In the same time, market fluctuations will have a certain impact on the fund's active portfolio management capabilities, but not absolute.

同时，市场走势的波动也会对基金的积极资产组合管理能力产生一定的影响。

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Moreover, there are few buyers, says Mark Dow, an emerging-market portfolio manager at Pharo Management in New York.

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The fund managers rely on research, market forecasting, and the experience and expertise of their portfolio management team.

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In this environment, we will continue to react quickly to changes in market conditions and apply our value based management discipline across the portfolio to drive continued progress toward our long-term goals.

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