Investment Objective
To achieve steady growth over the long term by investing solely in two APIFs namely the Invesco Pooled Investment Fund - HK $ Bond Fund (which in turn primarily invests in a portfolio of HK$ denominated bonds) and the Invesco Pooled Investment Fund - International Bond Fund (which in turn invests in global bonds).
Fund Details
Latest Fund Expense Ratio: 1.39%
Launch Date(dd/mm/yyyy): 10/07/2009
Unit Price: HKD 10.9088
Fund Size: HKD 32.42M
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 | YTD |
2.94% |
1.20% |
1.15% |
0.81% |
-1.49 | 0.09 | 4.86 | -2.47 | 4.45 | N/A |
Fund Performance Information
Annualised return |
1 year (p.a. %) |
5 years (p.a. %) |
Since launch (p.a. %) |
2.94% |
1.20% |
0.81% |
Calendar year return |
2015 | 2016 | 2017 | 2018 | 2019 | YTD |
-1.49 | 0.09 | 4.86 | -2.47 | 4.45 | N/A |
Top 10 Holdings
Security name |
Holdings Weight |
Hong Kong Govt Bond Programme 1.97% Jan 17 2029 |
3.78% |
Japan (20 Year Issue) 1.7% Jun 20 2032 |
2.71% |
Buoni Poliennali Del Tes 3.5% Mar 1 2030 |
2.33% |
US Treasury Inflation Indexed Bond 0.125% Oct 15 2024 |
2.28% |
European Investment Bank 2.15% Jan 18 2027 |
2.27% |
Mex Bonos Desarr Fix Rt 8.5% May 31 2029 |
2.20% |
US Treasury N/B 3% Feb 15 2048 |
2.12% |
Hong Kong Govt Bond Programme 1.68% Jan 21 2026 |
1.77% |
Japan (30 Year Issue) 2.2% Sep 20 2039 |
1.54% |
US Treasury N/B 1.375% Jan 31 2022 |
1.50% |
Total |
22.5% |
Top 10 Holdings
Security name Holdings Weight |
Hong Kong Govt Bond Programme 1.97% Jan 17 2029
Holding Weight 3.78%
|
Japan (20 Year Issue) 1.7% Jun 20 2032
Holding Weight 2.71%
|
Buoni Poliennali Del Tes 3.5% Mar 1 2030
Holding Weight 2.33%
|
US Treasury Inflation Indexed Bond 0.125% Oct 15 2024
Holding Weight 2.28%
|
European Investment Bank 2.15% Jan 18 2027
Holding Weight 2.27%
|
Mex Bonos Desarr Fix Rt 8.5% May 31 2029
Holding Weight 2.20%
|
US Treasury N/B 3% Feb 15 2048
Holding Weight 2.12%
|
Hong Kong Govt Bond Programme 1.68% Jan 21 2026
Holding Weight 1.77%
|
Japan (30 Year Issue) 2.2% Sep 20 2039
Holding Weight 1.54%
|
US Treasury N/B 1.375% Jan 31 2022
Holding Weight 1.50%
|
Total: 22.5% |
Portfolio Allocation
- • 33.24 Hong Kong Bonds
- • 10.13 Japanese Bonds
- • 3.52 Other Asia Pacific Bonds
- • 18.36 European Bonds
- • 26.33 Dollar Bloc
- • 2.20 Other Countries Bonds
- • 6.22 Cash & Others
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