Manulife MPF Interest Fund
Manulife Global Select (MPF) Scheme
Data as of 2026-03-31
Straight talk on this fund
- Risk class 1. Worst calendar year on record: 2022 (0.4%).
- Top 10 holdings (Hong Kong Government Bond 0% 22/04/2026, Hong Kong Government Bond 0% 08/04/2026, Commonwealth Bank of Australia 5.145% 06/04/2033…) are 12.2% of the fund — only 12.2% in the top ten; broadly spread, no single name drives returns.
- In its best calendar year (2024) it made 0.9%; in its worst (2022) it made 0.4% — that range tells you what you're signing up for.
- Built for stability, not growth — it won't make you rich, but it shouldn't keep you up at night. The question is whether 1.77% a year is a fair price for a parking spot.
Manager's LensWhat the portfolio reveals about the manager's thinking
Top-10 holdings are 12.2% of the fund. Hong Kong Government Bond 0% 22/04/2026 at 1.5% is the largest single position. The top three together are 4.3%. 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 Hong Kong Government Bond 0% 22/04/2026 (1.5%), Hong Kong Government Bond 0% 08/04/2026 (1.5%), Commonwealth Bank Of Australia 5.145% 06/04/2033 (1.3%) — positions most peers don't hold. These are where the manager's judgment lives or dies.
Balanced with no dominant style; top-10 concentration 12.2%. 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
To provide capital guarantee*** and aims to provide members with interest each month at a rate that equals to or exceeds the prescribed savings rate published by the MPFA. To provide short-term growth for members who wish to invest conservatively, are close to the age of retirement, seek a temporary safe-haven during more turbulent economic times.
Trailing Returns ⓘ
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | YTD | |
|---|---|---|---|---|---|---|---|
| Cumulative | +0.22% | +0.88% | +2.61% | +3.53% | +5.33% | +18.07% | +0.22% |
| Annualised | — | — | +0.86% | +0.70% | +0.52% | +0.66% | — |
Calendar Year Returns ⓘ
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return (%) | +0.88% | +0.88% | +0.76% | +0.37% | +0.50% |
Returns are net of fees. Past performance is not indicative of future returns.
Dollar Cost Averaging Return ⓘ
Cumulative Return
| 3 Months | YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
|---|---|---|---|---|---|---|---|
| Return (%) | N/A | N/A | +0.48% | +1.36% | +2.04% | +3.38% | +6.34% |
Annualised Return
| 3 Years | 5 Years | 10 Years | Since Launch | |
|---|---|---|---|---|
| Return (% p.a.) | +0.88% | +0.80% | +0.66% | +0.48% |
Calendar Year Return
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Return (%) | +0.27% | +0.18% | +0.44% | +0.48% | +0.48% |
Fund Commentary
• HKD funding remains flush; rates remained in a tight range and performed well. The 10-year Treasury yield bear or twist flattened to 4.28% on headlines around the US-Iran talks which may ease oil shocks. The market is now re-pricing in the US Federal Reserve (Fed) to hold in 2026. HKD spot rate came at 7.8350 against the US dollar within the 7.75-7.85 peg amid widening carry. HKD liquidity settled around the 2.00-2.50% area. The Hong Kong Monetary Authority (HKMA made no further interventions with Hong Kong's aggregate balance stable at HKD54 billion in the end of March. We expect 3-month HKD rates to settle towards 50-100 basis points (bps) below US rates as the oil shock could constraint the US Fed from easing. We believe HKD rates and cash bonds are likely to maintain low volatility, even as geopolitical and macro uncertainties rise.
Portfolio Allocation
Note: negative allocation values are drawn at absolute size; labels show the actual values.
Top 10 Holdings
| # | Security name | Holdings Weight |
|---|---|---|
| 1 | Hong Kong Government Bond 0% 22/04/2026 | 1.52% |
| 2 | Hong Kong Government Bond 0% 08/04/2026 | 1.48% |
| 3 | Commonwealth Bank of Australia 5.145% 06/04/2033 | 1.32% |
| 4 | BMW Finance N.V. 3.59% 04/10/2029 | 1.22% |
| 5 | Hlp Finance Ltd. 2.28% 05/02/2027 | 1.20% |
| 6 | Hong Kong Government Bond 0% 01/04/2026 | 1.14% |
| 7 | Hong Kong Government Bond 2.76% 25/04/2028 | 1.12% |
| 8 | Hong Kong Government Bond 0% 15/04/2026 | 1.09% |
| 9 | Toronto-Dominion Bank 0% 08/03/2027 | 1.06% |
| 10 | Hyundai Capital Services, Inc. 4.72% 02/04/2027 | 1.03% |
| Total | 12.18% |
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.
FER is a backward-looking figure from the fund's financial year, taken from provider fact sheets and audited annual reports. It may not yet reflect announced fee cuts.
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- Oct 10, 2013 MPF Fund Performance in 2013: Japan Equity Funds Led with 44.86% One-Year Gains
- Nov 7, 2012 Worst MPF Funds Lag Over Five Years: A HK$15,000 Earner Effectively Contributed Three-and-a-Half Years for Nothing