金融专业英语考试相关阅读指导(二十)_金融英语

金融专业英语考试相关阅读指导(二十)

文章来源：文章作者：发布时间：2007-11-26 06:37 字体： [大中小]　进入论坛

(单词翻译:双击或拖选)

Retail¹ Hedge-Fund Mkt Perking² Up
　　HEDGE FUNDS are creeping into the investment mainstream³ in Asia as retail investors⁵ —— weary of several years of stock-market losses —— are increasingly attracted by the prospect⁶ of ending the year with more money than they started out with. Mutual⁷ funds may beat their benchmarks, but what fun is that when it means losing less than the index?Mutual funds have never really caught on in this part of the world, but retail hedge funds just might —— given their possibility for world-beating returns, and despite that they offer a whole new category of major risk for the investor⁴.
　　And if hedge-fund companies are salivating to get going in Asia, it isn't hard to see why. Globally, hedge-fund assets have skyrocketed to US$600 billion in 2001 from US$45 billion in 1990, according to industry estimates. But Asian investors account for only around US$30 billion of those assets.
　　'We're seeing more interest in hedge funds because of the poor returns in the equity⁸ markets. Investors are tired of their fund outperforming a benchmark but still posting a loss,' says Ophelia Tong, investment director at HT Capital Management Ltd., a boutique hedge-fund firm that manages a US$25 million portfolio⁹.
　　The newest market for retail hedge-fund investors is Hong Kong, where regulators are scheduled to announce later this week how many funds have been authorized¹⁰ to sell to noninstitutional investors.
　　Singapore is set to release before the year's end revised guidelines for retail hedge funds, which include a S$20,000 (US$11,300) minimum for funds of hedge funds and S$100,000 minimum for single-strategy funds. (Wealthy investors across the Asian-Pacific region, especially in Japan and Australia, have had access to hedge funds for years either through their banks or directly through managers.)
　　Are well-to-do but not wealthy Asians ready to evaluate hedge funds properly? Unlike managers of traditional funds that make long-term investment decisions and stick by them, hedge-fund managers have the flexibility¹¹ to adjust their portfolio to take advantage of new opportunities or discrepancies¹² among markets or assets. It is precisely¹³ that flexibility that makes the fund manager the single biggest risk in investing in hedge funds.
　　It also makes investing in hedge funds as risky¹⁴ at times as investing in a single stock, which may make a hedge fund a poor substitute for the risk-averse investment in a mutual fund.

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收听单词发音

1 retail
v./n.零售；adv.以零售价格
参考例句：
In this shop they retail tobacco and sweets.这家铺子零售香烟和糖果。 These shoes retail at 10 yuan a pair.这些鞋子零卖10元一双。

2 perking
（使）活跃( perk的现在分词 )；（使）增值；使更有趣
参考例句：
The weather seems to be perking up. 天气似乎要变好。 She is perking herself at mirror. 她正对镜化妆。

3 mainstream
n.（思想或行为的）主流；adj.主流的
参考例句：
Their views lie outside the mainstream of current medical opinion.他们的观点不属于当今医学界观点的主流。 Polls are still largely reflects the mainstream sentiment.民调还在很大程度上反映了社会主流情绪。

4 investor
n.投资者，投资人
参考例句：
My nephew is a cautious investor.我侄子是个小心谨慎的投资者。 The investor believes that his investment will pay off handsomely soon.这个投资者相信他的投资不久会有相当大的收益。

5 investors
n.投资者，出资者( investor的名词复数 )
参考例句：
a con man who bilked investors out of millions of dollars 诈取投资者几百万元的骗子 a cash bonanza for investors 投资者的赚钱机会

6 prospect
n.前景，前途；景色，视野
参考例句：
This state of things holds out a cheerful prospect.事态呈现出可喜的前景。 The prospect became more evident.前景变得更加明朗了。

7 mutual
adj.相互的，彼此的；共同的，共有的
参考例句：
We must pull together for mutual interest.我们必须为相互的利益而通力合作。 Mutual interests tied us together.相互的利害关系把我们联系在一起。

8 equity
n.公正，公平，（无固定利息的）股票
参考例句：
They shared the work of the house with equity.他们公平地分担家务。 To capture his equity,Murphy must either sell or refinance.要获得资产净值，墨菲必须出售或者重新融资。

9 portfolio
n.公事包；文件夹；大臣及部长职位
参考例句：
He remembered her because she was carrying a large portfolio.他因为她带着一个大公文包而记住了她。 He resigned his portfolio.他辞去了大臣职务。

10 authorized
a.委任的，许可的
参考例句：
An administrative order is valid if authorized by a statute.如果一个行政命令得到一个法规的认可那么这个命令就是有效的。

11 flexibility
n.柔韧性，弹性，（光的）折射性，灵活性
参考例句：
Her great strength lies in her flexibility.她的优势在于她灵活变通。 The flexibility of a man's muscles will lessen as he becomes old.人老了肌肉的柔韧性将降低。

12 discrepancies
n.差异，不符合（之处），不一致（之处）( discrepancy的名词复数 )
参考例句：
wide discrepancies in prices quoted for the work 这项工作的报价出入很大 When both versions of the story were collated,major discrepancies were found. 在将这个故事的两个版本对照后，找出了主要的不符之处。来自《简明英汉词典》

13 precisely
adv.恰好，正好，精确地，细致地
参考例句：
It's precisely that sort of slick sales-talk that I mistrust.我不相信的正是那种油腔滑调的推销宣传。 The man adjusted very precisely.那个人调得很准。

14 risky
adj.有风险的，冒险的
参考例句：
It may be risky but we will chance it anyhow.这可能有危险，但我们无论如何要冒一冒险。 He is well aware how risky this investment is.他心里对这项投资的风险十分清楚。