Investment Objective

To provide members with long-term capital appreciation. A portfolio of underlying APIFs invests primarily in a portfolio of equity securities listed in Europe (including the United Kingdom). The constituent fund utilizes both active investment strategy and rule-based investment strategy.

Fund Details

Latest Fund Expense Ratio: 1.61%

Launch Date(dd/mm/yyyy): 01/01/2008

Unit Price: HKD 0.9669

Fund Size: HKD 472.9M

Fund Commentary

The MSCI Europe was down 22.3%. The MSCI EMU and the Euro Stoxx 50 slightly underperformed with returns of -25.3% and -25.3% respectively. The Danish OMX 20 led the way in Europe, only falling 5.5%, whilst the Swiss SMI and the Portuguese PSI fared reasonably well. On the downside, the Greek market fell over 39% whilst the Spanish IBEX fell 28.9%. Other major European indices such as the DAX (-25%), CAC40 (-26.5%) and Italian FTSE MIB (-27.5%) were not immune from global sentiment. In the UK, it showed a similar situation to that in the US, where large caps outperformed small domestically-focused stocks. The FTSE 100 fell 24.8%, the FTSE 250 fell 31% and the FTSE Small Cap fell 28%.

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