The manager of China Merchants China Direct Investments (CMCDI, 133 HK) charges much higher fees than other reputable China-focused closed-end funds.

And yet CMCDI trades at a far larger discount to net asset value.

Why? Unlike these peers, CMCDI does not have a discount management program (e.g. Fidelity).

See our comparison:

Name of closed-end fundManagement fee per yearPerformance feePrice-to-NAV ratio
Morgan Stanley China A Share1.25%None0.85x
Templeton Dragon Fund1.0-1.1% depending on fund sizeNone0.85x
HSBC China Dragon Fund1.5%None0.85x
JPMorgan China Growth & Income0.75-0.8% depending on fund sizeNone0.86x
Fidelity China Special Situations0.65-0.85% depending on fund sizeNone0.88x
CMCDI1.5-2.0% for listed securities; 2.0% for non-listed securities8% NAV above high water mark0.48x

We acknowledge that CMCDI invests in both listed and non-listed securities, while these peers invest in listed shares predominantly.

That being said, CMCDI pays the manager far higher fees (i.e. 1.5%-2% p.a.) on the listed securities alone (i.e. mostly China Merchants Bank and iFlytek) than other closed-end funds.

Shockingly, not all the fees go to China Merchants Group. In fact, Victor Chu’s company gets a far larger share of the fees than China Merchants Group. We wrote on this subject in June 2024.

If you are new to CMCDI, read our primer.

Chat with us on WeChat or WhatsApp:

💬 WeChat ID: ASM_Argyle

💬 WhatsApp ID: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com


招商局中国基金有限公司(“招商局基金”,股票代码133.HK)支付的管理费远远高于其他知名的封闭式基金。

然而招商局基金的交易折价更大。

为什么?因為招商局基金不像其他同行一样有折价管理计划(例如富达)。

对比如下:

基金名称管理费(每年)表现费股价/净资产比值
Morgan Stanley China A Share 摩根斯坦利中国A股基金1.25%0.85x
Templeton Dragon Fund 邓普顿龙基金1.0-1.1% (取决于基金规模)0.85x
HSBC China Dragon Fund 汇丰中国翔龙基金1.5%0.85x
JPMorgan China Growth & Income 摩根大通中国基金0.75-0.8% (取决于基金规模)0.86x
Fidelity China Special Situations 富达中国特殊机会基金0.65-0.85%(取决于基金规模)0.88x
招商局中国基金*上市证券:1.5-2.0% 非上市证券:2.0%净资产高于 高水标部分的8%0.48x

我们理解招商局基金投资于上市及非上市股权,而其他同行大多主要投资于上市证券。

即使如此,仅针对上市证券部分,招商局基金投资支付了远高于市场水平的管理费(1.5%-2%每年),大部分是招商银行及科大讯飞的股票。

实际上,并不是支付给投资经理的费用都归属于招商局集团。诸立力先生(英文名Victor Chu Lap Lik)的公司实际收取的金额远比招商局集团收取的多。我们于2024年6月就此问题写过一篇文章:诸先生收取的费用比招商局集团还多

如果您刚开始了解招商局中国基金,请阅读我们的指南

欢迎随时与我们联系:

💬 微信: ASM_Argyle

💬 WhatsApp: +852 6317 6371

🖥️ UnlockValueChinaMerchants.com

📧 ChinaMerchants@asmhk.com

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