Investment Objective
To maximise long-term capital appreciation in Hong Kong dollar terms and to outperform Hong Kong salary inflation over the long term through a professionally managed portfolio, invested in two or more approved pooled investment funds.
Fund Details
Latest Fund Expense Ratio: 1.97%
Launch Date(dd/mm/yyyy): 01/12/2000
Unit Price: HKD 212.92
Fund Size: HKD 9,460.99M
Fund Commentary
The fund recorded -11.66% return in March. March witnessed the rise and spread of the pandemic, U.S. equities entered bear market territory, government bond yields dropped to the lowest levels ever and oil prices collapsed. From a policy perspective, the Federal Reserve issued two separate out of meeting “emergency” cuts which led the Federal Funds rate to a target range of 0.00%-0.25%. Against this backdrop, the equity markets were uniformly negative, with Hong Kong being the worst detractor, followed by Europe and US. In addition, fixed income also detracted slightly. Our current working assumption is that restrictions to economic activity will begin to be lifted later in the second quarter and that an economic recovery will begin shortly thereafter. That said, there is considerable uncertainty regarding the contour of the growth in cases and subsequent economic recovery.
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 |
| -14.20% |
-0.11% |
2.75% |
3.99% |
-2.81 | 0.07 | 29.81 | -13.75 | 16.49 | N/A |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since launch
(p.a. %) |
| -14.20% |
-0.11% |
3.99% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| -2.81 | 0.07 | 29.81 | -13.75 | 16.49 | N/A |
Top 10 Holdings
| Security name |
Holdings Weight |
| TENCENT HOLDINGS LTD |
3.16% |
| DAH SING BANK HKG 1.00% 01/04/2020 |
2.33% |
| AIA GROUP LTD |
2.30% |
| HSBC HOLDINGS PLC |
2.23% |
| CHINA CONSTRUCTION BANK H |
1.95% |
| PING AN INSURANCE (GROUP) CO OF CHINA LTD H |
1.64% |
| MICROSOFT CORP |
1.25% |
| APPLE INC |
1.05% |
| HONG KONG EXCHANGES & CLEARING LTD |
0.97% |
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD |
0.85% |
| Total |
17.73% |
Top 10 Holdings
Security name
Holdings Weight |
| TENCENT HOLDINGS LTD
Holding Weight 3.16%
|
| DAH SING BANK HKG 1.00% 01/04/2020
Holding Weight 2.33%
|
| AIA GROUP LTD
Holding Weight 2.30%
|
| HSBC HOLDINGS PLC
Holding Weight 2.23%
|
| CHINA CONSTRUCTION BANK H
Holding Weight 1.95%
|
| PING AN INSURANCE (GROUP) CO OF CHINA LTD H
Holding Weight 1.64%
|
| MICROSOFT CORP
Holding Weight 1.25%
|
| APPLE INC
Holding Weight 1.05%
|
| HONG KONG EXCHANGES & CLEARING LTD
Holding Weight 0.97%
|
| TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD
Holding Weight 0.85%
|
| Total: 17.73% |
Portfolio Allocation
- • 16.08 Europe Equities
- • 29.44 Hong Kong Equities
- • 10.89 Japan Equities
- • 19.57 United States Equities
- • 10.80 Other Equities
- • 11.23 Other Bonds
- • 1.99 Cash and Others
The materials provided are for information only and do not constitute as an offer. For investment advice, please consult professional advisors. The information contained in this website has been compiled with considerable care to ensure its accuracy at the date of publication. However, no representation or warranty, express or implied, is made to its accuracy or completeness. MPF.HK shall not be responsible for any consequential effect, nor be liable for any direct, consequential, incidental, indirect loss or damage, howsoever caused, arising from the use of, inability to use or reliance upon any information or materials provided on this website, whether or not such loss or damage is caused by MPF.HK. Links to third party sites are provided for your information only. The content and software of these sites have been issued by third parties. As such, MPF.HK cannot be responsible for the accuracy of information contained in these sites, nor be held liable for any loss or damage arising from or related to their use.