PIMCO Asia Limited Nine Queen’s Road Central 24th Floor Units 2403 & 2405 Hong Kong 852-3650-7700
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 PIMCO’s 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 as 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 bachelor's degree in economics from Beijing 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。
日程
為什麼投資全球債券?
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?
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
PIMCO 全球債券投資專業技能
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
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
全球已對沖
本地市場基準
全球未對沖
戰術性投資非美金債券
全球策略債券資產
環球覆蓋投資
全球策略型基準 :
全球策略債券資產總計
（十億美金)
資產類別
PIMCO 全球機構設置
Bermuda / Cayman
Newport Beach
London
Tokyo
Singapore
Sydney
Munich
New York
Toronto
截止2006年9月30日
1971 1996 1997 1997 1997 2001 2004 2005 2005
紐波特比奇 新加坡 倫敦 悉尼
東京
紐約 多倫多
慕尼黑 香港
設立時間
機構
Hong Kong
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
久期
國家選擇
收益曲線
定位
貨幣種類
信用分析
行業/數量
波動率
短期資金
管理
價值增值
由上至下的策略
由下至上的策略
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
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
投資過程：將最佳觀念落實到客戶
的投資組合中
專家團隊
PIMCO投資委員會
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
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
Intl_orga_26
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
短期市場
專家
l
a
b
o
l
G
新興市場
專家
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
周期性預測
Inflation (%)
GDP (%)
1¾ – 2¼
1½ – 2
歐洲:
¼ – ¾
1¾ – 2¼
日本:
2¼ – 2¾*
2 – 2½
美國.:
美國
歐洲
日本
* . Inflation is Core PCE (note Core Price Consumption Expenditures is usually about 50bps lower than core CPI) Refer to Appendix for additional outlook and strategy information
截止到2006年9月
PIMCO GIS 全球債券基金是怎麼構成的
intl_770_stru_09
For Fund Presentations
Lehman 全球債券已對沖美元
33%
32%
9%
18%
年
久期
投資組合
54%
29%
7%
8%
地區細分
(按久期權重%)
美國及美元區
歐洲
英國
日本
年
平均到期日
AAA
64% 22% 8% 5%
截止2006年10月31日
投資組合品質
品種細分 (按久期權重 %)
政府債
住房抵押債券
公司債
其他
PIMCO GIS 全球債券基金的表現如何
retu_699_5699
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. 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. 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Investor Fund Services (Ireland) Limited, Block D, Iveagh Court, Harcourt Road, Dublin 2, Ireland, Telephone +353-1-475-2211, Fax +355-1-475-2250.
3 年
信息比率
5 年
追踪誤差
PIMCO GIS 全球債券基金
費用前(%)
n
費用後 (%)
n
基凖 (%)*
費用後增值(bps)
24
37
28
35
(5)
0
2
4
6
8
回報 (%)
從設立開始
03/12/98
5 年
3 年
2 年
1 年
截止 09/30/06
費用
管理費用 : %
其他費用 : % (最高限額)
總費用 : % (最高限額)
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
phil_03
PIMCO – Recent Awards
Firm
Fixed Income Manager of the Year Morningstar 1998 & 2000
Global
Fixed Income Manager of the Year Global Pensions Magazine 2006
International Fixed Interest Fund Manager of the Year Morningstar 2004
Finalist for Australian Fixed Interest Fund Manager of the Year Morningstar 2004
Asia Asset Management Awards Global Bonds Asia Asset Management Magazine 2004
International Fixed Interest Fund Manager of the Year Money Management Magazine 2004
Fixed Income Manager of the Year Global Pensions Magazine 2004
Asian Investor Achievement Awards – Global Fixed Income Asian Investor Magazine 2003, 2004
Asian Investor Achievement Awards – Japan Fixed Income Asian Investor Magazine 2003
“The Real Mutual Fund Dream Team” Fortune Magazine 2003
“Awards for Excellence” – Euro Fixed Income Global Investor Magazine 2002
“Awards for Excellence” – Global Fixed Income Global Investor Magazine 1997, 2000 & 2001
“European Bond Manager of the Year” – PIMCO Financial News 2002
“European Personality of the Year” – Bill Gross of PIMCO Financial News 2002
Risk Management
Risk Manager of the Year Risk Magazine 2001
Appendix
Fund Risks
Investing in . securities may entail risk due to foreign economic and political developments; 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 securities 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 these 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 principal 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 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/Information Ratio
Tracking error is defined as the standard deviation of the portfolio’s relative return vs. the benchmark. The information ratio is defined as the portfolio’s relative return per unit of risk, or tracking error.
Outlook and Strategy
Statements concerning financial market trends are based 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 strategies 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 . Treasure Index from the dates illustrated on the graphs. Different time periods may produce different 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 changes to the assumptions may have an impact on any returns detailed.
Appendix
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 Brothers Aggregate Bond Index is an unmanaged market index representative of the . taxable fixed income universe.
The Citigroup US Government Treasury Index is an unmanaged comprising of the universe of . Government Treasury Securities.
The Citigroup World Government Bond Index (WGBI) is a market 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 based 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/Canadian 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 securities. The liquidity constraint for all securities in the index is $300 million.
The JPMorgan GBI Global . Index (US $ Hedged) is an unmanaged market index representative of the total return performance in . dollars on a hedged basis of . bond markets.
The JPMorgan GBI Global . FX NY (US $ Unhedged) is an unmanaged market index representative of the total return performance in . dollars on an unhedged basis of . bond markets- changed to 4 . NY close of exchange markets on 07/01/2004.
The JPMorgan GBI Global Index (Hedged) is an unmanaged market index representative of the total return performance in . 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 . dollars on a hedged basis of major world bond markets- changed to 4 . 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 households, 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 . consumer prices as determined by the US Department of Labor Statistics. There can be no guarantee that the CPI or other indexes will reflect the exact level of inflation at any given time.
Appendix
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 funds 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 opinions 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.
Tabs: 3-4-7-11-20-28 (03-31-06)
Assets numbers manually typed due to 10 pt. font size in the table.
Assets numbers manually typed due to 10 pt. font size in the table.
Assets numbers manually typed due to 10 pt. font size in the table.
