House Award – Long Only Equity – TW

最佳基金公司獎 - 股票（傳統做多）

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參賽編號*

Submission ID

區域*

Region

類別*

Category

其他參賽編號

Other Submission ID

複製參賽資料 Clone submission

同時將資料應用於其他股票（傳統做多）問卷 Also apply this submission for other Long Only Equity entries.

公司名稱*

Name of firm

旗艦基金名稱*

The Flagship Fund's name

旗艦基金 ISIN 代碼*

The Fund's ISIN Code

資料截至季末日

Data as of the quarter-end

基金總規模（包括所有股份類別）*

Total Fund Size (including all share classes)

投資組合經理總數*

Total Number of Portfolio Manager(s)

分析師總數*

Total Number of Analysts

支柱能力2：投資組合管理
Pillar 2: Portfolio Management
請留意: 在回答此支柱能力的問題時，請提供與本基金/策略直接相關的答案。它們不適用於公司所有基金/策略的答案。 Note: When answering the questions in this pillar, please provide responses directly relevant to this specific fund/strategy. They should NOT be general answers that apply generally to all your firm's funds/strategies. [i]持有證券數量公式：假設 M1， M2， M3， … M36 = 月末（1，2， 3....36）的持股數量平均持股數量 = (M1+M2+M3+ … M36)/36 [i] Formula for no. of holdings: Where M1, M2, M3, … M36 = no. of holdings at the end of month 1,2,3 … 36 Average no. of holdings = (M1+M2+M3+ … M36)/36 [ii] 重大影響是指有可能影響公司財務狀況或經營業績的事件，因此對投資者而言最為重要。重要性因行業和商業模式而異。它們可能包括但不限於供應鏈、員工福利、環境實踐、產品安全等。 [ii] Material impacts are events likely to affect a company's operations and/or financial position, positively or negatively. Materiality varies from one industry to another and one business model to another. They may include but are not limited to supply chain, employee welfare, environmental practices, product safety, etc. [iii] 計算主動投資比率的公式: Active share=1/2 ∑_(i=1)^n〖(Wfa-Wia)〗其中 Wfa 是基金中證券"a" 的權重 Wia 是指數中證券"a" 的權重公式中：每個證券的投資組合權重與指數權重之差除以2 （注：計算中請包括現金，因為持有現金是一個主動決定） [iii] Formula for active share: Active share=1/2 ∑_(i=1)^n〖(Wfa-Wia)〗 where Wfa is the weight of security "a" in the fund Wia is the weight of security "a" in the index The formula in words: Sum of difference between each security's portfolio weight and index weight, divided by two (Note - Please include cash in your calculation, as holding cash is an active decision) [iv] 適應 CFA 協會投資產品 ESG 披露準則意見徵詢稿，2021 年 5 月 [iv] Adaptation of the Exposure Draft CFA Institute ESG Disclosure Standards For Investment Products, May 2021
1. 投資組合限制：基金是否有明確的投資組合限制，例如，但不限於單一國家、單一行業、單一證券、單一資產類別、證券之間的相關性或其他明確規定的限制。
Portfolio Limits: does the fund have explicit portfolio limits such as, but not limited to, single country, single sector, single security, single asset class, the correlation between securities, or other spelled-out limits.

我們是受限基金，投資組合經理可以通過以下方式偏離明確的限制： (We are a Constrained Fund, and the portfolio manager can deviate from the explicit limits by:)

我們並非受限基金 (We are an Unconstrained Fund:)
受限基金 - 投資組合經理可以通過以下方式偏離明確的限制：
Constrained Fund - the portfolio manager can deviate from the explicit limits by:

最多5個百分點 (By a maximum of 5 percentage points)

超過5個百分點，最多10個百分點 (By more than 5 percentage points, up to 10 percentage points)

超過10個百分點 (By more than 10 percentage points)

投資組合經理自行選擇程度 (By any magnitude they choose)

我們不知道該基金是否有明確的投資組合限制 (We don't know whether this fund has explicit portfolio limits)
非受限基金 -
Unconstrained Fund -

但我們確保基金的風險水平與投資者目標一致 (But we ensure that the fund's risk level is aligned with target investors )

我們有軟性指引。包括但不限於：最多 40-60% 高度相關性資產，或單一證券、國家、發行者、產業、營收來源、資產類別等 (We have soft guidelines, including but are not limited to a maximum of 40-60% exposure to highly correlated assets or single security, issuer, country, sector, revenue source, asset class, etc. )

我們沒有指引。投資組合經理可能將100%資產投入單一證券、單一國家、單一產業、單一發行者、單一一組高度相關的資產和現金等 (We have no exposure guidelines at all. The portfolio manager may place 100% of the fund's assets into a single security, a single country, a single sector, a single issuer, a single group of highly correlated assets, cash, etc. )

我們的投資組合構建並未考慮目標投資者的風險/回報狀況 (Our portfolio construction does not take into account our target investors' risk/return profile)

風險管理問題與我們無關或不適用 (The question of risk management is irrelevant or does not apply to us)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
2. 投資組合層面的 ESG 特徵[iv]：我們已決定將 ESG 標準作為我們的投資組合特徵，其中包括：
Portfolio level ESG characteristics [iv]: We have decided ESG criteria to be used as our portfolio characteristics that include:
範疇1 和範疇 2 溫室氣體排放 (Scope 1 and Scope 2 greenhouse gas emissions)
投資組合中投資於綠色債券的資產百分比 (asset-weighted percentage of the portfolio invested in green bonds)
投資組合中投資於被法規或第三方分類標準視為可持續的經濟活動的資產百分比 (asset-weighted percentage of the portfolio invested in economic activities deemed to be sustainable by a regulatory or third-party classification standard )
董事會性別多元化 (board gender diversity)
按不可再生能源類型分類的能源消耗 (breakdown of energy consumption by type of non-renewable sources of energy)
對涉及違反聯合國全球契約原則或經合組織跨國企業準則的被投資公司的投資份額 (share of investments in investee companies that have been involved in violations of the UN Global Compact principles or OECD Guidelines for Multinational Enterprises)
持有對ESG有不利影響的特定行業、板塊和地區 (exposure to specific industries, sectors, and geographies with adverse impacts on ESG issues)
持有傑出的有助於向低碳經濟轉型的特定行業、板塊和公司 (exposure to specific industries, sectors, and companies that aid transition to a low-carbon economy)
“綠色”投資與“棕色”投資的比率 (the ratio of "green" investments to "brown" investments)
我們沒有建立基於ESG信息或ESG問題的投資組合層面的準則 (We do not have an established portfolio-level criterion that is based on ESG information or ESG issues)
3. 基於 ESG 的證券選擇標準[iv]：我們採取措施將具有財務重要性的 ESG 信息與傳統財務信息一起納入投資產品的財務分析和估值：
ESG based Securities Selection criteria[iv]: We take steps to incorporate financially material ESG information alongside traditional financial information in financial analysis and valuation of the investment product's investments:
同業群體中的排名倒數 50% 被排除在我們的證券選擇範圍之外 (The bottom 50% of their industry-based peer group are excluded from our security selection universe)
對分數排在前50% 的股票進行進一步財務標準篩選，包括但不限於盈利增長預期和市盈率的門檻 (Equity securities that score in the top 50% are then screened for financial criteria, including but not limited to thresholds for earnings growth estimates and price-to-earnings ratios)
我們沒有建立基於ESG信息和ESG問題的證券選擇準則 (We do not have an established security selection criterion that is based on esg information or esg issues)
4. 持有證券數[i]：過去三年內基金平均持有多少證券？請應用備註的公式計算並選擇適用項。
The number of holdings [i]: What is the average number of securities in the fund over the last 3 years?

低於30 (Below 30)

30 - 44

45 - 59

60 - 74

75 - 89

90 - 104

105 - 119

120及以上 (120 and above)

基金成立少於3年 (Inception period less than 3 years)
5. 證券權重：決定每個證券比重的因素是什麼？請選擇所有適用項目。
Security weight: What determines the weight of each security? Please select all that apply:
證券層面的流動性 (Liquidity at the security level)
投資組合層面的流動性 (Liquidity at the portfolio level)
與投資組合中其他證券的相關性 (Correlation with other securities in the portfolio)
相對於投資組合中該證券經風險調整後的潛在回報 (Potential risk-adjusted returns relative to other securities in the portfolio)
產生超額報酬的潛力 (Potential to produce alpha)
被投資對象良好的ESG (Material[ii] ESG merits of the investee)
被投資對象對我們的基金/公司參與ESG問題作出的回應 (Investee's response to our fund's/firm's engagement on material[ii] ESG issues)
投資組合限制（明確限制或軟性指導）例如單一發現者、單一證券等。 (Portfolio limits (explicit limits or soft guidelines) such as single issuer, single security, etc.)
我們沒有預先的指導方案，投資組合經理依據他們自己的判斷 (We have no predetermined guidelines; the portfolio manager acts at their discretion)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
6. 投資組合在正常市場條件下的流動性：在構建投資組合時，我們考慮了正常市場條件下投資組合層面的短期至中期流動性。請單選最接近的選項。
Portfolio liquidity in normal markets: When we construct the portfolio, we account for short-to-medium liquidity at the portfolio level under normal market conditions. Please select only ONE closest answer:

是，我們目標是在5個交易日內變現投資組合的20%或以下 (Yes, we aim to be able to liquidate 20%, or less, of the portfolio in 5 trading days)

是，我們目標是在5個交易日內變現投資組合的20% - 30% (Yes, we aim to be able to liquidate 20%-30% of the portfolio in 5 trading days)

是，我們目標是在5個交易日內變現投資組合的30% - 40% (Yes, we aim to be able to liquidate 30-40% of the portfolio in 5 trading days)

是，我們目標是在5個交易日內變現投資組合的40% - 50% (Yes, we aim to be able to liquidate 40-50% of the portfolio within 5 trading days)

是的，我們的目標是能夠在 1-2 個交易日內將市值在一天內下跌 5% 或更多的任何單一倉位進行至少 25-40% 平倉 (Yes, we aim to be able to liquidate within 1-2 trading days at least 25-40% of any single position whose market value drops by 5% or more in a single day)

我們的流動性指標優於上述標準（請以不超過250字說明） (Our liquidity targets are better than the above (please specify in maximum 250 words))

我們的流動性指標低於上述標準（請以不超過250字說明） (Our liquidity targets are less than the above (please specify in maximum 250 words))

不，我們不會在正常市場條件下考慮投資組合的流動性 (No, we do not consider portfolio liquidity under normal market conditions)
請以不超過250字說明流動性指標
Please specify the liquidity targets in maximum 250 words.
7. 在壓力市場中的投資組合流動性: 當我們構建投資組合時，我們考慮的一個關鍵因素是在壓力市場條件下投資組合層面的流動性。請單選最接近的選項。
Portfolio liquidity in stressed markets: One key factor we consider when we construct the portfolio level is liquidity at the portfolio level under stressed market conditions. Please select only ONE closest answer:

是，如果交易量減半，我們的目標是在5個交易日內變現投資組合的10%或以下 (Yes, we aim to be able to liquidate 10%, or less, of the portfolio in 5 trading days if trading volume halves)

是，如果交易量減半，我們的目標是在5個交易日內變現投資組合的10%-20% (Yes, we aim to be able to liquidate 10%-20% of the portfolio in 5 trading days if trading volume halves)

是，如果交易量減半，我們的目標是在5個交易日內變現投資組合的20%-30% (Yes, we aim to be able to liquidate 20-30% of the portfolio in 5 trading days if trading volume halves)

是，如果交易量減半，我們的目標是在5個交易日內變現投資組合的30%-40% (Yes, we aim to be able to liquidate 30-40% of the portfolio within 5 trading days if trading volume halves)

是，我們的目標是能夠在 1-2 個交易日內將市值在一天內下跌 5% 或更多的任何單一倉位進行至少 15-30% 平倉 (Yes, we aim to be able to liquidate within 1-2 trading days at least 15-30% of any single position whose market value drops by 5% or more in a single day)

我們的流動性指標優於上述標準（請以不超過250字說明） (Our liquidity targets are better than the above (please specify in maximum 250 words))

我們的流動性指標低於上述標準（請以不超過250字說明） (Our liquidity targets are less than the above (please specify in maximum 250 words))

不，我們在壓力市場條件下並未考慮投資組合的流動性 (No, we do not consider portfolio liquidity under stressed market conditions)
請以不超過250字說明流動性指標
Please specify the liquidity targets in maximum 250 words.
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
8. 主動投資比率的目標[iii]: 該策略或基金的主動投資比率的目標比例是多少？請使用公式（見註釋 iii）並選擇一個符合的答案。
Target active share [iii]: What is the target proportion of active shares for this strategy or fund? Please use the formula (see glossary note iii) and select only one answer.

我們沒有主動投資比率目標 (We do not have a target)

50 – 60%

61 – 70%

71 – 80%

高於81% (More than 81%)

我們的alpha相關目標是基於每個證券產生alpha的能力，而不是主動投資比率。主動投資比率並不表明產生alpha的能力 (Our alpha-related targets are based on each security's ability to generate alpha, not on the proportion of active shares. The percentage of active shares does not indicate the ability to generate alpha.)

我們主要關注標準差 (Our primary focus is on standard deviation)

不適用於此策略 (Not applicable to this strategy)
9. 實際的主動投資比率[iii]: 該策略或基金的主動投資比率的比例是多少？（過去12個月平均）請使用公式（見註釋 iii）並選擇一個符合的答案。
Actual active share [iii]: What is the ACTUAL proportion of active shares in your fund or strategy (average of last 12 months)? Please use the formula (see glossary note iii) and select only one answer.

0% 主動投資比率 (0% active share)

50-60%主動投資比率 (50 - 60% active shares)

61-70%主動投資比率 (61 - 70% active shares)

71-80%主動投資比率 (71 - 80% active shares)

81%或以上主動投資比率 (81% or above active shares)

我們不衡量主動投資比率；我們衡量高於基準的績效表現 (We do not measure active share; we measure performance above the benchmark)

我們不衡量主動投資比率或相關表現；我們關注在絕對報酬 (We do not measure active share or relative performance; we focus on absolute return)

不適用於此策略 (Not applicable to this strategy)
10a. 投資基礎：我們的投資決策主要基於以下幾點。請選擇所有適用項：
Investment Bases: Our investment decisions are substantively based on the following. Please select all that apply:
證券在二級市場的流動性 (Security's liquidity in the secondary market)
估值 (Valuation)
目標價格 (Target price)
該證券相對於組合的其它倉位的風險／報酬狀況 (Risk/return profile of a security relative to other positions in the portfolio)
被投資對象的現金流 (Investee's cash flow)
被投資對象及時償還債務的能力/信用品質 (Investee's ability to meet liabilities promptly/ credit quality)
被投資對象從行業結構變化中獲益的能力 (The ability of investee to benefit from structural changes in its industry)
被投資對象的主要管理層的歷史紀錄 (Investee's key management's track record)
我們投資論斷的有效性 (Validity of our investment thesis)
我們的分析師對被投資對象進行降級/升級 (Downgrade/upgrade of the investee by our analysts)
賣方分析師對被投資對象進行降級/升級 (Downgrade/upgrade of the investee by sell-side analysts)
傳聞 (Rumors)
ESG因素改善 (ESG factors improving)
被投資對象對我們基金/公司ESG參與的回應 (Investee's response to our fund's/firm's ESG engagement )
市場時機 (Market timing)
由我們的量化、大數據模型或其他類似方法產生的信號 (Signals generated by our quantitative, big data models or other similar methods)
證券在特定的時間內的跌幅超過了我們的限制 (The security's drawdown exceeds our limits within a given time frame)
環境因素已經(或可能會)對被投資對象的收益、現金流、競爭力、業務彈性、聲譽和其他風險收益平衡產生重大[ii]影響 (Environmental factors have (or likely will have) a material* impact on the investee's earnings, cash flow, competitiveness, business resilience, reputation, and other risk-return balance)
社會因素已經(或可能會)對被投資對象的收益、現金流、競爭力、業務彈性、聲譽和其他風險收益平衡產生重大[ii]影響 (Social factors have (or likely will have) a material[ii] impact on the investee's earnings, cash flow, competitiveness, business resilience, reputation, and other risk-return balance. In the case of investing, the material impact is positive. )
公司治理因素已經(或可能會)對被投資對象的收益、現金流、競爭力、業務彈性、聲譽和其他風險收益平衡產生重大[ii]影響 (Governance factors have (or likely will have) a material[ii] impact on the investee's earnings, cash flow, competitiveness, business resilience, reputation, and other risk-return balance. In the case of investing, the material impact is positive. )
我們沒有投資/撤資基礎的系統或方法。投資組合經理根據自己的意願行事。 (We do not have a system or method of arriving at a basis for investment/divestment. The portfolio manager acts according to their wishes.)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
10b. 撤資基礎：我們撤資決策基於以下幾點。請選擇所有適用項：
Divestment Bases: Our divestment decisions are substantively based on the following. Please select all that apply:
證券在二級市場的流動性 (Security's liquidity in the secondary market)
估值 (Valuation)
目標價格 (Target price)
該證券相對於組合的其它倉位的風險／報酬狀況 (Risk/return profile of a security relative to other positions in the portfolio)
被投資對象的現金流 (Investee's cash flow)
被投資對象及時償還債務的能力/信用品質 (Investee's ability to meet liabilities promptly/ credit quality)
被投資對象從行業結構變化中獲益的能力 (The ability of investee to benefit from structural changes in its industry)
被投資對象的主要管理層的歷史紀錄 (Investee's key management's track record)
我們投資論斷的有效性 (Validity of our investment thesis)
我們的分析師對被投資對象進行降級/升級 (Downgrade/upgrade of the investee by our analysts)
賣方分析師對被投資對象進行降級/升級 (Downgrade/upgrade of the investee by sell-side analysts)
傳聞 (Rumors)
ESG因素改善 (ESG factors improving)
被投資對象對我們基金/公司ESG參與的回應 (Investee's response to our fund's/firm's ESG engagement )
市場時機 (Market timing)
由我們的量化、大數據模型或其他類似方法產生的信號 (Signals generated by our quantitative, big data models or other similar methods)
證券在特定的時間內的跌幅超過了我們的限制 (The security's drawdown exceeds our limits within a given time frame)
環境因素已經(或可能會)對被投資對象的收益、現金流、競爭力、業務彈性、聲譽和其他風險收益平衡產生重大[ii]影響 (Environmental factors have (or likely will have) a material* impact on the investee's earnings, cash flow, competitiveness, business resilience, reputation, and other risk-return balance)
社會因素已經(或可能會)對被投資對象的收益、現金流、競爭力、業務彈性、聲譽和其他風險收益平衡產生重大[ii]影響 (Social factors have (or likely will have) a material[ii] impact on the investee's earnings, cash flow, competitiveness, business resilience, reputation, and other risk-return balance. In the case of investing, the material impact is positive. )
公司治理因素已經(或可能會)對被投資對象的收益、現金流、競爭力、業務彈性、聲譽和其他風險收益平衡產生重大[ii]影響 (Governance factors have (or likely will have) a material[ii] impact on the investee's earnings, cash flow, competitiveness, business resilience, reputation, and other risk-return balance. In the case of investing, the material impact is positive. )
我們沒有投資/撤資基礎的特定系統或方法。投資組合經理根據自己的意願行事。 (We do not have a system or method of arriving at a basis for investment/divestment. The portfolio manager acts according to their wishes.)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
11. 投資組合經理的流動率：過去12個月內，投資組合經理的流動率是多少？請提供負責本策略的投資組合經理的流動率，包括提前退休的經理。
Portfolio managers' turnover: What is the portfolio managers' turnover rate over the last 12 months? Please provide a turnover rate for the PMs responsible for this strategy. Please include those who took early retirement.

<30%

<50%

大於51% 低於70% (>51% but less than 70%)

>71%
12. 分析師的流動率：過去12個月內，分析師的流動率是多少？請提供負責本策略的分析師流動率，包括提前退休的分析師。
Analysts' turnover: What is the analysts' turnover rate over the last 12 months? Please provide a turnover rate for the analysts responsible for this strategy. Please include those who took early retirement.

<10%

<30%

<50%

大於51% 低於70% (>51% but less than 70%)

>71%
13. 研究資源：對本基金/策略所涵蓋的證券，每一位分析師平均負責研究多少證券？
Research resources: How many securities does each analyst responsible for this fund cover on average?

低於50 (Fewer than 50)

50 - 69

70 - 89

90 - 109

110 - 129

130及以上 (130 or more)
14. 研究深度：您的研究決定是仰賴哪一種研究而做出的？請選擇所有適用項：
Research depth: What types of research do you rely on to make investment decisions? Select all that are applicable:
我們專有的財務模型 (Our proprietary financial models)
對被投資企業的實地考察：我們觀察運營員工的效率、生產力、態度和主動性。 (Site visits to investees' facilities: We observe operational employees' effectiveness, productivity, attitude, initiative)
對被投資企業的實地考察：我們觀察被投資對象的競爭力具有顯著影響的關鍵流程或項目生產。 (Site visits to investees: We observe the key processes or production of items that are salient to the investees' competitiveness)
在所有投資分析師的預定會議之外與被投資企業的管理層進行一對一的對話 (One-to-one conversations with investees' management outside of scheduled conferences for all investment analysts)
我們與知情的第三方核實被投資企業的宣稱，包括但不限於供應商、客戶、分銷商、競爭對手和行業專家 (We verify investees' claims with informed third parties, including but not limited to suppliers, customers, distributors, competitors, and industry specialists)
為所有投資分析師安排的季度電話會議或與被投資方管理層的會議 (Earnings conference calls or meetings with investees' management which are scheduled for all investment analysts )
專門從事特定行業、科技技術、地域、經濟、因素等獨立顧問 (Independent consultants specializing in specific sectors, technologies, geographies, economies, factors, etc.)
賣方經紀商的研究 (Sell-side brokers' research)
以上皆非 (None of the above)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
15. 實例說明：請提供一個實際的例子來說明您如何執行下列選項之一
Actual Example - Please provide an ACTUAL example of how you executed ONE of the following.

在市場壓力下如何管理投資組合流動性。你做了哪些關鍵的決定，理由和結果是什麼？ (How you managed portfolio liquidity during a time of market stress. What critical decisions did you make, and what were the rationale and outcome?)

在充滿挑戰的市場條件下，您如何管理受限/不受限基金的風險，以及這些措施如何與投資人利益保持一致？ (How did you manage the risks of a constrained/unconstrained fund during challenging market conditions, and how did these actions align with investors? )

您對於確定證券權重，對特定證券投資或者撤資，是經過怎樣的考慮的？ (What was your thought process behind security weight/investment/divestment into specific securities)

您如何將ESG納入投資/撤資決策過程，結果如何？ (How did you integrate ESG into the investment/divestment decision-making process, and what is the outcome? )

當投資組合經理或分析師流動率較高時貴公司有哪些舉措，帶來什麼結果？ (How was a period of relatively high turnover among the portfolio managers or analysts managed, and what was the outcome? )

與投資組合如何管理以及如何滿足投資人需求相關的其他領域？ (Other areas related to how the portfolio is managed and how does that serve investors' needs? )
請以500字內簡要描述主要挑戰、採取的操作、結果和吸取的經驗：
Please briefly describe the critical challenge/s, actions taken, results and lessons learned, in a maximum of 500 words:

支柱能力3：風險管理與績效
Pillar 3: Performance & Risk Management
請留意: 在回答此支柱能力的問題時，請提供與本基金/策略直接相關的答案。它們不適用於公司所有基金/策略的答案。 Note: When answering the questions in this pillar, please respond directly relevant to this specific fund/strategy. They should NOT be general answers that generally apply to all your firm's funds/strategy. [i]具體的定義：明確定義的框架、參數、原則、方法/技術和目標可供即將實施 [i] Definition of concrete: Explicitly and clearly defined framework, parameters, principles, methods/techniques, and objectives are available for imminent implementation [ii]投資上限示例：每個投資者僅限於在該基金總資產管理規模的10%以內或其他數值。 [ii] example of investment cap: Each investor is limited to 10% of the fund's total AUM or another quantum [iii]投資上限計算公式：[每個投資人當前投資+其未來預期投資）/基金在投資人新投資後基金的 AUM]*100%例如：目前 AUM 規模為 1 億美元；投資人 K 目前的投資額為 900 萬美元，希望進一步投資 100 萬美元；因此，K 的 1000 萬美元總投資額佔總投資後 AUM 的 9.9%。 [iii] Formula for investment cap: [(Each investor's current investment + his/her intended future investment) / fund's total AUM post new investment from the investor]*100% Example: Current fund AUM is $100 mn; investor K has a current investment of $9 mn and wishes to make a further investment of $1 mn; therefore, K's total $10 mn constitutes 9.9% of total post-investment AUM. [iv] 恢復的定義：完全賺回所造成的損失。例如，該基金在此期間的跌幅為-50%。要花多長時間才能全面恢復，實現 100%的增長？ [iv] Definition of recovery: Fully regaining the loss made. For example, the fund's drawdown was -50% during the period. How long did it take to make gains of 100% to make a full recovery?
1. 超額報酬來源：在過去的3年中，主要的超額報酬的來源是什麼？請選擇所有使用項：
Alpha sources: What were the significant sources of alpha over the last 3 years? You may choose more than one option:
市場定價錯誤的證券 (Securities mispriced by the market)
被市場誤解的證券 (Securities misunderstood by the market)
受惠於週期性因素的證券 (Securities that benefited from cyclical factors)
散戶投資人和/或小型機構擁有者無法接觸到的證券 (Securities that are relatively inaccessible by retail investors and/or smaller institutional asset owners)
特殊情況的證券 (Securities in special situations)
在市場恐慌之際選擇基本面強的證券 (Picking up securities with solid fundamentals during times of market panic)
風險預算與配置 (Risk budgeting and allocation)
資產配置於特定產業、地區、資產類別 (Asset allocation to specific sectors, geographies, asset classes)
我們不清楚超額報酬來源 (We have no alpha sources)
我們認為超額報酬來源並不重要 (We think sources of alpha are not important)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
2. 壓力測試：過去3年內是否對該基金/策略進行過壓力測試？請選擇是或否，然後選擇其下面符合的選項。
Stress test: Have stress tests been performed on this fund or strategy in the last 3 years? Please select only one answer:

是的，壓力該基金有做壓力測試. 請選擇所有合適選項： (Yes, Stress test scenarios were applied in the stress test that has already been performed? Please select all that apply: )

不，但我們有具體[i]計劃，有明確的時間表，在未來12個月內至少進行一次壓力測試 (No, but we have concrete[i] plans, with a definite schedule, to perform at least one stress test within the next 12 months)

不，並且我們没有具體[i]計劃在未來12個月內進行任何壓力測試 (No, and we have NO concrete[i] plans to perform any stress test within the next 12 months)

我們不知道在此期間是否進行了任何壓力測試，我們也不知道任何針對此的具體計劃。 (We do not know whether any stress test has been performed during this time, and we are not aware of concrete plans for one )

基金成立時間少於3年 (Inception period less than 3 years)
已選：是的，壓力該基金有做壓力測試. 請選擇所有合適選項：
Selected: Yes - Stress test scenarios were applied in the stress test that has already been performed? Please select all that apply:
市場波動性大幅上升 (Market volatility rising materially)
資產價格暴跌（或空頭大幅上漲） (Asset prices falling materially (or, in the case of short positions, rising materially))
流動性迅速大幅萎縮 (Liquidity shrinking rapidly and materially)
基金的風險/回報超出投資人的預期 (The fund's risk/return exceeding target investors' profile)
不同資產類別/行業/地區等之間的相關性迅速上升 (Correlations rising rapidly among diverse asset classes/sectors/geographies/etc)
利率大幅上升 (Interest rates rising substantially)
債券收益率利差大幅擴大 (Bond yield spreads widening significantly)
該基金/策略凈流出大幅上升 (Net outflows for your fund or strategy rising materially)
我們的基金通過了壓力測試 (Our fund passed the stress test)
我們沒有通過測試，但我們已經解決（或正在解決/有具體[i]計劃解決)投資組合在受壓市場條件下保障投資人的資產 (We did not pass the test, but we have addressed (or are addressing/have concrete[i] plans to address) the portfolio's ability to protect investors' capital in stressed market conditions)
在提交此問卷時，我們現在正在等待壓力測試結果 (We are waiting for the results of the stress test at the time of this submission )
我們不能透露壓力測試的結果 (We cannot divulge the results of the stress test)
已選：不，但我們有具體[i]計劃，有明確的時間表，在未來12個月內至少進行一次壓力測試
Selected: No, but we have concrete[i] plans - What scenarios will you use? Please select all that apply:
市場波動性大幅上升 (Market volatility rising materially)
資產價格暴跌（或空頭大幅上漲） (Asset prices falling materially (or, in the case of short positions, rising materially))
流動性迅速大幅萎縮 (Liquidity shrinking rapidly and materially)
基金的風險/回報超出投資人的預期 (The fund's risk/return exceeding target investors' profile)
不同資產類別/行業/地區等之間的相關性迅速上升 (Correlations rising rapidly among diverse asset classes/sectors/geographies/etc)
利率大幅上升 (Interest rates rising substantially)
債券收益率利差大幅擴大 (Bond yield spreads widening significantly)
該基金/策略凈流出大幅上升 (Net outflows for your fund or strategy rising materially)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
3. 每位投資者的投資上限[ii]：您是否有限制每位投資者在基金總資產管理規模(AUM)的百分比，以限制任何一位投資人的過度投資？
Investment cap per investor[ii]: Do you limit each investor's investment to a certain percentage of the fund's total AUM to restrict overexposure to any single investor?

是的，我們目前有每位投資者的可以投資該基金的最高限額 (Yes, we currently have a cap and the maximum[iii] each investor can invest into the fund:)

不，我們目前沒有上限，但有具體計劃[i]在未來12個月內設立上限 (No, we do NOT currently have a cap but have concrete[i] plans to institute one within the next 12 months)

不，我們目前沒有上限，也沒有明確的計劃 (No, we do not currently have a cap and have NO definite plans for one)
已選：是的，我們目前有每位投資者的可以投資該基金的最高限額
Selected: Yes, we currently have a cap and the maximum[iii] each investor can invest into the fund:

每位投資者最多可投資本基金資產管理規模的10% (Each investor is allowed to invest a maximum of up to 10% of the Fund's AUM )

每位投資者最多可投資本基金資產管理規模的11-15% (Each investor is allowed to invest a maximum of up to 11-15% of the Fund's AUM)

每位投資者最多可投資本基金資產管理規模的16-20% (Each investor is allowed to invest a maximum of up to 16-20% of the Fund's AUM)

每位投資者最多可投資本基金資產管理規模的21-30% (Each investor is allowed to invest a maximum of up to 21-30% of the Fund's AUM)

每位投資者最多可投資本基金資產管理規模的31-40% (Each investor is allowed to invest a maximum of up to 31-40% of the Fund's AUM)

每位投資者最多可投資本基金資產管理規模超過40% (Each investor may account for more than 40% of the Fund's AUM)
4. 回撤恢復：自基金成立以來，從最大回撤恢復需要多長時間[v] 請選擇一個符合的選項
Drawdown recovery: How long did it take for the fund to recover[iv] from its maximum drawdown since inception? Please select only one answer.

6週或更少 (6 weeks or fewer)

7-12週 (7-12 weeks)

13-18週 (13-18 weeks)

19-24 週 (19-24 weeks)

25-30週 (25-30 weeks)

31-37週 (31-37 weeks)

38-43週 (38-43 weeks)

44-49週 (44-49 weeks)

50週或以上 (50 weeks or more)

基金的跌幅發生在提交文件時不到 24 週前，尚未完全恢復 (The fund's drawdown occurred less than 24 weeks ago, at the time of this submission, and has not yet fully recovered)

我們不想透露有關本基金在這段時間內從最急劇跌幅中恢復的資訊 (We prefer not to divulge information about the fund's recovery from its steepest drawdown during this period)
5. 實例說明：請提供一個實際的例子來說明您如何執行下列選項之一
Actual Example - Please provide an ACTUAL example of how you executed ONE of the following.

得到壓力測試的結果後，您採取了哪些對應措施？ (What steps did you take in response to the results of your stress test/s?)

如何應對最大跌幅？做出了哪些決策，理由是什麼？ (How did you respond to the maximum drawdown period, and what was the rationale behind the decisions taken?)

你是如何使基金在最大跌幅後完全恢復的？ (How did you steer the fund to full recovery after the maximum drawdown?)
請以500字內簡要描述主要挑戰、採取的操作、結果和吸取的經驗：
Please briefly describe the critical challenge/s, actions taken, results and lessons learned, in a maximum of 500 words:

支柱能力4：盡職治理
Pillar 4: Stewardship
請留意: 在回答此支柱能力的問題時，請提供與本基金/策略直接相關的答案。它們不適用於公司所有基金/策略的答案。 Note: When answering the questions in this pillar, please respond directly relevant to this specific fund/strategy. They should NOT be general answers that generally apply to all your firm's funds/strategy. [i]盡職治理是一套指導負責任持股的行為/原則/政策。管理者投資時要意識到被投資企業不僅能夠為股東創造長期價值，而且能夠為社會和經濟創造長期價值。 [i] Stewardship is a set of behaviors, principles, and/or policies guiding responsible shareholding. Stewards invest with awareness of the investees' ability to create long-term value not just for shareholders but also for society and the economy. [ii] 重大影響是指有可能影響公司財務狀況或經營業績的問題，因此對投資者而言最為重要。重要性因行業和商業模式而異。它們可能包括但不限於供應鏈、員工福利、環境實踐、產品安全等。 [ii] Material impacts are events likely to affect a company's operations and financial position, positively or negatively. Materiality varies from one industry to another and one business model to another. They may include but are not limited to supply chain, employee welfare, environmental practices, product safety, etc. [iii]具體的定義：明確定義的框架、參數、原則、方法/技術和目標可供即將實施。 [iii] Definition of concrete: Explicitly and clearly defined framework, parameters, principles, methods/techniques, and objectives are available for imminent implementation [iv] 適應 CFA 協會投資產品 ESG 披露準則意見徵詢稿，2021 年 5 月 [iv] Adaptation of the Exposure Draft CFA Institute ESG Disclosure Standards For Investment Products, May 2021
1. 盡職治理行為：已代表投資者開展了盡職治理的行為 [iv]，這些行為包括：
Stewardship Activity: Engagement activities [iv] have been undertaken on behalf of investors to put stewardship into effect. These activities include:
參加股東大會 (Participation in a shareholder meeting)
對管理層或股東決議投票，投棄權票或拒絕投票 (Casting, abstaining, or withholding a vote on a management or shareholder resolution, on management or shareholder resolution)
提交股東決議 (Filing a shareholder resolution)
與被投資公司的業務關係的開始、延續、修改或終止 (Commencement, continuation, modification, or discontinuation of an engagement with an investee company)
履行契約 (Enforcement of covenants)
行使認股權證或嵌入式期權 (Exercise of warrants or embedded options)
證券借貸 (Lending of securities)
擔任被投資公司董事會成員，負責被投資公司的招聘、解聘和指導管理層。 (Taking a seat on the board of directors of an investee company, hiring, firing, and directing the management of an investee company)
維護和改善不動產和實物資產 (Maintenance and improvement of real estate and physical assets)
倡導強有力的環境、社會或治理實踐 (Advocating for strong environmental, social, or governance practices)
對影響或可能影響投資產品的公共政策或建議，表明立場支持或反對 (Stating a position or advocating for or against public policies or proposals that affect, or may affect, the investment product)
2. 盡職治理範圍 – 監督：我們對被投資對象/潛在被投資對象的監督範圍包括以下內容：
Stewardship Monitoring scope: Our stewardship for investees/potential investees monitoring scopes include the following:
關於環境重大問題 (On material[ii] environmental issues)
關於碳足跡和氣候風險披露 (On carbon footprint and exposures to climate risk)
關於社會重大問題 (On material[ii] social issues)
關於治理重大問題 (On material[ii] governance issues)
關於企業文化和薪酬 (On corporate culture and remuneration)
關於資本結構 (On capital structure)
關於戰略 (On strategy)
整體重大風險 (On overall material risks)
關於透明度 (On transparency)
我們目前不監控上述任何一項，但我們有具體計劃[iii]在未來12個月內開始至少監控上述部分 (We do not currently monitor any of the above, BUT we have concrete[iii] plans to begin monitoring at least some of the above within the next 12 months)
我們沒有做上述任何內容，也並沒有具體計劃[iii]去做 (Do not do any of the above and have no concrete[iii] plans to do so)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
3. 盡職治理團隊：設立了一個專門的盡職治理團隊 [iv] 來管理具體的公司和問題，其中包括以下：
Stewardship Team: A dedicated stewardship team [iv] is set up to flag specific companies and issues for engagement which includes the undertakings below:
所有書面溝通和會議記錄，包括審計參與的目標結果，都記錄在盡職管理系統中 (All written communications and meeting records, including targeted outcomes of the engagement, are logged in the stewardship management system )
參與旨在改善公司的環境和社會資源管理，並降低與環境和社會實踐活動相關的風險 (Engagement is undertaken with the intent to improve a company's environmental and social resource management and to reduce risks related to environmental and social practices or activities)
參與活動包括面對面和虛擬會議、書面信函和電子郵件 (Engagement activities include in-person and virtual meetings, written correspondence, and emails)
參與活動可與公司董事會、執行管理層或投資者關係進行，可以獨立進行，也可以通過基金的代理投票和參與服務提供商與其他投資者合作進行 (Engagement may occur with a company's board of directors, executive management, or investor relations and may be conducted independently or in collaboration with other investors through the fund's proxy voting and engagement service provider)
基金的管理團隊每季度根據目標結果審查每項參與工作的進展，並根據需要確定後續步驟 (The Fund's Stewardship Team reviews progress toward each engagement effort quarterly against the targeted outcomes and determines next steps as needed)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
4. 代理投票：在產品層面，我們有透明的代理投票[iv]政策，這是該特定投資策略所獨有的
Proxy Voting: At the product level, we have transparent proxy voting [iv] policies that are unique to this particular investment strategy:

是 (Yes)

我們沒有進行投票 (We do not vote)

我們不能/不願意透露我們的投票實踐 (We cannot/prefer not to divulge our voting practices)
已選：是
Selected: Yes
我們披露投資組合經理對投資產品進行代理投票，而被投資方的參與則在組織層面處理 (We disclose that the portfolio managers undertake proxy voting for the investment product while investee engagements are handled at the organizational level)
公司的代理投票委員會完全自主決定投票決議 (The firm's Proxy Voting Committee purely determines voting decisions)
公司的代理投票委員會結合策略團隊和第三方代理顧問的意見來決定投票決議 (The firm's Proxy Voting Committee determines voting decisions in conjunction with input from the strategy teams and a third-party proxy advisor)
所有代理投票都記錄並存儲在我們的內部代理投票和參與系統中 (All proxy votes are recorded and stored in our internal proxy voting and engagement system)
在投票反對管理層時，通常會根據以下問題確定優先級： (When voting against management, the following issues are typically prioritized based on:)
我們可能會在某個問題上投票反對管理層，並且當代理投票委員會在某個問題上投票反對管理層時： (We may vote against management on an issue, and when the Proxy Voting Committee has voted against management on an issue:)
已選：在投票反對管理層時，通常會根據以下問題確定優先級：
Selected: When voting against management, the following issues are typically prioritized based on:
對公司財務表現的潛在影響 (Their potential to affect a company's financial performance)
董事會獨立性 (Board independence)
問責 (Accountability)
股東權利 (Shareholder rights)
透明度 (Transparency)
ESG報告 (ESG reporting)
工作場所健康和安全問題 (Workplace health and safety issues)
可能增加監管罰款或風險的環境資源管理問題 (Environmental resource management issues that may increase the likelihood of regulatory fines or risks)
已選：我們可能會在某個問題上投票反對管理層，並且當代理投票委員會在某個問題上投票反對管理層時：
Selected: We may vote against management on an issue, and when the Proxy Voting Committee has voted against management on an issue:
參與團隊發起參與工作，與管理層討論具體的問題 (The engagement team initiates an engagement effort to discuss our specific concerns with management )
我們與公司合作以鼓勵最佳治理實踐，包括那些與重大 ESG 信息報告相關的治理實踐 (We engage with companies to encourage best governance practices, including those related to reporting on material ESG information)
我們會啟動參與工作，並在我們的代理投票和參與系統中創建文件，其中包括公司名稱、確定的具體問題、目標結果和初始書面溝通的副本 (An engagement effort will be initiated, and a file is created in our proxy voting and engagement system that includes the company name, the specific issue identified, the targeted outcome, and a copy of the initial written communication)
根據建議的跟進時間設置自動提醒，用定期於審查每一個參與工作 (An automatic alert for review of each individual engagement effort is put in place based on the recommended follow-up time frame)
參與團隊持續跟踪和審查參與工作和進展 (Engagement efforts and progress are tracked and reviewed on an ongoing basis by the engagement team)
我們的參與政策，建議持續進行參與 (Continued engagement efforts are recommended per our engagement policy)
與公司管理層的任何會議記錄或所有書面溝通摘要都記錄並保存在中央內部數據庫中 (All written communications and summaries of any meetings with company management are documented and maintained in the centralized internal database)
參與團隊每季度向投資組合經理提供更新，並根據需要與他們會面 (The engagement team provides quarterly updates to portfolio managers and meets with them as needed)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
5. 投票披露：請選擇描述貴公司與投票相關的行為說明，可選擇多個適用項
Voting Disclosure: Please select the statements that describe your firm's practices related to voting. You may select more than one statement:
所有投資者（從散戶到機構資產所有者）都可以獲得我們關於投票的信息，他們無需提出要求，即可在我們的網站或其他線上電子位置紀錄查閱。 (Our disclosure on voting is available to ALL investors, from retail to institutional asset owners, without them having to make a request, i.e., the disclosure is on our website or another electronically accessible venue)
我們的投票僅對機構投資資產所有者，包括家族辦公室開放。他們無需提出要求，即他們可以通過電子方式訪問披露 (Our disclosure on voting is available ONLY to institutional asset owners, including family offices, without them having to make a request, i.e., the disclosure is electronically accessible to them )
我們僅在投資者要求披露時才披露我們的投票和理由 (We disclose our votes and rationale ONLY if an investor asks for disclosure)
在我們的披露中，我們以簡單易懂的語言解釋每一次投票背後的理由 (In our disclosures, we explain in plain, clear, unambiguous language the rationale behind every vote)
在我們的披露中，我們解釋了每一次投票背後的理由，但我們不會嘗試用直白，明確的語言來表達。 (In our disclosures, we explain the rationale behind every vote, BUT we do not make an effort to present it in plain language, clear, unambiguous language)
我們目前沒有披露我們的投票和理由，但我們有在未來12個月內這樣做的具體計劃 (We do not currently disclose our votes and rationale, but we have concrete plans to do so within the next 12 months)
我們沒有披露，也沒有計劃披露我們的投票 (We do not disclose and have no plans to disclose our voting)
我們沒有進行投票 (We do not vote)
我們不能/不願意透露我們的投票實踐 (We cannot/prefer not to divulge our voting practices)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
6. 參與頻率：在過去一年中，我們與被投資對象/潛在被投資對象就上述重大[ii]問題進行了接觸：請包括集體參與和單獨進行的參與。
Engagement frequency: Teamwide over the last 1 year, we have engaged with investees/potential investees on the material[ii] issues selected above: Please include both collective engagement and engagement conducted on your own.

平均每年一次 (Once a year on average)

平均每年兩次 (Twice a year on average)

平均每季一次 (Once a quarter on average)

平均每兩個月一次 (Once every two months on average)

平均每月一次 (Once a month on average)

平均每月一次以上 (More frequently than once a month on average)

我們目前沒有參與 (We currently have no engagement)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
7. 參與披露：您是否向投資人披露了您的主要參與活動及其結果？
Engagement Disclosure: Do you disclose your key engagement activities, along with the outcomes, to investors?

是的，我們在關於盡職管理的專門報告中披露(電子方式或印刷品) (Yes, we disclose in a separate report devoted to stewardship (electronic or printed))

是的，我們將披露作為定期報告的一部分，如資料摘要和年度報告等 (Yes, we disclose as part of scheduled reporting, such as factsheets and annual reports, etc)

是的，我們在網站上向投資人披露了這些資訊 (Yes, we disclose on our website, which is accessible to investors)

是的，我們會披露，但只有在投資人要求時才會披露 (Yes, we disclose but only when investors request for it)

不，我們目前沒有披露，但我們在未來十二個月內有具體[iii]的計劃 (No, we do not currently disclose, but we have concrete[iii] plans within the next 12 months)

沒有，我們目前沒有披露，也沒有具體[iii]的計劃披露 (No, we do not currently disclose and have no concrete[iii] plans to disclose)
如有附加說明，限250字以內
Additional Remarks, if any (maximum 250 words)
8. 實例說明：請提供一個實際的例子來說明您如何執行下列選項之一
Actual Example - Please provide an ACTUAL example of how you executed ONE of the following.

基於您參與盡職調查活動後，發生了的投資/撤資/持股比重的變化 (An investment/divestment/change in security weight resulting from your engagement activities)

您的盡職治理核心/框架/理念/方法在過去幾年中是如何發展的，這些變化是如何影響投資者和貴公司的操作？ (How your stewardship code/framework/philosophy/methods/approach has, or has, evolved over the years. How do these changes affect investors and the community your firm operates in? )

您如何調整貴公司在亞洲的盡職治理實踐和方法，調整背後的基本原理和結果 (How you've adapted your firm's stewardship practices/approaches for Asia, the rationale behind the adaptation/s and the outcome/s)
請以500字內簡要描述主要挑戰、採取的操作、結果和吸取的經驗：
Please briefly describe the critical challenge/s, actions taken, results and lessons learned, in a maximum of 500 words:
支柱能力5：企業責任與實力
Pillar 5: Corporate Responsibility and Strength
請於獨立「支柱能力5：企業責任與實力」問卷完成此支柱能力。對於貴公司申報的所有投資策略，您只需要對支柱能力5提供一次回答。 Please complete this pillar in separate "Pillar 5: Corporate Responsibility and Strength" questionnaire. You will only need to respond to Pillar 5 ONCE for all your firm's investment strategies.
請提供以下附件
- SITCA或其當地主管機關核准之基本資料
- 基金公開說明書
- 簡式公開說明書
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最佳基金公司獎 - 股票（傳統做多）

支柱能力1：投資方法
Pillar 1: Investment Approach

支柱能力2：投資組合管理
Pillar 2: Portfolio Management

支柱能力3：風險管理與績效
Pillar 3: Performance & Risk Management

支柱能力4：盡職治理
Pillar 4: Stewardship

Company Address

Email Address

Telephone Number

最佳基金公司獎 - 股票（傳統做多）

支柱能力1：投資方法Pillar 1: Investment Approach

支柱能力2：投資組合管理Pillar 2: Portfolio Management

支柱能力3：風險管理與績效Pillar 3: Performance & Risk Management

支柱能力4：盡職治理Pillar 4: Stewardship

Company Address

Email Address

Telephone Number

支柱能力1：投資方法
Pillar 1: Investment Approach

支柱能力2：投資組合管理
Pillar 2: Portfolio Management

支柱能力3：風險管理與績效
Pillar 3: Performance & Risk Management

支柱能力4：盡職治理
Pillar 4: Stewardship