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重要公告
[2021年6月15日] 近日，瑞士百达资产管理 (以下简称“瑞士百达资管”) 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” 、“瑞士百达资管”)、商标和/或标示向中国的个人投资者非法募集资金，如假借“瑞士百达资管”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。
瑞士百达资管特此提醒公众注意并郑重声明如下：
- 瑞士百达资管的唯一官方网站是：www.assetmanagement.pictet，瑞士百达资管的手机应用程序 (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。
- 瑞士百达资管母公司瑞士百达集团在中国内地注册的唯一官方微信公众号是” 瑞士百达 Pictet” (微信号：Pictet_1805) 。瑞士百达集团同时为旗下百达摄影奖经营官方微博“百达摄影奖PrixPictet”。瑞士百达资管未有在中国内地独立注册或运营任何网站、网络应用程序或网络平台(包括应用程序或官方微博等)，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。
- 瑞士百达资管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，瑞士百达资管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
Important Note
[15 June 2021] Recently it has come into the attention of Pictet Asset Management ("Pictet AM") that our trade name “瑞士百达”、“Pictet” 、“瑞士百达资管” 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 Asset Management" 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 AM'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 AM’s mother company Pictet Group’s only official Wechat account is “瑞士百达 Pictet” (Wechat ID: Pictet_1805). Prix Pictet, a Pictet Group’s photography award also owned a Weibo account “百达摄影奖PrixPictet”. Pictet AM has not registered or operated any website, online application or platform in Mainland China under its own name, such as app and official Weibo 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 AM 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
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Value stocks: not always a bargain
History shows 'value' stocks can deliver superior returns during an economic slowdown. But true value is hard to find.
Written by
Laurent Nguyen
Head of Quest Equities
Gabriele Susinno
Senior Client Portfolio Manager
Value investing – buying stocks that trade at an attractive discount to a firm’s intrinsic value – is one of the oldest equity investment strategies, pioneered in 1930s by the renowned British-American investor Benjamin Graham, a mentor to Warren Buffett.
Yet despite its pedigree, its reputation has taken a hit in the past decade. In that time, value stocks have endured their worst performance on record compared with their growth counterparts – those firms whose earnings are expected to grow rapidly (Fig. 1).
In recent months, however, value stocks have witnessed something of a revival as a slowdown in the world economy has raised doubts over “growth” companies’ ability to deliver a sustained expansion in profits. This pattern is in keeping with the historical trend – experience shows value stocks tend to outperform in periods when the economy is experiencing a slowdown in growth.1
Fig. 1 A complicated relationship
MSCI Growth and Value index performance, indexed
Source: Bloomberg, data covering period 31.12 2008 - 07.03.2019
At first glance, then, it would appear that the conditions are in place for value to outpace growth.
But it’s not quite that simple. While growth stocks are, we believe, likely to suffer as the economy and corporate earnings growth both slow in the coming years – globally, company profits are expected to rise at about 5 per cent this year compared to 14 per cent in 2018 – their cheaper brethren aren’t necessarily the bargains they appear to be. Investors looking for value need to be far more discerning.
Avoiding a value trap
Finding a genuinely cheap company isn’t easy.
This is because stock prices can deviate significantly from a firm’s underlying value, and sometimes for a very long period of time. Further complicating matters is that popular valuation metrics such as the price-earnings (P/E) ratio, price-to-book ratio or dividend yield don’t always paint an accurate picture.
They can easily be distorted by corporate activities such as mergers and acquisitions (M&A) and share buybacks.
That’s especially the case today. M&A volumes have hit record levels, with deals worth nearly USD3.3 trillion agreed globally in the first nine months of 2018 – a 39 per cent jump from the year before. Stock repurchases, meanwhile, are also at historic highs in the US.
Popular valuation metrics such as the price earnings ratio don’t always paint an accurate picture.
Pitfalls of an index
Using our proprietary 4-P quantitative investment screening model (detailed in Fig. 3), we find that an unusually large number of stocks that make up the most popular 'value' equity index could be cheap for a reason.
Our analysis of the returns of stocks within the MSCI Value Index shows that companies that rank in the top quintile of our proprietary scorecard have outperformed both the index and those in the bottom-scoring quintile since 2000 by a significant margin (Fig. 2). This points to a material difference in the fundamentals of companies whose stocks come under the 'value' label. It's a red flag 'value-oriented' investors shouldn't ignore.
fig. 2 true value vs junk value
Cumulative performance of different groups of value stocks
* Cap-weighted proxy of MSCI Value Index. Value quintile groups refer to the top or bottom 20 per cent of stocks in the proxy MSCI Value Index as ranked by equally-weighted 4P screen. Source: Pictet Asset Management, Bloomberg, data covering period 03.01.2000 - 04.03.2019
Using value as part of defensive shield
Our 4-P model - the bedrock of our Quest Global Equities strategy - is designed to identify stocks that can deliver better returns than world equity markets over a full economic cycle and, crucially, also protect capital in a downturn.
Value (Price) is one of the components. The Price screen is designed to ensure we don’t overpay for our investments. It incorporates not only the popular valuation metrics such as the price to book ratio, but also other useful fundamental value indicators based on Enterprise Value, which is a comprehensive measure of a company’s total value using market capitalisation, long-term debt and cash on the balance sheet.
We combine Price with three other factors – Profitability, Prudence and Protection (see Fig. 3).
Fig. 3 4P, a multi-dimensional framework
Source: Pictet Asset Management
Each of the 4Ps is part of a defensive shield, which produces an equity portfolio that is designed to be better able to withstand market shocks.
Our 4P framework is dynamic, not static, as many smart beta strategies tend to be. Our starting point is to evenly weight all the 4Ps when we screen stocks. We then modify that allocation, basing our decisions on an analysis of economic and market trends and the momentum and valuation of each P.
We are currently overweight the Price metric, which means that many of the companies we hold in our portfolio score strongest on the valuation measures; these stocks concentrated in sectors such as consumer staples, financials and industrials.
In other words, as the longest bull market on record shows signs of ageing, our model helps us avoid not only overpriced 'growth' stocks, but overpriced 'value' stocks too.
Just as Buffett said: “It's far better to buy a wonderful company at a fair price than a fair company at a wonderful price.”
more from Quest Equities
Defence in depth: building a more resilient portfolio
Laurent Nguyen, Gabriele Susinno
August 2018
Defensive equities: a stable path to superior returns
Laurent Nguyen
November 2017
Time to leave the equity party?
Gabriele Susinno
January 2018
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.