===============
重要公告
近日，瑞士百达资产管理集团(以下简称“瑞士百达”) 发现有人在中国内地和香港未经我们的授权而非法使用我们的名称 (包括“瑞士百达”、“Pictet”)、商标和/或标示向中国的个人投资者非法募集资金，如假借“瑞士百达”的名义，通过手机应用程序及聊天群组向散户提供炒股培训及开户炒股服务等不法活动，已有中国个人投资者声称因上述欺诈行为而遭受损失。对于任何未经本公司授权而使用我们的名称、商标和/或标示的侵权行为，可能导致本集团名誉受损，我们保留追究相关侵权人法律责任的所有权利。
瑞士百达特此提醒公众注意并郑重声明如下：
- 瑞士百达的唯一官方网站是：www.am.pictet，瑞士百达资产管理的手机应用程序 (即Pictet AM) 只能于App Store 及 Google Play 下载。其他网站及其载有的应用程序均与本公司无关。
- 瑞士百达未在中国内地注册或运营任何网站、网络应用程序或网络平台(包括应用程序、官方微博、微信公众号等)，也不会使用微信、QQ或其它即时通讯工具建立群组在中国进行任何募集销售行为。
- 瑞士百达在中国内地与香港只会通过持牌金融机构向个人投资者销售产品，并无直接销售渠道。除了通过中国内地与香港的基金互认安排销售“瑞士百达策略收益基金”之外，瑞士百达未在中国内地向公众发行任何基金或理财产品。
我们提醒广大投资者提高警惕，在进行任何投资之前进行充分的尽职调查。如您因不法分子的欺诈行为已遭受损失，应及时向当地警方报案。如涉及个人信息在香港的披露，请您向个人资料私隐专员公署或有关保护个人资料私隐的香港相关部门提出投诉。
瑞士百达资产管理(香港)有限公司
2021年3月30日
Important Note
Recently it has come into the attention of Pictet Asset Management group ("Pictet") that our trade name "Pictet" and/or our logo have been misused by unauthorized persons in Mainland China and Hong Kong for illegal fund-raising from Chinese investors, such as providing retail investors with stock trading training and account opening and stock trading services in the name of "Pictet" via mobile apps and chat groups. Some Chinese individual investors have alleged that they have suffered losses due to such fraud. We reserve all our legal rights to take legal actions against such unauthorized usage of our name and/or logo which may lead to reputational loss on us.
Pictet would like to alert the public and hereby declares the following:
- Pictet's only official website is www.am.pictet and Pictet Asset Management's mobile apps (i.e. Pictet AM) are only available for download at App Store and Google Play. All other webpages and apps other than aforementioned are unrelated to Pictet.
- Pictet has not registered or operated any website, online application or platform in Mainland China, such as app, official Weibo or WeChat account. We will not conduct any distribution activities in China via chat groups of WeChat, QQ or any other instant communication tools.
- We only sell products through licensed financial institutions to individual investors in Hong Kong and Mainland China and have no direct sales channels. Except for Pictet Strategic Income fund distributed under the Mainland China – Hong Kong Mutual Recognition of Funds scheme, Pictet has not issued any fund or wealth management product to retail investors in Mainland China.
We would like to remind all investors to be vigilant and conduct sufficient due diligence before making any investment. If you have suffered any loss due to illegal activities, it is advisable to timely report the case to local police. If any disclosure of personal information is involved in Hong Kong, you may file the complaint with the Office of the Privacy Commissioner for Personal Data or any other relevant Hong Kong authorities for protection of personal data privacy.
Pictet Asset Management (Hong Kong) Limited
30 March 2021
Conditions of use
By accessing this website and the products, services, information, tools and materials that it contains or describes (hereinafter, "the website"), you acknowledge that you have understood and accept the following conditions of use.
The information on this website has been prepared by Pictet Asset Management (Hong Kong) Limited (“PAM(HK)”) and is intended for the exclusive use by the intended recipient in the People's Republic of China (for the purpose of this disclaimer excluding Taiwan, Hong Kong and Macau) (“PRC”) to whom PAM(HK) has directly distributed this material. The information contained herein may not be wholly or partially reproduced, distributed, circulated, disseminated or published in any form by any recipient for any purpose without the prior written consent of PAM(HK).
Access to the website
Access to the website is forbidden to any person from a jurisdiction (by reason of their domicile, residence, nationality or other) whose applicable laws and/or regulations prohibit the publication and/or availability of the website. Persons in respect of whom such prohibitions apply or persons other than those specified above must not access this website. It is your responsibility to be aware of and to observe all applicable laws and regulations of any relevant jurisdiction.
No offer
This information on this website is for information purposes only and does not constitute a recommendation, professional advice, solicitation for offer or offer by PAM(HK) to subscribe, purchase or sell any security or interest of Pictet pooled products in the PRC, nor shall it be construed as any undertaking of PAM(HK) to complete any transaction in relation to Pictet pooled products and services.
Any index data referenced herein remains the property of the Data Vendor. Data Vendor Disclaimers are available on assetmanagement.pictet in the “Resources” section.
Investment performance
Investment involves risks. The value of an investment and the income received from it can go down as well as up and, on sale, investors may not get back the full amount invested and should be prepared to sustain a total loss of their investment. No assurance can be given that the investment objective of any investment products will be achieved. No representation or promise as to the performance of any investment products or the return on an investment is made. Past performance is not a guide to future performance. Changes in the rates of exchange may have an adverse effect on the value of an investment. The investment returns may be denominated in a foreign currency. Consequently, US dollar / HK dollar-based investors may be exposed to fluctuations in the exchange rate of the relevant foreign currency against US dollar / HK dollar. Please read the offering documents for further details, in particular, the risk factors therein. This website has not been reviewed by the Securities and Futures Commission (SFC). You are advised to exercise caution and if you are in any doubt about any of the contents of this document, you should obtain independent professional advice.
NAVs relating to dates on which shares are not issued or redeemed (“non-trading NAVs”) may be published here. They can only be used for statistical performance measurements and calculations or commission calculations and cannot under any circumstances be used as a basis for subscription or redemption orders.
Finally, the performance shown does not take account of any commissions or costs charged when subscribing to or redeeming units.
Exclusion of warranty
The information and opinions on this website are provided by Pictet Asset Management (Hong Kong) Limited for general information purposes only and does not constitute an advertisement.
Pictet Asset Management (Hong Kong) Limited and its data suppliers make every effort to ensure that the information on this website is accurate and complete at the time of its inclusion. However, although this information is obtained from data suppliers and sources that are in good faith believed to be reliable, Pictet Asset Management (Hong Kong) Limited does not guarantee, explicitly or implicitly, that such information is accurate, up-to-date or exhaustive. Furthermore, any view or opinion expressed on this website is subject to alteration without notice. There is no guarantee that the information on this website has not been altered as a result of technical malfunctions (disconnection, interference by third parties, computer viruses, etc.).
The latest versions of the offering documents, annual reports and semi-annual reports of the investment funds are the only versions deemed to be official fund publications on which investment decisions may be based.
Limitation of liability
Pictet Asset Management (Hong Kong) Limited and its data suppliers accept no liability for any loss or damage of any nature whatsoever, whether direct, indirect or consecutive, arising from accessing, using, consulting or navigating its website, or from links to other websites.
Local legal restrictions
None of the investment funds mentioned nor any of the related prospectuses shall be distributed to persons resident in any State in which the distribution of such funds or prospectuses is contrary to local laws and/or regulations. Such persons are forbidden to access this website.
It is your responsibility to ensure that you are authorised to access this website.
The latest versions of the offering documents, annual report and semi-annual report translated into the language of your country of residence conform with any requirements laid down in the laws or regulations of that country. These documents may be obtained free of charge from the investment fund representative in the countries of domicile of the funds in question or in the countries in which the funds are registered.
The following pages contain information and material relating to funds that are authorized by the SFC in Hong Kong, however, SFC authorization is not a recommendation or endorsement of a scheme nor does it guarantee the commercial merits of a scheme or its performance. It does not mean the scheme is suitable for all investors nor is it an endorsement of its suitability for any particular investor or class of investors. Some pages may contain information and material relating to funds that are not authorized by the SFC. Such funds are not available to the public in Hong Kong.
Material interests
The Pictet Group, its managing partners, directors, managers and staff may hold or may have held interests or positions in the securities referred to on this website or may have negotiated or acted as a market maker in respect of these securities. Furthermore, these entities or persons may have – or may have had – relationships with directors of the companies issuing the above-mentioned securities, and may supply – or may have supplied – financial or other services to them, or may hold or may have held directorships of the companies in question.
Tax
Tax treatment depends on the personal circumstances of the investor and is subject to change. Investors are advised to seek specific professional advice before making any investment decision.
Ownership of website, brands and copyright
Pictet Asset Management (Hong Kong) Limited and the other Pictet Group brands mentioned on the website are registered trademarks or service marks of the Pictet Group or its affiliated companies.
Unless otherwise indicated, the entire website is protected by copyright. It is forbidden to reproduce (in full or in part), transmit (by electronic or any other means), amend, create a link to or use this website for any public or commercial purposes without the prior agreement of Pictet Asset Management (Hong Kong) Limited.
Links to other websites
This website may provide automatic links to other websites. You use such links to any external websites entirely at your own risk. Pictet Asset Management (Hong Kong) Limited does not verify the accuracy of the information provided on the websites mentioned on this website. Pictet Asset Management (Hong Kong) Limited therefore accepts no liability for their content or for the products, services or other offers available through them. The websites may contain information and material relating to funds that are not authorized by the Securities and Futures Commission in Hong Kong for distribution to the public in Hong Kong. Due care should be taken by all Hong Kong intermediaries that they comply with all relevant local rules and regulations in responding to requests from clients for information in respect of the investment products referred to on such websites. You are advised to exercise caution and if you are in any doubt about any of the contents of the websites, you should obtain independent professional advice.
This website has not been and will not be approved by any PRC governmental or regulatory authority. Generally, the information on this website is solely for specific entities, including but not limited to Qualified Domestic Institutional Investors, who satisfy themselves that all applicable PRC laws and regulations have been complied with, and all necessary government approvals and licenses (including any investor qualification requirements) have been obtained in connection with their investment outside PRC.
I have read and accept the present terms and conditions of use.
Torn and frayed: the new bond market
Sébastien Eisinger and Elena Mendez Fraboulet explain how a drying up of bond market liquidity has transformed fixed income investing.
Liquidity – the ability to buy or sell securities without affecting their price – is said to be deteriorating in bond markets. Do you see signs of this too?
EMF. We see evidence of declining liquidity every day. Our bond traders have fewer counterparties to trade with than they did a few years ago. And, what’s more, those counterparties’ trading books are smaller than they were in the past because of tighter financial regulations.
We see evidence of declining liquidity every day.
This means it is more difficult for investment managers to buy and sell bonds at what they would consider to be an attractive price. These problems used to be confined to the high-yield bond markets, but they are now a feature of investment-grade debt, where liquidity used to be taken for granted.
SE. The figures showing how far market infrastructure has weakened are quite remarkable. Before banks were hit with new regulations in 2007, broker-dealer inventories of US corporate bonds – the amount they’d be happy to hold to trade at a future date – were just above USD400 billion.
Now, that figure is closer to USD50 billion. And that fall comes at a time when issuance of bonds among corporations is rising at record pace. Between 2000 and 2008, the volume of new corporate bonds averaged at just under USD800 billion per year. In the years 2009 to 2015, that figure has climbed to USD1.24 trillion.1
What changes have Pictet Asset Management made to their investment process to mitigate the risks associated with harsher trading conditions? Have your bond traders acquired a more prominent role, for instance?
SE. Our traders have always had a major role to play in our investment process – their responsibilities have traditionally extended beyond the execution of buy and sell orders. Yet with liquidity becoming harder to source, the traders' role is evolving. It now involves providing portfolio managers with detailed guidance on liquidity so that trade ideas can be assessed for their viability through the lens of available liquidity.
The traders’ role is evolving.
Also, traders are making greater use of new technology. The technologies we’re phasing in are helping traders conduct essential pre-trade, in-trade, and post-trade analysis, enabling them to find liquidity in the most efficient and effective way. Traders are also utilising different trading styles to help secure best execution for our clients. This includes using pre-trade platforms, dark trading pools; and algorithmic, or rules-based trading. Using these different styles allows us to be better informed on what strategy works best for particular orders and, hence, our clients.
EMF. Tougher trading conditions have also made it more costly to alter the composition of a portfolio. Our investment managers have adapted in a number of ways. I’d say that managers now tend to change the make-up of their underlying investments less frequently than they used to.
Yet at the same time, and to hedge investments against short-term volatility and to reduce other risks, managers are making greater use of derivatives. These instruments are often more liquid than many types of bond and can be used to alter a portfolio’s sensitivity to changes in interest rates, yield curves or credit market indices.
Credit default swap indices, for instance, are remarkably liquid instruments that offer investment managers a very cost-efficient way of altering the credit beta of a portfolio – or its sensitivity to the shifts in the perceived creditworthiness of corporate borrowers.
So, to summarise, investment managers are holding on to their investments for longer but making better use of liquid derivatives to protect the portfolio from short-term market fluctuations.
What steps are you taking to more accurately measure the liquidity risks inherent in fixed income portfolios?
EMF. When clients ask ‘how liquid are my investments?’, what they are really asking is: ‘what proportion of my investments could I realistically sell, within a reasonable timeframe, without incurring significant trading costs?’
Transaction costs, size and execution
An illustration of the relationship between transaction cost, transaction size and transaction execution time
Source: Pictet Asset Management MSCI
The fixed income risk team here is working with a new tool that we hope will provide the answer to this complex question. The new model – LiquidityMetrics, developed by MSCI – quantifies portfolio liquidity by estimating the relationship between the size of a transaction and the length and cost of its execution, measured respectively in days and basis points.
In other words, if clients wished to sell some of their invested assets, the model would be able to tell them whether and to what extent the trading cost and execution time would vary according to the size of the intended transaction. All things being equal, the greater the transaction size, the greater the potential cost and the longer the execution time. The most liquid portfolios, then, would be those for whom the transaction size has little or no bearing on trading cost or execution time.
Does the growth of fixed income funds offering daily liquidity make matters worse? And what about the very largest bond funds – do they represent a systemic risk at a time when liquidity is in decline?
SE. Some investment industry experts believe that the growing number of bond funds offering investors daily liquidity – or the ability to liquidate holdings with one day’s notice – threatens to become a source of market instability. There is some truth in that. If some bonds in a certain fund are not liquid enough to trade daily, then does it make sense to offer a client daily liquidity in that fund? I don’t think so. It is a mismatch that can cause problems.
Also, in offering daily liquidity, asset managers must ensure they deliver adequate protection to those clients that do not wish to trade frequently. If one client engages in a large transaction at short notice, that trade could potentially affect the value of the entire portfolio – to the detriment of other clients in the fund. There are a range of anti-dilutive measures to protect a portfolio against this risk, but in some instances those tools are inadequate. So when we believe offering daily liquidity might compromise the investments of those clients who don’t need or want to trade that frequently, then we don’t offer that alternative. We need to act in the interest of all our clients.
Asset managers must ensure they deliver adequate protection to those clients that do not wish to trade frequently.
The thing is you can sell and buy most bonds at short notice – provided you are willing to compromise enough on the price. And it is our duty as investment managers to remind investors of this fact at all times. To the asset management industry’s credit, I think it is beginning to get this message across, but it probably needs to do so even more clearly.
EMF. The popularity of funds offering daily liquidity is not the only problem. The rise of the 'mammoth' bond fund can be too. As recent events have shown, when these funds have to liquidate large positions in less liquid instruments, this causes a lot of market volatility. Not only that, but their sheer size also makes it difficult for them to generate good returns for their investors. So I’d say that poorer liquidity means that asset management companies will probably need to become more disciplined in managing the size of their bond funds. Capacity limits will probably need to be lower. It is something that Pictet Asset Management has taken a very close look at in recent years.
Do you believe electronic trading is viable in bond markets? To what extent does Pictet Asset Management make use of automated trading platforms?
SE. Electronic trade has always been difficult to establish in fixed income. The market does not lend itself easily to electronic trading because there are simply too many fixed income securities. Many of the systems currently in use simply try to bring together investors who are trading in exactly the same security. That is very difficult to do. Yet there is another way, but it will require a change in attitude among market participants as well as heavy investment in technology.
If asset managers want the market to be more liquid in future, they will have to become the price-setters.
What might make for a viable platform is one which allows all members of the fixed income community – that’s both market intermediaries such as investment banks and end investors such as asset managers - to exchange their bid-ask spreads.
To establish such a platform, though, would require asset managers to accept a new role – that of price setter. For too long, the investment management industry has been piggybacking on the liquidity provided by investment banks. It has not really facilitated trade in any meaningful way. But those days are gone.
If asset managers want the market to be more liquid in future, it is they – not the investment banks – that will have to become the price-setters. And that will require new skills.
But the key point to make is that we are in a period of experimentation. We are experimenting with various models and trying to find the one that works best for our fixed income managers and our clients.
So does all this mean that Pictet Asset Management’s fixed income business is venturing into unfamiliar territory?
SE. Not really. Especially when you consider that we have considerable experience in investing in one of Europe’s most illiquid bond markets: Switzerland. There are many lessons that we have learned from investing in Swiss bonds over the years we can now apply to other markets that are experiencing Swiss-like bouts of illiquidity.
When it comes to less liquid bond markets, we know what to expect and how to deal with the problem.
Our experience of managing high-yield and emerging market debt – from the time when these were both niche markets – also puts us in a pretty good position. When it comes to less liquid bond markets, we know what to expect and how to deal with the problem.
Important legal information
This marketing document is issued by Pictet Asset Management. It is neither directed to, nor intended for distribution or use by any person or entity who is a citizen or resident of, or domiciled or located in, any locality, state, country or jurisdiction where such distribution, publication, availability or use would be contrary to law or regulation. Only the latest version of the fund’s prospectus, the KIID (Key Investor Information Document), regulations, annual and semi-annual reports may be relied upon as the basis for investment decisions. These documents are available on assetmanagement.pictet.
This document is used for informational purposes only and does not constitute, on Pictet Asset Management part, an offer to buy or sell solicitation or investment advice. It has been established on the basis of data, projections, forecasts, anticipations and hypothesis which are subjective. Its analysis and conclusions are the expression of an opinion, based on available data at a specific date. The effective evolution of the economic variables and values of the financial markets could be significantly different from the indications communicated in this document.
Information, opinions and estimates contained in this document reflect a judgment at the original date of publication and are subject to change without notice. Pictet Asset Management has not taken any steps to ensure that the securities referred to in this document are suitable for any particular investor and this document is not to be relied upon in substitution for the exercise of independent judgment. Tax treatment depends on the individual circumstances of each investor and may be subject to change in the future. Before making any investment decision, investors are recommended to ascertain if this investment is suitable for them in light of their financial knowledge and experience, investment goals and financial situation, or to obtain specific advice from an industry professional.
The value and income of any of the securities or financial instruments mentioned in this document may fall as well as rise and, as a consequence, investors may receive back less than originally invested. Risk factors are listed in the fund’s prospectus and are not intended to be reproduced in full in this document.
Past performance is not a guarantee or a reliable indicator of future performance. Performance data does not include the commissions and fees charged at the time of subscribing for or redeeming shares. This marketing material is not intended to be a substitute for the fund’s full documentation or for any information which investors should obtain from their financial intermediaries acting in relation to their investment in the fund or funds mentioned in this document.
EU countries: the relevant entity is Pictet Asset Management (Europe) S.A., 15, avenue J. F. Kennedy, L-1855 Luxembourg
Switzerland: the relevant entity is Pictet Asset Management SA , 60 Route des Acacias – 1211 Geneva 73
Hong Kong: this material has not been reviewed by the Securities and Futures Commission or any other regulatory authority. The issuer of this material is Pictet Asset Management (Hong Kong) Limited.
Singapore: this material is issued by Pictet Asset Management (Singapore) Pte Ltd. This material is intended only for institutional and accredited investors and it has not been reviewed by the Monetary Authority of Singapore.
For Australian investors, Pictet Asset Management Limited (ARBN 121 228 957) is exempt from the requirement to hold an Australian financial services license, under the Corporations Act 2001.
For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.
For US investors, Shares sold in the United States or to US Persons will only be sold in private placements to accredited investors pursuant to exemptions from SEC registration under the Section 4(2) and Regulation D private placement exemptions under the 1933 Act and qualified clients as defined under the 1940 Act. The Shares of the Pictet funds have not been registered under the 1933 Act and may not, except in transactions which do not violate United States securities laws, be directly or indirectly offered or sold in the United States or to any US Person. The Management Fund Companies of the Pictet Group will not be registered under the 1940 Act.
Pictet Asset Management Inc. (Pictet AM Inc) is responsible for effecting solicitation in North America to promote the portfolio management services of Pictet Asset Management Limited (Pictet AM Ltd) and Pictet Asset Management SA (Pictet AM SA).
In Canada Pictet AM Inc. is registered as Portfolio Manager authorised to conduct marketing activities on behalf of Pictet AM Ltd and Pictet AM SA. In the USA, Pictet AM Inc. is registered as an SEC Investment Adviser and its activities are conducted in full compliance with the SEC rules applicable to the marketing of affiliate entities as prescribed in the Adviser Act of 1940 ref. 17CFR275.206(4)-3.