Investment Objective
To provide members with capital appreciation and a stable level of income over the long term. A portfolio of underlying APIFs invests primarily in global equities, global bonds and bank deposits. The constituent fund utilizes both active investment strategy and rulebased investment strategy.
Fund Details
Latest Fund Expense Ratio: 1.56%
Launch Date(dd/mm/yyyy): 01/12/2000
Unit Price: HKD 1.9108
Fund Size: HKD 2,892.4M
Fund Commentary
The rapid emergence and spread of COVID-19 in Europe and the US were the main drivers of market performance during the quarter. As lockdowns proved to be one of the most efficient ways to slow the spread of COVID-19, investors began to factor in widespread and deep falls in economic activity. Central banks and governments have reacted with considerable speed in implementing monetary and fiscal policy packages that can help in the very short term. Looking at headline returns, fixed income markets (the US Treasuries, the UK Gilts and German Bunds), Gold and the Japanese Yen were the only major asset classes to deliver positive returns over the quarter, whilst at the other end of the scale, oil was the stand-out loser after the disagreement between Saudi Arabia and Russia over production levels.
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 |
| -6.00% |
0.87% |
2.36% |
3.40% |
-2.93 | 0.31 | 18.55 | -7.69 | 11.09 | N/A |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since Launch
(p.a. %) |
| -6.00% |
0.87% |
3.40% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | Year To Date |
| -2.93 | 0.31 | 18.55 | -7.69 | 11.09 | N/A |
Top 10 Holdings
| Security name |
Holdings Weight |
| Tencent Holdings |
2.2% |
| Bundesrepub Deutschland 0.25% Aug 2028 |
2.1% |
| US Treasury N/B 1.5% Feb 2030 |
1.7% |
| US Treasury N/B 2.875% Oct 2023 |
1.4% |
| US Treasury N/B 2.875% Nov 2021 |
1.2% |
| AIA Group Ltd |
1.1% |
| Bundesobligation 0% Oct 2023 |
1.1% |
| US Treasury N/B 2.25% Aug 2049 |
0.9% |
| Asian Development Bank 2.35% Jun 2027 |
0.9% |
| CCB |
0.8% |
| Total |
13.4% |
Top 10 Holdings
Security name
Holdings Weight |
| Tencent Holdings
Holding Weight 2.2%
|
| Bundesrepub Deutschland 0.25% Aug 2028
Holding Weight 2.1%
|
| US Treasury N/B 1.5% Feb 2030
Holding Weight 1.7%
|
| US Treasury N/B 2.875% Oct 2023
Holding Weight 1.4%
|
| US Treasury N/B 2.875% Nov 2021
Holding Weight 1.2%
|
| AIA Group Ltd
Holding Weight 1.1%
|
| Bundesobligation 0% Oct 2023
Holding Weight 1.1%
|
| US Treasury N/B 2.25% Aug 2049
Holding Weight 0.9%
|
| Asian Development Bank 2.35% Jun 2027
Holding Weight 0.9%
|
| CCB
Holding Weight 0.8%
|
| Total: 13.4% |
Portfolio Allocation
- • 2.5 Cash & Others
- • 0.0 Term Deposits
- • 50.9 Global Fixed Income Securities
- • 16.5 China/Hong Kong
- • 6.3 Japan
- • 3.2 Other Asia Pacific
- • 9.2 North America
- • 9.3 Europe
- • 0.3 : Latin America
- • 1.8 Others
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