North American Equity Fund
Hang Seng Mandatory Provident Fund – SuperTrust Plus
Data as of 2026-06-30
Straight talk on this fund
- Up 23% over the past year — 2 out of 6 North American equity MPF funds. Respectable. Over 5 years it's made 11.3% a year.
- Fund expense ratio 1.32% a year — middle of the range (peers: 0.83%–1.76%).
- Risk class 5, near the top of the scale. Worst calendar year on record: 2022 (-19%). That kind of drawdown separates the patient from the panicked.
- Top 10 holdings (NVIDIA Corp, Apple Inc, Alphabet Inc-Class A…) are 35.3% of the fund — concentration is moderate. The top three (NVIDIA Corp, Apple Inc, Alphabet Inc-Class A) alone are 17.9%: when those names move, the fund moves with them.
- In its best calendar year (2021) it made 26.4%; in its worst (2022) it lost 19% — 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 35.3% of the fund. Nvidia at 7.0% is the largest single position. The top three together are 17.9%. Concentration is moderate. Within the top 10, by sector: semiconductors 13.4%, tech and internet 9.8%, tech hardware 6.0%. Within the top 10, by geography: US 35.3%. 8 of the top 10 holdings also sit in peers' top 10 — high overlap with the category consensus.
There is meaningful AI-cycle exposure through semiconductors and hardware. It is a contributor, not the driver. With heavy US exposure in the top 10, the Fed's path and the dollar matter more than local factors. US policy easing would be a tailwind; a hawkish surprise would weigh across the board.
At the stock level there are no outsized single-name risks. The portfolio's behaviour will be driven by sector and market moves, not individual company events.
Growth: tech and semiconductors at 33.4% of top-10; concentration 35.3%. Manager runs a disciplined, benchmark-aware portfolio (8/10 top holdings overlap peers). AI capex cycle supports fundamentals, but history warns of valuation compression after capex peaks. Growth is rate-sensitive with potentially deep drawdowns in tightening cycles; long-term returns need time for earnings compounding.
Investment Objective
Achieve long-term capital growth through investing in a portfolio of carefully selected shares traded on stock exchanges in North America.
Trailing Returns ⓘ
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | Year to Date | |
|---|---|---|---|---|---|---|---|
| Cumulative | +14.04% | +22.97% | +65.33% | +70.58% | +245.03% | +324.73% | +11.16% |
| Annualised | — | +22.97% | +18.23% | +11.26% | +13.18% | +5.81% | — |
Calendar Year Returns ⓘ
| 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|
| Return (%) | +14.95% | +21.31% | +23.42% | -19.04% | +26.42% |
Returns are net of fees. Past performance is not indicative of future returns.
Dollar Cost Averaging Return ⓘ
Cumulative Return
| Year to Date | 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
|---|---|---|---|---|---|---|---|
| Return (%) | +7.61% | +5.57% | +12.21% | +33.27% | +50.03% | +106.28% | +304.24% |
Annualised Return
| 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
|---|---|---|---|---|---|
| Return (% p.a.) | +12.21% | +10.05% | +8.45% | +7.51% | +5.65% |
Calendar Year Return
| 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
|---|---|---|---|---|---|---|
| Return (%) | +13.51% | -7.24% | +11.89% | +9.12% | +10.99% | N/A |
Fund Commentary
Global equities delivered a powerful advance over the second quarter of 2026 as risk sentiment improved despite ongoing geopolitical uncertainty. The key macro tailwind was a de-escalation in the Middle East conflict. At the same time, markets rotated back into the artificial intelligence (AI)-led technology trade. In the US, equities rallied strongly over the quarter, underpinned by an exceptionally robust earnings season and broadening evidence that the AI build-out is supporting activity beyond the technology sector. The Federal Reserve maintained a hawkish hold.The fund returned the second quarter of 2026 with positive note. The exposure to Value contributed to performance, while the exposures to Quality, Industry Momentum, Low Risk and Size weighed on performance.On an industry basis, the overweight allocations to Semiconductors & Semiconductor Equipment, Technology Hardware & Equipment and Insurance contributed to performance. Conversely, the overweight allocations to Utilities and Telecommunication Services coupled with our underweight exposure to Financial Services weighed on performance.
Portfolio Allocation
Top 10 Holdings
| # | Security name | Holdings Weight |
|---|---|---|
| 1 | NVIDIA Corp | 7.0% |
| 2 | Apple Inc | 6.0% |
| 3 | Alphabet Inc-Class A | 4.9% |
| 4 | Microsoft Corp | 4.2% |
| 5 | Amazon.Com | 3.0% |
| 6 | Broadcom Inc | 2.4% |
| 7 | Micron Technology Inc | 2.2% |
| 8 | JPMorgan Chase | 1.9% |
| 9 | Meta Platforms Inc-Class A | 1.9% |
| 10 | Lam Research Corp | 1.8% |
| Total | 35.3% |
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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