Investment Objective
Provide long-term capital growth for members planning to dispose of their investments in year 2040 (i.e. at the expected retirement age of 65). The underlying APIF invests in a wide range of investments (equities, bonds and cash) covering markets throughout the world
Fund Details
Latest Fund Expense Ratio: 1.52%
Launch Date(dd/mm/yyyy): 27/10/2008
Unit Price: HKD 2.1409
Fund Size: HKD 1,081.9M
Fund Commentary
Global equities posted negative returns over Q1 as the COVID-19 outbreak in China and its spread to other countries weighed on global economic prospects. Against this global backdrop, all key markets ended lower, with European equities experiencing the most negative performance. Global bond markets posted mixed returns, with government bonds outperforming corporate bonds. Financial markets witnessed unprecedented levels of volatility, which led to a sell-off in risk assets and a significant fall in government bond yields as investor rushed to safe-haven assets. Central banks have cut interest rates or provided liquidity support through balance sheet expansions or relaxing bank capital requirements. Credit market witnessed significant spread widening in view of the COVID-19 pandemic and the sharp drop in oil prices. Elsewhere, emerging market bonds posted double-digit negative returns.
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 | YTD |
| -11.56% |
1.07% |
3.78% |
6.88% |
-1.88 | 0.84 | 30.04 | -13.17 | 21.37 | N/A |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since launch
(p.a. %) |
| -11.56% |
1.07% |
6.88% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| -1.88 | 0.84 | 30.04 | -13.17 | 21.37 | N/A |
Top 10 Holdings
| Security name |
Holdings Weight |
| Tencent Holdings |
4.3% |
| AIA Group Ltd |
2.6% |
| ICBC |
2.3% |
| Alibaba Group Holding Ltd |
2.1% |
| HSBC Holdings |
1.8% |
| CCB |
1.8% |
| China Mobile |
1.3% |
| Microsoft Corp |
1.2% |
| Ping An Insurance |
1.2% |
| Amazon.com Inc |
1.1% |
| Total |
19.7% |
Top 10 Holdings
Security name
Holdings Weight |
| Tencent Holdings
Holding Weight 4.3%
|
| AIA Group Ltd
Holding Weight 2.6%
|
| ICBC
Holding Weight 2.3%
|
| Alibaba Group Holding Ltd
Holding Weight 2.1%
|
| HSBC Holdings
Holding Weight 1.8%
|
| CCB
Holding Weight 1.8%
|
| China Mobile
Holding Weight 1.3%
|
| Microsoft Corp
Holding Weight 1.2%
|
| Ping An Insurance
Holding Weight 1.2%
|
| Amazon.com Inc
Holding Weight 1.1%
|
| Total: 19.7% |
Portfolio Allocation
- • 1.2 Cash & Others
- • 0.4 Term Deposits
- • 2.0 Global Fixed Income Securities
- • 33.8 China / Hong Kong
- • 13.0 Japan
- • 13.0 Other Asia Pacific
- • 18.5 North America
- • 18.1 Europe
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