roles in long-term trends.

We believe that ASML Holding, one of our largest positions within the semiconductor industry, is well on its way to commercializing its extreme ultraviolet lithography technology. In October, the company reported third-quarter results that beat guidance and expectations as well as issued strong fourth-quarter guidance. The following month, the company announced that it purchased a stake in ZEISS, a German lens manufacturer, to help it create the next generation of extreme ultraviolet lithography systems. Shortly thereafter, ASML Holding finalized its acquisition of Hermes Microvision, Inc. We are encouraged by both deals; the former will help ASML Holding solidify its long-term position as an industry leader, while the latter will more broadly assist its customers with manufacturing challenges.
We initiated a position in Broadcom, a designer of analog semiconductor devices that focuses on proprietary high-end wireless filters used to integrate and filter signals as the smartphone market progresses toward 4G LTE. Broadcom has demonstrated strong growth within its smartphone-driven filter business, and recent acquisitions should provide further earnings growth through cost-cutting.
Shares of NXP Semiconductors rallied near the end of September after Qualcomm announced its plans to acquire NXP Semiconductors. As a result, we trimmed our position on strength throughout the first two months of the quarter, and we then eliminated our position in December.

Media

Within media, we are most interested in companies with long-term growth potential. Our non-benchmark position in Netflix is a solid example of this. We value the company's global ambitions and are encouraged by the steps the company has taken to continue to invest in and innovate its services.

We believe that Netflix can gain subscribers through both its original content and recent deal to be the exclusive U.S. pay TV home outlet for new Disney movies. Our belief in the company's long-term growth potential was reaffirmed during the period. Shares surged in mid-October after Netflix reported third-quarter earnings that surprised many investors due to the increase in domestic and international subscribers. Shares were pressured in the weeks following the U.S. presidential election because Netflix is one of the few companies that benefits from more regulation, specifically with regard to Internet service providers that own the networks to access Netflix's customers. We view this recent downward momentum as a transitory headwind and remain encouraged by the company's ambitious global expansion. While we trimmed our position over the course of the quarter, it continues to stand as a top holding.
Although Liberty Global, one of Europe's largest cable operators, posted third-quarter results in early November that were largely in line, shares were pressured mid-month due to the market volatility following the U.S. presidential election. This persisted into December. We have been trimming our position over the past several months.

Miscellaneous

Our non-benchmark position in Tesla Motors was notable during the period, and the company stood as a leading contributor to relative performance. Tesla Motors was able to successfully navigate negative investor sentiment that had weighed on it since the announcement of its proposed acquisition of Solar City. Furthermore, concerns about how Tesla Motors would fair under a Trump administration were lifted when Elon Musk was added to the president-elect's Strategic and Policy Forum. We added to our position during the period.

Tesla Motors is a strong earnings growth story as we expect the company to continue innovating with better and more competitive electric vehicles. We point to the company's high level of differentiated innovation as evidence of its long-term potential. In late October, the company reported very solid third-quarter results which highlighted better production execution and expense control. However, during the period, investors were most interested in Musk's plans to acquire SolarCity, a leading provider of clean energy services. News of the proposed acquisition was released in June. Investors reacted unfavorably to the idea, and the market approached the stock with a level of uncertainty for several months. Tesla's shareholders eventually approved its proposed acquisition of SolarCity in November. We are optimistic that Musk will execute on his long-term vision for the combined company and create shareholder value.

2016年12月31日 - Joshua Spencer, 基金經理,

We believe that ASML Holding, one of our largest positions within the semiconductor industry, is well on its way to commercializing its extreme ultraviolet lithography technology. In October, the company reported third-quarter results that beat guidance and expectations as well as issued strong fourth-quarter guidance. The following month, the company announced that it purchased a stake in ZEISS, a German lens manufacturer, to help it create the next generation of extreme ultraviolet lithography systems. Shortly thereafter, ASML Holding finalized its acquisition of Hermes Microvision, Inc. We are encouraged by both deals; the former will help ASML Holding solidify its long-term position as an industry leader, while the latter will more broadly assist its customers with manufacturing challenges.
We initiated a position in Broadcom, a designer of analog semiconductor devices that focuses on proprietary high-end wireless filters used to integrate and filter signals as the smartphone market progresses toward 4G LTE. Broadcom has demonstrated strong growth within its smartphone-driven filter business, and recent acquisitions should provide further earnings growth through cost-cutting.
Shares of NXP Semiconductors rallied near the end of September after Qualcomm announced its plans to acquire NXP Semiconductors. As a result, we trimmed our position on strength throughout the first two months of the quarter, and we then eliminated our position in December.
We believe that Netflix can gain subscribers through both its original content and recent deal to be the exclusive U.S. pay TV home outlet for new Disney movies. Our belief in the company's long-term growth potential was reaffirmed during the period. Shares surged in mid-October after Netflix reported third-quarter earnings that surprised many investors due to the increase in domestic and international subscribers. Shares were pressured in the weeks following the U.S. presidential election because Netflix is one of the few companies that benefits from more regulation, specifically with regard to Internet service providers that own the networks to access Netflix's customers. We view this recent downward momentum as a transitory headwind and remain encouraged by the company's ambitious global expansion. While we trimmed our position over the course of the quarter, it continues to stand as a top holding.
Although Liberty Global, one of Europe's largest cable operators, posted third-quarter results in early November that were largely in line, shares were pressured mid-month due to the market volatility following the U.S. presidential election. This persisted into December. We have been trimming our position over the past several months.
Tesla Motors is a strong earnings growth story as we expect the company to continue innovating with better and more competitive electric vehicles. We point to the company's high level of differentiated innovation as evidence of its long-term potential. In late October, the company reported very solid third-quarter results which highlighted better production execution and expense control. However, during the period, investors were most interested in Musk's plans to acquire SolarCity, a leading provider of clean energy services. News of the proposed acquisition was released in June. Investors reacted unfavorably to the idea, and the market approached the stock with a level of uncertainty for several months. Tesla's shareholders eventually approved its proposed acquisition of SolarCity in November. We are optimistic that Musk will execute on his long-term vision for the combined company and create shareholder value.

2016年12月31日 - Joshua Spencer, 基金經理,

Salesforce.com, a leading provider in enterprise software-as-a-service, benefits from a highly recurring subscription business. During the latter part of the third quarter, shareholders were discouraged by rumors that salesforce.com was considering Twitter as an acquisition target, and shares were pressured as a result. In October, news that salesforce.com would not purchase Twitter helped boost returns. Immediately following the U.S. presidential election, shares of salesforce.com were pressured, along with several other names in the technology space, amid a sector rotation. Later in the month, the company posted encouraging quarterly results. We maintain that salesforce.com will stand as a leading beneficiary of the ongoing migration toward cloud computing.
We believe that Workday is one of the most durable software companies and that it remains in the early stages of penetrating its addressable market. The company saw its shares struggle following the release of its third-quarter earnings report, which featured disappointing guidance. Though it faces competitive pressures, Workday's platform is highly unique, and we believe its positioning will improve and ultimately surmount what we consider temporary headwinds.
Splunk, a leading machine data analytics platform, benefits from a strong management team, consistent competitive leadership, and an improving mix of recurring revenues. The company's flexible technology allows it to address many IT use cases, thus providing the company with a long growth runway. In late November, Splunk released a good beat-and-raise 2017 fiscal third-quarter earnings report. Despite posting strong results driven by revenue and billings growth as well as improved margins, shares lagged toward the end of the quarter due to slightly decelerating billings.
Shares of Paylocity Holding declined in early November after the company released its 2017 fiscal first-quarter results. While higher-than-expected revenue was encouraging, second-quarter guidance fell below expectations. We believe that Paylocity Holding is a well-managed company that benefits from the market migration from outsourced providers to software-as-a-service payroll and human capital management applications. However, we believe ACA Enhanced, the company's Affordable Care Act reporting solution, may face headwinds in the near future, which could result in lower year-over-year growth.
PayPal Holdings is the leading pure-play digital wallet with a business model that is a hybrid of a merchant acquirer, an issuer, and an open-loop payment network. In late October, PayPal Holdings released a largely in-line third-quarter earnings report with many key metrics on the high end of guidance. Most notably, total payments volume, active accounts, and engagement improved. Shares yielded double-digit returns in the wake of this news. This rally was short-lived, however, as shares were later pressured in November. Digital online payments are growing massively on a global scale, and PayPal Holdings is well positioned to increase its share of the market. We also value the more customer-focused and product-oriented approach PayPal Holdings has recently adopted and the improvements it has made to its technology platform.
Sabre's third-quarter earnings report fell short of market expectations, with weak revenue and margins leading to lower-than-expected earnings. Additionally, the company further lowered its 2016 guidance after previously lowering it earlier this year. We exited our position during the period.
Alibaba Group Holding is China's largest e-commerce player. We value the company's asset-light platform model, which we believe is both scalable and able to produce impressive cash flow. We believe that monetization will improve as Alibaba Group Holding more effectively utilizes user data, especially on mobile. We initiated a position in Alibaba Group Holding during the period. The portfolio previously held shares of the company, but we eliminated our position in the first quarter due to concerns about gross merchandise volume growth. In November, Alibaba Group Holding issued a solid quarterly report in the beginning of the month. The company saw impressive double-digit revenue growth year-over-year. However, shares were pressured shortly thereafter. The company reported that it experienced a decline in sales growth compared with the previous year during China's annual Singles' Day on November 11. Following the U.S. presidential election, negative investor sentiment pushed shares lower on concerns that Alibaba Group Holding could be a target for President-elect Trump's anti-China rhetoric, which could threaten the firm's global ambitions.
We believe in Alphabet's ability to innovate and drive growth through its core online and mobile advertising businesses. The company reported strong quarterly results in late October; however, in November, shares were hampered by a postelection rotation out of the technology sector. Like many others in the technology space, Alphabet's shares recovered in December. We believe Alphabet is well placed to extract value from the economy as the world becomes more digital. Our underweight in Alphabet proved unhelpful.
The travel industry is one of the fastest-growing consumption areas in China, and Ctrip.com International is well positioned within this space to generate durable growth and improve margins over the long term. In late November, the company reported solid third-quarter results that featured its highest operating margin since the first quarter of 2014. In December, Ctrip.com International completed its acquisition of Skyscanner, a travel website that allows customers to compare prices. From a long-term perspective, we believe this is an appealing acquisition because it will expose Ctrip.com International to more markets around the world.
We consider Microsemi a high-quality, security-focused company with strong competitive moats in defense and aerospace. In November, Microsemi benefited from a well-received product launch. Later, the company issued another solid quarterly earnings report that was driven by a combination of share gains, higher cost synergies, and an improving mix. Shares further increased as a result.
Not owning Intel and Taiwan Semiconductor Manufacturing also benefited results. While Intel reported solid third-quarter results in mid-October, the company's fourth-quarter guidance concerned investors. Shares subsequently fell. As for Taiwan Semiconductor Manufacturing, a number of Taiwan stocks were pressured in December following news that the Federal Reserve raised U.S. interest rates and indicated that it would increase rates at a faster rate in 2017.
Shares of Analog Devices, a semiconductor maker that specializes in the converter and amplifier segment of the high-performance analog market, increased throughout much of the period. They experienced a significant jump in November after the company beat estimates in its 2016 fiscal fourth-quarter results. The beat was primarily attributed to higher-than-expected revenue from Apple.
Stock selection in North America stood as the largest detractor from relative performance. In this region, our positions in software names like salesforce.com, Workday, and Splunk pulled down results most. We believe that cloud computing is the leading trend in technology, and all three of these names should stand as beneficiaries as more and more companies migrate toward cloud computing applications and services.

Emerging markets, affected by stock selection, also weighed on results. Within this region, our overweight in Alibaba Group Holding detracted from relative returns. The strength of the company's core business, coupled with the long-term potential of AliCloud, overshadow the short-term headwinds the online retailer faced during the quarter. We believe the company still has plenty of room to grow within the markets in which it already operates.

Our stock selection in Japan added relative value. Our non-benchmark position in Fanuc, a producer of automation products and robotic services, was the leading contributor. We eliminated our position during the period.

有關基準數據來源的披露僅提供英文版本，可在此處找到。

Semiconductors

Media

Miscellaneous

風險

典型投資者