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Our Thoughts on the Mainland-Hong Kong Mutual Recognition of Funds

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Our Thoughts on the Mainland-Hong Kong Mutual Recognition of Funds Insights From Morningstar's Manager Research Analysts July 2015 Talking Points Our Thoughts on the Mainland-Hong Kong Mutual Recognition of Funds Morningstar Analysts The China Securities Regulatory Commission (CSRC) and Hong number of onshore asset management firms that could Kong’s Securities and Futures Commission (SFC) launched the participate in the MRF (Figure 1). Mainland-Hong Kong Mutual Recognition of Funds, or MRF, on July 1, 2015. Prior to this initiative, international investors could Out of the estimated 844 eligible funds, about 46% (388) are only invest in China’s onshore market through Qualified Foreign equity funds, 16% (133) are aggressive-allocation funds, and Institutional Investor (QFII) or Renminbi Qualified Foreign 10% (85) are aggressive bond funds (Figure 2), as categorized Institutional Investor (RQFII) schemes, while onshore Chinese by Morningstar. Additionally, 18 of the qualified funds are QDII fund investors could only gain access to global markets through funds and 30 are exchange-traded fund (ETF) feeder funds. Over Qualified Domestic Institutional Investor (QDII) funds. Through half of the 388 qualified equity funds have a large-growth- the MRF initiative, global investors will be able to invest in oriented investment style according to the Morningstar Equity eligible onshore Chinese funds via Hong Kong and, similarly, Style Box, followed by preferences for mid-growth and large- onshore Chinese investors will be able to gain access to eligible blend styles (Figure 3). Hong Kong-domiciled funds. With a net quota of RMB 300 billion (about USD 48 billion) each way, this regime is an Breakdown of the 103 Qualified Hong Kong-domiciled important step towards the progressive opening of China’s Funds capital market. The estimated 103 qualified Hong Kong-domiciled funds come A memorandum was signed by the CSRC and SFC that set from 20 fund companies with an aggregate fund size of USD eligibility standards on asset class, fund size, track record, 55.99 billion, or RMB 347.57 billion. The three fund companies investment mandate, and more. Based on these standards, we with the most funds qualified under the MRF are JPMorgan have screened 844 mainland funds and 103 Hong Kong- Funds (Asia) with 32 funds, BOCI-Prudential Asset Management domiciled funds that would qualify for the MRF. Here, we take a with 19 funds, and PineBridge Investments Hong Kong with nine closer look at what the MRF could offer and give investors a funds. From a fund size perspective, JPMorgan Funds (Asia), better idea of what is to come. Hang Seng Investment Management, and State Street Global Advisors (Chicago) are the top three fund companies with the Breakdown of the 844 Qualified Mainland Funds most AUM eligible under the MRF, with JPMorgan accounting We estimate that the 844 qualified mainland funds come from for almost one third of the eligible AUM (Figure 4). This reflects 69 fund companies, with an aggregate fund size of USD 331.9 the relatively concentrated nature of asset management firms in billion, or RMB 2,061 billion. The three fund companies with the Hong Kong that could participate in the MRF compared with most qualified funds to offer under the MRF are E Fund China. That said, it should be noted that the SFC-authorised Management with 34 funds, GF Fund Management with 32 universe in Hong Kong consists of almost 2,000 funds, many of funds, and China Southern Fund Management with 31 funds. which are UCITS vehicles domiciled in either Luxemburg or From a fund size perspective, China Asset Management, Ireland. As the MRF continues to develop and mature, there is Harvest Fund Management, and E Fund Management are the scope for asset managers to either re-domicile or set up top three fund companies with the most assets under separate Hong Kong-domiciled versions alongside their UCITS management (AUM). That said, the three firms account for only vehicles for onshore Chinese fund investors. around 5% each of total eligible AUM, reflecting the diverse © 2015 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) is for informational purposes only; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. This report is not a solicitation for the sale of shares. Insights From Morningstar's Manager Research Analysts July 2015 Talking Points Among the 103 Hong Kong-domiciled funds, about 68% are On the other hand, Hong Kong-based investors will be able to equity funds, followed by fixed-income funds at 22% and gain access to a diversified range of A-share and onshore fixed- allocation funds at 10% (Figure 5). The qualified funds domiciled income strategies managed by onshore specialists, an asset in Hong Kong offer diversified exposure, with most investing in class previously only accessible through limited QFII and RQFII Hong Kong, China, or the global market (Figure 6). Moreover, 10 quotas managed by offshore managers. Relative to their global ETFs are eligible, with most focusing on Hong Kong equity peers, onshore China equity managers tend to employ a range (Figure 7). of differentiated investment approaches and often invest without any references to an index (in fact, most funds do not What the MRF Means for Various Stakeholders have a prospectus benchmark). In addition, many tend to run For global asset managers, this represents a significant concentrated portfolios that are biased to certain sectors. While opportunity to tap into a market that has been a largely closed the onshore equity funds offer differentiated alternatives to the market with a population of 1.3 billion people looking for typically benchmark-aware offshore offerings, they may also additional ways to invest their growing savings pool. Prior to the come with higher degrees of risks. We have also observed that scheme’s announcement, we understand that a number of onshore China equity managers tend to be more momentum- asset managers had already established working groups to driven, which often results in high portfolio turnover and examine issues surrounding operations, tax, product strategy, therefore higher costs. According to our 2015 Global Fund and distribution. Furthermore, we expect a growing number of Investor Experience study, the asset-weighted median expense Hong Kong-domiciled funds as the scheme solidifies. ratio for equity funds domiciled in China ranges from 1.75 to 2.00%, which is more expensive than Hong Kong-domiciled For asset managers in China, the scheme provides the scope to funds, which range from 1.50 to 1.75%. A range of onshore use Hong Kong as a gateway to expand into international bond funds will also become available, some of which offer markets. Relative to their international peers, many Chinese income opportunities that are not accessible prior to the MRF. asset managers have more established track records on However, investors should be mindful of the risks associated onshore equities and fixed-income strategies and are well with internal gearing and have the scope to invest up to 20% of positioned to offer differentiated strategies for investors in Hong the fund in equities. This is a strategy often employed by Kong. onshore China managers. Most importantly, investors can benefit from additional choice Again, we believe brand recognition may play a part for Hong and diversity that was not available to them previously. Through Kong-based investors when selecting onshore China funds, the MRF, mainland China investors can gain exposure to a large which would benefit Chinese asset managers who already have variety of funds that invest internationally and are managed by a presence in Hong Kong. experienced global asset managers. This is a big improvement compared with when funds offering global exposure were only Looking Forward accessible through the QDII scheme, which are managed by We expect more and more funds to become eligible under the onshore Chinese managers who may not necessarily be as well- MRF scheme as time progresses. Since 1 April 2014, 28 Hong versed in international markets investing. We believe Chinese Kong-domiciled funds and 671 China-domiciled funds have been investors would initially have the most interest in markets with launched that broadly satisfy the requirements to participate in which they are most familiar, such as Hong Kong equities, the MRF, notwithstanding the minimum fund size guideline. before gradually expanding into other asset classes. Moreover, While we welcome the MRF, it is not without its challenges. For we believe brand recognition may play a part for Chinese example, although fund investors are likely to benefit from investors when selecting offshore funds, and they may favour greater choice and diversity, it is unclear if a fund passport global or Hong Kong asset managers who already have joint scheme would necessarily lead to lower fees. venture operations or distribution relationships in the mainland. © 2015 Morningstar. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; (3) is for informational purposes only; and (4) is not warranted to be accurate, complete, or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results. This report is not a solicitation for the sale of shares. Insights From Morningstar's Manager Research Analysts July 2015 Talking Points Nonetheless, the scheme represents a major development in the opening of China’s financial markets, and more countries may be accepted into the regime in the future.
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