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Funds investing in China delivered the best returns to UK investors in the first half of 2017 as riskier parts of global stock markets paid off.
对英国投资者而言，今年上半年为他们赚到最大回报的是投资于中国的基金。全球股票市场里风险更大的部分，产生了不错的行情。
Funds investing in China returned nearly 19 per cent to investors on average over the six months to June 30, according to data from Morningstar.
晨星(Morngingstar)的数据显示，在截至6月30日的6个月里，投资于中国的基金平均为投资者带来了近19%的回报。
Returns from China were closely followed by funds investing in the Asia Pacific region, which returned 15 per cent, and those buying small-cap companies in both Europe and the UK, which returned the same.
紧随其后的是投资于亚太地区的基金（平均收益率为15%），以及买入欧洲和英国小盘股的基金（投资这两个市场的收益率相同）。
“Investor sentiment has remained incredibly positive in 2017 and this is reflected in the returns from high-risk sectors like Asia and emerging markets and smaller company equities,” said Patrick Connolly, financial adviser at Chase de Vere.
“2017年，投资者保持了难以置信的乐观情绪，这在亚洲、新兴市场以及小盘股等高风险领域的回报率中得到了反映，”Chase de Vere的金融顾问帕特里克?康诺利(Patrick Connolly)说。
Ben Yearsley, director at Shore Financial, said China in particular was still a cheap market and that its growth story was attracting investors. “China and Asia are the long-term growth areas, and China has had a good six months,” said Mr Yearsley.
Shore Financial董事本?耶尔斯利(Ben Yearsley)表示，尤其中国仍是个便宜的市场，中国的增长故事对投资者很有吸引力。“长期来看，中国和亚洲属于增长地区，中国在过去6个月表现很棒，”耶尔斯利说。
Funds investing in small-cap companies, meanwhile, can offer higher returns than those investing in large-cap companies as fund managers have more opportunity to pick stocks that are not well covered by analysts’ research.
另一方面，跟投资于大盘股的基金相比，投资于小盘股的基金可以获得更高的回报，因为基金经理有更多机会去挑选没有被分析师研究充分覆盖到的股票。
Darius McDermott, financial adviser at Chelsea Financial said Europe was “out of the doldrums” and beginning to recover.
Chelsea Financial的金融顾问达利斯?麦克德莫特(Darius McDermott)表示，欧洲已“走出低迷”，开始复苏。
Experts were divided on whether investors should invest their money in riskier assets for the second half of the year.
至于今年下半年是否应投资于风险更大的资产，专家们的意见存在分歧。
Mr Connolly of Chase de Vere said the investment outlook was now “particularly dangerous”, with both equities and bonds “looking expensive”, and that issues such as the fallout from Brexit or concerns over the Chinese banking system could “come to the fore”.
Chase de Vere的康诺利表示，目前的投资展望“极其危险”，股市和债市“看来都很贵，”而英国脱欧的后果和中国银行体系引发担忧等问题可能会“浮出水面”。
He added: “This could lead to people making big investment losses, because we know that too many investors ignore risks and instead are swayed by strong past performance figures, which led to them investing near the top of the market.”
他接着说：“这可能导致人们蒙受很大的投资损失，因为我们知道，太多投资者忽视了风险，反而受到了以往强劲回报数据的影响，这会导致他们在市场顶点进行投资。”
Mr Yearsley disagreed, however. “Where will you make money for the next decade?” he said. “It’ll be Asia and China and emerging markets. I’m a big long-term fan, it’s still very cheap and the long-term growth is better compared with other markets.”
然而，耶尔斯利不认同此看法。“下一个十年，你们将从哪里赚钱？”他说，“那将是亚洲、中国和新兴市场。我特别提倡长远投资，它们目前仍很便宜，长期增长好于其他市场。”
Despite his enthusiasm, Mr Yearsley warned that markets such as Asia tended to be more volatile, and that investors could face losses over a six-month period as well as gains.
尽管充满激情，但耶尔斯利警告称，亚洲等市场的波动会变得更大，在未来6个月内，投资者可能获得收益，也可能蒙受损失。
Mr McDermott warned that even those prepared to invest in higher-risk investments should not hold more than 5 per cent of their portfolio in China. “Over different time periods, different regions and asset classes do well at different times,” he said. “Building a good portfolio of diversified assets to suit your needs is the way to go.”
麦克德莫特警告称，即便是那些准备投资于风险更高资产的人，对中国市场的配置比例也不应该高于5%。
