Sun Life Rainbow MPF Scheme
Data as of 2026-06-30
Top-10 holdings are 43.8% of the fund. HSBC Holdings at 9.9% is the largest single position. The top three together are 26.7%. This is a concentrated portfolio. By sector: tech and internet 20.4%, banks 15.9%, insurance 3.7%. By geography: HK-listed China 22.2%, Hong Kong 15.6%, Mainland China 6.0%. Active share is 22.6% — 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.
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 43.8%; return equals index minus fees. Can serve as a portfolio core, paired with other styles for diversification. Suggested horizon 5+ years.
Seeks to provide members with investment results that, before fees and expenses, closely track the performance of the FTSE MPF Hong Kong Index.
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | Year to Date | |
| Cumulative | -6.57% | -1.26% | +31.50% | -15.84% | +44.12% | +29.74% | -11.39% |
| Annualised | — | -1.26% | +9.55% | -3.39% | +3.72% | +2.09% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +36.27% | +18.95% | -12.61% | -15.08% | -16.53% |
Returns are net of fees. Past performance is not indicative of future returns.
| Year to Date | 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (%) | -9.27% | -6.02% | -9.86% | +15.83% | +16.99% | +10.94% | +15.43% |
| 2021 | 2022 | 2023 | 2024 | 2025 | YTD | |
| Return (%) | -16.53% | -15.08% | -12.61% | +18.95% | +36.27% | N/A |
For the three months ended 30 June 2026, the iShares Hong Kong Equity Index Fund returned -6.38%. This compared to a FTSE MPF Hong Kong Index return of -6.52% for the corresponding period, so a performance difference of +0.14% for the quarter. The fund delivered returns of +3.90%, -2.27%, and -7.99% for the months of April, May, and June respectively. Among the top positive contributing stocks in the fund during the quarter were HSBC Holdings PLC, Lenovo Group Ltd, Hua Hong Grace Semiconductor Ltd, Kingboard Laminates Holdings Ltd, and NetEase Inc. The biggest detractors of portfolio performance over the quarter were Alibaba Group Holding Ltd, Tencent Holdings Ltd, Xiaomi Corp, AIA Group Ltd and BYD Ltd H.
| # | Security name | Holdings Weight |
| 1 | HSBC Holdings PLC | 9.9% |
| 2 | Tencent Holdings Ltd | 8.8% |
| 3 | Alibaba Group Holding Ltd | 8.0% |
| 4 | AIA Group Ltd | 3.7% |
| 5 | China Construction Bank Corp | 3.5% |
| 6 | Industrial & Commercial Bank of China Ltd | 2.5% |
| 7 | Hong Kong Exchanges & Clearing Ltd | 2.0% |
| 8 | Meituan - Class B | 1.8% |
| 9 | Xiaomi Corp - Class B | 1.8% |
| 10 | NetEase Inc | 1.8% |
| Total | 43.8% |
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.