BCT MPF Scheme Series 800
Data as of 2026-06-30
Top-10 holdings are 46.1% of the fund. HSBC Holdings at 9.7% is the largest single position. The top three together are 25.9%. This is a concentrated portfolio. High conviction — or high concentration risk, depending on your view. By sector: banks 18.2%, tech and internet 16.3%, insurance 6.2%. By geography: HK-listed China 19.1%, Hong Kong 16.4%, Mainland China 10.6%. Active share is 34.9% — selective tilts away from the peer consensus.
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.
HSBC Holdings at 9.7% 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. Selective deviations from peers include -H China Construction Bank (4.4%), Lenovo Group (2.8%), Hong Kong Exchanges And Clearing (2.7%). The financials are cheap for identifiable reasons — property overhang for the banks, rate sensitivity for the insurers. That is not a mystery, it is the price. The question is whether the discount already reflects it.
Barbell: value/income sleeve (banks/insurers 24.4%) paired with HSBC Holdings growth conviction; top-10 46.1%. Manager makes selective deviations with conviction (active share 34.9%), accepting tracking error. Late-cycle high rates have historically favoured high-dividend value; yield remains attractive versus bonds. Note: near-term liquidity tightening amplifies concentrated-portfolio volatility. The two sleeves respond to macro in opposite directions — time is needed for the complementarity to show; short periods can see both under pressure.
To achieve capital growth over the long-term by investing mainly in Hong Kong equity markets.
| 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | YTD | |
| Cumulative | +6.10% | +35.23% | -17.76% | +44.60% | +187.39% | -4.17% |
| Annualised | +6.10% | +10.58% | -3.83% | +3.76% | +5.47% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +35.06% | +15.20% | -12.60% | -21.14% | -15.23% |
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 (%) | -6.25% | -3.78% | +22.73% | +20.67% | +13.91% | +44.26% |
| 1 year | 5 years | 10 years | Since launch | |
| Return (% p.a.) | +14.45% | +22.67% | +46.09% | +50.61% |
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.
| # | Security name | Holdings Weight |
| 1 | HSBC Holdings plc | 9.66% |
| 2 | Tencent Holdings Ltd | 8.58% |
| 3 | Alibaba Group Holding Ltd | 7.71% |
| 4 | -H China Construction Bank Corp-H | 4.43% |
| 5 | AIA Group Ltd | 4.09% |
| 6 | Lenovo Group Ltd | 2.78% |
| 7 | Hong Kong Exchanges and Clearing Ltd | 2.67% |
| 8 | -H Bank of China Ltd-H | 2.26% |
| 9 | Ping An Insurance (Group) Co of China Ltd | 2.06% |
| 10 | -H Industrial & Comm Bank of China-H | 1.88% |
| Total | 46.12% |
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.