風險考慮因素:
  1. 本基金以主動方式管理及主要投資於美國大型及中型「藍籌」公司股票的多元化投資組合。
  2. 投資於本基金涉及風險,包括一般投資風險、股票市場風險、與預託證券相關的風險、地理集中風險、中小市值股票風險、剔除標準風險和風格風險,並可能導致您損失部分或全部投資金額。
  3. 本基金可運用衍生工具作對沖及有效投資組合管理,因而涉及與衍生工具相關的風險。投資於衍生工具可能導致基金蒙受重大損失的風險。
  4. 本基金價值可以波動不定,並有可能大幅下跌。
  5. 投資者不應僅根據本[文件/網站]而投資於本基金 。

 

投資涉及風險。過往業績並非當前或將來的表現的可靠指標,亦不應作為選擇個別產品或策略的唯一考慮因素。

普徠仕(盧森堡)系列
美國藍籌股票基金
旨在透過其投資價值的增長,長遠而言提高其股份價值。
ISIN LU0133085943
基金單張
產品資料概要
SFDR DISCLOSUR
2016年12月31日 - Larry J. Puglia, 基金經理,
We retain our focus on investing in growth companies with leading market positions whose growth is not heavily reliant on the overall direction of the economy.

概覽
策略
基金概要
以主動方式管理及主要投資於美國大型及中型「藍籌」公司股票的多元化投資組合。
表現(已扣除費用)

過往表現並非未來表現的可靠指標。

2016年12月31日 - Larry J. Puglia, 基金經理,
U.S. stocks established record highs in mid-December before pulling back slightly at the close of the year. In the portfolio, stock selection in the information technology and health care sectors weighed on relative performance. On the positive side, our underweight positions in the materials and energy sectors boosted relative returns.
2016年12月31日 - Larry J. Puglia, 基金經理,

Following the election, we saw a meaningful divergence between the performance of growth and value stocks as the sectors deemed to be the greatest beneficiaries of the incoming administration's policy proposals tend to be more value oriented. Sectors where we have limited exposure, such as financials, energy, and industrials and business services, got a significant boost, while growth-oriented sectors that make up the bulk of our portfolio lagged. Nonetheless, we remain steadfast in our approach and continue to focus on fundamentals and growth relative to valuations.

Information Technology

We continue to seek attractive opportunities in companies with innovative business models that can take advantage of transformational change. We favor companies with durable business models that address large and growing markets, including Internet search and advertising, electronic payment processing, and social connectivity. We are also emphasizing companies that will benefit from secular demand for public cloud computing services.

  • We increased our position in Microsoft as we believe the company's continued evolution to cloud computing remains on track. The company's recent acquisition of LinkedIn should also be additive to Microsoft's core Office franchise. We believe the software giant is also improving its market positioning, execution, long-term prospects, and capital allocation management.
  • Tech giant Apple is a high-quality and well-managed company with a strong track record of innovation; however, we trimmed our position in the stock given our belief that a decelerating product cycle will eventually weigh on growth, and it is unclear whether the company's new products and services will be enough to sustain above-average profit growth moving forward. Uncertainty surrounding U.S. President-elect Trump's trade policies toward China, where Apple manufactures many of its devices, could also serve as a headwind to the company.

Consumer Discretionary

We remain optimistic about stock-specific opportunities within the consumer discretionary sector. Consumer confidence has been bolstered by an improving labor market, rising wages, and lower gas prices. We favor businesses benefiting from the secular shift of consumer spending to online retail. We are also focused on companies positioned to benefit from the long-term growth in online travel services.

  • Yum! Brands, the parent company of Taco Bell, KFC, and Pizza Hut, spun off its China business during the period. Following the spinoff, we bought shares of the legacy enterprise. We are positive on the company's refranchising initiatives, which we believe can lead to higher margins, a more stable cash flow stream, and more capital being returned to shareholders.
  • We sold shares of Hanesbrands during the quarter on concerns that the vertically integrated and owned supply chain model is becoming increasingly less efficient with more acquisitions. We also believe the company is exposed to negative tax reform optionality. Thus, we redeployed the proceeds of the sale to fund investments with stronger upside potential.

Health Care

We are currently pursuing select therapeutics and medical device companies in the health care sector that we believe have limited exposure to potential regulatory reform. Therapeutics companies that have broad pipelines and innovative treatments that meaningfully improve patient survival rates are likely to face less pressure on drug pricing. We are also emphasizing managed care companies positioned to benefit from industry consolidation as well as the increasing focus on providing cost-effective solutions. Companies that develop innovative medical devices and equipment represent another attractive long-term growth opportunity.

  • We bought shares of biotechnology firm Biogen as we believe the company has significant medium- and long-term growth potential in several of its pipeline programs. We expect Spinraza, a recently approved treatment for all types of spinal muscular atrophy, to be accretive to earnings starting in 2017. The firm also has a steady base business of multiple sclerosis treatments, including Tecfidera, which should be a reliable revenue generator for the next several years.
  • We trimmed our position in Allergan during the period; however, we still maintain a constructive view of the company as we believe it is well positioned to deliver organic growth from several of its business segments. More streamlined operations following the sale of its generic drug business in the third quarter of 2016, along with a number of upcoming product launches, could also bode well for the firm's long-term earnings growth.
2016年12月31日 - Larry J. Puglia, 基金經理,
We remain overweight to the information technology sector as we continue to find attractive opportunities in companies with innovative business models capable of taking advantage of transformational change. We favour companies with durable business models that address large and growing markets, including Internet search and advertising, electronic payment processing, and social connectivity. We also like companies that will benefit from secular demand for public cloud computing services.

有關基準數據來源的披露僅提供英文版本,可在此處找到。