Investment Objective

Achieve long-term capital growth through primarily investing in an actively managed portfolio of carefully selected quoted securities. These securities are quoted on the regulated stock markets in the economies of Asia Pacific, excluding Japan.

Fund Details

Latest Fund Expense Ratio: N/A%

Launch Date(dd/mm/yyyy): 01/07/2019

Unit Price: HKD 9.56

Fund Size: HKD 593.39M

Fund Commentary

Asia Pacific ex Japan equities experienced a similar pattern to other world markets over the period, peaking in mid-January before selling off markedly in the end of February and March, as coronavirus disease (COVID-19) became a global pandemic and the regional economic outlook deteriorated sharply. At Country level, China and Hong Kong equities also lost value but were the only two markets to outperform over the period. By contrast, Pakistan, Indonesia and Thailand were the weakest markets in the first quarter of 2020. On a sector basis, Health Care, Communication Services and Consumer Staples held up better, whilst Energy stocks sold off amid collapse in oil prices. In the policy news, many Asian central banks – including those of Korea, India, China, Indonesia, Malaysia, Philippines and Thailand – cut interest rates over the period. Looking at quarterly performance, an underweight allocation to Energy along with an overweight exposure to Technology contributed to performance. Conversely, an underweight exposure to Telecommunications coupled with an overweight allocation to Basic Materials detracted performance.

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