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
Fund Details
Latest Fund Expense Ratio: 1.22%
Launch Date(dd/mm/yyyy): 16/12/2013
Unit Price: HKD 10.645
Fund Size: HKD 1,395.2M
Fund Commentary
The global shock from COVID-19 is expected to remain the dominant market theme and the resulting economic weakness is unlikely to end soon. Key global central banks will continue to rollout supportive measures to calm the market which has so far included policy rate cuts, various liquidity supporting tools and asset buying programmes. Financial markets are expected to gradually improve in terms of liquidity although the recovery in asset prices will likely be more gradual. China, which has not experienced a liquidity crunch, has so far performed relatively better than other global markets. China’s onshore liquidity conditions are expected to remain stable and relatively loose. With the prevalence of much weaker macroeconomic data, further monetary easing in China’s policy rate is likely going forward. The reduction in the US Federal Reserve Board’s policy rate has also provided ample room for China to ease its policy rates and there is less concern on US dollar-Chinese yuan foreign exchange stability from an interest rate differential perspective. Therefore, we expect monetary policy will remain favourable for fixed income investors including those invested in government-related and the highest quality corporate sectors. The renminbi is expected to remain range-bound with the market expecting stability against major currency pairs for now.
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% |
1.28% |
N/A% |
1.00% |
-3.30 | -1.29 | 6.68 | 0.28 | 3.52 | N/A |
Fund Performance Information
Annualised return |
1 year (p.a. %) |
5 years (p.a. %) |
Since Launch (p.a. %) |
N/A% |
1.28% |
1.00% |
Calendar year return |
2015 | 2016 | 2017 | 2018 | 2019 | YTD |
-3.30 | -1.29 | 6.68 | 0.28 | 3.52 | N/A |
Top 10 Holdings
Security name |
Holdings Weight |
China Development Bank 4.2% 19/01/2027 |
5.34% |
Agricultural Development Bank of China 3.4% 06/11/2024 |
5.04% |
Export-import Bank of China 4.4% 14/05/2024 |
4.03% |
ICBC (Singapore) 3.3% 25/04/2022 |
3.40% |
Export-import Bank of China 4.15% 18/06/2027 |
3.37% |
Bank of China (Macau Branch) 3.3% 17/04/2022 |
3.29% |
Far East Horizon Limited 4.9% 27/02/2021 |
3.07% |
Vanke Real Estate (HK) Co. Ltd. 3.85% 13/06/2022 |
2.75% |
Government of China 4.0% 30/11/2035 |
2.67% |
Korea Expressway Corp. 4.73% 28/03/2021 |
2.49% |
Total |
35.45% |
Top 10 Holdings
Security name Holdings Weight |
China Development Bank 4.2% 19/01/2027
Holding Weight 5.34%
|
Agricultural Development Bank of China 3.4% 06/11/2024
Holding Weight 5.04%
|
Export-import Bank of China 4.4% 14/05/2024
Holding Weight 4.03%
|
ICBC (Singapore) 3.3% 25/04/2022
Holding Weight 3.40%
|
Export-import Bank of China 4.15% 18/06/2027
Holding Weight 3.37%
|
Bank of China (Macau Branch) 3.3% 17/04/2022
Holding Weight 3.29%
|
Far East Horizon Limited 4.9% 27/02/2021
Holding Weight 3.07%
|
Vanke Real Estate (HK) Co. Ltd. 3.85% 13/06/2022
Holding Weight 2.75%
|
Government of China 4.0% 30/11/2035
Holding Weight 2.67%
|
Korea Expressway Corp. 4.73% 28/03/2021
Holding Weight 2.49%
|
Total: 35.45% |
Portfolio Allocation
- • 80.4 RMB Bonds
- • 12.4 HKD Bonds
- • 4.2 Cash
- • 3.0 USD Bonds
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