HSBC Mandatory Provident Fund – SuperTrust Plus
Data as of 2026-06-30
Top-10 holdings are 27.2% of the fund. Nvidia at 5.2% is the largest single position. The top three together are 13.5%. Concentration is moderate. By sector: semiconductors 12.4%, tech hardware 6.2%, tech and internet 5.8%. By geography: US 21.4%, Korea 3.4%, Taiwan 2.4%. Active share is 32.4% — selective tilts away from the peer consensus.
There is meaningful AI-cycle exposure through semiconductors and hardware. It is a contributor, not the driver.
Selective deviations from peers include Taiwan Semiconductor (2.4%), Sk Hynix (1.8%), Broadcom (1.6%).
Balanced with no dominant style; top-10 concentration 27.2%. Manager makes selective deviations with conviction (active share 32.4%), accepting tracking error. AI capex cycle supports fundamentals, but history warns of valuation compression after capex peaks. Diversified portfolios have manageable volatility — suitable as a foundation; aggressive investors can add thematic satellites.
Achieve long-term capital growth through primarily investing in a portfolio of carefully selected shares traded on different global markets.
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Cumulative | +14.96% | +26.36% | +66.89% | +67.63% | N/A | +133.31% |
| Annualised | — | +26.36% | +18.60% | +10.88% | N/A | +12.86% |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +20.64% | +13.97% | +22.11% | -17.28% | +21.63% |
Returns are net of fees. Past performance is not indicative of future returns.
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (%) | +6.29% | +13.83% | +35.83% | +51.74% | N/A | +69.51% |
| 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (% p.a.) | +13.83% | +10.75% | +8.70% | N/A | +7.93% |
| 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
| Return (%) | +10.35% | -5.72% | +11.48% | +4.43% | +12.63% | N/A |
Global equities delivered a powerful advance over the second quarter of 2026 as risk sentiment improved despite ongoing geopolitical uncertainty. The key macro tailwind was a de-escalation in the Middle East conflict. At the same time, markets rotated back into the artificial intelligence (AI)-led technology trade. In the US, equities rallied strongly over the quarter, underpinned by an exceptionally robust earnings season and broadening evidence that the AI build-out is supporting activity beyond the technology sector. The Federal Reserve maintained a hawkish hold. European equities also posted solid gains as geopolitical risk receded, and economic sentiment proved resilient. Within the region, market leadership was more balanced and less singularly dominated by mega-cap AI beneficiaries than in the US and parts of Asia. The UK lagged other developed markets (DM) over the quarter. Softer growth signals domestically reinforced a more cautious backdrop for UK risk assets. Emerging markets (EM) outperformed DM, delivering one of the strongest quarterly gains in many years. Performance was led by markets with high exposure to semiconductors and IT hardware, while EM regions with heavier energy exposure lagged as the crude oil price shock reversed. Asia ex Japan was the standout region, driven by outsized gains in Korea and Taiwan as global investors continued to favour AI supply-chain exposure.
| # | Security name | Holdings Weight |
| 1 | NVIDIA Corp | 5.2% |
| 2 | Apple Inc | 4.6% |
| 3 | Alphabet Inc-Class A | 3.7% |
| 4 | Microsoft Corp | 2.8% |
| 5 | Taiwan Semiconductor Co Ltd | 2.4% |
| 6 | Amazon.Com | 2.1% |
| 7 | SK Hynix Inc | 1.8% |
| 8 | Broadcom Inc | 1.6% |
| 9 | Samsung Electronics Co Ltd | 1.6% |
| 10 | Lam Research Corp | 1.4% |
| Total | 27.2% |
The fund expense ratio shows the total annual cost of running this fund as a percentage of its assets. It is already reflected in the fund price and returns. When comparing similar funds, fees are one of the few factors you can control.