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.

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