Investment Objective

To achieve long-term capital growth by investing primarily in Hong Kong equities, including Chinese securities listed in Hong Kong.

Fund Details

Latest Fund Expense Ratio: 1.44%

Launch Date(dd/mm/yyyy): 01/08/2004

Unit Price: HKD 53.6379

Fund Size: HKD 1,371.61M

Fund Commentary

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. Furthermore, looking at economic data, 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. In terms of sector, Information Technology was the strongest performer, whilst Services was the laggard.

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