The National Expert Committee on Ecological Environmental Protection has been established in China, with the announcement made on July 18. This committee is composed of leading environmental scientists and consultants and operates under the Ministry of Ecology and Environment. It is tasked with providing opinions and advice on major environmental policies to China's central government, particularly to the Ministry of Ecology and Environment. Lu Fu, the China director at Clean Air Asia, discussed the committee's role and its potential impact on environmental policy development in a phone call on July 23. The formation of this committee is expected to lead to more stringent environmental policies and could benefit companies in the green technology sector.

Pimco's Total Return Bond Fund faced challenges in early 2007 due to market exuberance but avoided risky investments, leading to strong performance later in the year. The fund's strategy, driven by cyclical forums and risk management, helped it achieve an annual return of 8.87%. William Gross, Pimco's founder, emphasized the importance of high-quality credits and liquidity in navigating market volatility. Pimco's approach and strategic decisions positioned it well to capitalize on market opportunities despite economic uncertainties.

Pioneer's Emerging Markets Bonds Fund achieved a 7.9% return in a challenging year by maintaining high liquidity and strategically investing in local markets, corporate debt, and external debt. Lead manager Yerlan Sysdykov highlighted the fund's successful positions in Russia, Brazil, and Turkey, driven by commodities and consumer sectors. Despite global economic concerns and potential political instability in emerging markets, Sysdykov remains optimistic about the outlook for emerging-market debt, citing improved macroeconomic conditions and tighter credit spreads.

BNP Paribas' Parvest Euro Medium Term Bond Fund successfully navigated the US subprime mortgage crisis by avoiding exposure to subprime mortgages and leveraging economic quantitative models. The fund's strategy included overexposure in government bonds and selective investment in corporate bonds with attractive spreads. Managed by a team of 11 portfolio managers and 16 analysts, the fund employs both top-down and bottom-up investment approaches, focusing on fundamental analysis, market inefficiencies, risk management, and fund-flow analysis. The portfolio is heavily weighted towards government-issued bonds, with significant investments from European investors.

The article discusses the impact of the US subprime crisis on global financial markets, particularly in Europe. It highlights the negative effects on European equities and financial institutions, despite some well-capitalized banks being less exposed to risky US assets. The fund managed by Mr Brugere-Trelat took advantage of market penalties to add selectively to certain holdings, maintaining a low-risk investment approach. Key contributors to the fund's performance included Orkla, Deutsche Borse, and Siemens, driven by strong operational performance and value-creating transactions. Despite ongoing uncertainty, the fund remains diversified and positioned to cope with market upheavals, with significant investments in financials and industrials.

The article discusses the growing interest in hedge fund investments in China and India, highlighting the opportunities and risks associated with these emerging markets. It points out the rapid economic growth, expanding middle class, and the potential for investment in various sectors such as manufacturing, oil and gas, internet, property, technology, real estate, software, and pharmaceuticals. The article also addresses the barriers to market entry, such as China's B shares and India's Foreign Institutional Investor rules, and the political risks, including China's territorial disputes and India's infrastructure challenges. Additionally, it touches on the growing wealth among local investors in both countries and the differences in investment preferences between Chinese and Indian investors. The article concludes by emphasizing the need for caution and awareness of risks when investing in these markets.