Investment Objective

To achieve long term capital growth by investing primarily in the equity markets of Hong Kong and Taiwan; or companies that derive a predominant portion of their revenue and/or profits from Greater China region which includes Mainland China, Hong Kong, Macau and Taiwan.

Fund Details

Latest Fund Expense Ratio: 1.25%

Launch Date(dd/mm/yyyy): 01/10/2011

Unit Price: HKD 30.6519

Fund Size: HKD 353.63M

Fund Commentary

Greater China equities closed June with positive returns. Chinese stocks delivered robust gains over the month and were amongst the strongest performers on a global basis. China’s official purchasing managers’ index of manufacturing activity came in at a stronger-than-expected reading of 50.9, whilst the Caixin/Markit manufacturing purchasing managers’ index rose to 51.2, its highest reading since December 2019. Beijing was forced to re-impose lockdown measures mid-June following a new wave of COVID-19 outbreak traced to a local wholesale food market. Despite the imposition of a new National Security Law in Hong Kong that triggered concerns over Hong Kong’s long-term growth prospects, Hong Kong’s stocks rallied, mainly driven by the good performance of Chinese companies listed in Hong Kong. The Hong Kong Stock Exchange saw a raft of IPO interests from Chinese businesses looking for a second listing outside the US. Taiwanese stocks saw gains over the month, as technology equities recovered from losses due to the US-China tensions in May. In terms of sector performance, Healthcare was the strongest performer whilst Utilities lagged the broader market.

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