BCT MPF – Smart Plan
Data as of 2026-06-30
Top-10 holdings are 54.3% of the fund. iShares Core S&P 500 ETF at 14.9% is the largest single position. The top three together are 32.6%. This is a concentrated portfolio. High conviction — or high concentration risk, depending on your view. Within the top 10, by sector: US Equity ETF 28.3%, Korea Equity ETF 4.3%, Japan Equity ETF 4.1%. Us equity etf dominates the top 10 at 28.3% — this is a sector bet, not a diversified mix. Within the top 10, by geography: US 30.5%, Korea 4.3%, Japan 4.1%. 5 of the top 10 holdings overlap with peers — selective differentiation from the category.
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. One caveat: concentration amplifies macro moves. When funding liquidity tightens, concentrated portfolios tend to chop harder than diversified ones.
iShares Core S&P 500 ETF at 14.9% means one company's earnings matter more than the rest combined. It is a great company — that does not automatically make it a good stock at this weight. The manager's independent bets include iShares Core S&P 500 ETF (14.9%), Invesco Qqq Trust Series 1 (13.4%), Franklin FTSE Korea Ucits ETF (4.3%) — positions most peers don't hold. These are where the manager's judgment lives or dies.
Concentrated US Equity ETF exposure at 28.3% of top-10; top-10 concentration 54.3%. Manager makes selective deviations from peers (5/10 top holdings overlap). No strong cyclical tilt — stock selection, not macro rotation, will drive returns. Note: near-term liquidity tightening amplifies concentrated-portfolio volatility. High concentration means higher volatility; longer holding periods help smooth cycle swings — best as a satellite, not a single holding.
The constituent fund aims to focus investment into the global equity markets to produce returns that are related to those achieved on the major world stock market indices. The constituent fund aims to have the flexibility to have limited investment into bonds and to manage the volatility of returns in the short term.
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | YTD | |
| Cumulative | +18.68% | +25.45% | +63.15% | +52.61% | +161.92% | +183.40% | +14.74% |
| Annualised | — | +25.45% | +17.72% | +8.82% | +10.11% | +4.16% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +17.56% | +15.25% | +18.92% | -21.51% | +15.91% |
Returns are net of fees. Past performance is not indicative of future returns.
| 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (% p.a.) | +12.90% | +10.22% | +8.03% | +5.99% | +4.06% |
The second quarter was defined by a gradual transition acute geopolitical fear toward a more measured assessment how persistent geopolitical, inflationary, and structural forces shape the global economy. Equity markets entered the quarter recovering from the sharp selloff experienced at the end of March as investors grew more confident that the Middle East conflict, while significant, was unlikely to cause widespread fundamental damage to corporate earnings or trigger a global recession. As the quarter progressed, market leadership increasingly shifted away from geopolitical headlines alone and toward interaction between energy markets, inflation, monetary policy, and the accelerating influence of artificial intelligence. quarter demonstrated that global markets remain remarkably resilient despite elevated geopolitical risks, persistent inflation pressures, and higher interest rates. Investors increasingly shifted their focus away from the immediate consequences of Middle East conflict and toward the longer-term implications energy security, monetary policy, and artificial intelligence. While economic fundamentals remain constructive, diversification become more difficult to achieve as global drivers increasingly shape outcomes across regions and asset classes. In environment, earnings durability, pricing power, balance sheet strength, and exposure to differentiated structural growth drivers remain critical factors for navigating an increasingly interconnected global landscape.
| # | Security name | Holdings Weight |
| 1 | ISHARES CORE S&P 500 ETF | 14.89% |
| 2 | INVESCO QQQ TRUST SERIES 1 | 13.40% |
| 3 | FRANKLIN FTSE KOREA UCITS ETF | 4.32% |
| 4 | ISHARES MSCI SPAIN CAPPED INDEX | 4.11% |
| 5 | FRANKLIN FTSE JAPAN ETF | 4.10% |
| 6 | FRANKLIN FTSE TAIWAN ETF | 3.92% |
| 7 | ISHARES DJ US BASIC MATERIAL US BAS MATL INDEX FUND | 2.80% |
| 8 | ISHARES DJ US TECHNOLOGY SEC DOW JONES US TECHNOLOGY SEC | 2.53% |
| 9 | NVIDIA CORP | 2.20% |
| 10 | ISHARES MSCI ITALY ETF EWI | 2.04% |
| Total | 54.31% |
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.