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 1,714.50M

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.

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