成員投資摘要

HongKongBaptistUniversity1998SuperannuationFund

GuidanceNotesonMembers’InvestmentChoice

成員投資摘要

September2004

二零零四年九月JFPooledPensionServices (852)2978-7588

JF集成退休金服務(wù)Agenda

目錄Yourinvestmentoptions

您的投資選擇Investmentreview&outlook

投資回顧及展望Otherservices

其他服務(wù)Detailsofthenewstructure

新架構(gòu)之簡(jiǎn)介1Yourinvestmentoptions您的投資選擇22Structure

架構(gòu)HongKongBaptistUniversity1998SuperannuationScheme

香港浸會(huì)大學(xué)1998公積金計(jì)劃JFAssetManagement

JF資產(chǎn)管理有限公司Investmentoptionsofferedbyotherfundmanagers

由其他基金經(jīng)理提供的投資選擇JFSARAmericanFund–PensionPortfolioJF宜安美洲基金–退休基金組合JFSARHongKongFund–PensionPortfolioJF宜安香港基金–退休基金組合JFSARAmericanFundJF宜安美洲基金JFSARHongKongFundJF宜安香港基金3JFSARAmericanFund(16Aug2004)

JF宜安美洲基金

(二零零四年八月十六日)LaunchDate成立日期September1998一九九八年九月FundSize基金總值US$109million美元109百萬(wàn)Long-termTargetReturn投資目標(biāo)Maximizelongtermcapitalgrowth爭(zhēng)取長(zhǎng)遠(yuǎn)資產(chǎn)增值ShortTermVolatility短期波幅High高PortfolioStructure

組合結(jié)構(gòu)4JFSARHongKongFund(16Aug2004)

JF宜安香港基金(二零零四年八月十六日)LaunchDate成立日期September1998一九九八年九月FundSize基金總值HK$1,394million港元1,394百萬(wàn)Long-termTargetReturn投資目標(biāo)Maximizelongtermcapitalgrowth爭(zhēng)取長(zhǎng)遠(yuǎn)資產(chǎn)增值ShortTermVolatility短期波幅High高PortfolioStructure

組合結(jié)構(gòu)5Investmentreview&outlook投資回顧及展望66Marketreturns(31Jul2004)

市場(chǎng)表現(xiàn)

(二零零四年七月三十一日)EQUITIES股票YTD2004

年初至七月%2Q2004

二零零四年第二季%Source資料來(lái)源：ThomsonDatastreamWorld 環(huán)球 FTSEWorldHongKong 香港 HangSengJapan 日本 TokyoSE(TOPIX)Australia 澳洲 AustraliaASXAllOrdinaryACPacexJPexHK 亞太區(qū)除日本及香港 MSCIACPacificexJPexHKUK 英國(guó) FTSE100Germany 德國(guó) DAX30France 法國(guó) CAC40Europe 歐洲 FTSEWorldEuropeUSA 美國(guó) S&P500CompositeTotalReturnsinHKD

總回報(bào)(以港元計(jì)算)7Inceptionto31Dec2002 -18.1 -18.2 +0.1 -14.2 -18.8 +4.62003 +21.9 +28.4 -6.5 +44.1 +39.7 +4.32004 1Q +1.0 +1.9 -0.9 +1.9 +4.7 -2.8 2Q +1.3 +1.6 -0.3 -4.3 -4.5 +0.2 Jul -2.4 -3.3 +0.9 +1.0 +1.1 -0.1 YTDJul -0.1 0.0 -0.1 -1.5 +1.1 -2.6Inceptionto31Jul2004 -0.3 +5.0 -5.3 +21.7 +14.7 +7.0(Cumulative)Inceptionto31Jul2004 -0.1 +2.2 -2.4 +9.1 +6.2 +3.0(Annualised) #

BenchmarkmarketindexofJFSARAmericanFund^ BenchmarkmarketIndexofJFSARHongKongFundInceptiondate:26Apr2002Excessreturnsbeyond1yeararecalculatedgeometrically.Pleasenotethatpastperformanceisnotindicativeoffutureperformance.Thepriceofunitandincomefromthefundmaygodownaswellasup.請(qǐng)注意投資收益及價(jià)格可跌可升?；疬^(guò)往表現(xiàn)並不保證日後回報(bào)。

JFSAR

JFSAR AmericanFund Excess HKFund 90%FTSE Excess PensionPortfolio FTSE Return PensionPortfolio WorldHK+ Return

宜安美洲基金

WorldUS#

跑贏指數(shù)幅度

宜安香港基金 10%HSBCPrice^ 跑贏指數(shù)幅度 % % % % % %Performance(31Jul2004)

基金表現(xiàn)

(二零零四年七月三十一日)8InvestmentOutlook

投資展望Economicactivityissettodecelerateoverthenext12months.

預(yù)期經(jīng)濟(jì)活動(dòng)會(huì)在未來(lái)12個(gè)月內(nèi)放緩。USconsumptionwillbetestedoverthenextfewquartersassupportswane-thelabourmarketiscritical.

隨著支持減少，美國(guó)消費(fèi)將於未來(lái)數(shù)季面臨考驗(yàn)，尤以勞工市場(chǎng)最為關(guān)鍵。Thepriceofoilisamajorconcern-therisksareontheupside.

油價(jià)趨升，成為後市的主要隱憂(yōu)所在。USearningshavebeguntodecelerate-ourpreferenceremainsforotherregions.

美國(guó)盈利增長(zhǎng)開(kāi)始減慢，我們較為看好其他地區(qū)。WebelieveChinawillachieveasoftlanding,buthistorysuggeststhiswillbedifficulttoachieve.

我們相信中國(guó)經(jīng)濟(jì)可達(dá)致軟著陸，但歷史卻顯示，過(guò)程將並不容易。Weretainourpreferenceforequitiesoverbonds.

我們繼續(xù)看好股票多於債券。9Otherservices

其他服務(wù)1010E-mail

電子郵件 JFPPS@

Monday-Friday (9:00am–5:30pm)

星期一至星期五 (9:00am–5:30pm)29787588WhereCanYouFindtheUnitPrice?從哪裏可找到單位價(jià)？HotlineServices電話(huà)熱線(xiàn)SouthChinaMorningPost

南華早報(bào)Contactus

如有疑問(wèn)，歡迎與我們聯(lián)絡(luò)HongKongEconomicTimes

經(jīng)濟(jì)日?qǐng)?bào)JFFundsWebsite JF網(wǎng)頁(yè) (http:///)11JFinternetwebsite

JF網(wǎng)頁(yè)http:///JFProvidentFundsPensionServicesJFSARFundsLinktoAIA-JF12YouarewelcometovisitourInvestmentCentre

請(qǐng)親臨JF投資理財(cái)中心Central(WalkwayLevel,JardineHouse)

中環(huán)(怡和大廈行人天橋側(cè))Openinghours辦公時(shí)間：Mon–Fri: 8:30am–7:00pmSat: 8:30am–1:00pm13Detailsofthenewstructure新架構(gòu)之簡(jiǎn)介1414Changeofstructure

架構(gòu)之改變HongKongBaptistUniversity1998SuperannuationScheme

香港浸會(huì)大學(xué)1998公積金計(jì)劃JFAssetManagement

JF資產(chǎn)管理有限公司JFSARAmericanFund–PensionPortfolioJF宜安美洲基金–退休基金組合JFSARHongKongFund–PensionPortfolioJF宜安香港基金–退休基金組合JFSARAmericanFundJF宜安美洲基金JFSARHongKongFundJF宜安香港基金CurrentStructure

現(xiàn)行架構(gòu)HongKongBaptistUniversity1998SuperannuationScheme

香港浸會(huì)大學(xué)1998公積金計(jì)劃JFAssetManagement

JF資產(chǎn)管理有限公司JFSARAmericanFundJF宜安美洲基金(ClassA)JFSARHongKongFundJF宜安香港基金(ClassA)NewStructure

新架構(gòu)15Treatmentofyourholdings

現(xiàn)有資產(chǎn)之安排Onthetransferdate,yourholdingsintheJFSARAmericanFund–PensionPortfolioandtheJFSARHongKongFund–PensionPortfoliowillberedeemedandtheproceedswillbeallottedintotheunitsoftheJFSARAmericanFund–ClassAandtheJFSARHongKongFund–ClassA. 閣下現(xiàn)持有之JF宜安美洲基金–退休基金組合及JF宜安香港基金–退休基金組合之結(jié)餘將於轉(zhuǎn)移時(shí)以市值被贖回，並會(huì)被分配到JF宜安美洲基金(A類(lèi)別)及JF宜安香港基金(A類(lèi)別)的單位內(nèi)。Theabove-mentionedtransactionswillbedealtattheNetAssetValueofthefunds. 以上提及之交易會(huì)以資產(chǎn)淨(jìng)值計(jì)算。Afterthetransfer,theamount/balanceofyourholdingswillremainunchanged,butthenumberofunitsyouhaveindifferentfundsandtheunitprice(NAV)ofthefundswillbedifferent. 資產(chǎn)轉(zhuǎn)移後，閣下之投資結(jié)餘將維持不變，但閣下所持有之基金單位及其單位價(jià)格(資產(chǎn)淨(jìng)值)會(huì)以新架構(gòu)基金的市值計(jì)算。16Benefitsofthenewstructure

新架構(gòu)之益處Economiesofscale

經(jīng)濟(jì)效益Greaterflexibility(dailyvaluation,unitpriceandotherinformationonwebsite,etc)

靈活性更大(每日估價(jià)及網(wǎng)頁(yè)上可瀏覽價(jià)格及其他資料等等)Noimpactonfees

收費(fèi)不受影響17JFAssetManagement(JFAM)formsakeypartofJPMorganFlemingAssetManagementandisthedescriptivenameusedforallJFassetmanagementcompaniesinAsiaex-Japan.ThebrandnameJPMorganFlemingAssetManagementcoverstheassetmanagementactivitiesofJPMorganChase&Co.globally.ThisdocumentisissuedbyJFAssetManagementLimitedwhichisregulatedbytheHongKongSecuritiesandFuturesCommission.AnyforecastsoropinionsexpressedareJFAssetManagementLimited’sownatthedateofthisdocumentandmaybesubjecttochange.Thevalueofinvestmentsandtheincomefromthemmayfluctuateandyourinvestmentisnotguaranteed.Pastperformanceisnotnecessarilyaguidetofutureperformanceandinvestorsmaynotgetbackthefullamountinvested.Exchangeratesmaycausethevalueofunderlyingoverseasinvestmentstogodownorup.Investmentsinemergingmarketsmaybemorevolatilethanothermarketsandtherisktoyourcapitalisthereforegreater.Also,theeconomicandpoliticalsituationsmaybemorevolatilethaninestablishedeconomiesandthesemayadverselyinfluencethevalueofinvestmentsmade.IssuedbyJFAssetManagementLimited,21stFloor,ChaterHouse,8ConnaughtRoadCentral,HongKong.