Investment Objective
To provide members with a rate of return which matches or exceeds the Hong Kong dollar savings rate to minimise the exposure of the principal amount invested to market fluctuation and volatility. The constituent fund invests in Hong Kong dollar denominated bank deposits and short-term debt securities
Fund Details
Latest Fund Expense Ratio: 0.92%
Launch Date(dd/mm/yyyy): 01/12/2000
Unit Price: HKD 1.1474
Fund Size: HKD 8,221.7M
Fund Commentary
Q1 was a tumultuous quarter for global financial markets. The COVID-19 pandemic continued to be the key factor driving investor sentiment. Risk assets tumbled on growing concerns over the COVID-19 outbreak in China and globally. Policymakers around the globe announced unprecedented measures to mitigate the adverse economics of COVID-19 and the economic shutdown. The oil price war between Saudi Arabia and Russia led to a historic 55% collapse in oil price which further undermined the risk sentiment. Abundant liquidity conditions initially sent HIBOR to a 2-year low. Weak loan demand due to the sluggish economic activity in Hong Kong also caused excess liquidity in the banking system. Liquidity conditions became tight ahead of the quarter end.
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 |
| 1.26% |
0.48% |
0.31% |
0.71% |
0.03 | 0.01 | 0.05 | 0.76 | 1.18 | N/A |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since Launch
(p.a. %) |
| 1.26% |
0.48% |
0.71% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | Year To Date |
| 0.03 | 0.01 | 0.05 | 0.76 | 1.18 | N/A |
Top 10 Holdings
| Security name |
Holdings Weight |
| Term Deposits |
73.3% |
| KDB Asia Ltd 0% Sep 2020 |
1.8% |
| HK & Shanghai Bank 2.05% Aug 2020 |
1.6% |
| ICBC/SYD 2% Sep 2020 |
1.6% |
| Agricultural Bank of China 2.35% Dec 2020 |
1.5% |
| Dah Sing Bank Ltd 2.23% Sep 2020 |
1.5% |
| DBS Bank HK Ltd 0% May 2020 |
1.4% |
| Bank of China HK 2.15% May 2020 |
1.4% |
| HK & Shanghai Bank 1.95% Apr 2020 |
1.3% |
| Agricultural Bank China/HK 0% Apr 2020 |
1.2% |
| Total |
86.6% |
Top 10 Holdings
Security name
Holdings Weight |
| Term Deposits
Holding Weight 73.3%
|
| KDB Asia Ltd 0% Sep 2020
Holding Weight 1.8%
|
| HK & Shanghai Bank 2.05% Aug 2020
Holding Weight 1.6%
|
| ICBC/SYD 2% Sep 2020
Holding Weight 1.6%
|
| Agricultural Bank of China 2.35% Dec 2020
Holding Weight 1.5%
|
| Dah Sing Bank Ltd 2.23% Sep 2020
Holding Weight 1.5%
|
| DBS Bank HK Ltd 0% May 2020
Holding Weight 1.4%
|
| Bank of China HK 2.15% May 2020
Holding Weight 1.4%
|
| HK & Shanghai Bank 1.95% Apr 2020
Holding Weight 1.3%
|
| Agricultural Bank China/HK 0% Apr 2020
Holding Weight 1.2%
|
| Total: 86.6% |
Portfolio Allocation
- • 3.5 HK Dollar Cash & Others
- • 73.3 HK Dollar Term Deposits
- • 23.2 HK Dollar Fixed Income Securities
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