2008 ( )
1
2008
2008 ( )
2
2008 ( )
3
4
5
6
9
27
28
28
31
2008 ( )
4
1 Strategic Asset Allocation (Asset Class) 2 Tactical Asset Allocation ETF market position intrinsic value earning surprise investment trend 60% MSCI MSCI World Index +40% MSCI MSCI Emerging Markets Index
2008 ( )
5
manager@southernfund.com custody@icbc.com.cn
The Bank of New York Mellon
One Wall Street New York, NY10286
Thomas Renyi Chairman Robert Kelly Chief Executive Officer
BNY Mellon Asset Management
International Limited
160
Alan Mearns Chief Executive Officer
http://www.nffund.com
-4,426,808,537.41
-3,929,761,059.43
-0.1559
-5,842,786,420.50
-0.2151
2008 ( )
6
21,314,368,762.44
0.785
-18.73%
-16.22%
-21.50%
1
2
2008 ( )
7
2008 ( )
8
2008 ( )
9
2008 6 30 2007 12 31
1,425,024,606.32 1,201,966,393.75
1,9 78 .1 3 19,551,156,319.59 28,269,312,275.87
5,428,279,984.46 9,289,492,416.63
14,122,876,335.13 18,979,819,859.24
163,873,000.00 199,849,000.00
246,050,363.03
67,561.94 234,928.06
40,420,310.64 202,955,539.08
625,154.97 56,962,631.43
21,427,219,294.62
29,931,280,768.19
2008 ( )
10
13,741,204.12 1,469,698,635.40
59,829,033.70 126,895,321.54
33,377,595.11 84,035,306.62
5,412,582.99 24,860,017.01
1 5,9 99 .0 6
474,117.20 638,240.81
112,850,532.18 1,706,127,521.38
27,157,155,182.94 30,113,695,452.01
(5,842,786,420.50) (1,888,542,205.20)
21,314,368,762.44 28,225,153,246.81
21,427,219,294.62 29,931,280,768.19
27,157,155,182.94 30,113,695,452.01
0.785 0.937
13,371,493.09
5,687,475.91
7,684,017.18
(3,584,699,908.80)
(1,457,703,469.33)
(2,474,873,363.02)
215,562,091.74
52,395,125.83
79,919,705.98
(497,047,477.98)
3,863,891.86
(4,064,512,001.83)
(216,987,253.36)
(35,187,122.10)
(65,747,314.29)
2008 ( )
11
(44,101,352.49)
(273,493.34)
(362,296,535.58)
(4,426,808,537.41)
30,113,695,452.01
(1,888,542,205.20)
28,225,153,246.81
--
(4,426,808,537.41)
(4,426,808,537.41)
(2,956,540,269.07)
472,564,322.11
(2,483,975,946.96)
701,424,858.35
(94,445,168.85) 606,979,689.50
(3,657,965,127.42)
567,009,490.96 (3,090,955,636.46)
--
--
--
27,157,155,182.94
(5,842,786,420.50)
21,314,368,762.44
2008 ( )
12
( )
( )
( )
( )
1.85%
X 1.85% /
216,987,253.36
0.3%
X 0.3% /
35,187,122.10
2008 6 30 76,739,368.83 2008 6 30 1,348,285,237.49 2,972,317.06 2,715,158.85
2008 ( )
13
( )
1,950,000,000.00
76,288,348.88 821,299,337.18
(a) 1,348,736,257.44 380,667,056.57
1,425,024,606.321,201,966,393.75
(a)
1,533,616,617.14 0.87917 1,348,309,721.29
62,185.44 6.8591 426,536.15
1,348,736,257.44
406,280,971.46 0.93638 380,433,376.06
31,990.87 7.3046 233,680.51
380,667,056.57
6,741,818,070.44 5,428,279,984.46 (1,313,538,085.98)
14,053,729,741.08 14,122,876,335.13 69,146,594.05
20,795,547,811.5219,551,156,319.59 (1,244,391,491.93)
2008 ( )
14
9,336,949,956.09 9,289,492,416.63 (47,457,539.46)
19,715,682,333.73 18,979,819,859.24 (735,862,474.49)
29,052,632,289.8228,269,312,275.87 (783,320,013.95)
- 163,873,000.00163,873,000.00
- 199,849,000.00199,849,000.00
49,270.18 234,928.06
18,291.76 --
67,561.94 234,928.06
225,483.36 478,240.81
248,633.84 160,000.00
474,117.20 638,240.81
30,113,695,452.01 30,113,695,452.01
701,424,858.35 701,424,858.35
(3,657,965,127.42) (3,657,965,127.42)
27,157,155,182.94 27,157,155,182.94
2008 ( )
15
29,992,251,706.52 29,992,251,706.52
5,899,499.88
5,899,499.88
29,998,151,206.40 29,998,151,206.40
340,685,164.58
340,685,164.58
(225,140,918.97)
(225,140,918.97)
30,113,695,452.01 30,113,695,452.01
9,137,598,376.74
(10,595,301,846.07)
(1,457,703,469.33)
30,723,279,805.73
(33,198,153,168.75)
(2,474,873,363.02)
215,560,000.00
2,091.74
215,562,091.74
23,677,009.94
28,718,115.89
52,395,125.83
2008 ( )
16
(1,266,080,546.52)
805,009,068.54
(35,976,000.00)
(497,047,477.98)
25%
16,773.50
149,179.94
99,453.90
6,000.00
2,086.00
273,493.34
(a)
2008 ( )
17
(b) 10% 10%
(c) 50% ( )
2008 6 30 1 1 3 3 1
( )
- ( ) 2,730,117,000.00 6,074,038,000.00 1,207,386,000.00 10,011,541,000.00
- ( ) 390,000,000.00 870,000,000.00 180,000,000.00 1,440,000,000.00
2007 12 31 1 1 3 3 1
2008 ( )
18
( )
- ( ) 745,000,000.00 3,696,100,000.00 6,289,870,000.00 10,730,970,000.00
- ( ) 100,000,000.00 500,000,000.00 870,000,000.00 1,470,000,000.00
(d)
(i)
60%-100% 0%-40% 2008 6 30
2008 6 30 2007 12 31
-
5,428,279,984.46 25.47%9,289,492,416.63 32.91%
-
14,122,876,335.13 66.26%18,979,819,859.24 67.24%
-
163,873,000.00 0.77%199,849,000.00 0.71%
19,715,029,319.5992.50%28,469,161,275.87 100.86%
2008 6 30 5% 8.81 2007 12 31 19.44 5% 8.81 2007 12 31 19.44
(ii)
2008 ( )
19
2008 6 30 1 1 5 5
1,425,024,606.32 - - - 1,425,024,606.32
1,978.13 - - - 1,978.13
2,321,306,879.79 - - 17,229,849,439.80 19,551,156,319.59
- - - 163,873,000.00 163,873,000.00
246,050,363.03 - - -
246,050,363.03
- - -
67,561.94
67,561.94
- - -
40,420,310.64
40,420,310.64
- - -
625,154.97
625,154.97
3,992,383,827.27 - - 17,434,835,467.35 21,427,219,294.62
- - -
13,741,204.12
13,741,204.12
- - -
59,829,033.70
59,829,033.70
- - -
33,377,595.11
33,377,595.11
- - -
5,412,582.99
5,412,582.99
- - -
15,999.06
15,999.06
- - -
474,117.20
474,117.20
- - -
112,850,532.18
112,850,532.18
3,992,383,827.27 - - 17,321,984,935.17 21,314,368,762.44
2007 12 31 1 1 5 5
1,201,966,393.75 - - - 1,201,966,393.75
1,782,687,158.20 - - 26,486,625,117.67 28,269,312,275.87
- - - 199,849,000.00 199,849,000.00
- - - 234,928.06 234,928.06
- - - 202,955,539.08 202,955,539.08
- - - 56,962,631.43 56,962,631.43
2,984,653,551.95 - - 26,946,627,216.24 29,931,280,768.19
2008 ( )
20
- - - 1,469,698,635.40 1,469,698,635.40
- - - 126,895,321.54 126,895,321.54
- - - 84,035,306.62 84,035,306.62
- - - 24,860,017.01 24,860,017.01
- - - 638,240.81 638,240.81
- - - 1,706,127,521.38 1,706,127,521.38
2,984,653,551.95 - - 25,240,499,694.86 28,225,153,246.81
2008 6 30
(iii)
2008 6 30
2008 6 30
1,348,309,721.29 426,536.15 76,288,348.88 1,425,024,606.32
- - 1,978.13
1,978.13
5,428,279,984.46 14,122,876,335.13 - 19,551,156,319.59
- - 163,873,000.00163,873,000.00
- - 246,050,363.03246,050,363.03
18,732.95 136.50 48,692.49
67,561.94
26,838,754.63 13,581,556.01 -
40,420,310.64
- - 625,154.97
625,154.97
6,803,447,193.33 14,136,884,563.79 486,887,537.50 21,427,219,294.62
- 13,741,204.12 -
13,741,204.12
- -
59,829,033.70
59,829,033.70
- -
33,377,595.11
33,377,595.11
- -
5,412,582.99
5,412,582.99
-
15,999.06
15,999.06
- -
474,117.20
474,117.20
- 13,741,204.12 99,109,328.06 112,850,532.18
6,803,447,193.33 14,123,143,359.67 387,778,209.44 21,314,368,762.44
2008 ( )
21
2007 12 31
380,433,376.06 233,680.51 821,299,337.18 1,201,966,393.75
9,289,492,416.63 18,979,819,859.24 - 28,269,312,275.87
- - 199,849,000.00199,849,000.00
- 81.96 234,846.10 234,928.06
- 202,657,837.08 297,702.00 202,955,539.08
- - 56,962,631.43 56,962,631.43
9,669,925,792.69 19,182,711,458.79 1,078,643,516.71 29,931,280,768.19
58,300,663.21 1,411,397,972.19 - 1,469,698,635.40
- - 126,895,321.54126,895,321.54
- - 84,035,306.62 84,035,306.62
- - 24,860,017.01 24,860,017.01
- - 638,240.81 638,240.81
58,300,663.21 1,411,397,972.19 236,428,885.98 1,706,127,521.38
9,611,625,129.48 17,771,313,486.60 842,214,630.73 28,225,153,246.81
2008 6 30 5% 10.46 2007 12 31 13.69 5% 10.46 2007 12 31 13.69
/( )
(1,615,393,151.91)
(2,643,223,076.02)
194,104,226.10
(4,064,512,001.83)
2008 ( )
22
14,136,457,891.14 19,182,711,458.79
6,803,422,702.76 9,669,925,792.69
487,338,700.72 1,078,643,516.71
21,427,219,294.62 29,931,280,768.19
(i)
(ii)
(iii)
5,428,279,984.46 25.33% 14,122,876,335.13 65.91%
1,671,074,969.35 7.80% 204,988,005.68 0.96% 21,427,219,294.62 100.00% 5,428,279,984.46 25.47% 5,428,279,984.46 25.47% -- -- 1,008,099,946.42 4.73%
608,466,532.43 2.86%
49,856,499.87 0.23%
-- --
-- --
-- --
137,895,352.82 0.65%
-- --
2008 ( )
23
289,602,571.85 1.36
131,112,107.89 0.62
-- --
-- --
86,246,577.00 0.40%
262,203,194.84 1.23%
71,979,406.24 0.34%
1,147,667,972.91 5.38%
308,375,822.94 1.45%
1,879,465,441.79 8.82%
-- --
55,775,089.89 0.26%
-- --
-- --
5,428,279,984.46 25.47%
China Construction Bank
Corporation 00939 77,132,000.00 425,860,241.96 2.00% HSBC Holdings plc 00005 4,000,000.00 425,166,612.00 1.99% China Mobile Limited 00941 4,533,500.00 417,703,162.04 1.96% China Life Insurance Company
Limited 02628 14,032,840.00 336,806,978.04 1.58% CNOOC Limited 00883 26,271,000.00 309,957,379.44 1.45% China Oilfield Services Limited 02883 22,528,000.00 277,283,184.64 1.30% China Shenhua Energy Company
Limited 01088 9,000,000.00 242,123,418.00 1.14% China Merchants Bank
Co.,Limited 03968 11,000,000.00 236,936,315.00 1.11% CNPC (Hong Kong) Limited 00135 66,060,000.00 213,726,930.34 1.00% Tencent Holdings Limited 00700 3,962,000.00 210,041,273.86 0.99% PETROCHINA Company Limited
00857 22,000,000.00 195,351,574.00 0.92%
Ping An Insurance (Group)
Company of China, Ltd.
( )
02318 3,775,000.00 192,494,271.50 0.90%
Alibaba.Com Limited
01688 19,703,500.00 190,549,987.05 0.89%
2008 ( )
24
China Unicom Limited
00762 14,400,000.00 183,317,495.04 0.86%
China Communications
Construction Company Limited
01800 14,771,000.00 173,236,175.73 0.81%
Bank of Communications Co., Ltd.
03328 20,620,000.00 165,513,071.70 0.78%
Aluminum corporation of china
limited
02600 18,000,000.00 142,267,289.40 0.67%
China Coal Energy Co.,Ltd.
01898 10,000,000.00 119,918,788.00 0.56%
ZTE Corporation
00763 3,030,200.00 99,635,878.93 0.47%
China Petroleum & Chemical
Corporation
00386 15,000,000.00 96,269,115.00 0.45%
China Power International
Development Limited
02380 45,000,000.00 86,246,577.00 0.40%
China COSCO Holdings Company
Limited
01919 4,300,000.00 71,979,406.24 0.34%
China Railway Group Limited
00390 13,493,000.00 68,921,943.11 0.32%
China Molybdenum Co., Ltd. - H
Shares
03993 11,200,000.00 65,579,048.64 0.31%
Hong Kong Exchanges and
Clearing Limited
00388 535,000.00 53,620,578.300.25%
China Mengniu Dairy Company
Limited
02319 2,566,000.00 49,856,499.86 0.23%
Lenovo Group Limited
00992 10,000,000.00 46,420,176.00 0.22%
China Travel International
Investment Hong Kong Limited
00308 23,242,000.00 43,115,041.89 0.20%
China BlueChemical Ltd.
03983 8,768,000.00 41,626,237.82 0.20%
Sinofert Holdings Limited
00297 7,558,000.00 40,200,839.50 0.19%
Sinotruk (Hong Kong) Ltd.
03808 5,818,500.00 38,570,497.86 0.18%
China Insurance International
Holdings Company Limited
00966 2,074,000.00 33,915,213.59 0.16%
Maanshan Iron and Steel Company
Limited
00323 6,884,000.00 27,416,494.45 0.13%
Harbin Power Equipment
Company Limited
01133 2,714,000.00 26,962,561.39 0.13%
BYD Electronic (International)
Co,Ltd.
( ) 00285 6,400,000.00 26,051,565.44 0.12%
Shenzhen Expressway Company
Limited
00548 5,000,000.00 20,045,076.00 0.09%
Little Sheep Group Limited
00968 5,000,000.00 12,660,048.00 0.06%
Honghua Group Limited
00196 4,000,000.00 11,780,878.00 0.06%
Bank of China Limited
03988 3,000,000.00 9,152,159.70 0.04%
2008 ( )
25
1 2% 20
China Mobile Limited
00941 870,242,475.52 3.08% HSBC Holdings plc
00005 646,145,855.33 2.29% China Life Insurance Company Limited
02628 619,566,829.50 2.20% China Construction Bank Corporation
00939 439,025,557.43 1.56% PETROCHINA Company Limited 00857 373,773,068.61 1.32% Ping An Insurance (Group) Company of
China, Ltd.
( )
02318 346,123,212.92 1.23% Aluminum corporation of china limited
02600 322,107,228.81 1.14% ZTE Corporation
00763 309,923,803.90 1.10% China Oilfield Services Limited
02883 299,125,851.28 1.06% Alibaba.Com Limited
01688 258,071,126.69 0.91% CNPC (Hong Kong) Limited ( ) 00135 247,471,692.95 0.88% Hong Kong Exchanges and Clearing
Limited
00388 233,228,319.30 0.83% Bank of China Limited
03988 228,363,669.19 0.81% Bank of Communications Co., Ltd.
03328 186,810,717.46 0.66% China Power International Development
Limited
02380 169,166,348.88 0.60% China Communications Construction
Company Limited
01800 167,538,232.22 0.59% China Railway Group Limited
00390 165,650,191.21 0.59% China Petroleum & Chemical Corporation
00386 147,585,156.73 0.52% Tencent Holdings Limited
00700 138,597,766.95 0.49% CNOOC Limited
00883 124,792,970.63 0.44%
2 2% 20
China Mobile Limited
00941 1,128,618,458.82 4.00% China Railway Group Limited
00390 966,273,212.98 3.42% China Life Insurance Company Limited
02628 623,416,341.59 2.21% SUN HUNG KAI PROPERTIES
LIMITED
00016 548,164,848.70 1.94%
2008 ( )
26
China Telecom Corporation Limited
00728 513,189,041.26 1.82% HSBC Holdings plc
00005 447,099,320.20 1.58% Hong Kong Exchanges and Clearing
Limited
00388 397,105,222.79 1.41% Ping An Insurance (Group) Company of
China, Ltd.
( )
02318 334,469,823.92 1.19% China Petroleum & Chemical Corporation
00386 307,939,294.45 1.09% ZTE Corporation
00763
279,329,548.27 0.99% China Shenhua Energy Company Limited
01088 265,430,693.24 0.94% CNOOC Limited
00883 231,197,541.28 0.82% Hang Seng Bank Ltd.
00011 225,844,426.89 0.80% Bank of China Limited
03988 224,919,003.91 0.80% Air China Limited
00753 185,607,250.16 0.66% PETROCHINA Company Limited 00857
170,745,060.45 0.60% BOC Hong Kong (Holdings) Limited
( ) 02388 151,950,462.52 0.54% Aluminum corporation of china limited
02600 147,788,084.50 0.52% Hutchison Whampoa Limited
00013 137,836,035.05 0.49% Cheung Kong (Holdings) Limited
( ) 00001 137,571,902.15 0.49%
3
GOLDMAN SACHS LIQ
RES FD INSTL CL 2,321,306,879.79
2,321,306,879.79 10.89%
ISHARES MSCI
BRAZIL ETF
2,867,300.00 1,756,075,129.52 8.24%
MARKET VECTORS
RUSSIA ETF ETF
Van Eck Associates
Corporation 3,347,500.00 1,235,522,652.42 5.80%
US NATURAL GAS
FUND LP ETF
2,479,700.00 1,071,025,891.70 5.02%
UNITED STATES OIL
FUND LP ETF
1,300,000.00 1,013,486,897.80 4.75%
FORDING CANADIAN
COAL TRUST
Computershare
1,344,238.00 881,549,332.60 4.14%
POWERSHARES DB ETF 2,694,464.00 827,605,959.44 3.88%
2008 ( )
27
COMMODITY IND MARKET VECTORS
AGRIBUSINESS ETF
Van Eck Associates
Corp 1,401,420.00 595,493,131.17 2.79%
ENERGY SELECT
SECTOR SPDR ETF
962,112.00 583,899,199.65 2.74%
POWERSHARES DB
AGRICULTURE F ETF
1,918,814.00 535,403,193.53 2.51%
163,873,000.00 0.77
163,873,000.00 0.77
1
2
3
1,978.13
40,420,310.64
67,561.94
625,154.97
163,873,000.00
204,988,005.68
4
5
2008 6 30
1
2
2008 ( )
28
28,337,488,464.66
101,566,037.29
1,281,899,319.01
27,157,155,182.94
1
2
6 7
2008 ( )
29
Goldman Sachs (Asia)L.L.C 3,797,289,861.86 22.69% 8,434,267,066.39 14.61% 5,865,366.40 22.65%
China International Capital
Corporation Hong Kong
Securities Limited 3,091,950,580.32 18.48% 34,116,484.54 0.06% 4,141,538.40 15.99%
Morgan Stanley Asia Limited 2,377,217,836.06 14.21% 3,796,170,345.18 6.58%
3,607,135.37 13.93%
BOCI Securities Limited 1,387,131,173.88 8.29% - 0.00%
1,843,128.01 7.12% UBS Securities Asia Limited 1,119,139,717.95 6.69%
12,890,954,823.92 22.33%
1,704,870.41 6.58% CITI
Group Global
Markets
Asia Limited 860,658,620.88 5.14%
5,592,838,528.77 9.69% 1,497,964.65 5.78% J.P. Morgan Securities (Asia
Pacific)Limited 1,074,609,348.66 6.42%
12,071,223.46 0.02%
1,422,573.92 5.49% Huatai Financial Holdings (Hong
Kong) Limited
855,474,465.00 5.11%
54,227,365.24 0.09%
1,209,065.74 4.67% Merrill Lynch (Asia Pacific)
Limited
349,163,151.64 2.09%
8,172,443,912.48 14.16%
806,191.94 3.11% RBC Dominion Securities Inc.
- 0.00%
11,386,909,710.92 19.73%
758,606.44 2.93% First Shanghai Securities Ltd.
522,724,286.19 3.12%
- 0.00%
697,583.23 2.69% BOCOM International Securities
Limited
525,639,215.94 3.14%
45,612,426.03 0.08%
629,112.30 2.43% Cantor Fitzgerald
276,969,286.12 1.66%
4,318,509,832.69 7.48%
550,775.01 2.13% KGI Asia Limited
8,171,370.86 0.05%
2,982,738,940.71 5.17%
517,486.63 2.00%
CSC Securities (HK) Limited
266,606,249.13 1.59%
- 0.00%
355,047.26 1.37%
BNP Paribas Corporate &
Investment Banking
218,532,554.07 1.31%
- 0.00%
283,733.14 1.10% Lehman Brothers Asia Limited
3,595,437.43 0.02%
- 0.00%
3,925.89 0.02%
2008 ( )
30
16,734,873,155.99 100% 57,720,860,660.33 100%
25,894,104.74 100%
2008 ( )
31
1
