Investment Objective
To achieve capital preservation over the long term whilst seeking to enhance returns through limited exposure to global equities.
Fund Details
Latest Fund Expense Ratio: 1.68%
Launch Date(dd/mm/yyyy): 10/07/2009
Unit Price: HKD 12.9972
Fund Size: HKD 16.54M
Fund Commentary
Global equity markets in deep negative territory during the last month of the first quarter, as human and economic cost of the Covid-19 pandemic mounts. Therefore, all equity market sectors saw a decline with the worst hit being the most cyclical parts of the market. Oil prices have sunk while gold has soared. Against this backdrop, central banks around the world have taken aggressive action to support local markets as well as the global economy as a whole as worldwide recessionary fears grow higher. The US Federal Reserve slashed interest rates close to zero while the Senate passed a US$2 trillion coronavirus aid bill. Separately, in an emergency meeting, the European Central Bank announced €750bn in asset purchases under a new emergency program. Government bonds have been volatile over the month. Amid a surge in demand for their perceived relative safety, investors have had to weigh up the positive influence of central bank easing against an expected surge in borrowing from unprecedented levels of fiscal stimulus.
Fund Performance Information
| Annualised return |
Calendar year return |
1 year
(p.a. %) |
5 years
(p.a. %) |
10 years
(p.a. %) |
Since launch
(p.a. %) |
2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| -4.21% |
0.63% |
1.95% |
2.47% |
-2.70 | 0.63 | 14.54 | -7.02 | 8.31 | N/A |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since launch
(p.a. %) |
| -4.21% |
0.63% |
2.47% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| -2.70 | 0.63 | 14.54 | -7.02 | 8.31 | N/A |
Top 10 Holdings
| Security name |
Holdings Weight |
| Hong Kong Govt Bond Programme 1.97% Jan 17 2029 |
2.40% |
| Japan (20 Year Issue) 1.7% Jun 20 2032 |
2.00% |
| Buoni Poliennali Del Tes 3.5% Mar 1 2030 |
1.72% |
| US Treasury Inflation Indexed Bond 0.125% Oct 15 2024 |
1.68% |
| European Investment Bank 2.15% Jan 18 2027 |
1.67% |
| Mex Bonos Desarr Fix Rt 8.5% May 31 2029 |
1.62% |
| US Treasury N/B 3% Feb 15 2048 |
1.56% |
| Tencent Hldgs Ltd |
1.32% |
| AIA Group Ltd |
1.23% |
| Japan (30 Year Issue) 2.2% Sep 20 2039 |
1.14% |
| Total |
16.34% |
Top 10 Holdings
Security name
Holdings Weight |
| Hong Kong Govt Bond Programme 1.97% Jan 17 2029
Holding Weight 2.40%
|
| Japan (20 Year Issue) 1.7% Jun 20 2032
Holding Weight 2.00%
|
| Buoni Poliennali Del Tes 3.5% Mar 1 2030
Holding Weight 1.72%
|
| US Treasury Inflation Indexed Bond 0.125% Oct 15 2024
Holding Weight 1.68%
|
| European Investment Bank 2.15% Jan 18 2027
Holding Weight 1.67%
|
| Mex Bonos Desarr Fix Rt 8.5% May 31 2029
Holding Weight 1.62%
|
| US Treasury N/B 3% Feb 15 2048
Holding Weight 1.56%
|
| Tencent Hldgs Ltd
Holding Weight 1.32%
|
| AIA Group Ltd
Holding Weight 1.23%
|
| Japan (30 Year Issue) 2.2% Sep 20 2039
Holding Weight 1.14%
|
| Total: 16.34% |
Portfolio Allocation
- • 3.13 Asia Fund
- • 4.53 Europe Fund
- • 23.01 HK $ Bond Fund
- • 13.45 Hong Kong and China Fund
- • 47.04 International Bond Fund
- • 3.27 Japan Fund
- • 5.23 North America Fund
- • 0.33 Cash & Others
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