The foreign fund favors English stock

The foreign fund favors English stock

27 September 2013
(Translation version)
Written by 王冠一 (http://www.wongsir.com.hk)

Put the eyes into the world, there are only four places where to be truly regarded as the international financial market - Wall Street, New York, where the Abe frequently archery to save the economy, Tokyo Japan, international ATM Hong Kong and the financial center where  Hong Kong investors often ignore, London, UK.

UK National Statistics announced 2012 Britain stock market investor classificationon on Wednesday, it is found that shareholding ratio of foreign investors has exceeded share held by British investors, it means that international investors have been voted a confidence of international status to London financial markets.

It is first time in history that overseas investors hold UK companies shares more than 50% ( 53% non- Britons, Britons 47% ). Recalling the UK stock market history, the stake of foreigners accounted for only 3.6 per cent by the 1980s, up to 31% in 1998, to today's nearly doubled. Of  course, thanks to advances in technology and communications, so that investors break geographical restrictions and fast proficient foreign country financial news. With improving market transparency, as long as profitable, capital nature berthing.

In recent years, multinational M & A activity among numerous , with many overseas companies yearn for London, for example, last year the Russian bank Sberbank raised funds about £ 7.2 billion in the UK Alternative Investment Market (AIM), recently, the U.S. private equity fund Riverstone Holdings's energy investment company also plans listed on the London Stock Exchange and planned to raise £ 1.5 billion. As Overseas companies listed in the UK sotck market increasing, thus, its result is to let London Stock Exchange to made ​​a magnificent publicity and increasing overseas exposure.

North American investors are most active in the UK stock market, accounting for 48 percent last year, the amount of investment is up to £ 451.9B; while Europe accounted for 26 %, the investment amount of more than £ 240B ; Asian funds accounted for 10%. These overseas funds, more than 70% comes from institutional investors, mainly for unit trusts ( 34.4% ), followed by pension funds ( 18% ), banks (7.4%), national governments and sovereign wealth funds about 11%.

In contrast of UK, the proportion of institutional investors in the stock market even have signs of narrowing, but it may cause by balance the risks and pursuit of higher returns activities related. Traditional buyers pension fund's stake from 32% in 1992 and decreased to only 4.7% currently. Another big buyer of the insurance industry accounted for 23.6 percent from 1997, plummeted to 6.2%. Instead, retail stake slight increase ( 10.7% ), became the local largest investor. Accounted for 9.6% of the unit trust (Unit Trust) is second place. Due to the financial crisis, UK government stake Royce (Lloyds), ​​RBS and other banks are about 2.5% share ; banking investment accounted for 1.9%.

In fact, British investors accounted decline does not reflect local investor losing confidence. A large number of overseas companies ( especially in the resources industry ) IPO have come to the London market in recent years, it naturally attracted a large inflow of foreign capital, the proportion of domestic capital only to be diluted only. if there are investors interested in investing in British shares , they are needed to note about British economic data and housing market conditions, moreover, the most important to be concerned that, the U.S. Fed and the Bank of England's monetary policy.

http://www.wongsir.com.hk/index.php/2008-07-21-20-05-17-sp-1127164607/7147-2013-09-27-03-42-58

外資青睞 英國股票

放觀全球，要名副其實稱得上國際金融市場，只有四個地方 ﹣美股所在地紐約、首相頻頻射箭救經濟的日本東京、國際 ATM 香港，以及香港投資者較常忽略的英國金融中心倫敦。

英國國家統計局於周三公布了去年英國股市的投資者分類，發現外國投資者的持股比例，已經超過英國本土投資者所持份額，為倫敦金融市場的國際地位，投下信心一票。

海外投資者持有英國上市公司的股票，歷史上首次超過 50%（非英國人佔 53%，英國人佔 47%）。回顧英國股票市場歷史，外國人的持股比例由 1980 年代僅佔 3.6%，增長至 1998 年的 31%，再到今天的幾近倍增，這當然歸功於科技與通訊的進步，讓投資者打破地域限制，快速通曉彼岸金融消息。隨著市場透明度提高，只要有利可圖，資金自然泊岸。

近年跨國企業間的併購活動多不勝數，加上，不少海外企業對倫敦心嚮往之，包括俄羅斯銀行 Sberbank 去年在英國另類投資市場（AIM）集資 72 億英鎊。近日，美國私募基金 Riverstone Holdings 旗下的能源投資公司亦計劃於倫交所上市，集資 15 億英鎊。於英國上市的海外企業數目日益增加，等於為倫交所作了華麗宣傳，增加海外曝光率。

英國股市的海外投資者中，以北美投資者最為踴躍，佔 48%，去年投資金額高達 4,519 億英鎊；而英國以外的歐洲地區佔 26%，投資金額超過 2,400 億英鎊；亞洲資金則佔 10%。這些海外資金，逾七成來自機構投資者，主要為單位信託基金（佔 34.4%），其次為退休基金（佔 18%）、銀行佔 7.4%，各國政府、主權基金約佔 11%。

反觀英國國內，機構投資者在股市的佔比竟然有縮小的跡象，可能與平衡風險及追求更高回報有關。傳統大買家退休基金的持股比例，由 1992 年 32% 減少至目前僅佔 4.7%。另一大買家保險業則由 1997 年佔 23.6%，急降至 6.2%。反而，散戶的持股比例有些微增幅（佔 10.7%），一躍成為國內最大投資者。佔 9.6% 的單位信託 (Unit Trust) 屈居第二。英國政府則因金融危機時入股萊斯 (Lloyds)、RBS 等銀行，亦有 2.5% 份額；銀行業投資則佔 1.9%。

其實，英國本土投資者佔比下降，並非反映本土投資者失去信心。多家海外大型企業（尤其是資源業）近年紛紛到倫敦上市，自然吸引了大批海外資金流入，本土資金的比重只是被攤薄而已。有興趣投資英股的投資者，比較需要留意英國的經濟數據、樓市狀況，更重要的是美國聯儲局及英倫銀行的貨幣政策走向。



王冠一