Manulife RetireChoice (MPF) Scheme
Data as of 2026-07-31
Top-10 holdings are 9.0% of the fund. Fixed Deposit at 3.0% is the largest single position. The top three together are 4.9%. The portfolio is broadly spread. By sector: cash and deposits 3.0%, sovereign bonds 2.4%, tech and internet 1.0%. By geography: US 4.5%, Hong Kong 3.0%, Europe 1.1%.
No single macro theme dominates. The portfolio is positioned to move with broad market direction rather than any specific cycle. In a choppy, liquidity-tightening environment that neutrality is defensive; in a trending market it means keeping pace, not leading.
The manager's independent bets include Fixed Deposit (3.0%), Nvidia Corporation (1.0%), Apple (0.9%) — positions most peers don't hold. These are where the manager's judgment lives or dies.
Balanced with no dominant style; top-10 concentration 9.0%. Highly independent, high-conviction management (active share 100.0%); expect sharp peer deviations. No strong cyclical tilt — stock selection, not macro rotation, will drive returns. Diversified portfolios have manageable volatility — suitable as a foundation; aggressive investors can add thematic satellites.
To provide stable growth for the retirement savings by investing in a globally diversified manner.
| 1 Month | 3 Months | 1 Year | 5 Years | 10 Years | Since Launch | |
| Cumulative | -0.88% | +0.47% | +4.30% | +1.64% | N/A | +24.82% |
| Annualised | — | — | +4.30% | +0.33% | N/A | +2.40% |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +7.06% | +3.42% | +7.18% | -15.08% | +0.76% |
Returns are net of fees. Past performance is not indicative of future returns.
July was another turbulent month for global equities. Global markets rose early on as US-Iran interim peace deal continued to hold and tanker traffic through the Strait of Hormuz largely normalised. However, market jitters resumed after tensions in the Gulf re-escalated. Markets were also buffeted after US President Trump renewed his criticism of defence spending by NATO allies at the NATO Summit in Ankara and reignited his calls for the US to take control of Greenland. Renewed AI jitters and a fresh wave of US tariffs were further headwinds. From a geographical perspective, emerging markets were the weakest, dragged down by South Korea as chip stocks sold off. Stocks in Japan also moved lower, while Europe and the US finished July broadly where they started. Global government bond yields rose as inflation expectations moved higher following the breakdown of the US-Iran ceasefire and the resulting increase in oil prices. Although the major central banks largely left interest rates on hold in July, renewed concerns over the inflation outlook led investors to scale back expectations for near-term rate cuts and price in a greater probability of rate tightening.
| # | Security name | Holdings Weight |
| 1 | FIXED DEPOSIT | 3.01% |
| 2 | NVIDIA CORPORATION | 0.98% |
| 3 | APPLE INC | 0.90% |
| 4 | US TREASURY 4.50% 15/04/2027 | 0.88% |
| 5 | MICROSOFT CORP | 0.68% |
| 6 | BUNDESCHATZANWEISINGEN (REG S) (BR) 2.90% 15/02/2036 | 0.61% |
| 7 | AMAZON.COM INC | 0.56% |
| 8 | ALPHABET INC-CL A | 0.47% |
| 9 | AUSTRALIAN GOVERNMENTENT SER 172 4.25% 21/03/2036 | 0.45% |
| 10 | ITALY (REP OF) SER 10Y (REG S) (BR) 3.60% 01/10/2035 | 0.45% |
| Total | 8.99% |
The fund expense ratio shows the total annual cost of running this fund as a percentage of its assets. It is already reflected in the fund price and returns. When comparing similar funds, fees are one of the few factors you can control.