BCT MPF – Smart Plan
Data as of 2026-06-30
Top-10 holdings are 38.2% of the fund. Ocbc Bank (HK) 2.62% 11/09/2026 at 6.4% is the largest single position. The top three together are 16.3%. Concentration is moderate.
The financials tilt in the top 10 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.
The top 10 is a ladder of bank deposits and short-dated paper — this is liquidity and rate management, not security selection. Returns track short-term interest rates and any currency exposure; the names in the list are counterparties, not stock picks.
Money market allocation targeting capital preservation. Targets capital preservation, not long-term growth.
The constituent fund aims to achieve a return in line with the ‘prescribed savings rate' (i.e. broadly the average rate of interest on a Hong Kong dollar savings account) published by the Authority.
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | YTD | |
| Cumulative | +0.33% | +1.57% | +8.59% | +10.45% | +12.79% | +22.60% | +0.74% |
| Annualised | — | +1.57% | +2.79% | +2.01% | +1.21% | +0.80% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +2.27% | +3.57% | +3.42% | +0.09% | +0.00% |
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.) | +0.71% | +1.11% | +1.19% | +0.86% | +0.47% |
Hong Kong’s economic recovery continues to broaden, with government returning to a fiscal surplus supported by strong tax revenues from financial activities and corporate profits. While capital deficits are expected to persist due to ongoing investments in infrastructure, innovation, and technology, government plans to fund these initiatives through a measured increase in bond issuance and targeted support for strategic projects. HKD local rates bear-flattened this quarter, long-end yields outperforming the front end and belly as expectations were repriced amid higher energy prices resilient economic data. Overall sentiment in Hong Kong remains underpinned by stable capital flows, improving economic optimism, and confidence in China’s proactive fiscal support mitigate the effects of weak domestic consumption and tariffs. Domestic investors continue to take advantage of periodic yield spikes and HKD rates underperformance to deploy funds into attractive HKD carry opportunities. On the economic front, retail sales are in a start-stop mode with a recovery in May department stores and jewelry, watches and clocks posting strong numbers. PMI improved to 52.0 in June from 50.4 in supported by stronger new orders at 53.2, new product launches, improved client demand and World Cup-related sales. External demand remained firm, with export orders at 51.8 and business from China improving to 52.7, while unemployment remained at 3.7% in May.
| # | Security name | Holdings Weight |
| 1 | OCBC BANK (HK) LTD 2.62% 11/09/2026 | 6.37% |
| 2 | AGRICULTURAL BANK OF CHINA LTD. (HONG KONG BRANCH) 2.48% 28/07/2026 | 5.92% |
| 3 | NANYANG COMMERCIAL BANK HK 2.3% 23/07/2026 | 4.05% |
| 4 | BANK OF CHINA LIMITED 2.71% 31/08/2026 | 3.69% |
| 5 | OVERSEAS CHINESE BANKING CORP HONGKONG 2.6% 27/08/2026 | 3.36% |
| 6 | BANK OF CHINA HKG 2.75% 30/09/2026 | 3.15% |
| 7 | INDUSTRIAL & COMMERCIAL BANK OF CHINA LTD. (SEOUL BRANCH) 2.85% 23/09/2026 | 3.07% |
| 8 | MIZUHO BANK LTD. HONG KONG BRANCH 2.41% 22/07/2026 | 3.00% |
| 9 | BANK OF CHINA LIMITED 2.39% 23/07/2026 | 2.96% |
| 10 | OVERSEAS CHINESE BANKING CORP HONGKONG 2.3% 23/07/2026 | 2.64% |
| Total | 38.21% |
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.