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Schroders launches first fund in China venture

A medium risk equity fund will be the first product launched by Bank of Communications Schroder Fund Management Company.

The new fund will be available to investors on August 26, holding 40 per cent in core defensive stocks, 30 per cent in cyclical growth stocks and 30 per cent in cash. It will also be allowed to invest in fixed income.

The joint venture between Bank of Communications and Schroders was announced in June. Their new fund will initially be open to Chinese investors and qualified foreign institutional investors and will be managed by Feng Zhao.

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Apple: a stellar technology story

By Ali Unwin, head of technology sector research

Apple recently announced the highest-ever recorded quarterly net profit ($18bn), with the sale of 74.4 million iPhones helping the company deliver $74.6bn of revenue for the quarter ending December 2014. These sales were largely driven by strong demand for the new iPhone 6 and iPhone 6 Plus. Highlights included Chinese iPhone sales doubling year-on-year and unit growth of 44% in the US — supposedly a well-penetrated market. Apple ended the quarter with $178bn in cash on its balance sheet, having generated a staggering $30bn in free cash flow during the quarter.

At Neptune, we have been long-term believers in the Apple story, and continue to hold the stock in a number of our portfolios based on the company’s long-term growth prospects. This is predicated on our belief that Apple has proved thus far that it can — unusually for a consumer electronics company — maintain high margins for a sustained period of time, even as adoption of new technology slows down and competitors produce similar-specification products.

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