Market PRUMarket Watch 市場追擊 Prudential Hong Kong Limited (A member of Prudential plc group) 保誠保險有限公司 英國保誠集團成員 8/F, Prudential Tower, The Gateway, Harbour City, Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong 香港九龍尖沙咀廣東道號海港城港威大廈 英國保誠保險大樓8樓 Customer Service Hotline 客戶服務熱線 8 Corporate Website 公司網頁 www.prudential.com.hk 06年月 April 06
Market Overview Global equity markets continued to be weak over February as negative sentiment reflected the tepid start to the year dominated by poor global growth and geopolitical issues. However, sentiment improved as the month progressed but equities in general finished the month lower with the exception of Latin American equities which rallied on the back of a possible truce between oil producers and recovering Mining and Metals names. Against this backdrop, Emerging Markets outperformed Developed Markets, led primarily by Peru, Indonesia and Brazil. The US declined the least within Developed Markets while weakness in banking stocks and the rise of the Yen hit Japanese equity hard as it recorded a relatively large monthly decline. Fixed Income Volatility in commodity prices and the slower growth of China s economy saw tightening in credit conditions. BoJ s surprise move to push interest rates to negative territory saw credit markets underperforming government issues. Despite Brazil s downgrade to Ba by Moody s, a weaker US dollar and a modest recovery in oil prices helped emerging markets outperform. Highyield corporates enjoyed a recovery led by USDdenominated issuers. Higher commodity prices as well as inflows into the asset class combined with limited supply led to improved technicals, which supported prices in the secondary market. The J.P. Morgan Asia Credit Index gained ground over the month driven by a bullflattening yield curve as investors reduced expectations of a March Fed rate hike. The HSBC Asia Local Bond Index also saw positive performance across all markets, driven by strong domestic demand versus waning external interest. Currencies There was no surprise as the Japanese Yen continued its rise as investors shrugged off weak economic data and negative interest rates and poured into the safe haven currency amid increased market uncertainty. The Indonesian Rupiah has also risen largely due to expectations of an outperformance in the domestic economy ahead as well as on expectations that the Fed could pause amid concerns about global growth and financial market volatility, which would lessen fears of capital outflows. The British Pound fell against most major currencies on 'Brexit' fears. The Korean Won also depreciated during February as it reflected rising global risk aversion, a slowdown in China and a bleaker domestic economic outlook. Rising tensions with North Korea in recent weeks further reduced the attractiveness of Korean assets. Commodities Gold performed the best amongst the commodities as investors flocked to the yellow metal with increasing volatility in global markets. Zinc prices continued to be driven by sentiment and momentum in the short term but on a longerterm basis it is also being driven by the expectation that production will be cut and benefit from China's stimulus programme. Crude oil was also a big winner over February as Saudi Arabia, Russian, Qatar and Venezuela agreed to freeze production, albeit at January 06 levels. The US Energy Information Administration also continued to warn of increasing supply and waning demand. Some market skeptics have even attributed the bounce in Crude oil to traders covering their short trades.
Economics In the U.S., the employment report for January came in with fewer new jobs than expected (,000, when 90,000 were expected), as the previous month was revised downward. The unemployment rate, however, improved, declining to.9% from.0%, which was the lowest level in eight years. Additionally, the average work week hours increased (to.6 from.), with average hourly wages increasing (up 0.%; up.% YOY). The January CPI came in at.% yearoveryear, and the Core CPI exfood and energy came in up.%, closer to the Fed s desired inflation rate. The February Consumer Confidence report came in at 9., when a level of 97. was expected, and January was revised downward to 97.8 from the originally reported 98.. The January Durable Orders report posted.8% yearoveryear, and the extransportation component came in at 0.6% for the oneyear period. The January Trade report showed that exports declined.9% and imports declined.%. Housing continued on a positive path as the December S&P/CaseShiller Home Price Index came in up.7% for 0, with January Existing Home Sales up.0% YOY and the December FHFA Home Prices up.7% YOY. January housing starts, however, came in down.8%, as permits declined 0.% and Pending Home Sales posted a.% decline. The second report on fourth quarter 0 GDP came in stronger than expected, at.0%, when a lower 0.% gain was expected. Eurozone fourth quarter 0 GDP came in at 0.%, as consumer prices declined 0.% in February, with core prices up 0.7%. The ECB said it was ready to discuss an increase in stimulus at its policy meeting scheduled for March 0, 06. The Euro area Markit manufacturing PMI came in at in February. Consumer confidence was at 8.8 for February. The core CPI figure for February came in at 0.7% compared to %oya in January. In China, the official January Manufacturing Purchasing Managers Index (PMI) declined to 9. from December s 9.7 its sixth consecutive reading below 0 (contraction), as the government set an official growth rate range for 06 of 6.% to 7.0%. CPI inflation accelerated in January: CPI inflation went up in January, and PPI inflation also turned less negative compared with last December. The adverse weather condition and Chinese New Year holiday effect pushed up food prices (especially the price of fresh vegetables and fruits), which contributed to the increase in overall CPI. Nonfood inflation also accelerated from December both sequentially and in YoY terms. Core CPI (excluding food and energy) was up.% YoY (vs. December:.% YoY), which implies sequential inflation of.6% MoM annualized (vs..% mom annualized in December).
Investment involves risks. Past performance is not indicative of future performance. Please refer to the offering documents for further information including fees and charges, and risk factors. The above information is for reference only. Any opinion or information contained in this document is made on a general basis and should not to be relied upon by the reader as advice. Individual country or domicile may have restriction on specific investment instruments, reader is recommended to seek independent professional tax and/or legal advice before making any investment decision. Some of the information included in this material have been prepared with the assistance of Eastspring Investments (Hong Kong) Limited, and/or its associates. Prudential Hong Kong Limited reserves the right to make changes and corrections to its opinions expressed in this document at any time, without any notice. Any unauthorized disclosure, use or dissemination of this document, either in whole or in part, is prohibited and this document should not be reproduced, copied, or made available to others. This document is issued by Prudential Hong Kong Limited (A member of Prudential plc group). 以上資料僅供參考之用 本文件所提的任何意見或所載的任何資訊均是以一般估計作為基礎 讀者不應將之視作投資建議 個別國家或地區可能對 某部份的投資工具設有限制 我們建議讀者作出投資決定之前 應先向專業人士尋求獨立的稅務及 / 或法律意見 部份載於本文件之資料由瀚亞投資 香港 有限公司及 / 或其聯營公司協助提供 保誠保險有限公司保留權利在任何時間更改或更正本文件所表達之意見而無需另行通知 未經授權 嚴禁 擅自披露 使用或分發本文件所載的全部或部份內容 亦不得複製 翻印或向其他人士提供本文件 本文件由保誠保險有限公司 英國保誠集團成員 發行 MKTX/SA00(0/6) 投資涉及風險 過去表現並非未來業績的指標 有關計劃之詳情 包括收費與費用及風險因素 請參閱有關銷售文件
Important Notes () The investment choices are available for investmentlinked insurance plans ( Plan ), including PRUlink portfolio investment plan, PRUlink single premium investment plan, PRUlink investment plan (PRUlink investment plan was closed for new business since 0 January 0), PRUlink smart wealth builder (PRUlink smart wealth builder was closed for new business since December 0), PRUlink wealth builder (PRUlink wealth builder was closed for new business since February 00), PRUretirement extra (PRUretirement extra was closed for new business since January 0), PRUkid extra (PRUkid extra was closed for new business since January 0), PRUlink optimiser plus (PRUlink optimiser plus was closed for new business since 0 January 0), PRUlink assurance plus (PRUlink assurance plus was closed for new business since October 0), PRUlink assurance (PRUlink assurance was closed for new business since October 0), PRUlink investlife (PRUlink investlife was closed for new business since January 0), PRUflexilife (PRUflexilife was closed for new business since June 0), Investment Plus (Investment Plus was closed for new business since January 0), PRUlink maxisavings (PRUlink maxisavings was closed for new business since 6 August 007) and PRUlink protector (PRUlink protector was closed for new business since November 00) issued by Prudential Hong Kong Limited ("Prudential") only. Your investments are subject to the credit risk of Prudential. () You are not investing in the reference funds of the investment choices. The premiums you pay will become part of the assets of Prudential. You do not have any rights or ownership over these underlying investments. Your recourse is against Prudential only. () The investment choices available under the Plan can have very different features and risk profiles. Some may even be of high risk. Please do not invest solely based on this document only. Please read the offering documents of the Plan and the reference funds involved for details including the risk factors. () Investment involves risks. Past performance is not indicative of future performance. Your return on investment is calculated by Prudential with reference to the performance of the reference funds of the investment choices. Return on investment under the investment linked insurance schemes will be subject to the charges of the scheme and may be lower than the return on the corresponding reference funds. () Early surrender or withdrawal of the Plan/suspension of or reduction in premium may result in a significant loss of principal and/or bonuses awarded. Poor performance of reference funds may further magnify your investment losses, while all charges are still deductible.
Performance Summary of Investment Choices The following investment choices are each linked to an SFC authorised fund. The performance information below are those of the reference fund corresponding to the relevant investment choice. The unit price of each investment choice on a valuation date will be the same as the quoted unit price of the corresponding reference fund on the same valuation date. Asset Class Money Market Bonds Global Developed Countries Risk Level Prudential Investment Choices Name Schroder U.S. Dollar Money Fund AB FCP I American Income Portfolio AB FCP I Global High Yield Portfolio Eastspring Investments Asian Local Bond Fund Eastspring Investments US Investment Grade Bond Fund Fidelity International Bond Fund Fidelity US High Yield Fund Invesco Global High Income Fund Templeton Global Total Return Fund Eastspring Investments World Value Fund Investec GSF Global Strategic Fund M&G Global Basics Fund Templeton Global Income Fund Baring Europe Select Trust Eastspring Investments Japan Dynamic Fund Fidelity America Fund Fidelity European Growth Fund Franklin U.S. Opportunities Fund Invesco Pan European Fund Allianz Total Return Asian Fund Eastspring Investments Asian Fund Code SUD AAI AHY ALB EIB FBF FHY IHI TTR EWV IGS MGB TGI BET EJD FAF FEG FOF IPE ATR EAE Launch Date dd/mm/yy 0/08/ /09/ /09/ 07/0/08 /09/ 08//0 0/0/07 /0/ 8/0/ 0/08/ 6/07/07 07/0/08 0//0 0/08/ 0/08/ 08//0 0/08/ 0/08/ 0/08/ 6/07/07 0/08/ Reference Fund Name and Share Class Schroder U.S. Dollar Money Fund Acc AB FCP I American Income Portfolio A USD AB FCP I Global High Yield Portfolio A USD Eastspring Investments Asian Local Bond Fund A Eastspring Investments US Investment Grade Bond Fund A Fidelity Funds International Bond Fund A USD Fidelity Funds US High Yield Fund A USD Invesco Funds Series Invesco Global High Income Fund A SD USD Franklin Templeton Investment Funds Templeton Global Total Return Fund A Acc USD Eastspring Investments World Value Fund A Investec Global Strategy Fund Global Strategic Fund F Acc USD M&G Investment Funds () M&G Global Basics Fund A Acc USD Franklin Templeton Investment Funds Templeton Global Income Fund A Acc USD Baring Europe Select Trust A Acc USD Eastspring Investments Japan Dynamic Fund A (hedged) USD Fidelity Funds America Fund A USD Fidelity Funds European Growth Fund A Acc (USD hedged) Templeton Investment Funds Franklin U.S. Opportunities Fund A Acc USD Invesco Funds Invesco Pan European Fund A Acc (USD hedged) Allianz Global Investors Fund Allianz Total Return Asian AT USD Eastspring Investments Asian Fund A Performance of Reference Fund year Annualised Volatility 0.7. 6.6 8.8.8.9 6.77 7. 9.0..68.8.67.0.6 8.0 8.96 Launch Date dd/mm/yy 09/07/9 6/0/98 /0/0 0/09/07 0/0/0 0/0/90 0/09/0 /0/9 9/08/0 09//0 /0/07 09/0/07 7/0/0 6// 09/09/ 0/0/90 0/0/ 0/0/00 /07/ /0/0 6/08/0 Unit Price (USD).67.6800.000.90 6.600.0.000.900 7.800 6.0.00 0.7.800.0900.700 8.90 0.900.00 9.700 6.00.680 Cumulative Performance (%) YTD 0.08..0 7.07.8..89.6..0.06.9.66 0.09.90 0.8.9 6. 0... months 0.08..0 7.07.8..89.6..0.06.9.66 0.09.90 0.8.9 6. 0... year years years 0.6 0.77.70.9..08.6.69 7.08 8.7 9..97.8 7.9 6.8 0.9. 7.98 9.06.8 6.8.06.7.80.77.7..9 0.9 6..7 8.08 9....60.07.70. 0. 8.7 6.9.9.7 9.. 0.0 9.69 9.8 7.0. 68.8.80 0.00 0.88
Asia Sector / Special Topic Greater China / China Emerging Markets Portfolio Fund JPMorgan ASEAN Fund JPMorgan Korea Fund Templeton Asian Growth Fund Allianz Global Agricultural Trends Fund Baring Global Resources Fund BlackRock New Energy Fund BlackRock World Gold Fund BlackRock World Healthscience Fund BlackRock World Mining Fund Invesco Asia Infrastructure Fund Investec GSF Global Energy Fund Baring Hong Kong China Fund Eastspring Investments China Fund Eastspring Investments Greater China Fund First State China Focus Fund Schroder Hong Kong Fund Value Partners Classic Fund Eastspring Investments India Fund Eastspring Investments Indonesia Fund Fidelity Emerging Europe Middle East and Africa Fund Fidelity Latin America Fund JPM Emerging Markets Fund Schroder BRIC Fund Templeton Emerging Markets Fund Baring Asia Balanced Fund BlackRock Global Allocation Fund JAS JKO TAG AAT BGR BNE BWG BWH BWM IAI IGE BHC ICE EGC FCF SHK VCF EIE IDO FEA FLA JEM SBR TEM BAB BGA 0/0/09 0/08/ 07/0/ 8/0/ 6/07/07 0/0/09 0/0/09 0/08/ 0/0/09 /0/07 8/0/ 6/07/07 0/09/0 0/08/ 0/09/0 8/0/ 07/0/ 0/08/ 07/0/ 07/0/08 0/0/06 0/0/09 0/09/0 0/06/0 /0/07 0/0/09 Source of investment choice information: Prudential. Source of reference fund information: Morningstar Asia Limited. Figures are based on NAVNAV basis in USD with dividends reinvested as of March, 06. () The risk level, in the range of to, is assigned based on the volatility of the related Prudential investment choices and the nature of investments. The figure is provided by Prudential Hong Kong Limited which will be reviewed at least once per annum and is for reference only.generally speaking, the higher the number, the greater the risk. () year annualised volatility is represented by the annualised standard deviation based on the monthly rates of return over the past years. The higher the percentage (i.e. standard deviation), the greater the volatility and the greater the risk. () Performance of reference funds with no historical data of the specified period will not be shown. () Performance of reference funds established for less than 6 months are not displayed. () Unit price refers to Net Asset Value per unit/bid or Offer price. JPMorgan ASEAN Fund Acc USD JPMorgan Korea Fund Acc USD Franklin Templeton Investment Funds Templeton Asian Growth Fund A Acc USD Allianz Global Investors Fund Allianz Global Agricultural Trends AT USD Baring Global Umbrella Fund Baring Global Resources Fund A Inc USD BlackRock Global Funds New Energy Fund A USD BlackRock Global Funds World Gold Fund A USD BlackRock Global Funds World Healthscience Fund A USD BlackRock Global Funds World Mining Fund A USD Invesco Funds Invesco Asia Infrastructure Fund A Acc USD Investec Global Strategic Fund Global Energy Fund A Acc USD Baring International Umbrella Fund Baring Hong Kong China Fund A Inc USD Eastspring Investments China Fund A Eastspring Investments Greater China Fund A First State Global Umbrella Fund plc First State China Focus Fund I Acc USD Schroder International Selection Fund Hong Kong A Acc USD Value Partners Classic Fund C USD Eastspring Investments India Fund A Eastspring Investments Indonesia Fund A Fidelity Funds Emerging Europe Middle East and Africa Fund A Acc USD Fidelity Funds Latin America Fund A USD JPMorgan Funds Emerging Markets Fund A Dist USD Schroder International Selection Fund BRIC (Brazil, Russia, India, China) A Acc USD Franklin Templeton Investment Funds Templeton Emerging Markets Fund A Acc USD Baring Global Opportunities Umbrella Fund Baring Asia Balanced Fund A Acc USD BlackRock Global Funds Global Allocation Fund A USD 6.0.00 8.7 7.0..8.0. 0. 6..89..96 9.8 0. 8.98.7.68.70 8..69 8.0 0.7 7.77.6 9. 07/07/8 //9 /0/0 0/0/08 //9 06/0/0 0//9 06/0/0 /0/97 /0/06 0//07 0//8 0/07/07 /0/0 0/0/08 0/0/ /0/09 0/07/07 0/07/07 /06/07 09/0/9 /0/9 /0/0 /0/0 /0/96 0/0/97 08.600.0600 6.600.600 6.700 7.6800 7.00.9600.9900.00.00 8.00.0070 8.0.700 6.7800.700 0.680.90.7000 7.00.700.000 8.7000 8.9000 8.700 7....67.06. 9.6 9..67.96. 6.6.7.08 9.6.08 0.0. 0. 6.8 6.8 6.7 0.8.6.8 0.69 7....67.06. 9.6 9..67.96. 6.6.7.08 9.6.08 0.0. 0. 6.8 6.8 6.7 0.8.6.8 0.69 9..9.8.86.7.66.6.9.89 7..0. 7.0.8 9.6.0 7..98.9.6 7.6. 6.0.8.96.79.0. 6. 6.6..9.96.6 0.86.70 7.97..8.0.99. 8.8.08 9.89 0.7 9.08 6.0.8.6 6. 7.8.9 7. 7.. 8. 9.00 7.78 89. 70.80. 0.9 0.90 7.08.90.7.0.0 9. 9.09..8 0.7 8.90 8.68.00.
Asset Class Prudential Investment Choices Name Calendar Year Performance Code 0 0 0 0 0 Asset Class Prudential Investment Choices Name Code Calendar Year Performance 0 0 0 0 0 Money Market Bonds Global Developed Countries Asia Sector / Special Topic Schroder U.S. Dollar Money Fund AB FCP I American Income Portfolio AB FCP I Global High Yield Portfolio Eastspring Investments Asian Local Bond Fund Eastspring Investments US Investment Grade Bond Fund Fidelity International Bond Fund Fidelity US High Yield Fund Invesco Global High Income Fund Templeton Global Total Return Fund Eastspring Investments World Value Fund Investec GSF Global Strategic Fund M&G Global Basics Fund Templeton Global Income Fund Baring Europe Select Trust Eastspring Investments Japan Dynamic Fund Fidelity America Fund Fidelity European Growth Fund Franklin U.S. Opportunities Fund Invesco Pan European Fund Allianz Total Return Asian Fund Eastspring Investments Asian Fund JPMorgan ASEAN Fund JPMorgan Korea Fund Templeton Asian Growth Fund Allianz Global Agricultural Trends Fund Baring Global Resources Fund BlackRock New Energy Fund SUD AAI AHY ALB EIB FBF FHY IHI TTR EWV IGS MGB TGI BET EJD FAF FEG FOF IPE ATR EAE JAS JKO TAG AAT BGR BNE 0.9 0.68 0.00 0.6 0.6. 6.00.8 9.8.80.8..0 6.9 0.8.. 8.60 9.7.6.0 6..9. 7.6.6.0..7.8.7..09.80.68.6.68 0.0 8.9.9.77 0.7.6 9.76.09 6..7.79. 8.8..9 7. 9. 9.8 8.07.9.8.6.97 6.8.8. 6. 0...7.00 #.0 9..8 # 0.7 7.9.6 6.8.7.78.60 #.8 6.7 8.60 9..88 6. 0.80 # 8.69.87..77.90 7.9.6.8 9.9..6.97..99.9 6..7.9 9.. 6.8 7. 7.79 6..89 8. 9. 6.69.0.8 0.8 8..8.9.60.8. 6.6.76. Sector / Special Topic Greater China / China Emerging Markets Portfolio Fund BlackRock World Gold Fund BlackRock World Healthscience Fund BlackRock World Mining Fund Invesco Asia Infrastructure Fund Investec GSF Global Energy Fund Baring Hong Kong China Fund Eastspring Investments China Fund Eastspring Investments Greater China Fund First State China Focus Fund Schroder Hong Kong Fund Value Partners Classic Fund Eastspring Investments India Fund Eastspring Investments Indonesia Fund Fidelity Emerging Europe Middle East and Africa Fund Fidelity Latin America Fund JPM Emerging Markets Fund Schroder BRIC Fund Templeton Emerging Markets Fund Baring Asia Balanced Fund BlackRock Global Allocation Fund BWG BWH BWM IAI IGE BHC ICE EGC FCF SHK VCF EIE IDO FEA FLA JEM SBR TEM BAB BGA.88.9 8.06 8.6 7.90.6.0.09 6.89.6..08.0.09 8.69 7.00..98 0.96 7. 8.6.66.86..6..09 8.. 9. 7.7.9 0.99 9.7 6.8 9..60.7.89.0.86.67 7.8..7..7 7. 7.08 9.6 #.0. 0.8.0 7.6 7.9 9.96.9. 6.7..6.0.09 0.7.6 8.6 7.7.0. 9....00 0.0 6..8. 7. 8.98.0.8.8.79.0 9.7 7.97...89 0..69 9.0.9.7.7.60.98 8.0. Source of investment choice information: Prudential. Source of reference fund information: Morningstar Asia Limited. Figures are based on NAVNAV basis in USD with dividends reinvested as of March, 06. If the investment choices have more than years history, the performance of reference funds are identical to the performance of the investment choices. If the investment choices have less than years history, only the performance of reference funds since the launch of investment choices are identical to the performance of the investment choices. () Performance of reference funds with no historical data of the specified period will not be shown. # Performance of reference funds is calculated since launch date of reference funds to the end of the calendar year. Investment involves risks. Past performance is not indicative of future performance. Please refer to the offering documents for further information including fees and charges, and risk factors. #