Manulife MPF RMB Bond Fund
Manulife Global Select (MPF) Scheme
Data as of 2026-03-31
Straight talk on this fund
- Risk class 3. Worst calendar year on record: 2022 (-6%). Not everyone can stomach that ride.
- Top 10 holdings (JPMorgan Chase & Co. 3.5% 27/07/2028, China Cinda (2020) I Management Ltd. 2.58% 25/06/2028, Nestle Finance International Ltd. 2.8% 29/05/2035…) are 23.8% of the fund — only 23.8% in the top ten; broadly spread, no single name drives returns.
- In its best calendar year (2025) it made 7.3%; in its worst (2022) it lost 6% — that range tells you what you're signing up for.
- Sits in the middle of the risk scale — some growth potential, some rough patches. Worth knowing which side of that trade-off you're on.
Manager's LensWhat the portfolio reveals about the manager's thinking
Top-10 holdings are 23.8% of the fund. Jpmorgan Chase & . 3.5% 27/07/2028 at 3.6% is the largest single position. The top three together are 9.5%. 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.
Corporate bonds are 9.3% of the top-10 — there is genuine credit selection here. Watch the issuers' balance sheets, not just the yield. Geographic bond exposure: Global 9.3%, Mainland China 4.1%.
Bond allocation with sovereigns at 0.0% of top-10; returns from carry and duration. Late-cycle high-rate environment: carry cushions, but rising long-end yields pressure prices. Primary risk is duration; a hold-to-maturity mindset smooths price volatility.
Investment Objective
To provide competitive overall rate of returns for members who hold a longer term investment view and want to seek returns through capital appreciation and income generation. Invests on diversified basis (in terms of issuers and geographical distribution of such issuers) with at least 70% of the net asset value invested in Renminbi (“RMB”) denominated debt securities which are issued, traded or distributed by any government, central bank, supranationals, multilateral international agencies and corporate issuers outside Mainland China. The Manulife MPF RMB Bond Fund may also, through the underlying APIF, invest up to 30% of its net asset value in other RMB or nonRMB denominated investments including money market instruments, certificates of deposits, cash and deposits, and non-RMB denominated debt securities, as permitted under the Regulation
Trailing Returns ⓘ
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | YTD | |
|---|---|---|---|---|---|---|---|
| Cumulative | +1.71% | +7.11% | +10.45% | +9.65% | +27.06% | +25.22% | +1.71% |
| Annualised | — | — | +3.37% | +1.86% | +2.42% | +1.85% | — |
Calendar Year Returns ⓘ
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return (%) | +7.27% | +1.37% | +2.59% | -6.01% | +2.81% |
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 | +3.36% | +7.95% | +8.74% | +14.91% | +17.00% |
Annualised Return
| 3 Years | 5 Years | 10 Years | Since Launch | |
|---|---|---|---|---|
| Return (% p.a.) | +5.03% | +3.31% | +2.73% | +2.50% |
Calendar Year Return
| 2021 | 2022 | 2023 | 2024 | 2025 | |
|---|---|---|---|---|---|
| Return (%) | +1.34% | -2.11% | +1.52% | +0.03% | +3.45% |
Fund Commentary
Market attention has shifted to the US-Iran negotiations, which could help reduce risks of further escalation in Middle East tensions. Oil prices have fallen below USD 100 per barrel, although energy shock risk premiums remain elevated as long as the Strait of Hormuz stays closed and damage to gulf energy infrastructure persists. Meanwhile, the expected US-China summit has been delayed to May 14. China's foreign exchange (FX) and rates have remained well anchored in the current environment and performed well. The electric vehicle (EV) and renewable energy revolution has helped reduce China's reliance on oil and gas while supporting exports. China has sustained ample oil reserves (over 90 days of imports) and can increase oil/gas pipeline imports to help cushion the domestic economy from near term energy disruptions. That said, a global stagflation shock and supply shortages would still weigh on exports. March consumer price index (CPI) rose to 1.0% year-on-year (YoY) and producer price index (PPI) rose to 0.5% YoY, marking an end to deflation that had persisted since 2023. However, the scale and timing of any imported inflation pass-through remain moderate. Given China's low inflation (vs the 2% inflation target), its surging current account surplus and strong FX inflows, the People's Bank of China (PBoC) is less constrained to move on interest rates.For now, we expect the PBoC to hold policy while assessing the impact on growth and inflation from recent energy shocks. In March, the PBoC added CNY50-billion worth of Chinese government bonds (CGBs), and we expect it to continue to buy CGBs mainly in the belly part of the curve in coordination with higher CGB supply. Funding conditions remain ample. On the currency front, the CNH performed well and rallied to its strongest level since 2023. The PBoC set the fixing at its strongest level, signaling support for a stable and strong CNY despite elevated global FX volatility. Its real effective exchange rate remains undervalued. China's strong balance of payments surplus and energy resilience should help insulate the economy from energy shocks.
Portfolio Allocation
Top 10 Holdings
| # | Security name | Holdings Weight |
|---|---|---|
| 1 | JPMorgan Chase & Co. 3.5% 27/07/2028 | 3.59% |
| 2 | China Cinda (2020) I Management Ltd. 2.58% 25/06/2028 | 3.36% |
| 3 | Nestle Finance International Ltd. 2.8% 29/05/2035 | 2.51% |
| 4 | HSBC Holdings PLC. 3.4% 29/06/2027 | 2.50% |
| 5 | Korea Development Bank 2.77% 31/07/2027 | 2.17% |
| 6 | ICBC Ltd. 2% 21/05/2028 | 2.15% |
| 7 | United Overseas Bank Ltd. 4.5% 06/04/2032 | 2.01% |
| 8 | China Construction Bank Corp. 2.83% 16/07/2027 | 1.92% |
| 9 | Alibaba Group Holding Ltd. 2.65% 28/05/2028 | 1.80% |
| 10 | TCCL (Finance) Limited 2.8% 06/09/2027 | 1.76% |
| Total | 23.77% |
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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