To provide medium to long term capital growth. Invests as a feeder fund into the respective APIF and approximately 50% of the APIF will be invested in global equities, approximately 45% of the APIF will be invested in global bonds with the remaining assets in cash deposits as permitted under the Regulation. Invests in the markets in Hong Kong, America, Europe, Japan and the Asia Pacific region with a bias towards Hong Kong.

Latest Fund Expense Ratio: 1.79%

Launch Date(dd/mm/yyyy): 01/09/2003

Unit Price: HKD 20.688

Fund Size: HKD 6,494.0M

Global equities posted negative returns over the first quarter as the COVID-19 outbreak in China and its spread to other countries weighed on global economic prospects. The World Health Organization (WHO) declared the outbreak a pandemic. Authorities across the world announced large-scale quarantines, social distancing and travel restrictions to curtail the virus’ spread, and unveiled policy stimulus measures to mitigate its economic impact. Against this global backdrop, all key markets ended lower, with European equities experiencing the most negative performance. From a sector perspective, energy companies came under significant pressure as crude oil prices fell in view of weakening global demand and a fallout in the Organization of the Petroleum Exporting Countries’ meeting in March. Global bond markets posted mixed returns, with government bonds outperforming corporate bonds. Financial markets witnessed unprecedented levels of volatility, which led to a sell-off in risk assets and a significant fall in government bond yields as investor rushed to safe-haven assets. The US Federal Reserve, European Central Bank, Bank of England, People’s Bank of China, Bank of Japan and a number of other central banks, have cut interest rates or provided liquidity support through balance sheet expansions or by relaxing bank capital requirements.Governments in major economies have pledged to do “whatever it takes” to provide necessary relief and rescue to their respective countries. Credit market witnessed significant spread widening in view of the COVID-19 pandemic and the sharp drop in oil prices. Elsewhere, emerging market bonds came under pressure, with both local and hard currency bonds posting double digit negative returns.