Important to note: 1 Investment Manager of the Underlying Investment. 五年 5 Years. 三年 3 Years. 推出至今 Since Launch

Transcription

1 重要事項 : 在作出投資選擇前, 您必須衡量個人可承受風險的程度及您的財政狀況 在選擇成分基金或預設投資策略時, 如您就某一項成分基金或預設投資策略是否適合您 ( 包括是否符合您的投資目標 ) 而有任何疑問, 請徵詢獨立財務及 / 或專業人士的意見, 並因應您的個人狀況而作出最適合您的投資選擇 預設投資策略及某些簡稱為 退休基金 的成分基金, 其資產分配會隨時間而改變, 因此涉及的投資風險及回報亦會隨時間而改變 預設投資策略或退休基金可能並非適合所有成員 投資前您應了解相關的風險, 以及除年齡外, 您亦須考慮其他因素, 以及檢討個人的投資目標 本計劃內的宏利 MPF 利息基金及宏利 MPF 穩健基金 ( 統稱 保證基金 ) 各自只投資於由宏利人壽保險 ( 國際 ) 有限公司提供以保單形式的核准匯集投資基金 而有關保證亦由宏利人壽保險 ( 國際 ) 有限公司提供 因此, 您於保證基金的投資 ( 如有 ) 將受宏利人壽保險 ( 國際 ) 有限公司的信貸風險所影響 有關信貸風險 保證特點及保證條件的詳情, 請參閱銷售文件的第 622 及第 623 部分 投資涉及風險, 並不是每一項投資選擇均適合所有成員 您應考慮各項成分基金及預設投資策略所附帶的風險, 您的投資 / 累算權益或會蒙受虧損 在作出投資選擇前, 您應參閱銷售文件內的計劃詳情, 包括風險因素 費用及收費, 而不應只根據本文件作出投資決定 過往的基金表現不能作為日後表現的指標 投資涉及風險 有關計劃詳情, 包括風險因素 費用及收費, 請參閱銷售文件 Important to note: You should consider your own risk tolerance level and financial circumstances before making any investment choices When, in your selection of constituent funds or the Default Investment Strategy, you are in doubt as to whether a certain constituent fund or the Default Investment Strategy is suitable for you (including whether it is consistent with your investment objectives), you should seek independent financial and/or professional advice and make investment choices most suitable for you taking into account your circumstances The asset allocation of the Default Investment Strategy and some of the constituent funds which are referred to as Retirement Funds will change over time and hence the risk profile and return will also change over time The Default Investment Strategy or the Retirement Funds may not be suitable for all members You should understand the relevant risks involved before investment and consider factors other than age and review your own investment objectives The Manulife MPF Interest Fund and the Manulife MPF Stable Fund (collectively the Guaranteed Funds ) under this scheme invests solely in approved pooled investment funds in the form of insurance policies provided by Manulife (International) Limited The guarantee is also given by Manulife (International) Limited Your investments in the Guaranteed Funds, if any, are therefore subject to the credit risks of Manulife (International) Limited Please refer to sections 622 and 623 of the Offering Document for details of the credit risks, guarantee features and qualifying conditions Investment involves risks and not each of the investment choices would be suitable for everyone You should consider the risks associated with each of the constituent funds and the Default Investment Strategy and your investments/accrued benefits may suffer loss Before making your investment choices, you should read the Offering Document for details including risk factors, fees and charges of the scheme You should not make your investment decision based on this document alone Past performance is not indicative of future performance Investment involves risks Please refer to the Offering Document for details including risk factors, fees and charges of the scheme 宏利環球精選 ( 強積金 ) 計劃季度基金概覽 Manulife Global Select (MPF) Scheme Quarterly Fund Fact Sheet 宏利 MPF 中華威力基金 編號 Code 推出日期 Launch Date Manulife MPF China Value Fund SHK Risk / Return Meter % Fund Descriptor 22, % Investment Manager of the Underlying Investment 股票基金 - 大中華 Equity Fund Greater China 6 Top 0 Portfolio Holdings 6 提供中至長期資本收益增長 分散投資於主要為任何證券交易所上市 ( 須遵照 強制性公積金計劃 ( 一般 ) 規例 ( 規例 ) 的規限 ) 及於大中華經濟地區 ( 包括中華人民共和國 香港及台灣 ) 有價值或增長取向的各類行業公司股份 Invests on a diversified basis mainly in shares of companies covering different sectors of the economy in the Greater China region, including People's Republic of China, Hong Kong and Taiwan, and which are listed on any stock exchange subject to the restrictions in the MPF Schemes (General) Regulation ( Regulation ) and which have a value or growth proposition Taiwan Semiconductor Mfg Co Ltd 台灣積體電路製造股份 900% 2 Tencent Holdings Ltd 騰訊控股 690% 3 AIA Group Ltd 友邦保險 520% HSBC Holdings PLC 滙豐控股 500% 5 China Construction Bank Corp 中國建設銀行 30% 6 Industrial & Commercial Bank of China Ltd 中國工商銀行 30% 7 Ping An Insurance Co Ltd 中國平安保險 290% 8 PetroChina Co Ltd 中國石油股份 250% 9 China Merchants Bank Co Ltd 招商銀行 20% 0 Bank of China Ltd 中國銀行 20% Year 0 Years 0 Years 僱員福利盡在宏利 Employee Benefits Provider of Choice

2 宏利 MPF 康健護理基金 編號 Code 推出日期 Launch Date Manulife MPF Healthcare Fund SHK Risk / Return Meter % Fund Descriptor 9, % Investment Manager of the Underlying Investment 股票基金 - 康健護理行業 Equity Fund Healthcare Sector 提供長期資本收益增長 分散投資於康健護理或相關行業的公司的股票相關投資及股份, 包括主要在藥劑 康健護理設備及服務 食物及藥物零售 護理管理業務和生物科技 To provide long term capital growth Invests on a diversified basis mainly in shares of companies in health care and related industries, covering mainly in pharmaceutical, healthcare equipment & services, food & drug retails, managed care business and biotechnology sectors 6 Top 0 Portfolio Holdings 6 Merck & Co Inc 832% 2 Novartis AG Sponsored ADR 723% 3 UnitedHealth Group Inc 79% Johnson & Johnson 609% 5 AstraZeneca PLC 588% 6 Eli Lilly and Co 57% 7 Thermo Fisher Scientific Inc 393% 8 Abbott Laboratories 379% 9 Stryker Corp 338% 0 Medtronic PLC 33% Year 0 Years 0 Years 宏利 MPF 進取基金 編號 Code 推出日期 Launch Date Manulife MPF Aggressive Fund SHK Risk / Return Meter % Fund Descriptor 2,05 29% Investment Manager of the Underlying Investment 提供長期的資本增長 主要投資於股票及與股票有關的投資 投資於任何地區, 例如美洲 亞太地區 日本 歐洲等, 並於此等地區略為側重香港及亞太地區市場 To provide long term capital growth Mainly invests in equities and equity-related investments Invests in any region such as America, Pacific Asia, Japan, Europe, etc, with a relative bias towards Hong Kong and Pacific Asia region markets 混合資產基金 - 環球 - 資產主要投資於股票及與股票有關的投資 Mixed Assets Fund - Global - Mainly in equities and equity-related investments 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 283% 2 HSBC Holdings PLC 滙豐控股 2% 3 AIA Group Ltd 友邦保險 23% OCBC Bank 235% 0/02/209 86% 5 China Construction Bank Corp 中國建設銀行 66% 6 Industrial & Commercial Bank of China Ltd 中國工商銀行 33% 7 Amazoncom Inc 22% 8 Ping An Insurance Co Ltd 中國平安保險 2% 9 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 % 0 Bank of China Ltd 中國銀行 075% Year 0 Years 0 Years

3 宏利 MPF 富達增長基金 編號 Code 推出日期 Launch Date Manulife MPF Fidelity Growth Fund SHK Risk / Return Meter % Fund Descriptor 6,6758 2% Investment Manager of the Underlying Investment 提供長期的資本收益增長 以聯接基金形式投資於核准基金 ( 核准匯集投資基金 ), 該核准基金約 90% 資產將投資於全球股票, 並側重投資於香港 投資於香港 美洲 歐洲 日本及亞太區等市場 To provide long term capital growth Invests as a feeder fund into the respective APIF ( Approved Pooled Investment Fund ) and approximately 90% of the APIF will be invested in global equities with a bias towards Hong Kong Invests in the markets in Hong Kong, America, Europe, Japan and the Asia Pacific region 混合資產基金 - 環球 - 約 90% 資產投資於股票 Mixed Assets Fund Global Approximately 90% in equities 投資於由富達基金 ( 香港 ) 有限公司管理之基金 invests in the fund managed by FIL Investment Management (Hong Kong) Limited 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 3% 2 HSBC Holdings PLC 滙豐控股 265% 3 AIA Group Ltd 友邦保險 26% Industrial & Commercial Bank of China Ltd 中國工商銀行 8% 5 China Construction Bank Corp 中國建設銀行 69% 6 China Mobile Ltd 中國移動 7% 7 USTN 325% 5// % 8 Royal Dutch Shell PLC 09% 9 Alibaba Group Holding Ltd 082% 0 China Life Insurance (Overseas) Co Ltd 中國人壽 082% Year 0 Years 0 Years 宏利 MPF 亞太股票基金 編號 Code 推出日期 Launch Date Manulife MPF Pacific Asia Equity Fund SHK Risk / Return Meter % Fund Descriptor 7, % Investment Manager of the Underlying Investment 股票基金 - 亞太 Equity Fund Pacific Asia 提供中至長期資本收益增長 投資於任何證券交易所上市的亞太市場 ( 不包括日本 ) 各類行業公司股份 Invests in shares of companies covering different sectors of the Asia Pacific markets, excluding Japan and which are listed on any stock exchange 6 Top 0 Portfolio Holdings 6 Taiwan Semiconductor Mfg Co Ltd 台灣積體電路製造股份 9% 2 Samsung Electronics Co Ltd 26% 3 Tencent Holdings Ltd 騰訊控股 288% BHP Group Ltd 272% 5 HSBC Holdings PLC 滙豐控股 23% 6 Westpac Banking Corp 206% 7 AIA Group Ltd 友邦保險 205% 8 National Australia Bank Ltd 76% 9 CSL Limited 73% 0 Woolworths Group Ltd 6% Year 0 Years 0 Years

4 宏利 MPF 日本股票基金 編號 Code 推出日期 Launch Date Manulife MPF Japan Equity Fund SHK Risk / Return Meter 2 9% Fund Descriptor,898 27% Investment Manager of the Underlying Investment 股票基金 - 日本 Equity Fund Japan 提供中至長期資本收益增長 投資於任何證券交易所上市的日本經濟各類行業公司股份 Invests in shares of companies covering different sectors of the economy in Japan and which are listed on any stock exchange 6 Top 0 Portfolio Holdings 6 Mitsui Fudosan Co Ltd 525% 2 KDDI Corp 35% 3 HOYA Corp 33% Sumitomo Mitsui Financial Group Inc 2% 5 Japan Tobacco Inc 38% 6 Sushiro Global Holdings Ltd 335% 7 Sanwa Holdings Corporation 32% 8 Toyota Motor Corp 309% 9 Sekisui Chemical Co Ltd 297% 0 Dai-ichi Life Insurance Co Ltd 28% Year 0 Years 0 Years 宏利 MPF 香港股票基金 編號 Code 推出日期 Launch Date Manulife MPF Hong Kong Equity Fund SHK Risk / Return Meter 29 95% Fund Descriptor 0, % Investment Manager of the Underlying Investment 股票基金 - 香港 Equity Fund Hong Kong 提供中至長期資本收益增長 投資於主要為香港聯合交易所上市公司或任何證券交易所上市的香港經濟各類行業公司股份 Mainly invests in shares of companies listed on Hong Kong Stock Exchange or companies covering different sectors of the economy in Hong Kong and which are listed on any stock exchange 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 970% 2 HSBC Holdings PLC 滙豐控股 78% 3 AIA Group Ltd 友邦保險 693% China Construction Bank Corp 中國建設銀行 55% 5 Industrial & Commercial Bank of China Ltd 中國工商銀行 55% 6 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 0% 7 Ping An Insurance Co Ltd 中國平安保險 398% 8 ENN Energy Holdings Ltd 新奧能源 233% 9 Bank of China Ltd 中國銀行 23% 0 CNOOC Ltd 中國海洋石油 29% Year 0 Years 0 Years

5 宏利 MPF 205 退休基金 編號 Code 推出日期 Launch Date Manulife MPF 205 Retirement Fund SHK Risk / Return Meter % Fund Descriptor % Investment Manager of the Underlying Investment 提供長期資本收益增長, 並於臨近正常退休年齡時, 降低虧損之風險 為預期於二零四左右達至正常退休年齡的成員而設 在退休基金推出時所投資的目標組合, 約有 80% 至 00% 會間接投資於股票及與股票有關的投資, 其餘資產則間接投資於債券 定期存款及 強制性公積金計劃 ( 一般 ) 規例 准許的其他投資 投資於美洲 亞太區 日本及歐洲等地區 To provide long term capital growth while lowering the risk of loss as members approach their normal retirement age Designed for members expecting to attain their normal retirement age around 205 By the Fund launch, around 80%-00% of the underlying portfolio is invested indirectly in equities and equity-related investments, with the remainder of the assets in bonds, deposits and other investments as permitted under the MPF Schemes (General) Regulation Invests in regions such as America, Pacific Asia, Japan and Europe, etc 混合資產基金 - 環球 - 最多 00% 資產投資於股票 Mixed Assets Fund Global max00% in equities 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 308% 2 HSBC Holdings PLC 滙豐控股 265% 3 AIA Group Ltd 友邦保險 232% China Construction Bank Corp 中國建設銀行 77% 5 Industrial & Commercial Bank of China Ltd 中國工商銀行 % 6 Ping An Insurance Co Ltd 中國平安保險 32% 7 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 22% 8 Amazoncom Inc 2% 9 Bank of China Ltd 中國銀行 082% 0 China Mobile Ltd 中國移動 073% Year Years Years 宏利 MPF 200 退休基金 編號 Code 推出日期 Launch Date Manulife MPF 200 Retirement Fund SHK Risk / Return Meter % Fund Descriptor 0 33% Investment Manager of the Underlying Investment 提供長期資本收益增長, 並於臨近正常退休年齡時, 降低虧損之風險 為預期於二零四零年左右達至正常退休年齡的成員而設 在退休基金推出時所投資的目標組合, 約有 80% 至 00% 會間接投資於股票及與股票有關的投資, 其餘資產則間接投資於債券 定期存款及 強制性公積金計劃 ( 一般 ) 規例 准許的其他投資 投資於美洲 亞太區 日本及歐洲等地區 To provide long term capital growth while lowering the risk of loss as members approach their normal retirement age Designed for members expecting to attain their normal retirement age around 200 By the Fund launch, around 80%-00% of the underlying portfolio is invested indirectly in equities and equity-related investments, with the remainder of the assets in bonds, deposits and other investments as permitted under the MPF Schemes (General) Regulation Invests in regions such as America, Pacific Asia, Japan and Europe, etc 混合資產基金 - 環球 - 最多 00% 資產投資於股票 Mixed Assets Fund Global max00% in equities 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 30% 2 HSBC Holdings PLC 滙豐控股 260% 3 AIA Group Ltd 友邦保險 227% China Construction Bank Corp 中國建設銀行 73% 5 Industrial & Commercial Bank of China Ltd 中國工商銀行 2% 6 Ping An Insurance Co Ltd 中國平安保險 30% 7 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 2% 8 Amazoncom Inc 2% 9 Bank of China Ltd 中國銀行 080% 0 Taiwan Semiconductor Mfg Co Ltd 台灣積體電路製造 Year Years Years 股份 076%

6 宏利 MPF 2035 退休基金 編號 Code 推出日期 Launch Date Manulife MPF 2035 Retirement Fund SHK Risk / Return Meter % Fund Descriptor % Investment Manager of the Underlying Investment 提供長期資本收益增長, 並於臨近正常退休年齡時, 降低虧損之風險 為預期於二零三左右達至正常退休年齡的成員而設 在退休基金推出時所投資的目標組合, 約有 80% 至 00% 會間接投資於股票及與股票有關的投資, 其餘資產則間接投資於債券 定期存款及 強制性公積金計劃 ( 一般 ) 規例 准許的其他投資 投資於美洲 亞太區 日本及歐洲等地區 To provide long term capital growth while lowering the risk of loss as members approach their normal retirement age Designed for members expecting to attain their normal retirement age around 2035 By the Fund launch, around 80%-00% of the underlying portfolio is invested indirectly in equities and equity-related investments, with the remainder of the assets in bonds, deposits and other investments as permitted under the MPF Schemes (General) Regulation Invests in regions such as America, Pacific Asia, Japan and Europe, etc 混合資產基金 - 環球 - 最多 00% 資產投資於股票 Mixed Assets Fund Global max00% in equities 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 30% 2 HSBC Holdings PLC 滙豐控股 257% 3 AIA Group Ltd 友邦保險 225% China Construction Bank Corp 中國建設銀行 70% 5 Industrial & Commercial Bank of China Ltd 中國工商銀行 % 6 Ping An Insurance Co Ltd 中國平安保險 28% 7 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 20% 8 Amazoncom Inc 8% 9 Bank of China Ltd 中國銀行 079% 0 Taiwan Semiconductor Mfg Co Ltd 台灣積體電路製造 Year Years Years 股份 075% 宏利 MPF 2030 退休基金 編號 Code 推出日期 Launch Date Manulife MPF 2030 Retirement Fund SHK Risk / Return Meter 20 22% Fund Descriptor % Investment Manager of the Underlying Investment 提供長期資本收益增長, 並於臨近正常退休年齡時, 降低虧損之風險 為預期於二零三零年左右達至正常退休年齡的成員而設 在退休基金推出時所投資的目標組合, 約有 75% 至 95% 會間接投資於股票及與股票有關的投資, 其餘資產則間接投資於債券 定期存款及 強制性公積金計劃 ( 一般 ) 規例 准許的其他投資 投資於美洲 亞太區 日本及歐洲等地區 To provide long term capital growth while lowering the risk of loss as members approach their normal retirement age Designed for members expecting to attain their normal retirement age around 2030 By the Fund launch, around 75%-95% of the underlying portfolio is invested indirectly in equities and equity-related investments, with the remainder of the assets in bonds, deposits and other investments as permitted under the MPF Schemes (General) Regulation Invests in regions such as America, Pacific Asia, Japan and Europe, etc 混合資產基金 - 環球 - 最多 95% 資產投資於股票 Mixed Assets Fund Global max 95% in equities 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 29% 2 HSBC Holdings PLC 滙豐控股 29% 3 AIA Group Ltd 友邦保險 28% OCBC Bank 235% 0/02/209 78% 5 China Construction Bank Corp 中國建設銀行 65% 6 Industrial & Commercial Bank of China Ltd 中國工商銀行 36% 7 Ping An Insurance Co Ltd 中國平安保險 2% 8 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 5% 9 Amazoncom Inc 0% 0 Bank of China Ltd 中國銀行 077% Year Years Years

7 宏利 MPF 2025 退休基金 編號 Code 推出日期 Launch Date Manulife MPF 2025 Retirement Fund SHK Risk / Return Meter 27 20% Fund Descriptor % Investment Manager of the Underlying Investment 提供長期資本收益增長, 並於臨近正常退休年齡時, 降低虧損之風險 為預期於二零二左右達至正常退休年齡的成員而設 在退休基金推出時所投資的目標組合, 約有 75% 至 95% 會間接投資於股票及與股票有關的投資, 其餘資產則間接投資於債券 定期存款及 強制性公積金計劃 ( 一般 ) 規例 准許的其他投資 投資於美洲 亞太區 日本及歐洲等地區 To provide long term capital growth while lowering the risk of loss as members approach their normal retirement age Designed for members expecting to attain their normal retirement age around 2025 By the Fund launch, around 75%-95% of the underlying portfolio is invested indirectly in equities and equityrelated investments, with the remainder of the assets in bonds, deposits and other investments as permitted under the MPF Schemes (General) Regulation Invests in regions such as America, Pacific Asia, Japan and Europe, etc 混合資產基金 - 環球 - 最多 95% 資產投資於股票 Mixed Assets Fund Global max 95% in equities 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 263% 2 HSBC Holdings PLC 滙豐控股 228% 3 AIA Group Ltd 友邦保險 99% China Construction Bank Corp 中國建設銀行 5% 5 Industrial & Commercial Bank of China Ltd 中國工商銀行 23% 6 Ping An Insurance Co Ltd 中國平安保險 3% 7 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 03% 8 Amazoncom Inc 092% 9 Bank of China Ltd 中國銀行 07% 0 China Mobile Ltd 中國移動 066% Year Years Years 宏利 MPF 恒指基金 編號 Code 推出日期 Launch Date Manulife MPF Hang Seng Index Tracking Fund SHK Risk / Return Meter 688 0% Fund Descriptor, % Investment Manager of the Underlying Investment 提供中期至長期資本收益增長 投資於一項核准緊貼指數集體投資計劃, 以投資於恒生指數成份股公司的股份, 投資的組合成份及比重與該等股份佔恒生指數的組合成份及比重大致相同 ( 現時, 是由道富環球投資管理亞洲有限公司管理的盈富基金 ) Invests in shares of constituent companies of the Hang Seng Index in substantially similar composition and weighting as they appear in the index through an approved index-tracking collective investment scheme (currently, the Tracker Fund of Hong Kong managed by State Street Global Advisors Asia Limited) 股票基金 - 香港 Equity Fund Hong Kong 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 009% 2 HSBC Holdings PLC 滙豐控股 00% 3 AIA Group Ltd 友邦保險 925% China Construction Bank Corp 中國建設銀行 82% 5 China Mobile Ltd 中國移動 56% 6 Industrial & Commercial Bank of China Ltd 中國工商銀行 86% 7 Ping An Insurance Co Ltd 中國平安保險 55% 8 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 38% 9 Bank of China Ltd 中國銀行 36% 0 CNOOC Ltd 中國海洋石油 25% Year 恒生指數 ( 總回報 ) Hang Seng Index (Total Return) Years Years

8 宏利 MPF 增長基金 編號 Code 推出日期 Launch Date Manulife MPF Growth Fund SHK Risk / Return Meter % Fund Descriptor 5,8098 9% Investment Manager of the Underlying Investment 提供中至長期資本收益增長 約 50% 至 90% 投資於股票及與股票有關的投資, 其餘資產則投資於債券 存款及 強制性公積金計劃 ( 一般 ) 規例 准許的其他投資 投資於任何地區, 例如美洲 亞太地區 日本 歐洲等 Invests around 50% to 90% in equities and equityrelated investments with the remaining assets in bonds, deposits and other investments as permitted under the MPF Schemes (General) Regulation Invests in any region such as America, Pacific Asia, Japan, Europe, etc 混合資產基金 - 環球 - 約 50% 至 90% 資產投資於股票及與股票有關的投資 Mixed Assets Fund - Global - Around 50% to 90% in equities and equity-related investments 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 225% 2 HSBC Holdings PLC 滙豐控股 96% 3 AIA Group Ltd 友邦保險 7% OCBC Bank 235% 0/02/209 % 5 China Construction Bank Corp 中國建設銀行 3% 6 Industrial & Commercial Bank of China Ltd 中國工商銀行 06% 7 Ping An Insurance Co Ltd 中國平安保險 097% 8 Amazoncom Inc 092% 9 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 088% 0 US Treasury 375% 3/0/ % Year 0 Years 0 Years 宏利 MPF 富達平穩增長基金 編號 Code 推出日期 Launch Date Manulife MPF Fidelity Stable Growth Fund SHK Risk / Return Meter % Fund Descriptor 5, % Investment Manager of the Underlying Investment 提供中至長期資本收益增長 以聯接基金形式投資於核准基金, 該核准基金約 50% 資產將投資於全球股票, 約 5% 資產將投資於環球債券, 其餘之資產則投資於 規例 准許的現金存款 投資於香港 美洲 歐洲 日本及亞太區等市場, 並側重投資於香港 Invests as a feeder fund into the respective APIF and approximately 50% of the APIF will be invested in global equities, approximately 5% of the APIF will be invested in global bonds with the remaining assets in cash deposits as permitted under the Regulation Invests in the markets in Hong Kong, America, Europe, Japan and the Asia Pacific region with a bias towards Hong Kong 混合資產基金 - 環球 - 約 50% 資產投資於股票 Mixed Assets Fund - Global - Approximately 50% in equities 投資於由富達基金 ( 香港 ) 有限公司管理之基金 invests in the fund managed by FIL Investment Management (Hong Kong) Limited 6 Top 0 Portfolio Holdings 6 USTN 325% 5// % 2 USTN 2875% 3/0/ % 3 Germany Ser 78 00% 3/0/ % Germany 025% 5/08/ % 5 Germany 05% 2/0/ % 6 Tencent Holdings Ltd 騰訊控股 90% 7 USTN 3% 5/08/208 68% 8 HSBC Holdings PLC 滙豐控股 50% 9 AIA Group Ltd 友邦保險 22% 0 European Financial Stability Facility 02% 7/0/202 08% Year 0 Years 0 Years

9 宏利 MPF 國際股票基金 編號 Code 推出日期 Launch Date Manulife MPF International Equity Fund SHK Risk / Return Meter % Fund Descriptor,08 5% Investment Manager of the Underlying Investment 提供中至長期資本收益增長 投資於全球股票及與股票有關的投資 投資於任何地區, 例如北美 日本 歐洲 亞太區其他市場及香港 Invests in global equities and equity-related investment Invests in any region such as North America, Japan, Europe, other Pacific Asia region markets and Hong Kong 股票基金 - 環球 Equity Fund Global 6 Top 0 Portfolio Holdings 6 Amazoncom Inc 360% 2 Facebook Inc 67% 3 Microsoft Corp 6% Alphabet Inc - A 27% 5 Danone SA 0% 6 Visa 00% 7 Apple Inc 099% 8 Alphabet Inc - C 095% 9 UnitedHealth Group Inc 095% 0 Lennar Corp 09% Year 0 Years 0 Years 宏利 MPF 北美股票基金 編號 Code 推出日期 Launch Date Manulife MPF North American Equity Fund SHK Risk / Return Meter 28% Fund Descriptor,35 26% Investment Manager of the Underlying Investment 股票基金 - 北美洲 Equity Fund North America 提供中至長期資本收益增長 投資於任何證券交易所上市的北美經濟各類行業公司股份 Invests in shares of companies covering different sectors of the economy in North America and which are listed on any stock exchange 6 Top 0 Portfolio Holdings 6 Amazoncom Inc 8% 2 Lennar Corp 60% 3 Alphabet Inc - A 56% Apple Inc 33% 5 Facebook Inc 6% 6 Bank of America Corp 6% 7 Workday, Inc 320% 8 Polaris Industries Inc 303% 9 Citigroup Inc 300% 0 Anheuser-Busch InBev SA/NV Sponsored ADR 282% Year 0 Years 0 Years

10 宏利 MPF 歐洲股票基金 編號 Code 推出日期 Launch Date Manulife MPF European Equity Fund SHK Risk / Return Meter 93 9% Fund Descriptor,9007 7% Investment Manager of the Underlying Investment 股票基金 - 歐洲 Equity Fund Europe 提供中至長期資本收益增長 投資於任何證券交易所上市的歐洲經濟各類行業公司股份 Invests in shares of companies covering different sectors of the economy in Europe and which are listed on any stock exchange 6 Top 0 Portfolio Holdings 6 Reckitt Benckiser Group PLC 50% 2 Novartis AG 8% 3 Royal Dutch Shell PLC 2% Danone SA 30% 5 Repsol SA 36% 6 BP PLC 39% 7 Getlink SE 332% 8 Nordea Bank AB 295% 9 BHP Group Plc 273% 0 Admiral Group plc 270% Year 0 Years 0 Years 宏利 MPF 2020 退休基金 編號 Code 推出日期 Launch Date Manulife MPF 2020 Retirement Fund SHK Risk / Return Meter % Fund Descriptor % Investment Manager of the Underlying Investment 提供長期資本收益增長, 並於臨近正常退休年齡時, 降低虧損之風險 為預期於二零二零年左右達至正常退休年齡的成員而設 在退休基金推出時所投資的目標組合, 約有 65% 至 85% 會間接投資於股票及與股票有關的投資, 其餘資產則間接投資於債券 定期存款及 強制性公積金計劃 ( 一般 ) 規例 准許的其他投資 投資於美洲 亞太區 日本及歐洲等地區 To provide long term capital growth while lowering the risk of loss as members approach their normal retirement age Designed for members expecting to attain their normal retirement age around 2020 By the Fund launch, around 65%-85% of the underlying portfolio is invested indirectly in equities and equity-related investments, with the remainder of the assets in bonds, deposits and other investments as permitted under the MPF Schemes (General) Regulation Invests in regions such as America, Pacific Asia, Japan and Europe, etc 混合資產基金 - 環球 - 最多 85% 資產投資於股票 Mixed Assets Fund Global max 85% in equities 6 Top 0 Portfolio Holdings 6 Sumitomo Mitsui Financial Group, Inc 23% 0/02/ % 2 Tencent Holdings Ltd 騰訊控股 68% 3 HSBC Holdings PLC 滙豐控股 3% AIA Group Ltd 友邦保險 25% 5 China Construction Bank Corp 中國建設銀行 09% 6 OCBC Bank 235% 0/02/ % 7 US Treasury 375% 3/0/ % 8 Industrial & Commercial Bank of China Ltd 中國工商銀行 079% 9 Ping An Insurance Co Ltd 中國平安保險 07% 0 Hong Kong Exchanges & Clearing Ltd 香港交易及結算所 067% Year Years Years

11 宏利 MPF 智優裕退休基金 編號 Code 推出日期 Launch Date Manulife MPF Smart Retirement Fund SHK Risk / Return Meter 23 2% Fund Descriptor % Investment Manager of the Underlying Investment 提供中期至長期資本收益增長 分散投資基金旗下投資組合約有 0% 至 60% 會間接投資於股票及與股票有關的投資, 其餘資產則間接投資於債券 定期存款及 規例 准許的其他投資 投資於美洲 亞太區 日本及歐洲等地區 Invests on a diversified basis that around 0% to 60% of the underlying portfolio of the Smart Retirement Fund will be indirectly invested in equities and equity-related investments, with the remainder of the assets being indirectly invested in bonds, deposits and other investments as permitted under the Regulation Invests in regions such as America, Pacific Asia, Japan and Europe, etc 混合資產基金 - 環球 - 最多 65% 資產投資於股票 Mixed Assets Fund Global max 65% in equities 6 Top 0 Portfolio Holdings 6 Tencent Holdings Ltd 騰訊控股 63% 2 HSBC Holdings PLC 滙豐控股 0% 3 US Treasury 375% 3/0/ % AIA Group Ltd 友邦保險 22% 5 Buoni Poliennali Del Tes 375% 0/03/ % 6 China Construction Bank Corp 中國建設銀行 093% 7 Industrial & Commercial Bank of China Ltd 中國工商銀行 076% 8 Ping An Insurance Co Ltd 中國平安保險 070% 9 US Treasury 2375% 5/08/ % 0 US Treasury 225% 30// % Year Years Years 宏利 MPF 核心累積基金 編號 Code 推出日期 Launch Date Manulife MPF Core Accumulation Fund SHK8 / DIS Risk / Return Meter 03,0679 透過環球分散投資方式提供資本增值 依據 強制性公積金計劃條例 強制設立的 以聯接基金形式投資於核准基金, 採取被動式投資策略及核准基金約 60% 淨資產將投資於較高風險資產, 其餘之資產則投資於較低風險資產 To provide capital growth by investing in a globally diversified manner Mandated by the MPF Schemes Ordinance Invest as a feeder fund into the respective APIF which adopts a passive investment strategy and approximately 60% of the APIF will be invested in higher risk assets with the remaining assets in lower risk assets Fund Descriptor Investment Manager of the Underlying Investment 混合資產基金 環球 約 60% 的資產淨值投資於較高風險資產及約 0% 的資產淨值投資於較低風險資產 Mixed Assets Fund Global around 60% in higher risk assets and 0% in lower risk assets 投資於由領航投資香港有限公司管理之基金 invests in the fund managed by Vanguard Investments Hong Kong Limited 6 Top 0 Portfolio Holdings 6 Microsoft Corp 6% 2 Apple Inc 3% 3 Amazoncom Inc 092% Johnson & Johnson 052% 5 JPMorgan Chase & Co 09% 6 Alphabet Inc - C 07% 7 Alphabet Inc - A 07% 8 Facebook Inc 07% 9 US Treasury 25% 30/06/202 0% 0 Exxon Mobil Corp 03% Year 參考組合 7 Reference Portfolio Years Years

12 宏利 MPF 穩健基金 編號 Code 推出日期 Launch Date Manulife MPF Stable Fund SHK Risk / Return Meter % Fund Descriptor 2, % Investment Manager of the Underlying Investment 保證基金 - 利息保證 ** Guaranteed Fund Interest Guarantee** 提供較為穩定的中期至長期增長, 此外, 若發生某些預定事件, 投資者可收取保證利息 ** 為希望有長遠收益, 同時又願意承擔投資價值出現輕微波動風險的成員, 提供穩健的投資 最多 0% 投資於股票及與股票有關的投資, 其餘資產則投資於債券 存款及 強制性公積金計劃 ( 一般 ) 規例 准許的其他投資 投資於任何地區, 例如美洲 亞太地區 日本 歐洲等, 並於此等地區略為側重香港 To provide relatively stable medium to long term growth and with an interest guarantee** upon the occurrence of certain predetermined events A conservative investment for members who are prepared to accept modest fluctuations in the value of their investment in order to achieve long term returns Invests up to 0% in equities and equity-related investments, with the remaining in bonds, deposits and other investments as permitted under the MPF Schemes (General) Regulation Invests in any region such as America, Pacific Asia, Japan, Europe, etc, with a relative bias towards Hong Kong 6 Top 0 Portfolio Holdings 6 US Treasury 00% 05/2/209 20% 2 Tencent Holdings Ltd 騰訊控股 % 3 HSBC Holdings PLC 滙豐控股 22% Hong Kong Government Bond 332% 25/02/2026 % 5 AIA Group Ltd 友邦保險 07% 6 Chong Hing Bank Limited 3876% 26/07/ % 7 China Construction Bank Corp 中國建設銀行 083% 8 Wharf REIC Finance (BVI) Ltd 33% 7/0/ % 9 CK Property Finance (MTN) Ltd 357% 05/09/ % 0 Industrial & Commercial Bank Of China (Hong Kong Branch) 325% /2/ % Year 0 Years 0 Years 宏利 MPF 國際債券基金 編號 Code 推出日期 Launch Date Manulife MPF International Bond Fund SHK Risk / Return Meter % Fund Descriptor 3, % Investment Manager of the Underlying Investment 為欲取得穩定投資回報的成員提供較有優勢的整體回報比率 主要投資於由任何政府 中央銀行或多邊國際機構發行的准許存款及債務證券 投資於任何地區, 例如北美 歐洲 英國及亞洲等地區 To provide competitive overall rates of return for members who want to have a stable return Invests mainly in Permitted Deposits, Debt Securities issued by any government, central bank or multilateral international agency Invests in any region such as North America, Europe, United Kingdom and Asia 債券基金 - 環球 Bond Fund Global 6 Top 0 Portfolio Holdings 6 Government of The United States of America 375% 3/0/ % 2 Government of Italy 375% 0/03/ % 3 Government of The United States of America 2375% 5/08/ % Government of The United States of America 225% 30// % 5 Government of The United States of America 75% 30// % 6 Government of Spain 0% 30/0/ % 7 Government of France 325% 25/0/202 72% 8 Government of The United States of America 25% 28/02/209 68% 9 Government of Japan 06% 20/2/ % Government of The United States of 0 25% 3/0/ % America Year 0 Years 0 Years

13 宏利 MPF 香港債券基金 編號 Code 推出日期 Launch Date Manulife MPF Hong Kong Bond Fund SHK Risk / Return Meter 398 5% Fund Descriptor 2,378 27% Investment Manager of the Underlying Investment 債券基金 - 香港 Bond Fund Hong Kong 為放眼於保守投資的成員提供較有優勢的整體回報比率 主要投資於由香港政府或其他政府 中央銀行或多邊國際機構發行以港元為單位的准許存款及債務證券 ( 一系列保留到期時間的投資組合 ) To provide a competitive overall rate of return for members who hold a conservative investment view Invests mainly in Hong Kong Dollar denominated Permitted Deposits and Debt Securities (in a range of portfolio remaining maturity periods) issued by the government of Hong Kong or any government, central bank or multilateral international agency 6 Top 0 Portfolio Holdings 6 Government of The United States of America 00% 05/2/ % 2 Hong Kong Government Bond 332% 25/02/ % 3 Chong Hing Bank Limited 3876% 26/07/ % Wharf REIC Finance (BVI) Ltd 33% 7/0/ % 5 CK Property Finance (MTN) Ltd 357% 05/09/2028 3% 6 Industrial & Commercial Bank of China Ltd (Hong Kong) 325% /2/202 27% 7 Champion MTN Ltd 373% 06/0/ % 8 Export-Import Bank Of China 0% 28//207 2% 9 Sumitomo Mitsui Financial Group, Inc 35% 26/0/2028 7% 0 Korea Hydro & Nuclear Power Co, Ltd 335% 3/03/2028 5% Year 0 Years 0 Years 宏利 MPF 亞太債券基金 編號 Code 推出日期 Launch Date Manulife MPF Pacific Asia Bond Fund SHK Risk / Return Meter % Fund Descriptor,706 65% Investment Manager of the Underlying Investment 債券基金 - 亞太 Bond Fund Pacific Asia 為放眼於較長線的投資, 並欲透過收益及資本增值取得投資回報的成員提供較有優勢的整體回報比率 主要投資於由任何政府 中央銀行 超國家機構 多邊國際機構, 或企業於亞太區發行的債務證券 To provide competitive overall rate of returns for members who hold a longer term investment view and want to seek returns through income and capital appreciation Investments will be made on diversified basis mainly in Debt Securities issued by any government, central bank, supra-nationals, multilateral international agency and corporate issuers in the Asia Pacific region 6 Top 0 Portfolio Holdings 6 Government of Indonesia 6625% 5/05/ % 2 Government of Indonesia 825% 5/05/ % 3 Government of South Korea 375% 0/06/ % Government of Malaysia 08% 30/09/ % 5 Government of Indonesia 8375% 5/09/ % 6 Government of Singapore 275% 0/07/ % 7 Government of South Korea 55% 0/03/ % 8 Government of Australia 275% 2/0/209 9% 9 Government of Australia 5% 5/0/ % 0 Government of Malaysia 362% 30//202 89% Year Years Years

14 宏利 MPF 人民幣債券基金 編號 Code 推出日期 Launch Date Manulife MPF RMB Bond Fund SHK Risk / Return Meter % Fund Descriptor,37 372% Investment Manager of the Underlying Investment 為放眼於較長線的投資, 並欲透過資本增值及賺取收入取得投資回報的成員提供較有優勢的整體回報比率 旗下投資項目將分散投資 ( 在發債人及發債人之地域分配方面 ), 最少 70% 之資產淨值將投資於在中國內地境外由任何政府 中央銀行 超國家機構 多邊國際機構, 或企業發行 買賣或分配的人民幣計價債務證券 宏利 MPF 人民幣債券基金亦可透過旗下附屬核准基金投資於 規例 准許的其他人民幣或非人民幣計價投資, 包括貨幣市場工具 存款證明書 現金及存款, 及非人民幣計價債務證券, 最高可達資產淨值的 30% To provide competitive overall rate of returns for members who hold a longer term investment view and want to seek returns through capital appreciation and income generation Invests on diversified basis (in terms of issuers and geographical distribution of such issuers) with at least 70% of the net asset value invested in Renminbi ( RMB ) denominated debt securities which are issued, traded or distributed by any government, central bank, supra-nationals, multilateral international agencies and corporate issuers outside Mainland China The Manulife MPF RMB Bond Fund may also, through the underlying APIF, invest up to 30% of its net asset value in other RMB or non-rmb denominated investments including money market instruments, certificates of deposits, cash and deposits, and non-rmb denominated debt securities, as permitted under the Regulation 債券基金 - 中國 Bond Fund China 6 Top 0 Portfolio Holdings 6 Hong Kong Mortgage Corp 05% 06// % 2 China Development Bank Corp 2% 9/0/ % 3 Export-Import Bank Of China % /05/202 3% Westpac Banking Corporation 6% 07/09/ % 5 HKCG (Finance) Ltd 5% 26/09/202 06% 6 Busan Bank 85% 25/05/ % 7 Korea Expressway Corp 73% 28/03/ % 8 Agricultural Development Bank Of China 6% 27/09/ % 9 Asian Development Bank 285% 2/0/ % 0 Bank Of China Ltd (Tokyo Branch) 35% 29// % Year Years Years 宏利 MPF 65 歲後基金 編號 Code 推出日期 Launch Date Manulife MPF Age 65 Plus Fund SHK9 / DIS Risk / Return Meter 082,755 透過環球分散投資方式提供平穩增值 依據 強制性公積金計劃條例 強制設立的 以聯接基金形式投資於核准基金, 採取被動式投資策略及核准基金約 20% 淨資產將投資於較高風險資產, 其餘之資產則投資於較低風險資產 To provide stable growth by investing in a globally diversified manner Mandated by the MPF Schemes Ordinance Invest as a feeder fund into the respective APIF which adopts a passive investment strategy and approximately 20% of the APIF will be invested in higher risk assets with the remaining assets in lower risk assets Fund Descriptor Investment Manager of the Underlying Investment 混合資產基金 環球 約 20% 的資產淨值投資於較高風險資產及約 80% 的資產淨值投資於較低風險資產 Mixed Assets Fund Global around 20% in higher risk assets and 80% in lower risk assets 投資於由領航投資香港有限公司管理之基金 invests in the fund managed by Vanguard Investments Hong Kong Limited 6 Top 0 Portfolio Holdings 6 US Treasury 2% 3/0/ % 2 US Treasury 275% 30/09/ % 3 US Treasury 25% 3/05/ % US Treasury 225% 30/09/ % 5 US Treasury 225% 3/07/ % 6 US Treasury 625% 3/08/ % 7 US Treasury 2875% 5/08/ % 8 France OAT 00% 25/05/ % 9 WI Treasury Sec WIT 275% 3/07/ % 0 Spanish Gov't SPGB 5% 3/0/ % Year 參考組合 7 Reference Portfolio Years Years

15 宏利 MPF 利息基金 編號 Code 推出日期 Launch Date Manulife MPF Interest Fund DHK Risk / Return Meter 利率公布 # Interest Rate Declared # 2,070 0/ % / % 79% 2/ % Fund Descriptor 007% Investment Manager of the Underlying Investment 保證基金 - 本金保證 *** Guaranteed Fund Capital Guarantee*** 備有本金保證 *** 並以每月為成員提供按相等於或高於積金局所公布的訂明儲蓄利率計算的利息為目標 為下列各類成員提供短期的收益增長 : 採取審慎態度投資者 年屆退休年齡人士 欲在不明朗的經濟環境下尋找資金避難所的人士 To provide capital guarantee*** and aims to provide members with interest each month at a rate that equals to or exceeds the prescribed savings rate published by the MPFA To provide short-term growth for members who wish to invest conservatively are close to the age of retirement seek a temporary safe-haven during more turbulent economic times 6 Top 0 Portfolio Holdings 6 CDBL Funding 2 35% 23/0/ % 2 Government of The United States of America 00% 05/2/209 5% 3 Bestgain Real Estate Lyra Ltd 25% 3/0/209 52% Industrial & Commercial Bank Of China (Hong Kong Branch) 325% 2//202 9% 5 Bank of China (Macau Branch) 23% 5/0/2020 5% 6 Hong Kong Government Bond 00% 6/0/209 % 7 Bank of China (Hong Kong) Ltd 33% 20// % 8 Hong Kong Mortgage Corp 229% 3/0/202 30% 9 Caterpillar Financial Services Corp 2% 3/2/209 28% 0 Industrial & Commercial Bank of China (Asia) Ltd 30% 2/06/ % Year 0 Years 0 Years 宏利 MPF 保守基金 ^ Manulife MPF Conservative Fund ^ % Fund Descriptor 0, % Investment Manager of the Underlying Investment 編號 Code 推出日期 Launch Date SHK Risk / Return Meter 貨幣市場基金 - 香港 Money Market Fund Hong Kong 提供與積金局公布的訂明儲蓄利率相配合的回報率, 但本金及利息不獲保證 依據 強制性公積金計劃條例 強制設立的 投資於港元固定收益金融工具上 投資於保守基金並不等於將資金存放於銀行或接受存款公司, 而且, 受託人並無責任按認購價贖回投資 Aims to provide a rate of return to match the prescribed savings rate published by the MPFA but with NO guarantee of capital or interest Mandated by the MPF Schemes Ordinance Invests in Hong Kong dollar fixed income instruments Investment in the Conservative Fund is not the same as placing funds on deposit with a bank or deposit taking company and that there is no obligation on the part of the Trustee to redeem the investment at the subscription value 6 Top 0 Portfolio Holdings 6 CDBL Funding 2 00% 6/08/209 76% 2 Chong Hing Bank Limited 2% 25/0/209 30% 3 DBS Bank (Hong Kong) Ltd 207% 0/02/ % Shinhan Bank Co, Ltd (Hong Kong Branch) 00% 0/02/209 29% 5 Industrial & Commercial Bank Of China (Macau Branch) 00% 27/09/ % 6 Bank of Communications 00% 02/0/ % 7 Bank of Communications 235% 20/0/209 25% 8 Bank of China (Hong Kong) Ltd 22% 5/0/209 97% 9 Hong Kong Government Bond 00% 27/02/209 9% 0 China Development Bank Corp (HK) 00% 30/08/209 9% Year 0 Years 0 Years

16 評論 Commentary 宏利 MPF 中華威力基金 208 年是繼前環球金融風暴後波幅最大的, 大中華股票市場在過去受到中美貿易爭端及内地去槓桿化政策的雙重衝擊, 整體投資氣氛受壓 中美雙方如果能夠在貿易爭端達成共識將會為投資市場打下一支強心針, 而雙方在 2 月宣佈的 90 日磋商期則為這個目標定下了一個好的開始 不過, 雙方能否在 90 天内達成共識依然是未知之數, 而期内任何有關貿易磋商的消息也將會備受市場重視, 為 209 年上半年帶來一定的不穩定性 此外, 中國經濟放緩也是投資市場的另一個焦點 内地過去幾年的去槓桿化政策雖然取得了一定的成果, 實際經濟債務增長速度在放慢, 而影子借貸規模也在減少, 不過這也同時導致融資環境的緊縮, 增加了國内的整體信貸風險 值得關注的是, 隨著市場的變化, 中國當局 208 年在經濟以及貨幣政策上也作出了相對的調整, 而去槓桿化也有逐漸成為寬鬆政策的跡象 這包括加快基建投資 加強對中小企融資支持以及稅減等刺激經濟措施 基金經理認為中國當局有足夠的政策彈藥支撐國内發展, 而就算實體經濟增長速度有所放慢, 也將仍然比許多發達國家的發展步伐迅速 宏利 MPF 康健護理基金 我們認為康健護理業仍存在吸引的投資機會, 可提供強勁的長期回報 根據我們的分析, 生物藥業最近數季的波動, 主要源自基本因素分化及就藥物定價的輿論 然而, 近期輿論的焦點已有所轉移 綜觀設備與用品業, 基本因素依然吸引 我們認為可持續收益和盈利有助改善不少這類股票的風險調整後回報水平 供應商和服務業方面, 我們認為管理式醫療實體在保持增長方面穩佔優勢 此外, 個別康健護理供應鏈公司正面對威脅 我們將繼續評估這些與個股相關的基本因素和宏觀經濟因素, 並已在新的領導下完成調整投資組合 宏利 MPF 進取基金 / 宏利 MPF 增長基金 / 宏利 MPF 穩健基金 / 宏利 MPF 國際股票基金 / 宏利 MPF 智優裕退休基金 / 宏利 MPF 2020 退休基金 / 宏利 MPF 2025 退休基金 / 宏利 MPF 2030 退休基金 / 宏利 MPF 2035 退休基金 / 宏利 MPF 200 退休基金 / 宏利 MPF 205 退休基金 美國股市在第四季急跌, 雖然並未正式踏入熊市, 但動力已經減弱 儘管有跡象顯示美國經濟活動從早前的高位回落, 但大部分指標均無反映經濟陷入衰退 與此同時, 中國力求維持理想的經濟增長水平, 而歐洲債務和政治局勢遏抑當地經濟增長, 但市場走勢較受美國聯儲局政策和貿易環境的憂慮影響 我們並不認為美國經濟已陷入衰退, 但聯儲局政策的滯後效應和環球經濟增長疲弱可能令企業收益受壓 市場指標從反映投資界預期聯儲局在 209 年加息, 迅速轉為現時預期當局可能減息 聯儲局主席鮑威爾及其他官員在 2 月會議後的聲明指出, 金融狀況轉弱可能促使當局採取較寬鬆的貨幣政策立場 貿易政策是一項未知之數, 或會削弱企業投資和干擾環球供應鏈 然而, 若總統特朗普有意達成協議, 持強硬立場的政府官員可能稍作讓步 若聯儲局政策或緊張的貿易局勢出現重大轉變, 可能促使市場重新追求風險, 可望推高股票和企業債券等資產的價格 宏利 MPF 富達增長基金 / 宏利 MPF 富達平穩增長基金 環球股市在第四季報跌 投資者憂慮環球經濟和美國聯儲局加息, 令市場氣氛受壓 縱使中美雙方同意貿易戰休戰 90 天, 暫緩加徴新關稅並嘗試達成貿易協議, 但英國脫歐局勢持續欠明朗, 加上中美貿易關係依然緊張, 加深投資者的憂慮 固定收益市場的回報好淡紛呈, 其中環球政府債券在季末高收 在環球經濟增長使人憂慮, 加上承險意欲更廣泛轉弱的情況下, 主要地區的信貸市場錄得負回報, 而且息差擴闊 基金減持股票, 並增加對優質債券的配置 綜觀股票, 基金減持歐美股票 即使美國經濟增長高於長期趨勢, 但與中國的貿易摩擦 工資可能上升和房地產業放緩或會為當地市場帶來挑戰 歐洲市場面對政治風險, 而且增長動力減慢 儘管日本的本土經濟穩健, 而且企業更專注於股東回報, 仍然利好當地市場前景, 但基金減持日本股票 相反, 基金增加香港和亞太區 ( 日本除外 ) 股票的配置 房地產市場穩定, 以及基建開支在短期內增加, 可望為香港市場帶來支持 亞太區 ( 日本除外 ) 方面, 雖然盈利預期轉弱, 但原油價格 Manulife MPF China Value Fund 208 was one of the most volatile calendar years since the global financial crisis more than a decade ago, as unexpected trade policy headwinds and China s efforts to deleverage its economy formed a dismal combination that sent shockwaves across markets From an overarching perspective, it is to the benefit of both China and the US to come to an amicable agreement and the 90-day truce announced in December is a step in the right direction However, whether or not their differences can be resolved in the 90-day period remains to be seen and any news arising from the negotiations is likely to be heavily scrutinised This adds a layer of complexity to the market, in particular for the first half of 209 A key focus of 208 was China s moderating economy growth While its ongoing deleveraging campaign has seen signs of progress, with slowing real sector debt growth and declining shadow credit, it has also brought about tightened liquidity and financing conditions This increases the country s overall credit risk as reflected by a rise in the number of financial product defaults One silver lining is China s increasingly flexible policy approach The Chinese authorities have shown its willingness to step up supportive policies This includes accelerating spending on infrastructure, easing monetary policies to increase lending to small and medium-sized firms as well as income tax breaks to boost consumption The portfolio manager believes China has enough ammunition in its arsenal to support the economy But even if the economy is to moderate to, for example, 6% GDP growth, there is little to fear given that would still be faster than most developed economies Manulife MPF Healthcare Fund We believe there are still attractive investment opportunities in the healthcare sector that offer strong long-term return profiles The volatility in biopharmaceuticals that investors have experienced in recent quarters is largely attributable to bifurcating fundamentals and the drug pricing debate, according to our analysis However, we believe the intensity of the debate has been redirected more recently Within the equipment & supplies industry, fundamentals remain attractive In our view, sustainable revenues and earnings have improved the risk-adjusted return profiles of many of these stocks Within the providers & services industry, we believe that managed-care entities are well-positioned for continued growth We also see an emerging threat to select healthcare supply chain companies We will continue to assess these stock-specific fundamentals along with macroeconomic considerations as we have now completed the rebasing of the portfolio under new leadership Manulife MPF Aggressive Fund / Manulife MPF Growth Fund / Manulife MPF Stable Fund / Manulife MPF International Equity Fund / Manulife MPF Smart Retirement Fund / Manulife MPF 2020 Retirement Fund / Manulife MPF 2025 Retirement Fund / Manulife MPF 2030 Retirement Fund / Manulife MPF 2035 Retirement Fund / Manulife MPF 200 Retirement Fund / Manulife MPF 205 Retirement Fund While the US stock market s fourth quarter swoon may not have pushed it officially into bear market territory, it did blunt the momentum of US stocks Although US economic activity has shown some signs of slowing from recent elevated levels, most measures do not suggest a recession And, while China has struggled to maintain desired growth levels and European debt and political dynamics have kept a lid on growth there, the primary drivers of market moves have had more to do with concerns over the Federal Reserve Board (Fed) s policy and trade While we do not believe the US has entered into a recession, the lagged effects of the Fed s policy moves and weakness in global growth could put pressure on corporate revenues Market-based measures have quickly flipped from suggesting that the investing world expects rate hikes in 209 to now expecting possible rate cuts Statements from Fed officials, including Chair Jerome Powell following the December hike, indicate that deteriorating financial conditions could push the Fed to a more accommodative stance Trade policy is a wild card that could dampen corporate investments and disrupt global supply chains However, administration hardliners could take a back seat if President Trump feels that he needs to make a deal Clear shifts in either Fed policy or trade tensions could trigger a return to risk-seeking which would likely drive prices for assets like stocks and corporate bonds higher Manulife MPF Fidelity Growth Fund / Manulife MPF Fidelity Stable Growth Fund Global equities fell over the fourth quarter Concerns about the global economy and the interest rate hike by the US Federal Reserve weighed on sentiment Continued Brexit-related uncertainty and US-China trade tensions further concerned investors, despite the US and China reaching a 90-day truce to temporarily halt new tariffs and finalise a trade deal Fixed income markets generated mixed returns, with global government bonds ending the quarter on a positive note Credit markets posted negative performance and spreads widened across major regions amid global growth concerns and a broader deterioration in risk sentiment The fund s equity exposure was reduced, and the allocation to high-quality bonds was raised Within equities, the position in the US and Europe was lowered Notwithstanding above-trend economic growth, the US market could face challenges from trade-frictions with China, potentially higher wages and a slowdown in the property sector The European market faces political risks, and its growth momentum has slowed The allocation to Japan was reduced, although the outlook for the market remains supported by its healthy domestic economy and an increased corporate focus on shareholder returns Conversely, the allocation to Hong Kong and Asia Pacific ex Japan equities was raised The Hong Kong market could receive support from a stable property market and pick-up in infrastructure spending in the near term In Asia Pacific ex Japan, a significant fall in crude oil prices could benefit oil importing nations and countries with current account deficits, although earnings expectations have weakened 6

17 大幅下跌, 或會有利石油進口國及錄得經常賬赤字的國家 宏利 MPF 亞太股票基金 在 209 年初, 宏觀經濟環境較為向好 由於企業盈利日益受壓, 加上油價下跌推低通脹預期, 預計美國聯儲局收緊貨幣政策的步伐將會減慢, 繼而限制美元的進一步升勢 加息步伐放緩 油價下跌和美元轉弱均為新興亞洲經濟體帶來喘息空間 儘管如此, 由於區內經濟增長放緩拖累企業盈利, 因此市場仍需消化盈利預測下調的因素 預期科技業將最受企業盈利預測下調所影響 該行業將需要時間以處理體系內的過剩庫存 因此, 預期高度倚重科技業的市場將於短期內表現遜色, 例如南韓和台灣 我們認為東南亞市場提供較佳機遇 由於區內市場已反映眾多負面因素, 因此企業盈利風險較低, 特別是印尼和馬來西亞 隨著油價下跌, 加上利率和美元走勢較利好, 亦支持流動資金流入區內市場 更重要的是, 東南亞地區和印度經濟主要由本土消費帶動, 因此相對不受中美貿易局勢所影響 貿易關係緊張亦促使企業物色替代生產基地, 帶動外國直接投資流入越南和泰國 宏利 MPF 日本股票基金 截至年底, 日本東京證券交易所指數跌至,500 點以下 (207 年 月以來的低位 ), 期日本政府債券孳息回落至 0% 以下 由於美國關稅戰產生不明朗因素, 加上環球汽車和半導體業普遍陷入低潮, 市場面臨中國資本需求放緩的負面影響 當地經濟持續相對向好, 新屋動工數據改善, 而且整體零售銷售動力正面, 但不足以抵銷出口放緩對企業盈利的負面影響 宏利 MPF 香港股票基金 / 宏利 MPF 恒指基金 展望將來, 雖然緊張的貿易局勢仍然是影響市場走勢的關鍵因素, 但我們認為投資者應重新注視穩健的宏觀和企業基本因素, 這是中港股市的兩大動力 我們繼續聚焦於因研發 / 創新或消費升級而受惠的公司, 貿易關稅對這些公司的營運影響不大 此外, 在波幅加劇的情況下, 具防守特質的香港市場可能於短期成為資金避難所, 特別是公用事業和銀行業 宏利 MPF 北美股票基金 我們認為美國經濟強勁, 主要受惠於銀行體系的資本充裕, 以及職位數據正面 經濟環境穩健通常有助企業收益和盈利增長, 從而帶動股票回報 然而, 展望未來, 企業稅下調的利好作用將會減退, 並可能導致企業盈利增長減慢 此外, 投資者關注貿易摩擦和加息步伐, 可能令市況更趨波動 我們認為若投資組合作出適當部署, 並聚焦於估值吸引的優質企業, 將有潛力在長期締造強勁回報 截至季末, 我們顯著增持康健護理和日常消費品業, 並減持經濟敏感度較高的金融 工業和非必需消費品業 宏利 MPF 歐洲股票基金 市場在季內大幅回落, 主要由於投資者日益憂慮加息可能導致股市估值下調, 使企業盈利和利潤率不再擴張 ; 也憂慮公司估值被寬鬆貨幣政策人為地推高 歐美貿易關係持續緊張, 加上英國脫歐談判的進展緩慢, 以及商品價格下跌, 進一步削弱歐洲市場 宏利 MPF 國際債券基金 雖然我們預期 209 年的市況將持續波動, 但並不認為將會出現系統性風險, 並拖累環球經濟陷入衰退 我們相信經濟增長緩慢而穩定的環境有利於環球固定收益市場 然而, 基於我們的展望存在固有風險, 因此我們認為須要在孳息 / 風險與質素 穩定性及流動性之間取得平衡 由於環球經濟增長可能放緩, 加上通脹預期維持溫和, 因此我們認為環球利率急升的風險下降 我們仍偏向把利率風險降至最低水平, 並預計利率可能在長期走高, 並將隨著利率上升而轉為採取較中性的存續期配置 在 209 年, 我們將監察中美貿易談判發展 中國加推財政刺激措施和當地對全球增長的影響 商品估值以及央行的政策變動, 以識別可能推高利率的因素 貨幣方面, 隨著已發展市場的增長差距收窄, 加上環球央行的政策趨於一致, 可能促使息差收窄, 我們認為美元的升勢可能已經見頂 宏利 MPF 香港債券基金 / 宏利 MPF 利息基金 / 宏利 MPF 保守基金 聯儲局在 2 月的聲明及主席鮑威爾的近期言論指出, 美國在未來的加息步伐將取決於經濟數據, 並可能改變縮減量寬的進程 市場已調整對加息的預期, 預計當局在 209 年 6 月加息 25 個基點的機會率為 20% 香港銀行並未跟隨美國在 208 年 2 月加息 本港流動資金仍然充裕, 而美國與香港的息差則持續擴闊 - 儘管近期美元兌其他 7 Manulife MPF Pacific Asia Equity Fund 209 started on a more benign macro backdrop The pace of Federal Reserve Board tightening is expected to ease amid rising stress in corporate earnings and softer inflation expectations following the fall in the price of oil This should deter the US dollar from strengthening further The combination of slower rate hikes, lower oil price and weaker US dollar offers a relief to emerging Asian economies That said, the market still has to digest a downward revision in earnings as corporate earnings weaken on the back of softer economic growth in the region The technology sector is expected to bear the biggest brunt of the negative earnings revision The sector will take some time to work through excess inventory in the system Markets heavily exposed to the sector, South Korea and Taiwan, are thus expected to underperform in the nearterm We see better opportunities in the Southeast Asian markets Earnings risk is lower in the region as a lot of negatives have been priced in by the market, particularly in Indonesia and Malaysia The lower oil price and more benign interest rate and US dollar trend should also support liquidity flows into the region More importantly, the region, plus India, are relatively more insulated from the trade tensions between China and the US This is because the economy is predominantly driven by domestic consumption Trade tensions have also driven foreign direct investments into Vietnam and Thailand as companies seek an alternative production base Manulife MPF Japan Equity Fund The year ended with the Japan equity market falling below,500 on the Topix (the lowest level since April 207) and the 0-year Japan Government Bond (JGB) yield falling back below zero The market has been negatively affected by the slowdown in capital demand from China due to the uncertainties caused by tariff wars with the US as well as a general slowdown in both the global auto and semiconductor industries The domestic economy has remained relatively positive with improving figures in new housing starts and an overall positive momentum in retail sales, but this has not been enough to offset the negative impact on earnings from the slowdown in exports Manulife MPF Hong Kong Equity Fund / Manulife MPF Hang Seng Index Tracking Fund Looking ahead, while trade tensions will continue to be one of the swing factors to market movements, we believe investors should refocus on the sound macro and corporate fundamentals the two key drivers for HK/China equities We continue to focus on the companies that are benefiting from either on research and development/innovation or consumption upgrades as trade tariffs have a limited impact on their operations Additionally, in the midst of heightened volatility, Hong Kong s defensive nature could prove to be a safe haven in the near-term, particularly utilities and banks Manulife MPF North American Equity Fund We believe the US economy is strong, supported by a well-capitalised banking system and positive job data A healthy economic backdrop often aids revenue and earnings growth, in turn helping stock returns However, going forward, we ll lose the boost from corporate tax cuts, which will likely slow earnings growth Plus, concern about trade disputes and the pace of interest rate increases could lead to more volatility We believe the well-positioned portfolio with its focus on high-quality businesses with attractive valuations have the potential to generate strong returns over the long-run We ended the quarter with notably more exposure to the healthcare and consumer staples sectors and reductions in the more economically sensitive financials, industrials and consumer discretionary sectors Manulife MPF European Equity Fund Markets pulled back sharply over the quarter as investors became increasingly concerned that rising interest rates would lead to a derating in equities and an end to earnings and margin expansion, and that company valuations had been artificially inflated by an accommodative monetary policy European markets were further dismayed by ongoing trade tensions with the US, the slow pace of Brexit negotiations and falling commodity prices Manulife MPF International Bond Fund While we believe that volatility will remain elevated in 209, we do not think there is a systemic risk that will push the global economy into a recession We believe that a slow-but-stable growth environment is positive for global fixed income markets However, given the inherent risks to our outlook, we believe it s important to strike a balance between yield/risk and quality, stability and liquidity As global growth potentially slows and inflation expectations remain subdued, we believe the risk of a sharp move higher in global interest rates has been tempered We are maintaining a bias to minimise interest rate risk, with an expectation that interest rates may rise over the long-term, and will shift our duration to a more neutral position as interest rates increase As we move through 209, we will monitor developments in China-US trade negotiations, additional stimulus measures in China and the country s impact on growth, valuations in commodities, and central bank policy shifts to identify catalysts that could potentially push interest rates higher With regard to currencies, as growth differentials across developed markets decline and converging global central bank policies potentially reduce interest rate differentials, we believe the stronger US-dollar trend has likely peaked Manulife MPF Hong Kong Bond Fund / Manulife MPF Interest Fund / Manulife MPF Conservative Fund Federal Reserve Board (Fed) statements in December and recent comments from Fed Chairman Powell indicated the pace of future US rate hikes will be data dependent and there may be a possibility to alter the path for quantitative tightening The market has repriced the rate hike expectation a 20% chance of a 25 basis point hike in June 209 Hong Kong banks did not follow the US rate hike in December 208 Liquidity in Hong Kong remains ample and the interest rate differential between the US and Hong Kong continues to widen more recently supportive for a strong US dollar/hk dollar even though the US dollar has

18 主要貨幣普遍貶值, 但港美息差擴闊支持美元兌港元表現強勁 隨著息差擴闊, 預期美元兌港元將再度測試 785 的水平 整體而言, 預期環球經濟增長將會放緩, 而全球央行將採取有利經濟增長的政策立場 宏利 MPF 亞太債券基金 踏入 209 年, 我們更趨樂觀, 相信亞洲債券市場重新定價的情況即將結束 現時加息周期或已接近尾聲 ; 我們認為聯邦儲備委員會可能在 209 年上半年再加息一次, 大致相當於市場價格目前反映的預期 基於美國經濟增長放緩的情況, 我們認為美國長期利率長時間急升的機會不大, 但 209 年下半年息口走向不太明朗 亞洲債券有望成為美國增長趨勢放緩下的主要受惠者, 因為隨著美國增長率減慢, 加上與亞洲的利率差距收窄, 早前撤出亞洲轉投美國資產的投資者或會回歸 從區域角度來看, 亞洲各國央行一般採取較溫和的立場, 因為焦點或會從外圍因素 ( 如美國加息和新興市場廣泛波動 ) 轉向本土因素 ( 如通脹和增長 ) 我們認為 208 年亞洲基本因素強勁, 加上亞洲債券重新定價, 應可為 209 年的亞洲利率 信貸和貨幣帶來充裕機會 宏利 MPF 人民幣債券基金 中國經濟增長很可能於 209 年放緩 鑑於貿易戰為經濟帶來潛在負面影響, 中國人民銀行於 208 年曾四次下調存款準備金率, 以釋放金融體系的流動資金, 確保企業 ( 特別是中小企 ) 能順利融資 市場參與者預計中國在岸市場的企業違約率可能持續上升, 並預期當局將推出更多財政刺激措施, 以支持經濟增長 由於中美兩國的貨幣政策周期各異, 人民幣兌美元匯率存在下行風險 隨著中國監管機構採取多項措施穩定人民幣, 部分市場參與者相信當局將捍衛人民幣兌美元在 208 年的 70 水平 儘管如此, 根據宏觀發展形勢, 匯率於 209 年可能突破 70, 但大幅超越這個水平的機會不大 宏利 MPF 核心累積基金 / 宏利 MPF 65 歲後基金 全球股市於 208 年第四季表現波動, 因全球經濟自 208 年上半年的高位放緩, 加上政治事件持續影響市場情緒, 如美國中期選舉 英國脫歐談判 意大利預算案及 G20 峰會等 另一方面, 債券市場繼續受到避險情緒及聯儲局決定主導 儘管 2 月美國上調利率 25 個基點, 美國期國庫券孳息率由 30% 跌至 27% weakened in general against other major currencies It is believed that the US dollar/hk dollar will retest the 785 region due to the widening of the interest rate differential Overall, global growth is expected to slow down and central banks globally will be pro-growth Manulife MPF Pacific Asia Bond Fund Heading into 209, we are more optimistic as we believe market repricing in Asian bonds is nearing its end We may be approaching the end of the current cycle of interest rate increases; we believe the Federal Reserve Board may raise interest rates one more time in the first half of 209, which is what the market is roughly pricing in Based on a scenario of moderating US growth, we do not believe that long-term US interest rates are likely to rise sharply for a prolonged period However, the direction of interest rates is less certain for the second half of 209 Asian bonds should be a key beneficiary of a moderating US growth trend, as investors who left the Asian region for US assets may return as the US growth rate slows and the interest rate differential with Asia narrows From a regional perspective, Asian central banks may generally take more moderate stances as the focus may shift from external factors, such as US interest rate increases and volatility in broader emerging markets, to domestic factors, such as inflation and growth We believe the combination of strong fundamentals in Asia and the repricing of Asian bonds in 208 should provide ample opportunities in Asian rates, credit and currencies in 209 Manulife MPF RMB Bond Fund China s economic growth is likely to grow at a slower pace in 209 Amid the potential negative economic impact from the trade war, the People s Bank of China has cut the reserve requirement ratio four times in 208 to release liquidity in the financial system to ensure smooth funding for corporates, especially for small-and-medium-sized-enterprises Market participants expect that the corporate default rate in the onshore China market may continue to rise while more fiscal stimulus is also expected to help support economic growth Due to the divergence between the US and China s monetary policy cycles, there is downside risk for the renminbi against the US dollar As regulators introduced various measures to stabilise the renminbi, some market participants believe Chinese regulators will defend the 70 renminbi per US dollar level in 208 Nevertheless, depending on macro developments, there could be a potential break beyond the 70 level in 209 although it is unlikely to significantly overshoot this level Manulife MPF Core Accumulation Fund / Manulife MPF Age 65 Plus Fund Equity markets had been volatile in Q 208, as global growth is slowing from the peak in the first half of 208 and politics continued to influence market sentiment with the US mid-term election, Brexit negotiations, Italy budge, G20 and so on On the other hand, the fixed income markets continued to be influenced by risk-off market sentiment and the Fed s decision Despite the rate hike in the US by 25 bps in December, US 0- year Treasury bond yields fell from 30% to 27% over the month as investors fought for safety 8

19 資料來源 : 富達基金 ( 香港 ) 有限公司 領航投資香港有限公司 惠理基金管理公司及滙豐機構信託服務 ( 亞洲 ) 有限公司 Source:, FIL Investment Management (Hong Kong) Limited, Vanguard Investments Hong Kong Limited, Value Partners Limited & HSBC Institutional Trust Services (Asia) Limited 是以年度標準差表示, 數據是根據過往之按月回報率計算, 並準確至小數後兩個位 一般來說, 年度標準差數值越大, 成分基金的風險 波幅也將相對較高 成分基金的會於該基金推出後提供 The 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 constituent fund The for the constituent fund will be available 3 years after its launch date 2 成分基金表現是以港元的每單位資產淨值價計算, 並已扣除所有收費 Constituent fund performance is calculated on the basis of NAV (net asset value) -to-nav in Hong Kong Dollar, and is net of all charges 3 由於進位數關係, 總額可能並不相等於 00% Due to rounding, the total may not be equal to 00% 宏利使用顏色代號系統, 利用不同顏色來代表不同的風險 回報程度, 每項成分基金按其投資目標而獲分配指標內的代表顏色 : Constituent funds are represented by the Manulife Risk / Return Meter, a colour coding system in which a spectrum of colours is used to signify the risk-return profiles of our constituent funds Each constituent fund has an assigned colour in the meter with the respective investment objectives as follows: 保守 藍色 在低風險下, 旨在尋求短期的小幅度增長 Conservative/Blue seeks to provide small short term growth with low risk exposure 穩健 綠色 在低至中風險下, 旨在尋求中至長期的增長 Stable/Green seeks to provide some medium to long term growth with low to medium risk exposure 增長 黃色 在中至高風險下, 旨在尋求中至長期的資本增長 Growth/Yellow seeks medium to long term growth of capital with medium to high risk exposure 進取 紅色 在高風險下, 旨在尋求中至長期或長期的資本高增長 Aggressive/Red seeks high medium to long term or long term growth of capital with high risk exposure 極進取 紫紅色 在大幅風險下, 旨在尋求長期的資本高增長 Very Aggressive/Purple Red seeks long term growth of capital with very high risk exposure 宏利顏色代號的選定乃基於其投資項目的多項因素, 包括旗下資產類別及其相應的目標比重 覆蓋範圍及地域分佈 有關市場過往的長期波幅和市場價值 指標內的不同顏色代號是代表不同風險 回報程度的一般歸類 每項成分基金的風險水平將每年作出檢討 The colour coding in the Manulife Risk/Return Meter is based on a number of factors in relating to their underlying investments, including types of asset classes and their respective target weightings, breadth and geographical diversification and historical long-term volatility and capitalization of the relevant markets Different colours in the Meter represent a general division of risk/return profiles The risk level of each constituent fund will be reviewed annually 投資越分散及相關資產穩定性越高, 波幅也將相對較低 一般而言, 預期投資回報越高, 所須承擔的風險也越高 成分基金獲分配風險 回報程度或顏色, 是用以提示其相關投資項目的波幅 成分基金的風險越高, 其升跌波幅亦較風險較低的成分基金為高 The greater the diversification and the more stable the underlying asset, the less volatility will be experienced Generally, the greater the return you want to earn on your investments, the greater risk you have to assume The assigned risk/return profile or colour of a constituent fund highlights the volatility of the relevant investments The value of a constituent fund with higher risk normally fluctuates to a greater extent than a constituent fund with lower risk 較高風險的成分基金波幅可能較大, 長線而言, 投資於較高風險的成分基金或可有較佳回報潛力 While higher risk constituent funds may be more volatile, over the long-term a higher risk constituent fund may have better potential for higher returns 宏利由制定及每年作定期檢討 此指標只反映及富達基金 ( 香港 ) 有限公司對有關成分基金之看法 宏利並不是一種財務工具, 亦不應依賴作為投資建議及選取成分基金的根據 請注意只供參考, 並不應視為代替個別情況之詳細投資建議及選取成分基金的根據, 您應該徵詢專業的財務意見 本公司概不會就上述所載資料被視作為投資建議而引致的任何損失負責 The Manulife Risk/Return Meter is developed and regularly reviewed by annually It represents only the views of Manulife Asset Management (Hong Kong) Limited and FIL Investment Management (Hong Kong) Limited in respect of the relevant constituent funds The Manulife Risk/Return Meter is not a financial tool and shall not be relied upon to make any investment decisions and selection of constituent funds Note that the Risk/Return Meter is for reference only and is not a substitute for independent professional advice Manulife does not provide advice regarding appropriate investment allocations and selection of constituent funds You should seek independent professional financial advice We are not responsible for any loss occasioned as a result of relying on such information as investment advice 5 平均成本法回報的計算是在指定期內將最終資產淨值比較總投資金額得出 ; 方法是在每月最後一個交易日定額投資同一基金內, 以當時基金價格 ( 每單位資產淨值 ) 購入適量基金單位, 總投資金額則等於在指定期間內每月供款的總額 ; 而最終資產淨值則由在指定期內所購得的基金單位總數乘以該期間最後一個交易日的基金價格 ( 每單位資產淨值 ) 而得出 平均成本法之累積回報及每年平均回報均提供以作參考, 惟數據僅作舉例用途 資料來源 : 晨星及宏利人壽保險 ( 國際 ) 有限公司 ( 只提供宏利 MPF 利息基金 ) The Dollar Cost Averaging Return is calculated by comparing the total contributed amount over the specified period with the final NAV (net asset value) A constant amount is used to purchase fund units at the prevailing fund price (NAV per unit) on the last trading day of every month over the specified period The total contributed amount is the sum of all such monthly contributions The final NAV is arrived by multiplying the total units cumulated over the specified period with the fund price (NAV per unit) on the last trading day of such period The cumulative and annualized returns of Dollar Cost Averaging are provided for reference, and the figures are for illustrative purposes only Source: Morningstar and Manulife (International) Limited (for Manulife MPF Interest Fund only) 6 " 十大資產 " 內列出基金投資組合內的十大證券 ( 不包括現金及其他 ) 基金投資組合可能持有少於十項證券 "Top 0 portfolio holdings" lists out the largest 0 security holdings (ie not including cash and others) of the fund portfolio The fund portfolio may have less than 0 security holdings 7 核心累積基金參考組合 及 65 歲後基金參考組合 乃強積金業界建立之參考組合, 並由香港投資基金公會公布, 旨在就預設投資策略成分基金 ( 即核心累積基金與 65 歲後基金 ) 各自的表現及資產分配提供一套共同的參考依據 有關參考組合將定期進行檢討並可能有所更改 更多及最新有關參考組合的資料, 請瀏覽香港投資基金公會網站 wwwhkifacomhk Core Accumulation Fund ( CAF ) Reference Portfolio and Age 65 Plus Fund ( A65F ) Reference Portfolio are the MPF industry developed reference portfolio and published by the Hong Kong Investment Funds Association for the purpose of providing a common reference point for performance and asset allocation of the DIS constituent funds, ie the CAF and A65F respectively The reference portfolio is subject to review on regular basis and may change For more and the latest information about the reference portfolio, please visit the website of the Hong Kong Investment Funds Association at wwwhkifacomhk 截至 208 年 3 月 3 日止財政年度的 成分基金的會於基金概覽匯報日與基金的成立日期相隔兩年及以後提供 Fund expense ratio for financial period ended March 3, 208 for the constituent fund will be shown after the period between the reporting date of the fund fact sheet and the launch date of the fund reaches 2 years and thereafter 請注意宏利 MPF 中華威力基金沒有招致旗下投資項目的業績表現年費 ( 涵蓋截至 208 年 3 月 3 日止之財政年度 ) Please note that Manulife MPF China Value Fund does not incur any Performance Fee of underlying investments over the financial year ended March 3, 208 9