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2 BCT BCT

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6 Figure 1: #1 #2 #3 #4 Figure 3: #3 ) #4 #2 ) ) B ) Annualised Annualised Return in the Past 10 Years* Volatility in the Past 10 Years* Return Per Unit of Volatility** #1 A ) e BCT BCT BCT BCT(BCT MPF) BCT BCT Connect BCT Express BCT Annual Highlights Diversify Risk by Asset Allocation to Regular Review and Adjustment of Match the Needs Asset Allocation Asset allocation has a very important function in The asset weighting within an investment portfolio the retirement planning process today. First of will sometimes deviate from the original one over all, it helps diversify investment risks and enhance time. The same reason applies: different assets are the stability of the investment portfolio. Different performing at different paces. Moreover, the risk asset classes and markets can perform very tolerance level of investors would also decline as differently in direction and magnitude amidst they age. In order to meet the targets of a retirement economic changes. For example, bonds usually plan, it is necessary to review the portfolio regularly provide more stable returns than equities during (e.g. once every six months), and strictly follow the an economic downturn, while the performance of rule of making suitable rebalancing to the portfolio equities in different regions could be very diverse weighting. within the same period of time. We can see the difference by comparing the performance of the It is never an easy task to rebalance the allocation of US and the Chinese stock markets over the past a portfolio, especially when experienced investors 5 years (as shown in Figure 1). Therefore, given (who tend to be confident in their own investment the uncertainties in the current markets are still ideas) always think they are made to sell a profitable on the high side, investment for a retirement plan investment without maximising the profits. In this should avoid excessive concentration, and should situation, investors could consider making use be dispersed among different asset classes with of the Core and Satellite Investment Approach. low correlations. In addition, the features of an According to this approach, majority of the portfolio investment portfolio should match its investors assets (e.g. 80%) will be invested in the core part risk tolerance level and return expectation. While a such as mixed asset funds, or in a combination of relatively stable portfolio is obviously unacceptable global equity funds and global bond funds, for a if it offers less-than-expected return, a blind pursuit long period of time and in a disciplinary fashion. For of high returns that ignores investment risks is also the remaining part, investors could take advantage undesirable in terms of investment outcome. The of market opportunities or base on their personal following example can illustrate this situation: preferences to invest in riskier assets (such as single markets or sector funds). The benefits of Assume that Mr. Chan requires an annual this approach are that the non-core part could help investment return of 4.8% to achieve his retirement enhance return potential, without bringing too much goal, and his risk tolerance level is an annual asset negative impact on the entire portfolio in case of value volatility of 10% (this is roughly equivalent to poor performance. the medium risk level as defined in the BCT s MPF schemes). If taking the investment performance of For less experienced investors, they may consider the past 10 years as a reference, neither choice #1 choosing unit trust funds as a major investment (with Fund A invested in a global equity index) nor vehicle for their retirement plans, since the fund #2 (with Fund B invested in a global bond index) portfolios will have a certain degree of asset in Figure 2 can meet Mr. Chan s requirements. diversification, and they are also managed by Instead, only choice #3 can fulfil his needs, as it professional investment managers. For investors allocates equal weights of assets to Funds A and B with lesser experience or who are too busy to to adjust the portfolio s return and volatility. In case take care of their retirement investment, they Mr. Chan needs to change the allocation of Funds may consider investing in target date funds. The A and B afterwards, he may also make reference investment portfolio of this fund type consists of to the curve (i.e. the efficient frontier) in Figure 3 to equities and bonds, with their respective weightings predict the relatively reasonable returns at different being adjusted automatically in accordance to the levels of volatilities. age of the investors. The further away from the retirement age, the more equities the fund would Meanwhile, it is worth to note that the optimal invest in to increase the return potential. The bond portfolio weightings between the two Funds weighting would be increased when investors mentioned should actually be 30% in Fund A approach retirement, helping reduce the risk and and 70% in Fund B (as represented by choice offer return stability. #4 in Figure 2). The reason is that it has the highest return per unit of volatility (0.55%). All in all, the ideal asset allocation for retirement Nevertheless, since the return of this optimal investment can help investors to remain emotionally portfolio fails to meet the return requirement, stable during market fluctuations. It may also help Mr. Chan needs to seek for more returns by increase the opportunities for better return potential. investing more into equities, thereby taking on However, investors should bear in mind that returns additional investment risks. are not guaranteed, and investment amount may need to increase under certain situations to help achieve the retirement goal, and asset allocation should also be supported by a certain level of product knowledge and market information. Therefore, investors should never rule out any assistance from professional financial advisers when necessary. Important notes 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. Please read the principal brochure of BCT (MPF) Pro Choice and BCT (MPF) Industry Choice for further details, including the risk factors. BCT BCT BCT S&P 500 Index 13.7% 32.4% 15.8% 2.0% 15.4% 500 CSI 300 Index 52.1% -2.54% 10.7% -20.6% -8.2% 300 Calendar Year Return^ ^ ^ Source: Lipper, data as of 31 December 2014, in HKD with dividend reinvested. : Figure 2: Mr. Chan Required annual return from the retirement plan: 4.8% 4.8% 10.0% Risk tolerance level annual asset value volatility of 10.0% Choice Asset Portfolio Fund A (tracking the performance of MSCI World Index) A Fund B (tracking the performance of Citi World Government Bond Index) B 50% Fund A + 50% Fund B 50% A + 50% B 6.6% 15.9% 0.41% 3.1% 6.6% 0.46% 30% Fund A + 70% Fund B 30% A + 70% B * Source: Lipper and BCT Financial Limited, data as of 31 December, 2014, in HKD with dividend reinvested. The calculation of annualised return and volatility are based on the Optimise a Retirement Plan with Asset Allocation 4.8% 9.3% 0.52% return and volatility figures of the last years for investing with different weights into MSCI World Index and the Citi World Government Bond Index. This is a hypothetical case and all figures contained therein are for illustrative purpose only. Past performance is not indicative of future performance. : ** Return per Unit of Volatility = Annualised Return in the Past 10 Years / Annualised Volatility in the Past Years = 10 / 10 (Portfolio after adjustment (optimal portfolio (Fund B, all bonds Risk & Return* * Annualised Return in the Past 10 Years (%)* Annualised Volatility in the Past 10 Years 10 (%)* Portfolio of Fund A & Fund B A B 4.1% 7.4% 0.55% 2 3 December 2014 Version BCT-246T (Fund A, all stocks BCT 3

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9 $7,100 $280 $30,000 $1,000 (1) $45,000 $45,000 x 5% = $2,250 $1,500 $45,000 x 5% = $2,250 $1,500 $15,000 $15,000 x 5% = $750 $15,000 x 5% = $750 $7,000 $7,000 x 5% = $350 6 BCT

10 (2) = $1,000 x 15 = $15,000 = $280 x 15 = $4,200 $16,000 $1,000 x 15 x 5% = $750 $1,000 x 15 x 5% = $750 $5,000 $5,000 x 5% = $250 $5,000 x 5% = $250 $4,000 $4,000 x 5% = $ % 5% BCT 7

11 $280 $10 $280 $350 $15 $15 $350 $450 $20 $20 $450 $550 $25 $25 $550 $650 $30 $30 $650 $750 $35 $35 $750 $850 $40 $40 $850 $950 $45 $45 $950 $50 $50 $110 $10 $350 $20 $20 $800 $40 $40 = $250 1 $3,300 6 $9, $250 / 1 = $250 $3,300 / 6 = $550 $9,600 / 12 =$800 $10 x 1 = $10 $30 x 6 = $180 $40 x 12 = $480 $30 x 6 = $180 $40 x 12 = $480 8 BCT

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ch_code_infoaccess 地產代理監管局公開資料守則 2014 年 5 月目錄引言第 1 部段數適用範圍 1.1-1.2 監管局部門 1.1 紀律研訊 1.2 提供資料 1.3-1.6 按慣例公布或供查閱的資料 1.3-1.4 應要求提供的資料 1.5 法定義務及限制 1.6 程序 1.7-1.19 公開資