HAITONG AGE 65 PLUS FUND (Class T)
Haitong MPF Retirement Fund
Data as of 2025-12-31
Straight talk on this fund
- Up 9.5% over the past year — 2 out of 17 DIS age-65-plus MPF funds. Respectable. Over 5 years it's made 1.8% a year.
- Management fee 0.93% a year — 15 bps above the median DIS age-65-plus fund (0.78%), near the top (peers: 0.74%–0.93%).
- Risk class 4. Worst calendar year on record: 2022 (-15.4%). Not everyone can stomach that ride.
- Top 10 holdings (FINLAND 1.5% 15/09/2032, US TREASURY N/B 3% 15/02/2048, CHINA CITIC BANK INTL VAR 05/12/2033…) are 19.6% of the fund — only 19.6% in the top ten; broadly spread, no single name drives returns.
- In its best calendar year (2020) it made 11.3%; in its worst (2022) it lost 15.4% — that range tells you what you're signing up for.
- Sits in the middle of the risk scale — some growth potential, some rough patches. Worth knowing which side of that trade-off you're on.
Manager's LensWhat the portfolio reveals about the manager's thinking
Top-10 holdings are 19.6% of the fund. Finland 1.5% 15/09/2032 at 2.5% is the largest single position. The top three together are 6.8%. The portfolio is broadly spread.
No single macro theme dominates. The portfolio is positioned to move with broad market direction rather than any specific cycle. In a choppy, liquidity-tightening environment that neutrality is defensive; in a trending market it means keeping pace, not leading.
The manager's independent bets include Finland 1.5% 15/09/2032 (2.5%), US Treasury 2048 (2.3%), China Citic Bank Intl Var 05/12/2033 (2.0%) — positions most peers don't hold. These are where the manager's judgment lives or dies.
Balanced with no dominant style; top-10 concentration 19.6%. No strong cyclical tilt — stock selection, not macro rotation, will drive returns. Diversified portfolios have manageable volatility — suitable as a foundation; aggressive investors can add thematic satellites.
Investment Objective
The investment objective of the Haitong Age 65 Plus Fund is to provide stable growth for retirement savings to Members by investing in a globally diversified manner.
Trailing Returns ⓘ
| 3 months | 1 year | 3 Years | 5 years | 10 years | Since Launch | |
|---|---|---|---|---|---|---|
| Cumulative | N/A | +9.51% | — | N/A | N/A | N/A |
| Annualised | — | +9.51% | +8.26% | +1.80% | N/A | +3.37% |
Calendar Year Returns ⓘ
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|
| Return (%) | +9.51% | +6.27% | +9.02% | -15.42% | +1.88% | +11.29% |
Returns are net of fees. Past performance is not indicative of future returns.
Fund Commentary
Developed equity markets, as measured by the MSCI World Index, rose 10% in USD terms in the second half of 2025. U.S. equities lagged most major regions, with the S&P 500 Index gaining 10.3% while the Nasdaq Composite Index fell 14.1%. In Europe, the STOXX 600 Index advanced 9.4% in EUR, and the FTSE 100 Index climbed 13.4% in GBP. Bond yields were mixed in the second half of the year. The 10-year U.S. Treasury yield dropped by 6bps to 4.1670% while 10-year German Government Bond yield rose by 25bps to 2.8540%. In the second half of the year, the Federal Reserve cumulatively lowered the target interest rate range three times to 3.5% -3.75% during the FOMC meetings. On the other hand, the European Central Bank maintained the deposit rate at 2% unchanged, while the Bank of England cumulatively lowered the base rate twice to 3.75%.
Portfolio Allocation
Top 10 Holdings
| # | Security name | Holdings Weight |
|---|---|---|
| 1 | FINLAND 1.5% 15/09/2032 | 2.47% |
| 2 | US TREASURY N/B 3% 15/02/2048 | 2.28% |
| 3 | CHINA CITIC BANK INTL VAR 05/12/2033 | 2.00% |
| 4 | US TREASURY 4.375% 31/12/2029 | 1.96% |
| 5 | BONOS Y OBLIG DEL ESTADO 5.15% 31/10/2028 | 1.93% |
| 6 | FRANCE 3.5% 25/11/2033 | 1.82% |
| 7 | FINLAND 3% 15/09/2034 | 1.79% |
| 8 | BUNDESREPUB. DEUTSCHLAND 2.6% 15/08/2033 | 1.78% |
| 9 | Contact Energy Limited 3.537% 11/03/2032 | 1.78% |
| 10 | BONOS Y OBLIG DEL ESTADO 1.95% 30/07/2030 | 1.75% |
| Total | 19.56% |
Fees & Charges
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.
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