Hang Seng Mandatory Provident Fund – SuperTrust Plus
Data as of 2026-06-30
Top-10 holdings are 48.1% of the fund. HSBC Holdings at 9.0% is the largest single position. The top three together are 23.4%. This is a concentrated portfolio. As an index tracker, return equals the index minus fees and tracking error — there is no stock-picking alpha to assess.
The financials tilt in the top 10 has a rates angle. Systematic models put 10-year fair value well above current yields. If the long end stays elevated, dividend-paying banks and insurers screen relatively better than long-duration growth. Rate pressure is a tailwind for this sleeve — but it cuts the other way for any growth holdings in the mix. With this much China exposure in the top 10, China policy is the swing factor. Stimulus measures support domestic banks and consumption names, while property-sector overhang remains the drag. This portfolio rises or falls with Beijing's policy follow-through. One caveat: concentration amplifies macro moves. When funding liquidity tightens, concentrated portfolios tend to chop harder than diversified ones.
As an index tracker, stock selection is not the manager's call — the index decides. What matters is tracking: how closely the fund follows its benchmark, and at what cost.
Passive index tracker with top-10 concentration of 48.1%; return equals index minus fees. Can serve as a portfolio core, paired with other styles for diversification. Suggested horizon 5+ years.
Match as closely as practicable the performance of the Hang Seng Index by investing directly in an ITCIS (Hang Seng Index ETF)with a similar investment objective. Whilst the investment objective of the Hang Seng Index Tracking Fund and the underlying ITCIS is to track the Hang Seng Index, there can be no assurance that the performance of the Hang Seng Index Tracking Fund and the underlying ITCIS will at any time be identical to the performance of the Hang Seng Index.
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | Year to Date | |
| Cumulative | -6.66% | -3.05% | +31.81% | -9.24% | +41.03% | +170.21% | -9.63% |
| Annualised | — | -3.05% | +9.63% | -1.92% | +3.50% | +3.96% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +31.14% | +21.41% | -11.29% | -13.10% | -12.59% |
Returns are net of fees. Past performance is not indicative of future returns.
| Year to Date | 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (%) | -10.57% | -8.49% | -9.47% | +16.11% | +17.83% | +11.73% | +73.56% |
| 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (% p.a.) | -9.47% | +5.10% | +3.34% | +1.12% | +2.19% |
| 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
| Return (%) | -12.40% | -0.67% | -8.83% | +14.56% | +10.54% | N/A |
In the second quarter of 2026, Hong Kong equities declined. The return of Hang Seng Index Tracking Fund was -6.66%, while the benchmark Hang Seng Index Net Total Return Index was -6.49%. The tracking difference of the Fund in this quarter was -0.17%.Throughout most of the second quarter, Hong Kong equities remained influenced by external factors, including geopolitical tensions in the Middle East. At the same time, concerns around the trajectory of US interest rates and inflation moved to the forefront of market attention. Market expectations for Federal Reserve (Fed) rate cuts moderated, with some investors increasingly considering the risk of rate hikes later this year. This shift has added pressure to Hong Kong, given its sensitivity to interest-rate movements.Despite near-term uncertainties - including the Fed's policy path and evolving geopolitical conditions -- the Fund Manager sees a broadly constructive outlook in the long run, supported by more reasonable valuations and continued policy support from mainland China.
| # | Security name | Holdings Weight |
| 1 | HSBC Holdings | 9.0% |
| 2 | Tencent Holdings | 8.0% |
| 3 | Alibaba Group Holding Ltd | 6.4% |
| 4 | China Construction Bank-H | 5.1% |
| 5 | AIA Group | 5.0% |
| 6 | Industrial and Commercial Bank of China-H | 3.5% |
| 7 | China Mobile Ltd | 3.1% |
| 8 | Hong Kong Exchanges & Clearing | 2.9% |
| 9 | Xiaomi Corp-Class B | 2.6% |
| 10 | Meituan-Class B | 2.5% |
| Total | 48.1% |
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.