BCT MPF Scheme Series 800
Data as of 2026-06-30
Top-10 holdings are 48.0% of the fund. HSBC Holdings at 9.0% is the largest single position. The top three together are 23.4%. This is a concentrated portfolio. By sector: banks 17.6%, tech and internet 16.9%, insurance 4.9%. By geography: HK-listed China 22.6%, Hong Kong 16.8%, Mainland China 8.6%. Active share is 83.3% — a genuinely independent portfolio.
The financials overweight has a rates angle. Systematic models put 10-year fair value well above current yields. If the long end stays elevated, dividend-paying banks and insurers screen relatively better than long-duration growth. Rate pressure is a tailwind for this sleeve — but it cuts the other way for any growth holdings in the mix. China policy is the swing factor. Stimulus measures support domestic banks and consumption names, while property-sector overhang remains the drag. This portfolio rises or falls with Beijing's policy follow-through. One caveat: concentration amplifies macro moves. When funding liquidity tightens, concentrated portfolios tend to chop harder than diversified ones.
As an index tracker, stock selection is not the manager's call — the index decides. What matters is tracking: how closely the fund follows its benchmark, and at what cost.
Passive index tracker with top-10 concentration of 48.0%; return equals index minus fees. Can serve as a portfolio core, paired with other styles for diversification. Suggested horizon 5+ years.
To provide investment results that closely correspond to the performance of the Hang Seng Index through investing all or substantially all of the fund’s assets in units of The Tracker Fund of Hong Kong.
| 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | YTD | |
| Cumulative | -3.19% | +31.24% | -9.71% | +37.10% | +49.61% | -9.56% |
| Annualised | -3.19% | +9.49% | -2.02% | +3.21% | +2.84% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +30.22% | +21.57% | -11.30% | -13.21% | -12.57% |
Returns are net of fees. Past performance is not indicative of future returns.
| YTD | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
| Return (%) | -10.54% | -9.50% | +15.72% | +17.25% | +10.65% | +17.98% |
| 1 year | 5 years | 10 years | Since launch | |
| Return (% p.a.) | +12.51% | +20.03% | N/A | +21.25% |
In the second quarter, the FTSE MPF Hong Kong Index, the benchmark of the Hong Kong equity portfolio, returned -6.52%. Information technology, financials, and industrials sectors outperformed the index, while energy, materials, and consumer discretionary sectors lagged during the quarter. In April, risk appetite rebounded across China and Hong Kong equities. Following the U.S.-Iran ceasefire, equities staged a strong comeback, with gains accelerating sharply across AI infra beneficiaries. Separately, DeepSeek-V4 further validates domestic compute for large-scale AI models and reinforces the trajectory of domestic substitution. In May, the market remained firmly anchored by the AI narrative, though the leadership became increasingly narrow and concentrated. In contrast, platform internet struggled to gain traction, with sentiment capped by uncertain AI monetization. Beyond tech, the market failed to see the anticipated liquidity spillover into broader cyclicals, as softening domestic activity and lackluster earnings delivery weighed on investor confidence. In June, China/Hong Kong equities corrected sharply as investors took profits. Despite improving PMI data and resilient export growth, sentiment was pressured by valuation concerns, crowded positioning in AI and technology leaders. The fund aims to provide investment results that closely correspond to the performance of the Hang Seng Index and is subject to tracking error risk, passive investment risk, risk of not being able to buy or sell at a price close to the net asset value of the Tracker Fund of Hong Kong and other risk factors associated with Hang Seng Index. Please refer to the MPF Scheme Brochure for risk factors associated with this fund. Please also refer to the disclaimer in relation to Hang Seng Index in the MPF Scheme Brochure.
| # | Security name | Holdings Weight |
| 1 | HSBC Holdings plc | 9.01% |
| 2 | Tencent Holdings Ltd | 8.01% |
| 3 | -W Alibaba Group Holding Ltd-W | 6.36% |
| 4 | China Construction Bank | 5.11% |
| 5 | AIA Group | 4.94% |
| 6 | Industrial & Commercial Bank of China Ltd | 3.49% |
| 7 | China Mobile Ltd | 3.12% |
| 8 | Hong Kong Exchanges & Clearing Ltd | 2.88% |
| 9 | -W Xiaomi Corp-W | 2.59% |
| 10 | -W Meituan Dianping-W | 2.51% |
| Total | 48.02% |
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.