Investment Objective
To provide members with long-term capital preservation while the performance target is not related to an index. The underlying APIF invests primarily in a diversified portfolio of global equities and fixed-interest securities.
Fund Details
Latest Fund Expense Ratio: 1.37%
Launch Date(dd/mm/yyyy): 01/08/2005
Unit Price: HKD 1.4722
Fund Size: HKD 1,117.3M
Fund Commentary
Global government bonds surged in Q1 amid rising speculation that central banks would be forced to cut interest rates and reinstate / increase bond-buying programmes to support economies throughout the COVID-19 pandemic. In early March, the 10- year US Treasury bond yield touched a record low of around 0.32%, whilst the 10- year German Bund yield fell to a new low of close to -0.90%. In mid-March, bond markets experienced unusual volatility as trading briefly became dysfunctional, but government bond yields closed the quarter well above these lows. The US and the UK bonds saw the largest yield declines, whilst Japanese bond yields ended the quarter slightly higher. In contrast to government bonds, corporate bonds fell sharply as the deteriorating economic outlook led to fears of rising downgrades and defaults.
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 |
| -4.20% |
-0.06% |
1.79% |
2.67% |
-1.03 | 1.01 | 6.48 | -4.93 | 8.61 | N/A |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since Launch
(p.a. %) |
| -4.20% |
-0.06% |
2.67% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | Year To Date |
| -1.03 | 1.01 | 6.48 | -4.93 | 8.61 | N/A |
Top 10 Holdings
| Security name |
Holdings Weight |
| Nippon Life Insurance Var Oct 2044 |
1.8% |
| CLP Power HK Finance Ltd Var Perp |
1.8% |
| CDBL Funding Two SER EMTN 2.625% Aug 2020 |
1.6% |
| ICBCIL Finance Co Ltd 3.65% Mar 2022 |
1.6% |
| Muenchener Rueckver AG |
1.5% |
| AstraZeneca PLC |
1.5% |
| China Life Insurance Overseas/HK VAR Jul 2027 |
1.5% |
| M&G PLC Fix To Float 3.875% Jul 2049 |
1.4% |
| CSSC Capital One Ltd 4.125% Sep 2021 |
1.4% |
| Elect Global Inv Ltd Var Perp |
1.4% |
| Total |
15.5% |
Top 10 Holdings
Security name
Holdings Weight |
| Nippon Life Insurance Var Oct 2044
Holding Weight 1.8%
|
| CLP Power HK Finance Ltd Var Perp
Holding Weight 1.8%
|
| CDBL Funding Two SER EMTN 2.625% Aug 2020
Holding Weight 1.6%
|
| ICBCIL Finance Co Ltd 3.65% Mar 2022
Holding Weight 1.6%
|
| Muenchener Rueckver AG
Holding Weight 1.5%
|
| AstraZeneca PLC
Holding Weight 1.5%
|
| China Life Insurance Overseas/HK VAR Jul 2027
Holding Weight 1.5%
|
| M&G PLC Fix To Float 3.875% Jul 2049
Holding Weight 1.4%
|
| CSSC Capital One Ltd 4.125% Sep 2021
Holding Weight 1.4%
|
| Elect Global Inv Ltd Var Perp
Holding Weight 1.4%
|
| Total: 15.5% |
Portfolio Allocation
- • 5.7 Cash & Others
- • 0.0 Term Deposits
- • 67.8 USD Fixed Income Securities
- • 1.4 EUR Fixed Income Securities
- • 3.6 Other Fixed Income Securities
- • 21.5 Global Equities
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