Investment Objective
To produce a positive return over the long term and to focus investment towards less volatile assets of bonds and cash whilst retaining some equity exposure.To maintain a broad geographic diversification with a bias towards Hong Kong, and to ensure that the risk to the capital base is limited in the short term. This fund is a feeder fund investing entirely in an approved pooled investment fund.
Fund Details
Latest Fund Expense Ratio: 1.79%
Launch Date(dd/mm/yyyy): 01/12/2010
Unit Price: HKD 118.91
Fund Size: HKD 1,091.87M
Fund Commentary
The fund recorded -3.69% return in March. Asia Pacific ex Japan equities declined in March amid a global sell-off due to growing risk aversion in light of the COVID-19 outbreak. US equities declined significantly due to the spread of the COVID-19 pandemic. March witnessed the fastest crash in history, with European equities falling 35% intra-month before making a partial recovery. Fixed income markets posted mixed returns, with government bonds outperforming corporate bonds. We have a moderate positive stance on bonds and cash over equities in term of asset allocation.
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 |
-1.01% |
1.34% |
N/A% |
1.87% |
-3.38 | 0.66 | 12.39 | -5.16 | 8.96 | N/A |
Fund Performance Information
Annualised return |
1 year (p.a. %) |
5 years (p.a. %) |
Since launch (p.a. %) |
-1.01% |
1.34% |
1.87% |
Calendar year return |
2015 | 2016 | 2017 | 2018 | 2019 | YTD |
-3.38 | 0.66 | 12.39 | -5.16 | 8.96 | N/A |
Top 10 Holdings
Security name |
Holdings Weight |
GERMANY SER 178 0.00% 13/10/2023 |
5.10% |
USTN 1.500% 15/02/2030 |
4.87% |
GERMANY 0.250% 15/08/2028 REGS |
3.50% |
USTN 2.250% 15/08/2049 |
2.98% |
USTN 2.875% 31/10/2023 |
2.81% |
JAPAN (5 YEAR ISSUE) SER 128 0.100% 20/06/2021 |
2.42% |
GERMANY 0.00% 15/08/2029 REGS |
2.21% |
JAPAN 0.100% 10/03/2028 |
2.06% |
GERMANY 0.500% 15/02/2025 REGS |
2.04% |
TENCENT HOLDINGS LIMITED |
1.33% |
Total |
29.32% |
Top 10 Holdings
Security name Holdings Weight |
GERMANY SER 178 0.00% 13/10/2023
Holding Weight 5.10%
|
USTN 1.500% 15/02/2030
Holding Weight 4.87%
|
GERMANY 0.250% 15/08/2028 REGS
Holding Weight 3.50%
|
USTN 2.250% 15/08/2049
Holding Weight 2.98%
|
USTN 2.875% 31/10/2023
Holding Weight 2.81%
|
JAPAN (5 YEAR ISSUE) SER 128 0.100% 20/06/2021
Holding Weight 2.42%
|
GERMANY 0.00% 15/08/2029 REGS
Holding Weight 2.21%
|
JAPAN 0.100% 10/03/2028
Holding Weight 2.06%
|
GERMANY 0.500% 15/02/2025 REGS
Holding Weight 2.04%
|
TENCENT HOLDINGS LIMITED
Holding Weight 1.33%
|
Total: 29.32% |
Portfolio Allocation
- • 4.84 Europe Equities
- • 10.43 Hong Kong Equities
- • 3.36 Japan Equities
- • 4.99 United States Equities
- • 4.25 Other Equities
- • 13.96 Hong Kong Dollar Bonds
- • 58.26 Other Bonds
- • 0.09 (Negative)Cash and Others
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