A lack of clarity on tax, foreign exchange and central bank policy are deterring Baillie Gifford’s Richard Sneller from buying mainland Chinese equities, even though he views the market as a strong opportunity.
Baillie Gifford的基金经理理查德•斯内勒(Richard Sneller)认为，由于中国的税收、外汇和央行政策缺乏透明度，他没有购买中国内地的股票，尽管他认为这个市场蕴含着很大的机遇。
The fund manager has roughly 17 per cent of his portfolio in Chinese stocks, but this is entirely via Hong Kong-listed “H” shares, rather than the Shanghai-listed “A” share variety.
斯内勒的投资组合中大约有17%是中国企业股票，但他只买入香港上市的H股，没有在上海的A股。

He has co-managed the Emerging Markets Growth fund for more than a decade, in which time the fund has returned 235 per cent versus benchmark returns of 183 per cent, according to FE Analytics, the data provider.
斯内勒与他人共同管理“新兴市场增长基金”(Emerging Markets Growth)逾十年，数据提供商FE Analytics的数据显示，在此期间该基金实现了235%的回报率，而同期基准指数的回报率是183%。
In the past five years, however, it has only narrowly outperformed the index.
然而，在过去5年里，该基金的表现仅略好于基准指数。
Mr Sneller said in spite of the Hong Kong-ShanghaiStock Connect scheme, which has made foreign investment in China easier, there were still issues preventing him from buying mainland stocks.
斯内勒表示，尽管中国推出了沪港通，但由于某些问题，他仍不愿购买内地股票。沪港通可以让外国人更容易地投资于中国内地股市。
“We do spend time looking at the A-share market but we are not there yet,” he said.
他说：“我们的确花时间研究了A股市场，但我们目前还没有在那里投资。”
These issues include a lack of clarity surrounding how capital gains tax is levied on investments.
其中一个问题是中国没有澄清如何对相关投资所得征收资本利得税。
He added there were concerns surrounding foreign exchange as well as the flow of money in and out of the country when stocks are bought and sold.
他补充称，在外汇方面，以及在买卖股票时资金进出中国方面，也都存在令人担忧的问题。
“There is an element of discretion by the central bank in terms of taking large amounts of money out,” he said.
他说：“对于转出大笔资金的做法，中国央行有一定的自行决定权。”
Mr Sneller’s biggest bet is on information technology, especially companies targeting emerging market consumers.
斯内勒重点押注信息技术领域，尤其是那些以新兴市场消费者为目标客户的公司。
“We have 50 per cent of the portfolio in IT companies, which is a very large position, but we are excited about them as we feel the valuations are failing to understand the long-term shifts in consumer behaviour,” he said.
他说：“我们有50%的投资组合投向IT公司，这是非常大的仓位，但我们对这些公司感到非常兴奋，因为我们觉得它们的估值未能体现出消费者行为的长期转变。”
However Mr Sneller acknowledged this was the “biggest risk” to the portfolio, given that investors can sometimes get “too excited about technology companies”.
然而，斯内勒承认，鉴于投资者有时“对科技公司过于狂热”，这是该投资组合的“最大风险”。
Mr Sneller said while he and his team followed the Baillie Gifford style of bottom-up, long-term investing, the cycles in emerging markets were often “shorter and sharper”, so the economic backdrop is not ignored.
斯内勒表示，尽管他和他的团队遵循Baillie Gifford的自下而上(bottom-up)、长线投资的风格，但新兴市场的周期通常“更为短暂和剧烈”，因此他们不会忽视经济背景。
As China was likely to be cutting back on infrastructure and property investment, he said was “fairly negative on a top-down macro view” on countries such as Brazil and South Africa, which are strongly linked to the commodity cycle.
他说，由于中国在基础设施和房地产领域的投资可能减少，“按照自上而下的宏观分析方法”，这对巴西和南非等与大宗商品周期联系紧密国家“有相当大的负面影响”。
The fund also has 20 per cent position in India focused on export-orientated IT outsourcing companies.
该基金还有20%的仓位投资于印度，重点是以出口为导向的IT外包公司。
Bradley Gerrard is news editor at Investment Adviser
本文作者是英国《金融时报》旗下刊物Investment Adviser的新闻编辑