Hedge fund
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Hedge Fund. Member list. Lam, Ho-kei Jan023011 Ng, Lok-hang Jessica033125 Chan, Ka-po Kate033139 Lee, Tak-ming Alvin033228 Wong, Wing-yin Winnie034025 Kwan, Cheuk-shing Elvis035052. History of Hedge Fund. History of Hedge Fund. Hedge  trying to offset possible losses

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Hedge Fund

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Hedge fund

Hedge Fund


Member list

Member list

  • Lam, Ho-kei Jan023011

  • Ng, Lok-hang Jessica033125

  • Chan, Ka-po Kate033139

  • Lee, Tak-ming Alvin033228

  • Wong, Wing-yin Winnie034025

  • Kwan, Cheuk-shing Elvis035052


History of hedge fund

History of Hedge Fund


Hedge fund

History of Hedge Fund

  • Hedge  trying to offset possible losses

  • begin in 1949 by Alfred Winslow Jones

  • his strategy posted on “Fortune”

     short selling and leverage

  • 1952  A.W. Jones & Co

     First Hedge Fund  continuous profit

  • combination of shared risk to ensure goals

  • father of hedge fund


History of hedge fund con t

History of Hedge Fund (con’t)

  • Fail & success, quiet & hot  over 2 decades

  • Late 1990s

     Great development & grow rapidly

  • Currently, over 6,000 exist in industry

  • size at $1 trillion


Hedge funds in hong kong

Hedge Funds in Hong Kong

  • History of hedge funds

     relatively short in Hong Kong

  • Intended for sale to public

     to be authorized by SFC

     comply with hedge funds guidelines issued by SFC in 2002


Hedge funds in hong kong con t

Hedge Funds in Hong Kong (con’t)

  • First three authorized funds

     First quarter of 2003

     2 single hedge funds & 1 FHF

  • Figures from AisaHedge

     first half of 2005

     new hedge funds about US $3.5 billions established in Asia

     1/3 were entered Hong Kong


Retail hedge fund in hong kong

Retail Hedge Fund in Hong Kong


History

History


First retail hedge fund

First Retail Hedge Fund

  • Approved by the Special Administrative Region’s regulator SFC

  • Offer to public beyond

    • Professionals

      fund manager, divisions of banks, insurance companies &certain pension fund

    • Private Placement

       limited number of persons


Changes in regulations

Changes in Regulations

  • Allow fund managers to single strategy hedge funds, FoHFs & capital-guaranteed hedge funds to retail investors

  • Minimum subscriptions

    • $50,000 for single strategy fund

    • $10,000 for FoHFs


First retail hedge fund con t

First Retail Hedge Fund (con’t)

  • Authorization of first 3 hedge funds on 28/11/2002

     2 single strategy hedge funds

    • JF Asia Absolute Return Fund

    • JF Greater China Absolute Return Fund

      one FoHFs

    • HSBC Global Strategy Hedge Fund


Regulation of hedge funds in hong kong

Regulation of Hedge Funds in Hong Kong


Regulation

Regulation

  • Authorization regime govern by SFC

    • Get authorization before selling in the market

    • Specific requirements on fund managers

    • Minimum purchase amount


Fund manager

Fund manager

  • 4 additional requirements

    • Assets under management (AUM)

    • Risk management profile

    • Internal control system

    • Information disclosure


Fund manager con t

Fund manager (con’t)

  • Professional expertise

    • 5-year general experience

    • 2-year experience in specific hedge fund strategy


Fund manager con t1

Fund manager (con’t)

  • Amount of assets under management

    • At least US$100 million


Fund manager con t2

Fund manager (con’t)

  • Risk management and internal control system

    • Consider business nature

    • Consider business risk

    • Set up risk management process

    • Monitor the model


Fund manager con t3

Fund manager (con’t)

  • Appointments of representatives and agents

    • agents involved in the daily operation

      e.g. administrators, custodians, prime brokers

      • Sufficient know-how in their own areas

    • Provide adequate information and training to their selling agents


Regulatory parameters

Regulatory Parameters


Regulatory parameters1

Regulatory Parameters

  • If any company has not complies with the various requirements, then:

    • liable for a fine of up to HK$100,000

  • If it incurred for matters (e.g.: prospectus containing an untrue statement )

    • Additional penalties (fines of up to HK$500,000 and imprisonment for up to three years)


Regulatory parameters con t

Regulatory Parameters (con’t)

  • Prospectus included:

    • any prospectus, notice, circular, brochure, advertisement, or other document

      • offering any shares or debentures of a company to the public

      • calculated to invite offers

offering any shares or debentures of a company to the public


Offer to the public

Offer to 'The Public'

  • There is an exemption:

    • exempt from the requirement to prepare and register a prospectus

  • It is necessary that:

    • He offer is either not made to 'the public' ,or;

    • The offer falls within one of the available statutory exemptions


Offer to the public con t

Offer to 'The Public‘ (con’t)

  • Two available exemptions:

    • Professionals only

    • Private placement


Six types of hedge funds in hong kong

Six types of Hedge Funds in Hong Kong


Six types of hedge fund in hong kong

Six Types of Hedge Fund in Hong Kong

  • HSBC Global Strategy Hedge-USD

  • JF Asia Absolute Return-Notional Class

  • AJF Greater China Absolute Return-0301

  • JF Japan Absolute Return-0308

  • JF Korea Absolute Return-0309

  • Man Hedge Diversified Ltd


Hsbc global strategy hedge fund

HSBC Global Strategy Hedge Fund匯豐環球策略對沖基金

  • NAV (2006-03-31) 12.499

  • Total Net Assets 17,960 (in thousand)


Fund performance

Fund performance

  • Annual Returns (%, USD)

  • Growth of $10,000

  • 2004 gain 5.16%

  • 2005gain 8.73%

  • Now gain 4.24%


Fund fact

Fund fact

  • Minimum Purchase(USD )

  • Initial Investment

    • 10,000

  • Additional

    • 1,000


Fund fact con t

Fund fact(con’t)

  • Annual Expense

  • Mgt & Distribution Fee

    • 1.65%

  • Sales Fees

  • Initial

    • 5.25%

  • Deferred

    • ---


Jf asia absolute return jf

JF Asia Absolute Return JF亞洲先鋒基金

  • NAV (2006-04-21)

    • 44.0127

  • Total Net Assets(000's)

    • 85,300


How has this fund performed

How has this fund performed?

  • Annual Returns (%, USD) Growth of $10,000

  • 2003 27.5%

  • 2004 -4.13%

  • 2005 -1.67%

  • Now 17.93%


Fund fact1

Fund fact

  • Minimum Purchase(USD )

  • Initial Investment

    • 50,000

  • Annual Expense

  • Mgt & Distribution Fee

    • 1.00%

  • Sales Fees

  • Initial

    • 5.00%


Jf japan absolute return jf

JF Japan Absolute Return JF日本先鋒基金

  • NAV (2006-04-21)

    • 17589.9200

  • Total Net Assets(000's)

    • 44,905,300


How has this fund performed1

How has this fund performed?

  • Annual Returns (%, USD) Growth of $10,000

  • 2004 23.86%

  • 2005 7.13%

  • Now -1.62%


Fund fact2

Fund Fact

  • Annual Expense

  • Mgt & Distribution Fee

    • 1.00%

  • Sales Fees

  • Initial

    • 5.00%

  • Deferred

    • ---


Case study 1 hsbc global strategy hedge fund

Case Study 1HSBC Global Strategy Hedge Fund

  • a fund of hedge funds

  • a diversified portfolio made up of equity long/short hedge funds


What does this fund own

What does this fund own?

  • Cash 3.5%

  • Stock 0%

  • Bond 0%

  • Others 96.5%


Hsbc global strategy hedge fund con t

HSBC Global Strategy Hedge Fund (Con’t)

  • Inception Date:2003-02-28

  • Manager Name: Team Managed

  • Fund Advisor: HSBC Republic Investment Limited


Fund performance1

Fund performance

  • Annual Returns (%, USD)

  • Growth of $10,000

  • 2004 gain 5.16%

  • 2005gain 8.73%

  • Now gain 4.24%


Hsbc global strategy hedge fund con t1

HSBC Global Strategy Hedge Fund (con’t)


How risky is this fund

How risky is this fund ?

  • Worst Quarter Return2.54%

  • Number of Funds in Category: 5  diversify risks


Case study 2 jf asia absolute return notional class a

Case Study 2JF Asia Absolute Return - Notional Class A

  • Aggressively managed portfolio of equities, bonds and currencies, and derivatives of any of these

  • Investing primarily in the Asia-Pacific region (including Japan)


Jf asia absolute return notional class a con t

JF Asia Absolute Return - Notional Class A(Con’t)

  • Inception Date:1998-10-30

  • Manager Name: Victor Lee

  • Mgr Start Date: 2005-07-18


How has this fund performed2

How has this fund performed?

  • Annual Returns (%, USD) Growth of $10,000

  • 2003 27.5%

  • 2004 -4.13%

  • 2005 -1.67%

  • Now 17.93%


Jf asia absolute return notional class a con t1

JF Asia Absolute Return - Notional Class A (Con’t)


How risky is this fund1

How risky is this fund ?

  • Worst Quarter Return 12.34%

  • Number of Funds in Category: 5

  • Risk Profile(3-year standard Deviation)


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