Investment Objective
To generate a positive return over the long term and to broadly diversify the portfolio as to asset type as between equities and bonds. To maintain a broad geographic diversification with a bias towards Hong Kong, and to limit the volatility of returns in the short term. This fund is a feeder fund investing entirely in an approved pooled investment fund.
Fund Details
Latest Fund Expense Ratio: 1.64%
Launch Date(dd/mm/yyyy): 01/12/2010
Unit Price: HKD 128.97
Fund Size: HKD 2,251.65M
Fund Commentary
The fund recorded -5.9% 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. Oil prices crashed after Saudi Arabia and Russia headed for a full-blown price war, leading to a supply glut in an already subdued demand environment caused by travel restrictions. March witnessed the fastest crash in history, with European equities falling 35% intra-month before making a partial recovery. 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 |
| -4.16% |
1.66% |
N/A% |
2.76% |
-1.86 | 1.45 | 17.78 | -7.58 | 12.47 | N/A |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since launch
(p.a. %) |
| -4.16% |
1.66% |
2.76% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| -1.86 | 1.45 | 17.78 | -7.58 | 12.47 | N/A |
Top 10 Holdings
| Security name |
Holdings Weight |
| GERMANY SER 178 0.00% 13/10/2023 |
3.73% |
| USTN 1.500% 15/02/2030 |
3.56% |
| GERMANY 0.250% 15/08/2028 REGS |
2.55% |
| TENCENT HOLDINGS LIMITED |
2.20% |
| USTN 2.250% 15/08/2049 |
2.17% |
| USTN 2.875% 31/10/2023 |
2.05% |
| JAPAN (5 YEAR ISSUE) SER 128 0.100% 20/06/2021 |
1.77% |
| GERMANY 0.00% 15/08/2029 REGS |
1.61% |
| JAPAN 0.100% 10/03/2028 |
1.50% |
| GERMANY 0.500% 15/02/2025 REGS |
1.49% |
| Total |
22.63% |
Top 10 Holdings
Security name
Holdings Weight |
| GERMANY SER 178 0.00% 13/10/2023
Holding Weight 3.73%
|
| USTN 1.500% 15/02/2030
Holding Weight 3.56%
|
| GERMANY 0.250% 15/08/2028 REGS
Holding Weight 2.55%
|
| TENCENT HOLDINGS LIMITED
Holding Weight 2.20%
|
| USTN 2.250% 15/08/2049
Holding Weight 2.17%
|
| USTN 2.875% 31/10/2023
Holding Weight 2.05%
|
| JAPAN (5 YEAR ISSUE) SER 128 0.100% 20/06/2021
Holding Weight 1.77%
|
| GERMANY 0.00% 15/08/2029 REGS
Holding Weight 1.61%
|
| JAPAN 0.100% 10/03/2028
Holding Weight 1.50%
|
| GERMANY 0.500% 15/02/2025 REGS
Holding Weight 1.49%
|
| Total: 22.63% |
Portfolio Allocation
- • 8.53 Europe Equities
- • 17.41 Hong Kong Equities
- • 6.05 Japan Equities
- • 8.99 United States Equities
- • 6.80 Other Equities
- • 9.34 Hong Kong Dollar Bonds
- • 42.89 Other Bonds
- • 0.01 (Negative)Cash and Others
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