Investment Objective
To minimise capital risk in Hong Kong dollar terms and to achieve a stable, consistent and predictable rate of return. This fund is a feeder fund investing solely in an approved pooled investment fund.
Fund Details
Latest Fund Expense Ratio: 1.59%
Launch Date(dd/mm/yyyy): 01/12/2000
Unit Price: HKD N/A
Fund Size: HKD 9,366.17M
Fund Commentary
The fund recorded 0.01% return in March. During March, the Hong Kong dollar swaps curve continued to stay higher than the US dollar swaps curve. We have continued to monitor political developments in Hong Kong and the US Federal Reserve’s stance to gauge their impact on the yield curve. The HKD appreciated to 7.7510 during the month. We expect rates in Hong Kong to follow the rates trajectory of the US in the long term, but social/political issues present the magnitude and volatility of risk premium to interest rates in Hong Kong.
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 |
0.15% |
0.20% |
0.75% |
1.55% |
0.47 | 0.15 | 0.15 | 0.15 | 0.15 | N/A |
Fund Performance Information
Annualised return |
1 year (p.a. %) |
5 years (p.a. %) |
Since launch (p.a. %) |
0.15% |
0.20% |
1.55% |
Calendar year return |
2015 | 2016 | 2017 | 2018 | 2019 | YTD |
0.47 | 0.15 | 0.15 | 0.15 | 0.15 | N/A |
Top 10 Holdings
Security name |
Holdings Weight |
DAH SING BANK HKG 1.00% 01/04/2020 |
3.92% |
ABS FINANCE LTD 2.457% 25/09/2024 |
1.75% |
KOREA LAND & HOUSING COR 2.430% 28/09/2024 |
1.62% |
UNITED OVERSEAS UOBSP 3.190% 26/08/2028 |
1.61% |
AROUNDTOWN SA ARNDTN 3.690% 11/03/2024 |
1.58% |
DBS GROUP HLDGS DBSSP 3.240% 19/04/2026 |
1.48% |
VODAFONE GROUP VOD 2.850% 28/06/2027 |
1.47% |
WELLS FARGO CO WFC 3.00% 05/06/2025 |
1.30% |
CDBL FUNDING TWO CDBLFD 3.500% 19/11/2020 |
1.27% |
CAN IMPERIAL BK CM 2.250% 28/07/2020 |
1.26% |
Total |
17.26% |
Top 10 Holdings
Security name Holdings Weight |
DAH SING BANK HKG 1.00% 01/04/2020
Holding Weight 3.92%
|
ABS FINANCE LTD 2.457% 25/09/2024
Holding Weight 1.75%
|
KOREA LAND & HOUSING COR 2.430% 28/09/2024
Holding Weight 1.62%
|
UNITED OVERSEAS UOBSP 3.190% 26/08/2028
Holding Weight 1.61%
|
AROUNDTOWN SA ARNDTN 3.690% 11/03/2024
Holding Weight 1.58%
|
DBS GROUP HLDGS DBSSP 3.240% 19/04/2026
Holding Weight 1.48%
|
VODAFONE GROUP VOD 2.850% 28/06/2027
Holding Weight 1.47%
|
WELLS FARGO CO WFC 3.00% 05/06/2025
Holding Weight 1.30%
|
CDBL FUNDING TWO CDBLFD 3.500% 19/11/2020
Holding Weight 1.27%
|
CAN IMPERIAL BK CM 2.250% 28/07/2020
Holding Weight 1.26%
|
Total: 17.26% |
Portfolio Allocation
- • 95.52 Hong Kong Dollar Bonds
- • 4.55 United States Dollar Bonds
- • 0.07 (Negative)Cash and Others
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