| The Hongkong and Shanghai Banking Corporation Limited, 1 Queen’s Road Central, Hong Kong, |
| 3128 0128, pensioncs@hsbc.com.hk |
| 香港上海滙豐銀行有限公司，香港皇后大道中 1 號， |
| 3128 0128， pensioncs@hsbc.com.hk |
| HSBC MPF Fund Performance Overview (As at 31 May 2022) |
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| Market review (All information as at 31 May 2022) |
 Top 5 performing constituent funds |
| Name of Constituent Fund¹ |
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| ValueChoice North America Equity Tracker Fund |
-13.44 | -2.50 | 72.46³ |
| North American Equity Fund | -12.22 | -1.39 | 69.87 |
| Global Equity Fund | -10.94 | -3.82 | 48.05³ |
| Core Accumulation Fund | -9.48 | -5.48 | 31.91 |
| ValueChoice Europe Equity Tracker Fund | -10.25 | -6.52 | 23.38³ |
 Asset class outlook (>12 months) |
| • Global Equities | ◼ | Neutral | • Asia ex Japan Equities | ◼ | Neutral |
| • US Equities | ▲ | Overweight | • Hong Kong Equities | ▲ | Overweight |
| • Eurozone Equities | ▼ | Underweight | • Global Government Bonds | ▼ | Underweight |
| • Chinese Equities | ▲ | Overweight | • US Government Bonds | ▲ | Overweight |
 Macro and market review |
| • | Global equities rebounded late in the month to end flat amid growing investor fears of a continued rise in inflation, growth risks, and hawkish central banks. For government bonds, US and European bonds halted a near 9-month decline (with yield rising) as high inflation prints were offset by mounting recession fears. German 10-year bund yields floated close to the 1% mark, while US 10-year Treasury yield fell slightly from their 3% level. On the commodities front, oil ended higher this month amid volatile price moves following continued supply-related concerns. Meanwhile, gold declined as investors weighed current inflation overshoots with rising risks to the economic outlook. |
| • | The combination of slower growth and higher inflation is a challenge for many policy makers, and this will be exacerbated by rising energy prices. In the mid-part of the economic cycle, there will also be policy divergence. |
| • | We expect a total of 250 bps of Federal Reserve (Fed) rate hikes in 2022 (with quantitative tightening beginning in June) and two further 25 bps hikes in early 2023, leaving policy moderately restrictive. US fiscal policy will also be a drag on growth. |
| • | In China, growth risks call for more decisive policy easing. We expect a further easing of credit controls and counter-cyclical fiscal policy to boost credit growth. |
| Download the HSBC MPF Monthly Fund Performance Summary for more detailed commentaries and information: |
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| Remarks for Monthly Fund Performance Source: The Hongkong and Shanghai Banking Corporation Limited, data as at 31 May 2022 |
| 1.The funds are all denominated in Hong Kong dollars. Fund performance information is calculated in Hong Kong dollars on the basis of NAV-to-NAV. For more details on product features and risks involved, the Constituent Funds, fees and charges and how these fees and charges may be altered in the future, please refer to the MPF Scheme Brochure. |
| 2.The returns of the above funds over the past five calendar years: The returns of the ValueChoice North America Equity Tracker Fund were 20.29% (2017), -7.27% (2018), 30.01% (2019), 16.73% (2020), and 27.11% (2021). The returns of the North American Equity Fund were 19.23% (2017), -7.81% (2018), 27.62% (2019), 17.05% (2020), and 26.42% (2021). The returns of the Global Equity Fund were 20.63% (2017), -10.90% (2018), 23.22% (2019), 12.37% (2020), and 21.63% (2021). The returns of the Core Accumulation Fund were 14.16% (2017), -6.42% (2018), 16.80% (2019), 11.85% (2020), and 11.28% (2021). The returns of the ValueChoice Europe Equity Tracker Fund were 21.48% (2017), -12.90% (2018), 23.96% (2019), 3.15% (2020), and 17.44% (2021). |
| 3.The HSBC Mandatory Provident Fund – ValueChoice (the "HSBC VC") has been merged with the HSBC Mandatory Provident Fund - SuperTrust Plus (the "HSBC STP") with effect from 1 July 2019. The combined scheme is operating under the HSBC STP, and the HSBC VC ceases to operate. Six new constituent funds, namely ValueChoice Balanced Fund, Global Equity Fund, ValueChoice US Equity Fund, ValueChoice European Equity Fund, ValueChoice Asia Pacific Equity Fund and Hang Seng China Enterprises Index Tracking Fund, have been added to HSBC STP by replicating the corresponding constituent funds in the HSBC VC and increasing the total number of fund choices to 20. As the six Constituent Funds have the same names, investment objectives and policies, fee levels and fees and charges structure as their corresponding Constituent Funds under HSBC VC before it has been merged with HSBC STP, the cumulative performance since the launch date of these six Constituent Funds when they were under HSBC VC are shown as a reference. For details of the scheme merger, please refer to the Merger Notice which is available at our website www.hsbc.com.hk/mpf. |
| Note: From 12 November 2021, the ValueChoice Asia Pacific Equity Tracker Fund was renamed from the ValueChoice Asia Pacific Equity Fund. From 19 November 2021, the ValueChoice North America Equity Tracker Fund was renamed from the ValueChoice US Equity Fund. From 26 November 2021, the ValueChoice Europe Equity Tracker Fund was renamed from the ValueChoice European Equity Fund. From 3 December 2021, the Chinese name of the ValueChoice Balanced Fund was changed while its English name remained the same. The investment objective and balance of investments of the above Constituent Funds were changed on the respective aforesaid dates. |
| Remarks for Market Outlook Source: HSBC Asset Management, data as at 31 May 2022 |
| This commentary has been produced by HSBC Asset Management to provide a high level overview of the recent economic and financial market environment, and is for information purposes only. The views expressed were held at the time of preparation are subject to change without notice and may not reflect the views expressed in other HSBC Group communications or strategies. |
| Disclaimer |
| This communication does not constitute investment advice or a recommendation to any reader of this content to buy or sell investments nor should it be regarded as investment research. The content has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is not subject to any prohibition on dealing ahead of its dissemination. Investment involves risks. You should be aware that the value of any investment can go down as well as up and investors may not get back the amount originally invested. The value of financial instruments, in particular stocks and shares, and any income from such financial instruments, may go down as well as up. Furthermore, any investments in emerging markets are by their nature higher risk and potentially more volatile than those inherent in established markets. Any performance information shown refers to the past and should not be seen as an indication of future performance. For further details including the product features and risks involved, please refer to the MPF Scheme Brochure. You should always consider seeking professional advice when thinking about undertaking any form of investment. |
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