Investment Objective

To seek long-term capital growth by primarily investing in a portfolio of bonds in the Asia-Pacific region (excluding Japan), issued by, amongst others, government, supranational organisations and corporates. This fund is a feeder fund investing solely in an approved pooled investment fund.

Fund Details

Latest Fund Expense Ratio: 0.78%

Launch Date(dd/mm/yyyy): 23/09/2011

Unit Price: HKD 111.34

Fund Size: HKD 1,227.40M

Fund Commentary

The fund recorded -2.52% return in March. By the end of March, the 2-year US Treasury yield decreased by 67bps and 10-year US Treasury yield decreased by 48bps to 0.25% and 0.67% respectively. Policymakers have delivered sizeable fiscal stimulus packages and quantitative easing programs, with talk of more to come. In order to assess whether we enter a recession, we are closely monitoring indicators of long-term scarring, including job losses and corporate bankruptcies. The fund holds long duration position. We are currently focusing on slightly building more carry and taking profits on quality duration.

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