当Strobaek于十一月加入隆巴德奥迪尔银行（Lombard Odier），他做出的第一个重大决定就是全部清空了该行为客户管理的投资组合中的中国股票和债券。“我彻底去除了所有与中国相关的资产”，他在周五的采访中说。相反，这家价值2490亿瑞士法郎的私人银行将资金转移至美国股票、国债以及美元。这种方法“非常成功”地运营着，“即便最近在政府刺激措施下，中国的基准指数上涨了自2008年以来的最大幅度”。
目前，该行持有的中国资产已从其6%的战略资产配置中清空殆尽，现在为零。Lombard Odier银行总资产管理规模为2090亿瑞士法郎，其中大多数是私人客户账户，而资产管理部门则管理约63亿瑞士法郎的资产。此番言论体现了投资者对最近中国政府采取的刺激措施是否标志着经济复苏开始的看法分歧。
著名投资家David Tepper认为，“所有与中国的相关事务都值得期待”，因他对中国政府出台的一系列超预期举措表示赞赏。而Stephen Jen，来自Eurizon SLJ Capital的负责人，则预测中国股票可能迎来“真正的大涨”。相反，Strobaek持有不同的看法：“我认为这次刺激措施不会在股市或经济上产生持久且可持续的影响。”他表示，“这仅仅是一个提振市场情绪的短期措施，并且政府过度干预资本市场往往不是一个好兆头。”
面对上周股市反弹的情况，虽然客户咨询如何利用该机会，但Strobaek的投资团队建议客户通过香港股票或与出口相关的中国公司进行适度投资。此前一年，在美国股市有所获利后，他现在考虑减少美股的持仓量，“因为估值已经非常高昂了。”“接下来我们的行动将是大幅减持美国股票，并将资金转移到美国之外，包括新兴市场，但不会涉及中国市场。”
这则新闻不仅反映了金融领域的投资策略与决策，也展现了中国作为全球经济重要组成部分，在国际金融市场中引起的不同反响。
新闻来源：www.bloomberg.com
原文地址：Lombard Odier Sold China Stocks, Bonds, Won’t Buy Rebound After Stimulus
新闻日期：2024-09-30
原文摘要：
When joined Lombard Odier as chief investment officer in November, one of his first big moves was to sell all the China stocks and bonds in its holdings managed for private clients.“I eliminated all China assets,” said Strobaek, who instead shifted the $249 billion Swiss private bank into US equities, Treasuries and the dollar. It worked “tremendously well,” he said in an interview on Friday. Even after a recent stimulus blitz by Chinese authorities that lifted the nation’s benchmark index last week to its biggest gain since 2008, Strobaek has no regrets.The bank’s China holding was about 6% of its strategic asset allocation, which determines how client funds are split between stocks, bonds and other assets. It is now zero, Strobaek said. Lombard Odier has total assets under management of 209 billion Swiss francs, of which the majority is private clients, while the asset management unit has about 63 billion francs.The comments underscore the divisions among investors around whether stimulus unleashed last week by China is the start of a broader rebound. Billionaire investor David Tepper said he is more of “everything” related to China, after Beijing’s measures exceeded expectations. Stephen Jen of Eurizon SLJ Capital said a “serious rally’ in Chinese stocks is possible, in a on Friday.Strobaek, a Dane who joined Lombard Odier from Credit Suisse last year, isn’t convinced.“I don’t think it will have a lasting sustainable impact on either the stock market or the economy,” he said of the stimulus. “It’s a short term measure to boost some sentiment. And quite frankly when the government gets engaged in capital markets in any material way, I normally see that as not a good sign.”While Strobaek has fielded questions on how clients can use last week’s rebound, his investment staff have been advising clients to participate at arm’s length - through Hong Kong stocks or equities related to Chinese exports.Having made gains on US stocks this year, he’s now considering a pullback given how high valuations have become.“Our next moves will be to begin really reducing US equities, and move more outside the US, including emerging markets,” he said. “Excluding China.”
