论文题目:managing a mutual fund Managing a mutual fund
Due the uncertainty of stock market of American, particularly the monetary policy of Federal Reserve, we only controlled less than 100% positions. We bought bonds of American Express, one-year US Treasury Note(2.25% , 31-May-2014), and made these as the low-risk assets. The risk assets mainly invested stocks of American and Hong Kong, the stocks of American market included Facebook Inc.、Apple Inc.、Gilead Sciences, Inc、Alliance Data Systems Corp、Gannett Co.,Inc、Sungy Mobile、ARIAd pharmacenticals Inc、Sohu.com.Inc、Cisco Systems Inc、Baidu Inc、Shanda Games Limited、QIHOO 360 Technology Co.,Ltd、Wal-Mart Stores Inc、Celgene Corporation; the stocks of Hong Kong market contains Shanghai Fosun Pharmacetical(Group)Co., Ltd、Meng Niu Dairy、Boyaa、Tong Ren Tang Technologies Co,.Limited、Anta Sports、Net、NetDragon Websoft Inc、Consun Pharmaceutical Group Limited、China Suntien Gre. In order to diversification the portfolio, the assets mainly distributed the information technology、healthcare industries etc, the mainly reasons were these industries had excellent operation and high growth in future, so we think these stocks may have investment value. The detail portfolio in table 1. According to the Dividend Discount Model, the per share value of company is 30 HK$. Actually we also use the compare valuation model to values the company, the EPS of company is 0.85 in 2013, while the PE of industry is 35, the per share values of company is 29.75.in summary, the per share value is about 30, at present the stock price of Shanghai Fosun Ph is 23.15, so the company is under the value, we buy Shanghai Fosun Pharmaceutical(Group)Co., Ltd(Shanghai Fosun Ph, 2196.HK).
See from the table 3, application CAMP model to calculate the return of company and found the return of portfolio is -1.34%, the σis 0.612, and the found it only acquire the abnormal return.
Actually this portfolio operation only less than one month, it would not present the ability of investment, some companies will have excellent performance in long-term, while have poor performance in short time. The CAMP and Share performances have some assumption, while may not consistency to the really stock market. |