Investment Objective
To minimise short-term capital risk with moderate capital growth over the long term through a higher weighting of investments in global debt securities to provide steady income and lower exposure to global equities to provide modest potential for capital appreciation.
Fund Details
Latest Fund Expense Ratio: 1.32%
Launch Date(dd/mm/yyyy): 01/12/2000
Unit Price: HKD 18.2217
Fund Size: HKD 2,548.75M
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 |
-2.26% |
1.32% |
2.16% |
3.15% |
-3.10 | 1.40 | 12.21 | -4.56 | 8.71 | -6.04 |
Fund Performance Information
Annualised return |
1 year (p.a. %) |
5 years (p.a. %) |
Since launch (p.a. %) |
-2.26% |
1.32% |
3.15% |
Calendar year return |
2015 | 2016 | 2017 | 2018 | 2019 | YTD |
-3.10 | 1.40 | 12.21 | -4.56 | 8.71 | -6.04 |
Top 10 Holdings
Security name |
Holdings Weight |
TENCENT HOLDINGS LTD |
1.41% |
BUNDESREPUBLIK DEUTSCHLAND BUNDESANLEIHE 1.25% 15/08/2048 |
1.36% |
UNITED STATES TREASURY BOND 1.75% 15/11/2029 |
1.27% |
FRENCH REPUBLIC GOVERNMENT BOND 2.50% 25/05/2030 |
1.14% |
AIA GROUP LTD |
1.01% |
UNITED STATES TREASURY BOND 2.25% 15/08/2049 |
0.98% |
UNITED STATES TREASURY BOND 1.63% 15/08/2029 |
0.95% |
FRENCH REPUBLIC GOVERNMENT BOND 1.50% 25/05/2031 |
0.91% |
UNITED STATES TREASURY BOND 2.00% 15/02/2050 |
0.79% |
SPAIN GOVERNMENT BOND 6.00% 31/01/2029 |
0.77% |
Total |
10.59% |
Top 10 Holdings
Security name Holdings Weight |
TENCENT HOLDINGS LTD
Holding Weight 1.41%
|
BUNDESREPUBLIK DEUTSCHLAND BUNDESANLEIHE 1.25% 15/08/2048
Holding Weight 1.36%
|
UNITED STATES TREASURY BOND 1.75% 15/11/2029
Holding Weight 1.27%
|
FRENCH REPUBLIC GOVERNMENT BOND 2.50% 25/05/2030
Holding Weight 1.14%
|
AIA GROUP LTD
Holding Weight 1.01%
|
UNITED STATES TREASURY BOND 2.25% 15/08/2049
Holding Weight 0.98%
|
UNITED STATES TREASURY BOND 1.63% 15/08/2029
Holding Weight 0.95%
|
FRENCH REPUBLIC GOVERNMENT BOND 1.50% 25/05/2031
Holding Weight 0.91%
|
UNITED STATES TREASURY BOND 2.00% 15/02/2050
Holding Weight 0.79%
|
SPAIN GOVERNMENT BOND 6.00% 31/01/2029
Holding Weight 0.77%
|
Total: 10.59% |
Portfolio Allocation
- • 3.1 HK Equities
- • 6.8 US Equities
- • 4.2 European Equities
- • 3.3 Japanese Equities
- • 11.3 Other Equities
- • 0.7 HKD Bonds
- • 30.2 USD Bonds
- • 12.9 EUR Bonds
- • 9.1 JPY Bonds
- • 4.8 Other Bonds
- • 8.3 Cash & Others
- • 5.3 Deposits
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