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.
Fund Details
Latest Fund Expense Ratio: 1.78%
Launch Date(dd/mm/yyyy): 01/12/2000
Unit Price: HKD N/A
Fund Size: HKD 24,008.2M
Fund Commentary
Looking ahead, we expect HK dollar rates to be mostly influenced by market sentiment in the short-term, with the US dollar liquidity situation driving short-end rates while global risk sentiment driving longer-end rates. It is likely the low interest rate environment will be prolonged in the current environment. We believe the Hong Kong Monetary Authority (HKMA) will monitor the market situation closely and provide liquidity to the market if any systemic stress is observed. So far, the HK dollar liquidity situation has been very manageable in the circumstances and we expect this to continue. The US dollar-HK dollar has managed to avoid going higher mainly because of the significant interest rate differential mentioned earlier. As the tight liquidity around US dollar demand is also expected to gradually ease, this should help support the strength of the HK dollar within the currency band. Finally, given the unprecedented weakness in Hong Kong macroeconomic data, we do not expect the HKMA to allow HK dollar liquidity to tighten further from here.
Fund Performance Information
| Annualised return |
Calendar year return |
1 year
(p.a. %) |
5 years
(p.a. %) |
10 years
(p.a. %) |
Since Launch
(p.a. %) |
2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| N/A% |
0.25% |
0.13% |
0.66% |
0.01 | 0.01 | 0.09 | 0.50 | 0.50 | N/A |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since Launch
(p.a. %) |
| N/A% |
0.25% |
0.66% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| 0.01 | 0.01 | 0.09 | 0.50 | 0.50 | N/A |
Top 10 Holdings
| Security name |
Holdings Weight |
| Bank of Communications (HK) Ltd. 2.85% 21/03/2024 |
2.17% |
| State Grid Overseas Development Ltd. 2.7% 17/04/2024 |
1.85% |
| CDBL Funding 2 3.5% 25/10/2021 |
1.76% |
| CDBL Funding 2 3.3% 24/01/2022 |
1.36% |
| AIA Group Ltd. 2.95% 16/07/2022 |
1.28% |
| ICBC (Hong Kong) 3.25% 11/12/2021 |
1.26% |
| ICBC 2.2% 16/09/2021 |
1.23% |
| Bank of China (Hong Kong) Ltd. 3.3% 20/11/2020 |
1.18% |
| Henderson Land MTN Ltd. 2.2% 06/03/2023 |
1.13% |
| Hong Kong Mortgage Corp. 2.29% 13/04/2021 |
1.09% |
| Total |
14.31% |
Top 10 Holdings
Security name
Holdings Weight |
| Bank of Communications (HK) Ltd. 2.85% 21/03/2024
Holding Weight 2.17%
|
| State Grid Overseas Development Ltd. 2.7% 17/04/2024
Holding Weight 1.85%
|
| CDBL Funding 2 3.5% 25/10/2021
Holding Weight 1.76%
|
| CDBL Funding 2 3.3% 24/01/2022
Holding Weight 1.36%
|
| AIA Group Ltd. 2.95% 16/07/2022
Holding Weight 1.28%
|
| ICBC (Hong Kong) 3.25% 11/12/2021
Holding Weight 1.26%
|
| ICBC 2.2% 16/09/2021
Holding Weight 1.23%
|
| Bank of China (Hong Kong) Ltd. 3.3% 20/11/2020
Holding Weight 1.18%
|
| Henderson Land MTN Ltd. 2.2% 06/03/2023
Holding Weight 1.13%
|
| Hong Kong Mortgage Corp. 2.29% 13/04/2021
Holding Weight 1.09%
|
| Total: 14.31% |
Portfolio Allocation
- • 75.9 HKD Bonds
- • 23.5 USD Bonds
- • 0.4 Cash
- • 0.2 Others
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