永明彩虹公積金計劃 - Sun · 2017-03-06 · 永明公積金首域環球債券基金 Sun Life ORSO First State Global Bond Fund 投資組合分布 Portfolio Allocation 基本資料

Sun LifeRainbow ORSO Scheme永明彩虹公積金計劃

第四季 4th Quarter 2016 截至 As at 31/12/2016季報 Quarterly Update

重要事項 Important Notes

• 永明彩虹公積金計劃 (「本計劃」) 是一個以信託方式運作的集資退休基金。

• 投資涉及風險，並不是在本計劃下的所有投資基金均適合所有人士。某些投資可存高投資風險。投資回報並不受保證，閣下的投資 / 累算權益可能要承受重大的損失。

• 閣下在作出任何投資選擇前，應先考慮個人可承受的風險程度及財務狀況。在選擇基金時，如閣下對某基金是否適合自己存有疑問 (包括是否符合閣下的投資目標)，閣下應尋求財務及 / 或專業意見，並須考慮個人情況而作出最適合自己的基金選擇。

• 請不要只依賴此刊物提供的資料而投資，並應細閱本計劃的主要推銷刊物 (「主要推銷刊物」) 以獲取有關詳情及風險因素。

• TheSunLifeRainbowORSOScheme(the“Plan”)isapooledretirementschemeintheformofatrust.

• InvestmentinvolvesrisksandnotallinvestmentchoicesavailableunderthePlanaresuitableforeveryone.Somemaybeofhighinvestmentrisk.Thereisnoassuranceoninvestmentreturnsandyourinvestments/accruedbenefitsmaysuffersignificantloss.

• Youshouldconsideryourownrisktolerancelevelandfinancialcircumstancesbeforemakinganyinvestmentchoices.When,inyourselectionoffunds,youareindoubtastowhetheracertainfundissuitableforyou(includingwhetheritisconsistentwithyourinvestmentobjectives),youshouldseekfinancialand/orprofessionaladviceandchoosethefund(s)mostsuitableforyoutakingintoaccountyourcircumstances.

• YoushouldnotinvestbasedonthismaterialaloneandyoushouldreadthePrincipalBrochureofthePlan(“PrincipalBrochure”)carefullyforfurtherdetailsandriskfactors.

1

投資組合分布 Portfolio Allocation

永明公積金首域定息基金Sun Life ORSO First State Fixed Income Fund 基本資料 Basic Information

成立日期 Launch Date 28/06/2010

基金資產值 (以百萬港元計算) Fund Size (HK$ in Million) 26.0

基金價格 (港元) Fund Price (HK$) 1.0452

基金類別 Fund Descriptor

債券基金 – 香港Bond Fund - Hong Kong

風險程度1 Risk Indicator1 2.73%

投資目標 Investment Objective

此基金是一項固定收益基金，務求為參與者提供高於從銀行存款和貨幣市場證券所能獲得的回報。This fund is a fixed income fund which seeks to provide participants with a return in excess of that achievable from bank deposits and money market securities.

基金經理評論 Manager’s Commentary

12月初美國聯邦公開市場委員會上調利率25個基點至0.5%-0.75%，為市場預期之內。較市場意外的是，聯邦公開市場委員會修改加息軌跡預測的「點陣圖」，預期2017年加息三次，並將長期利率目標略提高至3.0% (從早前的2.9%)。港元債券利率於第四季度大幅抽升，並於12月追趕上美國利率走勢。兩年期、五年期及十年期香港外匯基金票據息率於季收報1.29% (上升74個基點)、1.56% (上升88個基點) 及1.85% (上升92個基點)。TheUSFederalOpenMarketCommittee(FOMC)increasedthecashrateby25bpsto0.50%-0.75%inearlyDecember,whichwashighlyanticipatedbymarkets.MoreofasurpriseformarketswastheFOMCchangestoforwardprojections(dotplot),forecastingthreeratehikes in2017andmarginally increasingthe long-runratetargetto3.0%(from2.9%previously).

HKDbondyieldshiftedupnoticeably inthefourthquarterandplayedcatchuptotheUSrates inDecember.The2-year,5-yearand10-yearHongKongExchangeFundnote(EFN)endedthequarterwithyieldsat1.29%(+74basispoints(bps)),1.56%(+88bps)and1.85%(+92bps)respectively.

十大主要證券 Top 10 Holdings

US Government Bond 0.75% 30-Sep-2018 3.2%

Hong Kong Government Bond 1.49% 30-Sep-2019 3.2%

US Government Bond 1.625% 15-May-2026 3.2%

Hong Kong Science & Tech Park 3.2% 11-Jul-2024 2.6%

Hong Kong Government Bond 2.31% 21-Jun-2021 2.3%

US Government Bond 1% 15-Nov-2019 2.0%

Bank of China (HK) 1.97% 12-Apr-2019 2.0%

Wells Fargo 3% 05-Jun-2025 1.8%

Export-Import Bank of Korea 1.57% 11-May-2018 1.8%

National Australia Bank 3.73% 17-May-2026 1.7%

基金表現 Fund Performance

指數

化 In

dexe

d

95

100

105

110

115

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金首域定息基金2

Sun Life ORSO First State Fixed Income Fund2

n

n香港債券 HKD Bonds 88.0%美元債券 USD Bonds 12.0%

基金表現2 Fund Performance2

期內回報 Period Return

2010 2011 2012 2013 2014 2015 2016

基金 Fund -1.91%5 3.77% 2.12% -3.68% 3.51% 1.97% -1.09%

平均每年回報 Annualized Return

一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years

成立至今Since Launch

基金 Fund -1.09% 0.43% 1.44% 0.14% 0.53% 0.68%

累積回報 Cumulative Return

年初至今Year to Date

三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund -1.09% -4.43% -1.09% 4.39% 2.68% 4.52%

永明彩虹公積金計劃季報 Sun Life Rainbow ORSO Scheme Quarterly Update 截至 As at 31/12/2016

2

永明公積金首域環球債券基金Sun Life ORSO First State Global Bond Fund


基本資料 Basic Information





債券基金 – 環球Bond Fund - Global



此基金務求為參與者提供高於從銀行存款和貨幣市場證券所能獲得的回報。This fund seeks to provide participants with a total return usually in excess of that achievable from bank deposits and money market securities.


12月初美國聯邦公開市場委員會上調利率25個基點至0.5%-0.75%，為市場預期之內。較市場意外的是，聯邦公開市場委員會修改加息軌跡預測的「點陣圖」，預期2017年加息三次，並將長期利率目標略提高至3.0% (從早前的2.9%)。歐洲央行宣佈縮減資產購買規模，但延長刺激計劃卻超出市場預料。日本央行在第四季調節政策焦點，尋求增加孳息曲線的陡峭度，而不是直接壓低整條孳息曲線。這進一步反映常規減息及量化寬鬆政策不太可能於此刻加推。政府債券孳息於季內錄得上升。十年期國債息率升幅最顯著包括澳洲 (上升 86個基點) 及美國 (上升85個基點)，德國及英國亦分別上升33個基點及49個基點。十年期日本國債息率僅升14個基點，反映日本央行實行以孳息曲線為重點的貨幣政策，以十年期孳息為0%上限。InearlyDecember, theUSFederalOpenMarketCommittee (FOMC) increasedthecashrateby25basispoints(bps)to0.50%-0.75,whichwashighlyanticipatedbymarkets.Moreofasurprise formarketswastheFOMCchangesto forwardprojections(dotplot),forecastingthreeratehikesin2017andmarginallyincreasingthelong-runratetargetto3.0%(from2.9%previously).

TheEuropeanCentralBankannouncedareducedpaceofassetpurchasesbutforacontinuationofthesepurchasesfor longerthananticipated.TheBankof Japanshifteditsfocusinthequarter,seekingtoaddsteepnesstotheyieldcurveratherthandirectly loweringallyieldsacrossthecurve.Thisfurthercontributedtothethemethatconventionalratecutsandquantitativeeasingpoliciesareunlikelytobeaddedtoatthisjuncture.

Governmentbondyieldsendedthequarternotablyhigher.Thebiggestgainsinten-yearyieldswereinAustralia(+86bps)andtheUS(+85bps),yieldsinGermanyandUKwerealsoupnotablyby33bpsand49bpsrespectively.YieldsinJapanrosebyalessnotable14bpsinthequarterreflectingthecapat0%atthetenyearpartofthecurvethattheBankof Japan implementedaspartof itsyield-curvefocusedmonetarypolicystrategy.


US Government Bond 2% 15-Aug-2025 6.2%

Japan Government Bond 1.9% 20-Mar-2053 4.3%


US Government Bond 2.25% 31-Jul-2021 3.8%


Japan Government Bond 0.1% 20-Sep-2026 3.1%

Rabobank 1.85% 12-Apr-2017 2.8%

IBRD 1.375% 24-May-2021 2.6%

Bundesrepub Deutschland 0% 15-Aug-2026 2.5%

Italy Government Bond 3.75% 01-Sep-2024 2.0%


指數

化 In

dexe

d

90

95

100

105

110

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金首域環球債券基金2

Sun Life ORSO First State Global Bond Fund2

n

n

n

n

n

美元債券 USD Bonds 50.5%歐元債券 EUR Bonds 25.3%日元債券 JPY Bonds 15.1%其他 Others 8.7% 現金 Cash 0.4%


一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 0.17% -1.63% -1.45% -2.07% -1.69% -1.07%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 0.17% -7.62% 0.17% -4.30% -8.16% -6.75%



2010 2011 2012 2013 2014 2015 2016

基金 Fund -0.46%5 2.00% -0.15% -3.89% -1.11% -3.39% 0.17%


3

永明公積金首域香港股票基金Sun Life ORSO First State Hong Kong Equity Fund







股票基金 – 香港Equity Fund - Hong Kong



本基金是一項股票基金，務求為參與者提供長線資本增值。This fund is an equity fund which seeks to provide participants with long-term capital appreciation.


摩根士丹利香港指數在第四季度下降了9%。香港貨物出口超過95%是轉口，大部分來自中國。總體而言，2016年香港出口數量預計下降0.9%，較2015年下降1.8%略有改善。儘管香港出口到美國有所下跌，但11月份區域貿易活動活躍，促使出口按月攀升7%，進口按月增長4.7%。同時，在美國利率上升及強美元的預期下，以及香港政府於11月宣佈房地產緊縮措施，預料2017年通脹壓力將會有限。雖然中國生產活動出現有一些令人鼓舞的跡象，但基金經理認為近期經濟增長可能仍然疲軟。人民幣疲弱仍然是一個憂慮，特別是整體美元和美國經濟前景相對較為正面。貿易保護主義如果獲得實現，可能對中國和亞洲地區構成負面影響。儘管存在這些擔憂，但是優質企業的股票估值仍然昂貴。與往常一樣，基金經理仍然傾向具有健康的資產負債表、良好管理、風險意識及合理估值的企業。TheMSCIHongKongdeclinedby9%overthequarter.Morethan95%ofHongKong’s exports are re-exports,with themajority fromChina.Overall,HongKongexport figuresareexpectedto recorda0.9%decline for2016,amodestimprovementonthe 1.8%decline in2015.Despitea fall inexports fromHongKongtotheUS,regionaltradeactivitywasbrisk inNovember,causingexportstojump7%month-on-monthandimportsup4.7%overthesameperiod.Meanwhile,withtheprospectofhigherinterestratesintheUSandastrongerUSdollaralongwithpropertytighteningmeasuresannouncedbytheHongKonggovernment inNovember,itisexpectedinflationarypressuresin2017wouldbelimited.

Thoughtherehavebeensomeencouragingsignsofproductionactivity inChina,themanagerbelieveseconomicgrowth is likelytoremainsubdued inthenear-term.Renminbiweaknessremainsaconcern,especiallyastheoutlookfortheUSdollarandtheUSeconomyingeneral looksmorepositive.TradeprotectionismcouldhaveanegativeimpactonChinaandtheAsiaregionif itcomestofruition.Despitetheseconcerns,stockvaluationshavegenerallyremainedrichforgoodqualitycompanies.Asalways,themanagermaintainsapreferenceforcompanieswithhealthybalancesheets,goodmanagement, riskawarenessandreasonablevaluations.


長和 CK Hutchison Holdings Ltd 7.1%

騰訊控股 Tencent Holdings Ltd 5.5%

怡和集團 Jardine Matheson Holdings 4.7%

友邦保險 AIA Group Ltd 4.3%

牛奶國際 Dairy Farm International 4.3%

申洲國際 Shenzhou International Group Ltd 4.1%

領展 The Link Reit 4.1%

石藥集團 CSPC Pharmaceutical 3.5%

中華煤氣 Hong Kong & China Gas 3.5%

瑞聲科技 AAC Technologies 3.4%


指數

化 In

dexe

d

80

100

120

140

160

180

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金首域香港股票基金2

Sun Life ORSO First State Hong Kong Equity Fund2

n

n

n

n

n

n

n

n

n

n

金融 Financials 21.0%工業 Industrials 15.5% 非必需消費品 Consumer Discretionary 14.4%資訊科技 Information Technology 14.1% 必需消費品 Consumer Staples 11.6% 公用事業 Utilities 11.5% 健康護理 Health Care 6.1% 能源 Energy 1.3% 其他 Others 1.0% 現金 Cash 3.5%



2010 2011 2012 2013 2014 2015 2016

基金 Fund 12.99%5 -10.82% 22.16% 10.33% 0.57% 0.94% 0.84%


一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 0.84% 0.89% 0.78% 3.09% 6.65% 5.19%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 0.84% -5.64% 0.84% 2.37% 37.97% 39.02%


4


永明公積金首域平穩基金Sun Life ORSO First State Stable Income Fund 基本資料 Basic Information





混合資產基金 – 環球股票投資最高50%

Mixed Assets Fund - GlobalMaximum equity investments 50%



此基金務求為參與者提供穩定的資本增值，同時將資本所承受的風險減至較低。This fund seeks to provide participants with steady capital appreciation without undue capital risk.


第四季度，環球股票市場以美元計錄得上升。美國在唐納德·特朗普總統選舉勝利後反彈，並跑贏大市。部分亞太市場，包括中國、印度及香港表現特別疲弱。行業方面，能源及金融業跑贏大市，而必需消費品及健康護理跌幅最為顯著。季內，摩根士丹利綜合世界指數上升1.3%。債券方面，12月初美國聯邦公開市場委員會上調利率25個基點至0.5%-0.75%，為市場預期之內。較市場意外的是，聯邦公開市場委員會修改加息軌跡預測的「點陣圖」，預期2017年加息三次，並將長期利率目標略提高至3.0% (從早前的2.9%)。歐洲央行宣佈縮減資產購買規模，但延長刺激計劃卻超出市場預料。日本央行在第四季調節政策焦點，尋求增加孳息曲線的陡峭度，而不是直接壓低整條孳息曲線。這進一步反映常規減息及量化寬鬆政策不太可能於此刻加推。政府債券孳息於季內錄得上升。十年期國債息率升幅最顯著包括澳洲 (上升 86個基點) 及美國 (上升85個基點)，德國及英國亦分別上升33個基點及49個基點。十年期日本國債息率僅升14個基點，反映日本央行實行以孳息曲線為重點的貨幣政策，以十年期孳息為0%上限。GlobalequitymarketsroseinUSdollartermsoverthefinalquarterof2016.TheUSoutperformedasitbouncedfollowingthepresidentialelectionvictoryofDonaldTrump.AnumberofAsiaPacificmarkets, includingChina, IndiaandHongKongwereparticularlyweak.Atasectorlevel,EnergyandFinancialsoutperformed,whileConsumerStaplesandHealthCarefellthemost.TheMSCIACWorldIndexroseby1.3%overthequarter.

On the fixed income side, theUS FederalOpenMarketCommittee (FOMC)increasedthecashrateby25basispoints(bps)to0.50%-0.75%inearlyDecember,whichwashighlyanticipatedbymarkets.MoreofasurpriseformarketswastheFOMCchangestoforwardprojections(dotplot),forecastingthreeratehikesin2017andmarginallyincreasingthelong-runratetargetto3.0%(from2.9%previously).





Henkel Ag & Co KGaA 1.5%

Unilever PLC 1.5%





Berkshire Hathaway 1.1%

Japan Government Bond 0.1% 20-Sep-2026 1.0%

US Government Bond 1% 15-Nov-2019 0.9%


指數

化 In

dexe

d

90

100

110

120

130

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金首域平穩基金2

Sun Life ORSO First State Stable Income Fund2

n

n

n

n

n

n

n

環球債券 Global Bonds 32.5% 香港債券 Hong Kong Bonds 18.7% 環球股票 Global Equities 15.7% 亞洲債券 Asian Bonds 14.7%香港股票 Hong Kong Equities 9.7%亞洲股票 Asian Equities 5.2%現金 Cash 3.5%


一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 1.20% 0.46% 0.92% 1.41% 2.49% 2.29%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 1.20% -5.85% 1.20% 2.78% 13.09% 15.85%



2010 2011 2012 2013 2014 2015 2016

基金 Fund 3.53%5 -1.05% 6.93% 2.90% 1.85% -0.28% 1.20%


5









永明公積金首域均衡基金Sun Life ORSO First State Balanced Portfolio Fund


此基金務求為參與者提供中長線的穩健資本增值以及穩定的收益。This fund seeks to provide participants with moderate capital appreciation and a regular income stream over the medium to long term.








Unilever PLC 2.4%




Merck KGaA 1.2%

Unicharm Corp 1.1%



Waters Corp 1.1%


指數

化 In

dexe

d

90

100

110

120

130

140

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金首域均衡基金2

Sun Life ORSO First State Balanced Portfolio Fund2


n

n

n

n

n

n

環球股票 Global Equities 25.6% 環球債券 Global Bonds 25.0% 香港股票 Hong Kong Equities 14.8%香港債券 Hong Kong Bonds 14.6% 亞洲股票 Asian Equities 10.1%亞洲債券 Asian Bonds 9.9%



2010 2011 2012 2013 2014 2015 2016

基金 Fund 6.00%5 -3.26% 10.01% 6.86% 2.02% 0.13% 1.59%


一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 1.59% 0.86% 1.25% 2.62% 4.06% 3.50%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 1.59% -6.17% 1.59% 3.78% 22.00% 25.10%


6

永明公積金首域增長基金Sun Life ORSO First State Progressive Growth Fund 基本資料 Basic Information









此基金務求為參與者提供中長線的顯著資本增值。This fund seeks to provide participants with significant capital appreciation over the medium to longer term.








Unilever PLC 3.5%



Merck KGaA 1.7%

Unicharm Corp 1.6%

Waters Corp 1.5%


Beiersdorf AG 1.4%

Oversea Chinese Bank Corp 1.3%


指數

化 In

dexe

d

90

100

110

120

130

140

150

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金首域增長基金2

Sun Life ORSO First State Progressive Growth Fund2



一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 2.15% 1.10% 1.42% 3.64% 5.56% 4.74%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 2.15% -6.23% 2.15% 4.31% 31.06% 35.14%



2010 2011 2012 2013 2014 2015 2016

基金 Fund 8.35%5 -4.84% 13.60% 10.61% 2.05% 0.07% 2.15%

n

n

n

n

n

n

環球股票 Global Equities 36.8% 香港股票 Hong Kong Equities 20.1%亞洲股票 Asian Equities 15.3%環球債券 Global Bonds 13.6% 香港債券 Hong Kong Bonds 9.4% 亞洲債券 Asian Bonds 4.8%


7

永明公積金安聯穩定資本基金Sun Life ORSO Allianz Capital Stable Fund 基本資料 Basic Information





混合資產基金 – 環球股票投資大約30%

Mixed Assets Fund - GlobalEquity investments around 30%




此基金務求為參與者提供保本及長期穩定的資本增值。這項基金並非資本保證基金。This fund seeks to provide participants with capital preservation combined with steady capital appreciation over the long term. This is not a capital guaranteed fund.


環球股市在2016年第四季造好，因市場憧憬候任總統特朗普將推行減稅及利好增長的政策，刺激股價揚升。歐洲股市克服市場對政局的憂慮，在季末高收。美國候任總統特朗普出乎意料勝選，令市場憧憬其將透過減稅和更專注於增長以刺激企業利潤率上升，帶動美股在季內造好。多項主要已發展市場指數觸及多月以來的高位，而新興市場股市則普遍下跌。金融業受惠於債券孳息率上升而領漲，而油價上揚則利好能源企業。然而，基本消費和公用事業等傳統防守股表現落後，而市場對利率上升的憂慮則削弱房地產股表現。Globalequities rallied inthefourthquarterof2016,asshareswerebuoyedbyexpectationsthatPresident-electTrumpwould implementtaxcutsandadoptapro-growthpolicystance.Europeanequitiesovercamerisingpoliticalconcernstoendthequarterhigher.USequitiesralliedoverthequarter,amidexpectationsthatPresident-electTrump’ssurprisevictorywouldboostcorporateprofitmarginsthroughtaxcutsandagreater focusongrowth.Manymajordevelopedmarketindices touchedmulti-monthhighs,whileemergingmarketequities tendedtoretreat.The financials sector ledtheadvance,boostedbyhigherbondyields,whilerisingoilpricesbolsteredenergycompanies.However,traditionaldefensivesectors,suchasconsumerstaplesandutilities, lagged,andrealestatestockswereunderminedbyfearsofrisinginterestrates.


Industrial And Commercial Bank of China (Asia) Ltd 1.03% 06-Jan-2017 2.7%

Japan (Govt Of) (20 Year Issue) Ser 148 1.5% 20-Mar-2034 1.8%

Oversea Chinese Banking Corp Ltd 0.45% 06-Jan-2017 1.7%

Bundesrepub. Deutschland Ser98 (Br) 4.75% 04-Jul-2028 1.5%


TSY INFL IX N/B 1% 15-Feb-2046 1.1%

Buoni Poliennali Del Tes 5% 01-Aug-2034 0.9%

匯豐控股 HSBC Holdings PLC 0.8%

US Treasury Inflation Index Linked Notes 3.625% 15-Apr-2028 0.8%

UK (Gilts) 5% 07-Mar-2025 0.8%


指數

化 In

dexe

d

95

100

105

110

115

120

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金安聯穩定資本基金3

Sun Life ORSO Allianz Capital Stable Fund3

n

n

n

n

n

n

n

n

債券 Fixed Income 55.0%香港/中國股票 Hong Kong/China Equities 10.0%定期存款Fixed Deposits 9.0%歐洲股票 Europe Equities 7.0%北美股票 North America Equities 6.0%日本股票 Japan Equities 4.0%亞洲其他國家股票 Other Asia Equities 3.0%現金及其他 Cash And Others 6.0%



2010 2011 2012 2013 2014 2015 2016

基金 Fund 4.47%5 -2.39% 6.77% 3.19% -0.93% -3.07% 0.80%


一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 0.80% -1.16% -1.08% -0.03% 1.29% 1.29%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 0.80% -4.72% 0.80% -3.21% 6.63% 8.73%


8

永明公積金安聯穩定增長基金Sun Life ORSO Allianz Stable Growth Fund基本資料 Basic Information









此基金務求為參與者提供長期及穩定的全面回報。This fund seeks to provide participants with a stable overall return over the long term.








Japan (Govt Of) (20 Year Issue) Ser 148 1.5% 20-Mar-2034 1.3%

Bundesrepub. Deutschland Ser98 (Br) 4.75% 04-Jul-2028 1.1%

中國聯通 China Unicom Hong Kong Ltd 0.8%

中國石油 PetroChina Co Ltd H 0.8%

TSY INFL IX N/B 1% 15-Feb-2046 0.8%



指數

化 In

dexe

d

90

100

110

120

130

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金安聯穩定增長基金3

Sun Life ORSO Allianz Stable Growth Fund3


n

n

n

n

n

n

n

n

債券 Fixed Income 41.0%香港/中國股票 Hong Kong/China Equities 18.0%歐洲股票 Europe Equities 11.0%北美股票 North America Equities 10.0%日本股票 Japan Equities 6.0%亞洲其他國家股票 Other Asia Equities 5.0%定期存款Fixed Deposits 4.0%現金及其他 Cash And Others 5.0%


一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 1.46% -1.05% -1.33% 0.76% 2.46% 1.98%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 1.46% -4.07% 1.46% -3.93% 12.94% 13.58%



2010 2011 2012 2013 2014 2015 2016

基金 Fund 6.23%5 -5.33% 9.56% 7.31% -1.89% -3.49% 1.46%


9

永明公積金安聯均衡基金Sun Life ORSO Allianz Balanced Fund基本資料 Basic Information









此基金務求為參與者提供高水平之長期整體回報。This fund seeks to provide participants with a high level of overall return over the long term.







中國聯通 China Unicom Hong Kong Ltd 1.2%




中國平安 Ping An Insurance Group Co Of China Ltd H 1.0%

中國建設銀行 China Construction Bank H 0.9%

新鴻基地產 Sun Hung Kai Properties Ltd 0.9%


指數

化 In

dexe

d

90

100

110

120

130

140

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金安聯均衡基金3

Sun Life ORSO Allianz Balanced Fund3


n

n

n

n

n

n

n

n

香港/中國股票 Hong Kong/China Equities 25.0%債券 Fixed Income 23.0%歐洲股票 Europe Equities 16.0%北美股票 North America Equities 14.0%日本股票 Japan Equities 9.0%亞洲其他國家股票 Other Asia Equities 6.0%定期存款Fixed Deposits 3.0%現金及其他 Cash And Others 4.0%



2010 2011 2012 2013 2014 2015 2016

基金 Fund 7.41%5 -8.83% 13.18% 11.95% -2.71% -3.98% 1.63%


一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 1.63% -1.21% -1.71% 1.54% 3.77% 2.55%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 1.63% -3.32% 1.63% -5.05% 20.31% 17.82%


10

永明公積金安聯港元基金Sun Life ORSO Allianz HK$ Cash Fund


n 定期存款 Fixed Deposits 82.0%n 債券 Fixed Income 16.0%n 現金及其他 Cash And Others 2.0%


本基金主要提供一個方便及容易實行的投資方法予那些需要穩定收入及高度保本的參與者。本基金並非資本保證基金。This fund aims to provide a convenient and easily realizable medium of investment for participants who require an income stream combined with a high degree of capital protection. The fund is not a capital guaranteed fund.


香港的流動資金狀況受近期美元走強和中國收緊資本管制措施所影響。香港貨幣供應量 (M3) 在上季放緩後，M3在近月一直維持單位數的按年增長。三個月香港銀行同業拆息急升40點子，靠近約為1%的三個月倫敦銀行同業拆息。然而，香港整體資金仍然充裕，總結餘於12月底在2,595億港元水平靠穩，而港元兌美元匯價亦於7.75港元至7.76港元之間上落，接近強方兌換保證水平。The liquidityenvironment inHongKonghasbeenaffectedbytherecenttrendofstrengtheningUSdollarandmoretighteningmeasuresfromChinaoncapitalcontrol.FollowingtheslowdownoftheHKDmoneysupply(M3)inthelastquarter,thegrowthofM3year-on-year (YoY) remainedata singledigit in the recentmonths.Thethree-monthHongKongInterbankOfferedRate(HIBOR)hasspikedupby40basispoints,tradingcloselytothe3-monthLondonInterbankOfferedRate(LIBOR)ataround1%.However,theliquiditysituationoverallremainedabundantinHongKonggiventhataggregatebalancestabilizedatHKD259.5billionbytheendofDecemberandwiththeHKDtradingatthehigherendofthepeg,ataHKD7.75–7.76rangeagainsttheUSD.


Industrial And Commercial Bank Of China (Asia) Limited 1.05% 11-Jan-2017 3.1%

Bank Of China Ltd/Hong Kong Ser Fxcd (Reg S) 2.25% 27-Mar-2017 2.4%

Sumitomo Mitsui Banking HK (Br) Ser Fxcd 1.20% 06-Oct-2017 2.4%

Chong Hing Bank Ltd, HKG 0.85% 01-Mar-2017 2.2%

Public Bank (Hong Kong) Limited 0.70% 16-Feb-2017 2.1%

China Construct Bank/HK Ser Fxcd (Reg S) 1.10% 01-Mar-2017 2.0%

Bank Of East Asia Ltd Ser Cd (Reg S) (Br) 0.00% 13-Mar-2017 2.0%


China Construction Bank (Asia) Corp Ltd 1.20% 14-Mar-2017 1.9%

Industrial And Commercial Bank Of China (Asia) Limited 0.85% 04-Jan-2017 1.9%


指數

化 In

dexe

d

94

96

98

100

102

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金安聯港元基金3

Sun Life ORSO Allianz HK$ Cash Fund3






貨幣市場基金 – 香港Money Market Fund - Hong Kong



一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund -0.91% -0.84% -0.64% -0.64% -0.67% -0.71%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund -0.91% -0.21% -0.91% -1.91% -3.30% -4.56%



2010 2011 2012 2013 2014 2015 2016

基金 Fund -0.59%5 -0.71% -0.80% -0.62% -0.25% -0.76% -0.91%


11

永明公積金安聯亞洲股票基金Sun Life ORSO Allianz Asian Equity Fund


此基金務求為參與者提供長期的資本增值。This fund seeks to provide participants with long term capital growth.


亞洲股市在2016年第四季錄得溫和升幅。新加坡、南韓和泰國股市均略為上升，其他市場則大致疲弱。特朗普意外勝選導致不少新興經濟體出現資金外流，因為市場憂慮美國加息和新政府加強貿易保護主義立場。中國股市是區內回報最遜色的市場之一。在11月份，內地工業生產和零售銷售的升幅優於預期，但市場關注中國長遠經濟前景，並憂慮房市走勢因當局推出降溫措施而逆轉，均利淡內地股市的投資氣氛。Equitymarkets intheregionpostedmodestgains inthefourthquarterof2016.Singapore,SouthKoreaandThailandalsorosemodestly.Elsewhere,marketsweregenerallyweak.DonaldTrump’s surprisevictory led toanexodus frommanyemergingeconomiesamidfearsofhigherUSinterestratesandamoreprotectioniststancetowardstrade.Chineseequitieswereamongthosewiththeweakestreturnsintheregion.IndustrialproductionandretailsalesbothrosebymorethanexpectedinNovember,butsentimentwasaffectedbyconcernsoverChina’s longer-termoutlookandbyfearsofahousingmarketdownturnfollowingmeasurestakenbytheauthoritiestocooltheoverheatinghousingmarket.




Taiwan Semiconductor Manufacturing Company Ltd 4.2%


QBE Insurance Group Ltd 3.4%

Samsung Electronics Co Ltd 3.4%

Central Pattana 3.3%

Singapore Telecommunications Ltd 3.1%

中國人壽 China Life Insurance Co H 2.9%

中銀香港 BOC Hong Kong Holdings Ltd 2.8%


指數

化 In

dexe

d

80

100

120

140

160

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金安聯亞洲股票基金3

Sun Life ORSO Allianz Asian Equity Fund3






股票基金 – 亞洲 (日本除外)Equity Fund - Asia ex Japan



n

n

n

n

n

n

n

n

n

n

n

中國 China 26.0%南韓 South Korea 19.0% 台灣 Taiwan 12.0%香港 Hong Kong 9.0%澳洲 Australia 6.0%泰國 Thailand 6.0%印度 India 5.0%印尼 Indonesia 4.0%新加坡 Singapore 4.0%其他股票 Other Equities 5.0%現金及其他 Cash And Others 4.0%



2010 2011 2012 2013 2014 2015 2016

基金 Fund 19.75%5 -15.01% 15.36% 11.99% 4.90% -9.93% 3.96%


一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 3.96% -3.23% -0.59% 2.41% 4.88% 4.01%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 3.96% -6.30% 3.96% -1.77% 26.90% 29.16%


12

永明公積金景順環球股票基金Sun Life ORSO Invesco Global Equities Fund


n 香港及中國股票 29.4%Hong Kong and China Equities

n 北美洲股票 N.America Equities 26.7% n 歐洲股票 European Equities 19.3% n 日本股票 Japanese Equities 11.4%n 其他亞太地區股票 11.0% Other Asia Pacific Equities n 現金及其他 Cash And Others 2.2%


此基金務求透過投資於全球股票以達致長期的資本增值。This fund seeks to achieve long-term capital appreciation through investments in global equities.


全球股市在第四季度繼續上揚，與開年的跌宕起伏相比強勢收官。美國股市延續自大選結束以來的積極走勢，並進一步受惠於12月眾多經濟數據的積極表現。特朗普 (Trump) 的促增長、去監管和再通脹政策立場拉動投資者承險情緒回升，並推動市場輪轉至週期性更強的行業。美聯儲對美國經濟及通脹前景的信心不斷提升，因此最終決定加息0.25%。歐洲方面，意大利公投結果推動市場飆升。經濟消息方面，歐洲央行決定將量寬計劃延長至2017年底。從行業角度來看，金融股等周期性行業表現強勁，扭轉了2016年年初數月的走勢。Globalequitymarketscontinued to rise in fourthquarter, endingan initiallyvolatileyearonastronglypositivenote.USequitymarketscontinuedtheirpositivetrendthathadstartedaftertheelectionandfurtherbenefittedfromanumberofencouragingeconomicdataprintsinDecember.Trump’spro-growth,deregulatoryandreflationarypolicystancerenewed investors’ risk-onsentimentandfuelledthe rotation intomorecyclicalareasof themarket. TheUSFederalReserve’sgrowingconfidence in itsoutlookfortheUSeconomyand inflationbacked itsdecisiontofinallyraise interestratesby0.25%. InEurope,marketssurgedintheaftermathoftheItalianreferendum.Ineconomicnews,theECBdecidedtoextenditsquantitativeeasingprogrammetotheendof2017. Fromasectorperspective,cyclicalsectorssuchasfinancialsperformedstrongly,reversingthetrendobservedintheearlymonthsof2016.




中國移動 China Mobile Ltd 1.7%


中國銀行 Bank of China Ltd H 1.4%

長實地產 CK Property Holdings Ltd 1.1%

中芯國際 Semiconductor Manufacturing Intl Corp 1.1%

港鐵公司 Mass Transit Railway Corporation 1.0%

北京首都機場 Beijing Capital Intl Airport Co Ltd H 0.9%

工商銀行 Industrial & Commercial Bank of China H 0.9%


指數

化 In

dexe

d

80

100

120

140

160

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金景順環球股票基金4

Sun Life ORSO Invesco Global Equities Fund4






股票基金 – 環球股票Equity Fund - Global Equities



一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 2.20% -1.10% -0.24% 3.99% 6.71% 4.02%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 2.20% -1.60% 2.20% -0.71% 38.33% 29.26%



2010 2011 2012 2013 2014 2015 2016

基金 Fund 8.13%5 -13.59% 18.29% 17.79% 1.50% -4.28% 2.20%


13

永明公積金景順香港及中國股票基金Sun Life ORSO Invesco Hong Kong and China Equity Fund


n 香港及中國股票 99.2%Hong Kong and China Equities

n 現金及其他 Cash And Others 0.8%


此基金尋求透過投資於香港及與中國有關的股票以達致長期的資本增值。This fund seeks to achieve long-term capital appreciation through investments in Hong Kong and China-related securities.


在第四季，隨著本土債券孳息揚升，加上市場對美國可能採取保護主義政策的憂慮升溫，抵銷中國經濟發展正面的利好因素，中港股市在年底錄得負總回報。此外，中國政府繼續致力遏抑房地產市場。雖然上述因素仍然存在，但經濟活動相對強韌。消費開支及工業生產在季內維持強勁，新造貸款和銀根增長同樣可觀。此外，消費通脹持續攀升，生產物價升至2011年12月以來的最高水平。季內，中國國務院批准深港通計劃，並撤銷滬港通和深港通的交易總額度，反映當局有意開放內地市場。ChinaandHongKongequitymarketsendedtheyear registeringnegativetotalreturnsinthefourthquarterashigherdomesticbondyieldsandincreasingconcernsoverpossibleprotectionistpolicies intheUSovershadowedpositiveeconomicdevelopments inChina. Moreover,theChinesegovernmentcontinueditseffortstocooldownthepropertymarket. Despitethesefactors,economicactivitywasrelativelysolid.Consumerspendingandproductionremainedrobustthroughoutthequarter. Newloanactivityandmoneygrowthwerealsostrong. Atthesametime,consumer inflationcontinued to riseandproducerprices reached theirhighestsinceDecember2011.Duringthequarter,theChinaStateCouncilapprovedtheShenzhen-HongKongConnectandalsoabolishedaggregatequotasonboththeShanghaiandShenzhenconnects,reflectingChina’sdesiretoopenitsmarkets.




中國移動 China Mobile Ltd 5.6%


中國銀行 Bank of China Ltd H 4.7%

長實地產 CK Property Holdings Ltd 3.8%

中芯國際 Semiconductor Manufacturing Intl Corp 3.5%

港鐵公司 Mass Transit Railway Corporation 3.2%

北京首都機場 Beijing Capital Intl Airport Co Ltd H 3.1%

工商銀行 Industrial & Commercial Bank of China H 2.9%


指數

化 In

dexe

d

60

80

100

120

140

160

06/10 06/11 06/12 06/13 06/14 06/15 06/16

永明公積金景順香港及中國股票基金4

Sun Life ORSO Invesco Hong Kong and China Equity Fund4






股票基金 – 香港及中國Equity Fund - Hong Kong and China




2010 2011 2012 2013 2014 2015 2016

基金 Fund 12.45%5 -24.20% 23.78% 6.80% 3.04% -6.17% 0.06%


一年1 Year

二年2 Years

三年3 Years

四年4 Years

五年5 Years


基金 Fund 0.06% -3.11% -1.10% 0.82% 5.04% 1.33%



三個月3 Months

一年1 Year

三年3 Years

五年5 Years


基金 Fund 0.06% -6.92% 0.06% -3.27% 27.87% 9.00%


14

香港永明金融有限公司 (於百慕達註冊成立) 香港九龍廣東道15號港威大廈永明金融大樓10樓

Sun Life Hong Kong Limited (Incorporated in Bermuda)10/F, Sun Life Tower, The Gateway, 15 Canton Road, Kowloon, Hong Kong

永明退休金服務熱線 Sun Life Pension Service Hotline：3183 1888 傳真 Fax：3183 1889 www.sunlife.com.hk

永明金融集團成員之一　總公司設於加拿大多倫多A member of the Sun Life Financial group of companies. Head Office in Toronto, Canada.

客戶服務：卓譽金融服務有限公司香港九龍紅磡德豐街18號海濱廣場一座10樓

Customer Service: BestServe Financial Limited10/F, One Harbourfront, 18 Tak Fung StreetHung Hom, Kowloon, Hong Kong

由香港永明金融有限公司刊發Issued by Sun Life Hong Kong Limited

1. 此數字是根據基金過往三年之按月回報率所計算的年度標準差，並準確至小數後兩個位。一般來說，年度標準差數值越大，基金的風險/波幅也將相對較高。

The figure shows the annualized standard deviation based on the monthly rates of return of the fund over the past 3 years, and correct to 2 decimal places. Generally, the greater the annualized standard deviation, the more volatile/risky the fund.

2. 資料來源：首域投資 (香港) 有限公司。基金表現以港元的資產淨值計算，已扣除所有費用。 Source: First State Investments (Hong Kong) Limited. The performance data is calculated on a NAV-to-NAV basis in Hong Kong dollar, net of all charges.

3. 資料來源：安聯環球投資亞太有限公司。基金表現以港元的資產淨值計算，已扣除所有費用。 Source: Allianz Global Investors Asia Pacific Limited. The performance data is calculated on a NAV-to-NAV basis in Hong Kong dollar, net of all charges.

4. 資料來源：景順投資管理有限公司。基金表現以港元的資產淨值計算，已扣除所有費用。 Source: Invesco Hong Kong Limited. The performance data is calculated on a NAV-to-NAV basis in Hong Kong dollar, net of all charges.

5. 因該公積金成立日期為2010年6月28日，其2010全年表現回報計算少於12個月。因此，2010年的期內回報是由該公積金之成立日期至2010年12月31日計算。 The ORSO Fund inception date was on 28 June 2010. The period return shown under the calendar year of 2010 is less than 12 months. Therefore, the period return of year 2010 is calculated from the ORSO fund inception date to 31 December 2010.

備註 Remarks

投資附帶風險，過去業績並不代表將來表現。投資回報可升可跌，貨幣變動及市況，均可能影響投資價值。不同貨幣的匯率，亦可改變單位價值。您應在作出任何投資決定前，查閱永明彩虹公積金計劃的主要推銷刊物，以獲取更多詳情及風險因素。投資於新興市場與已發展市場比較，可能會涉及較高風險，並通常對價格變動較為敏感。

Investment involves risks and past performance is not indicative of future performance. Investment return may rise as well as fall. Currency movement and market condition may affect the value of investments. The value of units may vary due to changes in exchange rates between currencies. You are advised to read the Principal Brochure of the Sun Life Rainbow ORSO Scheme for further details and risk factors prior to making any investment decision.

Emerging markets may involve a higher degree of risk than in developed markets and are usually more sensitive to price movement.

重要事項 Important Notes

Documents

永明彩虹公積金計劃 - Sun · 2017-03-06 · 永明公積金首域環球債券基金 Sun Life ORSO First State Global Bond Fund 投資組合分布 Portfolio Allocation 基本資料