Investment Objective

To achieve long-term capital appreciation and income by investing in debt securities, convertible debt securities and equities of companies in the Asia Pacific region including, but not limited to, Japan, Korea, China, Australia, Taiwan and Hong Kong.

Fund Details

Latest Fund Expense Ratio: 1.65%

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

Unit Price: HKD 29.9243

Fund Size: HKD 184.26M

Fund Commentary

Equity markets in Asia surged at the start of June, fuelled by optimism towards a promising economic recovery and additional support measures from governments and central banks. Whilst this advance was partly tempered by concerns over a second wave of COVID-19 infections and dampened central bank predictions for the global economy, currencies in this region appreciated against the USD and further added to performance. Chinese stocks delivered robust gains over the month with the Caixin/Markit manufacturing index rising to its highest reading since December 2019. 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, whilst Korean equities trended higher. ASEAN markets advanced but lagged gains in China and Hong Kong. The Philippines was the standout market, with market surge taking gains since the March lows to around 40%. Thailand was the only market to retreat over the month. Japanese equities closed the month with flat returns, as shares later retreated after an initial rally.

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