BCT (MPF) Pro Choice
Data as of 2026-06-30
Top-10 holdings are 31.7% of the fund. Taiwan Semiconductor Manufacturing at 9.1% is the largest single position. The top three together are 17.1%. Concentration is moderate. Within the top 10, by sector: semiconductors 14.1%, tech and internet 6.9%, banks 5.0%. Within the top 10, by geography: Taiwan 18.0%, HK-listed China 6.9%, Hong Kong 5.0%. 8 of the top 10 holdings also sit in peers' top 10 — high overlap with the category consensus.
There is meaningful AI-cycle exposure through semiconductors and hardware. It is a contributor, not the driver.
Taiwan Semiconductor Manufacturing at 9.1% means one company's earnings matter more than the rest combined. It is a great company — that does not automatically make it a good stock at this weight.
Balanced with no dominant style; top-10 concentration 31.7%. Manager runs a disciplined, benchmark-aware portfolio (8/10 top holdings overlap peers). AI capex cycle supports fundamentals, but history warns of valuation compression after capex peaks. Diversified portfolios have manageable volatility — suitable as a foundation; aggressive investors can add thematic satellites.
To provide members with capital appreciation over the long term. The underlying Index Tracking Collective Investment Schemes (ITCISs) will invest in and be exposed to the Greater China region comprising of stocks listed in Hong Kong, Taiwan, Shanghai (A Shares and B Shares), Shenzhen (A Shares and B Shares) and Singapore. Invest in two or more approved ITCISs that track the relevant equity market indices.
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | Year to Date | |
| Cumulative | +14.70% | +24.23% | +58.97% | +7.18% | +102.94% | +125.67% | +13.48% |
| Annualised | — | +24.23% | +16.71% | +1.40% | +7.33% | +5.98% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +24.14% | +15.87% | -2.55% | -21.49% | -6.59% |
Returns are net of fees. Past performance is not indicative of future returns.
| Year to Date | 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (%) | +4.68% | +0.08% | +9.58% | +36.30% | +39.95% | +42.95% | +59.46% |
| 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (% p.a.) | +9.58% | +20.36% | +13.03% | +6.84% | +6.23% |
| 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
| Return (%) | -8.03% | -3.77% | -3.12% | +7.67% | +9.28% | N/A |
In Q2, the FTSE MPF Greater China Index gained 14.7%, led by Technology (+43.6%) and Industrials (+12.4%), while Consumer Discretionary (-15.5%) and Energy (-14.7%) lagged. Greater China equities were driven by two dominant themes. First, the AI hardware super cycle: HBM shortages tightened memory supply and supported price increases throughout the year, while TSMC repeatedly raised prices for advanced- node capacity, with supply constraints expected to persist through 2027, making AI the market’s strongest growth driver. Second, tighter global liquidity: the Federal Reserve shifted from awaiting easing to discussing further rate hikes, pushing Treasury yields and the U.S. dollar higher. As a result, A-share technology stocks outperformed, Taiwan equities benefited from the AI boom, while Hong Kong stocks ranked among the world’s weakest markets due to persistent foreign outflows and dollar strength.
| # | Security name | Holdings Weight |
| 1 | Taiwan Semiconductor Manufacturing Co Ltd | 9.1% |
| 2 | Tencent Holdings | 4.4% |
| 3 | MediaTek Inc | 3.6% |
| 4 | HSBC Holdings | 3.2% |
| 5 | Alibaba Group Holding Ltd | 2.5% |
| 6 | Delta Electronics Inc | 2.2% |
| 7 | AIA Group Ltd | 1.8% |
| 8 | China Construction Bank Corporation | 1.8% |
| 9 | Hon Hai Precision Industry Co Ltd | 1.7% |
| 10 | ASE Technology Holding Co Ltd | 1.4% |
| Total | 31.7% |
The fund expense ratio shows the total annual cost of running this fund as a percentage of its assets. It is already reflected in the fund price and returns. When comparing similar funds, fees are one of the few factors you can control.