Investment Objective
To achieve a stable rate of return with an opportunity for capital appreciation through a balanced weighting of investments in global equities and debt securities.
Fund Details
Latest Fund Expense Ratio: 1.36%
Launch Date(dd/mm/yyyy): 01/12/2000
Unit Price: HKD 18.7484
Fund Size: HKD 1,559.47M
Fund Commentary
The World Health Organization declared COVID-19 a pandemic in mid-March, various cities around the world implemented different degrees of lockdown to halt the spread of the virus. Global manufacturing and consumption activities were expected to slow down significantly. The disappointing OPEC+ meeting in March resulted in Saudi Arabia’s aggressive increase in oil production which lead to a sharp fall in oil price. The oil shocks and the pandemic has triggered global risk-off sentiment and a shortage of U.S. dollar.The many measures introduced by the U.S. Federal Reserve including injecting liquidity into markets helps to ease market liquidity tensions and to normalise the market situation gradually.European equities dropped substantially during the quarter due to the widespread of COVID-19 in the region, especially in Italy and Spain. The European Central Bank announced a 750 billion-euro emergency bond-buying program to mitigate the damage on the economy.The pandemic and oil shocks led to a global sell-off across financial markets, both onshore and offshore Chinese equities experienced a sharp correction. The sell-off led to concerns about liquidity and credit risk.
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 |
| -5.57% |
1.12% |
2.43% |
3.30% |
-3.33 | 1.75 | 17.24 | -7.13 | 11.63 | -9.98 |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since launch
(p.a. %) |
| -5.57% |
1.12% |
3.30% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| -3.33 | 1.75 | 17.24 | -7.13 | 11.63 | -9.98 |
Top 10 Holdings
| Security name |
Holdings Weight |
| AIA GROUP LTD |
1.59% |
| BUNDESREPUBLIK DEUTSCHLAND BUNDESANLEIHE 1.25% 15/08/2048 |
0.98% |
| CHINA CONSTRUCTION BANK |
0.96% |
| UNITED STATES TREASURY BOND 1.75% 15/11/2029 |
0.91% |
| FRENCH REPUBLIC GOVERNMENT BOND 2.50% 25/05/2030 |
0.82% |
| UNITED STATES TREASURY BOND 2.25% 15/08/2049 |
0.71% |
| UNITED STATES TREASURY BOND 1.63% 15/08/2029 |
0.69% |
| FRENCH REPUBLIC GOVERNMENT BOND 1.50% 25/05/2031 |
0.65% |
| UNITED STATES TREASURY BOND 2.00% 15/02/2050 |
0.58% |
| CHINA MOBILE LTD |
0.57% |
| Total |
8.46% |
Top 10 Holdings
Security name
Holdings Weight |
| AIA GROUP LTD
Holding Weight 1.59%
|
| BUNDESREPUBLIK DEUTSCHLAND BUNDESANLEIHE 1.25% 15/08/2048
Holding Weight 0.98%
|
| CHINA CONSTRUCTION BANK
Holding Weight 0.96%
|
| UNITED STATES TREASURY BOND 1.75% 15/11/2029
Holding Weight 0.91%
|
| FRENCH REPUBLIC GOVERNMENT BOND 2.50% 25/05/2030
Holding Weight 0.82%
|
| UNITED STATES TREASURY BOND 2.25% 15/08/2049
Holding Weight 0.71%
|
| UNITED STATES TREASURY BOND 1.63% 15/08/2029
Holding Weight 0.69%
|
| FRENCH REPUBLIC GOVERNMENT BOND 1.50% 25/05/2031
Holding Weight 0.65%
|
| UNITED STATES TREASURY BOND 2.00% 15/02/2050
Holding Weight 0.58%
|
| CHINA MOBILE LTD
Holding Weight 0.57%
|
| Total: 8.46% |
Portfolio Allocation
- • 8.1 European Equities
- • 10.8 US Equities
- • 4.8 HK Equities
- • 1.8 Deposits
- • 6.7 Cash & Others
- • 3.4 Other Bonds
- • 6.5 JPY Bonds
- • 9.3 EUR Bonds
- • 5.9 Japanese Equities
- • 18.3 Other Equities
- • 0.9 HKD Bonds
- • 23.5 USD Bonds
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