Investment Objective
Achieve medium-to-high capital growth with medium volatility through investing in a diversified portfolio that normally comprises global bonds and equities with heavier weighting in equities. It is expected that preference will be given to ITCIS(s) when making investments.
Fund Details
Latest Fund Expense Ratio: N/A%
Launch Date(dd/mm/yyyy): 01/07/2019
Unit Price: HKD 12.29
Fund Size: HKD 629.38M
Fund Commentary
Markets have been extremely volatile over the quarter as it became clear that the coronavirus disease (COVID-19) was going to cause severe economic dislocation. Forecasters have struggled to revise their projections fast enough to keep pace with the unfolding economic scenario. Policy makers have been quick to act to try to offset some of the damage, and both fiscal and monetary stimulus has been implemented globally. Against this background, stock markets sold off and government bonds returned positively against dramatically lowered interest rates. The fund ended in the negative territory over the quarter amid the COVID-19 outbreak which impacted investor sentiment resulting in major stock market sell-off. In particular, European and Asia Pacific ex Japan/Hong Kong equities were the main detractors resulting in the negative performance. On the fixed income side, government bonds returned positively offsetting part of the negative return from the equity side as US treasury yields lowered over the quarter. Asian Local Currency bonds returned unfavorably as major Asian local currencies depreciated against the Hong Kong dollar.
Fund Performance Information
| Annualised return |
Calendar year return |
1 year
(p.a. %) |
5 years
(p.a. %) |
10 years
(p.a. %) |
Since launch
(p.a. %) |
2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| N/A% |
N/A% |
N/A% |
N/A% |
N/A | N/A | N/A | N/A | 5.15 | -13.94 |
Fund Performance Information
| Annualised return |
1 year
(p.a. %) |
5 years
(p.a. %) |
Since launch
(p.a. %) |
| N/A% |
N/A% |
N/A% |
| Calendar year return |
| 2015 | 2016 | 2017 | 2018 | 2019 | YTD |
| N/A | N/A | N/A | N/A | 5.15 | -13.94 |
Top 10 Holdings
| Security name |
Holdings Weight |
| Tencent Holdings |
2.8% |
| AIA Group |
1.8% |
| Vanguard Long-Term Treasury |
1.4% |
| China Construction Bank H SHS |
1.1% |
| Meituan Dianping-Class B |
0.9% |
| Ping An Insurance (GRP) Co of China ‘H’ |
0.8% |
| Microsoft Corp |
0.8% |
| HSBC Holdings Plc |
0.7% |
| Apple Inc |
0.7% |
| Taiwan Semiconductor Manufacturing Co |
0.7% |
| Total |
11.7% |
Top 10 Holdings
Security name
Holdings Weight |
| Tencent Holdings
Holding Weight 2.8%
|
| AIA Group
Holding Weight 1.8%
|
| Vanguard Long-Term Treasury
Holding Weight 1.4%
|
| China Construction Bank H SHS
Holding Weight 1.1%
|
| Meituan Dianping-Class B
Holding Weight 0.9%
|
| Ping An Insurance (GRP) Co of China ‘H’
Holding Weight 0.8%
|
| Microsoft Corp
Holding Weight 0.8%
|
| HSBC Holdings Plc
Holding Weight 0.7%
|
| Apple Inc
Holding Weight 0.7%
|
| Taiwan Semiconductor Manufacturing Co
Holding Weight 0.7%
|
| Total: 11.7% |
Portfolio Allocation
- • 23.7 Chinese & Hong Kong Equities
- • 23.3 World Bonds
- • 15.0 American Equities
- • 14.7 European Equities
- • 8.9 Japanese Equities
- • 8.1 Asia Pacific Equities (ex China/ HK/Japan
- • 4.8 Deposits
- • 1.5 Cash & Others
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