Investment Objective
To provide investors with long-term capital growth through the underlying approved pooled investment fund which consist primarily of securities of companies based or operating principally in countries in Western Europe. This fund is a feeder fund investing solely in an approved pooled investment fund.
Fund Details
Latest Fund Expense Ratio: 1.93%
Launch Date(dd/mm/yyyy): 01/01/2002
Unit Price: HKD 171.18
Fund Size: HKD 1,183.82M
Fund Commentary
The fund recorded -16.78% return in March. During the month, governments rushed to provide fiscal stimulus package, The British and German governments committed to pay a significant proportion of workers’ wages during the shutdown. The European Central Bank launched asset purchasing programs for EUR 1.1 trillion and the Bank of England slashed interest rates. For the fund performance, top contributors included our overweight positions in Roche Holding and in Nestle. Top detractors included our overweight positions in Next and OneSavings Bank. The challenge for many companies will be to stay in business at a time when cash-flow has dried up entirely, and therefore they cannot service their financing costs. While central bank support measures may ameliorate the problem, an increase in bad loans that eat into bank equity is nearly inevitable. This crisis may well be the spark that ignites a bonfire of Italian regional banks.
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 |
-22.39% |
-3.33% |
1.62% |
2.99% |
2.04 | -5.38 | 27.63 | -17.81 | 18.30 | N/A |
Fund Performance Information
Annualised return |
1 year (p.a. %) |
5 years (p.a. %) |
Since Launch (p.a. %) |
-22.39% |
-3.33% |
2.99% |
Calendar year return |
2015 | 2016 | 2017 | 2018 | 2019 | Year To Date |
2.04 | -5.38 | 27.63 | -17.81 | 18.30 | N/A |
Top 10 Holdings
Security name |
Holdings Weight |
NESTLE SA |
5.67% |
ROCHE HOLDING AG |
4.66% |
NOVARTIS AG |
3.98% |
NOVO NORDISK |
2.38% |
SCHNEIDER ELECTRIC (HONG KONG) LTD |
2.23% |
ALLIANZ SE |
2.22% |
RIO TINTO |
2.13% |
UNILEVER |
1.99% |
SANOFI |
1.98% |
ASML HOLDING |
1.95% |
Total |
29.19% |
Top 10 Holdings
Security name Holdings Weight |
NESTLE SA
Holding Weight 5.67%
|
ROCHE HOLDING AG
Holding Weight 4.66%
|
NOVARTIS AG
Holding Weight 3.98%
|
NOVO NORDISK
Holding Weight 2.38%
|
SCHNEIDER ELECTRIC (HONG KONG) LTD
Holding Weight 2.23%
|
ALLIANZ SE
Holding Weight 2.22%
|
RIO TINTO
Holding Weight 2.13%
|
UNILEVER
Holding Weight 1.99%
|
SANOFI
Holding Weight 1.98%
|
ASML HOLDING
Holding Weight 1.95%
|
Total: 29.19% |
Portfolio Allocation
- • 20.55 Britain
- • 2.88 Denmark
- • 16.99 France
- • 14.34 Germany
- • 3.85 Italy
- • 19.73 Switzerland
- • 8.71 The Netherlands
- • 11.28 Other Countries
- • 1.67 Cash and Others
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