China: Unpacking the risk/return potential
ChinaAMC Portfolio Manager, Head of Global Capital Investment, Richard Pan discusses his investment philosophy, and the current opportunities and challenges in China’s markets.
China Asset Management Co., Ltd.
Philosophy and process
ChinaAMC was established in April 1998 as one of the first country-wide fund management companies in China. It has grown to be a leading Chinese asset manager, with about CA$326 billion in assets under management as of July 31, 2021. Headquartered in Beijing, with a subsidiary in Hong Kong, the firm invests in the public equity and fixed-income markets with over 250 investment professionals providing comprehensive research coverage. The investment team focuses on long-term themes such as consumption upgrade, advanced manufacturing, technology and carbon neutrality that they believe will continue to shape the Chinese economy for the next five to 10 years.
Portfolio managers
Richard Pan
Managing Director, Portfolio Manager, Head of Global Capital Investment, Head of International Business
China Asset Management Co., Ltd.
Mr. Pan has 21 years of investment experience. Before joining China AMC in 2013, Mr. Pan served as CIO and Deputy CEO of Vstone Capital, overseeing its A-share investments. He worked as a Director/Portfolio Manager at Manulife Asset Management from 2007 to 2011, managing its Greater China funds and QFII A-share fund. He also worked as a Portfolio Manager at United Securities from 2001 to 2004, and worked as a VP at Guotai Junan Securities since 1998. Mr. Pan holds an MBA from Georgetown University in the U.S., MA in Economics and BS in Engineering from Wuhan University.
Mr. Lin joined China AMC in 2013 as an analyst for global consumer and internet sectors, including Hong Kong-listed stocks and ADRs. He later shifted his focus to domestic consumer, agriculture and e-commerce before taking on the Portfolio Manager role. Before joining China AMC, he worked in sales at P&G China, and as a financial analyst in the retail division of Apple Inc. in U.S. Mr. Lin received an MBA from Fuqua Business School, Duke University, and a B.A in International Business and English from Nanjing University.
Mr. Zheng joined ChinaAMC in 2016 to lead international fixed income and asset allocation strategies. Prior to ChinaAMC, he spent 7 years at Morgan Stanley Investment Management (New York), as a member of Emerging Markets Equity team; and 6 years with JP Morgan Securities (New York) as an Emerging Markets Fixed Income strategist. He also worked at Dresdner Kleinwort (London), Nomura Asset Management (New York) and Harvest Wealth Management (Beijing). Frank graduated from Carnegie Mellon University with a MS in Computational Finance.
Our insights
Awards and rankings
Winner of the 2021 Fundata FundGrade A+ Awards for consistent and outstanding risk-adjusted performance in their respective categories
The highest ratings given by the independent investment research firm Morningstar
Investment Teams
- Global Quantitative Equity Team
- Mackenzie Asia Team
- Mackenzie Betterworld Team
- Mackenzie Bluewater Team
- Mackenzie Cundill Team
- Mackenzie Europe Team
- Mackenzie Fixed Income Team
- Mackenzie GLC Team
- Mackenzie Global Equity & Income Team
- Mackenzie Greenchip Team
- Mackenzie Growth Team
- Mackenzie Ivy Team
- Mackenzie Multi-Asset Strategies Team
- Mackenzie Portfolio Solutions Team
- Mackenzie Real Estate Team
- Mackenzie Resource Team
- North American Equities Team
Subadvisors
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Morningstar Star Ratings reflect performance of Series F as of October 31, 2022 and are subject to change monthly. The ratings are an objective, quantitative measure of a fund’s historical risk-adjusted performance relative to other funds in its category. Only funds with at least a three-year track record are considered. The overall star rating for a fund is a weighted combination calculated from a fund’s 3, 5, and 10-year returns, as available, measured against the 91-day treasury bill and peer group returns. A fund can only be rated if there are a sufficient number of funds in its peer group to allow comparison for at least three years. If a fund scores in the top 10% of its fund category, it gets 5 stars; if it falls in the next 22.5%, it receives 4 stars; a place in the middle 35% earns a fund 3 stars; those in the next 22.5% receive 2 stars; and the lowest 10% receive 1 star. For more details on the calculation of Morningstar Star Ratings, see www.morningstar.ca.
Mackenzie ChinaAMC All China Equity Fund F, Greater China Equity Category: 3 years - 3 stars (58 funds), 5 years - 4 stars (50 funds), 10 years - n/a stars (n/a funds).
The annual FundGrade A+® Awards are presented by Fundata Canada Inc. to recognize the “best of the best” among Canadian investment funds. The FundGrade A+® calculation is supplemental to the monthly FundGrade ratings and is calculated at the end of each calendar year. The FundGrade rating system evaluates funds based on their risk-adjusted performance, measured by Sharpe Ratio, Sortino Ratio, and Information Ratio. The score for each ratio is calculated individually, covering all time periods from 2 to 10 years. The scores are then weighted equally in calculating a monthly FundGrade. The top 10% of funds earn an A Grade; the next 20% of funds earn a B Grade; the next 40% of funds earn a C Grade; the next 20% of funds receive a D Grade; and the lowest 10% of funds receive an E Grade. To be eligible, a fund must have received a FundGrade rating every month in the previous year. The FundGrade A+® uses a GPA-style calculation, where each monthly FundGrade from “A” to “E” receives a score from 4 to 0, respectively. A fund’s average score for the year determines its GPA. Any fund with a GPA of 3.5 or greater is awarded a FundGrade A+® Award. For more information, see www.FundGradeAwards.com. Although Fundata makes every effort to ensure the accuracy and reliability of the data contained herein, the accuracy is not guaranteed by Fundata.
Mackenzie ChinaAMC All China Equity Fund Series A was recognized for outstanding fund performance at the 2021 Fundata FundGrade A+ Awards in the Greater China Equity category out of a total of 36 funds. Performance for the fund for the period ended December 31, 2021 is as follows: -21.1% (1 year), 19.7% (3 years), and 9.3% (since inception- October 2017).