湖岸投资董事长张征出席达沃斯论坛全球母基金峰会并发表演讲:把握特殊机会 获取超额收益

湖岸投资董事长张征出席达沃斯论坛全球母基金峰会并发表演讲:把握特殊机会 获取超额收益

​湖岸投资董事长张征演讲词:First of all, Many thanks for Chairman Tang’s kind invitation. Secondly, it will be the Chinese New Year in three days. Ladies and gentlemen, my friends, I wish you a fantastic new year with health and happiness. Speaking of Chinese New Year, that’s been the happiest day in the entire year for many years in my childhood. Because at that day, children could have new jacket, the family could have meat on table, and I could get some money, sometimes as much as one dollar, if my parents were generous enough, to be my ad hoc expenditure. I’ve been saving that money carefully year over year hoping to be rich someday. With that foolish belief, I’ve been working hard, saving hard, and reinvesting hard for several decades. I believe many of my Chinese colleagues share the similar feelings and experiences with me. That belief is the underlying power that brings us here today, and that brings Chinese economy to such size today. In the past four decades, many people seized the opportunities of rapid development and succeeded. 
However, we reached the reflection point four years ago. 
On one hand, Chinese economy has slowed down and businesses have run out of cash, on the other hand, our government started the  deleveraging process. At such a sudden and dramatic weather change, even dinosaurs can hardly survive.
Now we can see the high non performing loan level, the rise of bankruptcy cases, more and more businesses in distress, and more and more assets change hands. All of the above provide huge, yet different type of, investment opportunities for us. We can invest in the NPL portfolios to achieve high teens return with favorable DPI feature and safe enough collateral coverage, or we can buy some kinds of judicial sale assets at big discount and put good operation team in place to improve its cashflow and then exit to satisfy ourselves by 20+%  IRRs, or we can takeover a distressed public or private company, drive its restructuring and make turnaround to chase very high returns.

For NPL investments, we’ve been doing this for 15 years. In the showcase, you can see the real cashflow from our RMB fund I, 300M dollars equivalent in size. We closed it by the end of 2016 now it’s DPI is about 70%. In fact, the dpi features of most of our funds, regardless RMB or USD funds, are way above the first quartile of our global peers. On the other hand, we only invest in highly safe assets with very high collateral coverage.

For auctioned assets through judicial sale process, we can buy properties at very low price. For example, we bought a debt in Nanjing which came with a collateral of a 7-story commercial building and then we took the ownership via judicial sale process and now the property is generating 9.5% yield for us.

For corporate restructuring, especially for public companies, we usually take the controllership for free at the first stage and then drive restructuring to cut debt and make enhancement to its business by a variety of ways. For example, we took the majority voting power of one public company and then introduced a huge SOE conglomerate to make strategic investments to the company and then we change the entire board. As you can see, its stock price has surged 80% in two months since we stepped in while the index remained flat during the same period of time.

As the largest Chinese fund manager specialized in special situation investments, Lakeshore capital’s team has managed 12 funds with 2.3 billion dollars accumulated AUM. In the past 15 years, we have fulfilled our fiduciary duty well: we have invested in 141 portfolios, zero out of which suffered loss. 
We believe that it’s the best time to invest in China not only because we see many cheap assets we can buy and hold, but also because we still believe that China will continue to grow, to adapt, and to thrive. Because the Chinese people are still holding that foolish belief that by working hard, saving hard, and reinvesting hard, people can make a better future. With that belief, we will continue to create value for our investors and to fulfill our fiduciary duty well.
Thank you very much!


——————————————————————————

译文经母基金研究中心同意后转载

瑞士当地时间2020年1月21日,由全球母基金协会、中国母基金联盟主办,母基金研究中心、投中网联合主办的“达沃斯论坛全球母基金峰会”在瑞士达沃斯圆满落幕。湖岸投资董事长张征出席会议并发表了演讲。母基金研究中心特此整理出演讲全文,供行业内人士参考交流。

图为湖岸投资董事长张征演讲

大家好,感谢唐劲草先生的盛情邀请。首先我想预祝所有在场的朋友们新年快乐,说到农历新年,我童年的记忆仍然非常生动、清晰,因为农历新年是我的幼时每年最开心的一天,在那天孩子们可以换上新衣,餐桌上也有很多的肉食。我们还可以从父母那里得到一些压岁钱,有时甚至高达五元人民币,这在当时已经非常充裕。几十年前,我每每省下这笔钱储存起来,当作自己压箱底的幸福,期待着通过逐年的节省,总有一天变得富有起来。因此,我一直在努力工作,努力储蓄,努力地投资。我相信我的许多中国同事都拥有相似的感受和经验,并且与我抱有相同的信念。我相信那种坚定的信念是将今天的所有人聚集到这里的原因,也是中国经济达到如此规模的潜在力量。

01  经济环境巨变带来投资机会

在过去的几十年中,我看到周围的许多人都成功找到了快速成长的巨大机遇,但现在大环境已经发生了变化。四年前,中国经济环境到达了转折点,突然之间经济增长放缓,企业现金紧缺。另一方面,政府也开始了去杠杆化过程,面对如此突然而剧烈的经济环境变化,甚至银行业也生存困难。让我们看以下字,可以看到更多的破产案例,许多企业甚至上市公司陷入了困境;可以看到非常高的不良资产,也可以看到各种信托公司的困境。所有这些,都为我们提供了未来全新的、巨大的、截然不同的投资机会。

现在,我们需要选择各种投资策略,以适应当今中国的投资环境。我们可以选择投资银行的不良资产组合以追求更高的回报,更好的投入资本分红,以及更好的抵押担保率;也可以选择通过司法出售程序以很高的折扣购买拍卖资产,然后通过相关团队来改善现金流并获得令人满意的内部收益;还可以追踪那些陷入困境的公司,进行重组退出来获得很高的回报。我们有各种各样的机会和资产,这完全取决于我们的选择。

02  不良资产投资

谈到不良资产投资,我们湖岸投资已经从事这项工作超过十五年,它们是非常好的一类投资。可以看到,我们的第一只人民币基金,投入资本分红超过了70%,这并不是个例。事实上,对于我们管理的大多数基金,投入资本分红都高于国际水平。不良资产投资是一个非常好的投资选择,在高回报的同时可以保证高安全性和高抵押担保率。因此,我认为不良资产投资在中国具有很多优点和长处。

03  拍卖资产投资

对于拍卖资产,投资逻辑是通过司法出售以非常优惠的价格获得优质资产。例如,这是我们三年前在南京购买的资产,这栋大楼位于南京的中心区域,我们通过司法出售程序获得了所有权,现在每年为我们带来9.5%的收益,是一个非常成功的投资。

04  公司重组投资

在公司重组方面,我们通常会选择上市公司进行重组。例如去年7月,我们获得了一家上市公司的控制权,随着团队引入招商局集团成为新的投资者,并且改组了整个股东会来促进业务发展,公司的股价在两个月内上涨了80%以上。我们会继续重组这家公司,并提供更多资源,来帮助其股价提升。通过对公司特别是上市公司的重组,我们有机会获得巨大的收益。

05  关于湖岸投资

作为中国最大的不良资产基金管理机构之一,我们已经从事特殊机会投资十五年以上,我感到非常幸运能够取得令人满意的业绩。现在管理的十二支基金资产总值达二十三亿美元,投资了一百四十一个不良资产投资组合,实现了零亏损的成绩,这也印证了不良资产投资的前景。

最后,非常感谢各位的聆听,再次祝大家新年快乐,谢谢!

湖岸投资董事长张征演讲词:First of all, Many thanks for Chairman Tang’s kind invitation. Secondly, it will be the Chinese New Year in three days. Ladies and gentlemen, my friends, I wish you a fantastic new year with health and happiness. Speaking of Chinese New Year, that’s been the happiest day in the entire year for many years in my childhood. Because at that day, children could have new jacket, the family could have meat on table, and I could get some money, sometimes as much as one dollar, if my parents were generous enough, to be my ad hoc expenditure. I’ve been saving that money carefully year over year hoping to be rich someday. With that foolish belief, I’ve been working hard, saving hard, and reinvesting hard for several decades. I believe many of my Chinese colleagues share the similar feelings and experiences with me. That belief is the underlying power that brings us here today, and that brings Chinese economy to such size today. In the past four decades, many people seized the opportunities of rapid development and succeeded. 
However, we reached the reflection point four years ago. 
On one hand, Chinese economy has slowed down and businesses have run out of cash, on the other hand, our government started the  deleveraging process. At such a sudden and dramatic weather change, even dinosaurs can hardly survive.
Now we can see the high non performing loan level, the rise of bankruptcy cases, more and more businesses in distress, and more and more assets change hands. All of the above provide huge, yet different type of, investment opportunities for us. We can invest in the NPL portfolios to achieve high teens return with favorable DPI feature and safe enough collateral coverage, or we can buy some kinds of judicial sale assets at big discount and put good operation team in place to improve its cashflow and then exit to satisfy ourselves by 20+%  IRRs, or we can takeover a distressed public or private company, drive its restructuring and make turnaround to chase very high returns.

For NPL investments, we’ve been doing this for 15 years. In the showcase, you can see the real cashflow from our RMB fund I, 300M dollars equivalent in size. We closed it by the end of 2016 now it’s DPI is about 70%. In fact, the dpi features of most of our funds, regardless RMB or USD funds, are way above the first quartile of our global peers. On the other hand, we only invest in highly safe assets with very high collateral coverage.

For auctioned assets through judicial sale process, we can buy properties at very low price. For example, we bought a debt in Nanjing which came with a collateral of a 7-story commercial building and then we took the ownership via judicial sale process and now the property is generating 9.5% yield for us.

For corporate restructuring, especially for public companies, we usually take the controllership for free at the first stage and then drive restructuring to cut debt and make enhancement to its business by a variety of ways. For example, we took the majority voting power of one public company and then introduced a huge SOE conglomerate to make strategic investments to the company and then we change the entire board. As you can see, its stock price has surged 80% in two months since we stepped in while the index remained flat during the same period of time.

As the largest Chinese fund manager specialized in special situation investments, Lakeshore capital’s team has managed 12 funds with 2.3 billion dollars accumulated AUM. In the past 15 years, we have fulfilled our fiduciary duty well: we have invested in 141 portfolios, zero out of which suffered loss. 
We believe that it’s the best time to invest in China not only because we see many cheap assets we can buy and hold, but also because we still believe that China will continue to grow, to adapt, and to thrive. Because the Chinese people are still holding that foolish belief that by working hard, saving hard, and reinvesting hard, people can make a better future. With that belief, we will continue to create value for our investors and to fulfill our fiduciary duty well.
Thank you very much!


——————————————————————————

译文经母基金研究中心同意后转载

瑞士当地时间2020年1月21日,由全球母基金协会、中国母基金联盟主办,母基金研究中心、投中网联合主办的“达沃斯论坛全球母基金峰会”在瑞士达沃斯圆满落幕。湖岸投资董事长张征出席会议并发表了演讲。母基金研究中心特此整理出演讲全文,供行业内人士参考交流。

图为湖岸投资董事长张征演讲

大家好,感谢唐劲草先生的盛情邀请。首先我想预祝所有在场的朋友们新年快乐,说到农历新年,我童年的记忆仍然非常生动、清晰,因为农历新年是我的幼时每年最开心的一天,在那天孩子们可以换上新衣,餐桌上也有很多的肉食。我们还可以从父母那里得到一些压岁钱,有时甚至高达五元人民币,这在当时已经非常充裕。几十年前,我每每省下这笔钱储存起来,当作自己压箱底的幸福,期待着通过逐年的节省,总有一天变得富有起来。因此,我一直在努力工作,努力储蓄,努力地投资。我相信我的许多中国同事都拥有相似的感受和经验,并且与我抱有相同的信念。我相信那种坚定的信念是将今天的所有人聚集到这里的原因,也是中国经济达到如此规模的潜在力量。

01  经济环境巨变带来投资机会

在过去的几十年中,我看到周围的许多人都成功找到了快速成长的巨大机遇,但现在大环境已经发生了变化。四年前,中国经济环境到达了转折点,突然之间经济增长放缓,企业现金紧缺。另一方面,政府也开始了去杠杆化过程,面对如此突然而剧烈的经济环境变化,甚至银行业也生存困难。让我们看以下字,可以看到更多的破产案例,许多企业甚至上市公司陷入了困境;可以看到非常高的不良资产,也可以看到各种信托公司的困境。所有这些,都为我们提供了未来全新的、巨大的、截然不同的投资机会。

现在,我们需要选择各种投资策略,以适应当今中国的投资环境。我们可以选择投资银行的不良资产组合以追求更高的回报,更好的投入资本分红,以及更好的抵押担保率;也可以选择通过司法出售程序以很高的折扣购买拍卖资产,然后通过相关团队来改善现金流并获得令人满意的内部收益;还可以追踪那些陷入困境的公司,进行重组退出来获得很高的回报。我们有各种各样的机会和资产,这完全取决于我们的选择。

02  不良资产投资

谈到不良资产投资,我们湖岸投资已经从事这项工作超过十五年,它们是非常好的一类投资。可以看到,我们的第一只人民币基金,投入资本分红超过了70%,这并不是个例。事实上,对于我们管理的大多数基金,投入资本分红都高于国际水平。不良资产投资是一个非常好的投资选择,在高回报的同时可以保证高安全性和高抵押担保率。因此,我认为不良资产投资在中国具有很多优点和长处。

03  拍卖资产投资

对于拍卖资产,投资逻辑是通过司法出售以非常优惠的价格获得优质资产。例如,这是我们三年前在南京购买的资产,这栋大楼位于南京的中心区域,我们通过司法出售程序获得了所有权,现在每年为我们带来9.5%的收益,是一个非常成功的投资。

04  公司重组投资

在公司重组方面,我们通常会选择上市公司进行重组。例如去年7月,我们获得了一家上市公司的控制权,随着团队引入招商局集团成为新的投资者,并且改组了整个股东会来促进业务发展,公司的股价在两个月内上涨了80%以上。我们会继续重组这家公司,并提供更多资源,来帮助其股价提升。通过对公司特别是上市公司的重组,我们有机会获得巨大的收益。

05  关于湖岸投资

作为中国最大的不良资产基金管理机构之一,我们已经从事特殊机会投资十五年以上,我感到非常幸运能够取得令人满意的业绩。现在管理的十二支基金资产总值达二十三亿美元,投资了一百四十一个不良资产投资组合,实现了零亏损的成绩,这也印证了不良资产投资的前景。

最后,非常感谢各位的聆听,再次祝大家新年快乐,谢谢!