Manulife MPF Japan Equity Fund
Manulife Global Select (MPF) Scheme
Data as of 2026-03-31
Straight talk on this fund
- Risk class 5, near the top of the scale. Worst calendar year on record: 2018 (-17.4%). If that volatility keeps you up at night, size the position accordingly.
- Top 10 holdings (KDDI Corp, HOYA Corp, Mitsui Fudosan Co. Ltd…) are 36.4% of the fund — concentration is moderate. The top three (KDDI Corp, HOYA Corp, Mitsui Fudosan Co. Ltd) alone are 14.8%: when those names move, the fund moves with them.
- In its best calendar year (2017) it made 22.9%; in its worst (2018) it lost 17.4% — that range tells you what you're signing up for.
- For monthly contributors, volatility can be a friend (buy more when down). Near retirement, that ride needs a second thought. When markets are choppy, position size itself is a decision.
Manager's LensWhat the portfolio reveals about the manager's thinking
Top-10 holdings are 36.4% of the fund. Kddi at 5.7% is the largest single position. The top three together are 14.8%. Concentration is moderate. Within the top 10, by sector: healthcare 5.0%, consumer 3.4%, banks 3.3%. Within the top 10, by geography: Japan 11.7%. 5 of the top 10 holdings overlap with peers — selective differentiation from the category.
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 Kddi (5.7%), Hoya (5.0%), Mitsui Fudosan . (4.2%) — positions most peers don't hold. These are where the manager's judgment lives or dies.
Balanced with no dominant style; top-10 concentration 36.4%. Manager makes selective deviations from peers (5/10 top holdings overlap). 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 medium to long term capital growth. Invests in shares of companies covering different sectors of the economy in Japan and which are listed on any stock exchange.
Trailing Returns ⓘ
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | YTD | |
|---|---|---|---|---|---|---|---|
| Cumulative | -1.70% | +19.02% | +68.02% | +61.45% | +149.98% | +148.48% | -1.70% |
| Annualised | — | — | +18.88% | +10.05% | +9.59% | +3.66% | — |
Calendar Year Returns ⓘ
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return (%) | +20.77% | +21.29% | +24.82% | -11.30% | +9.64% |
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 | +3.63% | +26.58% | +44.22% | +74.46% | +147.44% |
Annualised Return
| 3 Years | 5 Years | 10 Years | Since Launch | |
|---|---|---|---|---|
| Return (% p.a.) | +15.90% | +14.62% | +10.72% | +6.51% |
Calendar Year Return
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Return (%) | +2.25% | -0.84% | +12.55% | +7.65% | +11.82% |
Fund Commentary
The Japanese equity market rose slightly over the quarter, up 3% in JPY terms and just 1% in USD terms. This was a volatile period for the Japanese market which rose over 15% in the first two months of the year on excitement over PM Takaichi's expansionary fiscal policies before declining sharply as war broke out between US/Israel and Iran in early March. The Japanese market had significantly performed in the early part of the quarter. The main negative impact from the war has been the rising oil price, which is expected to have a significant impact on higher inflation affecting all goods from food with the higher cost of fertilizer to manufactured products with the higher cost of energy and plastics. The Bank of Japan (BoJ) raised rates in late December to 0.75% and there is pressure to raise rates further as inflation remains high. However, interest rates remained on hold in Q1 due to the uncertainty generated the US/Iran war outlook. Mining, metals, and oil notably performed. Mining was buoyed by the higher oil prices while non-ferrous metals rose as investors sought companies involved in various glass and metal components related to AI datacenters. Over the quarter, services, telecoms, and games detracted. Services and games sold off as investors perceived IT services and content/IP to be the main losers in the future as AI becomes increasingly prevalent in the software and creative industries.
Portfolio Allocation
Top 10 Holdings
| # | Security name | Holdings Weight |
|---|---|---|
| 1 | Sumitomo Mitsui Financial Group, Inc. | 5.04% |
| 2 | Sony Group Corporation | 4.62% |
| 3 | Hitachi, Ltd. | 4.24% |
| 4 | Toyota Motor Corp. | 4.06% |
| 5 | Japan Post Bank Co., Ltd. | 3.93% |
| 6 | Toto Ltd. | 3.56% |
| 7 | TDK Corp | 3.43% |
| 8 | NTT, Inc | 3.10% |
| 9 | HOYA Corp. | 3.08% |
| 10 | Tokyo Ohka Kogyo Co., Ltd. | 3.06% |
| Total | 38.12% |
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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Related news
- Nov 4, 2015 Members gained HK$6,990 each in October — after Q3 wiped out HK$58.7 billion
- Oct 10, 2013 MPF Fund Performance in 2013: Japan Equity Funds Led with 44.86% One-Year Gains
- Nov 25, 2017 Five years of the MPF’s Employee Choice Arrangement: Japanese equity funds up 81% — a tidy portfolio could already be up 80%
- Nov 7, 2012 Worst MPF Funds Lag Over Five Years: A HK$15,000 Earner Effectively Contributed Three-and-a-Half Years for Nothing