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.

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