Harvest Fund Management Co Ltd
Harvest is one of China’s top four fund management companies with more than 40 billion yuan of assets under management at the end of 2004. The company was founded in March 1999 as one of the first 10 fund management institutions authorized by the Chinese government as part of its strategy to open up and develop its financial sector.
Harvest was among the first six fund managers chosen by the Chinese government in December 2002 to manage the National Social Security Fund, which provides basic pension and welfare insurance to millions of Chinese people. As a prominent and trusted investment manager, Harvest was one of the first companies to gain government authorization in August 2005 to conduct Enterprise Annuity business —— a market that is expected to grow rapidly over the next two decades as millions of companies improve the benefits they offer to their employees. Harvest has already gained an early lead in this market with innovative products and services.
Harvest is the fastest growing fund management company in China in terms of assets under management. Our success has attracted investment from one of Europe’s leading banks. In June 2005, Deutsche Asset Management (DeAM), a subsidiary of Deutsche Bank AG, took a 19.5 percent stake in Harvest, with the option to increase its holding to 49 percent. DeAM’s investment, technology and management expertise combined with Harvest’s in-depth understanding of China’s capital markets will improve our competitiveness and help us maintain our leading position in China’s fund management industry.
Harvest offers a wide range of investment funds. We currently manage two closed-end funds, eight mutual funds and four Investment Portfolios for the National Social Security Fund. We also provide direct and indirect fund management services to Enterprise Annuity funds and supplementary pensions for some of China’s biggest insurers including China Life Insurance Asset Management Co., Ltd. and Ping An Insurance (Group) Company Of China, Ltd.
According to the latest research by TX Investment Consulting Co., Ltd, one of the largest investment consultancies in China, Harvest is the only fund management company whose investment performance has beaten the industry average every year for the past four years. Harvest has also achieved the highest average annual return on investment of any fund management company during the same period.
Shareholders Percentage
China Credit Trust Co.,Ltd 48%
Li Xin Investment Co.,Ltd 32.5%
Deutsche Asset Management 19.5%
Forward-looking Strategy And Prudent Management Style
Since Harvest was established, we have single-mindedly pursued our mission of creating wealth for our customers. Our experienced team of fund managers, analysts, product managers and client relationship managers are dedicated to helping investors increase the value of their assets on a sustainable basis to provide them with long term financial security.
Our company philosophy — “FORESIGHT AND PRUDENCE” — governs every aspect of our business from product design and investment analysis through to risk management and customer service. Through our extensive knowledge of our customers’ needs and constant analysis of the competitive environment, we are in a unique position to anticipate new developments in the market to benefit investors and increase the value of their assets.
Harvest was one of the first six fund managers chosen by the government to help manage the Chinese National Social Security Fund which provide the basic financial needs of millions of Chinese nationwide. We also provide direct and indirect fund management services to Enterprise Annuity funds and supplementary pension for some of China’s biggest insurers including China Life Insurance Asset Management Company Ltd and Ping An Insurance (Group) Company Of China, Ltd. We provide financial services to enterprises to help them maintain and increase the value of their assets. We have also designed a wide range of investment products for individuals saving for children’s education and retirement planning.
Steady development
Harvest has made significant achievements since its establishment in 1999. Our success has been based on our investment philosophy and our management style, which embraces vision, transparency, professionalism, openness, teamwork and a scientific approach to investment. Since the beginning, Harvest’s funds have consistently been among the industry’s top performers and by the end of year 2004, the total value of assets under management reached 31.6 billion yuan, among top three in the industry.
During 2000-2002, Harvest’s Fund Taihe was the top performing mutual fund according to rankings by one of China’s largest securities firms. In 2003, Harvest’s Growth and Income Fund ranked third in terms of net asset growth, with a growth rate of 21.43%. In 2004, Harvest’s Mid & Small Cap Growth Fund ranked second among its peers in terms of gross portfolio returns and was given a top 5-star ranking by Morningstar China. In total, we have paid dividends amounting to 1.5 billion yuan to investors in our funds.
1. According to the Mutual Fund Investment Performance Evaluation Report by Shenyin wanguo Securities released in January 2003, the Fund Taihe, which was launched by Harvest in March 1999, ranked No.1 among the 22 comparable funds based on their three-year performance.
2. Based on the 2003 Fund Performance Rating by China Yinhe Fund Research Center on January 5, 2004.
3. Based on the April-9-2004 Morningstar China Open-end Fund Performance Rating.
Harvest has become one of the fastest-growing fund management companies in China and the strong performance of its funds has earned the trust and respect of investors.
·In April 2004, Harvest won the 2004 “Ten Most Respected Fund Companies in China” award by ICXO.COM, China Business Post and world Financial Lab;
·In April 2004, Harvest was awarded “Best Risk Control Fund Management Company” by the Shanghai Securities News;
·In August 2004, Harvest won the “Most Trusted Fund Manager” award given by the China Business Times and Sina.com;
·In January 2005, Harvest won the “2004 Best Overall China Fund Management Company” award by the 21st Century Economic Herald.
Rational Investment And Optimal Investment Process
Our outstanding investment achievements are based on excellent people, rational investment and optimal investment process.
Excellent People
Harvest has built an investment team of more than 40 staff, the largest in China’s fund management industry. Our carefully-selected team has extraordinary depth and breadth of experience in both domestic and international securities markets.
Rational Investment
We believe that investment based on objective and rational analysis is essential for successful long-term investment. Harvest has developed an investment concept and methodology suitable for the Chinese securities market, and is constantly refining and developing this concept as the market matures and develops. Our approach is increasingly being recognized by our customers as a key factor in our success.
·We believe that market is inefficient; and in-depth, thorough analysis and active management bring about excess returns;
·In portfolio management, we follow a disciplined investment approach and make risk control a priority;
·Our investment philosophy is based on a combination of bottom-up and top-down approach, combining with the use of qualitative and quantitative analysis;
·We believe in research-driven value creation and teamwork, which, together with strict investment research process management, ensures long term success.
Optimal investment process
By bringing together a wealth of internal and external resources, we have created a unique “investment research process”, combining fundamental research and quantitative analysis. This process promotes efficient teamwork, linking research, decision-making, trading and risk-control, and lays a solid foundation for sustainable market-beating performance.
This process helps us transform raw data into usable information for analysis and investment decision-making to ensure growth in the value of investors’ assets.
The methodology of this process is dynamic and constantly evolving to meet the ever-changing investment environment. This is not a static theoretical model, but a creative investment strategy based on real-time investigation and continuous technical innovation.
Rigorous Operational Standards And Sophisticated Risk Control
The success of any investment strategy depends partly on rigorous operational standards and good risk control systems. Our aim is to effectively control investment risk and achieve sustainable growth in investors’ wealth.
Referring to the widely-accepted COSO Internal Control Framework, Harvest has built a scientific management and organizational structure, and an effective risk control system that applies not only to our investment operations but also to other aspects of the business.
· Full staff participation: Integrity, self-discipline and risk control are emphasized as core values to every member of staff
· Workflow control: Active risk management is emphasized; clear procedures are strictly followed
· Management information systems: Applying information technology such as risk control software to set up multiple-risk management systems, which are used to effectively control liquidity and market risks of investment portfolios
·Self-assessment of risk: A continuous cycle of self-assessment of risk including risk identification and recognition, estimation, control and management to improve the risk control system.
Investment Team
An outstanding investment performance depends on an excellent team of highly-skilled professionals. Harvest has built up an investment team of more than 40 carefully selected managers, the largest in China’s fund management industry, providing our clients with extraordinary depth and breadth of experience in both the domestic and international securities markets.
Mr DOU Yuming
Deputy General Manager and Chief Investment Officer. Joined Harvest in October 2000. Currently responsible for all investment affairs. Previously worked as a member of the finance team for CITIC International Cooperation Co. Ltd., investment manager for Junan Securities in Shenzhen, and assistant fund manager for Da Cheng Fund Management Company.
Ms DAI Jingjiao
Assistant to the general manager. MBA from University of Victoria, Canada. Master of Economics from Wuhan University. Joined Harvest in May 2004. 11 years’ experience in the securities industry. Previously worked as general manager for the asset management division of Pingan insurance, assistant to the general manager at Pingan Securities, general manager for Beirongxing Investment Co., Ltd (Canada).
Mr ZHAO Jun
Assistant to the general manager, director of the research department, fund manager. Master of Economics. Joined Harvest in 2000. Currently jointly manages Fund Fenghe. Five years’ experience in the securities industry. Previously worked as a researcher in the asset management and financial products development department of CITIC Securities.
Mr SUN Lin
Master of Economics. Joined Harvest in October 2000 and acted as assistant manager of the Fund Taihe. Currently manages Harvest Growth and Income Fund. Six years’ experience in the securities industry. Previously worked at Guotai Junan Securities Co.,Ltd.
Mr YU Daixi
Master of Economics. Joined Harvest in July 2002 and currently jointly manages the stocks portfolio for the Social Security Fund. Five years’ experience in the securities industry. Previously worked for Penghua Fund Management Company.
Mr LIU Xi
Master of Economics. Joined Harvest in February 2003. Currently jointly manages the bond portfolio for the Social Security Fund. 11 years’ experience in the securities industry. Previously worked as investment manager for Pingan Securities, deputy manager of the investment department of Jutian Securities, and senior analyst in the research department of Merchants Securities.
Mr SHAO Jian
Master of Economics. Joined Harvest in July 2003. Currently manages Harvest Mid & Small Cap Growth Fund and jointly manages the stocks portfolio for the Social Security Fund. Seven years’ experience in the securities industry. Previously worked at Guotai Junan Securities Co., Ltd. as a research analyst engaged in the sector research and asset allocation; group leader of the industry investment strategy group, and assistant manager of the industry/company research department.
Mr XU Yi
Master of Finance and Banking. Joined Harvest in September 2003 as chief investment strategist. Currently manages Harvest Service Sector Capital Appreciation Fund. 10 years’ experience in the securities industry. Previously worked for Guosen Securities Co., Ltd. as an investment manager and Da Cheng Fund Management Co., Ltd. as assistant general manager.
Mr YANG Yu
Master of Economics. Joined Harvest in March 2004. Currently manages the Harvest Shanghai-Shenzhen 300 Index Fund. Six years’ experience in the securities industry. Previously worked as an analyst and fund manager for Pingan Securities, Pingan Insurance Investment Management and Tian Tong Fund Management Company.
Mr WANG Guiwen
CFA and Masters degree in Business Studies from Beijing Jiaotong University. Joined Harvest in October 2004. Currently jointly manages the stocks portfolio for the Social Security Fund. Previously an analyst at the Academy of Macroeconomic Research, a think-tank of China’s National Development and Reform Commission. Also worked as an investment manager at Canada’s ASSANTE Asset Management Company, fund manager at Da Cheng Fund Management Company, and assistant to the CEO at Guosen Securities.
Mr LIU Fu
Master of Economics. Joined Harvest in April 2005 and manages Harvest Money-Market Fund and Harvest Bond Fund. 11 years’ experience in the securities industry. Previously worked at the Shenzhen branch of the People’s Bank of China as manager responsible for the international bond business. Mr Liu was also previously manager in charge of the trading department at the Shenzhen branch of Zhongchuang Securities; supervisor of bond transactions at the investment management company of Pingan Insurance Group of China, the country’s second-largest life insurer; portfolio manager and member of the investment policy decision-making committee of Baoying Fund Management Co.
Mr GUO Linjun
Master of Economics. Joined Harvest in September 2002. Currently jointly manages the bond portfolio for the Social Security Fund. Four years’ experience in the securities industry. Previously worked as a researcher at CITIC Securities.
Mr.LIU Tianjun
Master Degree. Five years’ experience in securities industry. Previously worked with Research and Development Centre of China Merchants Securities as an analyst. Joined Harvest in 2003 as Deputy Head of Research Department.
Mr. ZOU Wei
Master Degree. Five years’ experience in the securities industry. Joined Harvest in 2003 as analyst. Previously worked with R&D Centre of Great Wall Securities.
Mr. WU Hongjian
Master Degree. Three years’ experience in fixed-income investment. Previously worked with Bank of China. Joined Harvest in 2005 as assistant portfolio manager of Harvest Money Market Fund.
Website: http://www.jsfund.cn
Copyright Fund China 2008.
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