Investment Objective
The investment objective of the A65F is to achieve stable growth by investing a globally diversified manner
Fund Details
Latest Fund Expense Ratio: 0.95%
Launch Date(dd/mm/yyyy): 01/04/2017
Unit Price: HKD 10.9442
Fund Size: HKD 5.54M
Fund Commentary
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. At the same time, as highly liquid assets, government bonds have also come under some selling pressure as investors seek to meet redemption requests. By month end, yields across many markets were not far from record lows. The yield of the US 10-year initially fell to an all-time low of 0.34%, before climbing back to 1.26%, and then falling back to end the month at 0.67%. Gilts were similarly volatile. Unsurprisingly, this difficult environment for companies has led the rating agencies to revise their predictions of default rates higher. The market has also repriced the risk of default with large moves, comparable to the global financial crisis in 2008, observed in credit spreads.
Fund Performance Information
| Annualised return |
Calendar year return |
1 year
(p.a. %) |
5 years
(p.a. %) |
10 years
(p.a. %) |
Since Launch
(p.a. %) |
2015 | 2016 | 2017 | 2018 | 2019 | Year To Date |
| 4.27% |
N/A% |
N/A% |
3.05% |
N/A | N/A | 2.89 | -1.78 | 8.90 | N/A |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since Launch
(p.a. %) |
| 4.27% |
N/A% |
3.05% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | Year To Date |
| N/A | N/A | 2.89 | -1.78 | 8.90 | N/A |
Top 10 Holdings
| Security name |
Holdings Weight |
| US Treasury N/B 2.375% Aug 15 2024 |
9.31% |
| US Treasury N/B 1.375% Apr 30 2021 |
7.35% |
| Norwegian Govt Bond 2% Apr 26 2028 |
3.81% |
| US Treasury N/B 3% Feb 15 2048 |
3.22% |
| US Treasury N/B 2.75% Feb 15 2028 |
2.93% |
| Swedish Govt 2.25% Jun 01 2032 |
2.81% |
| US Treasury N/B 3.75% Nov 15 2043 |
2.07% |
| Switzerland 0.5% May 27 2030 |
1.91% |
| Bonos Y Oblig Del Estado 5.5% Apr 30 2021 |
1.79% |
| France (Govt Of) 0.5% May 25 2025 |
1.58% |
| Total |
36.78% |
Top 10 Holdings
Security name
Holdings Weight |
| US Treasury N/B 2.375% Aug 15 2024
Holding Weight 9.31%
|
| US Treasury N/B 1.375% Apr 30 2021
Holding Weight 7.35%
|
| Norwegian Govt Bond 2% Apr 26 2028
Holding Weight 3.81%
|
| US Treasury N/B 3% Feb 15 2048
Holding Weight 3.22%
|
| US Treasury N/B 2.75% Feb 15 2028
Holding Weight 2.93%
|
| Swedish Govt 2.25% Jun 01 2032
Holding Weight 2.81%
|
| US Treasury N/B 3.75% Nov 15 2043
Holding Weight 2.07%
|
| Switzerland 0.5% May 27 2030
Holding Weight 1.91%
|
| Bonos Y Oblig Del Estado 5.5% Apr 30 2021
Holding Weight 1.79%
|
| France (Govt Of) 0.5% May 25 2025
Holding Weight 1.58%
|
| Total: 36.78% |
Portfolio Allocation
- • 3.69 Japanese Bonds
- • 5.69 Other Asia Pacific Bonds
- • 31.75 European Bonds
- • 30.73 Dollar Bloc
- • 3.09 Other Currency Bonds
- • 0.87 Hong Kong & China Equities
- • 1.72 Japan Equities
- • 1.17 Other Asia Pacific Equities
- • 3.86 European Equities
- • 12.81 North America Equities
- • 0.21 Other Exchange Equities
- • 4.40 Cash & Others
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