Investment Objective
Achieve long-term capital growth through primarily investing in a portfolio of carefully selected shares issued by companies deriving a preponderant part of their income and/or assets from China and listed on the Stock Exchange of Hong Kong, including but not limited to H-shares and red-chips. Up to 30 per cent of the non-cash assets of the investment portfolio indirectly held by the Chinese Equity Fund may include securities issued by companies deriving a preponderant part of their income and/or assets from China that are listed on other stock exchanges. For the purpose of the investment objective of the Chinese Equity Fund, China means the People’s Republic of China, and excludes Hong Kong, Macau and Taiwan.
Fund Details
Latest Fund Expense Ratio: 1.50%
Launch Date(dd/mm/yyyy): 08/10/2009
Unit Price: HKD 14.11
Fund Size: HKD 2,375.05M
Fund Commentary
Chinese equities fell in the first quarter amid a global sell-off on coronavirus disease (COVID-19) worries with the FTSE MPF China Index down 13.48%. Macro risks like US-China trade conflicts, macro-economic slowdown in China that have previously pressured on the market have been fading out in early January for a good start of 2020. However, COVID-19 outbreak has started halving economy activity after Wuhan lockdown before Chinese New Year. Market plunged on the first day of market reopen but recovered quickly as market expected more fiscal and monetary policies from the government to further support for its economy. The fund has outperformed the FTSE MPF China Index in the first quarter of 2020, mainly driven by positive stock selection in Financials and Consumer Services offset by the unfavourable stock selection in Telecommunications and Oil and Gas.
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 |
-7.72% |
1.60% |
3.16% |
3.34% |
-7.02 | -0.44 | 44.44 | -17.28 | 19.19 | -12.63 |
Fund Performance Information
Annualised return |
1 year (p.a. %) |
5 years (p.a. %) |
Since Launch (p.a. %) |
-7.72% |
1.60% |
3.34% |
Calendar year return |
2015 | 2016 | 2017 | 2018 | 2019 | Year To Date |
-7.02 | -0.44 | 44.44 | -17.28 | 19.19 | -12.63 |
Top 10 Holdings
Security name |
Holdings Weight |
Tencent Holdings |
9.9% |
China Construction Bank H SHS |
7.5% |
Meituan Dianping-Class B |
7.0% |
Ping An Insurance (GRP) Co of China ‘H’ |
6.4% |
ICBC H SHS |
5.5% |
Alibaba Group Holding Ltd |
4.5% |
China Resources Beer Holding |
4.3% |
China Merchants Bank |
3.3% |
WH Group Ltd |
3.1% |
China Resources Land Ltd |
3.0% |
Total |
54.5% |
Top 10 Holdings
Security name Holdings Weight |
Tencent Holdings
Holding Weight 9.9%
|
China Construction Bank H SHS
Holding Weight 7.5%
|
Meituan Dianping-Class B
Holding Weight 7.0%
|
Ping An Insurance (GRP) Co of China ‘H’
Holding Weight 6.4%
|
ICBC H SHS
Holding Weight 5.5%
|
Alibaba Group Holding Ltd
Holding Weight 4.5%
|
China Resources Beer Holding
Holding Weight 4.3%
|
China Merchants Bank
Holding Weight 3.3%
|
WH Group Ltd
Holding Weight 3.1%
|
China Resources Land Ltd
Holding Weight 3.0%
|
Total: 54.5% |
Portfolio Allocation
- • 30.9 Financials
- • 16.3 Consumer Services
- • 13.5 Technology
- • 12.7 Consumer Goods
- • 6.6 Health Care
- • 4.9 Industrials
- • 4.8 Telecommunications
- • 3.9 Oil and Gas
- • 3.2 Cash & Others
- • 1.9 Basic Materials
- • 1.3 Utilities
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