Investment Objective
To provide medium to long term capital growth. Invests in shares of companies covering different sectors of the Asia Pacific markets, excluding Japan and which are listed on any stock exchange
Fund Details
Latest Fund Expense Ratio: 1.86%
Launch Date(dd/mm/yyyy): 01/12/2000
Unit Price: HKD 20.336
Fund Size: HKD 7,083.4M
Fund Commentary
Market sentiment deteriorated in March, globally, after global supply chains came under further pressure, more countries went into lockdown and demand for goods and services came to a halt. Key policymaker decision-making became focused around large monetary and fiscal emergency response packages to ensure credit stresses were alleviated from certain pockets of the market and corporates and populations had the financial support they needed. The global health crisis is likely to encourage a reassessment of economic and corporate risks including business models heavily invested towards and reliant on Chinese supply. Initial complacency of a rapid V-shaped global recovery has been somewhat toned down, global growth revised lower whilst central banks globally have provided the market with a significant policy response that involves easier financial and monetary conditions, as well as fiscal stimulus. We see a stabilisation and muted recovery into the latter part of 2020, although the situation is very fluid. Despite the seriousness of the epidemic, going forward, we believe that COVID-19 represents a short-term disruption (as opposed to a long-term, larger-scale systemic crisis) much like other serious outbreaks in the past. While we believe the effects of the virus will be short-term, it is our opinion that the economic slowdown set off by COVID-19 puts a lot more pressure on global central banks and the US Federal Reserve Board to cut interest rates further, and for governments to offer a second wave of fiscal stimulus.
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% |
-0.30% |
1.29% |
3.74% |
-7.74 | 4.53 | 35.48 | -13.25 | 15.03N/A |
Fund Performance Information
Annualised return |
1 year (p.a. %) |
5 years (p.a. %) |
Since Launch (p.a. %) |
N/A% |
-0.30% |
3.74% |
Calendar year return |
2015 | 2016 | 2017 | 2018 | 2019 | YTD |
-7.74 | 4.53 | 35.48 | -13.25 | 15.03N/A |
Top 10 Holdings
Security name |
Holdings Weight |
Taiwan Semiconductor Mfg. Co. Ltd |
5.71% |
Samsung Electronics Co. Ltd |
4.62% |
Tencent Holdings Ltd |
3.15% |
CSL Limited |
2.71% |
Commonwealth Bank of Australia |
2.10% |
AIA Group Ltd |
2.03% |
BHP Billiton Ltd |
2.01% |
ICICI Bank Limited |
1.55% |
China Construction Bank Corp |
1.51% |
HSBC Holdings PLC |
1.50% |
Total |
26.89% |
Top 10 Holdings
Security name Holdings Weight |
Taiwan Semiconductor Mfg. Co. Ltd
Holding Weight 5.71%
|
Samsung Electronics Co. Ltd
Holding Weight 4.62%
|
Tencent Holdings Ltd
Holding Weight 3.15%
|
CSL Limited
Holding Weight 2.71%
|
Commonwealth Bank of Australia
Holding Weight 2.10%
|
AIA Group Ltd
Holding Weight 2.03%
|
BHP Billiton Ltd
Holding Weight 2.01%
|
ICICI Bank Limited
Holding Weight 1.55%
|
China Construction Bank Corp
Holding Weight 1.51%
|
HSBC Holdings PLC
Holding Weight 1.50%
|
Total: 26.89% |
Portfolio Allocation
- • 21.5 China
- • 17.5 Australia
- • 13.9 Korea
- • 13.9 Taiwan
- • 12.0 Hong Kong
- • 9.5 India
- • 3.7 Others
- • 3.3 Cash
- • 3.0 Singapore
- • 1.7 Malaysia
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