Mark Mobius Says His Funds Hold 95% in Cash on Trade War Risks
马克·莫比乌斯表示，由于贸易战风险，其基金持有 95%的现金

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Veteran emerging-markets investor Mark Mobius is keeping the bulk of his funds’ holdings in cash as he waits out the trade-related uncertainty, which is likely to persist for up to six months.
资深新兴市场投资者马克·莫比乌斯将其基金的大部分持有资产保持为现金，因为他在等待与贸易相关的不确定性消退，这种情况可能会持续长达六个月。

“At this stage, cash is king. So 95% of my money in the funds are in cash,” Mobius said in an interview on Bloomberg Television on Wednesday. “Right now, we’ve got to keep the cash and be ready to move when the time is right.”
“在这个阶段，现金为王。所以我基金中的 95%的资金都在现金中，”Mobius 在周三接受彭博电视台采访时说。“现在，我们必须持有现金，并在时机合适时准备行动。”

Mobius, who has been investing in developing markets for about three decades, said some emerging market countries such as India will do quite well in the current environment, “but we have to wait until all of this evens out and we see a settling down of this uncertainty.”
莫比乌斯（Mobius）在发展中国家市场投资了大约三十年，他表示，一些新兴市场国家，如印度，在当前环境下表现会相当不错，“但我们必须等到这一切趋于平稳，并且看到这种不确定性得到缓解。”

While many Wall Street managers and strategists have turned defensive in their equity allocation, Mobius’s high levels of cash holdings signal heightened risks from tariff tensions. Investor sentiment on economic prospects is the most negative in three decades, a Bank of America Corp. survey showed earlier this month.
虽然许多华尔街经理和策略师在股票配置上转为防御性，但 Mobius 的高现金持有量显示出关税紧张局势带来的更大风险。美银公司本月初的一项调查显示，投资者对经济前景的看法是三十年来最为悲观的。

Investors will likely only be able to assess market opportunities once the trade negotiations take place over the next four to six months, Mobius said. He added he will not hold so much cash for “more than three to four months” and will start to deploy some of the funds depending on where the opportunities are.
莫比乌斯表示，投资者可能只有在未来四到六个月的贸易谈判进行后才能评估市场机会。他补充说，他不会持有如此多的现金“超过三到四个月”，并将开始根据机会所在部署部分资金。

“If the market comes down further, of course we will put more money in,” said the co-founder of Mobius Capital Partners.
“如果市场进一步下跌，当然我们会投入更多资金，”Mobius Capital Partners 的联合创始人说道。

Mobius said in an interview with newspaper Economic Times in 2023 that he oversees about $300 million in assets under management.
Mobius 在 2023 年接受《经济时报》采访时表示，他管理的资产规模约为 3 亿美元。

Mobius expects India to benefit at the expense of China as Trump looks to reshape the global supply chains away from Asia’s largest economy. “The US is very eager to make an agreement with India, because that will be the alternative to China,” he said, adding that Indian stocks tied to software and electronics hardware are on his radar.
Mobius 预计，随着特朗普寻求重塑远离亚洲最大经济体的全球供应链，印度将以中国为代价而受益。他说：“美国非常渴望与印度达成协议，因为那将是中国的替代选择。”他还补充说，与软件和电子硬件相关的印度股票在他的关注范围内。

On the other hand, “I will become very bullish on China” if the government shows a sea-change in its attitude on trade and domestic consumption.
另一方面，“如果政府在贸易和国内消费态度上发生重大转变，我将非常看好中国。”

Mobius also said he owns “a little bit with S&P 500 funds” to track the market and expects the gauge to rise from current levels by the end of the year as investor confidence returns to US investing.
莫比乌斯还表示，他持有“一点标普 500 基金”来跟踪市场，并预计到今年年底，随着投资者对美国投资的信心恢复，该指数将从当前水平上升。

“Trump doesn’t want to see a big market crash, so he will be making adjustments and announcements, which will give a little bit more confidence for people in the market,” he said.
“特朗普不希望看到市场大幅崩盘，所以他会进行调整并发布公告，这将为市场中的人们带来更多信心，”他说。