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1 Sun Life MPF Master Trust 永明強積金集成信託計劃 Quarterly Update 季報 3rd Quarter 208 第 3 季 As at 截至 30/09/208

2 Important Notes 重要資料 Sun Life MPF Master Trust offers a number of constituent funds, each of which is distinguished by its investment policy. Investment involves risks, and investors may not get back the amount originally invested. Schroder MPF Conservative Portfolio does not guarantee the repayment of capital. Fees and charges of a MPF conservative fund can be deducted from either (i) the assets of the fund or (ii) members' account by way of unit deduction. The Schroder MPF Conservative Portfolio uses method (i) and, therefore, unit prices/nav/fund performance quoted have incorporated the impact of fees and charges. Schroder MPF Capital Guaranteed Portfolio invests solely in an approved pooled investment fund in the form of insurance policy provided by FWD Life Insurance Company (Bermuda) Limited (formerly ING Life Insurance Company (Bermuda) Limited) ( FWD ). The guarantee is also given by FWD. Your investments in the Schroder MPF Capital Guaranteed Portfolio, if any, are therefore subject to the credit risk of FWD. The guarantee available under the policy is also subject to certain conditions. Please refer to section 3.. and section 3.6 of the offering document for details of the credit risk, guarantee features and guarantee conditions. * A member ( Eligible Member ) who becomes entitled to benefits in respect of mandatory contributions and, where applicable, voluntary contributions upon reaching age 6 or early retirement on or after reaching age 60, may elect to have his benefits ( Eligible Benefits ) derived from mandatory contributions and, where applicable, voluntary contributions paid in a lump sum or by instalments. Such election is not available in other circumstances when a member becomes entitled to benefits in respect of mandatory and/or voluntary contributions and the benefits will be paid in a lump sum only. Please refer to section "Contributions and Withdrawals" of the Offering Document of the Sun Life MPF Master Trust for further details. You should consider your own risk tolerance level and financial circumstances, and read the whole offering document before making any investment decisions. When, in your selection of funds, you are in doubt as to whether a certain fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and choose the fund(s) most suitable for you taking into account your circumstances. You should not make any investment decision solely based on the marketing information provided in this document. Please read the Offering Document of Sun Life MPF Master Trust carefully for further fund details including risk factors. 永明強積金集成信託計劃由個別成分基金組成, 成分基金各自具不同的特定投資政策 投資涉及風險, 投資者或無法取回最初投資之金額 施羅德強積金保守投資組合不保證可取回資本 強積金保守基金之費用及收費可從 (i) 基金資產中扣減, 或 (ii) 成員帳戶中扣減單位數目 施羅德強積金保守投資組合採用方法 (i), 故單位價格 / 資產淨值 / 基金表現的報價已將費用及收費的影響納入在內 施羅德強積金本金保證投資組合只投資於一份由 FWD Life Insurance Company (Bermuda) Limited ( FWD ) ( 前稱為 ING Life Insurance Company (Bermuda) Limited) 以保險單形式發行的核准匯集投資基金 保證亦由 FWD 提供 因此閣下於施羅德強積金本金保證投資組合的投資 ( 如有 ) 須承受 FWD 的信用風險 保險單所提供的保證亦須符合若干條款 有關信用風險 保證的特色及保證的條款詳情, 請細閱銷售文件第 3.. 節和 3.6 節 * 成員 ( 合資格成員 ) 到達 6 歲或於到達 60 歲或以上時提早退休享有從強制性供款和自願性供款 ( 如適用 ) 中的利益, 可選擇從強制性供款和自願性供款 ( 如適用 ) 中一次性或分期提取其利益 ( 合資格利益 ) 成員享有強制性供款和 / 或自願性供款之利益的其他情況下, 利益僅可以一次性支付, 該等選擇權將不適用 詳情請見永明強積金集成信託計劃之銷售文件第 部分 供款及福利提取 閣下作出任何投資決定前, 必須仔細考慮閣下承受風險的能力及財政狀況, 並細閱整份銷售文件 選擇基金時, 如閣下對某基金是否適合閣下有疑問, 包括該基金是否與閣下的投資目標一致, 閣下應該尋求財務及 / 或專業顧問意見, 並根據閣下的情況選擇最適合的基金 閣下不應單憑本文件所載的營銷資訊而作出投資決定 請仔細閱讀永明強積金集成信託計劃銷售文件以了解基金詳情包括其風險因素

3 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 Q3 208 第 3 季 Global Investment Review & Outlook Global Overview Global equities made gains in Q3, primarily due to US market strength. Political uncertainty and trade concerns weighed on other regions, particularly emerging markets and Asia. Government bond yields were broadly higher. Outlook The rise in equity markets has primarily been attributable to continued corporate earnings momentum and a benign economic backdrop. We believe this may moderate somewhat. Numerous geopolitical uncertainties remain to support the case for a more cautious approach to equities. While we believe that fundamentals warrant an optimistic view for equities, we believe investors should expect a more muted period for returns and for bouts of volatility to become more common. A selective approach will remain paramount. Greater China Mainland China Chinese and Hong Kong equities retreated in the third quarter against a backdrop of escalating trade tensions. The US moved ahead with several rounds of tariff implementation and China retaliated with measures of its own. Meanwhile, Chinese macroeconomic data disappointed. The authorities announced a range of targeted economic support measures, including a shift to fiscal stimulus and credit easing. The central bank also re-introduced macro prudential measures to stabilise the renminbi. Hong Kong Chinese and Hong Kong equities were negatively impacted by escalation in trade tensions with the US. The US moved ahead with several rounds of tariff implementation and China retaliated with measures of its own. Meanwhile, Chinese macroeconomic data disappointed. The authorities announced a range of targeted economic support measures, including a shift to fiscal stimulus and credit easing. The central bank also re-introduced macro prudential measures to stabilise the renminbi. Over the quarter, telecom and utilities were the best performing sectors. Meanwhile, Macau gaming and information technology sectors lagged. Taiwan Taiwan outperformed China and Hong Kong, driven by semiconductor stocks. Outlook Lately, a slew of policies have also been announced to tackle the social aspects and well-being of citizens in China. These include new regulations pertaining to online gaming, healthcare (generic drug prices tender), school operators, after-class tutoring and natural gas operators. Notably the equity risk premium for companies operating in these affected sectors will need to be adjusted given the rising uncertainty. Compounded by the growth headwinds discussed, earnings could see further downward pressure in the months to come. We remain reasonably defensively positioned, with most of our exposure being towards the domestic economy and structural themes rather than externally via exporters. We remain underweight in technology stocks given uncertainties. Hong Kong has seen the first prime rate hike of 2.bps in ten years. Big banks could see a slight margin drag from a simultaneous savings rate increase but the overall HIBOR hike should more than compensate for the negatives. Hence, we continue to favour big banks with the likes of HSBC and BOC-HK given their leverage to rising rates and dividend yield support. Elsewhere, we have an overweight in property landlords given limited supply in office space and steady growth in retail sales. Selectively, we have added conglomerates given their attractive valuation and good visibility of their earnings trajectory. There are also opportunities from several corporate actions taken to close the discounts to their net asset value. Our holdings in Taiwan are mainly in the area of technology although we have also been taking profits selectively. These are held across a number of industries including semiconductors, iphone supply chain companies as well as other component makers. We remain focused on companies with strong fundamentals, and with further market weakness, we will be looking for opportunities to re-enter or rotate as value re-emerges. Japan Although trade tensions continued to escalate during the quarter, the Japanese stock market ended September above its recent range to show a total return of.9% for the quarter. The Japanese yen weakened against the US dollar during the period, which tended to improve sentiment in the equity market. Company profits have continued to improve and the most recent quarterly results season was broadly in line with expectations. Investors concerns over the possibility of higher US tariffs on autos dampened sentiment across the entire auto supply chain but, near the end of September, the US agreed to defer any decision until after the current trade negotiations with Japan. Economic growth rebounded strongly from the short-term weakness seen in January to March and corporate sentiment remained relatively firm given the tightness in the labour market and the uncertain global outlook. 2

4 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 Q3 208 第 3 季 Global Investment Review & Outlook Outlook Beyond October 209, long-term equity investors should be considering the possibility of an exit from current monetary policies within their time horizon. If the authorities are able to declare a sustainable exit from deflation, this could dovetail well with the final stages of Mr Abe s tenure. Although these appear to be largely political considerations, they reflect the ongoing improvements in the real economy which are, in turn, driving the corporate profit growth we are expecting over the next couple of years. As a result, while investors seem destined to live with higher levels of external risks, especially on trade, some of the domestic risks have receded in recent quarters and we should therefore have more conviction in our view of current Japanese equity market valuations. Other Asian Countries Asia ex Japan equities lost value in Q3, primarily due to weakness in China. The MSCI Asia ex Japan Index generated a negative return and underperformed the MSCI World. Indonesia Indonesia recorded a positive return and outperformed in what was a volatile quarter for Indonesia assets. The market faces external constraints, given high foreign bond ownership. Although inflation remains controlled, the central bank was forced to hike rates by a total of 0bps over the quarter. Malaysia Malaysia generated a positive return and outperformed, with crude oil price strength proving supportive. The Philippines Philippine equities recorded a small gain, amid concern the economy is overheating. Inflation climbed to 6.7% y/y in September, and is expected to rise due to the impact of recent typhoons, oil price strength and minimum wage rises. As a result, the central bank continued to tighten its key policy rate. Meanwhile, strong imports growth, led by infrastructure investment, resulted in a widening of the trade deficit and together with low growth in remittances, the current account deficit widened. Singapore Singapore stocks ended the third quarter with gains. Market sentiment was mixed through the quarter. Investor sentiment rebounded from panic levels with the gradual dissipation of uncertainties around trade tariffs. However, US sanctions, trade tariffs and risk of contagion in Emerging Markets as well as the recent US Fed hike rate and supply concerns had weighed on investors sentiment. South Korea South Korea posted a modest gain. Concerns over global trade remained but there were signs of improvement in relations with China. Meanwhile consumer sentiment appeared to stabilise and the government announced an expansionary budget for 209. Thailand Thailand recorded a robust return with financials and energy stocks among the best performing names. The approval of laws required for a prospective election in 209 was perceived as positive. Outlook Our investment outlook is turning more cautious, and we continue to be mindful of the potential growth moderation. We continue to like Korean memory names where valuations are attractive albeit rising capex implies that memory pricing has likely peaked. We also favour the internet space where we see the gaming, media, messaging and e-commerce names as new consumption substitutes. In the internet and ecommerce space, while Chinese internet companies continued to see strong revenue growth, pressure on profitability is becoming more visible from the investments being made to incubate future growth in newer areas. This could mean short-term headwinds to the sector. For financials, whilst interest rate expectation has been dented recently, we believe select financials across the region will continue to deliver steady earnings this year. United States US equities advanced in Q3 to significantly outperform other major regions. Economic growth and earnings data remained robust, and this ultimately overshadowed simmering concerns around the escalating US-China trade war. Outlook The strength of the US equity market year-to-date has been driven by a continuation of strong corporate profitability and stable economic growth. As we reach the end of 208, these supports remain in play but several clouds are gathering on the horizon. Overall, we believe the backdrop warrants a more cautious stance as we approach 209. With bouts of volatile likely to grow more frequent, a selective approach - focused on fundamentals - will remain paramount. 3

5 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 Q3 208 第 3 季 Global Investment Review & Outlook Continental Europe Eurozone equities posted a modest gain in the third quarter. Energy stocks were among the leading gainers, as were industrials. Financials made a positive contribution overall but banks were weaker. August saw sharp declines for eurozone banks amid concerns over their exposure to emerging markets as well as worries over the Italian budget. Outlook Looking ahead, we would highlight the divergence between optimism over the US equity market and pessimism regarding other global markets, including Europe. This has resulted in some significant valuation gaps, for example between the US and Europe and between growth and value stocks. We see scope for these gaps to close somewhat in Q4 as trade worries recede, at least regarding the US and Europe. Global Emerging Markets Emerging markets equities lost value in what was a volatile third quarter, with US dollar strength and the US-China trade dispute weighing on risk appetite. Turkey was the weakest index market amid a sharp sell-off in the lira. By contrast, Thailand recorded a strong gain and was the best performing index country. Outlook Our base case is that the US-China trade conflict continues to escalate, with tariffs implemented on all goods traded between the two countries. Valuations are supportive: the price-to-book and price-to-earnings (PE) multiples for the MSCI Emerging Markets index are below long-term averages and the PE multiple is at a discount of more than 29% to MSCI World. Currencies have adjusted and external accounts for many EM are not problematic. The earnings per share (EPS) outlook for EM relative to DM should improve as the impacts of the US tax cut and US dollar strength fade. There are two key catalysts: the US dollar and trade. In regards to trade, we believe that consensus now expects ongoing escalation and sentiment is negative, but we do not believe that the macroeconomic impact of full escalation is completely discounted by markets. In regards to the dollar, stabilisation or weakness would drive material relief for EM, albeit we do not expect this in the near term. Given the above, we maintain a cautious outlook but see scope for market relief on a 3-6 month horizon, with the US dollar the key catalyst. Global Bonds Government bond yields broadly rose over the quarter due to positive economic data, particularly from the US. This outweighed a bout of safe haven demand in August caused by concerns related to emerging market instability, trade tensions and political issues in Europe. The Federal Reserve (Fed) implemented a third rate hike this year, removing references to accommodative policy and striking an optimistic tone. The Bank of England (BoE) raised rates to 0.7% citing weather as the cause of a weak first quarter. US 0-year yields rose from 2.86% to 3.06%, with Bund and UK gilt 0-year yields rising from 0.30% to 0.47% and.42% to.7% respectively. Italian 0-year government bond yields rose from 2.68% to 3.% amid political concerns. Toward quarter-end the Italian government announced a 209 fiscal deficit target of 2.4%. This was larger than expected and is likely to draw criticism from the European Commission. Italian 0-year yields rose sharply on the news. Emerging markets (EM) experienced a tumultuous quarter, but largely centered on idiosyncratic factors and situations. With the effects felt most keenly in currency markets, hard currency sovereign and corporate EM bonds made positive returns, but local currency declined. Some of the countries seen to be most at risk started to take steps to address their problems. Outlook The global expansion continues to be led by the US with European growth stabilising but remaining slower than some had envisaged. Rising global bond yields have reflected this, especially in the US, where further rate hikes are being embedded into valuations. The US Treasury curve has continued flattening, historically a harbinger of recession. There is no sign that this is on the cards with US data, corporate profits and sentiment all remaining strong over recent months. The $. trillion tax cut will have helped in this no doubt. Escalating trade tensions have been a headwind, arguably contributing to the softness of global manufacturing indicators earlier in the year. China is bearing the brunt of tensions with the US. The NAFTA deal reinforced the view that China remains the main focus of US policy and there is a risk tensions may escalate further. China has eased policy conditions to keep the growth trajectory stable. A meaningful and sustained pick-up in inflation expectations remains broadly absent from the US recovery partly on structural factors such as demographics and technology. On the other hand, the global output gap has all but closed and tight labour markets have started to translate into accelerated wage growth. We believe traditional labour market demand and supply dynamics remain valid. Arguably, we are already seeing the initial consequences of central bank normalisation. Given the potential distortions of over a decade of exceptionally easy monetary policy, the process of its reversal, however gradual, is likely to cause market dislocations and episodic volatility and market stress. Emerging markets (EM) had a torrid quarter, with August s broad sell-off stemming from a few idiosyncratic events, a reminder of the pockets of vulnerability within EM. A significant number of EM policymakers are raising rates, but they remain broadly constrained fiscally. Politics remains key. Italy s budget proposals increase the risk of a confrontation with the EU and potentially a rating downgrade. For the UK, Brexit negotiations are reaching a critical juncture, with the potential consequences of a no deal likely to be highlighted in the near term. Investors will continue to face challenges not least from trade tensions and political developments, against a backdrop of central bank normalisation, which together is likely to lead to increased bouts of market stress and volatility. 4

6 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 Q3 208 第 3 季 環球投資回顧及展望 環球回顧 第三季度, 環球股市錄得升幅, 主要由於美國市場表現強勁 政治不明朗因素及貿易憂慮拖累其他地區表現, 特別是新興市場及亞洲 政府債券孳息率普遍上升 展望 股市上升主要由於企業盈利持續強勁及經濟環境利好 我們認為這種狀況將會有所放緩 鑒於眾多地緣政治不明朗因素, 我們仍需要對股市採取較謹慎的態度 雖然我們認為基本因素令我們對股市感到樂觀, 但我們認為投資者需對較低迷的回報期作好準備, 而持續波動將會變得更加普遍 採取有選擇性的方法仍是關鍵 大中華 中國 受貿易衝突升級影響, 第三季度內地及香港股市回落 美國繼續推進實施多輪關稅, 而中國則採取相應的反擊措施 與此同時, 中國宏觀經濟數據令人失望 當局公布一系列定向經濟支持措施, 包括轉向財政刺激及信貸寬鬆 央行亦再度引入宏觀審慎措施以穩定人民幣匯率 香港 中國及香港股市受到中美貿易衝突升級的負面影響 美國繼續推出多輪關稅措施, 而中國亦採取相應措施作為反擊 與此同時, 中國宏觀經濟數據令人失望 當局宣布一系列定向經濟支持措施, 包括轉向財政刺激及信貸寬鬆 央行亦再度採取宏觀審慎措施以穩定人民幣匯率 季內, 電訊及公用事業為表現最佳的行業 與此同時, 澳門博彩及資訊科技行業表現落後 台灣 受半導體股推動, 台灣跑贏內地及香港股市 展望 最近, 當局已公布一系列政策以解決社會方面問題及提高中國公民福祉 其中包括網絡遊戲 醫療保健 ( 普通藥物價格招標 ) 學校營運商 課外輔導及天然氣營運商的新監管政策 特別是, 鑒於不明朗因素升溫, 相關行業公司的股票風險溢價將需要進行調整 再加上前述經濟增長阻力, 未來幾個月的企業盈利或會進一步面臨下行壓力 我們仍維持較具防守性的持倉, 我們的大部份持倉以國內經濟及結構性主題為主, 而非外向型出口商 受不明朗因素影響, 我們仍低配科技股 香港十年來首次上調優惠利率 2. 點子 由於存款利率亦同時上調, 大型銀行的利潤或會受到輕微拖累, 但整體而言, HIBOR 利率上調足以抵銷其負面影響 因此, 我們繼續看好大型銀行 ( 如 豐及中銀香港 ), 因其將受到利率及股息收益上升的支持 其他方面, 由於寫字樓供應有限及零售銷售增長穩定, 我們已增持物業租賃商 我們已增持精選的綜合企業, 因其估值吸引及盈利增長前景明朗 此外, 部份企業採取行動消除資產淨值的折讓亦會帶來機會 我們的台灣持倉仍主要集中在科技領域, 但我們已對部份持倉進行套利 這些持倉涵蓋許多行業, 包括半導體 iphone 供應鏈公司以及其他零件製造商 我們仍重點關注擁有強勁基本因素的公司, 而鑒於市場進一步疲弱, 我們將會尋找機會重新入市或於價值湧現時調整持倉 日本 雖然季內的貿易衝突持續升級, 但日本股市於 9 月底錄得升幅並高於近期的波動區間, 全季錄得.9% 的升幅 期內, 日圓兌美元疲弱, 而這通常有利於股市情緒 公司利潤持續改善, 最近公布的大部份業績基本與預期一致 投資者擔憂美國上調汽車關稅, 這對整個汽車供應鏈的投資情緒造成打壓, 但在 9 月底前, 美國同意在與日本結束本輪貿易談判後方會作出任何決定 經濟增長較 至 3 月份期間的低迷表現強勁回升, 而鑒於就業市場緊縮及環球前景不明朗, 企業情緒相對穩定

7 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 Q3 208 第 3 季 環球投資回顧及展望 Global Investment Review & Outlook 展望 展望 209 年 0 月之後, 長期股票投資者或會考慮當局是否有可能於限期內退出目前的貨幣政策 若當局能夠宣布已經持續擺脫通縮, 這或會有利於安倍任期的最後階段 雖然這些主要為政治方面的考慮因素, 但這反映實體經濟持續改善, 而我們預期這將會推動未來兩年的企業盈利增長 因此, 雖然投資者無法避免外圍風險升溫的影響 ( 特別是貿易方面 ), 但部份國內風險已於最近幾個季度消退, 因此, 我們更相信我們對目前日本股市估值的觀點 其他亞洲國家 第三季度, 亞洲 ( 日本除外 ) 股市下跌, 主要由於中國表現疲弱 MSCI 亞洲 ( 日本除外 ) 指數錄得跌幅, 並跑輸 MSCI 環球指數 印尼 季內, 印尼資產較為波動, 印尼市場錄得升幅並表現領先 市場受到外圍因素影響, 因外國投資者持有該國債券的比例較高 雖然通脹仍然受控, 但央行被迫於季內加息合共 0 點子 馬來西亞 馬來西亞錄得升幅並表現領先, 因原油價格強勢帶來支持 菲律賓 菲律賓股市錄得輕微升幅, 因市場擔憂經濟增長過熱 9 月份通脹升至按年 6.7%, 而受近期颱風 油價上升及最低工資上調的影響, 預期通脹將會進一步上升 因此, 央行繼續收緊主要政策利率 與此同時, 基建投資帶來強勁的進口增長, 導致貿易赤字不斷擴大, 再加上匯款增長放緩, 經常賬戶赤字擴大 新加坡 第三季度, 新加坡股市錄得升幅 季內, 市場情緒好壞參差 隨著貿易關稅方面的不明朗因素逐漸消退, 投資者情緒由恐慌水平回升 然而, 美國制裁 貿易關稅及新興市場擴散風險, 以及近期美國加息及供應方面的憂慮均打壓投資者情緒 南韓 韓國錄得溫和升幅 環球貿易憂慮仍存在, 但有跡象顯示韓國與中國的關係改善 與此同時, 消費者情緒似乎靠穩, 而政府宣布 209 年將實施擴張性財政預算 泰國 泰國錄得穩健升幅, 金融股及能源股表現最佳 209 年預期選舉所需的法律獲通過被視為利好消息 展望 我們的投資展望轉趨審慎, 而我們繼續關注潛在的經濟放緩 我們繼續看好韓國記憶體製造商, 因其估值吸引, 而資本開支增長意味著記憶體價格或已見頂 我們亦看好互聯網行業, 並認為遊戲 傳媒 通訊及電子商務公司將成為消費股的新選擇 互聯網及電子商務行業方面, 雖然中國互聯網公司繼續錄得強勁的收入增長, 但由於公司對新領域作出投資以獲取未來的增長, 盈利方面的壓力變得更為明顯 這意味著該行業短期內或會面臨阻力 金融股方面, 雖然近期的利率預期已經有所降低, 我們認為該地區的部份金融股今年將會繼續錄得穩定的盈利 美國 第三季度, 美國股市上升並大幅跑贏其他主要市場 經濟增長及盈利數據維持穩健, 而這最終抵銷中美貿易戰憂慮升溫的不利影響 展望 美國股市的強勁表現主要受惠於企業盈利持續強勁及經濟增長穩定 進入 208 年底, 這些支持因素仍然有效, 但短期內將會面臨多項不利因素 整體而言, 我們認為目前環境需要我們對 209 年維持謹慎態度 鑒於市場波動的狀況或會變得更加頻繁, 採取具有選擇性的方法 ( 專注於基本因素 ) 仍是關鍵 6

8 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 Q3 208 第 3 季 環球投資回顧及展望 歐洲大陸 第三季度, 歐元區股市錄得溫和升幅 能源股及工業股表現領先 金融股對整體表現作出利好貢獻, 但銀行股表現疲弱 8 月份, 歐元區銀行股大幅下跌, 因市場擔憂這些銀行將受到新興市場風險影響以及擔憂意大利預算 展望 展望未來, 我們需要注意市場對美國股市的樂觀情緒與其他環球市場 ( 包括歐洲 ) 的悲觀情緒之間的差異 這已導致部份市場估值出現重大差異, 如美國與歐洲之間, 以及增長股與價值股之間 我們認為隨著貿易憂慮消退, 第四季度這些差距有望縮窄, 至少是美國與歐洲方面 環球新興市場 第三季度市場波動較大, 美元強勢及中美貿易衝突打壓風險投資意欲, 新興市場股市下跌 由於土耳其里拉遭到拋售, 土耳其為表現最疲弱的指數市場 相反, 泰國錄得強勁升幅, 並成為表現最佳的指數國家 展望 我們的基本觀點是中美貿易衝突將持續升溫, 而兩國將相互對所有貿易商品徵稅關稅 估值利好 :MSCI 新興市場指數的市賬率及市盈率倍數目前低於長期平均水平, 而市盈率倍數較 MSCI 世界指數存在逾 29% 的折讓 貨幣已出現調整, 而許多新興市場的外部賬戶並無問題 隨著美國減稅及美元強勢的影響消退, 相對於已發展市場, 新興市場的每股盈利前景將出現改善 兩大關鍵利好因素是 : 美元及貿易 貿易方面, 我們認為市場目前普遍預期貿易戰將持續升級及市場情緒為負面, 但我們認為貿易戰全面升級對宏觀經濟的影響尚未被市場完全消化 美元方面, 貿易靠穩或疲弱將為新興市場帶來明顯提振, 但短期內, 我們預期不會發生這種情況 鑒於上述情況, 我們短期內仍相對謹慎, 但由於美元帶來主要利好, 我們認為未來 3 至 6 個月市場或會受到支持 全球債券 季內, 政府債券孳息率普遍上升, 因經濟數據利好, 特別是美國方面 這抵銷由 8 月份新興市場動盪 貿易衝突及歐洲政治問題相關憂慮引發的避險資產需求熱潮 聯儲局於今年第三次加息 對政策不再使用 寬鬆 措辭並釋放樂觀信號 英倫銀行上調利率至 0.7%, 認為天氣是造成第一季度表現疲弱的原因 0 年期美國國債孳息率由 2.86% 升至 3.06%, 而 0 年期德國及英國國債孳息率分別由 0.30% 升至 0.47% 及由.42% 升至.7% 受政治憂慮影響,0 年期意大利政府債券孳息率由 2.68% 升至 3.% 季末, 意大利政府公布 209 年財政赤字目標為 2.4% 這高於預期, 因而很可能引起歐洲委員會的批評 受此消息影響,0 年期意大利孳息率大幅上升 季內, 新興市場出現動盪, 但這主要受非系統性因素影響 鑒於受影響最嚴重的是貨幣市場, 硬貨幣主權及新興市場企業債券錄得升幅, 但本地貨幣下跌 此外, 部份受影響最嚴重的國家開始採取措施解決各自的問題 展望 環球經濟持續由美國引領增長, 而歐洲經濟增長靠穩, 但仍低於部份投資者預期 環球債券孳息率上升已反映這點, 特別是美國方面, 進一步加息已對估值造成影響 美國國債曲線持續走平, 歷史上這通常預示著將會出現經濟衰退 並無跡象顯示這種情況即將發生, 因最近幾個月的美國經濟數據 企業利潤及情緒均維持強勁 毫無疑問,. 萬億美元的減稅計劃已為此帶來幫助 貿易衝突持續升級帶來阻礙, 並可能是今年初環球製造業指標疲弱的原因 中國正受到中美貿易衝突的影響 北美自由貿易協議再度表明, 中國仍是美國政策的主要焦點, 而貿易衝突仍存在進一步升級的風險 中國已放寬政策環境以保持經濟增長穩定 美國經濟復甦仍未造成通脹預期明顯及持久回升, 部份是由於結構性因素 ( 如人口因素及科技 ) 的影響 另一方面, 環球產出缺口已基本消除, 而就業市場緊縮已開始促使工資加速增長 我們認為傳統的就業市場需求及供應動態仍會帶來影響 我們認為央行政策正常化可能已開始產生初步影響 鑒於過去 0 年超寬鬆貨幣政策的潛在干擾, 其逆轉過程無論多麼緩慢, 都有可能引致市場調整及大幅波動及市場受壓 季內, 新興市場表現火熱, 多項非系統性事件引發 8 月份的廣泛拋售, 這促使投資者關注新興市場內部的眾多薄弱環節 許多新興市場決策者正在加息, 但財政方面仍普遍受限 政治因素仍是關鍵 意大利的預算案導致該國與歐盟發生衝突的風險增加, 並可能造成評級下調 英國方面, 英國脫歐談判已進入關鍵階段, 潛在的 無協議 式脫歐結果或會成為近期的關注焦點 在央行政策正常化的環境下, 投資者將會繼續面臨貿易衝突及政治動態方面的挑戰, 這或會導致市場壓力及波動性增加 7

9 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 As at 截至 30/09/208 Schroder MPF Conservative Portfolio* 施羅德強積金保守投資組合 To provide a return, after expenses, which matches or exceeds the Hong Kong dollar savings rate. Investments will be limited by the investment restrictions for a MPF conservative fund as defined in the MPF legislation and guidelines. The Schroder MPF Conservative Portfolio will hold a minimum of 00% in Hong Kong dollar investments at all times through direct holdings in the restricted investments as set out in section 3..2 (ii) of the latest Offering Document of the Sun Life MPF Master Trust. The long term return is expected to be in line with deposit rates on Hong Kong dollars. 本投資組合的投資目標為, 在扣除開支後, 回報能緊貼或超逾港元儲蓄利率 投資項目需遵守強制性公積金法例及其有關指引對強積金保本守基金的投資限制 本投資組合將在任何時候透過直接持有於永明強積金集成信託計劃銷售文件第 3..2(ii) 部份所述的投資限制資產, 以持有不少於 00% 港元投資項目 本投資組合的長期回報預期與港元儲蓄利率看齊 0/2/ HK$8.99m ( 百萬港元 ) 基金支出比率 (FER) 2 (As at 截至 30/09/207) 3 0.6% 0.6% 0.00% 0.00% Performance 表現 (%) 4 Cumulative 累積表現 (%) Annualized 年均表現 (% p.a.) Money Market Fund Hong Kong 貨幣市場基金 香港 208 YTD Last 2-Month 過去 2 個月 Years 年 0 Years 0 年 Ordinary Class 普通單位 Class B 乙類單位 HKD Deposit Rate 港元存款利率 /00 2/02 2/04 2/06 2/08 2/0 2/2 2/4 2/6 Ordinary Class 普通單位 Class B 乙類單位 HKD Bank Deposits/Bonds (Under month) 港元存款 / 債券 ( 個月以下 ) HKD Bank Deposits/Bonds (-3 months) 港元存款 / 債券 (-3 個月 ) Calendar Year Return 曆年回報 (%) 4 Ordinary Class 普通單位 * Please refer to the Important Notes on page and Remarks regarding fees and charges of this constituent fund. * 有關本成分基金之費用及收費, 請細閱第一頁的重要資料及備註 Class B 乙類單位 HKD Deposit Rate 6 港元存款 6 利率 Industrial & Commercial Bank of China Asia Deposits 2-Mth.% 26//8 工銀亞洲存款兩個月.% 26//8 Dah Sing Bank Deposits 3-Mth.8% 9/0/8 大新銀行存款三個月.8% 9/0/8 NAB Deposits 3-Mth.6% 4/2/8 澳洲國民銀行存款三個月.6% 4/2/8 Agricultural Bank of China Deposits 3-Mth 2% 03/2/8 農業銀行存款三個月 2% 03/2/8 BNP Paribas Bank Deposits 3-Mth.7% 9/0/8 法國巴黎銀行存款三個月.7% 9/0/8 Standard Chartered Bank Deposits 3-Mth.6% 28/2/8 渣打銀行存款三個月.6% 28/2/8 China Construction Bank Deposits 2-Mth.6% 2//8 中國建設銀行存款兩個月.6% 2//8 ANZ Bank Deposits 2-Mth.47% 22/0/8 澳洲及紐西蘭銀行存款兩個月.47% 22/0/8 Oversea-Chinese Banking Deposits 3-Mth.7% 03/2/8 華僑銀行存款三個月.7% 03/2/8 Bank of Communications Deposits 3-Mth % 07//8 交通銀行存款三個月 % 07// The third quarter of the year has been anything but quiet, with bond markets on the receiving end of volatility. The combination of improving US economic data and a US Federal Reserve who is keen to return to monetary policy normalcy suggests that the US treasury market is unlikely to see yields stay at current levels for too long. Yet, what has probably surprised both bond bears and bulls has been the lack of surprise in the rate of interest rate hikes by the Fed. We believe that it is unlikely that the Fed will surprise markets with a sudden hike - at least not this year. Instead the Fed will seek to create an aura of continued predictability in monetary policy. For Asian Bond investors, the impact of higher US yields has put pressure on Central Banks in the region to tighten their monetary policies to limit any significant moves in their currencies - perhaps with the exception of India, Indonesia and Philippines. We have also witnessed a rise in USD denominated bond yields as the impact of tighter funding costs and some weakness in certain Chinese high yield issuers have forced market participants to reassess the credit worthiness of the market. Over in Hong Kong, our expectation of HIBOR converging to LIBOR still remains intact. In addition, excess liquidity in the market is expected to continue tightening and lending cost is expected to continue increasing on the back of rising US interest rates and a reduction of Chinese inflows to Hong Kong. We concede that in the short term, market noise around Sino-US trade war and US politics will result in some volatility. However, the fundamentals in Asian countries with current account surplus, such as Hong Kong, should provide resilience to withstand market volatility. Meanwhile in portfolio strategies, the Fund remains underweight Hong Kong rates and would likely retain this underweight bias until the HIBOR- LIBOR spreads normalize. 今年第三季度, 整體環境極不平靜, 債券市場出現較大波動 美國經濟數據持續改善及聯儲局致力恢復貨幣政策 常態, 意味著美國國債市場的孳息率或不會長時間維持於目前水平 然而, 也許令債券短倉及長倉投資者均感到意外的是, 聯儲局的加息進程缺乏意外消息 我們認為聯儲局出乎市場意料地突然加息的機會不大, 至少今年不會 相反, 聯儲局將會繼續維持貨幣政策可預測的良好環境 對於亞洲債券投資者而言, 美國國債孳息率上升的影響已迫使區內央行收緊貨幣政策以抑制匯率大幅波動的風險 也許印度 印尼及菲律賓除外 鑒於融資成本收緊的影響, 加上部份中國高收益債券發行人表現疲弱, 市場人士需要重新評估該市場的信譽, 美元計值債券孳息率亦錄得上升 香港方面, 我們仍預期 HIBOR 走勢將與 LIBOR 一致 此外, 由於美國利率持續上升及內地流入香港的資金減少, 預期市場的剩餘流動性將會繼續收緊, 而融資成本將會繼續上升 我們認為, 短期內, 中美貿易戰及美國政局的干擾因素將會引發市場波動 然而, 擁有經常賬戶盈餘的亞洲國家和地區 ( 如香港 ) 的基本因素穩健, 應有助於抵禦市場波動 與此同時, 在投資組合策略方面, 基金仍減持香港利率, 並可能繼續維持減持, 直至 HIBOR 與 LIBOR 息差正常化 Sun Life MPF Master Trust Services Hotline 永明強積金集成信託計劃服務熱線 :

10 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 As at 截至 30/09/208 Schroder MPF Global Fixed Income Portfolio 施羅德強積金環球定息投資組合 To provide security of capital # and a comparatively high income return. The Schroder MPF Global Fixed Income Portfolio will invest in a single approved pooled investment fund which makes direct investments primarily in fixed interest and floating rate securities, money market instruments and cash deposits while maintaining a high income yield. The Schroder MPF Global Fixed Income Portfolio may hold cash, bank deposits or cash equivalents for ancillary purposes. 本投資組合的投資目標為提供資本保障 # 及相對較高的收益回報 施羅德強積金環球定息投資組合將投資於一項直接進行投資活動的核准匯集投資基金, 該基金在維持高收益回報的同時, 主要投資於定息和浮息證券 貨幣市場工具及現金存款 本投資組合可持有現金 銀行存款或現金等值作輔助性質 3/0/204 ## HK$2.38m ( 百萬港元 ) 基金支出比率 (FER) 2 (As at 截至 30/09/207).89%.8% % 4.4% Performance 表現 (%) 4 Cumulative 累積表現 (%) Annualized 年均表現 (% p.a.) Bond Fund Global 債券基金 環球 208 YTD Last 2-Month 過去 2 個月 Years 年 0 Years 0 年 Ordinary Class 普通單位 N/A N/A Class B 乙類單位 N/A N/A /4 07/4 0/ 07/ 0/6 07/6 0/7 07/7 0/8 07/8 Ordinary Class 普通單位 Class B 乙類單位 Bonds 債券 USD 美元 3.40 Global Currencies ex USD ex HKD 國際貨幣 ( 除美元及港元 ) Cash or cash equivalent 現金或現金等值.4 Calendar Year Return 曆年回報 (%) 4 Ordinary Class 普通單位 Class B 乙類單位 ~ ~ 203 N/A N/A 202 N/A N/A 20 N/A N/A US Treasury Note/Bond 2.2% /02/ US Treasury Note/Bond 2.37% /0/ Japan Government Ten Year Bond 0.% 20/2/ Bank Nederlandse Gemeenten NV 0.2% 0/0/ Council Of Europe Development Bank 0.2% 0/04/ European Union.2% 04/04/ US Treasury Floating Rate Note % 3/0/ US Treasury Note/Bond 2.% /02/ Japan Finance Organization for Municipalities.87% 26/09/ US Treasury Floating Rate Note % 3/0/209.9 Government bond yields broadly rose over the quarter due to positive economic data, particularly from the US. This outweighed a bout of safe haven demand in August caused by concerns related to emerging market instability, trade tensions and political issues in Europe. The global expansion continues to be led by the US with European growth stabilising but remaining slower than some had envisaged. Rising global bond yields have reflected this, especially in the US, where further rate hikes are being embedded into valuations. The US Treasury curve has continued flattening, historically a harbinger of recession. There is no sign that this is on the cards with US data, corporate profits and sentiment all remaining strong over recent months. The $. trillion tax cut will have helped in this no doubt. Escalating trade tensions have been a headwind, arguably contributing to the softness of global manufacturing indicators earlier in the year. China is bearing the brunt of tensions with the US. The NAFTA deal reinforced the view that China remains the main focus of US policy and there is a risk tensions may escalate further. China has eased policy conditions to keep the growth trajectory stable. A meaningful and sustained pick-up in inflation expectations remains broadly absent from the US recovery partly on structural factors such as demographics and technology. On the other hand, the global output gap has all but closed and tight labour markets have started to translate into accelerated wage growth. We believe traditional labour market demand and supply dynamics remain valid. 季內, 政府債券孳息率普遍上升, 因經濟數據利好, 特別是美國方面 這抵銷由 8 月份新興市場動盪 貿易衝突及歐洲政治問題相關憂慮引發的避險資產需求熱潮 環球經濟持續由美國引領增長, 而歐洲經濟增長靠穩, 但仍低於部份投資者預期 環球債券孳息率上升已反映這點, 特別是美國方面, 進一步加息已對估值造成影響 美國國債曲線持續走平, 歷史上這通常預示著將會出現經濟衰退 並無跡象顯示這種情況即將發生, 因最近幾個月的美國經濟數據 企業利潤及情緒均維持強勁 毫無疑問,. 萬億美元的減稅計劃已為此帶來幫助 貿易衝突持續升級帶來阻礙, 並可能是今年初環球製造業指標疲弱的原因 中國正受到中美貿易衝突的影響 北美自由貿易協議再度表明, 中國仍是美國政策的主要焦點, 而貿易衝突仍存在進一步升級的風險 中國已放寬政策環境以保持經濟增長穩定 美國經濟復甦仍未造成通脹預期明顯及持久回升, 部份是由於結構性因素 ( 如人口因素及科技 ) 的影響 另一方面, 環球產出缺口已基本消除, 而就業市場緊縮已開始促使工資加速增長 我們認為傳統的就業市場需求及供應動態仍會帶來影響 # The portfolio is not a guaranteed fund. It cannot be guaranteed that the performance of the portfolio will generate a return and there may be circumstances where no return is generated or the capital is lost. # 本投資組合並非一項保證基金, 不保證其表現可提供回報, 可能出現沒有回報或資本虧損的情況 ## for Ordinary Class: 29/0/204; for Class B: 3/0/204. ## 普通單位的 :29/0/204; 乙類單位的 :3/0/204 ~ Performance is calculated from the portfolio's launch date (29/0/204 for Ordinary Class and 3/0/204 for Class B). ~ 投資組合表現由組合設立日起 ( 普通單位 :29/0/204; 乙類單位 :3/0/204) 計算 9 Sun Life MPF Master Trust Services Hotline 永明強積金集成信託計劃服務熱線 :

11 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 As at 截至 30/09/208 Schroder MPF RMB and HKD Fixed Income Portfolio Δ 施羅德強積金人民幣及港元定息投資組合 To provide a long term return of capital growth and income in Hong Kong dollar terms through investment in a portfolio consisting mainly of RMB and HKD denominated debt securities. The Schroder MPF RMB and HKD Fixed Income Portfolio will invest in a single approved pooled investment fund, namely, the RMB and HKD Fixed Income Fund, a sub-fund of the Schroder Institutional Pooled Funds. This approved pooled investment fund makes direct investment principally in fixed and floating rate debt securities denominated in RMB and HKD issued by government, quasi-government, financial and corporate issuers worldwide. It may also invest in RMB and HKD denominated money market instruments including fixed deposits, certificates of deposits, commercial papers, treasury bills and cash. 本投資組合的投資目標為透過投資於一項主要包括以人民幣和港元計值的債務證券的投資組合, 提供以港元計算的長期資本增值和收入回報 施羅德強積金人民幣及港元定息基金將投資於一核准匯集投資基金, 即施羅德機構匯集基金的子基金, 名為人民幣及港元定息基金 此核准匯集投資基金將主要直接投資於由政府 半政府 環球金融和企業發行商發行, 以人民幣和港元計值的定息和浮息債務證券, 亦可投資於人民幣及港元計值的貨幣市場工具 ( 包括定期存款 存款證 商業票據 國債和現金 ) Performance 表現 (%) 4 Cumulative 累積表現 (%) Annualized 年均表現 (% p.a.) 208 YTD Last 2-Month 過去 2 個月 Years 年 0 Years 0 年 Ordinary Class 普通單位 Class B 乙類單位 /00 2/02 2/04 2/06 2/08 2/0 2/2 2/4 2/6 Ordinary Class 普通單位 Class B 乙類單位 Bonds 債券 Global Currencies ex USD ex HKD 國際貨幣 ( 除美元及港元 ) 6.84 HKD 港元 3.9 Cash or cash equivalent 現金或現金等值 2.7 Calendar Year Return 曆年回報 (%) 4 Ordinary Class 普通單位 Class B 乙類單位 Korea Development Bank/The 4.6% 03/07/ Fonterra Cooperative Group Ltd 3.6% 29/0/ National Bank of Canada 4.3% /0/ China Development Bank Corp/Hong Kong.4443% 06/03/ Eastern Creation II Investment Holdings Ltd 2.8% 3/02/ ADCB Finance Cayman Ltd 2.69% 3/04/ Export-Import Bank of Korea 4.4% 09/2/ Canadian Imperial Bank of Commerce.87% 8/2/ Australia & New Zealand Banking Group Ltd 4% /07/2020 Industrial & Commercial Bank of China Ltd/ Singapore 3.7% 23/09/ /2/ HK$4.m ( 百萬港元 ) 基金支出比率 (FER) 2 (As at 截至 30/09/207) 3 Bond Fund RMB and HKD 債券基金 人民幣及港元.4%.39% 2.77% 2.74% Overall, Hong Kong bonds posted negative returns across the quarter with Hong Kong corporate bonds (iboxx Hong Kong non-government index) returning -0.2%, while their Hong Kong government bond counterparts (iboxx Hong Kong government index) trailed behind with -0.4%. The CNH denominated bond market returned +.3% (as measured by the iboxx ALBI China Offshore Bond Index, in CNH) over the period. Against this backdrop, the Fund returned -.23% (HKD, net of fees) in the third quarter and marginally underperformed the cash benchmark (0% CNH 3-month Deposit + 0% 3-month HIBOR) which returned -.24% for the corresponding period. The Fund benefitted from its overweight duration bias in the quarter, particularly from the overweight to the 2-year duration bucket of the CNH Chinese sovereign curve, where yields fell. Overall sector allocation, especially the allocation to corporates, contributed positively to the Fund. Conversely, the currency allocation detracted from performance, especially from the CNH allocation as CNH depreciated against HKD over the quarter. The third quarter of the year has been anything but quiet, with bond markets on the receiving end of volatility. The combination of improving US economic data and a US Federal Reserve who is keen to return to monetary policy normalcy suggests that the US treasury market is unlikely to see yields stay at current levels for too long. Yet, what has probably surprised both bond bears and bulls has been the lack of surprise in the rate of interest rate hikes by the Fed. We believe that it is unlikely that the Fed will surprise markets with a sudden hike - at least not this year. Instead the Fed will seek to create an aura of continued predictability in monetary policy. 整體而言, 季內香港債券錄得負面回報, 香港企業債券 (iboxx 香港非政府債券指數 ) 下跌 0.2%, 而香港政府債券 (iboxx 香港政府債券指數 ) 下跌 0.4% 期內, 離岸人民幣計值債券市場上升.3%( 以 iboxx ALBI 中國離岸債券指數及以離岸人民幣計 ) 在此環境下, 第三季度基金下跌.23%( 以港元計及扣除費用 ), 並輕微跑輸現金基準 (0% 的離岸人民幣 3 個月期存款 + 0% 的 3 個月期 HIBOR), 同期的基準下跌.24% 季內, 基金受惠於超配存續期, 特別是超配離岸人民幣中國主權債券曲線的 2 年期存續期組合, 因其孳息率下跌 整體行業配置 ( 特別是對企業債券的配置 ) 對基金作出正面貢獻 相反, 貨幣配置拖累基金表現, 特別是離岸人民幣配置, 因季內的離岸人民幣兌港元貶值 今年第三季度, 整體環境極不平靜, 債券市場出現較大波動 美國經濟數據持續改善及聯儲局致力恢復貨幣政策 常態, 意味著美國國債市場的孳息率或不會長時間維持於目前水平 然而, 也許令債券短倉及長倉投資者均感到意外的是, 聯儲局的加息進程缺乏意外消息 我們認為聯儲局出乎市場意料地突然加息的機會不大, 至少今年不會 相反, 聯儲局將會繼續維持貨幣政策可預測的良好環境 Effective from 30 September 20, the constituent fund was renamed from Schroder MPF HK Dollar Fixed Income Portfolio and the investment objective and policy was changed (previous investment objective: To provide a steady long term return through income and some capital appreciation, although the latter will be affected by the trend of Hong Kong interest rates). Please refer to Remarks regarding the key risks associated with the investments of the constituent fund. 成份基金原稱施羅德強積金港元定息投資組合, 從 20 年 9 月 30 日起更改名稱及投資目標和政策 ( 前投資目標為 : 透過收入及部份資本增值 ( 雖然後者會被香港利率波動影響 ), 為投資者提供一穩定長期回報 ) 敬請細閱備註內有關成分基金的主要投資風險 Sun Life MPF Master Trust Services Hotline 永明強積金集成信託計劃服務熱線 :

12 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 As at 截至 30/09/208 Schroder MPF Capital Guaranteed Portfolio** 施羅德強積金本金保證投資組合 To achieve a positive return, after expenses, for as long as the investor remains invested in the Schroder MPF Capital Guaranteed Portfolio. The Schroder MPF Capital Guaranteed Portfolio invests in an insurance policy which includes a guarantee. The insurance policy is an approved pooled investment fund and is issued by the insurer, FWD Life Insurance Company (Bermuda) Limited (formerly ING Life Insurance Company (Bermuda) Limited) ( FWD ). The insurance policy invests into an underlying approved pooled investment fund and the investments of which will include global bonds, equities and cash with the current proposed asset allocation of a range of 67% to 9%, 0% to 33%, and 0% to 33% of the asset value respectively. The underlying approved pooled investment fund is globally diversified but with a bias towards Hong Kong and it will hold a minimum of 67% of its asset value in Hong Kong dollar investments at all times through direct holdings in equities, bonds and cash and/or currency hedging. The long term return is expected to be in line with Hong Kong price inflation (as measured by the Consumer Price Index Type A ). 本投資組合的投資目標為, 祇要投資者仍保留在本投資組合內, 在扣除費用後, 仍能達致一正投資回報 施羅德強積金本金保證投資組合投資於一份提供保證的保險單, 該保險單為一項核准匯集投資基金, 由 FWD Life Insurance Company (Bermuda) Limited ( 前稱為 ING Life Insurance Company (Bermuda) Limited) ( FWD ) 發行 該保險單投資於一項基礎核准匯集投資基金, 該基金的投資項目包括環球債券 股票及現金, 其現時的資產分佈建議分別為其資產值 67%-9% ( 環球債券 ) 0%-33% ( 環球股票 ) 及 0%-33% ( 現金 ) 該基礎核准匯集投資基金的投資分散全球, 但主要側重於香港市場, 因此在任何時間均會透過直接持有股票 債券和現金, 及 / 或貨幣對沖而持有最少其資產值 67% 的港元投資 本投資組合的長期回報預期與香港通脹率 ( 以甲類消費物價指數為依據 ) 看齊 Performance 表現 (%) 4 ~ 00 2/00 2/02 2/04 2/06 2/08 2/0 2/2 2/4 2/6 Cumulative 累積表現 (%) 208 YTD Last 2-Month 過去 2 個月 Years 年 Annualized 年均表現 (% p.a.) 0 Years 0 年 Ordinary Class 普通單位 ~ Class B 乙類單位 ~ CPI Index Type A 甲類消費物價指數 Ordinary Class 普通單位 Class B 乙類單位 Equities 股票 3.89 Fixed Income Securities 定息證券 86.6 Cash 現金 -0.0 ~ Calendar Year Return 曆年回報 (%) 4 ~ Ordinary Class 普通單位 Class B 乙類單位 CPI Index Type A 甲類消費 物價指數 ~ ~ ~ ~ Bundesrepublik Deutschland % /08/ US Treasury Note/Bond 2% 3/07/ US Treasury Note/Bond.% /08/ Development Bank of Japan.7% 20/09/ US Treasury Note/Bond 2.2% // Japan Government Ten Year Bond 0.6% 20/03/ US Treasury Note/Bond 2% /02/ US Treasury Note/Bond 2.37% 3/2/ US Treasury Note/Bond.% /06/ France Government Bond OAT 0.% 2/0/ /2/ HK$76.7m ( 百萬港元 ) 基金支出比率 (FER) 2 (As at 截至 30/09/207) 3.87%.67% 2.28% 2.29% Guaranteed Fund guarantee payable upon five years of continuous investment or over a lesser period if the member reaches 6, please refer to the Offering Document of Sun Life MPF Master Trust for details 保證基金 保證條款適用於連續五年的投資期, 或少於此年期如果成員已達 6 歲, 詳情請參閱永明強積金集成信託計劃銷售文件 Overall, Asia market credit spreads tightened by the end of the month, largely offsetting the higher US Treasury yields. Primary market resumed, supplying US$4 billion of new bonds amongst a group of well diverse names during September. The US Federal Reserve raised policy rates during their September meeting, which market had expected. Expectations for Hong Kong banks to raise prime rates for the first time in more than a decade created demand for the local currency which surged 0.63% on September 2st, but ended the month on a softer tone at The city s largest banks delivered only a mild increase of 2. basis points (bps) in lending rates following the US Federal Reserve s recent policy rate increase during its September meeting. Albeit ongoing trade tensions between the US and China are largely priced into the market, therefore, market sentiment showed improvement in the latter part of the month. Implementation of tariffs by the US on China was unexpectedly milder. Also, 0 year US Treasuries rose to over 3% on better sentiment to end the month at 3.06%. We head into the final quarter of the year with expectations that headlines relating to trade tensions, emerging markets and China will continue to dominate the market. Negative risk sentiment will persist to weigh on markets, however, will be partially offset by the robust growth in most economies. We see valuations are better priced in comparing with the start of the year given some adjustments in credit spreads. Our expectations is for the primary market to pick up versus the slower months of the summer, however, supply this year will remain slower compared with previous year. 整體而言, 亞洲市場信貸息差在月底收窄, 大致抵銷美國國庫券孳息上揚影響 一手市場發債重拾活躍,9 月份不同企業合共發行新債 40 億美元 美國聯儲局在 9 月份會議決定調高政策利率, 合市場預期 在市場預料本地銀行即將作出十多年來首度的上調最優惠利率, 引發市場對本地貨幣需求, 刺激港元在 9 月 2 日飆升 0.63%, 其後回軟至月底收報 繼美國聯儲局在 9 月份會議調高政策利率後, 本地各大銀行僅將貸款利率輕微上調 2. 個基點 由於市場大致已消化美國與中國的持續貿易緊張關係, 加上美國對中國實施關稅出乎意料溫和, 助長下半月市場氣氛改善 此外, 隨著市場情緒好轉,0 年期美國國庫券孳息升逾 3%, 月底收報 3.06% 步入今年最後一個季度, 我們預料貿易緊張局勢 新興市場和中國等相關消息繼續主導大市 投資氣氛負面, 勢將持續遏抑市場表現 ; 然而, 各地經濟保持強勢增長, 有助部份抵銷上述負面影響 鑑於信貸息差略告調整, 我們認為市場估值相對年初時水平為佳 我們預期一手發債市場將會結束夏季緩滯的步伐, 步入今季發債規模回升, 但總結全年供應料較去年減少 ~ Schroder MPF Capital Guaranteed Portfolio (the Portfolio ) has invested in Class B of the FWD MPF Capital Guaranteed Policy (the Policy ) since January 202. FWD Life Insurance Company (Bermuda) Limited ( FWD Life ), who acts as the guarantor of the Policy, became aware in February 20 of an inappropriate asset splitting mechanism between Class A and Class B of the Policy which had been adopted since January 202. Its asset splitting mechanism and the price of Class B of the Policy have been adjusted on 6 March 20. The performance figures of the Portfolio between January 202 up to 3 March 20 (both days inclusive) have been restated by re-calculating the unit NAV which was reviewed by an independent external consultant. The performance figures of the Portfolio from 6 March 20 onwards were calculated based on the unit NAV using the adjusted asset splitting mechanism on Class B of the Policy. ~ 自 202 年 月 日起, 施羅德強積金本金保證投資組合 ( 本投資組合 ) 投資於富衛強積金本金保證保單 ( 此保單 ) 的乙類單位 此保單的擔保人, 富衛人壽保險 ( 百慕達 ) 有限公司 ( 富衛人壽 ), 於 20 年 2 月察覺到此保單的甲類及乙類單位自 202 年 月 日起採用不合適的資產分攤機制 其資產分攤機制及此保單的乙類單位價格已於 20 年 3 月 6 日調整 本投資組合於 202 年 月 日至 20 年 3 月 3 日期間 ( 包括首尾兩日 ) 的基金表現已根據經獨立外部顧問檢閱後重新計算的單位淨資產值重述 本投資組合自 20 年 3 月 6 日起的基金表現則根據此保單乙類單位調整後的分攤機制的單位淨資產值運算 ** Please refer to the Important Notes on page and Remarks regarding the credit risk, guarantee features and guarantee conditions of this constituent fund. ** 有關本成分基金的信用風險 保證的特色及保證的條款, 請細閱第一頁的重要資料及備註 Sun Life MPF Master Trust Services Hotline 永明強積金集成信託計劃服務熱線 :

13 Sun Life MPF Master Trust Quarterly Update 永明強積金集成信託計劃季報 As at 截至 30/09/208 Schroder MPF Age 6 Plus Fund 施羅德強積金 6 歲後基金 To provide stable growth to members by investment in a globally diversified manner. The Schroder MPF Age 6 Plus Fund shall be invested in an approved pooled investment fund, Schroder MPF Core 20/80 Fund, which in turn invests in two approved pooled investment funds as allowed under the Mandatory Provident Fund Schemes (General) Regulation. Through its underlying investment, the Schroder MPF Age 6 Plus Fund will hold 20% of its net assets in higher assets (such as global equities), with remainder investing in lower risk assets (such as global fixed income and money market instruments). 透過環球分散投資為成員提供平穩增長 施羅德強積金 6 歲後基金將會投資於一項核准匯集投資基金施羅德強積金核心 20/80 基金, 而該基金進而投資於強制性公積金計劃 ( 一般 ) 規例所允許的兩項核准匯集投資基金 透過其基礎投資項目, 施羅德強積金 6 歲後基金會將其 20% 淨資產投資於較高風險資產 ( 如環球股票 ), 而餘下資產則投資於較低風險資產 ( 如環球定息及貨幣市場工具 ) Performance 表現 (%) 4,### Cumulative 累積表現 (%) Annualized 年均表現 (% p.a.) 208 YTD Last 2-Month 過去 2 個月 Years 年 0 Years 0 年 Schroder MPF Age 6 Plus Fund 施羅德強積金 6 歲後基金 N/A N/A.20 Reference Portfolio 參考投資組合 N/A N/A /7 06/7 08/7 0/7 2/7 02/8 04/8 06/8 08/8 Schroder MPF Age 6 Plus Fund 施羅德強積金 6 歲後基金 Reference Portfolio 參考投資組合 Bonds 債券 USD 美元 3.40 Global Currencies ex USD ex HKD 國際貨幣 ( 除美元及港元 ) 44.0 Equities 股票 Hong Kong 香港 0.80 Asia ex HK ex Japan 亞洲不包括香港及日本.39 US 美國.83 Japan 日本.8 Europe 歐洲 4.22 Others 其他 0.39 Cash or cash equivalent 現金或現金等值 4.06 Calendar Year Return 曆年回報 (%) 4,### Schroder MPF Age 6 Plus Fund 施羅德強積金 6 歲後基金 Reference Portfolio 參考投資組合 N/A N/A 20 N/A N/A 204 N/A N/A 203 N/A N/A 202 N/A N/A 20 N/A N/A US Treasury Note/Bond 2.37% /0/ US Treasury Note/Bond.62% // US Treasury Note/Bond 2.2% 29/02/ US Treasury Note/Bond 2.2% // US Treasury Note/Bond.% 3/0/ US Treasury Note/Bond.37% 3/0/ US Treasury Note/Bond.% 3/0/ US Treasury Note/Bond.7% 3/03/ US Treasury Note/Bond 3.2% /02/ Italy Buoni Poliennali Del Tesoro 0.6% /0/ 基金支出比率 (FER) 2 (As at 截至 30/09/207) 0/04/ HK$8.39m ( 百萬港元 ) 0.79% 3 N/A Mixed Assets Fund Global Maximum equity investments 2% 混合資產基金 環球股票投資最高 2% Global equities made gains in Q3, primarily due to US market strength. Political uncertainty and trade concerns weighed on other regions, particularly emerging markets and Asia. Government bond yields were broadly higher. Government bond yields broadly rose over the quarter due to positive economic data, particularly from the US. This outweighed a bout of safe haven demand in August caused by concerns related to emerging market instability, trade tensions and political issues in Europe. The rise in equity markets has primarily been attributable to continued corporate earnings momentum and a benign economic backdrop. We believe this may moderate somewhat. Numerous geopolitical uncertainties remain to support the case for a more cautious approach to equities. While we believe that fundamentals warrant an optimistic view for equities, we believe investors should expect a more muted period for returns and for bouts of volatility to become more common. A selective approach will remain paramount. The global expansion continues to be led by the US with European growth stabilising but remaining slower than some had envisaged. Rising global bond yields have reflected this, especially in the US, where further rate hikes are being embedded into valuations. The US Treasury curve has continued flattening, historically a harbinger of recession. There is no sign that this is on the cards with US data, corporate profits and sentiment all remaining strong over recent months. The $. trillion tax cut will have helped in this no doubt. 第三季度, 環球股市錄得升幅, 主要由於美國市場表現強勁 政治不明朗因素及貿易憂慮拖累其他地區表現, 特別是新興市場及亞洲 政府債券孳息率普遍上升 季內, 政府債券孳息率普遍上升, 因經濟數據利好, 特別是美國方面 這抵銷由 8 月份新興市場動盪 貿易衝突及歐洲政治問題相關憂慮引發的避險資產需求熱潮 股市上升主要由於企業盈利持續強勁及經濟環境利好 我們認為這種狀況將會有所放緩 鑒於眾多地緣政治不明朗因素, 我們仍需要對股市採取較謹慎的態度 雖然我們認為基本因素令我們對股市感到樂觀, 但我們認為投資者需對較低迷的回報期作好準備, 而持續波動將會變得更加普遍 採取有選擇性的方法仍是關鍵 環球經濟持續由美國引領增長, 而歐洲經濟增長靠穩, 但仍低於部份投資者預期 環球債券孳息率上升已反映這點, 特別是美國方面, 進一步加息已對估值造成影響 美國國債曲線持續走平, 歷史上這通常預示著將會出現經濟衰退 並無跡象顯示這種情況即將發生, 因最近幾個月的美國經濟數據 企業利潤及情緒均維持強勁 毫無疑問,. 萬億美元的減稅計劃已為此帶來幫助 ### The first dealing day of Schroder MPF Age 6 Plus Fund is on 03/04/207 and the performance information of this constituent fund is calculated from 03/04/207. ### 施羅德強積金 6 歲後基金的首個交易日為 03/04/207, 這項成分基金的業績表現資料由 03/04/207 開始計算 Sun Life MPF Master Trust Services Hotline 永明強積金集成信託計劃服務熱線 :