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.

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