Market Review And Outlook JUNE 2007
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1 Market Review And Outlook JUNE 2007 % Major Market Indices Source: Micropal, as of June.30, 2007, in USD. HONG KONG Hang Seng Index gained 5.5% in June, boosted by the relaxation of restrictions on Chinese overseas investments. At sector level, industry and trade performed well, while utilities underperformed. The special administrative region continued to benefit from the economic expansion in China, while appreciation in the renminbi raised expectations of greater revenue from tourists from the Chinese mainland. ASIA PACIFIC (ex. Japan) Asia Pacific markets registered significant returns during the month, outperforming global equities. Strong capital inflows and positive economic data boosted share prices in the region. The FTSE AW Asia Pacific (ex Japan, India and Pakistan) Index returned 3.6% in June. Among the major markets, Taiwan was the best performer. Its benchmark index surged to a seven-year high, gaining 9.1% over the month, propelled by a significant increase in portfolio inflows. Korea s benchmark KOSPI rose by 2.5% in June. Transport equipment companies, particularly shipbuilders, performed well, while merchandisers detracted from gains. Australian equities failed to sustain gains and ended the month in negative territory. While the telecommunications and consumer discretionary sectors lagged, materials and energy posted the best gains in June. The smaller markets continued to rise. JAPAN In June, the broad-based Topix returned 1.1%, outperforming most other developed markets (in local currency terms). Japanese equities got off to a bright start, spurred by solid gains in US stocks and a decline in the value of the yen. Small-cap and start-up markets achieved positive returns for the first time since the start of the year, outperforming large-caps in the process. At the beginning of June, the government upgraded its estimate of first-quarter GDP by 0.9 percentage points to 3.3% annualised. Japan s trade surplus increased for the seventh consecutive month in May, rising by 9.3% year-onyear. The rate of growth in export volumes to Europe and Asia increased, compensating for a further decline in those bound for the US. US A sharp rise in bond yields hampered growth in the US equity market. The yield on the ten-year benchmark Treasury note touched its highest level since April 2002 amid apprehensions about key central banks tightening their stance on monetary policy. Stock markets were also hit by recurring fears about credit problems caused by sub-prime mortgages after two hedge funds with significant holdings in subprime mortgage-based securities reported heavy losses. Returns from the S&P 500 Composite Index fell by 1.7% and the Dow Jones Industrial Average declined by 1.5%. The Federal Reserve maintained the Federal Funds rate at 5.25% at its June meeting, but reiterated its concern about inflationary pressures in the economy. According to the Department of Commerce, the final GDP growth rate for the first quarter stood at 0.7%, the slowest pace since the fourth quarter of EUROPE European equities fell during the month amid concerns that rising borrowing costs may lower earnings growth in the region. The MSCI Europe ex UK Index returned -1% in June. Investors were also concerned about an increase in oil prices. However, continued merger speculation in the region provided support to equities. At sector level, energy companies took the lead while real-estate firms lagged. Additionally, large companies outperformed their medium and small-sized peers. French consumer confidence rose to a record high, led by a fall in unemployment. According to a flash estimate by Eurostat, annual inflation in the eurozone was estimated at 1.9% in June, below the 2% target set by the European Central Bank. However, in order to curb medium- to long-term inflation, the central bank increased interest rates by a quarter of a percentage point to 4%. In the UK, the Bank of England (BoE) kept interest rates on hold at 5.5% during June. While inflation slowed in May, house price trends remained robust in June, recording an annual growth rate of 11.1%, its highest level since January BOND Japanese government bonds returned -0.5% in June, closely following the US bond markets. Interest-rate futures suggest that investors expect the BoJ to raise interest rates once by September. UK gilts generated returns of -1.3% in June. The market moved in tandem with global economies after the former Federal Reserve Chairman Alan Greenspan said that interest rates might rise in developed countries as Emerging Market economies expand and buy fewer treasuries. Investment-grade corporate bonds returned -1.3% over the month. Within the corporate market, worries about the US sub-prime mortgage sector prompted investors to move to safer havens. Fidelity Retirement Hotlines For MPF members For ORSO members Fidelity Website
2 FIDELITY RETIREMENT MASTER TRUST FIDELITY-ONLY FUNDS Hong Kong Equity Fund Fund Asset Allocation Top 5 Holdings Fund Price & Cumulative Performance Asia Pacific Equity Fund Fund Asset Allocation Top 5 Holdings Fund Price & Cumulative Performance Global Equity Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings Growth Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings
3 MPF FIDELITY-ONLY FUNDS Balanced Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings Stable Growth Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings Capital Stable Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings Hong Kong Bond Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings
4 FIDELITY RETIREMENT MASTER TRUST FIDELITY-ONLY FUNDS World Bond Fund Fund Asset Allocation Top 5 Holdings Fund Price & Cumulative Performance Capital Preservation Fund Fund Price & Cumulative Performance Fund Asset Allocation MULTIMANAGER LIFECYCLE FUNDS MultiManager Growth Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings MultiManager Balanced Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings
5 MPF MULTIMANAGER LIFECYCLE FUNDS MultiManager Stable Growth Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings MultiManager Capital Stable Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings
6 FIDELITY ADVANTAGE PORTFOLIO FUND FIDELITY-ONLY FUNDS Hong Kong Equity Fund Fund Asset Allocation Top 5 Holdings Fund Price & Cumulative Performance Asia Pacific Equity Fund Fund Asset Allocation Top 5 Holdings Fund Price & Cumulative Performance Global Equity Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings Growth Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings
7 ORSO FIDELITY-ONLY FUNDS Balanced Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings Stable Growth Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings Capital Stable Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings Hong Kong Bond Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings
8 FIDELITY ADVANTAGE PORTFOLIO FUND FIDELITY-ONLY FUNDS World Bond Fund Fund Asset Allocation Top 5 Holdings Fund Price & Cumulative Performance HK Dollar Money Fund Fund Price & Cumulative Performance Fund Asset Allocation Hong Kong Interest Rate US Dollar Money Fund Fund Price & Cumulative Performance Fund Asset Allocation US Interest Rate & Bond Yield MULTIMANAGER LIFECYCLE FUNDS MultiManager Growth Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings
9 ORSO MULTIMANAGER LIFECYCLE FUNDS MultiManager Balanced Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings MultiManager Stable Growth Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings MultiManager Capital Stable Fund Fund Price & Cumulative Performance Fund Asset Allocation Top 5 Holdings SUPERMARKET FUNDS Fidelity Advantage Portfolio Fund - First State Hong Kong Growth Fund Fund Price & Cumulative Performance Underlying Fund's Geographical Breakdown Underlying Fund's Top 5 Holdings
10 FIDELITY ADVANTAGE PORTFOLIO FUND SUPERMARKET FUNDS Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio Fund Price & Cumulative Performance Underlying Fund's Asset Allocation Underlying Fund's Top 5 Holdings Fidelity Advantage Portfolio Fund - INVESCO Asian Equity Fund Fund Price & Cumulative Performance Underlying Fund's Geographical Breakdown Underlying Fund's Top 5 Holdings Fidelity Advantage Portfolio Fund - Templeton Global Fund Fund Price & Cumulative Performance Underlying Fund's Geographical Breakdown Underlying Fund's Top 5 Holdings Fidelity Advantage Portfolio Fund - Crédit Agricole Global Bond Fund Fund Price & Cumulative Performance Underlying Fund's Geographical Breakdown Underlying Fund's Top 5 Holdings
11 SUPERMARKET FUNDS Fidelity Advantage Portfolio Fund - Schroder Asian Bond Fund Fund Price & Cumulative Performance Underlying Fund's Geographical Breakdown Underlying Fund's Top 5 Holdings Dollar Cost Averaging Dollar Cost Averaging is an important concept for you as a retirement scheme member as your contributions are made on a regular, rather than lump sum, basis. How does it work? Dollar Cost Averaging, with regular contributions into a fund, means that when the fund price goes down, you will buy more units, and when the price goes up you will buy fewer units. So the unit cost of your investment is averaged out and the impact of fund price fluctuation is reduced. To establish the value of this system, let s compare the accumulated value over a six-month period to the total invested contributions. Total contributions made Total balance Date Contributions to a fund Price(A) Units bought (B) Accumulated units (C) (D) (A X C) Dec 31 $1,000 $ $1,000 $1,000 Jan 31 $1,000 $ $2,000 $1,905 Feb 28 $1,000 $ $3,000 $3,045 Mar 31 $1,000 $ $4,000 $4,179 Apr 30 $1,000 $ $5,000 $4,846 May 31 $1,000 $ $6,000 $5,945 Jun 31 $ $6,000 $6,242 Dollar Cost Averaging return : 4.0% Fund price performance The end-to-end price performance of the fund is 0.0% for the six-month period; the price starts and ends at $ This may not be an accurate indication of an investor s actual performance.= Dollar Cost Averaging return The Dollar Cost Averaging return is 4.0%, calculated from the unrealised gain of $242 on total contributions of $6,000 (242/6,000 = 4.0%). The Dollar Cost Averaging return will be a more accurate indication of return on your investment, as long as your contributions are regular and made at the end of each month. It can be higher or lower than the price performance of the fund in different market conditions. The above figures are for illustrative purposes only to describe the methodology, and are not indicative of the actual return likely to be achieved by the investor. The contribution of the last month is excluded from the calculation as no performance can be attributed to that portion of the investment. Dollar Cost Averaging returns can be provided for 1-year, 3-year and 5-year periods. The six-month period illustrated serves as an example. This illustration has been provided by Gadbury Group Limited, using prices on the last day of each month.
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