Core Accumulation Fund
Hang Seng Mandatory Provident Fund – SuperTrust Plus
Data as of 2026-06-30
Straight talk on this fund
- Up 15.3% over the past year — 8 out of 17 DIS core-accumulation MPF funds. Over 5 years it's made 6.1% a year.
- Fund expense ratio 0.78% a year — middle of the range (peers: 0.75%–0.93%).
- Risk class 4. Worst calendar year on record: 2022 (-14.5%). That kind of drawdown separates the patient from the panicked.
- Top 10 holdings (NVIDIA Corp, Apple Inc, Microsoft Corp…) are 14.5% of the fund — only 14.5% in the top ten; broadly spread, no single name drives returns.
- The mandate fixes roughly 60% in higher-risk assets (equities) and 40% in lower-risk assets (bonds, money market) — the classic DIS glidepath. The top 10 (NVIDIA Corp, Apple Inc, Microsoft Corp… — 14.5% total) confirms the equity engine is doing the heavy lifting. This isn't a fund trying to beat the market; it's a fund trying to *be* the market at low cost — and the 0.78% fee fits that job.
- In its best calendar year (2023) it made 14.3%; in its worst (2022) it lost 14.5% — that range tells you what you're signing up for.
- Sits in the middle of the risk scale — some growth potential, some rough patches. Worth knowing which side of that trade-off you're on.
Manager's LensWhat the portfolio reveals about the manager's thinking
Top-10 holdings are 14.5% of the fund. Nvidia at 2.8% is the largest single position. The top three together are 6.8%. The portfolio is broadly spread.
No single macro theme dominates. The portfolio is positioned to move with broad market direction rather than any specific cycle. In a choppy, liquidity-tightening environment that neutrality is defensive; in a trending market it means keeping pace, not leading.
The manager's independent bets include Nvidia (2.8%), Apple (2.5%), Microsoft (1.5%) — positions most peers don't hold. These are where the manager's judgment lives or dies.
Balanced with no dominant style; top-10 concentration 14.5%. No strong cyclical tilt — stock selection, not macro rotation, will drive returns. Diversified portfolios have manageable volatility — suitable as a foundation; aggressive investors can add thematic satellites.
Investment Objective
Provide capital growth for the Members by investing in a globally diversified manner. The Core Accumulation Fund, through its underlying investments, will hold 60 per cent of its net assets in Higher Risk Assets (generally means equities or similar investments), with the remainder investing in Lower Risk Assets (including without limitation global bonds and money market instruments). The asset allocation to Higher Risk Assets may vary between 55 per cent and 65 per cent due to differing price movements of various equity and bond markets.
Trailing Returns ⓘ
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | Year to Date | |
|---|---|---|---|---|---|---|---|
| Cumulative | +9.90% | +15.29% | +40.34% | +34.65% | +103.00% | +219.12% | +8.03% |
| Annualised | — | +15.29% | +11.95% | +6.13% | +7.33% | +4.64% | — |
Calendar Year Returns ⓘ
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return (%) | +14.05% | +7.92% | +14.29% | -14.53% | +11.28% |
Returns are net of fees. Past performance is not indicative of future returns.
Dollar Cost Averaging Return ⓘ
Cumulative Return
| Year to Date | 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
|---|---|---|---|---|---|---|---|
| Return (%) | +5.11% | +4.31% | +8.43% | +22.08% | +30.08% | +52.34% | +116.54% |
Annualised Return
| 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
|---|---|---|---|---|---|
| Return (% p.a.) | +8.43% | +6.88% | +5.40% | +4.30% | +3.09% |
Calendar Year Return
| 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
|---|---|---|---|---|---|---|
| Return (%) | +5.66% | -4.94% | +8.01% | +2.58% | +7.97% | N/A |
Fund Commentary
Global equities ended the quarter on a positive note. Performance was supported by resilient corporate profits linked to the artificial intelligence (AI) investment cycle, while markets continued to navigate elevated geopolitical tensions and energy supply shocks that complicated the inflation outlook. These mixed signals kept policy uncertainty high and contributed to episodic volatility and more uneven performance across regions. Fixed income markets also saw persistent volatility: higher-for-longer inflation risks and fiscal concerns kept yields elevated, while shorter-duration bonds were sensitive to shifting expectations for policy easing across major central banks.The fund finished the quarter in positive territory. Top contributors included the exposures to global equities and developed markets equities, where strong earnings momentum linked to the AI investment cycle supported returns. The positioning in North America equities also contributed to performance, whilst the main performance detractor came from the positions in Korea put options. For fixed income, contributions were slightly positive from the exposures to global and Asia bonds.Over the one-year period ended June 2026, the fund outperformed the reference portfolio by 2.22%. The outperformance was mainly driven by asset allocation with the key contribution coming from the overweight position in Korea versus Asia equities. The overweight in Asia Investment Grade corporate bonds versus global government bonds also contributed from the bond side.
Portfolio Allocation
Top 10 Holdings
| # | Security name | Holdings Weight |
|---|---|---|
| 1 | NVIDIA Corp | 2.8% |
| 2 | Apple Inc | 2.5% |
| 3 | Microsoft Corp | 1.5% |
| 4 | Amazon.Com | 1.3% |
| 5 | Alphabet Inc-Class A | 1.2% |
| 6 | United Kingdom Gilt 4.75% 22/10/2035 | 1.1% |
| 7 | US Treasury N/B 4.125% 15/02/2036 | 1.1% |
| 8 | Taiwan Semiconductor Manufacturing Co | 1.0% |
| 9 | US Treasury N/B 4.00% 31/05/2030 | 1.0% |
| 10 | Broadcom Inc | 1.0% |
| Total | 14.5% |
Fees & Charges
The fund expense ratio shows the total annual cost of running this fund as a percentage of its assets. It is already reflected in the fund price and returns. When comparing similar funds, fees are one of the few factors you can control.
FER is a backward-looking figure from the fund's financial year, taken from provider fact sheets and audited annual reports. It may not yet reflect announced fee cuts.
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