AIA MPF - Prime Value Choice
Data as of 2026-06-30
Top-10 holdings are 48.4% of the fund. HSBC Holdings at 8.6% is the largest single position. The top three together are 22.6%. This is a concentrated portfolio. High conviction — or high concentration risk, depending on your view. Within the top 10, by sector: banks 17.1%, tech and internet 14.0%, insurance 5.4%. Within the top 10, by geography: HK-listed China 23.0%, Hong Kong 16.9%, Mainland China 8.5%. 5 of the top 10 holdings overlap with peers — selective differentiation from the category.
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.
HSBC Holdings at 8.6% means one company's earnings matter more than the rest combined. It is a great company — that does not automatically make it a good stock at this weight. Selective deviations from peers include China Construction Bank (5.1%), Industrial And Commercial Bank Of China H (3.4%), China Mobile (3.3%). The financials are cheap for identifiable reasons — property overhang for the banks, rate sensitivity for the insurers. That is not a mystery, it is the price. The question is whether the discount already reflects it.
Value and income: high-dividend banks/insurers at 22.5% of top-10; concentration 48.4%. Manager makes selective deviations from peers (5/10 top holdings overlap). Late-cycle high rates have historically favoured high-dividend value; yield remains attractive versus bonds. Note: near-term liquidity tightening amplifies concentrated-portfolio volatility. Dividend reinvestment needs time to compound; value can lag persistently in growth-led markets.
To seek a long-term capital appreciation by investing in a combination of equity market index-tracking funds that track Hong Kong equity market indices that measure the performance of companies listed in Hong Kong (including China incorporated enterprises listed in Hong Kong in the form of H Shares). This fund is not an index-tracking fund. This fund is a portfolio management fund investing entirely in approved ITCISs.
| 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | YTD | |
| Cumulative | -3.20% | +31.74% | -9.54% | +36.05% | +64.95% | -9.51% |
| Annualised | -3.20% | +9.62% | -1.99% | +3.13% | +3.45% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +30.16% | +21.81% | -11.15% | -13.38% | -13.64% |
Returns are net of fees. Past performance is not indicative of future returns.
| 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | YTD | |
| Return (%) | -9.21% | +14.95% | +17.68% | +9.99% | +17.99% | -8.91% |
| 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (% p.a.) | -9.21% | +4.75% | +3.31% | +0.96% | +1.13% |
| 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
| Return (%) | -11.35% | +0.09% | -7.79% | +13.03% | +7.62% | N/A |
The fund recorded -8.39% return in June. The Hang Seng Index went down by 9.1% in June. The Property sector was under heavy profit-taking pressure after months of rallies. China's crackdown on illegal cross-border investments sent the share prices of banks and insurance companies down. The Hang Seng China Enterprises Index lost 10.3%. Retail sales in China remained weak and contracted by 0.6% year-on-year in May.
| # | Security name | Holdings Weight |
| 1 | HSBC HOLDINGS PLC | 8.61% |
| 2 | ALIBABA GROUP HOLDING LTD | 7.22% |
| 3 | TENCENT HOLDINGS LTD | 6.74% |
| 4 | AIA GROUP LTD | 5.36% |
| 5 | CHINA CONSTRUCTION BANK CORP | 5.07% |
| 6 | INDUSTRIAL AND COMMERCIAL BANK OF CHINA H | 3.39% |
| 7 | CHINA MOBILE LTD | 3.29% |
| 8 | XIAOMI CORP | 3.18% |
| 9 | HONG KONG EXCHANGES AND CLEARING LTD | 2.98% |
| 10 | CNOOC LTD | 2.55% |
| Total | 48.39% |
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.