Investment Objective
Achieve long-term capital growth through investing in a diversified portfolio that mainly comprises US equities and equity-related investments. 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 20.20
Fund Size: HKD 421.26M
Fund Commentary
US equities contracted markedly in the first quarter of 2020 as the coronavirus disease (COVID-19) outbreak spread and the economic damage grew clearer, while prospects of an US recession became more likely and volatility surged to record levels. The US Federal Reserve was the most aggressive of the G10 central banks, as it cut rates twice in March by 50 bps and 100 bps, bringing the lower bound to 0%, and announced unlimited quantitative easing; while the US Senate passed an USD2 trillion fiscal stimulus package. All sectors lost ground over the period, with Energy stocks hit the hardest amid oil prices collapse. Financials also fell sharply, whilst Information Technology and Health Care sectors held up relatively better. Looking at quarterly performance, while our sector positioning remains broadly in line with the FTSE MPF US Index, our underweight allocation to Energy along with our overweight exposures to Information Technology and Health Care contributed to performance. Conversely, our underweight allocations to Consumer Staples and Communication Services weighed on performance.
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 | 10.14 | -18.78 |
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 | 10.14 | -18.78 |
Top 10 Holdings
| Security name |
Holdings Weight |
| Microsoft Corp |
5.5% |
| Apple Inc |
4.8% |
| Amazon.Com |
3.7% |
| Facebook |
1.8% |
| Google |
1.6% |
| Alphabet |
1.6% |
| Johnson & Johnson |
1.6% |
| Berkshire Hathaway Inc-CL B |
1.5% |
| JPMorgan Chase |
1.3% |
| VISA Inc-Class A Shares |
1.3% |
| Total |
24.7% |
Top 10 Holdings
Security name
Holdings Weight |
| Microsoft Corp
Holding Weight 5.5%
|
| Apple Inc
Holding Weight 4.8%
|
| Amazon.Com
Holding Weight 3.7%
|
| Facebook
Holding Weight 1.8%
|
| Google
Holding Weight 1.6%
|
| Alphabet
Holding Weight 1.6%
|
| Johnson & Johnson
Holding Weight 1.6%
|
| Berkshire Hathaway Inc-CL B
Holding Weight 1.5%
|
| JPMorgan Chase
Holding Weight 1.3%
|
| VISA Inc-Class A Shares
Holding Weight 1.3%
|
| Total: 24.7% |
Portfolio Allocation
- • 25.4 Technology
- • 15.8 Financials
- • 13.7 Health Care
- • 13.7 Consumer Services
- • 11.2 Industrials
- • 7.8 Consumer Goods
- • 3.5 Utilities
- • 2.6 Oil and Gas
- • 2.2 Telecommunications
- • 2.0 Futures
- • 1.8 Basic Materials
- • 0.3 Cash & Others
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