MT Fact Sheet

BCT (MPF) Pro Choice
BCT積金之選
Fund Performance Fact Sheet
基金表現報告
2023 3rd Quarter
第三季
Fund Performance Fact Sheet 基金表現報告 3rd Quarter 2023 第三季
as at 截至 30/09/2023 1
Important notes 重要提示
• You should consider your own risk tolerance level and financial circumstances before making any investment
choices or investing according to the Default Investment Strategy. When, in your selection of funds or the
Default Investment Strategy, you are in doubt as to whether a certain fund or the Default Investment Strategy
is suitable for you (including whether it is consistent with your investment objective), you should seek financial
and / or professional advice and choose the investment choice(s) most suitable for you taking into account your
circumstances.
閣下作出任何投資選擇或按照預設投資策略作出投資前應考慮閣下本身的風險承受程度和財務狀況。當閣下
選擇基金或預設投資策略時對某一基金或預設投資策略是否適合閣下存疑時（包括它是否與閣下的投資目標一
致），閣下應尋求財務及 / 或專業意見並在考慮到閣下狀況後挑選最合適的投資選擇。
• In the event that you do not make any investment choices, please be reminded that your contributions made
and / or accrued benefits transferred into the Plan will be invested in accordance with the Default Investment
Strategy, which may not necessarily be suitable for you.
倘若閣下並沒有作出任何投資選擇，請注意，閣下所作供款及 / 或轉移至本計劃的累算權益將按預設投資策略
來作出投資，而有關投資不一定適合閣下。
• Your investment decision should not be based on this document alone. Please read the MPF Scheme Brochure
for BCT (MPF) Pro Choice for further details, including the risk factors. The fund descriptor provided in this
document for each constituent fund is determined in accordance with the “Performance Presentation Standards”
for MPF.
您不應只根據此文件的內容而作出投資選擇，如需詳細資料包括風險因素，請參閱 BCT 積金之選之強
積金計劃說明書。此文件中所提供的每個成份基金之基金類型描述均按照強積金「基金表現陳述準則」
而定。
• BCT (Pro) MPF Conservative Fund does not guarantee the repayment of capital.
BCT 強積金保守基金並不保證本金之全數付還。
• Members should note that BCT (Pro) Asian Income Retirement Fund does not provide any guarantee on capital
or investment return or dividend yield, and their investments therein (including dividends distributed) are subject to
the same vesting, preservation and withdrawal requirements applicable to mandatory and voluntary contributions
(as applicable). The BCT (Pro) Asian Income Retirement Fund may pay dividends out of net distributable income
and / or capital, which will result in an immediate decrease or adjustment in the net asset value per unit of the
fund. The payment of dividends (if any) will involve an investment time-lag and is subject to out-of-market risk.
There is no assurance on the dividend distribution frequency and the dividend amount / yield may fluctuate.
成員應注意，BCT 亞洲收益退休基金概不就資本或投資回報或派息率提供任何保證，而且其有關投資（包括所
分派股息）須受強制性及自願性供款（如適用）適用的相同歸屬、保存及提取規定所規限。BCT 亞洲收益退休基
金可從可分派收入淨額及 / 或資本中支付股息，這將會即時降低或調整基金每單位的資產淨值。支付股息（如
有）將涉及一段投資空檔及受間斷市場風險所影響。派息頻次並無保證，而派息金額 / 派息率亦可能出現波動。
• Members should note that the regular and frequent distribution of dividends and reinvestment of dividends will
inevitably involve an investment time-lag during which dividends are not reinvested and are subject to out-of-
market risk on a recurring basis (currently, on a monthly basis). During the period pending reinvestment, the net
asset value per unit of the relevant constituent fund (i.e. BCT (Pro) Asian Income Retirement Fund for members
below the age of 65, or the Age 65 Plus Fund for members who have reached the age of 65) into which
dividends are reinvested may have gone up or down, and accordingly the members’ investment return may be
impacted negatively or positively. Therefore the investment return for these members may deviate from that
derived from a constituent fund with a similar investment portfolio without such arrangement, meaning that the
dividend distribution arrangement of BCT (Pro) Asian Income Retirement Fund may not always be advantageous
to these members.
成員應注意，定期及頻繁地分派股息並將股息再投資，無可避免會涉及一段投資空檔，在該段期間內，股息未
有用作再投資，並重複地（現時為每月）受間斷市場風險所影響。在等待再投資期間，股息再投資的相關成份基
金（即就 65 歲以下的成員而言為 BCT 亞洲收益退休基金，或就年滿 65 歲的成員而言為 65 歲後基金）的每單位資
產淨值可能已上升或下跌，成員的投資回報或會因而受到負面或正面的影響。因此，這些成員的投資回報或會
有別於從有相類似投資組合而不含此安排的成份基金所產生的投資回報，意味著 BCT 亞洲收益退休基金的股息
分派安排不一定對這些成員有利。
• Investment involves risks, fund value may go up as well as down and past performance is not an indicator or a
guarantee of future performance.
投資涉及風險，基金價格可升或跌，過往業績不代表或不保證將來的表現。
as at 截至 30/09/2023 2
個別成份基金備註 Notes to Respective Constituent Fund

^ These constituent funds are denoted as “Equity Funds – Market Tracking Series” under BCT (MPF) Pro Choice as they solely invest
in approved Index Tracking Collective Investment Scheme (“ITCIS”). BCT (Pro) Hang Seng Index Tracking Fund invests solely in a
single ITCIS, and thereby aims to achieve investment results that closely track the performance of the Hang Seng Index. BCT (Pro)
U.S. Equity Fund, BCT (Pro) Greater China Equity Fund and BCT (Pro) World Equity Fund are portfolio management constituent funds
investing in ITCISs and these constituent funds themselves are not index-tracking fund.
該等成份基金獲標記為 BCT 積金之選下的「股票基金 – 市場追蹤系列」，原因是該等成份基金僅投資於獲認可的緊貼指數集體投資計劃
（
「緊貼指數集體投資計劃」）。BCT 恒指基金僅投資於單一緊貼指數集體投資計劃，藉此旨在透過密切追蹤恒生指數的表現而達致投資
成果。BCT 美國股票基金、BCT 大中華股票基金及 BCT 世界股票基金為投資於緊貼指數集體投資計劃的投資組合管理成份基金，而
該成份基金本身並非指數追蹤基金。
▼
The constituent fund’s management fees (as defined in the MPF Scheme Brochure) and expenses for this constituent fund have been
partially waived during 2013. Such wavier, being not a product feature of the constituent fund, only applied up to the end of 2013; and
such application does not imply that similar waiver will be applied in the future. 於 2013 年內，本成份基金的部份管理費（定義見強積金
計劃說明書）及開支已獲豁免。此豁免並非本成份基金特點，亦只適用至 2013 年年底，因此不代表將來會推出類似豁免。
◆
These constituent funds are denoted as “Target Date Mixed Asset Funds” under BCT (MPF) Pro Choice and they are designed to
shift their investments from equities towards a greater exposure to bonds and cash as the relevant constituent fund approaches to its
particular target year. 該等成份基金被標記為 BCT 積金之選下的「目標日期混合資產基金」，該等成份基金旨在於接近特定目標年期時
把成份基金內以股票市場為主的投資逐漸轉移至債券及現金市場。
# May include investments in China / Hong Kong. 投資地區或包括中國 / 香港。
† BCT (Pro) MPF Conservative Fund does not guarantee the repayment of capital. An investment in the MPF Conservative Fund is not
the same as placing constituent funds on deposit with a bank or deposit taking company and there is no guarantee that the investment
can be redeemed at the subscription value. The MPF Conservative Fund is not subject to the supervision of the Hong Kong Monetary
Authority. Fees and charges of MPF Conservative Fund can be deducted from either (i) the assets of the constituent fund or (ii)
members’ account by way of unit deduction. This constituent fund uses method (i) and, therefore, unit prices / NAV / constituent fund
performance quoted have incorporated the impact of fees and charges. BCT 強積金保守基金並不保證本金之全數付還。投資在強積
金保守基金並不同於將資金存放於銀行或接受存款公司，並無保證可按認購價予以贖回，而且強積金保守基金並不受香港金融管理局
監管。強積金保守基金的收費可（一）透過扣除資產淨值收取；或（二）透過扣除成員帳戶中的單位收取。本成份基金採用方式（一）收
費，故所列之單位價格 / 資產淨值 / 成份基金表現已反映收費之影響。
as at 截至 30/09/2023 3
BCT’s Constituent Funds Index BCT 銀聯集團成份基金目錄
Constituent funds are categorized by asset type and, when applicable, further by the special features / strategies of
each constituent fund. 成份基金按資產類別及進一步按特殊特徵或策略（如適用）分類。
Equity Funds 股票基金 Page

BCT (Pro) China and Hong Kong Equity Fund BCT 中國及香港股票基金 4
BCT (Pro) Asian Equity Fund BCT 亞洲股票基金 5
BCT (Pro) European Equity Fund BCT 歐洲股票基金 6
BCT (Pro) Global Equity Fund BCT 環球股票基金 7
Equity Funds - Market Tracking Series1 股票基金 - 市場追蹤系列 1
BCT (Pro) Hang Seng Index Tracking Fund BCT 恒指基金 8

BCT (Pro) U.S. Equity Fund BCT 美國股票基金 9
BCT (Pro) Greater China Equity Fund BCT 大中華股票基金 10
BCT (Pro) World Equity Fund BCT 世界股票基金 11
Target Date Mixed Asset Funds2 目標日期混合資產基金 2
BCT (Pro) SaveEasy 2050 Fund BCT 儲蓄易 2050 基金 12

Mixed Asset Funds 混合資產基金
BCT (Pro) E90 Mixed Asset Fund BCT E90 混合資產基金 19

BCT (Pro) Flexi Mixed Asset Fund BCT 靈活混合資產基金 23
BCT (Pro) Core Accumulation Fund BCT 核心累積基金 24
BCT (Pro) Age 65 Plus Fund BCT 65 歲後基金 25
BCT (Pro) Asian Income Retirement Fund BCT 亞洲收益退休基金 26
Bond / Money Market Funds 債券 / 貨幣市場基金
BCT (Pro) RMB Bond Fund BCT 人民幣債券基金 28

BCT (Pro) Global Bond Fund BCT 環球債券基金 29
BCT (Pro) Hong Kong Dollar Bond Fund BCT 港元債券基金 30
BCT (Pro) MPF Conservative Fund 3 BCT 強積金保守基金 3 31
1 These constituent funds are denoted as “Equity Funds – Market Tracking Series” under BCT (MPF) Pro Choice as they solely invest
in approved Index Tracking Collective Investment Scheme (“ITCIS”). BCT (Pro) Hang Seng Index Tracking Fund invests solely in a
single ITCIS, and thereby aims to achieve investment results that closely track the performance of the Hang Seng Index. BCT (Pro)
U.S. Equity Fund, BCT (Pro) Greater China Equity Fund and BCT (Pro) World Equity Fund are portfolio management constituent funds
investing in ITCISs and these constituent funds themselves are not index-tracking funds. 該等成份基金獲標記為 BCT 積金之選下的「股
票基金 – 市場追蹤系列」，原因是該等成份基金僅投資於獲認可的緊貼指數集體投資計劃（「緊貼指數集體投資計劃」）。BCT 恒指基金
僅投資於單一緊貼指數集體投資計劃，藉此旨在透過密切追蹤恒生指數的表現而達致投資成果。BCT 美國股票基金、BCT 大中華股票
基金及 BCT 世界股票基金為投資於緊貼指數集體投資計劃的投資組合管理成份基金，而該等成份基金本身並非指數追蹤基金。
2 These constituent funds are denoted as “Target Date Mixed Asset Funds” under BCT (MPF) Pro Choice and they are designed to
shift their investments from equities towards a greater exposure to bonds and cash as the relevant constituent fund approaches to its
particular target year. 該等成份基金被標記為 BCT 積金之選下的「目標日期混合資產基金」，該等成份基金旨在於接近特定目標年期時
把成份基金內以股票市場為主的投資逐漸轉移至債券及現金市場。
3 BCT (Pro) MPF Conservative Fund does not guarantee the repayment of capital. An investment in the MPF Conservative Fund is not
the same as placing constituent funds on deposit with a bank or deposit taking company and there is no guarantee that the investment
can be redeemed at the subscription value. The MPF Conservative Fund is not subject to the supervision of the Hong Kong Monetary
Authority. Fees and charges of MPF Conservative Fund can be deducted from either (i) the assets of the constituent fund or (ii)
members’ account by way of unit deduction. This constituent fund uses method (i) and, therefore, unit prices / NAV / constituent fund
performance quoted have incorporated the impact of fees and charges. BCT 強積金保守基金並不保證本金之全數付還。投資在強積
金保守基金並不同於將資金存放於銀行或接受存款公司，並無保證可按認購價予以贖回，而且強積金保守基金並不受香港金融管理局
監管。強積金保守基金的收費可（一）透過扣除資產淨值收取；或（二）透過扣除成員帳戶中的單位收取。本成份基金採用方式（一）收
費，故所列之單位價格 / 資產淨值 / 成份基金表現已反映收費之影響。
as at 截至 30/09/2023 4
BCT (Pro) China and Hong Kong Equity Fund 8 Risk & Return Level 風險及回報程度▲
BCT 中國及香港股票基金 8 High 高
Investment Objective 投資目標 Portfolio Allocation 投資組合分布

To provide members with long-term capital appreciation Cash 現金
為成員提供長期的資本增值 A : Cash & Others 現金及其他 3 1.3%
A portfolio of underlying APIFs invests primarily in a portfolio of Hong Kong and B : Term Deposits 定期存款 0.0%
China-related equity securities and listed instruments
一個相關核准匯集投資基金組合主要投資於香港及與中國相關的股本證券 Equities 股票
以及上市工具組成的投資組合 C : Basic Materials 基本原料 1.0%
Hong Kong and China-related equity securities / listed instruments are defined D : Consumer Discretionary 非必需消費品 25.1%
as equity securities and instruments listed on the Hong Kong Stock Exchange E : Consumer Staples 主要消費品 4.9%
or other exchanges of issuers generating a substantial portion of their revenues F : Energy 能源 1.9%
and / or profits in the People’s Republic of China (including, but not limited to, G : Financials 金融 23.2%
China A shares via the Stock Connect) H : Health Care 健康護理 5.1%
香港及與中國相關的股本證券 / 上市工具被界定為其發行機構的大部份收 I : Industrials 工業 9.9%
入及 / 或利潤乃來自中華人民共和國且在香港交易所或其他交易所上市的 J : Real Estate 房地產 3.2%
股本證券及工具（包括但不限於透過滬港通投資中國 A 股） K : Technology 科技 22.0%
The constituent fund utilizes both active investment strategy and rule-based L : Telecommunications 電訊 0.2%
investment strategy 15 M : Utilities 公用 2.2%
成份基金採用主動投資策略及基於規則之投資策略兩種策略 15
Constituent Fund Information 成份基金資料
Launch Date 發行日期 01/01/2008 L A+B
MC
Unit NAV 單位資產淨值 HK$ 0.8383 K D
Fund Size 基金資產 HK$ 7,180.3 millions 百萬
Fund Descriptor Equity Fund [ China & Hong Kong ] J E
基金類型描述股票基金 [ 中國及香港 ] I F
Fund Expense Ratio 基金開支比率 1.50% H G
Investment Manager 投資經理
Amundi 東方匯理
Risk Indicator 風險指標
Annualised Standard Deviation 年度標準差 26.85%
Risk Class 風險級別 11 7
Top 10 Portfolio Holdings 投資組合內十大資產 9 Unit NAV 單位資產淨值
1.60
Tencent Holdings 騰訊控股 9.0% 1.40
Alibaba Group Holding Ltd 阿里巴巴 9.0% 1.20
Meituan 美團 5.4% 1.00
HSBC Holdings 匯豐控股 5.0% 0.80
AIA Group Ltd 友邦保險 3.9% 0.60
Ping An Insurance 中國平安 3.0% 0.40
Baidu Inc-Class A 百度 2.7% 0.20
HKEx 香港交易所 2.1% 0.00
ICBC 工商銀行 1.9%
09/21
09/17
01/08
09/09
09/11
09/13
09/15
09/23
09/19
Kweichow Moutai Co Ltd 貴州茅台 1.7%
Market Commentary 市場評論

The Hang Seng Index recorded a loss of -5.9% in Q3, while the Shanghai Composite 第三季恒生指數及上證綜合指數分別下跌 5.9% 及 2.9%。雖然
Index declined by -2.9% in Q3. Although China’s August activity data surpassed 中國 8 月份經濟活動數據優於預期，但房地產業仍是一個重大
expectations, real estate sector continued to be a significant concern and contributed
to the overall slowdown. After weak data in both July and August, economy activity 憂慮，拖累整體經濟放緩。經濟活動於 7 月和 8 月錄得疲弱數據
improved in September, demonstrating a rebound after the cyclical bottom. There 後，在 9 月有所改善，反映經濟活動回升。採購、貿易、通脹、
were signs of stabilization and improvement in PMI, trade, inflation, credit, retail sales, 信貸、零售銷售及工業生產和利潤均出現回穩及改善跡象。9 月
industrial production, and profit. Manufacturing and non-manufacturing PMIs both 份製造業及非製造業採購經理指數分別從 49.7 和 51 升至 50.2 和
improved in September to 50.2 and 51.7 from 49.7 and 51 respectively. Starting from
the end of August, the central government instructed top cities and financial regulators 51.7。從 8 月底開始，中央政府指示一線城市及金融監管機構放
to relax housing policies. Additionally, the People’s Bank of China surprised the markets 寬住房政策。此外，中國人民銀行（人行）比預期提前減息，亦令
with earlier-than-expected rate cuts. 市場感到意外。
Constituent Fund Performance 成份基金表現 1

Cumulative Return 累積回報
Year to Date 本年至今 3 Months 三個月 1 Year 一年 3 Years 三年 5 Years 五年 10 Years 十年 Since Launch 自發行日
-10.59% -4.34% 2.29% -30.43% -24.04% -0.21% -16.17%
Annualised Return 年率化回報 (p.a. 年率 ) Calendar-year Return 年度回報
1 Year 一年 3 Years 三年 5 Years 五年 10 Years 十年 Since Launch 自發行日 2018 2019 2020 2021 2022
2.29% -11.39% -5.35% -0.02% -1.11% -15.80% 15.77% 20.94% -16.21% -20.73%
Dollar Cost Averaging Return (For illustration only) 平均成本法回報（僅作舉例用途）5
-8.16% -5.01% -5.72% -21.89% -22.64% -16.32% -4.77%
-5.72% -17.62% -10.90% -3.70% -0.63% -10.93% 5.16% 21.33% -13.15% -1.50%
as at 截至 30/09/2023 5
BCT (Pro) Asian Equity Fund 8 Risk & Return Level 風險及回報程度▲
BCT 亞洲股票基金 8 Medium to High 中至高

To provide members with long-term capital growth Cash 現金
A portfolio of underlying APIFs invests primarily in equity B : Term Deposits 定期存款 0.0%
securities listed on the stock exchanges of Asia Pacific markets Equities 股票
(excluding Japan, Australian and New Zealand) C : China / Hong Kong 中國 / 香港 36.6%
一個相關核准匯集投資基金組合主要投資於亞太市場（不包括日 D : Taiwan 台灣 13.1%
本、澳洲及新西蘭）證券交易所上市的股本證券 E : Singapore 新加坡 4.0%
The constituent fund utilizes both active investment strategy and F : Korea 韓國 11.2%
G : India 印度 22.1%
rule-based investment strategy 15
H : Others 其他 10.2%
Constituent Fund Information 成份基金資料 A+B

Launch Date 發行日期 01/05/2004 H
Unit NAV 單位資產淨值 HK$ 3.2875
Fund Size 基金資產 HK$ 3,740.7 millions 百萬 G C
Fund Descriptor Equity Fund [ Asia ex-Japan ]
基金類型描述股票基金 [ 亞洲（日本除外）]
F
Fund Expense Ratio 基金開支比率 1.63% E D
Amundi 東方匯理

5.00
Taiwan Semiconductor Mfg 台積電 7.1% 4.50
Samsung Electronics Co Ltd 5.2% 4.00
ICICI Bank Ltd 1.9% 2.00
1.50
Reliance Industries Limited 1.8% 1.00
HDFC Bank Ltd 1.5% 0.50
Bharti Airtel Ltd 1.3%
05/04
09/05
09/08
09/11
09/14
09/17
09/20
09/23
DBS Group Holdings Ltd 1.3%

Among the developed Asian markets, the Japanese TOPIX Index experienced a 已發展亞洲市場方面，在第三季，日本 TOPIX 指數上升
rise of +2.3% in Q3, whereas the Nikkei 225 index declined by -3.4%. Despite 2.3%，日經 225 指數則跌 3.4%。儘管日本官員對 2023 年
concerns expressed by the Japanese officials regarding the level of currency
depreciation witnessed in 2023, the yen weakness continued to have a positive 的日圓貶值幅度表示關注，但日圓弱勢持續帶來正面影
impact. The Singapore Straits Index performed positively in the quarter, with 響。新加坡海峽時報指數在季內向好，高收 0.4%。表現最
a gain of 0.4%. Among the top performers in the Asian Emerging region, the 佳的亞洲新興市場方面，印尼雅加達綜合指數在第三季上
Indonesian JCI Index saw a growth of 4.2% in Q3, while the Malaysian FTSE 升 4.2%，馬來西亞富時吉隆坡綜合指數高收 3.4%，印度
KLCI Index rose by 3.4%. In India, Nifty 50 Index returned 2.3% over the last
three month. However, some indices ended up in negative territory in Q3, Nifty 50 指數亦於過去三個月升 2.3%。然而，泰國證交所指
including the Thai Set Index, the Philippines’ PSEi Index, the Taiwanese TWSE 數、菲律賓證券交易所指數、台灣加權指數和南韓綜合股
Index and the Korean Kospi Index. 價指數在第三季低收。

-3.19% -4.25% 5.85% -11.57% -5.92% 32.01% 228.75%
5.85% -4.02% -1.21% 2.82% 6.32% -12.90% 13.75% 23.07% -1.99% -22.59%
-5.03% -3.83% -3.44% -15.12% -10.20% 1.76% 43.42%
-3.44% -11.53% -4.45% 0.35% 3.53% -9.42% 5.35% 27.07% -4.22% -5.24%
as at 截至 30/09/2023 6
BCT (Pro) European Equity Fund 8 Risk & Return Level 風險及回報程度▲
BCT 歐洲股票基金 8 High 高

B : Term Deposits 定期存款 0.0%
A portfolio of underlying APIFs invests primarily in a portfolio of equity
Equities 股票
securities listed in Europe (including the United Kingdom)
C : Finland 芬蘭 2.9%
一個相關核准匯集投資基金組合主要投資於一個由歐洲（包括英國） D : France 法國 20.3%
的上市股本證券組成的投資組合 E : Germany 德國 13.8%
The constituent fund utilizes both active investment strategy and rule- F : Italy 意大利 3.1%
G : Netherlands 荷蘭 8.7%
based investment strategy 15 H : Spain 西班牙 3.1%
成份基金採用主動投資策略及基於規則之投資策略兩種策略 15 I : Switzerland 瑞士 4.1%
J : United Kingdom 英國 17.1%
K : Others 其他 23.7%
Launch Date 發行日期 01/01/2008
Unit NAV 單位資產淨值 HK$ 1.3933 A+B
Fund Size 基金資產 HK$ 940.2 millions 百萬 K C
Fund Descriptor Equity Fund [ Europe ] D
基金類型描述股票基金 [ 歐洲 ]
Fund Expense Ratio 基金開支比率 1.61% J E
Investment Manager 投資經理 I H F
Amundi 東方匯理 G

1.60
Novo Nordisk A/S Class B 3.1% 1.40
TotalEnergies SE 2.3%
1.20
ASML Holding NV 2.3%
1.00
AstraZeneca PLC 2.0%
0.80
Roche Holding AG-Genusschein 1.9%
0.60
BP PLC 1.9%
0.40
LVMH Moet Hennessy Louis Vuitton SE 1.8%
0.20
RELX PLC 1.5%
0.00
UPM-Kymmene Oyj 1.5%
01/08
09/09
09/11
09/13
09/15
09/17
09/19
09/21
09/23
Sanofi SA 1.5%

European equity markets experienced a generally negative trend. This resulted 歐洲股市普遍下跌，MSCI 歐洲指數在第三季低收 2.1%（以
in a decline of -2.1% in local total return terms for the MSCI Europe index. 當地貨幣總回報計）。此外，歐洲委員會下調 2023 年歐元
Additionally, the European Commission lowered its forecast for GDP growth for 區國內生產總值增長預測從 1.1% 至 0.8%。歐元區核心通
the Eurozone in 2023 from 1.1% to 0.8%. Meanwhile, Eurozone core inflation
脹從 7 月的按年 5.5% 降至 8 月的按年 5.3%。貨幣政策方
also declined from 5.5% in July to 5.3% year-on-year in August. In terms of
monetary policy, the European Central Bank (ECB) implemented 0.25% interest 面，歐洲央行分別在 7 月和 9 月加息 25 個基點。繼於 9 月加
rate hike in both July and September. Following the September hike, ECB 息後，歐洲央行行長拉加德表示，加息意味著「利率已達到
President Christine Lagarde said that the move meant “interest rates had reached 一定水平，如能維持一段足夠長的時間，將顯著有助通脹
levels that maintaining for a sufficiently long duration will make a substantial 及時重返目標區間。」
contribution to the timely return of inflation to the target”.

7.57% -4.51% 24.19% 24.83% 4.96% 24.24% 39.33%
24.19% 7.67% 0.97% 2.19% 2.13% -15.48% 17.05% -1.85% 15.22% -14.01%
-3.16% -3.68% 0.11% 2.52% 8.68% 12.17% 34.59%
0.11% 1.70% 3.34% 2.27% 3.63% -13.09% 6.93% 16.33% 5.63% 0.41%
as at 截至 30/09/2023 7
BCT (Pro) Global Equity Fund 8 Risk & Return Level 風險及回報程度▲
BCT 環球股票基金 8 Medium to High 中至高

To provide members with capital growth over the medium to Cash 現金
long term A : Cash & Others 現金及其他 3 1.3%
為成員提供中至長期的資本增值 B : Term Deposits 定期存款 0.0%
A portfolio of underlying APIFs invests mainly into global equity Equities 股票
markets C : China / Hong Kong 中國 / 香港 5.5%
一個相關核准匯集投資基金組合主要投資於環球股票市場 D : Japan 日本 6.4%
The constituent fund utilizes both active investment strategy and E : Other Asia Pacific 其他亞太 8.0%
rule-based investment strategy 15 F : North America 北美 64.4%
G : Europe 歐洲 12.8%
H : Latin America 拉丁美洲 1.0%
I : Others 其他 0.6%
Unit NAV 單位資產淨值 HK$ 3.5970 I A+B
Fund Size 基金資產 HK$ 4,395.3 millions 百萬 H C
G D
Fund Descriptor Equity Fund [ Global ] E
基金類型描述股票基金 [ 環球 ]
Fund Expense Ratio 基金開支比率 1.52%
F
Amundi 東方匯理

4.30
Apple Inc 4.2%
3.80
Microsoft Corp 3.8%
Amazon.com Inc 1.9% 3.30
NVIDIA Corp 1.7% 2.80
Alphabet Inc Class A 1.4% 2.30
Tesla Inc 1.1% 1.80
Meta Platforms Inc 1.1% 1.30
Berkshire Hathaway Inc 1.1% 0.80
Taiwan Semiconductor Mfg 台積電 1.1%
09/20
09/23
10/02
09/05
09/08
09/11
09/14
09/17
Alphabet Inc Class C 1.0%

Global equities delivered negative returns in the third quarter, due to the risk- 由於投資者再度憂慮美國聯儲局採取利率「長期偏高」的立
off environment and the negative sentiment driven by renewed concerns about 場，並持續關注中國經濟增長前景，加上油價上漲，觸發
the US Federal Reserve’s (Fed) adoption of ‘higher-for-longer’ stand, ongoing 市場的避險情緒和負面投資氣氛，拖累環球股市在第三季
concerns about Chinese growth prospects, and rise in oil prices. For the quarter,
錄得負回報。MSCI 世界股票指數總回報季內下跌 3.5%（以
the MSCI World Equity index experienced a 3.5% depreciation in net USD
total return terms whilst it declined by 4.3% in September. From a geographic 美元淨額計算），於九月跌 4.3%。從地域角度來看，日本
perspective, during the third quarter, Japan and the UK were the best performers 和英國在第三季表現最佳並錄得正回報，而美國、歐洲貨
and managed to post positive returns whilst the U.S., the EMU area and the EM 幣聯盟地區和新興市場則表現落後。季內，價值股相對估
lagged. Value stocks proved resilient compared to their more expensive growth 值較昂貴的增長股表現強韌，前者下跌 1.7%，後者低收
counterparts, returning -1.7% over the quarter in comparison to -4.9% for growth 4.9%。這兩種投資風格由年初至今表現依然存在顯著差距。
stocks. The gap between the two styles remains wide year-to-date.

8.26% -3.62% 17.20% 17.68% 20.16% 55.75% 259.70%
17.20% 5.58% 3.74% 4.53% 6.28% -13.33% 21.13% 12.48% 17.16% -19.49%
-0.81% -3.65% 1.30% -0.77% 9.93% 24.37% 72.64%
1.30% -0.53% 3.80% 4.25% 4.83% -10.98% 8.08% 19.64% 6.55% -4.92%
as at 截至 30/09/2023 8
BCT (Pro) Hang Seng Index Tracking Fund ^ Risk & Return Level 風險及回報程度▲
BCT 恒指基金 ^ High 高

為成員提供長期資本增值 A : Cash & Others 現金及其他 3 2.7%
Investing solely in a single Index Tracking Collective Investment Scheme (ITCIS) B : Term Deposits 定期存款 0.0%
(currently, the Tracker Fund of Hong Kong which invests all, or substantially all,
Equities 股票
of its assets in the shares of constituent companies of the Hang Seng Index
C : Financials 金融 32.9%
in substantially similar composition and weighting as they appear therein), and
D : Energy 能源 4.7%
thereby aims to achieve investment results that closely track the performance of E : Properties and Construction 地產建築 5.8%
the Hang Seng Index F : Telecommunications 電訊 3.9%
透過只投資於一個單一緊貼指數集體投資計劃（目前為「香港盈富基金」，即一個 G : Information Technology 資訊科技 27.6%
將其全部或絕大部份資產投資於恒生指數成份股公司的股份，投資的組合成份 H : Utilities 公用事業 3.0%
及比重與成份股公司在恒生指數中的組合成份及比重大致相同的基金），藉此旨 I : Consumer Discretionary 生活消費品 9.8%
在透過密切追蹤恒生指數的表現而達致投資成果 J : Consumer Staples 生活必需品 3.1%
K : Conglomerates 綜合企業 1.5%
Constituent Fund Information 成份基金資料 L : Industrials 工業 0.9%
Launch Date 發行日期 01/10/2009 M : Healthcare 醫療保健 3.3%
Unit NAV 單位資產淨值 HK$ 1.1522 N : Materials 物料 0.8%
Fund Size 基金資產 HK$ 3,452.7 millions 百萬 N A+B
L M
Fund Descriptor Equity Fund [ Hong Kong ] JK
基金類型描述股票基金 [ 香港 ] I
Fund Expense Ratio 基金開支比率 0.84% H C
Invesco 景順 G D
Risk Indicator 風險指標 F E

2.00
HSBC Holdings 匯豐控股 8.5%
AIA Group Ltd 友邦保險 6.6%
1.40
Meituan 美團 5.7%
CCB 建設銀行 4.2% 1.20
China Mobile 中國移動 3.6% 1.00
HKEx 香港交易所 3.1%
0.80
Ping An Insurance 中國平安 2.7%
10/09
09/11
09/13
09/15
09/17
09/19
09/21
09/23

Hang Seng Index fell -4.3% over the quarter. Returns across sectors were mixed 恒生指數在季內下跌 4.3%。各行業的回報好淡紛呈，調整
with corrections led by real estate, utilities and industrials. In contrast, selected 主要來自房地產、公用事業和工業股。相反，能源和原材
cyclical sectors, such as energy and materials, rallied over the quarter. On macro
front, there were early signs of bottoming out in China consumer sectors, with 料等個別周期性行業在季內揚升。宏觀經濟方面，中國消
August nominal retail sales above market expectations growing 4.6% year-on- 費行業出現觸底回升的先兆，8 月份名義零售銷售高於市場
year. In addition, auto sales (in nominal terms) increased 1.1% in August. In the 預期，按年增長 4.6%。此外，8 月份汽車銷售（以名義價值
near term, while China is facing some economic headwinds, recent economic
data on retail, industrial and service sectors indicate a positive momentum of 計）上升 1.1%。短期而言，雖然中國經濟面臨阻力，但近期
recovery. 零售、工業和服務業的經濟數據反映復甦動力向好。

-7.51% -4.39% 5.81% -19.04% -27.67% -0.35% 15.22%
Hang Seng Index 恒生指數 (Total Return 總回報 )
-6.82% -4.19% 7.19% -16.48% -24.47% 10.58% 37.95%
5.81% -6.80% -6.27% -0.03% 1.02% -10.91% 12.14% -1.53% -12.58% -13.27%
Hang Seng Index 恒生指數 (Total Return 總回報 )
7.19% -5.83% -5.46% 1.01% 2.32% -10.54% 13.04% -0.29% -11.83% -12.54%
-6.69% -4.32% -3.84% -15.95% -19.58% -15.53% -7.70%
-3.84% -12.24% -9.19% -3.50% -1.17% -8.52% 3.54% 10.47% -11.29% 0.09%
^ Please see the corresponding note with the same symbol on page 2. 請參閱第 2 頁有相同符號的相應註釋。
as at 截至 30/09/2023 9
BCT (Pro) U.S. Equity Fund ^ Risk & Return Level 風險及回報程度▲
BCT 美國股票基金 ^ Medium to High 中至高

To provide members with capital appreciation over the long term Cash 現金
B : Term Deposits 定期存款 0.0%
Investing in a portfolio of ITCISs which invests in the U.S. and
Equities 股票
tracks the relevant equity market indices in the U.S. such as the C : Consumer Discretionary 非必需消費品 10.9%
S&P 500 Index and the Nasdaq 100 Index D : Consumer Staples 主要消費品 6.5%
投資於一個緊貼指數集體投資計劃的投資組合，相關緊貼指數 E : Communication Services 通訊服務 9.4%
F : Energy 能源 4.2%
集體投資計劃將只投資於美國並追蹤美國相關股市的指數，例 G : Financials 金融 12.4%
如標準普爾 500 指數及納斯達克 100 指數 H : Health Care 健康護理 12.5%
I : Industrials 工業 8.3%
J : Information Technology 資訊科技 28.2%
K : Materials 原料 2.3%
L : Real Estate 房地產 2.4%
Constituent Fund Information 成份基金資料 M : Utilities 公用 2.5%
Fund Descriptor Equity Fund [ U.S. ] A+B
KLM C
基金類型描述股票基金 [ 美國 ] D
Fund Expense Ratio 基金開支比率 n/a 不適用 7 J E
Investment Manager 投資經理 F
Amundi 東方匯理 G
Risk Indicator 風險指標 I H
Annualised Standard Deviation 年度標準差 n/a 不適用 6
Risk Class 風險級別 11 n/a 不適用
Unit NAV 單位資產淨值

Top 10 Portfolio Holdings 投資組合內十大資產 9 1.60
Apple Inc 6.8% 1.45
Microsoft Corp 6.7% 1.30
Amazon.com Inc 3.4%
Meta Platforms Inc 2.1% 1.00
Tesla Inc 1.9%
Alphabet Inc Class C 1.8% 0.70
11/21
12/21
03/22
06/22
09/22
12/22
03/23
06/23
09/23
Berkshire Hathaway Inc 1.8%
JPMorgan Chase & Co 1.2%

The U.S. equity markets experienced a negative quarter, with the S&P 500 Index 美國股市季度表現疲弱，標準普爾 500 指數在第三季下跌
falling by -3.3% in Q3. Performance of the main indices were affected by rising rates 3.3%。利率上升，加上市場憂慮聯儲局收緊政策，或會對
and concerns that tighter Fed policy would have a negative impact on the economy. 經濟產生負面影響，令主要指數表現受壓，即使面對這些
Despite these challenges, the U.S. economy continued to demonstrate resilience in the 挑戰，美國的經濟活動和勞工市場繼續表現強韌。通脹方
economic activity and the labor market. In terms of inflation, the August inflation report
showed a somewhat mixed picture. Headline inflation increased to 3.7% year-on-year 面，8 月份通脹報告顯示走勢略為好淡紛呈。整體通脹從
from 3.2% year-on-year, primarily driven by a significant rise in the energy component. 按年 3.2% 升至按年 3.7%，主要由能源組成部分大幅上漲
Core inflation decreased from 4.7% year-on-year in July to 4.3% year-on-year in August. 所致。儘管如此，核心通脹從 7 月的按年 4.7% 降至 8 月的
Regarding monetary policy, the Fed decided to keep the rate unchanged. However, 按年 4.3%。貨幣政策方面，聯儲局決定維持利率不變。然
policymakers surprised the markets by providing an outlook for interest rates in 2024 而，政策官員提供的 2024 年和 2025 年利率展望明顯高於預
and 2025 that was notably higher than expected. 期，令市場感到意外。

12.38% -3.68% 18.66% n/a 不適用 -10.92%
18.66% n/a 不適用 -6.05% n/a 不適用 2.03%4 -22.31%
0.89% -3.80% 3.00% n/a 不適用 1.87%
3.00% n/a 不適用 0.97% n/a 不適用 1.56%4 -6.74%
^ Please see the corresponding note with the same symbol on page 2. 請參閱第 2 頁有相同符號的相應註釋。
as at 截至 30/09/2023 10
BCT (Pro) Greater China Equity Fund ^ Risk & Return Level 風險及回報程度▲
BCT 大中華股票基金 ^ High 高

To provide members with capital appreciation over the long term Cash 現金
The underlying Index Tracking Collective Investment Schemes (ITCISs) B : Term Deposits 定期存款 0.0%
will invest in and be exposed to the Greater China region comprising of
Equities 股票
stocks listed in Hong Kong, Taiwan, Shanghai (A Shares and B Shares), C : China 中國 56.3%
Shenzhen (A Shares and B Shares) and Singapore.
D : Hong Kong 香港 10.0%
相關緊貼指數集體投資計劃將投資於大中華地區股票市場，包括於香港、
E : Taiwan 台灣 29.9%
台灣、上海（A 股及 B 股），深圳（A 股及 B 股）及新加坡上市的股票，並承
受有關風險。 F : Others 其他 1.8%
Invest in two or more approved ITCISs that track the relevant equity
market indices
A+B
投資於兩項或以上核准緊貼指數集體投資計劃以追蹤相關股市的指數 F
E
Unit NAV 單位資產淨值 HK$ 1.3745 C
D
Fund Descriptor Equity Fund [ Greater China ]
基金類型描述股票基金 [ 大中華 ]
Fund Expense Ratio 基金開支比率 1.15% ▼
CSOP 南方東英

2.20
Kweichow Moutai Co Ltd 貴州茅台 3.3% 1.60
1.00
Hon Hai Precision Industry Co Ltd 鴻海科技 1.3% 0.80
06/12
09/13
09/15
09/17
09/19
09/21
09/23
CCB 建設銀行 1.3%

FTSE MPF Greater China Index reports a total return of -4.6% in Q3 2023. 第三季度富時強積金大中華指數總回報為 -4.6%。除電訊
Telecommunications (+2.6%), Healthcare (+1.4%) and Consumer Discretionary (+0.3%) were （+2.6%）、健康保健（+1.4%）和非必需消費品（+0.3%）外，其他
the only three sectors with a positive return this quarter. Utilities (-11.5%) and Real Estate 板塊均下跌，其中以公用事業（-11.5%）和房地產（-11.1%）表現
(-11.1%) were the worst performing sectors. 最差。
Although China’s Politburo meeting in July announced an intensified effort to regulate 儘管 7 月中央政治局會議宣布加強宏觀經濟政策調控力度，優化
macroeconomic policies, optimize real estate policies, and invigorate capital markets, such
economic stimulus measures fell short of market expectations, and the efficacy of these 房地產政策，振奮資本市場。但相關措施與市場的高度期望不
policies is still under observation. Macroeconomic indicators in August showed signs of 符，政策效果仍需觀察。雖然中國 8 月宏觀經濟指標出現改善跡
improvement in China economy. The Fed meeting in September signaled a hawkish stance, 象，但美聯儲 9 月議息會議釋放鷹派訊號，對風險資產構成壓
exerting pressure on risk assets. That led Taiwan’s stock market to perform poorly due to 力。台股在貨幣貶值和全球經濟前景不確定下表現疲弱。
currency depreciation and global economic uncertainty.

-3.12% -3.18% 8.67% -18.42% -11.41% 23.43% 37.45%
8.67% -6.56% -2.39% 2.13% 2.86% -10.17% 15.41% 15.23% -6.59% -21.49%
-5.26% -3.95% -2.14% -15.74% -13.94% -3.07% 0.84%
-2.14% -12.06% -6.26% -0.63% 0.15% -8.26% 7.66% 18.14% -8.03% -3.77%
^ ▼ Please see the corresponding note with the same symbol on page 2. 請參閱第 2 頁有相同符號的相應註釋。
as at 截至 30/09/2023 11
BCT (Pro) World Equity Fund ^ Risk & Return Level 風險及回報程度▲
BCT 世界股票基金 ^ Medium to High 中至高

The underlying Index Tracking Collective Investment Schemes Cash 現金
(ITCISs) invest in America, Europe, Australasia and Asia but not A : Cash & Others 現金及其他 3 0.8%
Africa B : Term Deposits 定期存款 0.0%
相關緊貼指數集體投資計劃投資於美洲、歐洲、大洋洲及亞洲 Equities 股票
但不包括非洲 C : Hong Kong 香港 1.6%
Invest in a portfolio of approved ITCISs that track the relevant D : Japan 日本 6.4%
equity market indices E : Other Asia Pacific (including China) 其他亞太（包括中國） 13.4%
投資於核准緊貼指數集體投資計劃的組合以追蹤相關股市的指 F : North America 北美 63.5%
G : Europe 歐洲 14.2%
數
Constituent Fund Information 成份基金資料 A+B

Launch Date 發行日期 28/06/2012 H
Unit NAV 單位資產淨值 HK$ 2.2110 C
G D
Fund Size 基金資產 HK$ 2,320.0 millions 百萬 E
Fund Descriptor Equity Fund [ Global ]
基金類型描述股票基金 [ 環球 ]
Fund Expense Ratio 基金開支比率 1.00% ▼
Investment Manager 投資經理 F
Amundi 東方匯理

2.60
Apple Inc 2.9% 2.20
Tesla Inc 1.6% 1.60
Alphabet Inc Class C 1.5% 1.40
Novo Nordisk A/S Class B 1.4% 1.20
1.00
Amazon.com Inc 1.4%
0.80
VISA Inc 0.8%
06/12
09/13
09/15
09/17
09/19
09/21
09/23
Meta Platforms Inc 0.8%

World equities delivered negative returns in the Q3, due to the risk-off 由於投資者再度憂慮美國聯儲局採取利率「長期偏高」的立
environment and the negative sentiment driven by renewed concerns about 場，並持續關注中國經濟增長前景，加上油價上漲，觸發
Fed’s adoption of ‘higher-for-longer’ stand, ongoing concerns about Chinese 市場的避險情緒和負面投資氣氛，拖累環球股市在第三季
growth prospects, and rise in oil prices. For the quarter, the MSCI World Equity
index experienced a -3.5% depreciation in net USD total return terms whilst it 錄得負回報。MSCI 世界股票指數總回報季內下跌 3.5%（以
declined by -4.3% in September. From a geographic perspective, during the 美元淨額計算），於九月跌 4.3%。從地域角度來看，日本
third quarter, Japan and the UK were the best performers and managed to post 和英國在第三季表現最佳並錄得正回報，而美國、歐洲貨
positive returns whilst the U.S., European Monetary Union area and EM lagged. 幣聯盟地區和新興市場則表現落後。季內，價值股相對估
Value stocks proved relatively resilient compared to their more expensive growth 值較昂貴的增長股表現強韌，前者下跌 1.7%，後者低收
counterparts, returning -1.7% over the quarter in comparison to -4.9% for growth 4.9%。這兩種投資風格由年初至今表現依然存在顯著差距。
stocks. The gap between the two styles remains wide year-to-date.

7.36% -3.49% 17.33% 18.15% 24.74% 84.88% 121.10%
17.33% 5.72% 4.52% 6.34% 7.30% -9.60% 23.52% 10.94% 18.00% -17.76%
-0.97% -3.70% 1.03% -0.22% 10.47% 33.50% 41.64%
1.03% -0.15% 3.99% 5.58% 5.88% -9.27% 7.84% 17.14% 7.01% -4.29%
^ ▼ Please see the corresponding note with the same symbol on page 2. 請參閱第 2 頁有相同符號的相應註釋。
as at 截至 30/09/2023 12
SaveEasy 2050 Fund ◆

BCT (Pro) Risk & Return Level 風險及回報程度▲
Medium to High 中至高
BCT 儲蓄易 2050 基金 ◆

Provide long-term capital growth for members planning to Cash & Fixed Income Securities 現金及定息證券
dispose of their investments in year 2050 (i.e. at the expected A : Cash & Others 現金及其他 3 2.9%
retirement age of 65) B : Term Deposits 定期存款 0.0%
為成員提供長期資本增長以令成員能在 2050 年時處置基金內的 C : Global Fixed Income Securities 環球定息證券 0.0%
投資（配合成員預期 65 歲的退休年齡）
Equities 股票
The underlying APIF invests in a wide range of investments
D : China / Hong Kong 中國 / 香港 30.6%
(equities, bonds and cash) covering markets throughout the
E : Japan 日本 14.2%
world
相關核准匯集投資基金投資於一系列廣泛的資產類別（股票、債 F : Other Asia Pacific 其他亞太 # 12.6%
券及現金）及遍布環球市場 G : North America 北美 21.4%
H : Europe 歐洲 18.3%
Fund Size 基金資產 HK$ 85.7 millions 百萬
C
Fund Descriptor 基金類型描述
Mixed Asset Fund [ Global ] Equity: Initially around 100% with greater H
exposure to bonds and cash as the target year of 2050 approaches D
混合資產基金 [ 環球 ]：起初時約 100% 股票，臨近 2050 年，投資於債 G
券及現金的比重將較高
Fund Expense Ratio 基金開支比率 n/a 不適用 7 F E
Fidelity 富達
Apple Inc 1.3% 0.85
11/21
12/21
03/22
06/22
09/22
12/22
03/23
06/23
09/23
Alphabet Inc Class A 1.0%

Global equities started the period on a positive note, supported by healthy 企業盈利穩健，加上市場預期當前貨幣政策緊縮週期即將
corporate earnings and expectations that the current monetary policy tightening 結束，支持環球股市在季初高開。然而美國經濟數據強
cycle is nearing an end. However, markets fell in August and September due to
several factors. First, the U.S. resilient economic data has raised prospects for 韌，導致通脹居高不下的預期升溫，促使環球央行進一步
inflation to remain elevated, leading global central banks to reinforce their ‘higher 堅定利率「長期偏高」的立場。另一方面，信貸評級機構
for longer’ stance on interest rates. A rating downgrade of the U.S. government 下調美國政府債券評級，加上中國經濟數據及房地產業疲
debt, China’s sluggish economic data and renewed stress in its real estate sector 弱，導致市場在 8 月和 9 月報跌。當中歐洲（英國除外）及亞
all kept markets volatile. Against this backdrop, Europe ex-UK and Asia Pacific
ex-Japan equities underperformed. EM equities also fell but outperformed 太區（日本除外）股市表現遜色。新興市場股市亦報跌，但
developed market equities. On the credit front, corporate bonds outperformed 表現優於已發展市場股市。信貸方面，由於信貸息差收
government bonds as credit spreads tightened. 窄，企業債券表現優於政府債券。

-0.44% -4.74% 10.38% n/a 不適用 -19.42%
10.38% n/a 不適用 -11.00% n/a 不適用 0.84%4 -19.73%
-4.70% -4.18% -2.52% n/a 不適用 -5.70%
-2.52% n/a 不適用 -3.02% n/a 不適用 0.44%4 -3.68%
◆#
Please see the corresponding note with the same symbol on page 2. 請參閱第 2 頁有相同符號的相應註釋。
as at 截至 30/09/2023 13


Provide long-term capital growth for members planning to Cash & Fixed Income Securities 現金及定息證券
dispose of their investments in year 2045 (i.e. at the expected A : Cash & Others 現金及其他 3 3.6%
retirement age of 65) B : Term Deposits 定期存款 0.0%
為成員提供長期資本增長以令成員能在 2045 年時處置基金內的 C : Global Fixed Income Securities 環球定息證券 0.2%
投資（配合成員預期 65 歲的退休年齡）
Equities 股票
The underlying APIF invests in a wide range of investments
D : China / Hong Kong 中國 / 香港 30.1%
(equities, bonds and cash) covering markets throughout the
E : Japan 日本 14.1%
world
相關核准匯集投資基金投資於一系列廣泛的資產類別（股票、債 F : Other Asia Pacific 其他亞太 # 12.6%
券及現金）及遍布環球市場 G : North America 北美 21.4%
Fund Size 基金資產 HK$ 48.2 millions 百萬 C
混合資產基金 [ 環球 ]：起初時約 100% 股票，臨近 2045 年，投資於債 G
券及現金的比重將較高
Fund Expense Ratio 基金開支比率 n/a 不適用 7 F E
Fidelity 富達
Apple Inc 1.3% 0.85
ICBC 工商銀行 1.1% 0.55
11/21
12/21
03/22
06/22
09/22
12/22
03/23
06/23
09/23


-0.34% -4.74% 10.46% n/a 不適用 -19.97%
10.46% n/a 不適用 -11.33% n/a 不適用 0.20%4 -19.86%
-4.68% -4.17% -2.48% n/a 不適用 -5.70%
-2.48% n/a 不適用 -3.02% n/a 不適用 0.13%4 -3.75%
◆#
as at 截至 30/09/2023 14


Provide long-term capital growth for members planning to dispose of Cash & Fixed Income Securities 現金及定息證券
their investments in year 2040 (i.e. at the expected retirement age of A : Cash & Others 現金及其他 3 0.9%
65) B : Term Deposits 定期存款 0.0%
為成員提供長期資本增長以令成員能在 2040 年時處置基金內的投資 C : Global Fixed Income Securities 環球定息證券 0.8%
（配合成員預期 65 歲的退休年齡）
The underlying APIF invests in a wide range of investments (equities, Equities 股票
bonds and cash) covering markets throughout the world D : China / Hong Kong 中國 / 香港 30.9%
相關核准匯集投資基金投資於一系列廣泛的資產類別（股票、債券及 E : Japan 日本 14.5%
現金）及遍布環球市場 F : Other Asia Pacific 其他亞太 # 12.8%
G : North America 北美 21.6%
Constituent Fund Information 成份基金資料 H : Europe 歐洲 18.5%
Fund Size 基金資產 HK$ 1,480.6 millions 百萬 A+B
Fund Descriptor 基金類型描述 C
Mixed Asset Fund [ Global ] Equity: Initially around 100% with greater
H
混合資產基金 [ 環球 ]：起初時約 100% 股票，於接近目標年期 2040 年
時逐漸轉移至債券及現金市場 G
Investment Manager 投資經理 F E
Fidelity 富達

3.30
Tencent Holdings 騰訊控股 3.0%
2.30
Apple Inc 1.3%
ICBC 工商銀行 1.1% 0.80
10/08
09/09
09/11
09/13
09/15
09/17
09/19
09/21
09/23


-0.37% -4.78% 10.35% -8.28% -1.85% 33.86% 140.36%
10.35% -2.84% -0.37% 2.96% 6.05% -13.17% 21.37% 14.86% 1.29% -20.85%
-4.71% -4.16% -2.51% -11.37% -6.89% 5.34% 27.21%
-2.51% -8.43% -2.94% 1.04% 3.11% -10.90% 7.78% 19.07% -1.96% -3.93%
◆#
as at 截至 30/09/2023 15


Fund Size 基金資產 HK$ 614.7 millions 百萬 A+B
Mixed Asset Fund [ Global ] Equity: Initially around 100% with greater H C
exposure to bonds and cash as the target year of 2035 approaches
混合資產基金 [ 環球 ]：起初時約 100% 股票，於接近目標年期 2035 年 D
時逐漸轉移至債券及現金市場 G
Fidelity 富達

3.30
2.30
Apple Inc 1.3%
10/08
09/09
09/11
09/13
09/15
09/17
09/19
09/21
09/23


-0.51% -4.78% 9.80% -8.51% -1.95% 33.21% 132.03%
9.80% -2.92% -0.39% 2.91% 5.80% -13.07% 21.16% 14.90% 1.28% -20.82%
-4.70% -4.11% -2.59% -11.50% -7.05% 5.08% 26.69%
-2.59% -8.53% -3.01% 0.99% 3.06% -10.79% 7.72% 18.89% -1.92% -4.08%
◆#
as at 截至 30/09/2023 16


Mixed Asset Fund [ Global ] Equity: Initially around 99% with greater C
H
混合資產基金 [ 環球 ]：起初時約 99% 股票，於接近目標年期 2030 年時
逐漸轉移至債券及現金市場 G D
Fidelity 富達

3.30
2.30
US Treasury N/B 4.125% Nov 2032 1.3%
Apple Inc 1.2% 1.30
10/08
09/09
09/11
09/13
09/15
09/17
09/19
09/21
09/23


-0.54% -4.68% 9.12% -8.79% -1.94% 32.95% 134.41%
9.12% -3.02% -0.39% 2.89% 5.87% -12.65% 20.71% 14.60% 1.11% -20.55%
-4.59% -3.97% -2.58% -11.42% -7.16% 4.93% 26.39%
-2.58% -8.47% -3.06% 0.96% 3.03% -10.44% 7.53% 18.19% -1.88% -4.18%
◆#
as at 截至 30/09/2023 17


G C
混合資產基金 [ 環球 ]：起初時約 97% 股票，於接近目標年期 2025 年時
逐漸轉移至債券及現金市場 F
Fund Expense Ratio 基金開支比率 1.26% E
Investment Manager 投資經理 D
Fidelity 富達

3.30
Bundesrepub Deutschland 2.3% Feb 2033 3.4% 2.80
Bundesobligation 1.3% Oct 2027 2.5%
2.30
Japan Government Bond 0.6% Dec 2023 1.9%
Alibaba Group Holding Ltd 阿里巴巴 1.8%
US Treasury N/B 4% Feb 2028 1.7% 1.30
Bundesobligation 0% Apr 2026 1.5% 0.80
10/08
09/09
09/11
09/13
09/15
09/17
09/19
09/21
09/23


-0.65% -4.09% 6.67% -9.58% -2.04% 31.32% 134.29%
6.67% -3.30% -0.41% 2.76% 5.87% -11.82% 19.43% 14.05% 0.97% -19.94%
-4.07% -3.32% -2.49% -11.29% -7.41% 4.24% 25.11%
-2.49% -8.37% -3.17% 0.83% 2.90% -9.74% 6.94% 16.38% -1.57% -4.78%
◆#
as at 截至 30/09/2023 18

Low to Medium 低至中

Mixed Asset Fund [ Global ] Equity: Initially around 94% with greater G H
exposure to bonds and cash as the target year of 2020 approaches F
混合資產基金 [ 環球 ]：起初時約 94% 股票，於接近目標年期 2020 年時 E
逐漸轉移至債券及現金市場 D
Fund Expense Ratio 基金開支比率 1.25% C
Fidelity 富達

2.80
Bundesrepub Deutschland 2.3% Feb 2033 5.3% 2.30
Bundesobligation 1.3% Oct 2027 3.9%
Japan Government Bond 0.6% Dec 2023 3.0% 1.80
US Treasury N/B 4% Feb 2028 2.7%
Bundesobligation 0% Apr 2026 2.4% 1.30
China Government Bond 2.8% Nov 2032 1.8%
US Treasury N/B 3.5% Feb 2033 1.6% 0.80
Government of Singapore 2.875% Sep 2030 1.5%
10/08
09/09
09/11
09/13
09/15
09/17
09/19
09/21
09/23
US Treasury N/B 4% Nov 2052 1.5%


-1.28% -3.36% 1.02% -14.55% -5.50% 23.16% 115.88%
1.02% -5.11% -1.13% 2.10% 5.29% -7.11% 13.06% 9.78% -1.06% -17.09%
-3.40% -2.48% -2.76% -10.84% -9.68% -0.18% 18.21%
-2.76% -8.01% -4.21% -0.04% 2.19% -5.79% 4.28% 7.77% -0.93% -5.64%
◆#
as at 截至 30/09/2023 19
BCT (Pro) E90 Mixed Asset Fund 8 Risk & Return Level 風險及回報程度▲
BCT E90 混合資產基金 8 Medium to High 中至高

To provide members with capital appreciation over the long term Cash & Fixed Income Securities 現金及定息證券
為成員提供長期資本增值 A : Cash & Others 現金及其他 3 1.9%
A portfolio of underlying APIFs invests primarily in global equities with B : Term Deposits 定期存款 0.0%
the flexibility to invest in fixed income securities C : Global Fixed Income Securities 環球定息證券 7.1%
一個相關核准匯集投資基金組合主要投資於環球股票，並可靈活地 Equities 股票
投資於定息證券 D : China / Hong Kong 中國 / 香港 28.6%
The constituent fund utilizes both active investment strategy and rule- E : Japan 日本 12.7%
based investment strategy 15 F : Other Asia Pacific 其他亞太 13.6%
I : Latin America 拉丁美洲 0.8%
Constituent Fund Information 成份基金資料 J : Others 其他 0.5%
Fund Size 基金資產 HK$ 759.5 millions 百萬 J
I A+B
Fund Descriptor Mixed Asset Fund [ Global ] Equity: around 90%
基金類型描述混合資產基金 [ 環球 ] 約 90% 股票 H C
Investment Manager 投資經理 G D
Amundi 東方匯理
Risk Indicator 風險指標 F E

3.20
Meituan 美團 1.5%
Apple Inc 1.2%
1.20
Samsung Electronics Co Ltd 1.2%
10/08
09/09
09/11
09/13
09/15
09/17
09/19
09/21
09/23
Microsoft Corp 1.1%

Both bonds and stocks experienced simultaneous decline in the Q3. However, 股債在第三季同告下跌，但石油和美元表現顯著造好。市
oil and the US dollar stood out as notable outperformers. There were several 場表現遜色可歸因於多項因素，包括投資者傾向認為利率
factors contributing to the poor performance, including investors’ adoption of 「長期偏高」、對中國經濟增長前景持續憂慮、擔憂油價上
the ‘higher-for-longer’ scenario for interest rates, ongoing concerns about the
漲導致通脹升溫，以及越來越多跡象顯示環球經濟數據下
Chinese growth prospects, fears that an increase in oil prices might lead to
higher inflation, and growing indications of a downturn in global economic data. 滑。經歷 2023 年上半年股市的強勁升勢後，債券市場出現
After a strong stock rally in the first half of 2023, global equities encountered a 拋售，使風險資產受壓，令環球股市在季內備受挑戰。央
challenging quarter, with a sell-off in bond markets contributing to the pressure 行言論導致投資者調整對預期潛在減息的時間，是引發這
on risk assets. Central banks played a role in this sell-off as investors adjusted 次債券跌市的因素之一。
their expectations for the timing of potential rate cuts.

0.99% -3.77% 11.92% -3.34% -0.78% 30.81% 123.83%
11.92% -1.13% -0.16% 2.72% 5.54% -13.12% 16.27% 14.20% 2.32% -19.08%
-3.61% -3.78% -1.43% -9.02% -4.24% 5.85% 25.48%
-1.43% -6.58% -1.78% 1.14% 2.94% -10.36% 6.15% 19.37% -1.41% -3.27%
as at 截至 30/09/2023 20
BCT E70 混合資產基金 8 Medium to High 中至高

To provide members with capital appreciation over the long term Cash & Fixed Income Securities 現金及定息證券
為成員帶來長期的資本增值 A : Cash & Others 現金及其他 3 2.2%
A portfolio of underlying APIFs invests primarily in global equities, B : Term Deposits 定期存款 0.0%
global bonds and bank deposits C : Global Fixed Income Securities 環球定息證券 27.2%
一個相關核准匯集投資基金組合主要投資於環球股票、環球債券及 Equities 股票
銀行存款 D : China / Hong Kong 中國 / 香港 22.8%
The constituent fund utilizes both active investment strategy and rule- E : Japan 日本 9.5%
based investment strategy 15 F : Other Asia Pacific 其他亞太 10.2%
Fund Size 基金資產 HK$ 4,539.7 millions 百萬 J A+B
Fund Descriptor Mixed Asset Fund [ Global ] Equity: around 70% I
基金類型描述混合資產基金 [ 環球 ] 約 70% 股票 H
Fund Expense Ratio 基金開支比率 1.53% C
G
Amundi 東方匯理 F
Risk Indicator 風險指標 E D

3.10
US Treasury N/B 2.875% May 2028 1.8%
2.10
Apple Inc 0.9% 1.10
0.60
Samsung Electronics Co Ltd 0.9%
12/00
09/02
09/05
09/08
09/11
09/14
09/17
09/20
09/23
Microsoft Corp 0.9%


0.41% -3.72% 9.27% -7.46% -2.62% 20.32% 109.13%
9.27% -2.55% -0.53% 1.87% 3.28% -9.99% 13.69% 13.34% 0.30% -18.43%
-3.60% -3.49% -1.78% -9.54% -6.28% 2.31% 44.94%
-1.78% -6.98% -2.66% 0.46% 3.09% -8.11% 5.02% 15.82% -1.63% -3.62%
as at 截至 30/09/2023 21
BCT E50 混合資產基金 8 Medium 中

To provide members with capital appreciation and a stable level of Cash & Fixed Income Securities 現金及定息證券
income over the long term A : Cash & Others 現金及其他 3 2.5%
為成員帶來長期的資本增值及穩定收入 B : Term Deposits 定期存款 0.0%
A portfolio of underlying APIFs invests primarily in global equities, C : Global Fixed Income Securities 環球定息證券 47.2%
global bonds and bank deposits Equities 股票
一個相關核准匯集投資基金組合主要投資於環球股票、環球債券及 D : China / Hong Kong 中國 / 香港 16.1%
銀行存款 E : Japan 日本 6.8%
The constituent fund utilizes both active investment strategy and rule- F : Other Asia Pacific 其他亞太 7.3%
based investment strategy 15
Fund Size 基金資產 HK$ 2,492.6 millions 百萬 J A+B
Fund Descriptor Mixed Asset Fund [ Global ] Equity: around 50% I
基金類型描述混合資產基金 [ 環球 ] 約 50% 股票 H
G
Investment Manager 投資經理 F C
Amundi 東方匯理 E
Risk Indicator 風險指標 D

2.60
Alibaba Group Holding Ltd 阿里巴巴 1.5%
US Treasury N/B 4.625% Sep 2026 1.4% 1.60
US Treasury N/B 1.125% Oct 2026 1.4%
US Treasury N/B 0.25% Jun 2024 1.3%
1.10
Buoni Poliennali Del Tes 4.75% Sep 2028 1.2%
0.60
Mex Bonos Desarr Fix Rt 7.75% May 2031 0.9%
12/00
09/02
09/05
09/08
09/11
09/14
09/17
09/20
09/23


-0.24% -3.66% 6.67% -11.33% -4.81% 10.06% 92.69%
6.67% -3.93% -0.98% 0.96% 2.91% -7.69% 11.09% 12.01% -1.54% -17.66%
-3.58% -3.16% -2.13% -10.00% -8.26% -2.19% 30.17%
-2.13% -7.34% -3.56% -0.45% 2.23% -5.96% 3.87% 12.22% -1.74% -3.91%
as at 截至 30/09/2023 22
BCT E30 混合資產基金 8 Low to Medium 低至中

To provide members with capital growth over the long term with a Cash & Fixed Income Securities 現金及定息證券
view to minimizing the risk of capital loss A : Cash & Others 現金及其他 3 3.1%
為成員帶來長期的資本增值及將資本虧損的風險減至最少 B : Term Deposits 定期存款 0.0%
A portfolio of underlying APIFs invests primarily in global equities, C : Global Fixed Income Securities 環球定息證券 67.1%
global bonds and bank deposits Equities 股票
一個相關核准匯集投資基金組合主要投資於環球股票、環球債券及 D : China / Hong Kong 中國 / 香港 9.3%
銀行存款 E : Japan 日本 4.2%
The constituent fund utilizes both active investment strategy and rule- F : Other Asia Pacific 其他亞太 4.4%
based investment strategy 15
Fund Size 基金資產 HK$ 1,997.1 millions 百萬 J
Fund Descriptor Mixed Asset Fund [ Global ] Equity: around 30% I A+B
混合資產基金 [ 環球 ] 約 30% 股票 H
基金類型描述 F G
Fund Expense Ratio 基金開支比率 1.51% E
Amundi 東方匯理
Risk Indicator 風險指標 C

2.60
US Treasury N/B 1.125% Oct 2026 2.0%
US Treasury N/B 0.25% Jun 2024 1.8% 1.60
1.10
Mex Bonos Desarr Fix Rt 7.75% May 2031 1.3%
Bundesobligation 0% Oct 2025 1.2%
0.60
US Treasury Inflation Indexed Bond 1.25% Apr 2028 1.0%
12/00
09/02
09/05
09/08
09/11
09/14
09/17
09/20
09/23


-0.90% -3.58% 4.06% -15.18% -7.47% -0.42% 67.24%
4.06% -5.34% -1.54% -0.04% 2.28% -5.29% 8.55% 10.45% -3.35% -17.00%
-3.54% -2.82% -2.47% -10.52% -10.33% -6.79% 14.25%
-2.47% -7.75% -4.51% -1.44% 1.15% -3.79% 2.72% 8.71% -1.85% -4.26%
as at 截至 30/09/2023 23
BCT (Pro) Flexi Mixed Asset Fund Risk & Return Level 風險及回報程度▲
BCT 靈活混合資產基金 Low to Medium 低至中

To provide members with long-term capital preservation while the Cash & Fixed Income Securities 現金及定息證券
performance target is not related to an index A : Cash & Others 現金及其他 3 3.3%
為成員提供長期保本，而表現目標與指數無關 B : Term Deposits 定期存款 0.0%
The underlying APIF invests primarily in a diversified portfolio of global C : USD Fixed Income Securities 美元定息證券 62.0%
equities and fixed-interest securities D : EUR Fixed Income Securities 歐元定息證券 0.4%
E : Other Fixed Income Securities 其他定息證券 14.7%
相關核准匯集投資基金主要投資於由環球股票及定息證券組成之多
元化投資組合 Equities 股票
F : Global Equities 環球股票 19.6%
A+B
F
Unit NAV 單位資產淨值 HK$ 1.6986 E
Fund Size 基金資產 HK$ 1,311.7 millions 百萬 D
Fund Descriptor Mixed Asset Fund [ Global ] Equity: 0-50% C
基金類型描述混合資產基金 [ 環球 ]0-50% 股票
AllianzGI AP 安聯投資

1.90
US Treasury N/B 4.25% Sep 2024 2.8%
US Treasury N/B 2.75% Feb 2024 2.1% 1.70
EOG Resources Inc 1.4%
Telstra Corp Ltd 3.125% Apr 2025 1.4% 1.30
Oversea-Chinese Banking Co Ltd VAR Jun 2032 1.3%
Eli Lilly & Co 1.2% 1.10
Resona Holdings Inc 1.2% 0.90
NTT Finance Corp 4.142% Jul 2024 1.2%
08/05
09/08
09/11
09/14
09/17
09/20
09/23
Shinhan Financial Group 5% Jul 2028 1.2%

Global equities retreated over the third quarter. While the U.K. and Japan 環球股市在第三季下跌。英國及日本則略為上升。其
moved modestly higher. Elsewhere returns were negative, with the U.S. 他地區錄得負回報，美國及歐元區股市創一年來最差
and euro-zone equities posting their weakest quarter in a year. Global 季度表現。央行的鷹派言論強化了市場對利率將會長
bonds sold off sharply as hawkish central bank comments reinforced the 期維持在高水平的預期，導致環球債券被大舉拋售。
belief that rates would stay higher for longer. Sentiment was knocked 市場日漸意識到利率需要維持高位一段時間才能令通
by a growing sense that rates would need to stay elevated for some time 脹回落至目標水平，加上中國經濟動力持續放緩，令
to bring inflation back to target. Further signs that China’s economic 市場氣氛備受打擊。
momentum was fading also undermined markets.

0.09% -1.01% 3.43% 2.47% 12.80% 21.58% 69.86%
3.43% 0.82% 2.44% 1.97% 2.96% -4.93% 8.61% 8.17% 5.61% -7.25%
Dollar Cost Averaging Return (For illustration only) 平均成本法回報 ( 僅作舉例用途 ) 5
-1.29% -1.06% -0.54% -2.48% 2.18% 8.78% 23.38%
-0.54% -1.73% 0.87% 1.67% 2.25% -2.95% 2.98% 7.50% 1.68% -1.00%
as at 截至 30/09/2023 24
BCT (Pro) Core Accumulation Fund Risk & Return Level 風險及回報程度▲
BCT 核心累積基金 Medium 中

To provide capital growth to members by investing in a globally Cash & Fixed Income Securities 現金及定息證券
diversified manner A : Cash & Others 現金及其他 3 1.5%
以全球分散投資方式，為成員提供資本增值 B : Term Deposits 定期存款 0.0%
The underlying APIF (through its investment into two other Approved C : Global Fixed Income Securities 環球定息證券 39.1%
Pooled Investment Funds) invests primarily in a portfolio of global Equities 股票
equities, and a portfolio of global fixed income securities D : China / Hong Kong 中國 / 香港 1.5%
相關核准匯集投資基金（透過投資於另外兩項核准匯集投資基金）主 E : Japan 日本 4.2%
F : Other Asia Pacific 其他亞太 3.9%
要投資於一個環球股票組合及一個環球定息證券組合
Launch Date 發行日期 01/04/2017 I : Others 其他 0.6%
Fund Descriptor Mixed Asset Fund [ Global ] Equity: maximum 65% A+B
基金類型描述混合資產基金 [ 環球 ] 最高 65% 股票 I
Fund Expense Ratio 基金開支比率 0.80% H
Investment Manager 投資經理 C
Invesco 景順
Risk Indicator 風險指標 G
Annualised Standard Deviation 年度標準差 11.61% E D
Risk Class 風險級別 11 5 F

1.55
Apple Inc 2.7%
US Treasury N/B 2.75% Aug 2032 2.5% 1.45
Microsoft Corp 2.4%
1.25
US Treasury N/B 1.5% Aug 2026 2.2%
Bundesrepub Deutschland 1.7% Aug 2032 2.0% 1.15
Switzerland 3.5% Apr 2033 1.5% 1.05
Japan Government Bond 1.4% Sep 2034 1.4%
0.95
US Treasury N/B 4.125% Jan 2025 1.4%
04/17
09/17
09/18
09/19
09/20
09/21
09/22
09/23
Norwegian Government Bond 2.125% May 2032 1.4%
Global equity markets edged lower in the third quarter. It was due to fear about 全球股市第三季錄得下跌，這主要是由於對全球整體通
overall global inflation, a weakening economic environment and rising interest 脹、經濟環境疲軟和利率上升的擔憂。隨著美聯儲第 10 次
rates. Inflation continued to fall in the U.S. as the Fed hiked interest rates for 加息，美國通脹持續下降。此外，美聯儲表示願意在年底
the 10th time. Additionally, the Fed signaled its willingness to raise interest 前進一步加息，並表示明年降息幅度較小。同時，歐洲央
rates further through the end of the year and indicated fewer rate cuts next year. 行兩度加息，每次加息 0.25%，這是連續第 10 次加息，季
Meanwhile, the ECB increased interest rates twice, by 0.25% each time, marking 末利率為 4%。英國央行也提高了利率，達到 5.25% 的新水
the 10th consecutive hike, to end the quarter at 4%. The Bank of England also 平。
raised interest rates, resulting in a new level of 5.25%.

6.85% -2.80% 12.36% 6.51% 17.97% n/a 不適用 30.35%
Reference Portfolio 參考投資組合 (Total Return 總回報 )
5.35% -3.16% 10.90% 4.62% 17.21% n/a 不適用 30.79%
12.36% 2.13% 3.36% n/a 不適用 4.16% -6.54% 15.82% 12.53% 9.98% -16.51%
10.90% 1.52% 3.23% n/a 不適用 4.22% -5.79% 17.03% 12.06% 9.43% -16.32%
-0.60% -2.55% 1.08% -1.71% 5.32% n/a 不適用 9.08%
1.08% -1.19% 2.09% n/a 不適用 2.67% -6.13% 5.33% 12.00% 4.20% -4.78%
as at 截至 30/09/2023 25
BCT (Pro) Age 65 Plus Fund Risk & Return Level 風險及回報程度▲
BCT 65 歲後基金 Low to Medium 低至中

To provide stable growth to members by investing in a globally Cash & Fixed Income Securities 現金及定息證券
diversified manner A : Cash & Others 現金及其他 3 1.9%
以全球分散投資方式，為成員提供穩定之增長 B : Term Deposits 定期存款 0.0%
The underlying APIF (through its investment into two other Approved C : Global Fixed Income Securities 環球定息證券 78.4%
Pooled Investment Funds) invests primarily in a portfolio of global Equities 股票
equities, and a portfolio of global fixed income securities D : China / Hong Kong 中國 / 香港 0.5%
相關核准匯集投資基金（透過投資於另外兩項核准匯集投資基金）主 E : Japan 日本 1.4%
F : Other Asia Pacific 其他亞太 1.3%
要投資於一個環球股票組合及一個環球定息證券組合
Launch Date 發行日期 01/04/2017 I : Others 其他 0.2%
Fund Descriptor Mixed Asset Fund [ Global ] Equity: maximum 25% I A+B
基金類型描述混合資產基金 [ 環球 ] 最高 25% 股票 H
Fund Expense Ratio 基金開支比率 0.80% F G
E
Invesco 景順
Risk Indicator 風險指標 C

1.25
US Treasury N/B 2.75% Aug 2032 5.1%
Bundesrepub Deutschland 1.7% Aug 2032 4.0% 1.10
Switzerland 3.5% Apr 2033 3.0%
Japan Government Bond 1.4% Sep 2034 2.9% 1.05
US Treasury N/B 4.125% Jan 2025 2.8% 1.00
Norwegian Government Bond 2.125% May 2032 2.8% 0.95
US Treasury N/B 3% Feb 2048 2.7%
04/17
09/17
09/18
09/19
09/20
09/21
09/22
09/23
New Zealand Government Bond 3.5% Apr 2033 2.6%

It was a mixed performance outcome for fixed income over the quarter. Most 本季度固定收益的業績結果好壞參半。大多數主要政府債
major government bond indices finished with negative returns as the near-term 券指數以負回報收盤，因為面對持續頑固的通脹和富有韌
path for interest rates was ratcheted higher in the face of continued stubborn 性的經濟增長，近期利率路徑逐步走高。聯邦公開市場委
inflation and resilient economic growth. In September, the Federal Open Market 員會在 9 月維持利率不變，但在暫停利率的同時，也對點
Committee kept rates on hold but accompanied the pause with a hawkish 陣圖進行修正，此前預計 2024 年的四次降息中的兩次被取
revised dot plot which saw two out of the four cuts previously expected for 2024 消。信貸市場的經濟韌性和通膨下降的跡象，促使軟著陸
removed. In credit markets, corporate bond spreads held firm in the face of
higher risk-free rates given signs of economic resilience and falling inflation giving 的想法更加可信，面對更高的無風險利率，公司債利差保
credence to the idea of a soft landing. 持堅挺。

1.61% -2.67% 3.46% -10.30% 2.58% n/a 不適用 5.21%
0.88% -2.84% 2.27% -11.20% 1.18% n/a 不適用 4.65%
3.46% -3.56% 0.51% n/a 不適用 0.78% -1.60% 9.00% 9.56% 0.72% -15.06%
2.27% -3.88% 0.23% n/a 不適用 0.70% -1.55% 9.63% 8.21% 0.71% -14.94%
-1.88% -1.83% -1.13% -6.94% -5.59% n/a 不適用 -3.63%
-1.13% -4.98% -2.36% n/a 不適用 -1.16% -1.12% 2.59% 5.01% 0.76% -5.00%
as at 截至 30/09/2023 26
BCT (Pro) Asian Income Retirement Fund Risk & Return Level 風險及回報程度▲
BCT 亞洲收益退休基金 Low to Medium 低至中

To provide members with stable income (by way of distribution of Cash & Equities 現金及股票
dividend which will be reinvested in this fund or invested in the BCT
A : Cash & Others 現金及其他 3 4.5%
(Pro) Age 65 Plus Fund based on the member’s age) and capital
appreciation over the medium to long term B : Term Deposit 定期存款 0.0%
於中至長期為成員提供穩定收入（透過分派股息而有關派息將根據成 C : China & Hong Kong Equities 中國及香港股票 8.4%
員的年齡再投資於本基金或投資於 BCT 65 歲後基金的方式）及資本
增值 Fixed Income Securities 定息證券
It is expected that the fund will seek an expected total return of 2% D : Hong Kong 香港 16.6%
above the concurrent Hong Kong Consumer Price Index over the E : China 中國 40.1%
medium to long term (Note: Members who invest in the fund should F : Taiwan 台灣 0.0%
be prepared to accept fluctuation in the value of the underlying
investment. Future returns are not guaranteed and members should G : Korea 韓國 5.4%
always consider their individual risk and return profile.) H : India 印度 2.1%
預期基金將於中至長期尋求超越同期香港消費物價指數 2% 的預期總 I : Singapore 新加坡 6.8%
回報（附註：投資於本基金的成員應願意承擔相關投資價值出現波動
的風險。未來回報並無保證，成員應時刻考慮其個別風險及回報狀 J : Thailand 泰國 0.0%
況。） K : Malaysia 馬來西亞 0.0%
The underlying APIF invests in a portfolio of investment-grade USD- L : Philippines 菲律賓 0.0%
denominated Asian fixed income securities and Hong Kong and
Mainland China-related equity securities. It may also maintain M : Indonesia 印尼 0.0%
a certain amount of cash and cash equivalents for cash flow N : Japan 日本 10.5%
management O : Others 其他 5.6%
相關核准匯集投資基金投資於一個美元計值的亞洲投資級別定息證
券及香港及與中國內地相關的股本證券的投資組合。其亦可維持一
定數額現金及現金等價物作現金流管理 J
K
Constituent Fund Information 成份基金資料 L A+B
M
Launch Date 發行日期 25/04/2022 O C
N
Fund Size 基金資產 HK$ 138.7 millions 百萬 I D
H
Fund Descriptor Mixed Asset Fund [Asia] Equity: maximum 30% G
基金類型描述混合資產基金 [ 亞洲 ] 最高 30% 股票 F
Fund Expense Ratio 基金開支比率 n/a 不適用 7 E
Taikang 泰康

1.15
Shanghai Commerical Bank 5% Jan 2029 3.1%
China Overseas Finance 5.375% 3.1% 1.10
Mitsubishi HC Capital 3.559% Feb 2024 2.8%
Westwood Group Holding Ltd 5.375% Oct 2023 2.7% 1.05
CMHI Finance BVI Co Ltd 3.5% 2.7% 1.00
China Resources Land Ltd 6% Feb 2024 2.7%
China Construction Bank 4.25% Feb 2029 2.7% 0.95
China Cinda Finance 2017 4.1% Mar 2024 2.7%
0.90
Bluestar Fin Holdings 3.375% Jul 2024 2.6%
04/22
06/22
09/22
12/22
03/23
06/23
09/23
Sinopec Grp Oversea 2013 4.375% Oct 2023 2.3%

The Hong Kong stock market did not sustain its recovery in the third quarter, 儘管中國經濟漸趨穩定，但香港股市在第三季度未能持續
despite the stabilization of the Chinese economy. The Chinese government has 復蘇。中國政府實施了廣泛的政策來支持經濟，但投資者
implemented extensive policies to support the economy, but investors are still 仍對中國的長期增長前景持懷疑態度。根據近期美聯儲會
doubtful about China’s long term growth prospects. The U.S. dollar interest
議聲明，美元利率接近本輪週期的峰值，但美國的通貨膨
rate is near its peak for this cycle, according to the Fed meetings’ statement,
脹仍高於美聯儲的目標，高利率環境可能持續更長時間。
but the inflation in the U.S. is still above the Fed’s target. The high interest rate
environment may last for longer. The portfolio will stay at the short end of the 投資組合將保持在倒掛曲線的短端，實現更高的回報。
inverted curve to achieve higher returns.
as at 截至 30/09/2023 27
BCT (Pro) Asian Income Retirement Fund Risk & Return Level 風險及回報程度▲
BCT 亞洲收益退休基金 Low to Medium 低至中

-2.27% -0.98% -2.14% n/a 不適用 -3.62%
-2.14% n/a 不適用 -2.54% n/a 不適用 -1.38%4
-1.69% -0.67% -1.76% n/a 不適用 -2.16%
-1.76% n/a 不適用 -1.44% n/a 不適用 -0.36%4
Dividend Record 派息記錄 12

Dividend Paid Out
Ex-Dividend Date Dividend Paid Out Annualised Dividend
Record Date Ex-Dividend Date Distribution Date Dividend / Unit of NDI
NAV of Capital Yield
記錄日期除息日期分派日期每單位派息從可分派收入淨
除息日資產淨值從資本中支付派息年度化派息率 14
額支付派息 13
20/07/2023 21/07/2023 25/07/2023 HKD0.9726 HKD0.0030 100.00% 0.00% 3.76%
18/08/2023 21/08/2023 23/08/2023 HKD0.9643 HKD0.0030 100.00% 0.00% 3.80%
20/09/2023 21/09/2023 25/09/2023 HKD0.9619 HKD0.0030 100.00% 0.00% 3.81%
as at 截至 30/09/2023 28
BCT (Pro) RMB Bond Fund Risk & Return Level 風險及回報程度▲
BCT 人民幣債券基金 Low to Medium 低至中

To provide members with steady growth over the long term Cash 現金
為成員提供穩定之長期增長 A : Cash & Others 現金及其他 3 1.4%
By investing solely in an APIF (which is denominated in HKD and B : Term Deposits 定期存款 0.0%
not in RMB) and in turn invests primarily in RMB denominated debt
Fixed Income Securities 定息證券
instruments and money market instruments (including but not limited C : RMB Fixed Income Securities 人民幣定息證券 98.6%
to commercial papers, certificates of deposit and bank deposits)
D : USD Fixed Income Securities 美元定息證券 0.0%
issued or distributed outside and within the mainland China
E : HKD Fixed Income Securities 港元定息證券 0.0%
只投資於一個核准匯集投資基金（該投資基金以港元（而非以人民幣）
計價），從而透過主要投資於在中國大陸境外及境內發行或分銷的人 F : Others 其他 0.0%
民幣計價債務工具及貨幣市場工具（包括但不限於商業票據、存款證
及銀行存款）

Launch Date 發行日期 04/03/2013 F
Unit NAV 單位資產淨值 HK$ 1.0079 E
D A+B
Fund Descriptor Bond Fund [ China ]
基金類型描述債券基金 [ 中國 ]
Invesco 景順 CC

1.15
Agricultural Development Bank of China 3.4% Nov 2024 2.9%
Sun Hung Kai Prop (Cap) 3.16% Jan 2028 2.7% 1.10
Standard Chartered PLC 4.35% Mar 2026 2.5%
1.05
MTR Corp Ltd 2.9% Mar 2024 2.4%
KFW 2.7% Mar 2024 2.4% 1.00
First Abu Dhabi Bank 3.4% Aug 2025 2.4%
China Development Bank 4.2% Jan 2027 2.3% 0.95
China Development Bank 3.23% Nov 2025 2.0% 0.90
Hong Kong Government Int’l Bond 3% Nov 2026 2.0%
03/13
09/13
09/15
09/17
09/19
09/21
09/23
Hong Kong Mortgage Corp 2.98% Sep 2026 2.0%

July’s Chinese politburo meeting delivered more dovish than expected messages 七月中國政治局會議向市場傳達了比預期更鴿派的訊息。
to the market. After that, the Chinese government introduced a slew of stimulus 隨後，中國政府推出了一系列刺激措施，涵蓋房屋首付、
measures that covered areas from housing downpayments to stock stamp duty 股票印花稅和降息等領域。在一系列令人失望的數據公佈
and interest rate cuts. Following a string of disappointing data prints, the August 之後，中國 8 月的經濟數據顯示國內活動有所回升。官方房
economic data in China showed some sequential pickup in domestic activities. 地產業投資和銷售依然疲軟，但高頻數據顯示出現一定復
Official property sector investment and sales remained weak but the high 甦，尤其是一線和二線城市。第三季離岸人民幣兌美元貶
frequency data pointed to some recovery, especially in first tier and second tier
值 0.35%。
cities. CNH currency depreciated by 0.35% vs USD in the third quarter.

0.16% -0.27% 1.11% 0.13% 4.89% 1.67% 0.79%
1.11% 0.04% 0.96% 0.17% 0.07% -0.37% 1.43% 6.24% 2.20% -5.48%
-1.49% -0.49% -0.68% -2.63% -0.47% 1.77% 1.75%
-0.68% -1.84% -0.19% 0.35% 0.33% -0.85% -0.05% 4.41% 0.93% -1.94%
as at 截至 30/09/2023 29
BCT (Pro) Global Bond Fund 8 Risk & Return Level 風險及回報程度▲
BCT 環球債券基金 8 Low to Medium 低至中

To provide members with total investment return over the medium to long Cash 現金
term A : Cash & Others 現金及其他 3 3.9%
為成員提供中至長期的總投資回報
A portfolio of underlying APIFs invests primarily into investment-grade B : Term Deposits 定期存款 0.0%
global fixed income securities (including bonds traded on the China Fixed Income Securities 定息證券
interbank bond market via the Bond Connect) issued by governments, C : China / Hong Kong 中國 / 香港 4.1%
governmental agencies, local and public authorities as well as corporates D : Japan 日本 6.4%
一個相關核准匯集投資基金組合主要投資於政府、政府機構、地方與公共
機構以及企業發行的投資級別環球定息證券（包括透過債券通投資於在中 E : Other Asia Pacific 其他亞太 3.4%
國銀行間債券市場買賣的債券） F : North America 北美 44.9%
The constituent fund utilizes both active investment strategy and rule- G : Europe 歐洲 28.0%
based investment strategy 15 H : Latin America 拉丁美洲 3.7%
I : Others 其他 5.6%
Fund Size 基金資產 HK$ 1,396.9 millions 百萬 I
H C D
Fund Descriptor Bond Fund [ Global ]
基金類型描述債券基金 [ 環球 ]
E
Fund Expense Ratio 基金開支比率 1.46% G
Amundi 東方匯理 F

2.00
US Treasury N/B 1.125% Oct 2026 2.8% 1.60
US Treasury N/B 0.25% Jun 2024 2.6% 1.40
US Treasury N/B 3.875% Nov 2029 2.1% 1.20
Mex Bonos Desarr Fix Rt 7.75% May 2031 1.9% 1.00
Bundesobligation 0% Oct 2025 1.7% 0.80
US Treasury Inflation Indexed Bond 1.25% Apr 2028 1.4%
10/02
09/05
09/08
09/11
09/14
09/17
09/20
09/23
US Treasury N/B 1.875% Feb 2041 1.4%

Yields generally rose in Q3. The U.S. Treasuries experienced the largest decline, with a 第三季的收益率普遍上升。美國國庫券季內錄得 3.4% 的
-3.4% decrease throughout the quarter, while German bunds also lost ground, returning 最大跌幅，而德國政府債券亦報跌 2.3%。美國國庫券方
-2.3%. Turning to the U.S. Treasuries, yields increased, and the yield curve remained
面，收益率上升，收益率曲線維持倒掛。德國收益率曲
inverted. Similarly, the German yield curve remained inverted, with rising yields across
various maturities, particularly in the long-term segment. The U.K. Gilts remained the 線同樣繼續出現倒掛，各年期債券的收益率均告上升，特
weakest performer year-to-date, with a decline of -4.5%. However, over the last 3 別是長債。英國金邊債券仍然是年初至今表現最弱的國
months, they fared relatively better, returning -0.7%, as weaker growth data prompted 債，下跌 4.5%。然而，在過去三個月，隨著經濟增長數據
investors to lower their expectations for peak interest rates in the current hiking cycle. 走弱，投資者調低對當前加息周期利率峰值的預期，使英
In the U.S., investment grade bond credit spreads widened by 8 basis points. In 國金邊債券表現較佳，僅跌 0.7%。季內，美國投資級別債
Europe, investment grade bond credit spreads experienced a widening of 6 basis points
券息差擴闊 8 個基點，歐洲投資級別債券息差擴闊 6 個基
throughout the quarter, total returns were under pressured by rising yields and there was
significant sector dispersion. 點。收益率上升令總回報受壓，而各行業亦出現顯著分歧。

-1.82% -3.46% 0.56% -20.60% -11.47% -19.53% 35.77%
0.56% -7.40% -2.41% -2.15% 1.47% -0.75% 4.96% 7.76% -6.07% -15.97%
-3.50% -2.32% -2.93% -11.21% -13.27% -14.17% -6.54%
-2.93% -8.30% -5.93% -3.16% -0.65% -0.26% 1.01% 3.66% -2.05% -4.67%
as at 截至 30/09/2023 30
BCT (Pro) Hong Kong Dollar Bond Fund Risk & Return Level 風險及回報程度▲
BCT 港元債券基金 Low to Medium 低至中

The underlying APIF invests in a portfolio consisting primarily of B : Term Deposits 定期存款 0.0%
Hong Kong dollar denominated bonds (Including government and Fixed Income Securities 定息證券
corporate bonds) C : Hong Kong 香港 62.7%
相關核准匯集投資基金投資於一個以港元為基礎貨幣的債券（包括政 D : Other Asia 其他亞洲 24.8%
府及企業債券）為主的投資組合 E : Europe 歐洲 3.3%
F : North America 北美 3.4%
G : Supranational 跨國組織 0.0%

Launch Date 發行日期 01/10/2009 G H
A+B
Unit NAV 單位資產淨值 HK$ 1.1578 F
E
Fund Descriptor Bond Fund [ Hong Kong ]
基金類型描述債券基金 [ 香港 ] D
Investment Manager 投資經理 C
JPMorgan 摩根

1.30
HK Government Bond 2.22% Aug 2024 3.3%
1.25
HK Government Bond 1.68% Jan 2026 2.8%
HK Government Bond 2.13% Jul 2030 2.4% 1.20
IFC Development 2.67% Apr 2030 2.0% 1.15
CMT MTN Pte 2.71% Jul 2026 1.9% 1.10
HK Government Bond 1.25% Jun 2027 1.7% 1.05
CN Overseas FIN KY VIII 2.9% Jan 2025 1.7% 1.00
HK Exchange Fund 2.6% Aug 2024 1.5% 0.95
State Grid Overseas Inv 2.85% Apr 2029 1.5%
10/09
09/11
09/13
09/15
09/17
09/19
09/21
09/23
Bocom Leasing Mgmt 1.07% Sep 2024 1.4%

In Q3 2023, the US Treasury yields rose across the curve and the yield curve 2023 年第三季，全線美國國庫券孳息率皆報升。自聯儲
bear steepened as long end treasuries rose more than short end on the back of 局發表鷹派言論，加上市場技術因素看淡，令美國國庫券
hawkish comments by the Fed and bearish market technical factors. The 2-year 被沽售後，長債息率升幅超過短債息率，導致孳息曲線趨
US Treasury yields rose by 15 basis points to 5.04%, whereas 10-year US Treasury 陡。2 年期國庫券孳息率上升 15 個基點至 5.04%，10 年期
yields rose by 73 basis points to 4.57%. On the monetary policy front, during the 國庫券孳息率更升 73 個基點至 4.57%。貨幣政策方面，聯
quarter, the Fed raised the target rate once by 25 basis points in July meeting but 儲局在季內把目標利率上調一次，在 7 月份的會議上調 25
個基點，但在 9 月份會議暫停加息，把主要政策利率維持
paused in September meeting at the target range of 5.25% to 5.50%. The dot plot
在至 5.25% 至 5.50% 的目標區間。根據點陣圖繼續釋出的
continues to signal one more rate increase this year and two fewer rate cuts in 2024, 訊號，今年預料再加息一次，明年則有機會小幅度減息兩
embracing the higher for longer narrative. 次，這配合利率將在較長時間維持在較高水平的看法。

1.25% -1.11% 1.53% -8.78% 1.82% 8.29% 15.78%
1.53% -3.02% 0.36% 0.80% 1.05% 0.85% 2.97% 6.13% -1.37% -9.07%
-1.03% -0.58% -0.20% -4.29% -4.32% -1.03% 1.97%
-0.20% -3.03% -1.81% -0.21% 0.28% 1.91% 0.43% 1.42% -0.45% -2.73%
as at 截至 30/09/2023 31
BCT (Pro) MPF Conservative Fund † Risk & Return Level 風險及回報程度▲
BCT 強積金保守基金 † Low 低

To provide members with a rate of return which matches or exceeds Cash & Fixed Income Securities 現金及定息證券
the Hong Kong dollar savings rate to minimise the exposure of the A : HK Dollar Cash & Others3
principal amount invested to market fluctuation and volatility 港元現金及其他 3 3.6%
為成員帶來相等於或超逾港元儲蓄利率的回報率，以期將本金所承 B : HK Dollar Term Deposits
受的市場風險減至最低港元定期存款 56.8%
The constituent fund invests in Hong Kong dollar denominated bank
C : HK Dollar Fixed Income Securities
deposits and short-term debt securities 港元定息證券 39.6%
成份基金投資於港元銀行存款及短期債務證券
C
Fund Size 基金資產 HK$ 8,395.3 millions 百萬 A+B
Fund Descriptor Money Market Fund [ Hong Kong ]
基金類型描述貨幣市場基金 [ 香港 ]
Invesco 景順

1.20
Term Deposits 定期存款 56.8%
Canadian Imperial Bank Com 0% 13 Oct 2023 2.0% 1.16
China Construction Bank Tokyo 0% 7 Feb 2024 2.0%
1.12
China Construction Bank Tokyo 0% 31 Oct 2023 2.0%
China Development Bank HK 0% 16 Feb 2024 2.0% 1.08
Canadian Imperial Bank Com 0% Oct 2023 2.0%
Bank of Communications Macau 4.41% Oct 2023 1.9% 1.04
ANZ Banking Group 5.27% 27 Jul 2024 1.9%
1.00
Bank of China Macau 4.75% Oct 2023 1.9%
12/00
09/02
09/05
09/08
09/11
09/14
09/17
09/20
09/23
Bank of China Macau 4.5% 6 Mar 2024 1.9%

The Fed raised the policy rate by 25 basis points in July while kept the rate 聯儲局 7 月將政策利率調高 25 個基點，9 月維持政策利率
unchanged in September. In the Jackson Hole meeting, Powell delivered another 不變。在傑克遜霍爾會議上，鮑威爾再次發表了強硬的講
largely hawkish speech and confirmed the monetary policy would stay tight to bring 話，並確認貨幣政策將保持緊縮，以將通膨降至聯儲局
inflation down to the Fed’s target. The Hong Kong Monetary Authority followed the 的目標。香港金管局緊接著聯邦公開市場委員會加息步
FOMC rate hike pace and lifted the key borrowing rates in the third quarter. HKD 伐，於第三季上調主要借貸利率。港元利率主要跟隨美國
rates largely followed the US rates movement. HKD money market rates remained 利率變動。港幣貨幣市場利率維持相對波動。九月前端利
relatively volatile. The front-end rates spiked in September. Overnight HIBOR 率飆升，隔夜香港銀行同業拆息升至歷史最高點。8 月的香
rose back to its historical highest level in late September. The HIBOR-LIBOR gap 港銀行同業拆息與倫敦銀行同業拆息差距擴大，但 9 月大幅
widened in August but narrowed back sharply in September. 收窄。

2.16% 0.85% 2.49% 2.49% 4.78% 5.63% 17.98%
2.49% 0.82% 0.94% 0.55% 0.73% 0.76% 1.18% 0.72% 0.00% 0.32%
1.03% 0.27% 1.37% 2.12% 2.66% 3.98% 7.43%
1.37% 1.43% 1.07% 0.78% 0.62% 0.46% 0.56% 0.15% 0.00% 0.29%
† Please see the corresponding note with the same symbol on page 2. 請參閱第 2 頁有相同符號的相應註釋。
as at 截至 30/09/2023 32
▲
Risk & Return Level 風險及回報程度 :
The constituent fund aims at achieving a high long-term return among constituent funds
High
available under BCT (MPF) Pro Choice; its volatility is expected to be high.
高在 BCT 積金之選的成份基金中，該成份基金以尋求高的長期回報為目標，預期波幅屬高。
The constituent fund aims at achieving a medium to high long-term return among
constituent funds available under BCT (MPF) Pro Choice; its volatility is expected to be
Medium to High
medium to high.
中至高在 BCT 積金之選的成份基金中，該成份基金以尋求中至高的長期回報為目標，預期波幅
屬中至高。
The constituent fund aims at achieving a medium long-term return among constituent
Medium funds available under BCT (MPF) Pro Choice; its volatility is expected to be medium.
中在 BCT 積金之選的成份基金中，該成份基金以尋求中度的長期回報為目標，預期波幅屬
中度。
The constituent fund has a low to medium expected long-term return among constituent
funds available under BCT (MPF) Pro Choice; its volatility is expected to be low to
Low to Medium
medium.
低至中該成份基金的預期長期回報在 BCT 積金之選的成份基金中屬低至中幅度，預期波幅屬低
至中。
The constituent fund has a low expected long-term return among constituent funds
Low
available under BCT (MPF) Pro Choice; its volatility is expected to be low.
低該成份基金的預期長期回報在 BCT 積金之選的成份基金中屬低幅度，預期波幅屬低。
The Risk & Return Level for each constituent fund is assigned by BCT and subject to review at least annually. It is based on the
corresponding constituent fund’s volatility and expected return and is provided for reference only.
每個成份基金的「風險及回報程度」均由 BCT 銀聯集團決定並每年最少覆核一次。而個別成份基金的「風險及回報程度」則根據其波幅及預
期回報而設定，僅供參考用途。
Sources 資料來源 :
“BCT” — Bank Consortium Trust Company Limited 「BCT 銀聯集團」 — 銀聯信託有限公司
— BCT Financial Limited — 銀聯金融有限公司
Allianz Global Investors Asia Pacific Limited (“AllianzGI AP”) 安聯環球投資亞太有限公司（「安聯投資」）
Amundi Hong Kong Limited (“Amundi”) 東方匯理資產管理香港有限公司（「東方匯理」）
CSOP Asset Management Limited (“CSOP”) 南方東英資產管理有限公司（「南方東英」）
FIL Investment Management (Hong Kong) Limited (“Fidelity”) 富達基金（香港）有限公司（「富達」）
Invesco Hong Kong Limited (“Invesco”) 景順投資管理有限公司（「景順」）
JPMorgan Funds (Asia) Limited (“JPMorgan”) 摩根基金（亞洲）有限公司（「摩根」）
Taikang Asset Management (Hong Kong) Company Limited (“Taikang”) 泰康資產管理（香港）
有限公司（「泰康」
）
Declaration 重要聲明 :
Investment involves risks, fund value may go up as well as down and past 投資涉及風險，基金價格可升或跌，過往業績不代表
performance is not an indicator or a guarantee of future performance. Members 或不保證將來的表現。成員如需詳細資料包括風險因
should refer to the MPF Scheme Brochure for BCT (MPF) Pro Choice for 素，以及詳細的成份基金投資政策，請參閱 BCT 積金
further details, including the risk factors and detailed investment policies of the 之選強積金計劃說明書。
constituent funds.
The “market commentary” section contains general information only. The views 文件內所載的「市場評論」僅作參考用途。當中表達的
and opinions as expressed therein may vary as the market changes. 觀點及意見或會隨市場變化更改。
as at 截至 30/09/2023 33
Remarks 備註
1 1
Constituent fund performance is calculated on the basis of NAV-to-NAV 成份基金表現是以港元的資產淨值對資產淨值計
in HK$ and is net of the management fees and operating expenses. The 算，當中已扣除基金管理費用及營運支出。表現期
1-year, 3-year, 5-year and 10-year performance figures are not available （自發行日至表現報告期）少於一年、三年、五年及
for constituent funds with history of less than 1 year, 3 years, 5 years and 十年之成份基金無法提供一年期、三年期、五年期
10 years, as the case may be, since inception to the reporting date of the 及十年期的成份基金表現數據。（資料來源：銀聯金
fund fact sheet. (Source: BCT Financial Limited) 融有限公司）
2 2
Constituent fund performance is calculated on the basis of NAV-to-NAV in 成份基金表現是以港元的資產淨值對資產淨值計
HK$ without dividend reinvested and is net of the management fees and 算，不包括股息滾存投資，當中已扣除基金管理費
operating expenses. The 1-year, 3-year, 5-year and 10-year performance 用及營運支出。表現期（自發行日至表現報告期）少
figures are not available for constituent funds with history of less than 1 於一年、三年、五年及十年之成份基金無法提供一
year, 3 years, 5 years and 10 years, as the case may be, since inception 年期、三年期、五年期及十年期的成份基金表現數
to the reporting date of the fund fact sheet. (Source: BCT Financial 據。（資料來源：銀聯金融有限公司）
Limited)
3 3
Cash & Others refers to cash at call and other operating items such as 現金及其他包括通知現金及其他營運項目（例如應收
account receivables and account payables. 款項及應付款項等會計項目）。
4 4
Since launch to end of calendar year return. 由發行日至該年度止。
5 5
It is calculated by comparing the total contributed amount over the 此計算是將指定期內的總投資金額與最終資產淨值
specified period with the final NAV. The technique is to use a constant 相比得出；方法是於指定期內每月最後一個交易日
amount to purchase constituent fund units at the prevailing constituent 定額投資於同一成份基金，以當時成份基金價格（每
fund price (NAV per unit) on the last trading day of every month over the 單位資產淨值）購入適量成份基金單位。總投資金
specified period. The total contributed amount refers to the sum of the 額為指定期內每月供款之總額，而最終資產淨值則
monthly contributions made during the specified period, while the final 為將指定期內所購得的成份基金單位總數乘以該期
NAV is determined by multiplying the total units cumulated in the same 間最後一個交易日的成份基金價格（每單位資產淨
period with the constituent fund price (NAV per unit) on the last trading 值）。有關數據僅供舉例之用。（資料來源：銀聯金
day of such period. The figures are provided for illustration only. (Source: 融有限公司）
BCT Financial Limited)
6 6
Constituent Funds with performance history of less than 3 years since 表現期少於三年（自發行日至表現報告期）的成份基
inception to the reporting date of the fund fact sheet is not required to 金無須列出「年度標準差」。
show the annualised standard deviation.
7 7
It is not necessary to show the Fund Expense Ratio as the period between 成份基金的基金便覽匯報日與基金的發行日期相隔
the reporting date of the fund fact sheet and the inception date for the 不足兩年，無須提供成份基金的基金開支比率。
constituent fund is less than 2 years.
8 8
Due to the restructuring of BCT (MPF) Pro Choice with effect from 23 鑑於 BCT 積金之選之重組已於 2018 年 4 月 23 日生
April 2018, the structure and investment policies of this constituent fund 效，此成份基金之結構及投資政策亦自上述日期起
have been changed since the said date. Please refer to the MPF Scheme 更改。有關更改後之結構及投資政策詳情請參閱
Brochure for BCT (MPF) Pro Choice for further details of the changed BCT 積金之選之強積金計劃說明書。
structure and investment policies.
9 9
Top 10 portfolio holdings may consist of less than ten holdings. 投資組合內十大資產可能會少於十項資產。
10 10
Since launch return. 自發行日回報。
11 11
The risk class is assigned to the constituent fund according to the seven- 成分基金的風險級別，乃根據以下七個風險級別來
point risk classification stated in the table below, which is derived based 決定，而該風險級別則根據成分基金的最新基金風
on the latest fund risk indicator — annualised standard deviation of the 險指標 — 年度標準差來計算。
constituent fund.
Risk Class Fund Risk Indicator — Annualised Standard Deviation 基金風險指標 — 年度標準差
風險級別 Equal or above 相等或以上 Less than 少於
1 0.0% 0.5%
2 0.5% 2.0%
3 2.0% 5.0%
4 5.0% 10.0%
5 10.0% 15.0%
6 15.0% 25.0%
7 25.0%
(i) the risk class is prescribed by the Mandatory Provident Fund Schemes (i) 風險級別由強制性公積金計劃管理局根據《強積金
Authority according to the Code on Disclosure for MPF Investment 投資基金披露守則》所規定；(ii) 風險級別未經證監
Funds; and (ii) the risk class has not been reviewed or endorsed by the 會的審核或認可。
Securities and Futures Commission.
12 12
Warning: Please note that a positive distribution yield does not imply a 警告：請注意，正向派息率並不代表正回報。另請
positive return. Please also noted that the historical dividend yield is not 注意，過往的派息率並非未來派息率的指標。投資
an indicative of future dividend payment. Investors should not make any 者不應僅根據上表所述的信息作出投資決定。投資
investment decision solely based on information contained in the table 者應參閱有關銷售文件（包括產品資料概要）以了解
above. You should read the relevant offering document (including the key 有關基金的詳細資料，包括風險因素。
facts statement) of the fund for further details including the risk factors.
Members should note that BCT (Pro) Asian Income Retirement Fund does 成員應注意，BCT 亞洲收益退休基金概不就資本或
not provide any guarantee on the capital or investment return or dividend 投資回報或派息金額 / 派息率提供任何保證，並且
amount / yield. There is no assurance on the dividend distribution 不保證派息頻次，而派息金額 / 派息率亦可能出現
frequency and the dividend amount / yield may fluctuate. Members 波動。成員應注意，股息從資本中及 / 或實際上從
should note that payment of dividends out of capital and / or effectively 資本中撥付代表提取部分原有投資或任何歸屬於該
out of capital represent a withdrawal of part of the original investment or 原有投資的資本增值。派息會即時降低或調整 BCT
from any capital gains attributable to that original investment. Distribution 亞洲收益退休基金於除息日期的每單位資產淨值。
of dividends will result in an immediate decrease or adjustment in the net
asset value per unit of the BCT (Pro) Asian Income Retirement Fund on the
Ex-dividend Date.
as at 截至 30/09/2023 34
Remarks 備註
13 13
NDI (Net Distributable Income) means the net investment income (i.e. 「可分派收入淨額」指歸屬於有關基金的淨投資收入
dividend income and / or interest income net of fees, charges and （即股息收入及／或利息收入並已扣除費用、收費及
expenses) attributable to the relevant fund and may also include net 開支），並可能包括已變現之淨收益（如有）。可分派
realized gains, if any. NDI does not include net unrealized gains. 收入淨額並不包括未變現之淨收益。
14
Annualised dividend yield = (1 + dividend per unit / ex-dividend NAV)^ 14
年度化派息率 =（1 + 每單位派息 / 除息日資產淨值）^
distribution frequency – 1, the annualised dividend yield is calculated 每年派息次數 – 1，年度化派息率乃基於最近一次相
based on the latest relevant dividend distribution and may be higher or 關派息計算，可能高於或低於實際全年派息率。
lower than the actual annual dividend yield.
15 15
The two different investment strategies are provided through investments 這兩種不同的投資策略是透過投資於 BCT 匯集投資
in the BCT Pooled Investment Fund Series (“BCT APIF Series”). The BCT 基金系列提供。BCT 匯集投資基金系列是一項傘子
APIF Series is an umbrella unit trust with BCT Financial Limited as sponsor 單位信託基金，由銀聯金融有限公司擔任保薦人及
and Bank Consortium Trust Company Limited as trustee. The BCT APIF 由銀聯信託有限公司擔任受託人。BCT 匯集投資基
Series comprises 11 individual approved pooled investment funds (“APIFs”) 金系列由 11 個個別核准匯集投資基金組成，並分別
respectively managed by Amundi and Schroder Investment Management 由東方匯理及施羅德投資管理（香港）有限公司（「施
(Hong Kong) Limited (“Schroders”). 羅德」）所管理。
In respect of the APIFs managed by Amundi, an active investment 其中由東方匯理以主動投資模式管理的核准匯集投資
approach is adopted whereby one or more specialists namely Aberdeen 基金，會委任 Aberdeen Asset Managers Limited、FIL
Asset Managers Limited, FIL Investment Advisors, FIL Investments Investment Advisors、FIL Investments International、
International, Franklin Templeton Investment Management Limited, Invesco Franklin Templeton Investment Management Limited、
Asset Management Limited, Invesco Hong Kong Limited, JPMorgan Invesco Asset Management Limited、景順投資管理有
Asset Management (UK) Limited and Schroder Investment Management 限公司、JPMorgan Asset Management (UK) Limited
Limited, is / are appointed as investment delegate (or delegates) for the 及 Schroder Investment Management Limited 中的一名
discretionary management. 或多名專家作為全權管理的投資代理人。
In respect of the APIFs managed by Schroders, a proprietary rule-based 其中由施羅德管理的核准匯集投資基金，會利用篩
quantitative screening of securities in the selection of constituents (or proxies 選證券的專有定量規則，以挑選指定指數中的成份
of the same) from certain designated index is used. 證券（或其替代證券）。
BCT APIF Series BCT 匯集投資基金系列
Strategy 策略
Active Investment Strategy (“Dynamic APIFs”) Rule-based Investment Strategy (“Smart APIFs”)
主動投資策略（「動力核准匯集投資基金」）基於規則之投資策略（「精明核准匯集投資基金」）
Manager 經理
Amundi 東方匯理 Schroders 施羅德
Managed Asset Class Managed Asset Class
Delegate 代理人 Delegate 代理人
管理資產類別管理資產類別
Aberdeen Asset Managers • European Equity
Limited 歐洲股票 • Asian Equity
• China and Hong Kong Equity 亞洲股票
FIL Investment Advisors
中國及香港股票
• Global Bond • China and Hong Kong Equity
FIL Investments International 中國及香港股票
環球債券
Franklin Templeton Investment • Global Bond
Management Limited 環球債券
• European Equity • European Equity
Invesco Asset Management 歐洲股票歐洲股票
Limited • Global Bond NIL
環球債券不適用
• Asian Equity • Japanese Equity
Invesco Hong Kong Limited 亞洲股票日本股票
景順投資管理有限公司 • China and Hong Kong Equity
• North American Equity
• Global Emerging Markets 北美股票
JPMorgan Asset Management
Equity
(UK) Limited
環球新興市場股票
• Asian Equity
Schroder Investment 亞洲股票 • Global Bond
Management Limited • China and Hong Kong Equity 環球債券
Plan Sponsor 計劃保薦人 : BCT Financial Limited 銀聯金融有限公司
Trustee & Administrator 受託人及行政管理人 :
Bank Consortium Trust Company Limited 銀聯信託有限公司
Member Hotline 成員熱線 : 2298 9333

Employer Hotline 僱主熱線 : 2298 9388
18/F Cosco Tower, 183 Queen’s Road Central, Hong Kong
FPFS-MT 09/2023
香港皇后大道中 183 號中遠大廈 18 樓

www.bcthk.com
Issued by BCT Financial Limited 由銀聯金融有限公司刊發

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BCT (MPF) Pro Choice

Important notes 重要提示

個別成份基金備註 Notes to Respective Constituent Fund

BCT’s Constituent Funds Index BCT 銀聯集團成份基金目錄

Equity Funds 股票基金 Page

Equity Funds - Market Tracking Series1 股票基金 - 市場追蹤系列 1

BCT (Pro) Hang Seng Index Tracking Fund BCT 恒指基金 8

Target Date Mixed Asset Funds2 目標日期混合資產基金 2

BCT (Pro) SaveEasy 2050 Fund BCT 儲蓄易 2050 基金 12

Mixed Asset Funds 混合資產基金

BCT (Pro) E90 Mixed Asset Fund BCT E90 混合資產基金 19

Bond / Money Market Funds 債券 / 貨幣市場基金

BCT (Pro) RMB Bond Fund BCT 人民幣債券基金 28

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

BCT 亞 洲 股 票 基 金 8 Medium to High 中至高

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Constituent Fund Information 成份基金資料 A+B

Top 10 Portfolio Holdings 投資組合內十大資產 9 Unit NAV 單位資產淨值

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Top 10 Portfolio Holdings 投資組合內十大資產 9 Unit NAV 單位資產淨值

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

BCT 環 球 股 票 基 金 8 Medium to High 中至高

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Top 10 Portfolio Holdings 投資組合內十大資產 9 Unit NAV 單位資產淨值

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Top 10 Portfolio Holdings 投資組合內十大資產 9 Unit NAV 單位資產淨值

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

BCT 美 國 股 票 基 金 ^ Medium to High 中至高

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Unit NAV 單位資產淨值

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Top 10 Portfolio Holdings 投資組合內十大資產 9 Unit NAV 單位資產淨值

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

BCT 世 界 股 票 基 金 ^ Medium to High 中至高

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Constituent Fund Information 成份基金資料 A+B

Top 10 Portfolio Holdings 投資組合內十大資產 9 Unit NAV 單位資產淨值

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

SaveEasy 2050 Fund ◆

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

SaveEasy 2045 Fund ◆

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

SaveEasy 2040 Fund ◆

Investment Objective 投資目標 Portfolio Allocation 投資組合分布

Top 10 Portfolio Holdings 投資組合內十大資產 9 Unit NAV 單位資產淨值

Market Commentary 市場評論

Constituent Fund Performance 成份基金表現 1

BCT 亞洲股票基金 8 Medium to High 中至高

BCT 環球股票基金 8 Medium to High 中至高

BCT 美國股票基金 ^ Medium to High 中至高

BCT 世界股票基金 ^ Medium to High 中至高

BCT E90 混合資產基金 8 Medium to High 中至高

BCT E70 混合資產基金 8 Medium to High 中至高

BCT E50 混合資產基金 8 Medium 中

BCT E30 混合資產基金 8 Low to Medium 低至中

BCT 靈活混合資產基金 Low to Medium 低至中

BCT 65 歲後基金 Low to Medium 低至中

BCT 亞洲收益退休基金 Low to Medium 低至中

BCT 亞洲收益退休基金 Low to Medium 低至中

BCT 人民幣債券基金 Low to Medium 低至中

BCT 環球債券基金 8 Low to Medium 低至中