Sun Life Rainbow ORSO Scheme · 國脫歐及5月減息的影響下，澳洲十年期國債孳息率下挫51個基點至1.98%。 The US Federal Reserve have stated that they are waiting

Sun Life Rainbow ORSO SchemeQUARTERLY UPDATE永明彩虹公積金計劃季報

第二季 2nd Quarter 2016 截至 2016 年 6 月 30 日 As at June 30, 2016

S U N L I F E R A I N B O W O R S O S C H E M E 永明彩虹公積金計劃季報

重要事項 Important Notes：

1. 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。

2. 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。

3. 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。

4. 請不要只依賴此刊物提供的資料而投資，並應細閱有關的主要推銷刊物。

1. The Sun Life Rainbow ORSO Scheme (the “Plan”) is a pooled retirement scheme in the form of a

trust.

2. Investment involves risks and not all investment choices available under the Plan are suitable for

everyone. Some may be of high investment risk. There is no assurance on investment returns and

your investments/accrued benefits may suffer significant loss.

3. You should consider your own risk tolerance level and financial circumstances before making any

investment choices. When, in your selection of funds, you are in doubt as to whether a certain

fund is suitable for you (including whether it is consistent with your investment objectives), you

should seek financial and/or professional advice and choose the fund(s) most suitable for you

taking into account your circumstances.

4. You should not invest based on this material alone and you should read the Principal Brochure

carefully.

- 1 -

永明首域公積金定息基金Sun Life First State ORSO Fixed Income Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date

基金資產值（以百萬港元計算） 17.5

Fund Size (HK$ in Million)

基金價格（港元） 1.0893

Fund Price (HK$)

基金類別債券基金 - 香港

Fund Descriptor Bond Fund - Hong Kong

風險程度 1 2.31%

Risk Indicator 1

風險標記 2

平穩 Stable

保守Conservative

進取AggressiveRisk Meter 2

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.

基金經理評介 Manager’s Comment美國聯儲局表示，就未來政策做出任何決定之前，他們正在觀望英國脫歐會對美國市場產生怎樣的影響。聯邦公開市場委員會(FOMC)在整個季度保持利率穩定在0.25%至0.50%。6月會議的隨附聲明（英國公投前一周舉行）被視為比以前的立場更加溫和，並指出英國公投的不確定性為決策的因素之一。長期聯邦基金利率目標已再次下調，由3.25%下降至3.0%。

美國十年期國債孳息率於季內下降了30個基點至1.47%。香港十年期外匯基金票據息率則下降了26個基點至1.02%。

The US Federal Reserve have stated that they are waiting to see what impact Brexit will have on US markets before making any decisions on future policy. The Federal Open Market Committee (FOMC) held rates steady at 0.25%-0.50% throughout the quarter. The accompanying statement to its June meeting (held the week before the Brexit vote) was seen as more dovish than the previous stance and the uncertainty of Brexit was noted as one of the factors in the decision. The targeted long-run Fed Funds rate has been revised down again from 3.25% to 3.0%.

The US 10-year Treasury yield fell by 30 basis points to 1.47% over the last quarter. The yield of 10-year HK Exchange Fund note (EFN) fell by 26 basis points to 1.02%.

基金表現3 Fund Performance 3

期內回報 Period Return2010 2011 2012 2013 2014 2015

Fund (基金) -1.91%6 3.77% 2.12% -3.68% 3.51% 1.97%

平均每年回報 Annualized Return1 Year 年 2 Years 年 3 Years 年 4 Years 年 5 Years 年成立至今

Since Launch

Fund (基金) 3.71% 3.48% 2.85% 1.47% 1.58% 1.43%

累積回報 Cumulative Return年初至今

Year-to-date 3 Months 月 1 Year 年 3 Years 年 5 Years 年成立至今Since Launch

Fund (基金) 3.09% 1.31% 3.71% 8.79% 8.16% 8.93%

基金表現 Fund Performance

94

96

98

100

102

104

110

108

106

指數化

Inde

xed

永明首域公積金定息基金 3Sun Life First State ORSO Fixed Income Fund 3

Dec-10 Jun-14 Jun-15 Dec-15 Jun-16Dec-13 Dec-14Jun-13Dec-12Jun-12Dec-11Jun-11Jun-10

投資組合分布 Portfolio Allocation現金Cash1.4%美元債券

USD Bonds10.0%

香港債券HKD Bonds

88.6%

十大主要證券 Top 10 Holdings%

Hong Kong Science & Tech Park 3.2% 11-Jul-2024 2.7

Hang Seng Bank 1.75% 16-Oct-2017 2.6

US Government Bond 1% 30-Sep-2016 2.5

Hong Kong Government Bond 2.95% 24-Feb-2025 2.1

Bank of China (HK) 1.97% 12-Apr-2019 1.9

Wells Fargo 3% 05-Jun-2025 1.9

US Government Bond 1.625% 15-May-2026 1.8

DBS Group 3.24% 19-Apr-2026 1.7

National Australia Bank 3.73% 17-May-2026 1.7

Export-Import Bank of Korea 1.57% 11-May-2018 1.7


- 2 -

永明首域公積金環球債券基金Sun Life First State ORSO Global Bond Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)

基金類別債券基金 - 環球

Fund Descriptor Bond Fund - Global

風險程度 1 3.58%

Risk Indicator 1

風險標記 2

平穩 Stable

保守Conservative


投資目標 Investment Objective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.

基金經理評介 Manager’s Comment美國聯儲局表示，就未來政策做出任何決定之前，他們正在觀望英國脫歐會對美國市場產生怎樣的影響。聯邦公開市場委員會(FOMC)在整個季度保持利率穩定在0.25%至0.50%。6月會議的隨附聲明（英國公投前一周舉行）被視為比以前的立場更加溫和，並指出英國公投的不確定性為決策的因素之一。長期聯邦基金利率目標已再次下調，由3.25%下降至3.0%。

季內，主要市場的十年期政府債券孳息下降19個基點至55個基點，不出所料跌幅以英國最大。英國十年期國債孳息率下降55個基點至0.87%；美國十年期國債孳息率則下跌30個基點至1.47%；德國十年期國債孳息率陷入負水平，下跌19個基點至-0.22%。在英國脫歐及5月減息的影響下，澳洲十年期國債孳息率下挫51個基點至1.98%。


Over the quarter, 10-year government bond yields in the major markets were down between 19-55 basis points (bps), with the UK unsurprisingly subject to the largest falls. The yield on the 10-year gilt in the UK fell by 55 bps to 0.87%; 10-year US Treasury note fell 30 bps to 1.47%; German 10-year bund yields fell into negative territory falling 28 bps to -0.13%. In Asian markets, the 10-year Japanese government bond yield fell 19 bps to -0.22%. The 10-year Australian government bond yield was down 51 bps to 1.98%, driven down by Brexit and the cut in Australian rates in May.



Fund (基金) -0.46%6 2.00% -0.15% -3.89% -1.11% -3.39%


Since Launch

Fund (基金) 9.20% 0.81% 1.51% 0.09% -0.17% 0.22%



Fund (基金) 8.87% 2.99% 9.20% 4.59% -0.87% 1.35%


92

94

96

98

100

102

104

106指數化

Inde

xed

永明首域公積金環球債券基金 3

Sun Life First State ORSO Global Bond Fund 3


投資組合分布 Portfolio Allocation

歐元債券EUR Bonds

31.6%

日圓債券JPY Bonds

13.7%

美元債券USD Bonds

49.5%

現金Cash 1.4%

其他Others3.8%


US Government Bond 2% 15-Aug-2025 6.2

Japan Government Bond 1.9% 20-Mar-2053 4.7


US Government Bond 0.625% 31-Aug-2017 3.2

US Government Bond 1.625% 31-Jul-2020 2.7

Italy Government Bond 4.25% 01-Mar-2020 2.3

Rabobank 1.85% 12-Apr-2017 2.3

Spain Government Bond 2.75% 30-Apr-2019 2.0

IBRD 1.375% 24-May-2021 1.9



- 3 -

永明首域公積金香港股票基金Sun Life First State ORSO Hong Kong Equity Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)

基金類別股票基金 - 香港

Fund Descriptor Equity Fund - Hong Kong

風險程度 1 14.83%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

進取 Aggressive

Risk Meter 2

投資目標 Investment Objective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.

基金經理評介 Manager’s Comment恆生指數在第二季度表現持平。由於大市於英國脫歐公投後錄得上升，地產－受惠於潛在較慢的美國加息週期－及防守性公用事業領漲，幾乎沒有跡象顯示公投結果引起了廣泛市場餘波。不過，部分行業落後大市，於英國有大量業務的銀行領跌。

整體中國及亞洲地區的股票估值依然偏高，尤其是優質企業。基金經理認為，今年需要注意的主要問題有：疲乏經濟增長、人民幣貶值及普遍股票估值的憂慮。故此，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。

預料金融市場的波動性將會持續，基金經理看好長和，因其財政狀況雄厚及多元化的環球業務，中國城鎮化發展將繼續利好香港中華煤氣及新奧能源。工業行業方面，海外對行業產品需求穩定，行業估值並不特別昂貴。締造穩定現金流的公司，如中國電訊，因其防守特性而顯得吸引。

The Hang Seng Index was flat over the second quarter. There was little evidence of a broad market fallout due to “Brexit” as the market rose post the EU referendum, led by properties – boosted by the implied slower US rate hike cycle – and defensive utilities. There were pockets of underperformance, however, led by banks with a significant business exposure to the UK.

Stock price valuations throughout China and the Asia region generally remain rich, especially for good quality companies. In the manager’s view, the key issues to watch out for the year are: lacklustre growth, renminbi weakness and valuation concerns on popular stocks. As a result, the manager maintains a preference for companies with healthy balance sheets, good management risk awareness and reasonable valuations.

With financial markets’ volatility expected to continue, the manager favours CK Hutchison Holdings given its strong balance sheet and globally diversified business portfolio, while Chinese urbanisation should continue to benefit companies such as Hong Kong & China Gas and ENN Energy. On the Industrials side, global demand for industrial products is steady and sector valuation is not particularly expensive. Steady cash generators such as China Telecom are attractive due to their defensive nature.



Fund (基金) 12.99%6 -10.82% 22.16% 10.33% 0.57% 0.94%


Since Launch

Fund (基金) -13.95% -2.67% 3.09% 5.85% 2.85% 4.77%



Fund (基金) -4.02% 0.03% -13.95% 9.55% 15.10% 32.32%

基金表現 Fund Performance指數化

Inde

xed

永明首域公積金香港股票基金 3

Sun Life First State ORSO Hong Kong Equity Fund 3

80

90

100

110

120

130

140

160

170

150



金融Financials

22.2%

公用事業Utilities13.5%

資訊科技InformationTechnology

14.3%

工業Industrials

16.4%

必需消費品Consumer Staples

11.3%

非必需消費品Consumer

Discretionary11.4%

能源Energy1.4%

健康護理Health Care

6.5%

現金Cash2.4%

其他Others0.6%


長和 CK Hutchison Holdings Ltd 7.2

騰訊控股 Tencent Holdings Ltd 5.2

領展 The Link Reit 4.9

友邦保險 AIA Group Ltd 4.9

怡和集團 Jardine Matheson Holdings 4.5

中華煤氣 Hong Kong & China Gas 4.3

牛奶國際 Dairy Farm International 4.1

港鐵公司 Mass Transit Railway Corporation 3.9

新奧能源 ENN Energy Holdings 3.7

瑞聲科技 AAC Technologies 3.6


- 4 -

永明首域公積金平穩基金Sun Life First State ORSO Stable Income Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)

基金類別混合資產基金 - 環球股票投資最高50%

Fund Descriptor Mixed Assets Fund - GlobalMaximum equity investments 50%

風險程度 1 4.32%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

均衡Moderate

Risk Meter 2

投資目標 Investment Objective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.

基金經理評介 Manager’s Comment第二季度，環球股票市場以美元計錄得輕微上升。期內，美國股市跑贏大市，而日本表現跟大市相若。巴西市場大幅攀升，而歐洲股市表現疲弱。行業方面，能源及健康護理跑贏大市，而非必需消費品及資訊科技跌幅最大。季內，摩根士丹利綜合世界指數上升1.2%。

美國聯儲局表示，就未來政策做出任何決定之前，他們正在觀望英國脫歐會對美國市場產生怎樣的影響。聯邦公開市場委員會(FOMC)在整個季度保持利率穩定在0.25%至0.50%。6月會議的隨附聲明（英國公投前一周舉行）被視為相比以前立場更加溫和，並指出英國公投的不確定性為決策的因素之一。長期聯邦基金利率目標已再次下調，由3.25%下降至3.0%。


Global equity markets rose slightly in US dollar terms over the second quarter of 2016. The US market outperformed over the period while Japan was in line. Brazil climbed strongly while European markets were subdued. At a sector level, Energy and Health Care outperformed, while Consumer Discretionary and Information Technology fell the most. The MSCI AC World Index rose by 1.2% over the quarter.





Fund (基金) 3.53%6 -1.05% 6.93% 2.90% 1.85% -0.28%


Since Launch

Fund (基金) 4.23% 2.05% 3.98% 3.74% 2.60% 3.22%



Fund (基金) 5.63% 2.50% 4.23% 12.42% 13.69% 20.93%


永明首域公積金平穩基金 3

Sun Life First State ORSO Stable Income Fund 3

指數化

Inde

xed

98100102104106108110112114

122120118116



亞洲債券Asian Bonds

14.3%亞洲股票

Asian Equities5.3%

環球債券Global Bonds

32.7%環球股票Global Equities

15.9%

香港債券Hong Kong Bonds

18.0%

香港股票Hong Kong Equities

8.7%

現金Cash5.1%



Unilever Plc 1.6



Henkel Ag & Co KGaA 1.5

US Government Bond 0.625% 31-Aug-2017 1.0


Berkshire Hathaway 0.8


Italy Government Bond 4.25% 01-Mar-2020 0.8


- 5 -

永明首域公積金均衡基金Sun Life First State ORSO Balanced Portfolio Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)



風險程度 1 6.09%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

增長Growth

Risk Meter 2

投資目標 Investment Objective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.









Fund (基金) 6.00%6 -3.26% 10.01% 6.86% 2.02% 0.13%


Since Launch

Fund (基金) 3.05% 2.11% 4.96% 5.41% 3.55% 4.46%



Fund (基金) 5.51% 2.82% 3.05% 15.62% 19.08% 29.93%


永明首域公積金均衡基金 3Sun Life First State ORSO Balanced Portfolio Fund 3

指數化

Inde

xed

97

101

105

109

113

117

133

129

125

121




9.3%亞洲股票

Asian Equities10.7%


25.8%

環球股票Global Equities

27.8%


13.8%


12.6%


Unilever Plc 2.9





Colgate-Palmolive Company 1.2



Waters Corp 1.1

Oversea Chinese Bank Corp 1.1


- 6 -

永明首域公積金增長基金Sun Life First State ORSO Progressive Growth Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)



風險程度 1 8.01%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

增長Growth

Risk Meter 2

投資目標 Investment Objective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.









Fund (基金) 8.35%6 -4.84% 13.60% 10.61% 2.05% 0.07%


Since Launch

Fund (基金) 1.31% 1.69% 5.54% 6.74% 4.43% 5.62%



Fund (基金) 4.99% 2.97% 1.31% 17.56% 24.21% 38.90%


永明首域公積金增長基金 3

Sun Life First State ORSO Progressive Growth Fund 3

指數化

Inde

xed

95

100

105

110

115

120

125

130

145

140

135




4.7%

亞洲股票Asian Equities

15.6%


13.9%

環球股票Global Equities

37.7%


9.4%


18.7%


Unilever Plc 3.9




Colgate-Palmolive Company 1.7

Waters Corp 1.5

Oversea Chinese Bank Corp 1.4

Unicharm Corp 1.4

領展 The Link Reit 1.4

Merck KGaA 1.3


- 7 -

永明RCM 公積金穩定資本基金Sun Life RCM ORSO Capital Stable Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)

基金類別混合資產基金 - 環球股票投資大約30%

Fund Descriptor Mixed Assets Fund - Global Equity investments around 30%

風險程度 1 4.97%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

均衡Moderate

Risk Meter 2

投資目標 Investment Objective此基金務求為參與者提供保本及長期穩定的資本增值。This fund seeks to provide participants with capital preservation combined with steady capital appreciation over the long term.

基金經理評介 Manager’s Comment雖然環球股市在季末微升，但英國公投決定脫歐令人感到意外，導致市場大幅波動。綜觀主要已發展市場，歐元區及日本股市以當地貨幣計錄得最大跌幅，英國股市則錄得最大升幅。行業方面，油價上升帶動能源股表現出色，而金融、非主要消費及資訊科技業表現最弱。美國方面，市場對環球經濟的憂慮令投資信心受壓，但第一季公司盈利表現傾向優於經下調的預期。此外，若干主要交易在今季告吹，包括兩大醫藥公司撤回1,600億美元的超級併購計劃。歐洲股市在2016年第二季趨跌。周邊市場如希臘、西班牙及意大利錄得部分最大跌幅，主要源於當地政局日趨緊張，以及投資者應對英國公投決定脫歐的意外結果。愛爾蘭市場表現尤其疲弱，反映其與英國的重大經濟連繫。

Global equities ended the quarter slightly higher, but experienced considerable volatility following the UK’s surprise vote in favour of leaving the European Union (EU). Within major developed markets, the Eurozone and Japanese equities fell the most in local currency terms, with the UK rising the most. In terms of sectors, higher oil prices helped energy stocks to outperform, while the financials, consumer discretionary and information technology sectors were the weakest. In the US, concerns over the global economy weighed on investor sentiment, but first-quarter company profits tended to beat, albeit lowered, expectations. The quarter also saw the breakdown of several key deals, including the collapse of USD 160 billion mega-merger between the two US drug makers. European equities tended to fall over the second quarter of 2016. Peripheral markets, such as Greece, Italy and Spain, experienced some of the largest falls as political tensions grew and investors reacted to the UK’s shock decision to leave the EU. The Irish market was also notably weak, reflecting the Republic’s significant economic links with the UK.



Fund (基金) 4.47%6 -2.39% 6.77% 3.19% -0.93% -3.07%


Since Launch

Fund (基金) -0.96% -1.43% 1.70% 1.61% 0.84% 1.77%



Fund (基金) 3.03% 0.94% -0.96% 5.18% 4.27% 11.14%


永明RCM公積金穩定資本基金 4Sun Life RCM ORSO Capital Stable Fund 4

指數化

Inde

xed

96

98

100

102

104

106

108

110

112

116

114



香港/中國股票Hong Kong/China

Equities11.0% 日本股票

Japan Equities4.0%

北美股票North America

Equities7.0%歐洲股票

Europe Equities4.0%

亞洲其他國家股票Other Asia Equities

3.0%債券

Fixed Income61.0%

現金及其他Cash And Others

6.0%

定期存款Fixed Deposits

4.0%


Oversea Chinese Banking Corp Ltd 0.03% 04-Jul-2016 3.8

Japan (2 Year Issue) Ser 345 0.1% 15-Oct-2016 2.1

Bundesrepub. Deutschland Ser98 (Br) 4.75% 04-Jul-2028 2.0

Japan (Govt Of) (20 Year Issue) Ser 148 1.5% 20-Mar-2034 2.0


Japan (Govt Of) Ser 144 1.5% 20-Mar-2033 1.4

Sony Corp 1.4

Buoni Poliennali Del Tes 5% 01-Aug-2034 1.2

工商銀行 Industrial & Commercial Bank of China H 1.1

Japan (Govt Of) (10 Year Issue) Ser 284 1.7% 20-Dec-2016 1.0


- 8 -

永明RCM 公積金穩定增長基金Sun Life RCM ORSO Stable Growth Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)


Fund Descriptor Mixed Assets Fund - GlobalEquity investments around 50%

風險程度 1 7.32%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

增長Growth

Risk Meter 2

投資目標 Investment Objective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.





Fund (基金) 6.23%6 -5.33% 9.56% 7.31% -1.89% -3.49%


Since Launch

Fund (基金) -4.75% -2.69% 1.74% 2.23% 0.94% 2.12%



Fund (基金) 1.30% 0.44% -4.75% 5.31% 4.79% 13.41%


永明RCM公積金穩定增長基金 4 Sun Life RCM ORSO Stable Growth Fund 4

指數化

Inde

xed

94

98

102

106

110

114

122

118

126




Equities 18.0%

日本股票Japan Equities

7.0%


Equities12.0% 歐洲股票

Europe Equities7.0%亞洲其他國家股票

Other Asia Equities5.0%

45.0%


4.0%


2.0%

債券Fixed Income


騰訊控股 Tencent Holdings Ltd 2.8Sony Corp 2.4工商銀行 Industrial & Commercial Bank of China H 1.9Japan (2 Year Issue) Ser 345 0.1% 15-Oct-2016 1.9Oversea Chinese Banking Corp Ltd 0.03% 04-Jul-2016 1.8中國石油 PetroChina Co Ltd H 1.7Japan (Govt Of) (20 Year Issue) Ser 148 1.5% 20-Mar-2034 1.6中國建設銀行 China Construction Bank H 1.6General Electric Co 1.5友邦保險 AIA Group Ltd 1.5


- 9 -

永明RCM 公積金均衡基金Sun Life RCM ORSO Balanced Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)


Fund Descriptor Mixed Assets Fund - GlobalEquity investments around 70%

風險程度 1 9.96%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

增長Growth

Risk Meter 2

投資目標 Investment Objective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.





Fund (基金) 7.41%6 -8.83% 13.18% 11.95% -2.71% -3.98%


Since Launch

Fund (基金) -9.02% -4.10% 1.71% 2.92% 1.03% 2.35%



Fund (基金) -0.81% -0.14% -9.02% 5.23% 5.27% 14.99%


永明RCM公積金均衡基金 4 Sun Life RCM ORSO Balanced Fund 4

指數化

Inde

xed

85

90

95

100

105

110

115

120

135

125

130




Equities25.0%

日本股票Japan Equities

9.0%


Equities17.0%

歐洲股票Europe Equities

9.0%

亞洲其他國家股票Other Asia Equities

7.0%

債券Fixed Income

24.0%


7.0%


2.0%



Sony Corp 3.2


中國石油 PetroChina Co Ltd H 2.2

中國建設銀行 China Construction Bank H 2.1

General Electric Co 2.1

Roche Holding AG 2.0


滙豐控股 HSBC Holdings PLC 1.9

Nidec Corp 1.9


- 10 -

永明RCM 公積金港元基金Sun Life RCM ORSO HK$ Cash Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)

基金類別貨幣市場基金 - 香港

Fund Descriptor Money Market Fund - Hong Kong

風險程度 1 0.16%

Risk Indicator 1

風險標記 2

保守 Conservative

保守Conservative


投資目標 Investment Objective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.

基金經理評介 Manager’s Comment香港在過去數月資金流動性維持不變。然而，在本年第二季，港元M3貨幣供應的按年增長大幅下滑至低幅度單位數字水平。基金經理仍察見資金流出香港市場，銀行體系的總結餘於6月底跌至3,084億港元。貸款的增長步伐略高於存款，使貸存比率由上季低位的68.9%升至2016年5月的69.7%。在第二季，港元兌美元維持於7.75至7.76港元之間的高位，而三個月香港銀行同業拆息則維持於0.54%至0.56%之間的低位。儘管市場在季內對環球經濟放緩和英國脫歐事件的憂慮升溫，但上述數字顯示貨幣市場的流動資金充裕。

The liquidity environment in Hong Kong has remain constant in recent months. However, in the second quarter of the year, the growth of the HKD money supply (M3) has slowed down significantly to a low single digit percentage year-on-year (YoY). The manager is seeing capital outflow in Hong Kong, given that the aggregate balance decreased to HKD 308.4 billion by the end of June. Loan growth grew a bit faster than deposit. This pushed up the loan-to-deposit ratio to 69.7% in May 2016 from the low level of 68.9% earlier from the previous quarter. HKD traded to the high end at HKD 7.75-7.76 range against the USD during the second quarter, together with the three-month Hong Kong Interbank Offered Rate (HIBOR) rate, which stayed at a low level of 0.54%-0.56%. These numbers indicate the abundant liquidity in the money market, despite the rising concerns of global economic slowdown and the Brexit event from the UK during the quarter.



Fund (基金) -0.59%6 -0.71% -0.80% -0.62% -0.25% -0.76%


Since Launch

Fund (基金) -0.88% -0.66% -0.57% -0.65% -0.65% -0.69%



Fund (基金) -0.43% -0.22% -0.88% -1.69% -3.22% -4.09%


永明RCM公積金港元基金 4 Sun Life RCM ORSO HK$ Cash Fund 4

指數化

Inde

xed

95

96

97

98

99

101

100



95.0%



3.0%2.0%

債券Fixed Income


- 11 -

永明RCM 公積金亞洲股票基金Sun Life RCM ORSO Asian Equity Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)

基金類別股票基金 - 亞洲(日本除外)

Fund Descriptor Equity Fund - Asia ex Japan

風險程度 1 13.61%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

進取 Aggressive

Risk Meter 2

投資目標 Investment Objective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.

基金經理評介 Manager’s Comment亞洲股市回報在第二季好淡紛呈。儘管投資者普遍憂慮環球經濟增長狀況，令投資氣氛受壓，但寬鬆貨幣政策利好若干市場。中國股市整體偏軟，但在6月底走高並在季末錄得輕微升幅。此外，投資者對MSCI決定不把中國A股納入其基準指數感到意外，有關決定令市場受壓。中國經濟數據亦繼續令人失望：財新Markit中國製造業採購經理人指數進一步下滑至收縮區間，固定資產投資在5月份下挫至16年低位，而零售銷售跌至10%。

Equity market returns in Asia were mixed over the second quarter. Although widespread concerns over global growth weighed on investor sentiment, monetary policy easing boosted certain markets. Chinese equities were generally weak, but rallied at the end of June to close the quarter with slight gains. MSCI’s surprise decision not to include locally-traded A shares in their benchmark indices weighed on the market. Economic data also continued to disappoint: the Caixin-Markit purchasing managers’ index (PMI) of Chinese manufacturing activity slid further into contraction territory, fixed asset investment slumped to a 16-year low in May, and retail sales slipped to 10%.



Fund (基金) 19.75%6 -15.01% 15.36% 11.99% 4.90% -9.93%


Since Launch

Fund (基金) -12.77% -5.50% 3.89% 4.85% 0.55% 3.91%



Fund (基金) 1.35% 2.51% -12.77% 12.14% 2.78% 25.92%


永明RCM公積金亞洲股票基金 4 Sun Life RCM ORSO Asian Equity Fund 4

指數化

Inde

xed

80

90

100

110

120

130

160

150

140



香港Hong Kong

12.0%

中國China22.0%

新加坡Singapore

6.0%

南韓South Korea

18.0%

台灣Taiwan9.0%

泰國Thailand

6.0%馬來西亞Malaysia

3.0%


3.0%

印度India

11.0%

印尼Indonesia

7.0%

菲律賓Philippines

3.0%



中國平安 Ping An Insurance Group Co Of China Ltd H 4.8


Singapore Exchange Ltd 4.2

C.P. ALL 4.0

Samsung Electronics Co Ltd 3.2

Infosys Ltd 2.9

中國人壽 China Life Insurance Co H 2.8

Korea Aerospace Industries 2.7

中國聯通 China Unicom Hong Kong Ltd 2.7


- 12 -

永明景順公積金環球股票基金Sun Life Invesco ORSO Global Equities Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)

基金類別股票基金 - 環球股票

Fund Descriptor Equity Fund - Global Equities

風險程度 1 12.23%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

進取 Aggressive

Risk Meter 2

投資目標 Investment Objective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.

基金經理評介 Manager’s Comment全球股市在第二季初表現亮麗，主要由於公司業績期表現勝過預期、中國經濟數據向好及商品價格上升。歐洲股市亦受惠於企業利好消息，以及歐洲央行公布在6月份展開的企業債券購買計劃詳情。在6月底，英國公投決定脫歐令市場全面陷入混亂。市場的即時反應極端，引發投資者大舉拋售。然而，有跡象顯示美國聯儲局或會在2016年推延進一步收緊貨幣市場狀況，刺激股市在臨近季末時反彈。

Global equity markets had a good start into the second quarter, driven by a better-than-expected corporate earnings season, some positive data coming out of China and higher commodity prices. The European equity markets also benefited from positive company news, as well as the release of information about the European Central Bank’s corporate bond purchase programme. Markets were completely wrong-footed by the decision of UK voters to leave the European Union at the end of June. The immediate market reaction led to a sharp sell-off. However, signs that the US Federal Reserve might hold off on further tightening monetary conditions in 2016 helped stock markets to bounce back towards quarter end.



Fund (基金) 8.13%6 -13.59% 18.29% 17.79% 1.50% -4.28%


Since Launch

Fund (基金) -13.20% -4.34% 2.54% 5.93% 1.73% 3.44%



Fund (基金) -3.15% 0.04% -13.20% 7.82% 8.96% 22.50%


永明景順公積金環球股票基金 5

Sun Life Invesco ORSO Global Equities Fund 5

指數化

Inde

xed

80

90

100

110

120

160

150

140

130



中港股票Hong Kong and China Equities

33.9%

日本股票Japanese Equities

12.0%

其他亞太地區股票Other Asia Pacific

Equities12.1%

歐洲股票European Equities

15.1%

北美洲股票N.America Equities

24.2%

現金及其他Cash & Others

2.7%




中國移動 China Mobile Ltd 2.1

香港交易所 Hong Kong Exchanges and Clearing Ltd 1.7

長實地產 CK Property Holdings Ltd 1.2


中國海洋石油 CNOOC Ltd 1.2

北京首都機場 Beijing Capital Intl Airport Co Ltd H 1.1


粵海投資 Guangdong Investment Ltd 1.1


- 13 -

永明景順公積金香港及中國股票基金Sun Life Invesco ORSO Hong Kong and China Equity Fund基本資料 Basic Information成立日期 28/06/2010

Launch Date




Fund Price (HK$)

基金類別股票基金 - 香港

Fund Descriptor Equity Fund - Hong Kong

風險程度 1 18.27%

Risk Indicator 1

風險標記 2

保守Conservative

進取Aggressive

進取 Aggressive

Risk Meter 2

投資目標 Investment Objective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.

基金經理評介 Manager’s Comment季內，美國聯儲局加息決定、環球經濟增長和英國脫歐公投結果相關的不明朗因素令環球市場的投資氣氛搖擺不定，但中港股市均錄得正回報。投資者對政策刺激的樂觀度減弱，加上有跡象顯示經濟增長出現可能轉弱，導致中國股市在5月份備受挑戰，但其總回報於季末微升。市場對中國經濟的憂慮重燃，因為生產及私人投資等部分宏觀數據反映內地經濟增長持續溫和。在6月份，MSCI決定延遲把中國A股納入其國際指數，但對市場影響輕微。中國經濟狀況不明朗，繼續影響香港股市的表現，但市場普遍預期聯儲局將延遲加息，帶動港股於季末高收。由於私人消費及外需放緩使香港經濟轉弱，故上述利好因素有助紓緩港股壓力。

China and Hong Kong equity markets finished the quarter in positive territory despite global market sentiment swings throughout the quarter due to uncertainty over US Fed interest rate decisions, global growth and the results of the Brexit referendum in the UK. Chinese equities ended the quarter with a slightly positive total return after struggling in May on toned down optimism over policy stimulus as well as signs of economic growth possibly weakening. Worries over China’s economy resurfaced with some macro data, such as production and private investment, suggesting economic growth continues to moderate. In June, the MSCI chose to postpone inclusion of China A-shares into its global indexes but this had little impact on markets. Hong Kong’s equity market continued to be influenced by the uncertainty over China’s economic condition but the market was able to finish the quarter in positive territory on the back of consensus expectations of a delayed Fed rate hike. This came as a relief as Hong Kong’s economy is weakening, due to the slowdown in private consumption and external demand.



Fund (基金) 12.45%6 -24.20% 23.78% 6.80% 3.04% -6.17%


Since Launch

Fund (基金) -19.42% -2.71% 2.09% 4.03% -0.74% 0.91%



Fund (基金) -3.07% 1.41% -19.42% 6.39% -3.62% 5.60%

基金表現 Fund Performance指數化

Inde

xed

70

80

90

100

110

130

150

140

120

永明景順公積金香港及中國股票基金 5

Sun Life Invesco ORSO Hong Kong and China Equity Fund 5



中港股票Hong Kong and China Equities

98.4%


1.6%




中國移動 China Mobile Ltd 6.2

香港交易所 Hong Kong Exchanges and Clearing Ltd 5.0

長實地產 CK Property Holdings Ltd 3.6


中國海洋石油 CNOOC Ltd 3.4

北京首都機場 Beijing Capital Intl Airport Co Ltd H 3.3


粵海投資 Guangdong Investment Ltd 3.1


備註 Remarks1. 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，並在基金成立後3年才能提供。 The figure shows the annualized standard deviation based on the monthly rates of return of the fund over the past three years. It

will only be available after 3 years from the launch of the fund.

2. 風險標記由香港永明金融有限公司根據其投資目標、資產類別及目標比重以釐定。此風險標記，並非引導您作出任何投資選擇，也沒考慮您的真實財務狀況或目標因素。風險標記僅供參考，並會定期作出檢討。我們建議您在作出任何投資選擇時，應尋求專業意見，以切合您的投資需要。

The risk meter, determined by Sun Life Hong Kong Limited, is based on the underlying investment objective, assets classes and target weightings. It is not intended to guide you through any investment option range and does not take into account your financial circumstances or goals. The risk meter is used as a reference only, and will be reviewed regularly. Before choosing any investment options, we recommend that you seek professional advice to determine if the investment options meet your needs.

3. 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.

4. 資料來源：RCM Asia Pacific Limited。基金表現以港元的資產淨值計算，已扣除所有費用。 Source: RCM Asia Pacific Limited. The performance data is calculated on a NAV-to-NAV basis in Hong Kong dollar, net of all

charges.

5. 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.

6. 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年度表現」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, hence the performance data shows on the calendar year of 2010 is calculated from since launch date to 31 December 2010.

重要事項 Important Notes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」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 Sun Life Rainbow ORSO Scheme Brochure 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.

香港永明金融有限公司（於百慕達註冊成立）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樓退休金服務熱線：3183 1888 傳真：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

Sun Life Hong Kong Limited(Incorporated in Bermuda)Customer Service / BestServe Financial Limited10/F, One Harbourfront, 18 Tak Fung Street, Hunghom, Kowloon, Hong KongPension Services Hotline: 3183 1888 Fax: 3183 1889 www.sunlife.com.hk 由香港永明金融有限公司刊發A member of the Sun Life Financial group of companies. Head Office in Toronto, Canada. Issued by Sun Life Hong Kong Limited


Documents

Sun Life Rainbow ORSO Scheme · 國脫歐及5月減息的影響下，澳洲十年期國債孳息率下挫51個基點 至1.98%。 The US Federal Reserve have stated that they are waiting

Sun Life Rainbow ORSO Scheme · 國脫歐及5月減息的影響下，澳洲十年期國債孳息率下挫51個基點至1.98%。 The US Federal Reserve have stated that they are waiting