Investment Objective
To provide members with total investment return over the medium to long term. A portfolio of underlying APIFs invests primarily into investment-grade global fixed income securities (including bonds traded on the China interbank bond market via the Bond Connect) issued by governments, governmental agencies, local and public authorities as well as corporates. The constituent fund utilizes both active investment strategy and rulebased investment strategy
Fund Details
Latest Fund Expense Ratio: 1.45%
Launch Date(dd/mm/yyyy): 01/10/2002
Unit Price: HKD 1.6317
Fund Size: HKD 1,584.5M
Fund Commentary
Whilst we were debating the health of various major economies a month ago, now it is extraordinarily difficult to predict with any certainty how things will develop from here. But the measures that governments and central banks have taken to underpin liquidity in markets have helped support sovereign fixed income markets. Despite significant volatility in yields during March, the overall pattern during the quarter was lower global sovereign yields and higher bond prices. The US 10-year Treasury yield started the year at 1.92% and finished at 0.67%. Having started the quarter at -0.19%, German 10-year Bund yields fell further in negative territory and finished at -0.47%. The JP Morgan Emerging Markets Bond Index Plus Composite also struggled during the quarter, depreciating by 8.7%.
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 |
| 3.32% |
0.00% |
0.82% |
2.84% |
-6.25 | -2.97 | 3.32 | -0.75 | 4.96 |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since Launch
(p.a. %) |
| 3.32% |
0.00% |
2.84% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | Year To Date |
| -6.25 | -2.97 | 3.32 | -0.75 | 4.96 |
Top 10 Holdings
| Security name |
Holdings Weight |
| Bundesrepub Deutschland 0.25% Aug 2028 |
4.0% |
| US Treasury N/B 1.5% Feb 2030 |
3.3% |
| US Treasury N/B 2.875% Oct 2023 |
2.6% |
| US Treasury N/B 2.875% Nov 2021 |
2.4% |
| Bundesobligation 0% Oct 2023 |
2.1% |
| US Treasury N/B 2.25% Aug 2049 |
1.8% |
| Asian Development Bank 2.35% Jun 2027 |
1.7% |
| US Treasury Inflation Indexed Bond 1.75% Jan 2028 |
1.4% |
| US Treasury N/B 2.375% May 2027 |
1.3% |
| Gilit — United Kingdom 2% Jul 2020 |
1.2% |
| Total |
21.8% |
Top 10 Holdings
Security name
Holdings Weight |
| Bundesrepub Deutschland 0.25% Aug 2028
Holding Weight 4.0%
|
| US Treasury N/B 1.5% Feb 2030
Holding Weight 3.3%
|
| US Treasury N/B 2.875% Oct 2023
Holding Weight 2.6%
|
| US Treasury N/B 2.875% Nov 2021
Holding Weight 2.4%
|
| Bundesobligation 0% Oct 2023
Holding Weight 2.1%
|
| US Treasury N/B 2.25% Aug 2049
Holding Weight 1.8%
|
| Asian Development Bank 2.35% Jun 2027
Holding Weight 1.7%
|
| US Treasury Inflation Indexed Bond 1.75% Jan 2028
Holding Weight 1.4%
|
| US Treasury N/B 2.375% May 2027
Holding Weight 1.3%
|
| Gilit — United Kingdom 2% Jul 2020
Holding Weight 1.2%
|
| Total: 21.8% |
Portfolio Allocation
- • 3.2 Cash & Others
- • 0.0 Term Deposits
- • 2.2 China/Hong Kong
- • 8.3 Japan
- • 2.7 Other Asia Pacific
- • 42.8 North America
- • 32.2 Europe
- • 1.7 Latin America
- • 6.9 Others
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