Fund Choice

1.

The BCOM Joyful Retirement MPF Scheme ("Scheme") is a registered MPF Scheme.

2.

Investment involves risks and not all investment choices available under the Scheme would be suitable for everyone. There is no assurance on investment returns and your investments / accrued benefits may suffer significant loss.

3.

The BCOM Guaranteed (CF) Fund in the Scheme is a capital and return guaranteed fund. Where participation to this constituent fund is less than 60 months, the repayment of capital and return on investment are not guaranteed and the withdrawal values are fully exposed to fluctuations in the value of the constituent fund’s asset. The Bank of Communications Co. Ltd., Hong Kong Branch is the guarantor to this constituent fund. Your investments are therefore subject to the credit risks of the guarantor. Please refer to the sub-section "3.2 BCOM Guaranteed (CF) Fund" under the sub-section "3. Statements of investment policies" under the section "III. FUND OPTIONS, INVESTMENT OBJECTIVES AND POLICIES" and Appendix 1 to this MPF Scheme Brochure for details of the guarantee features and guarantee conditions.

4.

You should consider your own risk tolerance level and financial circumstances before making any investment choices. When, in your selection of constituent funds, you are in doubt as to whether a certain constituent fund is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and / or professional advice and choose the constituent fund(s) most suitable for you taking into account your circumstances. In the event that you do not make any investment choices, please be reminded that your contributions made and / or benefits transferred into the Scheme will be invested into the MPF default investment strategy ("DIS"), and the DIS may not necessarily be suitable for you.

5.

You should consider your own risk tolerance level and financial circumstances before investing in the DIS. You should note that the BCOM Core Accumulation Fund and the BCOM Age 65 Plus Fund may not be suitable for you, and there may be a risk mismatch between the BCOM Core Accumulation Fund and the BCOM Age 65 Plus Fund and your risk profile (the resulting portfolio risk may be greater than your risk preference). You should seek financial and/or professional advice if you are in doubt as to whether the DIS is suitable for you, and make the investment decision most suitable for you taking into account your circumstances.

6.

You should note that the implementation of the DIS may have an impact on your MPF investments and benefits. You should consult with the Approved Trustee if you have doubts on how you are being affected.

7.

Please do not invest based on this website alone. For further details including the product features, investment policies, investment objectives, charges and risks involved, please refer to the MPF Scheme Brochure of the Scheme.   

1.

Risk inherent is determined by Bank of Communications Trustee Limited based on the constituent funds’ volatility and the percentage of the constituent funds being invested in equities and will be reviewed regularly. The risk inherent is provided for reference only and has not taken into account investors’ own risk tolerance level and financial circumstances. Whilst the risk inherent may be considered by investors in their analysis of the constituent funds, it is nonetheless the obligation of each investor to ensure that a constituent fund is suitable for him / her. Investors cannot therefore substitute their own judgment / assessment of the constituent funds with the risk inherent provided by the Bank of Communications Trustee Limited who determines the risk inherent.

2.

The below ranges of asset and geographic allocations are for indication only and actual allocation may at times be varied from that shown below as market, economic and other conditions change.

BCOM MPF Conservative Fund

The investment objective of the constituent fund is to obtain a return that is higher than the prescribed savings rate.

Feature

  §  The constituent fund will invest in Hong Kong dollar denominated bank deposits and short-term debt securities subject to the requirements of Section 37 of the Mandatory Provident Fund Schemes (General) Regulation  

  §  Risk inherent: Little  

  §  The structure of the constituent fund: takes the form of an internal portfolio fund 

  §  Investment Manager: BCOM Finance (Hong Kong) Limited  

Asset Allocation

  §  Debt Securities: 0% - 50%  

  §  Cash & Deposits: 50% - 100%  

Geographic Allocation

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. Effective from 1 January 2023, BCOM MPF Conservative Fund uses method (i) and, therefore, unit prices / NAV / constituent fund performance quoted (except for the constituent fund performance figures quoted in a fund fact sheet) reflect the impact of fees and charges.

BCOM Guaranteed (CF) Fund

The investment objective of the constituent fund is to achieve long-term capital growth.

Feature

Asset Allocation

 ^ including relevant index-tracking collective investment scheme approved by the MPFA  

Geographic Allocation

BCOM Global Bond (CF) Fund

The constituent fund aims to achieve steady growth over the long term through investment in a portfolio of global bonds.

Feature

Asset Allocation

BCOM Stable Growth (CF) Fund

The objective of the constituent fund is to achieve a long-term return in excess of Hong Kong price inflation (as measured by the Consumer Price Index Type A).

Feature

  §  Type of the constituent fund: Mixed Assets Fund (Global) - Equity : Maximum 60%      

  §  Risk inherent: Medium. It is suitable for investors with between 5 and 10 years before retirement      

  §  Structure of the constituent fund: Feeder Fund      

  §  Investment Manager: Schroder Investment Management (Hong Kong) Limited      

Asset Allocation

  §  Bonds: 20% - 60%      

  §  Equities: 30% - 60%      

  §  Cash or cash equivalents: 0% - 20%      

Geographic Allocation

BCOM Balanced (CF) Fund

The objective of the constituent fund is to achieve a long-term return in excess of Hong Kong salary inflation (as indicated by the Hong Kong Monthly Digest of Statistics as published by the Census and Statistics Department of the Government of Hong Kong Special Administrative Region).

Feature

  §  Type of the constituent fund: Mixed Assets Fund (Global) - Equity : Maximum 85%      

  §  Risk inherent: Relatively High. It is suitable for investors with more than 10 years before retirement      

  §  Structure of the constituent fund: Feeder Fund      

  §  Investment Manager: Schroder Investment Management (Hong Kong) Limited      

Asset Allocation

  §  Bonds: 0% - 40%      

  §  Equities: 45% - 85%      

  §  Cash or cash equivalents: 0% - 20%      

Geographic Allocation

BCOM Dynamic Growth (CF) Fund

The constituent fund aims to maximize long term overall returns by investing primarily in global equities.

Feature

  §  The constituent fund will achieve its investment objectives by investing all its assets in an APIF, Allianz Choice Growth Fund of Allianz Global Investors Choice Fund, which is a fund of funds managed by Allianz Global Investors Asia Pacific Limited. The APIF may invest in the countries comprised in the MSCI World Index which covers all the major world stock markets including those in Japan, North America, Asia and Europe      

  §  Structure of the constituent fund: Feeder Fund      

  §  Investment Manager: Allianz Global Investors Asia Pacific Limited      

Asset Allocation

  §  Global Equities: 80% - 100%      

  §  Cash* & Fixed-interest securities: 0% - 20%      

*For ancillary purposes 

BCOM Core Accumulation Fund

The objective of the constituent fund is to provide capital growth to members by investing in a globally diversified manner.

Feature

  §  The constituent fund invests in an APIF, Core Accumulation Fund under the Invesco Pooled Investment Fund managed by Invesco Hong Kong Limited, which in turn invests in two APIFs. The underlying APIFs adopt an active investment strategy. An active investment strategy aims to promote efficiency and minimize cost for the purpose of DIS asset rebalancing. The Fund will make reference to its Reference Portfolio.      

Product structure chart illustrating the fund structure of the BCOM Core Accumulation Fund:

  §  Risk inherent: Medium to High      

  §  Structure of the constituent fund: Feeder Fund      

  §  Investment Manager: Invesco Hong Kong Limited      

Asset Allocation

  §  Higher Risk Assets: 55% - 65%      

  §  Lower Risk Assets: 35% - 45%      

BCOM Age 65 Plus Fund

The objective of the constituent fund is to provide stable growth to members by investing in a globally diversified manner.

Feature

  §  The constituent fund invests in an APIF, Age 65 Plus Fund under the Invesco Pooled Investment Fund managed by Invesco Hong Kong Limited which in turn invests in two APIFs. The underlying APIFs adopt an active investment strategy. An active investment strategy aims to promote efficiency and minimize cost for the purpose of DIS asset rebalancing. The constituent fund will make reference to its Reference Portfolio.  

Product structure chart illustrating the fund structure of the BCOM Age 65 Plus Fund:

Asset Allocation

BCOM Asian Dynamic Equity (CF) Fund

The constituent fund is to achieve capital growth over the long-term by investing in Asian equity markets.

Feature

  §  The constituent fund will invest in an investment fund, Principal Asian Equity Fund of Principal Unit Trust Umbrella Fund, managed by Principal Asset Management Company (Asia) Limited. It is also an APIF. The investment fund will in turn invest in another APIF which consists primarily of Asian equities and can include exposure to cash and short-term investments  

Asset Allocation

Geographic Allocation

BCOM HSI ESG Tracking (CF) Fund

The objective of the constituent fund is to provide investment results that, before deduction of fees and expenses, closely correspond to the performance of the HSI ESG Enhanced Index (the "Index").

Feature

  §  The BCOM HSI ESG Tracking (CF) Fund will seek to achieve its investment objective by investing its assets entirely in a single approved ITCIS, the E Fund (HK) HSI ESG Enhanced Index ETF, managed by E Fund Management (Hong Kong) Co., Limited.

  §  The E Fund (HK) HSI ESG Enhanced Index ETF holds shares in the constituent companies of the Index in substantially similar composition and weighting as they appear in the Index and may also invest in certain other permitted investments in seeking to meet the investment objective.  

  §  The Index is a free float adjusted market capitalization weighted index. The Index aims to combine the Index with ESG (environmental, social and governance) initiatives from international lens.

BCOM Hong Kong Dynamic Equity (CF) Fund

The constituent fund is to achieve capital growth over the long-term by investing mainly in Hong Kong equity markets.

Feature

  §  Type of the constituent fund: Equity Fund - Hong Kong  

  §  The constituent fund will invest in an investment fund, Principal Hong Kong Equity Fund, managed by Principal Asset Management Company (Asia) Limited. It is also an APIF. The investment fund will invest primarily in listed equities issued by companies established in Hong Kong or by companies whose shares are listed in Hong Kong (including but not limited to H shares and shares of red-chip companies listed on the Hong Kong Stock Exchange)  

  §  Risk inherent: High  

  §  Structure of the constituent fund: Feeder Fund  

  §  Investment Manager: Principal Asset Management Company (Asia) Limited  

Asset Allocation

  §  Equities: 70% - 100%  

  §  Cash & Short - term Investments (e.g. bills and deposits): 0% - 30%  

Geographic Allocation

BCOM Greater China Equity (CF) Fund

The constituent fund aims to achieve long term capital growth by investing mainly in Greater China-related equities.

Feature

  §  The constituent fund will invest in the relevant APIF, Allianz Choice Greater China Fund of Allianz Global Investors Choice Fund, managed by Allianz Global Investors Asia Pacific Limited. The APIF invests primarily in the equity markets of Hong Kong and Taiwan; or companies that derive a predominant portion of their revenue and/or profits from Greater China Region, which includes Mainland China, Hong Kong, Macau and Taiwan  

  §  Risk inherent: Relatively high  

  §  Structure of the constituent fund: Feeder Fund  

  §  Investment Manager: Allianz Global Investors Asia Pacific Limited  

Asset Allocation

  §  Equities: 70% - 100%  

  §  Cash & Short term fixed-interest securities *: 0-30%  

* For cash management purpose

BCOM China Dynamic Equity (CF) Fund

The constituent fund is to achieve capital growth over the long term by investing mainly in China-related equities.

Feature

  §  The constituent fund will invest in an APIF, Principal China Equity Fund, managed by Principal Asset Management Company (Asia) Limited. The investment fund will invest primarily in equities issued by companies with exposure in different sectors of economies in People's Republic of China (Mainland China)  

  §  Risk inherent: High  

  §  Structure of the constituent fund: Feeder Fund  

  §  Investment Manager: Principal Asset Management Company (Asia) Limited  

Asset Allocation

Geographic Allocation

* For cash management purpose

BCOM North American Equity (CF) Fund

The constituent fund is to seek long-term capital growth by investing in North American equity markets.

Feature

  §  The constituent fund invests in a combination of approved ITCISs tracking North American equity market indices. However, the constituent fund is not an index-tracking fund  

  §  Approved ITCISs will be selected from those available in the market that will allow the constituent fund to achieve the stated investment objectives. The index providers of the respective equity market indices that are tracked by the underlying approved ITCISs are independent of Bank of Communications Trustee Limited, the trustee of the Scheme and E Fund Management (Hong Kong) Co., Limited, the investment manager of the constituent fund  

  §  The constituent fund may also invest in APIFs to provide exposure to cash and short-term investments

  §  Risk inherent: Relatively high  

  §  Structure of the constituent fund: Portfolio management fund  

  §  Investment Manager: E Fund Management (Hong Kong) Co., Limited  

Asset Allocation

Geographic Allocation