The objective of the Fund is to achieve capital growth over the long-term by investing in Asian equity markets.

Latest Fund Expense Ratio: 1.74%

Launch Date(dd/mm/yyyy): 25/10/2006

Unit Price: HKD 27.3501

Fund Size: HKD 362.9M

The Asia Pacific ex-Japan region outperformed the broader emerging universe during the quarter (down 20.7% vs. 23.6%). China was a notable outperformer, declining 10.9% while most other markets were down over 20%. The economic and sentiment impacts of the virus that originated in China have quickly spanned the globe causing declaration of national emergencies in many countries, travel restrictions, quarantines, public establishment closings as we quickly moved from an epidemic to a pandemic. The ongoing uncertainty surrounding the coronavirus has caused significant earnings reductions across many industries. For the year-to-date period though February month-end, the portfolio outperformed the index by 30 bps. As the selloff intensified in March, the daily volatility of relative performance increased, and we saw a significant de-coupling of prices and company fundamentals. The portfolio underperformed 60 bps during March, bringing the year-to-date relative performance below the index. Portfolio actions have been moderate during this volatile period as we remain focused on long term company fundamentals and businesses that are becoming better. Given increased uncertainty, including global virus impact and geopolitical issues, and except for the fact that earnings guidance will be cut broadly on a lower global growth projection. We continue to focus on the impact to earnings over a multi-year horizon. Should economic growth expectations deteriorate further, the portfolio is well positioned given exposure to strong balance sheets, as well as advantaged or higher quality metrics of ROE and ROA. We expect the portfolio to protect on the downside as we remain in a backdrop of uncertainty.