Investment Objective
Achieve stable capital growth with low volatility through primarily investing in a portfolio of carefully selected global fixed-income securities.
Fund Details
Latest Fund Expense Ratio: 0.78%
Launch Date(dd/mm/yyyy): 08/10/2009
Unit Price: HKD 12.89
Fund Size: HKD 5,825.89M
Fund Commentary
The fund completed the quarter with positive returns. Among factors, duration exposure added the most value to performance amid lower bond yields in major developed markets sparked by the coronavirus disease (COVID-19) outbreak and a sharp decline in oil prices. Conversely, currency exposure detracted as most currencies weakened against the USD due to risk aversions. Meanwhile, the USD depreciated against the HKD on the back of elevated premium from Hong Kong Interbank Offered Rate (HIBOR) over London Interbank Offered Rate (LIBOR). Elsewhere, credit exposure to Asian credit also weighed on performance as credit spreads widened over the period, with banking and cyclical sectors leading the drag.
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 |
| 6.00% |
2.74% |
2.80% |
2.36% |
0.45 | 1.07 | 6.73 | -1.08 | 5.29 | 2.71 |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since Launch
(p.a. %) |
| 6.00% |
2.74% |
2.36% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | Year To Date |
| 0.45 | 1.07 | 6.73 | -1.08 | 5.29 | 2.71 |
Top 10 Holdings
| Security name |
Holdings Weight |
| US Treasury N/B 1.50% 15/02/2030 |
3.2% |
| US Treasury N/B 1.75% 31/07/2024 |
3.1% |
| US Treasury N/B 2.50% 15/05/2024 |
2.6% |
| US Treasury N/B 1.75% 15/11/2029 |
2.5% |
| Bundesrepub. Deutschland 0.00% 15/02/2030 |
2.5% |
| US Treasury N/B 3.00% 15/02/2049 |
2.2% |
| Canadian Government 2.25% 01/06/2029 |
2.2% |
| US Treasury N/B 2.25% 31/03/2026 |
2.1% |
| US Treasury N/B 3.00% 15/11/2044 |
2.0% |
| US Treasury N/B 1.625% 15/02/2026 |
2.0% |
| Total |
24.4% |
Top 10 Holdings
Security name
Holdings Weight |
| US Treasury N/B 1.50% 15/02/2030
Holding Weight 3.2%
|
| US Treasury N/B 1.75% 31/07/2024
Holding Weight 3.1%
|
| US Treasury N/B 2.50% 15/05/2024
Holding Weight 2.6%
|
| US Treasury N/B 1.75% 15/11/2029
Holding Weight 2.5%
|
| Bundesrepub. Deutschland 0.00% 15/02/2030
Holding Weight 2.5%
|
| US Treasury N/B 3.00% 15/02/2049
Holding Weight 2.2%
|
| Canadian Government 2.25% 01/06/2029
Holding Weight 2.2%
|
| US Treasury N/B 2.25% 31/03/2026
Holding Weight 2.1%
|
| US Treasury N/B 3.00% 15/11/2044
Holding Weight 2.0%
|
| US Treasury N/B 1.625% 15/02/2026
Holding Weight 2.0%
|
| Total: 24.4% |
Portfolio Allocation
- • 35.1 United States
- • 18.9 Other Bonds
- • 8.8 China
- • 7.3 France
- • 5.3 United Kingdom
- • 5.2 Italy
- • 4.9 Spain
- • 4.8 Japan
- • 3.8 Germany
- • 3.3 Cash & Others
- • 1.5 Hong Kong
- • 1.0 India
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