Newsletter No. 107

Information in this section can only  be accessed with CWEM password .   若要瀏覽本部分的資料， 請須輸入 中大校園電子郵件密碼 。 4 No. 107 4th May 1997 CUHK Newsletter Personalia • 人事動態 • Personalia • 人事動態 • Personalia • 人事動態 • Personalia • 人事動態 • Personalia • 人事動態 教職員公積金計劃資產分佈基準 Asset Allocation Benchmark for Staff Superannuation Schemes 同人經常向總務處査詢資產分佈基準的用法，以及如何比較 和闡析投資回報，總務處特此簡介資產分佈基準的作用。 「匯豐投資管理（香港）有限公司」及「寶源投資管理（香港） 有限公司」受聘爲敎職員公積金計劃投資經理，並根據受託人訂 定的指引，處理公積金的日常投資。受託人採納「華信惠悅顧問 有限公司」的專業意見’爲1995及1983計劃的增長、平衡、穩 定及貨幣市場投資基金設定資產分佈基準。總務處已於一九九七 年二月十日致函公積金計劃成員，詳述資產分佈基準的細節。 分佈基準規定股票、債券及現金三個投資類別的百分比範 圍，而股票投資分佈基準再依地區細分爲香港、東南亞、美國、 日本及歐洲。基金經理以專業判斷自行決定基金資產在各投資類 別及地區的分配，惟分配須在既定的基準範圍內。例如，增長基 金在香港股票投資結餘額須在百分之十五至四十內，而平衡基金 則在百分之十至三十內。基金經理根據硏究及其他手上資料將資 產投資於個別股票及債券。 「華信惠悅顧問有限公司」又按資產分佈基準，推算各項基 金的回報目標及風險。以增長基金的回報目標爲百分之十四點五 一來說，即以長期計算，該基金每年平均要有百分之十四點五一 的回報。基金風險則指投資回報的易變程度，風險愈高，反覆易 變程度愈大。例如平衡基金的目標回報爲百分之十二點三八，低 於增長基金，故預料其回報易變範圍亦較小。 每月基準回報是根據資產分佈基準及市場整體表現而計算 的，用以量度具相若資產分佈基準基金的回報。本校敎職員公積 金計劃的基金表現與兩個投資經理的業績遂可與市場回報作出比 較。根據一九九六年七月至本年三月的業績，同人的基金及投資 經理的表現常優於大市。 (公積金三月份之投資回報見另頁） 總務處 From the Bursary We have received frequent enquiries from members on the use of benchmarks and how to compare and interpret the benchmarks with the returns. It is felt that a brief explanation will be helpful in enhancing the understanding of how these work. HSBC Asset Management and Schroder Investment Management are the investment managers of the University's staff superannuation schemes. They are responsible for the day- to-day investment of the scheme fund assets, subject to the guidelines set by the trustees. Adopting the professional advice of The Wyatt Company (H.K.) Ltd., the trustees have established the asset allocation benchmark, applicable to both the 1995 and 1983 Schemes, in each of the Growth, Balanced, Stable and Money Market Funds. Benchmark details were sent to all scheme members In the 10th February 1997 letter from the Bursar's Office. The benchmark specifies a percentage range for the three investment categories of equities, bonds, and cash. The equities range Is further subdivided by geographical regions into Hong Kong, Southeast Asia, USA, Japan, and Europe. The investment managers are free to determine, within the prescribed benchmark ranges, how much of the scheme assets should be allocated to each particular investment category and geographic region. For example, in the Growth Fund, the Hong Kong equities balance should be between 15 and 40 per cent; in the Balanced Fund, It is between 10 and 30 per cent. The specific share or bond selection is determined by the in-house specialist of the Investment managers, based on research and other Information at their disposal. Based on the asset allocation benchmark, The Wyatt Company has also projected a target return and the associated risk in each fund. For example, the target return of the Growth Fund is 14.51 per cent, i.e., on a long-term basis the Growth Fund is expected to gain, on the average, 14.51 per cent per year. The risk in each fund refers to the volatility of the investment return; the higher the volatility, the riskier the fund investment. For example, as the Balanced Fund's target return at 12.38 per cent is lower than that of the Growth Fund at 14.51 per cent, the return Is expected to be less volatile — 11.6 per cent compared with 15.48 per cent. The monthly benchmark return is derived from the asset allocation benchmark and the overall performance in individual markets. This is a measurement of the return of a fund with asset distributions similar to the allocation benchmark for the University schemes. The performance of our funds as well as the two investment managers are then compared with this market performance. According to results from July 1996 to March 1997’ our funds and the managers have mostly outperformed the market. (Please refer to opposite page for Investment returns for March 1997.)