BEA (MPF) Growth Fund To achieve long term capital appreciation within a controlled risk-return framework through investing mainly in global equities

Transcription

1 BEA (MPF) Master Trust Scheme Fund Fact Sheet 東亞 ( 強積金 ) 集成信託計劃基金概覽 As of 截至 1/12/2017 IMPORTANT : BEA (MPF) Master Trust Scheme offers different constituent funds (i) investing in one or more approved pooled investment funds and/or approved index-tracking funds which invest in equities or bonds; or (ii) making direct money market investments, each with different risk profile. BEA (MPF) Long Term Guaranteed Fund invests solely in an approved pooled investment fund in a form of insurance policy provided by Principal Insurance Company (Hong Kong) Limited. A guarantee is also given by Principal Insurance Company (Hong Kong) Limited. Your investment in this constituent fund, if any, is therefore subject to the credit risk of Principal Insurance Company (Hong Kong) Limited. Please refer to the Remark 6 in the last page of this Fund Fact Sheet and the Appendix 1 of the Explanatory Memorandum of the BEA (MPF) Master Trust Scheme for details of the credit risk, guarantee features and guarantee conditions of this constituent fund. If you are currently investing in BEA (MPF) Long Term Guaranteed Fund, a withdrawal of the accrued benefits on ground of terminal illness may affect your entitlement to the guarantee and you may lose your guarantee. For details, please check the scheme offering document or consult your trustee before making any such withdrawal. BEA (MPF) Conservative Fund does not provide any guarantee of the repayment of capital. You should consider your own risk tolerance level and financial circumstances before investing in the MPF default investment strategy ( DIS ). You should note that the BEA (MPF) Core Accumulation Fund and the BEA (MPF) Age 65 Plus Fund under BEA (MPF) Master Trust Scheme (collectively the DIS Funds ) may not be suitable for you, and there may be a risk mismatch between the DIS Funds and your risk profile (the resulting portfolio risk may be greater than your risk preference). You should seek financial and/or professional advice if you are in doubt as to whether the DIS is suitable for you, and make the investment decision most suitable for you taking into account your circumstances. You should note that the implementation of the DIS may have an impact on your MPF investments and benefits. You should consult with your trustee if you have doubts on how you are being affected. You should consider your own risk tolerance level and financial circumstances before making investment choices. When, in your selection of constituent funds, you are in doubt as to whether a certain constituent 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 constituent fund(s) most suitable for you taking into account your circumstances. You should not invest based on this document alone. Investments inherently involve risk and the unit prices of the constituent funds may go down as well as up. Past performance stated in this document is not indicative of future performance. For further details including the product features, fees and charges, and the risk factors involved, please refer to the Explanatory Memorandum of the BEA (MPF) Master Trust Scheme. 重要事項 : 東亞 ( 強積金 ) 集成信託計劃提供不同的成分基金 :(i) 投資於一個或以上的核准匯集投資基金及 / 或核准緊貼指數基金 ( 投資於股票或債券 ); 或 (ii) 直接投資於貨幣市場 各成分基金有不同的風險承擔 東亞 ( 強積金 ) 保證基金只投資於以美國信安保險有限公司提供以保單形式成立的核准匯集投資基金, 而有關保證亦由美國信安保險有限公司提供 因此, 閣下於此項成分基金的投資 ( 如有 ), 將受美國信安保險有限公司的信貸風險所影響 有關此項成分基金的信貸風險 保證特點及保證條件, 請參閱本基金概覽尾頁的附註 6 及東亞 ( 強積金 ) 集成信託計劃的說明書附件 1 如你現時投資於東亞 ( 強積金 ) 保證基金, 當以罹患末期疾病的理由行使從該保證基金提取累算權益的權利可能影響你享有保證的資格及失去保證回報 有關詳情請查閱計劃的銷售刊物或於作出任何有關累算權益的提取前向你的受託人查詢 東亞 ( 強積金 ) 保守基金並不提供任何退還資本的保證 投資強積金預設投資策略前, 你應衡量個人可承受風險的程度及財務狀況 你應注意東亞 ( 強積金 ) 集成信託計劃的東亞 ( 強積金 ) 核心累積基金及東亞 ( 強積金 )65 歲後基金 ( 統稱為 預設投資策略基金 ) 不一定適合你, 且預設投資策略基金及你的風險取向之間或存在風險錯配 ( 即投資組合之風險或會大於你的風險承受能力 ) 如你就預設投資策略是否適合你有任何疑問, 你應徵詢財務及 / 或專業人士之意見, 並因應你的個人情況而作出最適合你的投資決定 你應注意, 實施預設投資策略後或會影響你的強積金投資及權益 如你就你或會受到之影響有任何疑問, 你應向你的受託人查詢 在作出投資選擇前, 閣下必須衡量個人可承受風險的程度及財政狀況 在選擇成分基金時, 如閣下對若干成分基金是否適合閣下 ( 包括該成分基金是否符合閣下的投資目標 ) 有任何疑問, 閣下應諮詢財務及 / 或專業人士的意見, 並因應閣下的個人狀況而選擇最適合閣下的成分基金 閣下不應只根據此文件作出投資 投資附帶風險, 成分基金單位價格可跌可升 此文件所載的過往表現不能作為日後表現的指標 有關詳情, 包括產品特點 收費及所涉及的風險因素, 請參閱東亞 ( 強積金 ) 集成信託計劃的說明書 MPF 007 (12/2017)

2 BEA (MPF) Growth Fund To achieve long term capital appreciation within a controlled risk-return framework through investing mainly in global equities with some exposure in global debt securities / money market instruments. 透過以全球股票為投資對象, 亦有少量比重投資於全球債券 / 貨幣市場, 在波動程度備受管理範圍內, 盡量為投資提供長期資本增值 Equity 股票 77.5% Bond 債券 20.2% Other Bonds 其他債券 2.5% JPY Bonds 日圓債券 2.4% EUR Bonds 歐羅債券 4.9% USD Bonds 美元債券 10.0% HKD Bonds 港元債券 0.4% Other Equities 其他股票 11.2% Japanese Equities 日本股票 9.0% 4 2.% Cash & Others % Million (HK$) 百萬 ( 港元 ) :,7.7 Launch Date 推出日期 :1/12/2000 每單位資產淨值 ( 港元 ) : Mixed Assets Fund Global Maximum 90% in equity 混合資產基金 環球 最多 90% 於股票 Latest Fund Expense Ratio HK Equities 香港股票 26.0% :1.44% US Equities 美國股票 16.% European Equities 歐洲股票 15.0% 東亞 ( 強積金 ) 增長基金 Annualised Standard Deviation 年度標準差 :8.85% 22.48% 6.20% 6.06% 2.14% 4.7% 22.48% 19.78% 4.22% 2.55% % Calendar Year Return % 7.61% % 12.7% 11.25% 0.72% -4.07% 1.94% 22.48% TENCENT HOLDINGS LTD 騰訊控股.17% AIA GROUP LTD 友邦保險 2.02% ICBC - H 中國工商銀行 - H 1.61% CHINA CONSTRUCTION BANK CORPORATION - H 中國建設銀行 - H 1.60% PING AN INSURANCE - H 中國平安保險 - H 1.60% HONG KONG EXCHANGES & CLEARING LTD 香港交易所 1.47% HSBC HOLDINGS PLC 滙豐控股 1.44% SAMSUNG ELECTRONICS CO LTD 0.9% LINK REAL ESTATE INVESTMENT TRUST 領展 0.84% GEELY AUTOMOBILE HOLDINGS 吉利汽車 0.84% We kept a positive stance on equities during the fourth quarter of We remain our positive stance in the U.S. tax reform which President Trump signed into law in late December, as it will help to further boost growth in the coming years. Over four months after its federal election, Germany s political parties have yet to reach agreement on a new government. Angela Merkel s centre-right Christian Democratic Union party looks set to finally form a coalition with the centre-left Social Democrats around the start of February, but the ongoing uncertainty has weighed on the market throughout the fourth quarter of Encouraged by the strength of the domestic economy and the possibility of stronger-than-expected inflation, the Bank of Korea raised its benchmark interest rate. This was the first time the Bank of Korea has raised rates since 2011 and flags the start of a new rate cycle. The strong economic data in the U.S. and eurozone will continue to support the interest rate normalisation policy implemented by central banks, which could cause some short-term volatility for global bond markets. Despite the rising yield environment, we continue to be positive on the global bond market due to 1) interest rate hikes on a gradual basis, 2) adequate global liquidity, and ) persistently low inflation 年第 4 季, 我們維持對股票的正面態度 總統特朗普於 12 月底就稅務改革簽署法案, 有助刺激未來數年進一步增長, 因此我們對此維持正面的態度 受到本地經濟強勁以及通脹較預期為高的鼓舞, 韓國央行上調基準利率 這是韓國央行自 201以來加息, 並象徵新息率周期的開始 美國及歐元區強勁的經濟數據將會持續支持各國央行的息率正常化政策, 這可能導致環球債券市場出現短期波動 儘管在息率上升的環境, 但鑒於 1) 加息速度緩慢 2) 環球流動性充裕 及 ) 通脹持續低企, 我們仍然對環球債券市場持正面態度 BEA (MPF) Balanced Fund To achieve a stable rate of return with an opportunity for capital appreciation through a balanced weighting of investments in global equities and debt securities. 透過平均投資於全球股票及債券市場, 為投資帶來平穩增長 ; 同時亦提供資本增值機會 Equity 股票 57.1% Bond 債券 9.5% 4.4% Million (HK$) 百萬 ( 港元 ) :1, Launch Date 推出日期 :1/12/2000 每單位資產淨值 ( 港元 ) : Mixed Assets Fund Global Maximum 60% in equity 混合資產基金 環球 最多 60% 於股票 Latest Fund Expense Ratio HK Equities 香港股票 18.8% US Equities 美國股票 12.2% Cash & Others 4 4.4% Other Bonds 其他債券 5.1% JPY Bonds 日圓債券 4.8% EUR Bonds 歐羅債券 9.7% USD Bonds 美元債券 19.2% :1.9% European Equities 歐洲股票 11.1% Japanese Equities 日本股票 6.5% Other Equities 其他股票 8.5% HKD Bonds 港元債券 0.7% 東亞 ( 強積金 ) 均衡基金 Annualised Standard Deviation 年度標準差 :6.70% 17.% 4.91% 4.59% 2.18% 4.09% 17.% 15.47% 25.1% 24.0% 98.0% Calendar Year Return % 6.9% -7.0% 10.14% 7.24% 1.05% -.25% 1.71% 17.% TENCENT HOLDINGS LTD 騰訊控股 2.1% AIA GROUP LTD 友邦保險 1.47% CHINA CONSTRUCTION BANK CORPORATION - H 中國建設銀行 - H 1.17% PING AN INSURANCE - H 中國平安保險 - H 1.16% ICBC - H 中國工商銀行 - H 1.15% HONG KONG EXCHANGES & CLEARING LTD 香港交易所 1.06% HSBC HOLDINGS PLC 滙豐控股 1.04% UK GOVT 1.50% 22/07/ % SAMSUNG ELECTRONICS CO LTD 0.70% FRANCE GOVT 2.25% 25/05/ % We kept a positive stance on equities during the fourth quarter of We remain our positive stance in the U.S. tax reform which President Trump signed into law in late December, as it will help to further boost growth in the coming years. Over four months after its federal election, Germany s political parties have yet to reach agreement on a new government. Angela Merkel s centre-right Christian Democratic Union party looks set to finally form a coalition with the centre-left Social Democrats around the start of February, but the ongoing uncertainty has weighed on the market throughout the fourth quarter of Encouraged by the strength of the domestic economy and the possibility of stronger-than-expected inflation, the Bank of Korea raised its benchmark interest rate. This was the first time the Bank of Korea has raised rates since 2011 and flags the start of a new rate cycle. The strong economic data in the U.S. and eurozone will continue to support the interest rate normalisation policy implemented by central banks, which could cause some short-term volatility for global bond markets. Despite the rising yield environment, we continue to be positive on the global bond market due to 1) interest rate hikes on a gradual basis, 2) adequate global liquidity, and ) persistently low inflation 年第 4 季, 我們維持對股票的正面態度 總統特朗普於 12 月底就稅務改革簽署法案, 有助刺激未來數年進一步增長, 因此我們對此維持正面的態度 受到本地經濟強勁以及通脹較預期為高的鼓舞, 韓國央行上調基準利率 這是韓國央行自 201以來加息, 並象徵新息率周期的開始 美國及歐元區強勁的經濟數據將會持續支持各國央行的息率正常化政策, 這可能導致環球債券市場出現短期波動 儘管在息率上升的環境, 但鑒於 1) 加息速度緩慢 2) 環球流動性充裕 及 ) 通脹持續低企, 我們仍然對環球債券市場持正面態度 1

3 BEA (MPF) Stable Fund To minimise short-term capital risk with modest capital growth over the long term through a higher weighting of investments in global debt securities to provide steady income and lower exposure to global equities to provide modest potential for capital appreciation. 透過偏重投資於全球債券市場及較少比重投資於全球股票市場, 為投資盡量減低短期資本波動, 以維持穩定的資本價值及賺取平穩收益, 同時亦提供若干長遠資本增值潛力 Equity 股票 6.7% Bond 債券 55.% Cash & Others % Other Bonds 其他債券 7.6% JPY Bonds 日圓債券 7.2% EUR Bonds 歐羅債券 14.5% 4 8.0% Million (HK$) 百萬 ( 港元 ) :1,909.8 Launch Date 推出日期 :1/12/2000 每單位資產淨值 ( 港元 ) : Mixed Assets Fund Global Maximum 40% in equities 混合資產基金 環球 最多 40% 於股票 Latest Fund Expense Ratio HK Equities 香港股票 12.2% US Equities 美國股票 8.1% :1.5% European Equities 歐洲股票 7.1% Japanese Equities 日本股票.9% Other Equities 其他股票 5.4% HKD Bonds 港元債券 0.5% USD Bonds 美元債券 25.5% 東亞 ( 強積金 ) 平穩基金 Annualised Standard Deviation 年度標準差 :4.99% 12.2%.% 2.97% 2.04%.59% 12.2% 10.4% 15.75% 22.42% 82.86% Calendar Year Return % 5.29% -.77% 7.67%.62% 1.24% -.12% 1.9% 12.2% TENCENT HOLDINGS LTD 騰訊控股 1.50% UK GOVT 1.50% 22/07/ % AIA GROUP LTD 友邦保險 0.95% FRANCE GOVT 2.25% 25/05/ % OCBC 4.00% 15/10/ % CHINA CONSTRUCTION BANK CORPORATION - H 中國建設銀行 - H 0.77% PING AN INSURANCE - H 中國平安保險 - H 0.74% JAPAN GOVT 1.80% 20/06/ % ICBC - H 中國工商銀行 - H 0.7% HRAM 4.95% 07/11/ % We kept a positive stance on equities during the fourth quarter of We remain our positive stance in the U.S. tax reform which President Trump signed into law in late December, as it will help to further boost growth in the coming years. Over four months after its federal election, Germany s political parties have yet to reach agreement on a new government. Angela Merkel s centre-right Christian Democratic Union party looks set to finally form a coalition with the centre-left Social Democrats around the start of February, but the ongoing uncertainty has weighed on the market throughout the fourth quarter of Encouraged by the strength of the domestic economy and the possibility of stronger-than-expected inflation, the Bank of Korea raised its benchmark interest rate. This was the first time the Bank of Korea has raised rates since 2011 and flags the start of a new rate cycle. The strong economic data in the U.S. and eurozone will continue to support the interest rate normalisation policy implemented by central banks, which could cause some short-term volatility for global bond markets. Despite the rising yield environment, we continue to be positive on the global bond market due to 1) interest rate hikes on a gradual basis, 2) adequate global liquidity, and ) persistently low inflation 年第 4 季, 我們維持對股票的正面態度 總統特朗普於 12 月底就稅務改革簽署法案, 有助刺激未來數年進一步增長, 因此我們對此維持正面的態度 受到本地經濟強勁以及通脹較預期為高的鼓舞, 韓國央行上調基準利率 這是韓國央行自 201以來加息, 並象徵新息率周期的開始 美國及歐元區強勁的經濟數據將會持續支持各國央行的息率正常化政策, 這可能導致環球債券市場出現短期波動 儘管在息率上升的環境, 但鑒於 1) 加息速度緩慢 2) 環球流動性充裕 及 ) 通脹持續低企, 我們仍然對環球債券市場持正面態度 BEA (MPF) Global Equity Fund To achieve long-term capital appreciation within a controlled risk-return framework through investing mainly in global equities with some exposure in global debt securities / money market instruments. 透過以全球股票為投資對象, 亦有少量比重投資全球債券 / 貨幣市場, 在波動程度備受管理範圍內, 盡量為投資提供長期資本增值 Equity 股票 94.5% Other Equities 其他股票 4.2% Asian (ex Japan & HK) Equities 亞洲 ( 日本 香港除外 ) 股票 1.2% HK Equities 香港股票 2.9% Japanese Equities 日本股票 6.4% European Equities 歐洲股票 18.% Cash & Others % Million (HK$) 百萬 ( 港元 ) :19.55 Launch Date 推出日期 :4/1/2010 每單位資產淨值 ( 港元 ) : Equity Fund Global 股票基金 環球 Cash & Others % Latest Fund Expense Ratio :1.1% US Equities 美國股票 61.5% We remain our positive stance in the U.S. tax reform which President Trump signed into law in late December, as it will help to further boost growth in the coming years. Over four months after its federal election, Germany s political parties have yet to reach agreement on a new government. Angela Merkel s centre-right Christian Democratic Union party looks set to finally form a coalition with the centre-left Social Democrats around the start of February, but the ongoing uncertainty has weighed on the market throughout the fourth quarter of Encouraged by the strength of the domestic economy and the possibility of stronger-than-expected inflation, the Bank of Korea raised its benchmark interest rate. This was the first time the Bank of Korea has raised rates since 2011 and flags the start of a new rate cycle. 東亞 ( 強積金 ) 環球股票基金 Annualised Standard Deviation 年度標準差 :9.22% 22.14% 8.64% 8.95% N/A 不適用 5.71% 22.14% 28.2% 5.52% N/A 不適用 55.87% Calendar Year Return N/A 不適用.22% -12.5% 12.2% 18.75% 0.82% 1.08%.87% 22.14% MICROSOFT CORP 2.68% APPLE INC 2.9% AMAZON.COM INC 2.29% VISA INC 2.28% ALPHABET INC 2.12% ORACLE CORPORATION 1.98% HOME DEPOT INC 1.85% PROCTER & GAMBLE CO 1.68% UNITEDHEALTH GROUP INCORPORATED 1.49% JPMORGAN CHASE & CO 1.47% 總統特朗普於 12 月底就稅務改革簽署法案, 有助刺激未來數年進一步增長, 因此我們對此維持正面的態度 受到本地經濟強勁以及通脹較預期為高的鼓舞, 韓國央行上調基準利率 這是韓國央行自 201以來加息, 並象徵新息率周期的開始 2

4 BEA (MPF) European Equity Fund 東亞 ( 強積金 ) 歐洲股票基金 To achieve long-term capital appreciation within a controlled risk-return framework through investing mainly in European equities with some exposure in European and other debt securities / money market instruments. 透過主要以歐洲股票為投資對象, 亦有少量比重投資歐洲及其他債券 / 貨幣市場, 在波動程度備受管理範圍內, 盡量為投資提供長期資本增值 Equity 股票 97.4% Cash & Others % Spain 西班牙 2.5% Belgium 比利時 2.7% Denmark 丹麥 4.0% Italy 意大利 5.2% Cash & Others % Other Equities 其他股票 5.4% Netherlands 荷蘭 6.2% Sweden 瑞典 6.9% Million (HK$) 百萬 ( 港元 ) :97.05 Launch Date 推出日期 :4/1/2010 每單位資產淨值 ( 港元 ) : Equity Fund Europe 股票基金 歐洲 Latest Fund Expense Ratio United Kingdom 英國 24.5% Germany 德國 17.8% France 法國 1.1% Switzerland 瑞士 9.1% :1.86% Annualised Standard Deviation 年度標準差 :11.11% 18.18% 6.91% 6.66% N/A 不適用.20% 18.18% 22.20% 8.0% N/A 不適用 28.65% Calendar Year Return N/A 不適用 -7.74% % 18.60% 21.5% -6.92% 1.90% 1.47% 18.18% BAYER AG 2.28% SIEMENS AG 2.11% SAP SE 1.90% NOVO NORDISK 1.88% ASTRAZENECA PLC 1.7% UBS GROUP AG 1.62% RECKITT BENCKISER GROUP 1.54% VOLKSWAGEN AG 1.48% NESTLE 1.42% AXA SA 1.2% Over four months after its federal election, Germany s political parties have yet to reach agreement on a new government. Angela Merkel s centre-right Christian Democratic Union party looks set to finally form a coalition with the centre-left Social Democrats around the start of February, but the ongoing uncertainty has weighed on the market throughout the fourth quarter of Despite political uncertainty, European equities achieved a stellar performance. MSCI s Europe index rose more than 20% in USD terms in 2017, although the appreciation of the euro against the U.S. dollar was a major contributory factor. 儘管存在政治不明朗因素, 歐洲股票錄得不俗的成績 摩根士丹利歐洲指數於 2017 年以美元計上升超過 20%, 然而歐元兌美元上升是促成表現的主要因素 BEA (MPF) North American Equity Fund 東亞 ( 強積金 ) 北美股票基金 To achieve long term capital appreciation within a controlled risk-return framework through investing mainly in North American equities with some exposure in North American and other debt securities / money market instruments. 透過主要投資於北美股票, 和部分比重投資於北美及其他債券 / 貨幣市場投資工具, 在波動程度備受管理範圍內, 盡量為投資提供長期資本增值 North American Equity 北美股票 96.9% 4.1% Cash & Others 4 4.1% Telecommunication Services 電訊服務 2.0% Real Estate 房地產 2.8% Utilities 公用事業 2.8% Materials 原材料 2.9% Energy 能源 5.9% Consumer Staples 必需消費品 7.9% Industrials 工業 9.9% Million (HK$) 百萬 ( 港元 ) :19.91 Launch Date 推出日期 :1/1/2012 每單位資產淨值 ( 港元 ) : Equity Fund North America 股票基金 北美 Latest Fund Expense Ratio :1.26% Information Technology 資訊科技 2.0% Financials 金融 14.4% Health Care 健康護理 1.4% Consumer Discretionary 非必需消費品 11.9% Annualised Standard Deviation 年度標準差 :9.77% 19.24% 9.18% 12.75% N/A 不適用 10.40% 19.24% 0.15% 82.18% N/A 不適用 79.64% Calendar Year Return N/A 不適用 N/A 不適用 N/A 不適用 -1.40% 26.2% 10.81% -0.54% 9.74% 19.24% APPLE INC.70% MICROSOFT CORP 2.79% AMAZON.COM INC 1.97% FACEBOOK INC 1.77% BERKSHIRE HATHAWAY 1.61% JPMORGAN CHASE & CO 1.59% JOHNSON & JOHNSON 1.59% EXXON MOBIL CORP 1.50% ALPHABET INC 1.4% ALPHABET INC CLASS A 1.% The expected negative impact of interest rate hikes on equities did not materialise. Inflation data has been mild and there is no longer any expectation of sharp rate hikes. We remain our positive stance in the U.S. tax reform which President Trump signed into law in late December, as it will help to further boost growth in the coming years. 加息預期對股票所帶來的負面影響未有發生 通脹數據溫和, 預期不會大幅加息 總統特朗普於 12 月底就稅務改革簽署法案, 有助刺激未來數年進一步增長, 因此我們對此維持正面的態度

5 BEA (MPF) Asian Equity Fund To achieve long term capital appreciation within a controlled risk-return framework through investing mainly in Asian ex-japan equities, with some exposure in debt securities / money market instruments. 透過主要投資於亞洲 ( 日本除外 ) 股票, 及部分比重投資於債券 / 貨幣市場投資工具, 在波動程度備受管理範圍內, 盡量為投資提供長期資本增值 Asian ex-japan Equity 亞洲 ( 日本除外 ) 股票 98.% 4 1.7% Cash & Others % Malaysia 馬來西亞 1.0% Indonesia 印尼 1.4% Philippines 菲律賓 2.1% Thailand 泰國 4.4% Singapore 新加坡 5.0% Hong Kong 香港 9.5% India 印度 10.1% Million (HK$) 百萬 ( 港元 ) :1,016.7 Launch Date 推出日期 :1/9/2005 每單位資產淨值 ( 港元 ) :25.52 Equity Fund Asia ex-japan 股票基金 亞洲 ( 日本除外 ) Latest Fund Expense Ratio China 中國 2.2% South Korea 南韓 19.6% Taiwan 台灣 1.0% :1.41% 東亞 ( 強積金 ) 亞洲股票基金 Annualised Standard Deviation 年度標準差 :1.80% 42.58% 9.81% 7.0%.07% 7.82% 42.58% 2.42% 40.48% 5.1% 15.5% Calendar Year Return % 1.99% % 21.1% 2.77%.2% -9.72% 2.87% 42.58% TENCENT HOLDINGS LTD 騰訊控股 8.19% SAMSUNG ELECTRONICS CO LTD 6.78% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 台灣積體電路製造.6% AIA GROUP LTD 友邦保險 2.99% CHINA CONSTRUCTION BANK CORPORATION - H 中國建設銀行 - H 2.55% PING AN INSURANCE - H 中國平安保險 - H 2.1% HONG KONG EXCHANGES & CLEARING LTD 香港交易所 2.27% ING LIFE INSURANCE CO KOREA LTD 2.09% SHIMAO PROPERTY 世茂房地產 1.80% DBS GROUP HOLDINGS 1.59% Encouraged by the strength of the domestic economy and the possibility of stronger-than-expected inflation, the Bank of Korea raised its benchmark interest rate. This was the first time the Bank of Korea has raised rates since 2011 and flags the start of a new rate cycle. Recognising reforms implemented by the Modi government, Moody s upgraded India s sovereign credit rating. This was Moody s first revision of India s rating since 2004, and should help encourage further inflows from foreign investors. 受到本地經濟強勁以及通脹較預期為高的鼓舞, 韓國央行上調基準利率 這是韓國央行自 201以來加息, 並象徵新息率周期的開始 為對印度莫廸政府所實施的改革表示認同, 穆廸上調印度的主權信貸評級 這是穆廸自 2004 年以來首次調整評級, 應有助鼓勵海外投資者進一步投資 BEA (MPF) Greater China Equity Fund To provide investors with long-term capital growth within a controlled risk-return framework through investing mainly in listed securities of companies that derive or are expected to derive a significant portion of their revenues from goods produced or sold, investments made or services performed in Greater China, which includes the People's Republic of China (PRC), the Special Administrative Regions of Hong Kong and Macau and Taiwan (the "Greater China Securities"). 透過主要投資於在大中華區 ( 包括中華人民共和國 ( 中國 ) 香港特別行政區 澳門特別行政區及台灣 ) 進行產品生產或銷售 投資或提供服務, 以作為或預期作為其主要收入來源之公司的上市證券 ( 大中華區證券 ), 在波動程度備受管理範圍內, 為投資者提供長期資本增值 Greater China Equity 大中華股票 95.1% 4 4.9% Cash & Others % Telecommunication Services 電訊服務 1.0% Consumer Staples 必需消費品 1.4% Materials 原材料 1.5% Utilities 公用事業 1.5% Industrials 工業 2.4% Energy 能源 2.9% Real Estate 房地產 9.0% Consumer Discretionary 非必需消費品 11.1% Million (HK$) 百萬 ( 港元 ) 1, Launch Date 推出日期 :1/12/2006 每單位資產淨值 ( 港元 ) : Equity Fund Greater China 股票基金 大中華區 Latest Fund Expense Ratio Financials 金融 5.4% Information Technology 資訊科技 28.9% :1.4% Mainland China s real estate sector rebounded as home prices have stabilised and the announcement of accelerated shanty town clearance programmes is expected to help absorb inventory in Data also indicates a rebound of home sales and new home starts in November. The Stock Exchange of Hong Kong ( SEHK ) has proposed to amend its listing rules to allow: 1) dual class share structures; and 2) biotech companies to list before they have made consistent profits. These looser rules stand to benefit the SEHK by attracting more listings, and could increase the variety of listed equity investments accessible to Hong Kong investors. In Taiwan, early consumer surveys hinted at weaker-than-expected demand for the new iphone X and 8 models, with sales actually rising for the now-discounted iphone 7. This led to weakness in share prices of the Apple supply chain. 東亞 ( 強積金 ) 大中華股票基金 Annualised Standard Deviation 年度標準差 :16.29% 40.46% 9.4% 8.40% 2.97% 6.22% 40.46% 1.04% 49.66% 4.04% 95.17% Calendar Year Return % 12.62% % 20.52% 10.95% 2.9% -7.12% 0.44% 40.46% TENCENT HOLDINGS LTD 騰訊控股 9.18% TAIWAN SEMICONDUCTOR MANUFACTURING CO LTD 台灣積體電路製造 7.00% AIA GROUP LTD 友邦保險 5.57% PING AN INSURANCE - H 中國平安保險 - H 4.4% CHINA CONSTRUCTION BANK CORPORATION - H 中國建設銀行 - H 4.16% ICBC - H 中國工商銀行 - H.77% HONG KONG EXCHANGES & CLEARING LTD 香港交易所.76% BOC HK (HOLDINGS) LTD 中銀香港.04% CNOOC LTD 中國海洋石油 2.86% SHIMAO PROPERTY 世茂房地產 2.40% 鑒於樓宇價格穩定及宣布加快推進棚戶區改造, 預期於 2018 年有助降低庫存, 中國內地房地產反彈 數據亦顯示房屋銷售及新屋動工數字於 11 月開始反彈 香港交易所 ( 港交所 ) 提出修訂上市規則, 允許 1) 不同投票權架構 ; 及 2) 生化科技公司可以在其取得一致盈利前上市 上市規則放寬有利港交所吸引更多公司上市, 亦可為香港投資者擴闊上市股票投資的選擇 台灣方面, 較早前的消費者調查顯示,iPhone X 及 iphone 8 型號的需求較預期為弱, 而 iphone 7 因減價其銷情反而上升 這導致蘋果供應鏈的股價偏軟 4

6 BEA (MPF) Japan Equity Fund 東亞 ( 強積金 ) 日本股票基金 To achieve long term capital appreciation within a controlled risk-return framework through investing mainly in Japanese equities. 透過主要投資於日本股票, 在波動程度備受管理範圍內, 獲得長期資本增值 Japan Equity 日本股票 97.2% 4 2.8% Cash & Others % Energy 能源 0.9% Utilities 公用事業 1.2% Real Estate 房地產.4% Telecommunication Services 電訊服務 6.0% Consumer Staples 必需消費品 6.2% Health Care 健康護理 6.5% Materials 原材料 7.% Information Technology 資訊科技 12.7% Million (HK$) 百萬 ( 港元 ) :82.0 Launch Date 推出日期 :1/12/2006 每單位資產淨值 ( 港元 ) : Equity Fund Japan 股票基金 日本 Latest Fund Expense Ratio Consumer Discretionary 非必需消費品 20.5% Industrials 工業 18.9% Financials 金融 1.6% :1.81% Annualised Standard Deviation 年度標準差 :12.98% 22.27% 7.67% 10.51% -0.82% -1.0% 22.27% 24.84% 64.79% -7.87% -1.55% Calendar Year Return % 5.29% -17.6% 10.1% 5.46% -2.55% 6.44% -4.08% 22.27% TOYOTA MOTOR CORP 4.9% SOFTBANK CORP 2.59% MITSUBISHI UFJ FINANCIAL GROUP INC 2.48% SUMITOMO MITSUI FINANCIAL GROUP INC 1.99% NIDEC CORPORATION 1.8% HONDA MOTOR CO LTD 1.71% BRIDGESTONE CORP 1.62% KDDI CORPORATION 1.51% CANON INC 1.46% NTT DOCOMO INC 1.27% Economic data gained momentum close to the year s end, raising market confidence about Japan s economic recovery. Inflation turned slightly positive after the deflation of 2016, and GDP growth also showed signs of improvement. 接近年底前, 經濟勢頭良好, 市場對日本經濟復蘇的信心增加 日本在 2016 年通縮後, 轉為輕微通脹, 國內生產總值亦見改善跡象 BEA (MPF) Hong Kong Equity Fund To achieve long term capital appreciation within a controlled risk-return framework through investing mainly in Hong Kong equities, with some exposure in debt securities / money market instruments. 透過主要投資於香港股票, 及部分比重投資於債券 / 貨幣市場投資工具, 在波動程度備受管理範圍內, 盡量為投資提供長期資本增值 Hong Kong Equity 香港股票 95.1% 4 4.9% Consumer Staples 必需消費品 0.6% Materials 原材料 0.6% Industrials 工業 2.1% Utilities 公用事業 2.8% Energy 能源.6% Telecommunication Services 電訊服務.6% Consumer Discretionary 非必需消費品 9.% Information Technology 資訊科技 12.6% Million (HK$) 百萬 ( 港元 ) : Launch Date 推出日期 :1/9/2005 每單位資產淨值 ( 港元 ) : Equity Fund Hong Kong 股票基金 香港 Latest Fund Expense Ratio Cash & Others % Financials 金融 46.0% Real Estate 房地產 1.9% :1.2% The Stock Exchange of Hong Kong ( SEHK ) has proposed to amend its listing rules to allow: 1) dual class share structures; and 2) biotech companies to list before they have made consistent profits. These looser rules stand to benefit the SEHK by attracting more listings, and could increase the variety of listed equity investments accessible to Hong Kong investors. Despite the U.S. Federal Reserve continuing to raise interest rates, Hong Kong s real estate sector remained firm and outperformed the market in December. 東亞 ( 強積金 ) 香港股票基金 Annualised Standard Deviation 年度標準差 :17.25% 8.78% 8.49% 6.69% 2.24% 7.54% 8.78% 27.69% 8.26% 24.8% % Calendar Year Return % 10.79% % 22.69% 4.80%.2% -7.51% -0.5% 8.78% TENCENT HOLDINGS LTD 騰訊控股 9.27% AIA GROUP LTD 友邦保險 7.52% ICBC - H 中國工商銀行 - H 7.49% HSBC HOLDINGS PLC 滙豐控股 7.04% PING AN INSURANCE - H 中國平安保險 - H 6.24% CHINA CONSTRUCTION BANK CORPORATION - H 中國建設銀行 - H 5.87% HONG KONG EXCHANGES & CLEARING LTD 香港交易所 5.55% SUN HUNG KAI PROPERTIES 新鴻基地產.68% LINK REAL ESTATE INVESTMENT TRUST 領展.2% CHINA MOBILE LTD 中國移動.2% 香港交易所 ( 港交所 ) 提出修訂上市規則, 允許 1) 不同投票權架構 ; 及 2) 生化科技公司可以在其取得一致盈利前上市 上市規則放寬有利港交所吸引更多公司上市, 亦可為香港投資者擴闊上市股票投資的選擇 儘管美國聯儲局持續加息, 香港房地產行業仍然企穩, 並於 12 月跑贏大市 5

7 BEA China Tracker Fund To provide investment returns that match the performance of the Hang Seng China Enterprises Index ("Index") as closely as practicable. 提供盡實際可能緊貼恒生中國企業指數 ( 指數 ) 表現的投資回報 Hang Seng H-Share Index ETF 恒生 H 股指數上市基金 99.8% 4 0.2% Million (HK$) 百萬 ( 港元 ) : Launch Date 推出日期 :1/1/2012 每單位資產淨值 ( 港元 ) : Equity Fund China 股票基金 中國 Latest Fund Expense Ratio Cash & Others % Consumer Services 消費者服務 0.6% Utilities 公用事業 1.4% Telecommunications 電訊 1.6% Industrials 工業 2.0% Properties & Construction 地產建築 5.4% Financials 金融 72.% Consumer Goods 消費品 5.7% Energy 能源 10.8% :1.0% Mainland China s real estate sector rebounded as home prices have stabilised and the announcement of accelerated shanty town clearance programmes is expected to help absorb inventory in Data also indicates a rebound of home sales and new home starts in November. As fears eased about excessively strong policies to deleverage the economy, share prices in the banking industry regained their momentum. 東亞中國追蹤指數基金 Annualised Standard Deviation 年度標準差 :22.51% 年 年 年 年 This Fund 本基金 27.21% 1.14% 2.51% N/A 不適用 1.88% Index 指數 29.6%.02% 4.48% N/A 不適用 4.69% 年 年 年 年 This Fund 本基金 27.21%.47% 1.20% N/A 不適用 11.69% Index 指數 29.6% 9.4% 24.50% N/A 不適用 1.15% Calendar Year Return This Fund 本基金 N/A 不適用 N/A 不適用 N/A 不適用 -1.4% -.81% 1.7% % -0.74% 27.21% Index 指數 N/A 不適用 N/A 不適用 N/A 不適用.91% -1.46% 15.55% % 1.49% 29.6% CHINA CONSTRUCTION BANK CORPORATION - H 中國建設銀行 - H 10.8% ICBC - H 中國工商銀行 - H 10.26% PING AN INSURANCE - H 中國平安保險 - H 9.99% BANK OF CHINA LTD - H 中國銀行 - H 9.92% CHINA LIFE INSURANCE CO LTD - H 中國人壽 - H 5.97% CHINA PETROLEUM & CHEMICAL - H 中國石油化工 - H 4.79% CHINA MERCHANTS BANK - H 招商銀行 - H.91% PETROCHINA CO LTD - H 中國石油天然氣 - H.79% AGRICULTURAL BANK OF CHINA LTD - H 中國農業銀行 - H.29% CHINA PACIFIC INSURANCE - H 中國太保 - H 2.9% 鑒於樓宇價格穩定及宣布加快推進棚戶區改造, 預期於 2018 年有助降低庫存, 中國內地房地產反彈 數據亦顯示房屋銷售及新屋動工數字於 11 月開始反彈 市場對中央政府的強硬去槓桿政策的憂慮減退, 令內地銀行業的股價重拾上升動力 BEA Hong Kong Tracker Fund 東亞香港追蹤指數基金 To provide investment results that closely correspond to the performance of the Hang Seng Index ("Index"). 提供緊貼恒生指數 ( 指數 ) 表現的投資回報 Tracker Fund of Hong Kong 盈富基金 99.9% 4 0.1% Industrials 工業 1.0% Consumer Services 消費者服務.5% Conglomerates 綜合企業.9% Consumer Goods 消費品 4.2% Utilities 公用事業 4.7% Energy 能源 5.6% Telecommunications 電訊 5.9% Information Technology 資訊科技 11.1% Million (HK$) 百萬 ( 港元 ) : Launch Date 推出日期 :1/1/2012 每單位資產淨值 ( 港元 ) : Equity Fund Hong Kong 股票基金 香港 Latest Fund Expense Ratio Cash & Others % Financials 金融 48.5% :0.77% Properties & Construction 地產建築 11.5% The Stock Exchange of Hong Kong ( SEHK ) has proposed to amend its listing rules to allow: 1) dual class share structures; and 2) biotech companies to list before they have made consistent profits. These looser rules stand to benefit the SEHK by attracting more listings, and could increase the variety of listed equity investments accessible to Hong Kong investors. Despite the U.S. Federal Reserve continuing to raise interest rates, Hong Kong s real estate sector remained firm and outperformed the market in December. Annualised Standard Deviation 年度標準差 :16.89% 年 年 年 年 This Fund 本基金 9.0% 10.67% 8.14% N/A 不適用 8.42% Index 指數 41.29% 12.29% 9.74% N/A 不適用 10.78% 年 年 年 年 This Fund 本基金 9.0% 5.56% 47.86% N/A 不適用 61.8% Index 指數 41.29% 41.59% 59.14% N/A 不適用 8.7% Calendar Year Return This Fund 本基金 N/A 不適用 N/A 不適用 N/A 不適用 9.14% 4.42% 4.46% -5.18% 2.6% 9.0% Index 指數 N/A 不適用 N/A 不適用 N/A 不適用 14.48% 6.55% 5.48% -.91% 4.0% 41.29% HSBC HOLDINGS PLC 滙豐控股 10.1% TENCENT HOLDINGS LTD 騰訊控股 9.66% AIA GROUP LTD 友邦保險 8.4% CHINA CONSTRUCTION BANK CORPORATION - H 中國建設銀行 - H 8.21% CHINA MOBILE LTD 中國移動 5.08% ICBC - H 中國工商銀行 - H 4.94% PING AN INSURANCE - H 中國平安保險 - H 4.50% BANK OF CHINA LTD - H 中國銀行 - H.20% HONG KONG EXCHANGES & CLEARING LTD 香港交易所 2.99% CK HUTCHISON HOLDINGS 長江和記實業 2.80% 香港交易所 ( 港交所 ) 提出修訂上市規則, 允許 1) 不同投票權架構 ; 及 2) 生化科技公司可以在其取得一致盈利前上市 上市規則放寬有利港交所吸引更多公司上市, 亦可為香港投資者擴闊上市股票投資的選擇 儘管美國聯儲局持續加息, 香港房地產行業仍然企穩, 並於 12 月跑贏大市 6

8 BEA (MPF) Global Bond Fund 東亞 ( 強積金 ) 環球債券基金 To provide total investment return over the medium to long term through investing in global bonds, with some exposure in money market instruments. 透過投資於環球債券, 及部分比重投資於貨幣市場投資工具, 盡量為投資提供中期至長期整體回報 Bond 債券 95.% Cash & Others % Cash & Others % Other Bonds 其他債券 12.9% HKD Bonds 港元債券 11.1% JPY Bonds 日圓債券 12.1% Million (HK$) 百萬 ( 港元 ) :27.7 Launch Date 推出日期 :1/9/2005 每單位資產淨值 ( 港元 ) : Bond Fund Global 債券基金 環球 Latest Fund Expense Ratio :1.08% USD Bonds 美元債券 4.6% EUR Bonds 歐羅債券 24.6% Annualised Standard Deviation 年度標準差 :4.07% 5.26% 0.87% 0.56% 1.77% 1.% 5.26% 2.64% 2.82% 19.1% 17.77% Calendar Year Return %.50% 2.62% 4.59% -1.% 1.51% -.0% 0.84% 5.26% UK GOVT 1.50% 22/07/ % FRANCE GOVT 2.25% 25/05/ % JAPAN GOVT 1.80% 20/06/ % FRANCE GOVT 4.25% 25/10/ % UK GOVT 1.50% 22/07/ % JAPAN GOVT 0.10% 20/09/ % US TREASURY 0.0% 16/08/ % US TREASURY 0.0% 1/09/ % HRAM 4.95% 07/11/ % FRANCE GOVT 1.00% 25/05/ % The strong economic data in the U.S. and eurozone will continue to support the interest rate normalisation policy implemented by central banks, which could cause some short-term volatility for global bond markets. Despite the rising yield environment, we continue to be positive on the global bond market due to 1) interest rate hikes on a gradual basis, 2) adequate global liquidity, and ) persistently low inflation. In developed markets, the EUR has slightly appreciated against the USD in 2017, as the market was expecting the European Central Bank to tighten its monetary policy after economic activity in the E.U. showed some signs of recovery. The GBP and AUD also strengthened against the USD in Most of the emerging markets currencies, including Asian local currencies, also recorded gains against the USD. 美國及歐元區強勁的經濟數據將會持續支持各國央行的息率正常化政策, 這可能導致環球債券市場出現短期波動 儘管在息率上升的環境, 但鑒於 1) 加息速度緩慢 2) 環球流動性充裕 及 ) 通脹持續低企, 我們仍然對環球債券市場持正面態度 已發展市場方面, 鑒於歐盟經濟活動出現復甦跡象, 市場預期歐洲央行將會收緊貨幣政策, 歐元兌美元於 2017 年輕微上升 英鎊及澳元兌美元亦於 2017 年轉強 大部分新興市場貨幣, 包括亞洲本地貨幣, 兌美元亦錄得升幅 Investment in the BEA (MPF) RMB & HKD Money Market Fund 5 is not equivalent to placing funds on deposit with a bank or deposit taking company. The BEA (MPF) RMB & HKD Money Market Fund 5 is not subject to the supervision of the Hong Kong Monetary Authority. 5 5 投資於東亞 ( 強積金 ) 人民幣及港幣貨幣市場基金並不等於將資金存放於銀行或接受存款公司 東亞 ( 強積金 ) 人民幣及港幣貨幣市場基金並不受香港金融管理局監管 BEA (MPF) RMB & HKD Money Market Fund 5 5 東亞 ( 強積金 ) 人民幣及港幣貨幣市場基金 To achieve a rate of return over the long term in line with the interest rate offered by authorised financial institutions in Hong Kong on HKD and RMB savings accounts while maintaining stability of the principal amount invested. 在維持投資本金穩定性之同時, 就長期而言, 尋求達致與香港認可財務機構的港幣及人民幣存款戶口所提供的利率相若的回報率 Cash & Others % Deposits 存款 9.8% Cash & Others % Million (HK$) 百萬 ( 港元 ) :92.02 Launch Date 推出日期 :/7/2012 每單位資產淨值 ( 港元 ) : Money Market Fund China and Hong Kong 貨幣市場基金 中國及香港 Latest Fund Expense Ratio Deposits 存款 9.8% :0.78% Annualised Standard Deviation 年度標準差 :2.61% 6.28% 0.78% 0.85% N/A 不適用 0.89% 6.28% 2.4% 4.4% N/A 不適用 4.99% Calendar Year Return N/A 不適用 N/A 不適用 N/A 不適用 0.62% 2.7% -0.40% -1.84% -1.90% 6.28% CHINA CITIC BANK INTERNATIONAL DEPOSITS 中信銀行 ( 國際 ) 存款 8.87% FUBON BANK (HK) DEPOSITS 富邦銀行 ( 香港 ) 存款 8.41% WING LUNG BANK DEPOSITS 永隆銀行存款 8.08% THE BANK OF TOKYO-MITSUBISHI UFJ LTD DEPOSITS 7.46% DAH SING BANK DEPOSITS 大新銀行存款 7.44% ICBC (ASIA) DEPOSITS 中國工商銀行 ( 亞洲 ) 存款 7.42% ANZ BANK (HK) DEPOSITS ANZ 銀行 ( 香港 ) 存款 7.8% SUMITOMO MITSUI BANKING CORPORATION DEPOSITS 三井住友銀行存款 7.1% BANK OF COMMUNICATIONS DEPOSITS 交通銀行存款 6.70% CHONG HING BANK DEPOSITS 創興銀行存款 5.78% The CNH bond market recorded positive returns for 2017 due to the strengthening of the RMB against the USD. Meanwhile, CNH bonds have outperformed CNY bonds due to a slower rise in yields. HKD bonds recorded positive returns in 2017, but slightly lagged behind other Asian local bond markets due to rising local yields and a weaker Hong Kong dollar versus the U.S. dollar. We expect the Hong Kong dollar to remain under pressure in the medium term due to the interest rate gap and because HKD government yields could continue to trend higher as a result of further interest rate hikes by the Federal Reserve. 鑒於人民幣兌美元轉強, 離岸人民幣市場於 2017 年錄得正數回報 與此同時, 離岸人民幣債券的收益率上升速度較慢, 因此離岸人民幣債券跑贏在岸人民幣債券 港元債券於 2017 年錄得正數回報, 但相對其他亞洲本地債券市場落後, 原因是本地債券收益率上升以及港元兌美元相對疲弱 息率差別以及港元政府債券收益率在聯儲局進一步加息的情況下其走勢持續向上, 我們預期港元於中期將會持續受壓 7

9 BEA (MPF) Long Term Guaranteed Fund 6* 6* 東亞 ( 強積金 ) 保證基金 To provide a competitive, long term total rate of return, while also providing a minimum guaranteed average annual return over the career of the Member. 為成員提供具競爭力及長線回報, 並同時提供最低限度的平均回報年率保證 Equity 股票 1.% Bond 72.9% 4 2.8% Deposits 11.0% 債券存款 Other Asian Equities 其他亞洲股票 2.0% European Equities 歐洲股票.1% HK/China Equities 香港 / 中國股票 1.5% US Equities 美國股票 6.7% Deposits 存款 11.0% Cash & Others % HKD Bonds 港元債券 24.6% Million (HK$) 百萬 ( 港元 ) : Launch Date 推出日期 :1/12/2000 每單位資產淨值 ( 港元 ) : Guaranteed Fund guarantee payable conditionally 6 6 保證基金 有條件地給付保證 Latest Fund Expense Ratio :2.50% USD Bonds 美元債券 48.% Annualised Standard Deviation 年度標準差 :2.42%.69% 0.7% 0.71% 1.01% 1.62%.69% 2.21%.58% 10.52% 1.60% Calendar Year Return % 6.12% 0.56% 6.2% -0.4% 1.78% -0.94% -0.49%.69% BANK OF AMERICA CORP-FLOAT 1.06% GOLDMAN SACHS GROUP INC-VAR 1.06% HONG KONG GOVERNMENT BOND PROGRAMME 1.1% 0.81% INTESA SANPAOLO SPA.125% 0.70% MORGAN STANLEY 4.1% 0.6% BRIGHTHOUSE FINANCIAL IN.7% 0.62% SKANDINAVISKA ENSKILDA BANKEN AB 2.75% 0.60% SYNCHRONY BANK % 0.58% NATIONWIDE BLDG SOCIETY-VAR 0.58% BANK OF AMERICA CORP-VAR 0.56% Macro-economic data remained supportive. Macro-economic surprises remained positive. Manufacturing PMIs were at multi-year highs. Flows continued to seek risk assets, both equities and fixed income. Global Equities recorded yet another positive month to end 2017 on a high. The equity risk-on sentiment was supported by continued strong growth, passage of the U.S. tax act which will boost U.S. corporate profits in 2018, continued easy financial conditions despite the Federal Reserve s third hike of 2017 and strong earnings momentum. In fixed income, range-bound treasury yields but sharply lower credit spreads made it another strong year for spread assets. Fitch upgraded both Philippines and Indonesia to BBB, Stable from BBB- Positive, rewarding the economies for consistent progress in fiscal policies. 宏觀經濟數據仍大致良好, 且不斷有利好的宏觀經濟驚喜消息 製造業採購經理指數升上多年高位, 資金持續投放於風險類資產, 股市和債市均有資金流入 環球股市在 12 月再錄單月升幅, 推動 2017 年全年高收 股市投資者風險胃納增加, 支持因素包括增長持續強勁 美國通過稅改議案有望推高企業 2018 年盈利 聯邦儲備局 2017 年三度加息但金融環境維持理想, 以及盈利動力充沛 債券方面, 今年國庫券孳息在窄幅上落, 但由於信貸息差大幅下調, 令息差資產期內表現突出 有見菲律賓及印尼的財政政策持續取得進展, 利好經濟環境, 惠譽將兩國評級由 BBB-/ 正面調高至 BBB/ 穩定 * Source from Principal Insurance Company (Hong Kong) Limited. * 資料由美國信安保險有限公司提供 BEA (MPF) Conservative Fund ( MPF Conservative Fund ) does not provide any guarantee of the repayment of capital. Investment in MPF Conservative Fund is not equivalent to placing funds on deposit with a bank or deposit-taking company. MPF Conservative Fund is not subject to the supervision of the Hong Kong Monetary Authority. 東亞 ( 強積金 ) 保守基金 ( 強積金保守基金 ) 並不提供任何退還資本的保證 投資於強積金保守基金並不等於將資金存放於銀行或接受存款公司 強積金保守基金並不受香港金融管理局監管 BEA (MPF) Conservative Fund 7 7 東亞 ( 強積金 ) 保守基金 To achieve a minimum rate of return while maintaining stability of the principal amount invested. 在維持投資本金穩定性之同時, 尋求一定之回報率 Cash & Others % Deposits 存款 95.6% Cash & Others % Million (HK$) 百萬 ( 港元 ) :1, Launch Date 推出日期 :1/12/2000 每單位資產淨值 ( 港元 ) :1.709 Money Market Fund Hong Kong 貨幣市場基金 香港 Latest Fund Expense Ratio Deposits 存款 95.6% :0.80% Annualised Standard Deviation 年度標準差 :0.04% 年 年 年 年 This Fund 本基金 0.15% 0.17% 0.26% 0.44% 1.7% PSR % 0.01% 0.01% 0.02% 0.47% 年 年 年 年 This Fund 本基金 0.15% 0.51% 1.2% 4.49% 26.20% PSR % 0.02% 0.04% 0.19% 8.40% Calendar Year Return This Fund 本基金 0.08% 0.01% 0.05% 0.1% 0.12% 0.% 0.09% 0.04% 0.15% PSR % 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% 0.01% WING LUNG BANK DEPOSITS 永隆銀行存款 8.9% ICBC (ASIA) DEPOSITS 中國工商銀行 ( 亞洲 ) 存款 8.8% BANK OF COMMUNICATIONS DEPOSITS 交通銀行存款 8.79% DAH SING BANK DEPOSITS 大新銀行存款 8.78% CHONG HING BANK DEPOSITS 創興銀行存款 8.72% SUMITOMO MITSUI BANKING CORPORATION DEPOSITS 三井住友銀行存款 8.72% CHINA CITIC BANK INTERNATIONAL DEPOSITS 中信銀行 ( 國際 ) 存款 8.67% FUBON BANK (HK) DEPOSITS 富邦銀行 ( 香港 ) 存款 8.67% OCBC WING HANG BANK DEPOSITS 華僑永亨銀行存款 8.08% DBS BANK DEPOSITS 星展銀行存款 7.72% Hong Kong s official foreign currency reserve assets amounted to US$41. billion at the end of December Inflation in Hong Kong increased during the quarter, with composite headline CPI inflation rising to 1.7% in December, up from 1.4% in September. We expect the Hong Kong dollar to remain under pressure in the medium term due to the interest rate gap and because HKD government yields could continue to trend higher as a result of further interest rate hikes by the Federal Reserve. 截至 2017 年 12 月底, 香港的官方外匯儲備金額為 4,1 億美元 香港綜合消費物價指數於季內上升, 由 9 月的 1.4% 上升至 12 月的 1.7% 息率差別以及港元政府債券收益率在聯儲局進一步加息的情況下其走勢持續向上, 我們預期港元於中期將會持續受壓 8

10 BEA (MPF) Core Accumulation Fund 9 To provide capital growth to members by investing in a globally diversified manner. 透過環球分散投資, 為成員實現資本增長 Equity 股票 61.5% Bond 債券 6.5% EUR Bonds 歐羅債券 10.8% USD Bonds 美元債券 14.7% Other Equities 其他股票.9% Japanese Equities 日本股票 4.2% European Equities 歐洲股票 11.5% 4 2.0% Million (HK$) 百萬 ( 港元 ) :60.4 Launch Date 推出日期 :1/4/2017 每單位資產淨值 ( 港元 ) : Mixed Assets Fund Global Maximum 65% in higher risk assets (such as global equities) 混合資產基金 環球 最多 65% 於風險較高的投資產品 ( 例如環球股票 ) Latest Fund Expense Ratio JPY Bonds 日圓債券 5.% Other Bonds 其他債券 5.7% Cash & Others % HK Equities 香港股票 1.7% US Equities 美國股票 40.2% :N/A 不適用 9 東亞 ( 強積金 ) 核心累積基金 Annualised Standard Deviation 年度標準差 :N/A 不適用 This Fund 本基金 (a) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 Reference Portfolio 參考投資組合 (b) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 Difference 10 差異 10 (a) - (b) (percentage points 百分點 ) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 This Fund 本基金 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 9.72% Reference Portfolio 參考投資組合 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 9.74% Calendar Year Return N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 MICROSOFT CORP 1.85% VISA INC 1.67% AMAZON.COM INC 1.61% APPLE INC 1.57% ALPHABET INC 1.52% ORACLE CORPORATION 1.46% HOME DEPOT INC 1.4% PROCTER & GAMBLE CO 1.21% UNITEDHEALTH GROUP 1.07% AMDOCS LIMITED 1.02% We kept a positive stance on equities during the fourth quarter of We remain our positive stance in the U.S. tax reform which President Trump signed into law in late December, as it will help to further boost growth in the coming years. Over four months after its federal election, Germany s political parties have yet to reach agreement on a new government. Angela Merkel s centre-right Christian Democratic Union party looks set to finally form a coalition with the centre-left Social Democrats around the start of February, but the ongoing uncertainty has weighed on the market throughout the fourth quarter of Encouraged by the strength of the domestic economy and the possibility of stronger-than-expected inflation, the Bank of Korea raised its benchmark interest rate. This was the first time the Bank of Korea has raised rates since 2011 and flags the start of a new rate cycle. The strong economic data in the U.S. and eurozone will continue to support the interest rate normalisation policy implemented by central banks, which could cause some short-term volatility for global bond markets. Despite the rising yield environment, we continue to be positive on the global bond market due to 1) interest rate hikes on a gradual basis, 2) adequate global liquidity, and ) persistently low inflation 年第 4 季, 我們維持對股票的正面態度 總統特朗普於 12 月底就稅務改革簽署法案, 有助刺激未來數年進一步增長, 因此我們對此維持正面的態度 受到本地經濟強勁以及通脹較預期為高的鼓舞, 韓國央行上調基準利率 這是韓國央行自 201以來加息, 並象徵新息率周期的開始 美國及歐元區強勁的經濟數據將會持續支持各國央行的息率正常化政策, 這可能導致環球債券市場出現短期波動 儘管在息率上升的環境, 但鑒於 1) 加息速度緩慢 2) 環球流動性充裕 及 ) 通脹持續低企, 我們仍然對環球債券市場持正面態度 Reason(s) for Material Difference between the Annualised Return and Reference Portfolio 10 : N/A 年度回報與參考投資組合的重大差異理由 10 : 不適用 BEA (MPF) Age 65 Plus Fund 9 To provide capital growth to members by investing in a globally diversified manner. 透過環球分散投資, 為成員實現資本增長 Equity 股票 20.% Bond 債券 76.8% JPY Bonds 日圓債券 11.2% 4 2.9% Other Equities 其他股票 1.% Japanese Equities 日本股票 1.4% European Equities 歐洲股票.8% US Equities 美國股票 1.2% HK Equities 香港股票 0.6% Cash & Others % Other Bonds 其他債券 12.0% Million (HK$) 百萬 ( 港元 ) :2.7 Launch Date 推出日期 :1/4/2017 每單位資產淨值 ( 港元 ) : Mixed Assets Fund Global Maximum 25% in higher risk assets (such as global equities) 混合資產基金 環球 最多 25% 於風險較高的投資產品 ( 例如環球股票 ) Latest Fund Expense Ratio USD Bonds 美元債券 0.8% EUR Bonds 歐羅債券 22.8% :N/A 不適用 9 東亞 ( 強積金 )65 歲後基金 Annualised Standard Deviation 年度標準差 :N/A 不適用 This Fund 本基金 (a) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 Reference Portfolio 參考投資組合 (b) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 Difference 10 差異 10 (a) - (b) (percentage points 百分點 ) N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 This Fund 本基金 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 4.15% Reference Portfolio 參考投資組合 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用.69% Calendar Year Return N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 N/A 不適用 UK GOVT 1.50% 22/07/ % FRANCE GOVT 2.25% 25/05/ % JAPAN GOVT 1.80% 20/06/ % FRANCE GOVT 4.25% 25/10/ % UK GOVT 1.50% 22/07/ % JAPAN GOVT 0.10% 20/09/ % US TREASURY 0.0% 16/08/ % US TREASURY 0.0% 1/09/ % FRANCE GOVT 1.00% 25/05/ % JAPAN GOVT 1.00% 20/12/ % We kept a positive stance on equities during the fourth quarter of We remain our positive stance in the U.S. tax reform which President Trump signed into law in late December, as it will help to further boost growth in the coming years. Over four months after its federal election, Germany s political parties have yet to reach agreement on a new government. Angela Merkel s centre-right Christian Democratic Union party looks set to finally form a coalition with the centre-left Social Democrats around the start of February, but the ongoing uncertainty has weighed on the market throughout the fourth quarter of Encouraged by the strength of the domestic economy and the possibility of stronger-than-expected inflation, the Bank of Korea raised its benchmark interest rate. This was the first time the Bank of Korea has raised rates since 2011 and flags the start of a new rate cycle. The strong economic data in the U.S. and eurozone will continue to support the interest rate normalisation policy implemented by central banks, which could cause some short-term volatility for global bond markets. Despite the rising yield environment, we continue to be positive on the global bond market due to 1) interest rate hikes on a gradual basis, 2) adequate global liquidity, and ) persistently low inflation 年第 4 季, 我們維持對股票的正面態度 總統特朗普於 12 月底就稅務改革簽署法案, 有助刺激未來數年進一步增長, 因此我們對此維持正面的態度 受到本地經濟強勁以及通脹較預期為高的鼓舞, 韓國央行上調基準利率 這是韓國央行自 201以來加息, 並象徵新息率周期的開始 美國及歐元區強勁的經濟數據將會持續支持各國央行的息率正常化政策, 這可能導致環球債券市場出現短期波動 儘管在息率上升的環境, 但鑒於 1) 加息速度緩慢 2) 環球流動性充裕 及 ) 通脹持續低企, 我們仍然對環球債券市場持正面態度 Reason(s) for Material Difference between the Annualised Return and Reference Portfolio 10 : N/A 年度回報與參考投資組合的重大差異理由 10 : 不適用 9

11 Remarks 附註 Sponsor : The Bank of East Asia, Limited Issuer : Bank of East Asia (Trustees) Limited 保薦人 : 東亞銀行有限公司發行人 : 東亞銀行 ( 信託 ) 有限公司 Source : BEA Union Investment Management Limited, Bank of East Asia (Trustees) Limited and Lipper 資料來源 : 東亞聯豐投資管理有限公司 東亞銀行 ( 信託 ) 有限公司及理柏 1 The fund risk indicator shows the annualised standard deviation based on the monthly rates of return of the fund over the past years to the reporting date of this Fund Fact Sheet. 是以年度標準差表示, 數據是根據截至該基金概覽匯報日, 過往 之按月回報率計算 2a Performance information of the constituent funds will be presented only if they have investment track records of not less than 6 months. 成分基金必須有最少 6 個月的投資往績紀錄, 方會呈列業績表現資料 If the fund performance is less than 1 year, the calendar year return will be calculated from the launch date to that calendar year-end. 如基金表現少於, 該基金會以推出日至該曆年年底計算 The Fund Expense Ratio ("FER") is up to 1 st March, It is not necessary to show a FER for a constituent fund where the period between the reporting date of the fund fact sheet and the inception date for the fund is less than 2 years. 基金開支比率截至 2017 年 月 1 日 如成分基金的基金概覽匯報日與基金的成立日期相隔不足兩年, 則無須提供該基金的基金開支比率 4 The term "cash and others" should be used to denote cash at call, and operating items such as account payables and account receivables (where relevant). 一詞應指通知現金, 及類似應付款項和應收款項的營運項目 ( 如適用 ) 5 This constituent fund is denominated in HKD only and not in RMB. Its investment in RMB deposits and RMB debt instruments will be subject to additional currency risks. In particular, RMB is currently not a freely convertible currency and is subject to foreign exchange controls and repatriation restrictions imposed by the Chinese government. Also, its investment in offshore RMB debt securities will be subject to additional market / liquidity risks. There is currently no active secondary market for offshore RMB debt securities and therefore, this constituent fund may need to hold investments until maturity date of such offshore RMB debt securities. In addition, although the issuance of offshore RMB debt securities has increased substantially in recent years, supply still lags the demand for offshore RMB debt securities. As a result, new issues of offshore RMB debt securities are usually oversubscribed and may be priced higher than and / or trade with a lower yield than equivalent onshore RMB debt securities. Currently, most of the offshore RMB debt securities available in the market may not meet the requirements under Schedule 1 to the Mandatory Provident Fund Schemes (General) Regulation and therefore, the offshore RMB debts securities available for investment by this constituent fund may be limited which may result in concentration of credit risk. 此成分基金只以港幣及非以人民幣計值, 其於人民幣存款及人民幣債務投資工具的投資, 將須承受額外的貨幣風險 尤其是, 人民幣目前並非自由可兌換的貨幣, 須受制於中國政府所施加的外匯管制及資金調回限制 另外, 其於離岸人民幣債務證券的投資將須承受額外市場 / 流動性風險 目前, 由於離岸人民幣債務證券並無活躍的二級市場, 此成分基金可能需要持有投資直至到期日 此外, 儘管離岸人民幣債務證券的發行近年來已大幅增加, 惟離岸人民幣債務證券的供應仍落後於需求 因此, 新發行的離岸人民幣債務證券一般出現超額認購, 而相比同等的非離岸人民幣債務證券, 新發行的離岸人民幣債務證券訂價可能較高及 / 或以較低收益率買賣 目前, 市場上可提供的離岸人民幣債務證券大多數可能不符合 強制性公積金計劃 ( 一般 ) 規例 附表 1 所載的規定, 因此, 此成分基金可投資的離岸人民幣債務證券可能有限, 或會導致信貸風險集中 6 BEA (MPF) Long Term Guaranteed Fund invests solely in an approved pooled investment fund (the "Underlying Fund") in a form of insurance policy provided by Principal Insurance Company (Hong Kong) Limited (the "Guarantor"). The Guarantor offers the guarantee of capital and guaranteed rate of return for the Underlying Fund. The guaranteed rate of return for contributions made to the Underlying Fund after 0 th September, 2004 was revised. The revised guarantee rate would be the "new applicable rate", which is currently set at 1% p.a. The guaranteed rate of return for contributions made to the Underlying Fund on or before 0 th September, 2004 remains unchanged (5% p.a.). The guarantee of capital and the prescribed guarantee rate of return will only be offered if the contributions invested in the Underlying Fund (through the BEA (MPF) Long Term Guaranteed Fund) are withdrawn upon the occurrence of a "qualifying event", which is the receipt by the Guarantor of a valid claim of the accrued benefits of the member upon satisfying any of the following conditions: (a) Attainment of the normal retirement age or retirement at or after the early retirement age but before the normal retirement age; (b) Total incapacity; (c) Death; (d) Permanent departure from Hong Kong; (e) Claim of "small balance"; (f) Termination of the member's employment and the continuous period for which the member has been investing in the Underlying Fund (through the BEA (MPF) Long Term Guaranteed Fund) up to and including the last date of his employment ("qualifying period") is at least 6 complete months. (This only applies if the member is employed in a company participating in the Master Trust). Such qualifying period is determined at the scheme account level. The qualifying period may also be reset to zero if the member (or his personal representative) effects a redemption, switching out or withdrawal of investments from the BEA (MPF) Long Term Guaranteed Fund other than upon the occurrence of a qualifying event. For the avoidance of doubt, condition (f) does not apply to self-employed persons, personal account holders or Special Voluntary Contribution Account Members; (g) Terminal illness. The conditions (a) to (e), and (g) apply to employee members, selfemployed persons, personal account holders and Special Voluntary Contribution Account Members. If a redemption, switching out or withdrawal of the units of the fund is effected other than the occurrence of a qualifying event as stated above, the guarantee will be affected. Special terms and conditions apply regarding how the guarantee operates. Please refer to the Appendix 1 of the Explanatory Memorandum for details of the credit risk, guarantee features and guarantee conditions of this constituent fund. 東亞 ( 強積金 ) 保證基金完全投資於由美國信安保險有限公司 ( 保證人 ) 以保險單形式提供保證的核准匯集投資基金 ( 基礎基金 ) 保證人提供基礎基金的資本及回報率保證的擔保 在 2004 年 9 月 0 日之後, 投資於基礎基金的供款所獲得的保證回報率已作出修訂 經修訂的保證率為 新適用率, 新適用率目前定為每年 1% 於 2004 年 9 月 0 日或該日之前投入基礎基金的供款額所獲得的保證回報率維持不變 ( 即每年 5%) 本金和訂明的回報率保證只有在發生 合符規定事項 後, 如提取 ( 透過東亞 ( 強積金 ) 保證基金 ) 投資於基礎基金的供款時方會提供 發生合符規定事項, 是指在符合下述任何條件的情況下, 保證人收到由成員就其在本集成信託中的累算權益提出的有效申索 : (a) 達到正常退休年齡, 或在提早退休年齡退休, 或在提早退休年齡後但在正常退休年齡前退休 ;(b) 完全喪失行為能力 ;(c) 死亡 ;(d) 永久性離開香港 ;(e) 申索 小額結餘 ;(f) 成員終止受僱, 而且成員持續 ( 透過東亞 ( 強積金 ) 保證基金 ) 投資於基礎基金的期間 ( 直至並包括其受僱的最後 1 日 )( 合符規定期間 ) 須至少為 6 個整月 ( 此要求只適用於經由參與本集成信託公司所僱用的成員 ) 該合符規定期間是按計劃賬戶的層面釐定 若成員 ( 或其遺產代理人 ) 在並非發生合符規定事項的情況下對東亞 ( 強積金 ) 保證基金進行贖回 轉換或提取基金單位, 則該成員的合符規定期間也可能被重訂為零 為免生疑問, 條件 (f) 並不適用於自僱人士 個人賬戶持有人或特別自願性供款賬戶成員 ;(g) 罹患末期疾病 (a) 至 (e) 及 (g) 項條件適用於僱員成員 自僱人士 個人賬戶持有人及特別自願性供款賬戶成員 倘若在並非發生上述合符規定事項的情況下贖回 轉換或提取基金單位, 保證將受影響 特定的條款及情況適用於保證運作 有關此項成分基金的信貸風險 保證特點及保證條件, 請參閱說明書附件 1 7 Fees and charges of MPF conservative fund can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. BEA (MPF) Conservative Fund uses method (ii) and, therefore, unit prices, net asset value and fund performance quoted (except for the fund performance figures quoted in a fund fact sheet) do not reflect the impact of fees and charges. 強積金保守基金的收費可 ( 一 ) 透過扣除資產淨值收取 ; 或 ( 二 ) 透過扣除成員賬戶中的單位收取 東亞 ( 強積金 ) 保守基金採用方式 ( 二 ) 收費, 故所列之基金單位價格 資產淨值及基金表現 ( 基金概覽所列的基金表現數字除外 ) 並未反映收費的影響 8 Prescribed savings rate is a rate prescribed by the Mandatory Provident Fund Schemes Authority monthly. The prescribed savings rate is the simple average of the interest rates offered by the three note-issuing banks in Hong Kong on Hong Kong dollar savings account with deposit amount of $120,000. 訂明儲蓄利率指強制性公積金計劃管理局每月定期公佈的利率 該利率是三家香港的發鈔銀行港幣儲蓄戶口 12 萬元存款的利率水平之平均數 9 Default Investment Strategy ("DIS") is a ready-made investment arrangement mainly designed for those MPF scheme members who are not interested or do not wish to make an investment choice, and is also available as an investment choice itself, for members who find it suitable for their own circumstances. Members who do not wish to choose an investment option do not have to do so. For those members who do not make an investment choice, their future contributions and accrued benefits transferred from another MPF scheme will be invested in accordance with the DIS. DIS is not a fund it is a strategy that uses two constituent funds, i.e. the BEA (MPF) Core Accumulation Fund (the "Core Accumulation Fund") and BEA (MPF) Age 65 Plus Fund (the "Age 65 Plus Fund") to automatically reduce the risk exposure as the member approaches retirement age. Core Accumulation Fund will invest around 60% in higher risk assets (higher risk assets generally means equities or similar investments) whereas the Age 65 Plus Fund will invest around 20% in higher risk assets. Switching of the existing accrued benefits among Core Accumulation Fund and Age 65 Plus Fund will be automatically carried out each year on a member's birthday from the age of 50 to 64 and according to the allocation percentages as shown in the DIS de-risking table. To invest in DIS, member's instruction must be an instruction to invest 100% of: (A) existing accrued benefits and/or (B) future contributions and accrued benefits transferred from another scheme in the DIS. De-risking mechanism will not apply where the member chooses these constituent funds as standalone investments (rather than as part of the DIS). However, the funds with same name under DIS and non-dis have the same unit prices. For further details, including the product features, de-risking mechanism and table, fees and charges, investment rules and procedures, and the risk factors involved, please refer to the Explanatory Memorandum of the BEA (MPF) Master Trust Scheme. 預設投資策略是一項主要為無意或不希望作出投資選擇的強積金計劃成員而設的現成投資安排 成員若認為預設投資策略適合自身情況, 亦可把預設投資策略作為投資選擇 成員如不想作出投資選擇, 可無須這樣做 對於沒有作出投資選擇的成員, 其未來供款及從其他強積金計劃轉移之累算權益將根據預設投資策略投資 預設投資策略並非基金, 而是一種透過使用 2 個成分基金, 即東亞 ( 強積金 ) 核心累積基金 ( 核心累積基金 ) 及東亞 ( 強積金 )65 歲後基金 ( 65 歲後基金 ), 自動在成員逐步達到退休年齡的不同時候降低風險的策略 核心累積基金將其資產淨值中約 60% 投資於風險較高的投資產品 ( 風險較高的投資產品一般指股票或類似的投資項目 ), 而 65 歲後基金則將投資約 20% 於風險較高的投資產品 核心累積基金及 65 歲後基金之間的現有累算權益轉換將於成員 50 歲至 64 歲期間每年生日當日, 根據預設投資策略風險降低表中載明之分配比率自動進行 如投資於預設投資策略, 成員的指示必須就以下部分作出全數投資 :(A) 現有累算權益和 / 或 (B) 未來供款及從其他計劃轉移之累算權益 風險降低機制並不適用於主動選擇此等成分基金作為獨立投資 ( 而非作為預設投資策略的一部份 ) 的成員 然而, 預設投資策略與非預設投資策略的同名基金, 其單位價格相同 有關詳情, 包括產品特點 風險降低機制及列表 收費 投資規則與程序, 及所涉及的風險因素, 請參閱東亞 ( 強積金 ) 集成信託計劃的說明書 10