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第三期 | ISSUE NO.3

2011 - Q3

積金的神奇之旅

強積金的均衡觀點

籌備無憂的退休生活 Roadmap to Carefree Retirement 積金之冠:香港股票 Hong Kong Equities Top the Funds Chart 環球債券表現卓越 Global Bonds Shine


目錄

10

Contents

Q3-2011

封面故事 Cover Story

積金的神奇之旅 The MPF Odyssey

19

人物特寫 People’s Voice

致勝的一步 A Switch to Low-Risk Pays off 馬會後的生活 Life After the Jockey Club

22

基金焦點 Funds Focus

積金之冠:香港股票 HK Equities Top the MPF Funds Chart

6 8

新聞動態 MPF News Roundup 環球匯報 Market Watch

原地踏步河馬市

A ‘Hippo’ Market

28

34

績效回顧 Performance at-a-Glance

基準指數 Funds Focus

追蹤基金表現,用基準指數

Using Benchmarks to Track Performance

VER.20120309

配備 i-級預算 商鋪暢旺·中小企難

An i-Budget for i-Citizens Real Estate Boom, Business Gloom

環球債券表現卓越

Global Bonds Shine in Q2

33

點心專欄 Dim Sum

36

積金背後 • 精彩人生 Life Beyond MPF

遠足樂優遊

Stay in Shape - Take a Hike

3


積金的神奇之旅 – MPF: A Lifetime Odyssey

積金快線一年刊載四期,由韜睿惠悅投資顧問香港有限公司出版

MPFeXPRESS.com is published four times per year by Towers Watson Investment Services Hong Kong Limited 亞太區行政總監 Managing Director: Naomi Denning 香港區總監 Director: 曹偉邦 Philip Tso

29/F Sun Hung Kai Centre, 30 Harbour Road, Hong Kong

總編輯 Chief Editor: 陳叔靜 Shu-Ching Jean Chen 新聞編輯 News editor: Robert Clark 編採協助 Contributors to this issue: 陳秀妍 Gloria Chan, Naomi Denning, Zach Hines, 高嘉鴻 Kelvin Ko, 李敏妮 Sherry Lee, 冼懿敏 Yvonne Sin, 曹偉邦 Philip Tso 攝影 Photographer: 余頌昇 Gabriel Yu 創作、市場推廣及發行 Creative, Marketing and Distribution: 劉慧鳴 Kara Lau, Romy Serfaty 翻譯 Translators: 李敏妮 Sherry Lee, 王耿舒 Larry Wong and 洪婉玲 Ling Hung of 藝寶亞太有限公司 Abel (Asia Pacific) Limited 積金快線網頁 MPFeXPRESS.com Website: 陳秀妍 Gloria Chan, 高嘉鴻 Kelvin Ko 設計及製作 Design and Production: Asiacity Media Group, 張婉儀 Kelly Cheung, Greg Crandall, 何紹敏 Virginia Ho, 吳家盈 Samantha Ng, 蕭愃語 Olivia Siu 查詢廣告,編輯與雜誌派發事宜

Enquiries on advertising, editorial and magazine distribution points: E 電郵 magazine@mpfexpress.com About Towers Watson Towers Watson is a global professional services firm, providing services across a range of financial, risk and people management areas. It is a market leader in investment consulting and solutions, with proven success in researching and selecting investment management organisations across all asset classes. Clients include some of the world’s largest pension funds and institutional investors.

301 Hollywood Centre, 233 Hollywood Road, Hong Kong T 電話:+852 2850 5065 F 傳真:+852 2543 1880 E 電郵:asiacity@asia-city.com.hk

印刷 Printing: 基亞印刷有限公司 Gear Printing Limited All rights reserved: Copyright 2011 by Towers Watson Investment Sevices. Reproduction in whole or in part without written permission is strictly prohibited. Disclaimer: The Content published on this Magazine is provided for informational purposes only and shall not be construed as a solicitation to deal in the funds or products referred to. The accuracy, completeness, adequacy or currency of the Content in this Magazine is not warranted or guaranteed. You should not take action on the basis of the Content in this Magazine. Please consult an independent and professional advisor to ensure that any decision made is suitable with regards to your circumstances and financial situation. In all cases, please be reminded that past performance is not an indication of future performance. The materials or information provided in this Magazine has been obtained from third parties or sources believed to be reliable. Towers Watson is not responsible for and assumes no liability for any third-party content or error, omission or inaccuracy in any advertising and advertorial material. Neither Towers Watson, Asiacity Media Group., the experts, nor the institutions for which the managing editor, translators and contributing authors work can be held responsible or liable for any direct or incidental loss arising from use of this Magazine or incurred by applying any of the information in this Magazine.

強積金所帶來的啟示是生涯 規劃的重要性。 我們都需要為退休作準 備,就如同我們需要籌劃人 生各個重大里程碑:工作事 業,婚姻,養育子女,購買 住房。 雖然每個人都會經歷不 同的人生旅程,最重要的, 是根據您個人需要和工作階 段,進行審慎籌劃。 這一期的封面故事說明香 港市民可以如何循序漸進,規劃出一幅簡單的儲蓄藍圖,經由 強積金,走向一個無憂無慮的退休生活。 儲蓄規劃有兩個主要關鍵:第一,長期進行定期供款(再 加上僱主的供款),你不需時時與市場競爭。只有保持良好的 投資組合,平衡股票,債券和現金的投資成分,隨著時間的轉 移,最後終將得到豐厚的回報。第二個關鍵是風險管理,規劃 的早期,可以投注於高成長,高風險的投資;越接近退休,越 應轉換到低風險的基金。 當然,強積金成員需要協助,確保強積金資金可以發揮最大 潛能。我們這一期發佈香港股票基金前五名排行榜;介紹基準 指數這個工具,用來衡量強積金表現;我們的網站上,進一步 解釋如何閱讀不同基金表現圖表。 積金快線才出刊第三期,但我們不斷成長。這一期發行量從 五萬擴大到七萬份。欲收取電子版,請前往我們網站登記。 我們希望積金快線成為您的財務好幫手。

All of us need to prepare for retirement in the same way that we prepare for other major milestones in our life – career, marriage, children, buying a home. While everyone takes a different path, what is essential is planning according to your needs and your stage of working life. Our cover story illustrates ways in which Hong Kongers can make their way to a secure retirement through MPF. The keys are twofold: first, by making regular contributions over a long period (and with additional payments from your employer), you are not trying to beat the market. Over time a well-managed portfolio in stocks, bonds and cash will deliver good returns. The second key is to manage the risk weighting. In the early years of your work life it makes sense to place some bets on high-growth, high-risk investments, but the closer to retirement, the more you should invest in low-risk funds. Of course, members need help in ensuring they are getting the most out of their MPF funds. In this issue we also chart the best-performing HK Equity Funds and show how to measure your MPF balance against the major market indices. More information and funds comparisons can be found on our website www.mpfexpress.com. Finally, this is just the third quarterly edition of MPFeXPRESS.com, but we are already growing! We have expanded circulation from 50,000 to 70,000 copies. To receive the magazine by email, sign up on MPFeXPRESS.com. We hope you find this issue useful and rewarding. Naomi Denning and 曹偉邦 Philip Tso

5


新聞動態 | MPF News Roundup

收費仍有下調的空間 財經事務及庫務局長陳家強冀望強積金收費有下調空間,以受 惠全港兩百五十萬名僱員。 陳家強在本年6月立法會會議上發言說:「就強積金整體管 理費水平而言,我相信仍有下調空間」。他希望業界和積金 局透過多方努力,調低收費水平,例如:在不影響執法的情況 下減低成本、考慮提供收費低廉的指數基金。積金局亦表示: 「不排除最終用立法手段來制訂強積金計劃收費。」 強積金基金平均開支比率,即收費標準,過去3年間,下降 至1.8%的水平,降幅13%。 業界佔領導地位的匯豐銀行在3月時,將旗下三個強積金基 金下調收費20%至40%。競爭者如中銀國際英國保誠信託及 AXA安盛也因應減低收費。今年6月起,東亞銀行(信託)更 將收費下調30%以上。 下年度預計推出的「僱員自選安排」(即俗稱「強積金半自 由行」),將提高競爭壓力,也會導致業界減費。強積金資產 快速增值,大型資產帶來額外經濟效益,更應促使收費下調。

基金掃描 MPF Funds News

More Room for Fee Cuts Secretary for Financial Services and Treasury C. K. Chan has high hopes that fees will drop further for the city’s 2.5 million MPF members. Secretary Chan told legislators in June that he “believes there is still room for cutting MPF management fees” through cost savings and the introduction of more inexpensive index tracker funds. The MPFA has said “it does not rule out proposing legislation to regulate fees as a last resort.” In the last three years, fees have come down by 13% to 1.8%. Market leader HSBC has cut fees by between 20% and 40% on three MPF funds since March, following in the wake of rivals BOCI-Prudential Trustee and AXA. Bank of East Asia (Trustees) has also cut fees by more than 30% since June. Fund fees could fall further as competition intensifies once Employee Choice Arrangement is launched next year as expected. MPF’s fast-growing assets under management, should also lead to fee cuts as its fund size gains economic scale.

積金最新動態 請瀏覽網站

www.mpfexpress.com

中銀國際英國保誠提供回扣 中銀國際英國保誠信託提供回贈優 惠,給予強積金結餘港幣25萬或以 上的強積金成員,以結餘款的0.1% 金額作回贈。 優惠推廣有效期至明年3月,目 的是吸引高收入人士,參加旗下的 「我的強積金計劃」。這個計劃自 去年7月開始運作。

BOCI-Prudential Offers Rebate BOCI-Prudential is offering members with HK$250,000 or more in their MPF balance a fee rebate of 0.1%. The offer, available until March next year, aims to lure high-income earners to join ‘My Choice Mandatory Provident Fund Scheme’, a new scheme it rolled out last July.

6 Q3-2011

東亞銀行減收強積金收費 東亞銀行旗下的強積金公司,東亞銀行 (信託),調低強積金費用,調幅超過 30%,近五十萬名成員將受惠。 減費已由6月1日開始生效。東亞旗下兩 個保守型基金費用,由每年1.2% 下調至 0.79%;環球債券基金費,由每年1.45%下 調至0.99%。

BEA Cuts Fees Nearly half a million members are beneficiaries of fee cuts of more than 30% by the Bank of East Asia (Trustees). Effective from June 1, annual fees for two MPF Conservative Funds, each for the Master Trust Scheme and Industry Scheme, were reduced to 0.79%, down from 1.20%. Annual fees for the Global Bond Fund under Master Trust Scheme were lowered to 0.99% from 1.45%.


成立公共受託人調控收費? 積金局正研究成立公共受託人公司, 或以立法手段降低強積金費用。 成立公共受託人公司可直接促使 市場競爭,降低行政費,但可能惹來 搶私營機構生意的批評。積金局主席 胡紅玉接受報章查詢時表示,這兩個 建議均屬初步構思階段,有待諮詢研 究,未有具體落實安排。但她坦言, 個人較支持成立受託人公司,形式可 以公營機構或社會企業。 但是,身兼積金局董事的工聯會 立法會議員黃國健質疑公營中介人公 司是否能有效管理客戶基金。

提高供款最低及最高入息水平 本年11月開始,超過180,900名低收入僱員及自僱人 士將無須作強積金強制性供款,他們的財務負擔得以減 輕。有關法例已於6月通過。 這項新法例將最低入息水平由港幣5,000元提高至港 幣6,500元,2011年11月1日起生效。每月薪金入息低 於港幣6,500元的僱員,將無須作強制性供款,但其僱 主仍須為他們作僱主部分的供款。 同時,超過五十萬名以上僱員,最早可能從2012年 6月1日起,將每月最多額外供款港幣250元。這是因為 政府正草議的法例,預計將最高入息水平由每月薪金港 幣20,000元提高至港幣25,000元。 提高入息上限,對僱員也是好消息,因僱主也須就增 加的上限為僱員供款。

A Public Trustee to Cap Fees? The MPFA is debating options to force down fund management fees, either through setting up a government-run trustee or to enact legislation to cap fee charges. Setting up a “public trustee” could spur competition but may invite criticism that it is competing with the private sector. MPFA chairwoman Anna Wu Hung-yuk has said that the two initiatives are in the conceptual stage but that she personally favoured a public trustee in the form of a public body or a social enterprise. However, MPFA board member and legislator Wong Kwok-kin questioned whether a public trustee could operate effectively.

Visit our website for the latest MPF news www.mpfexpress.com

考慮放寬提取規定 積金局正研究應否容許失業或患上危疾人士提早提取強積金,但考慮 只能提取強積金累算權益不多於50%。 現有法例規定,只有5種特殊情況下成員才可在65歲退休年齡前提 取強積金,包括:完全喪失工作能力(須由醫生證明,所喪失的工作 能力,必須與之前所從事的最後一類工作有關);或永久離開香港。 反對者擔心,這項提議將減低強積金本身最終保障退休的目的。 公眾諮詢會在年底展開。

MPFA Considers Early Withdrawals The MPFA is considering early withdrawals for members who are unemployed or suffering serious illness - probably at less than 50% of their MPF balance. Currently, early withdrawals before the age of 65 are allowed in five unusual circumstances, including incapacity and relocation out of the city. Critics fear the new proposal will overstretch MPF and obscure its mission as an ultimate safeguard for the city’s retirees. A public consultation is due at year end.

Lifting the Floor and Ceiling From November, more than 180,900 low-income workers and the self-employed will no longer need to make mandatory MPF contributions, following the passage of legislation in June to ease their financial burden. The legislation allows the lifting of the income floor from HK$5,000 per month to HK$6,500, effective from November. Those whose monthly income falls below HK$6,500 will not need to make mandatory contributions but their employers, if they have one, will have to continue contributing on their behalf. Meanwhile, an even bigger number of workers – more than half a million - will see their MPF contribution increased by as much as HK$250 a month from as early as June next year. Legislation now being drafted will raise the reference income cap for employers from HK$20,000 to HK$25,000. The higher cap is good news for employees because employers will have to make matching equal contributions.

7


環球匯報 | Market Watch

原地踏步河馬市 A ‘Hippo’ Market

歐洲 - 希臘國債危機是歐盟區的焦點,市場普遍擔憂危機可 能傳播到西班牙和其他脆弱的經濟體系。雖然危機持續下探谷 底,但德國及鄰近國家卻可錄得4%的強勁經濟增長,周邊歐盟 經濟的增長亦有2%。總體而言,歐洲股市比其他地區表現優 勝,今季回報達2.5%。

Europe - The Eurozone was dominated by the Greek 美國 - 由於量化寬鬆的財政政策開始退場,美國經濟復甦停

滯,油價上漲,削弱消費需求,許多地方政府削減預算。房地 產市場保持呆滯狀態,聯邦政府的財赤討論陷入僵局,進一步 減弱信心。種種因素,使美國股市只錄得0.2%的回報。

sovereign debt crisis and fears of “contagion” in Spain and other vulnerable economies. The bottom point has not yet been reached, but meanwhile Germany and its neighbours are growing above 4% and even peripheral EU economies are growing at 2%. On balance, European equities outperformed other regions, returning 2.5% for Q2.

U.S. - As quantitative easing wound down, the recovery

stalled, compounded by a sharp rise in gasoline prices and the cuts in staff and budgets by many state and local governments. The housing market remained stagnant, while continued deadlock in Washington over the deficit also further dampened business confidence. With these factors in play, US stocks returned 0.2%.

• 強勁流動資金

• 沉重國債、政治僵局

• 低息率

• 量化寬鬆臨近末端

• 強健企業盈利

• 房地產借貸依然高企

• Strong liquidity

• 房地產市場低迷

• Low interest rates

• High government debt, political deadlock

• Strong corporate earnings

• 低息率

• 主權債務危機

• 通脹受控

• 危機擴散的恐懼感加深

• 中歐經濟增長

• 歐盟領導者意見分歧

• Low interest rates

• Sovereign debt crisis

• Inflation in check

• “Contagion” fears

• Growth in Central European economies

• Divided EU leadership

• Imminent end of quantitative easing • Continued high household debt • Housing market overhang

環球 - 第二季的環球市場,非牛市,亦非熊市,有分析員稱之為河馬市,在水中不停打滾, 沒有一個特定的方向。縱觀世界各地經濟表現,環球市場於第二季毫無進展,增幅約0.5%。 印度及中國的經濟成長腳步放緩,意味著新興巨龍難抵銷歐盟區及美國的經濟呆滯,油價 的高漲更打擊消費意欲。唯一正面的消息就是,雖然流動資金過剩,通脹仍然能受控。

Global - Global stock and bond markets in Q2 were neither bull nor bear but, as

some analysts suggested, like a hippo – wallowing and not going in any direction. Around the world, global markets made little progress in Q2, returning 0.5%. Slowdowns in India and China meant the emerging giants were unable to countervail the flat growth in the EU zone and the US, and sharply higher oil prices held back demand. The one upside was that inflation remains under control despite abundant liquidity.

8 Q3-2011

• 通脹受控

• 主權債務危機

• 低息率

• 期貨商品價格上揚

• Inflation under control

• 中國信貸縮緊

• Low interest rates

• Sovereign debt crisis • Rising commodity prices • China credit tightening


日本 - 歷經三月地震災難及隨後的經濟衝擊,日本經濟正在緩 慢復甦,第二季國民產值仍可能萎縮。重建工程需等到第三季 才能全面進行,本地消費疲弱。政府在三重危機的前後表現不 佳,影響市場信心。日本股市於第二季錄得0.4%的增長。

Japan - While Japan’s recovery from the March earthquake and subsequent economic shock is underway, GDP over the second quarter is likely to have contracted. Reconstruction will not get into full swing until next quarter, and domestic demand has been weak. The performance of the government both during and after the triple-crisis has dampened confidence. Japanese equities returned 0.4% for Q2. 香港 - 第一季的佳績之後,香港今季受 到中國增長趨緩及美國預算案僵持的影 響,股市表現大幅回落,錄得1.4%的負 增長。慶幸的是,面對通脹高企,食品價 格上漲、房地產及商品價格全面上揚,消 費意欲卻未受明顯影響。中國持續增長, 本地企業股價便宜。

Hong Kong - After a bumper Q1, Hong Kong equities retreated in Q2 as China’s growth eased and concerns at the US budget deadlock grew. Hong Kong stocks returned minus 1.4% for the quarter. On the upside, the spike in inflation from higher food, private housing and commodity prices has not deterred consumer demand.

• 消費需求強 • 成功推行最低工資 政策

• 地震重建工程開展

• 家庭消費疲弱

• Strong consumer demand

• 低通脹

• 危機後缺乏政治領導力

• Successful implementation of new minimum wage

• Post-quake construction now underway

• Household spending weak

• Low inflation

• Poor post-crisis political leadership

• 通脹高企 • 潛在資產泡沫危機 • Inflation • Potential asset bubbles

亞洲(除日本外) - 今季區域股票市場表現平淡,只有0.1%回報。投資人最

憂慮的是通貨膨脹問題,特別是在中國、印度及南韓。 中國工業產能受到信貸政策收緊及電力短缺兩因素影響,達兩年新低,出口也 呈現偏軟。 近兩季,台灣及南韓的產能增長幅度非常疲弱,印度的出口這年半內成長速度 極緩。

Asia ex-Japan - It was a flat quarter for equities, with a 0.1% return. Inflation remained the biggest fear particularly in China, India and South Korea. China’s credit tightening policies and electricity shortages shrank output to its lowest in two years, while exports also softened. Output rose at the weakest rates for two quarters in Taiwan and South Korea, and India’s exports grew at the slowest pace for one-and-a-half years.

• 中國經濟仍然 興旺

• China’s economy still going strong

• 中國收緊信貸 • 高通脹

• China credit tightening

• 消費需求強勁

• Consumer demand robust

• 低產量

• Inflation • Lower output

9


封面故事 | Cover Story

積金的神奇之旅 The 籌備無憂的退休生活 Roadmap to a Carefree Retirement 積金快線記者及韜睿惠悅投資顧問聯合報導 By MPFeXPRESS.com reporters & Towers Watson staff

10 Q3-2011

MPF


L

男先生是香港人的寫照。他的個性和 香港另一代表象徵,中華白海豚,非常 相近,他們都愛好交際。但今年港男先 生開始擔憂本港的通貨膨脹,更甚於憂心經濟問 題。在處理個人財務的態度上,他最關心投資回 報率,更甚于了解投資會否虧損。 投資上,港男先生常懷有不切實際的期望,希 望獲得中高水平的回報率;投資前,甚少會詳細 閱讀銷售文件。但是,在某一方面,他卻很小心, 會仔細核對月結單的記錄跟實際交易狀況,如果發 現有分別,港男先生便馬上投訴。 他憧憬快樂無憂的退休生活。希望退休後,身 體健康,跟家人朋友為伴。跟大部分國家市民不 同的是,港男先生不認為半工作半退休是最理想 的晚年生活方式。他認為一個快樂的退休生活, 應該完全不需要工作。 很明顯地,港男先生需要盡快規劃退休儲蓄計 劃。首先,港男先生需要改變自已的投資習慣。

ike the city’s favourite marine animal in local waters, the Chinese white dolphin - often known as the pink dolphin - Mr. Hong Kong is very sociable. But this year he has started to fret more about food inflation than the economy. In personal finance, he cares about returns before considering potential risk of losses, and he often harbours unrealistic expectations, aiming for mid-to-high profit levels. Seldom would he read financial documents carefully before committing to an investment. Yet he is meticulous in one respect; he makes sure records in the monthly balance match actual transactions, and when discrepancies arise, wastes no time in filing complaints. Retirement conjures up a vision of freedom, happiness and satisfaction in his mind, kept alive by factors such as his personal health, family and friendships. Unlike citizens in most other countries, Mr. Hong Kong does not view alternating work and leisure as the ideal “later lifestyle”. In a happy retirement, he would prefer not working at all. It’s all too apparent that he will need to work out a retirement savings plan as early as possible, though he will have to change his habits first.

起跑點 港男先生究竟是誰?他是一個虛擬的人物,根據 各項研究報告所拼湊而成的典型香港僱員形象。 「在規劃退休方面,香港人是沒有甚麼紀律和策 略的。每人都放眼於短期獲利。」代表基金業界 的香港投資基金公會行政總裁黃王慈明說:「強 積金是一個好的起跑點,每月供款,你不需要擔 心甚麼時候入市。這是強積金美麗之處。」 像強積金這類型的定期供款投資,可以分散短 期市場波動所帶來的風險。反之,一筆過的投資, 需要選擇好的入市時機,這是大部分散戶沒有能 力做的事。王總裁說:「定期供款是一個非常好的 投資方法,不單適用在強積金,也適用其他一般 投資。」

The Starting Point Who is Mr Hong Kong? He is a composite character, sketched together from official statistics and various surveys to project the image of a typical Hong Kong worker. “Hong Kong people do not take a very disciplined approach when it comes to retirement. People tend to focus on short-term capital gains,” says Sally Wong Chi-ming, CEO of Hong Kong Investment Funds Association, an industry group. “MPF is a good starting point. You can invest gradually on a monthly basis. You don’t have to worry about timing. This is the beauty of MPF.” Phased contribution investments like MPF smooth out market volatility over time, whereas investing a lump sum, all in one go, requires making the right call on timing, something retail investors are ill-equipped to do. “This approach is good, not just for MPF but also for making investments in general,” Wong says.

積金歷險記 港男先生的退休儲蓄規劃,有如一趟長途旅程, 主要分為三階段,每一階段都需制定一個適當的 投資策略,按年齡增長而定,投資組合包含股票, 債券和現金三種強積金制度下允許的資產種類, 也是金融市場上最普及的投資項目。 投資時機 長期投資帶來一種「複式效應」,愈早投資,回 報愈高。 「提早進行退休投資規劃有很多好處,可以採 取較積極,高風險高回報的投資方式,有多年的 時間可以修復虧損。」韜睿惠悅投資顧問亞太區 行政總監 Naomi Denning 說:「如果你投資這種

A Journey Planner Call it the MPF Odyssey. Mr. Hong Kong’s retirement savings journey can be divided into three major phases, in each applying a strategy of an appropriate mix of equities, bonds, and cash commensurate with his age. These are the three main asset classes permissible under MPF regulations and are also the most common in the financial market. Timing Early investors reap the most benefits from the compounding effects characteristic of a long-term investment. “The advantages to start this voyage early in life are abundant. You can pursue an aggressive investment and have plenty of time to make up for the losses,” says Naomi Denning, managing director of

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積金的神奇之旅 The MPF Odyssey

investment services for Asia Pacific at Towers Watson. “If you are in aggressive funds and reach your goals earlier, you could even switch to less risky assets and stop worrying so much about it.” Take a monthly MPF contribution of HK$500 for instance. If Mr. Hong Kong starts at the age of 35, he would have a modest total of HK$500,000 by the time he reaches 65, based on an annual return of 6%. By simply starting contributions 10 years earlier, at the age of 25, he could collect twice as much at 65 – HK$1 million. “In investment, time is your best friend,” says Wong of Hong Kong Investment Funds Association.

Inflation-busting 高風險高回報的基金,比預期更早達到儲蓄目標, The biggest enemy of a retirement savings plan is inflation, which 還可以將資金轉到低風險的投資產品上,不用再 shrinks the purchasing power of money. 憂慮投資風險了。」 In the decade to 2010 local inflation was subdued, running at 0.43% 如果港男先生由35歲開始投資,每月強積金供 on average each year. Something sold for HK$100 a year before would 款港幣500元,假設每年的回報率是6%,那麼在 cost HK$100.43 the next. But inflation has since soared, reaching 7.9% 65歲退休時,便可以獲得港幣50萬元了;如他再 in July compared with the same period last year, and many believe it 早10年,即25歲,已開始供款,到65歲時所積存 could become entrenched. “If you can’t even beat inflation, the money 的儲蓄,會是他35歲才開始供款的兩倍,即港幣 you accumulate will gradually be eaten up and its purchasing power will 一百萬。香港投資基金公會王總裁說:「在投資的 drop.” Wong says. “Your greatest risk is not being able to outperform 世界裡,時間是你的最好的朋友。」 inflation after 30 or 40 years.” 跑贏通脹 通貨膨脹是退休儲蓄計劃的最大敵人,通脹會蠶 蝕貨幣的購買能力。 截至2010底的10年間,本港通脹十分緩和,平 均每年只有0.43%通脹率。簡單的說,港幣100 元的一件貨品在下一年只售港幣100.43元。但是 最近通脹開始急速上升。至今年七月,物價一年 間已上升7.9%。很多人相信此次通脹可能會長期 持續。「如果不能打擊通脹,你所累積的財富將 被蠶蝕,購買力將會下滑。」王總裁指出:「你 的儲蓄計劃最大風險是不能在30至40年後,跑贏 通脹。」

The Goal Post How much is enough? In retirement, Mr. Hong Kong’s expenditure would be about 70% to 80% of that in his working life, as reckoned by the United Nations. He would spend less on transport, food, clothing and social expenses, but more on health care. Denning of Towers Watson lists five basic considerations in determining the eventual sum: the contribution rate, the number of years of investment, the number of years in retirement, the desired living standard, and personal wealth.

The MPF Calculus How much can MPF chip in to Mr. Hong Kong’s retirement? 儲蓄目標 MPF is one of the five pillars in an ideal pension system advocated 須要多少錢才夠? by the World Bank, with the potential of reaching individual retirement 根據聯合國的推算,退休後的港男先生開支方面, funding up to 40%. Here’s how. 將減少到過去的70%至80%的水平,他用在交通 If Mr. Hong Kong joins MPF at 35, he could eventually collect as 膳食,衣著及社交方面會減少,但醫療方面,會 much as HK$3 million, based on an optimistic projection of 10% 有更多開支。 average return per year (see figure 1), a rate reflecting the historical 究竟多少儲蓄才夠支付退休開支?韜睿惠悅 10% return on investment in HK equities; or as little as HK$630,000 Denning列出五個基本因素:供款率,投資總年 in a pessimistic scenario assuming his MPF yields virtually zero return 數,退休後總年數,要求的生活質素,及個人財 all the way. A more realistic sum would be HK$1.2 million, based on 5% 富總值。 return each year before 65, a return slightly lower than the 5.5% MPF has made collectively in the 10 years since its inception. 計算強積金 Would a negative return be possible? Unless very poor decisions are 強積金如何協助港男先生的退休儲蓄? made or there is a persistent bear market, it is rather difficult to make 強 積 金 是 世 界 銀 行 所 推 舉 的 理 想 退 休 計 劃 五 大 losses on an investment spanning decades. One can easily avoid it 支柱之一,有潛力可以支付個人所需退休金總值 by putting all funds into cash, earning zero-return, although this isn’t 足足40%。 recommended because there will be little growth to combat inflation.

12 Q3-2011


比方說,港男先生在35歲時開始供款強積 金,65歲退休時,儲蓄總額可以高達港幣300萬元。 這個推算是基於最樂觀的假設(圖表一),以每年 平均回報率10%計算,參考香港股票市場過去每年 10%的投資回報率。如果根據最悲觀的計算,假設 港男先生的強積金供款完全沒有任何獲利,也就是 零回報,最後可收回的總資金就只有港幣63萬元。 如果用一個更實際的5%年回報率來計算,這是低 於過去10年強積金的5.5%平均回報率,港男先生在 65歲退休時將收回港幣120多萬元。 強積金供款會否最後虧損?除非投資者做了很差 的決定,或是金融市場長期處於熊市狀態,這種長 達數十年長���投資,比較難發生總體虧損的結果。 要防止虧損,簡單的做法,可以把所有錢放於零息 的現金上。但是專家不建議這種策略,因為現金不 夠抵消通脹物價上漲幅度。 策略指南針 普遍來說,債券及現金回報頗低,優點是可以保值, 最適合想保本的即將退休人士。對年青的投資者來 說,債券及現金未如高回報的股票能滿足他們的要 求。股票波幅大,但是回報高。 當港男先生還年青時,他投資在股票的成份,應 佔總投資的大部份,情形就像月食前,陽光照射月 亮的大部分表面(圖表二)。 隨港男先生年紀漸長,代表債券及現金的黑影 會在月亮表面擴大,逐漸代替股票的位置,就像月 食時,黑暗爬行,逐漸覆蓋月球的表面。總結來說, 距離退休的日子愈遠,投資者愈應投資在高風險的 資產上,退休年齡愈近,便應轉換到保守的資產。 「當你接近退休時,可以漸進開始採取較保守的 投資策略,亦可考慮在市場上買入一些目標日期基 金1。」Denning說:「如果你在接近退休時還持有 大部份高風險基金,你可能會有麻煩。如果你相信 可能在退休後再活多15到20年,請不要忘記還要繼 續投資,抵抗通脹。」 香港投資基金公會王總裁建議,普通投資者可 以用一個簡單的公式,計算投資股票的比重,叫 做「100機制」。這個方法,以100減去投資者的年 歲,所得的的數字,就是可投入股票的百分比,例 如一個30歲投資者的投資組合,應該有70%比例投 放股票。 正式啟航 現在港男先生已整裝待發,準備啟動退休儲蓄的 投資旅程。他將不斷成長茁壯,歷經三個不同的 目標日期基金的投資策略是,在早期的年份,投資放在高回報的產

1

品,合約即將期滿,便移轉到低風險的產品。

A Target date fund is a fund which targets a particular retirement

1

in the future, its investment strategy evolves from high growth in the early years to low risks as it reaches maturity.

圖表一 Figure 1

不同的積金回報,不同的結果 Diverging Paths to an MPF Destination 港元 HK$

3,500,000

樂觀回報 Optimistic scenario

港幣300萬元 HK$3 million

較實際的回報 Realistic scenario 不樂觀回報 Pessimistic scenario

3,000,000 2,500,000 2,000,000

港幣120萬元 HK$1.2 milion

1,500,000 1,000,000 500,000

港幣63萬元 HK$630,000

-

35

40

45

50

55

60

65

年齡 Age

Strategic Compass Bonds and cash typically yield low returns but hold their value relatively steady, ideal for would-be retirees seeking to preserve capital but for young investors less fulfilling than equities. When Mr. Hong Kong is young, the equities content, a volatile but high-yielding asset class, would dominate, shining like sunlight over the dark surface of the moon (see figure 2). The shadow, representing two other assets, would gradually expand as Mr. Hong Kong ages, taking the place of equities like the darkness of an eclipse creeping across the lunar surface. The longer the time from retirement, the more an investor should be in risky assets; the closer to retirement, the more conservative assets one should switch to. “You can gradually shift to a more conservative strategy as you approach your retirement, or consider some of the target date funds in the market,1” says Denning. “If you are approaching retirement and you are still in aggressive funds, you could be in trouble, but if you expect to live another 15 to 20 years you need to be mindful there will still be some inflation to keep up with.” For laymen, Wong, of Hong Kong Investment Funds Association, suggests a simple “rule of 100” to work out the weighting in equities: Subtract one’s age from 100 and the answer would be the percentage that should go to equities. Thus, a 30-year-old’s portfolio would be 70% invested in equities. The Voyage: Build up a Nest Egg Mr. Hong Kong is ready to set off. He would advance in his savings journey, just like the Chinese white dolphin, taking on three distinct colours in the varying stages of its life cycle: black, grey and white pink. The Black Period (20s-30s): Young and Aggressive Mr Hong Kong is young and decades away from retirement. Time is

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積金的神奇之旅 The MPF Odyssey 人生階段,有如中華白海豚,身體的顏色,由黑到 灰,最後蛻變成淺粉紅色。 黑色少年期(20到30來歲):青春進取 港男先生正值年青,離退休還有好幾十年,有的 是時間,在他面前是一條長遠的投資道路。 這時他應找緊機會,作進取的投資,應採取高 風險的策略,大量投資股票。雖然波動大,股票 的回報十分可觀。回顧過往十年的股票市場,雖 然由高峰跌入谷低,最後也能獲利離場。 這個階段是勇敢接受風險考驗的年代,不單是 投資方面,在事業選擇方面也一樣。不小心跌倒 了,港男先生也能很快恢復過來,下一輪收復失 地。如他小心規劃投資策略,股票,債券及其他 資產有適切的組合,便不需要經常改變投資項目。 灰色中年期(事業發展中):警覺專注 現在港男先生正值黃金時期,應留心他的投資計 劃,清楚知道儲蓄的最終目標數目。每年也應該 檢視自己的投資組合最少一次。 「市場起跌不一,你應該不受市場波動影響,這 樣比較可能取得適當的回報。」Denning說:「問 題是很多人遇到市場波動便投降了。實際上,市 場不景氣時,你不應立即沽出,應該留守,學會 在市場短期波動時以不變應萬變。請記著,投資 是長線的,是一個漫長的旅程。」 如果港男先生不想冒險,他可放棄股票市場的 高回報,轉投保守基金。但是他應提高投資金額, 填補少收的回報。企業家陳潔儀,47歲,就是這 樣一個投資者(積金人語,第19頁),她多年來 把強積金投資在股票基金上,嚴重的虧損使得她 渴求投資的穩定性。陳女士說:「現在我知道, 如果要賺取高回報,我會做其它的短期投資,不會 動用我的強積金資金。」 強積金其實只佔她整體退休儲備的很少部份。 多年來,她買入不少加拿大及香港的物業,除此以 外,亦有多元化的投資,包括保單,股票及共同 基金。但是她說:「強積金幫助我積蓄。」

圖表二 Figure 2

策略指南針 Strategic Compass 股票及債券 投資組合成分 (%)

Equity and Bond Mix (%)

90% 股票 90% Equities 70% 股票 70% Equities

10% 債券 10% Bonds

50% 股票 50% Equities 30% 債券 30% Bonds 50% 債券 50% Bonds

100% 債券(或現金 30% 股票 銀行定期) 30% Equities 100% Bonds (or Bank Deposit)

70% 債券 70% Bonds 前期的職業生涯

退休

Early career

Retirement

如有完善的規劃,投資者投放於股票及債券(或現金)的比率,會隨年歲增長而改變,過 程就好像月食變化的景觀

The main asset classes in a well-managed portfolio, and their changing relationship over an investor’s working life, should resemble a lunar cycle.

on his side. Before him lies an extraordinarily long investment horizon. He should seize the opportunity to invest aggressively. He can afford to pursue a high-risk strategy, going heavy in equities, which offer high volatility as well as the promise of high returns. Just witness the market gyrations of the last 10 years: financial markets peaked and troughed but they all evened out. This is a time for risk-taking and experimenting, not just in investment but also in career choices. Even if he stumbles, he can recover quickly and bounce back the next round. As long as the investment strategy is well thought-out, that is, getting the right mix of equities, bonds and other assets, he need not change portfolios frequently but can just go with the flow.

The Grey Period (mid-career): Vigilant and Focused Now in his prime, Mr. Hong Kong should stay focused on his investment 淺粉紅年長期(50歲起到退休):執著平和 plan and the amount of money he aims to save. He should review it at 到了這個年紀,港男先生十分嚮往個人財務上的 least once every year. 穩定。他應該開始轉換到低風險的投資策略。 “Markets do go up and down. You should ride it through and you’d 由56歲開始,他的投資組合應投放入保守基金 more likely get the right level of return,” Denning says. “The problem is 上,以債券為主。將近退休時,他應該將投資,從 people can get caught up in the short-term volatility. You should not have 債券轉換成現金,或是將錢放進個人投資戶口, reacted and sold when market was doing badly. You should stay and ride 繼續投資。退休期可能維持超過20年,因通脹的 it through. It should be more about the long-term horizon, the journey.” 原因,持續投資是很重要的。 If Mr. Hong Kong is not adventurous, he can move to conservative 這時,如果港男先生仍然將投資大比重放在股 funds, giving up the return promised of equity funds. To make up, he’ll 票市場,而市場當時波動不定,他應該小心。即 need to contribute more to investment and stay on course.

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積金的神奇之旅 The MPF Odyssey 將退休的張玉蓮,59歲,便是一個很好的例子, (積金人語,第21頁)。10年前,她不察覺地選擇 了將強積金全部投資放在股票基金上。幸好,她的 強積金供應商在一年後寄出一份風險介紹的通知 書,她才知悉做了高風險的選擇。 她及時採取行動,將所有強積金積蓄轉到低風 險基金上。這個決定,為她擋去引起虧損的事件, 包括2003年的非典型肺炎及2008年的環球金融 危機。之後股票市場反彈,她雖然沒有受惠獲利, 但張女生不在意。她說:「我從來沒有期望強積 金會賺錢,只想不要虧蝕,想儲點錢去支持我的 退休生活。」

One investor of such leanings is Tanya Chan Kit-yee, a 47-yearold entrepreneur (see feature in People’s Voice, p.19). After years of piling into equity funds and suffering losses, she came to crave stability. “Now, I realize if I want a roller-coaster return, I will play around with my own short-term investments but not with the MPF retirement funds,” says Chan. MPF plays a small but important part in her retirement savings made of various properties in Hong Kong and Canada and diverse investments in insurance, stocks and mutual funds. “MPF helps me save,” she says.

The White-Pink Period (post 50s): Perseverant and Calm By now, Mr. Hong Kong would yearn for a sense of financial security. He should prepare to wind down and shift towards a less 半途退出的小海豚,怎麼辦? aggressive investment strategy. 對於一些無法參與這項長期投資旅程,無法定制長 From around 56 onward, his portfolio will be switched to 線投資計劃的人,仍有兩個選擇,可以迎頭趕上。 conservative funds consisting mostly of such assets as bonds; then 第一,平時儲多點錢到積蓄裡;另一個做法, from bonds to cash when he is close to retirement, and then to his 是進行高風險的投資,但不是所有人都有這種膽 personal account for continual investments so that he can keep up 量去做。 with inflation in retirement, which could last more than 20 years. If he’s still heavily in equity markets only two years from 旅程終點站 retirement, and it’s volatile, he should worry. A lesson can be 這麼多年過去了,港男先生已屆65歲,正式到達 他的退休儲蓄旅途的終點站,正要展開人生的新一 found in Cheung Yuk-lin, a 59-year-old worker at the Jockey Club 頁。更成熟更圓潤的他,現時有很多閒餘時間,可 (see feature in People’s Voice, p.21). Ten years ago, she chose equities funds when MPF started, unaware of the high volatility 以跟家人在一起,跟朋友聚餐。 經濟好轉時,他每星期最少購物一次,經濟不 involved. Luckily, her provider sent out regular risk-assessment 景時,他便要節省。他現時沒有工作,但多年的 letters to members that alerted her to the problem. She took action and switched to low-risk funds, a decision that 退休投資儲蓄,正為他支付一切優閒生活的開支。 shielded her from the turmoil in stock markets during SARS and 你想不想加入港男先生的行列呢? the 2008 financial crisis. It does not matter that she did not stay long enough to profit from subsequent rebounds. “I don’t expect to earn money with my MPF. All I want is not to lose my money. I want to keep some money to protect my retirement,” she says. For the Drop-outs Those who, for some reasons, could not execute a long-term journey like Mr. Hong Kong, still have two options: either to make up by contributing more into savings, or pursue more aggressive strategies, hoping to catch up. Not for the faint-hearted. The Destination At long last, Mr. Hong Kong reaches 65, the end of a retirement savings journey. A new chapter in life beckons. Mr. Hong Kong, older and mellower, now has time to spend with his family, or dine with friends. He can shop at least once a week in good times though he’ll have to cut back if the economy skids. He’s no longer working, but his investments are paying for his leisure years. Would you like to join him?

17


人物特寫 | People’s Voice

T

陳潔儀 Tanya Chan Kit-yee

致勝的一步

A Switch to Low-Risk Pays off 採訪撰文:李敏妮 By Sherry Lee

業家陳潔儀,47歲,持有金融學士學位,曾在美林 當財務顧問。擁有這些豐富資歷,她自然期望自己的 強積金能賺取可觀回報。 但2003年,香港爆發非典型肺炎,經濟蕭條,她的強積金蒸 發了三分之一。2008年金融危機襲擊,結餘再度大幅下挫。有沒 有止蝕的解決辦法? 一開始時陳女士便將強積金投資高風險高回報的環球股票基 金,這類基金適合長期投資者。她本身是公司老闆,18年前一手 創立意雅金飾。2003年投資失利後,她辭去公司原有強積金服務 商,更換另一間,但是沒有改變投資策略,持續投放股票市場, 目標是日本。當時,日本股票市場已慘跌,沒想到2008年全球金 融風暴吹襲下,卻更進一步下滑,令她虧損更多。 這次經驗令她察覺到一個基本問題:過份進取的投資策略不適 合她的投資取向。年紀漸長及事業穩定,讓她趨於保守,與以往 高風險的策略背道而馳。 已有一名11歲女兒的陳女士說:「我的年紀愈來愈大,不想冒 太大風險。如果繼續把強積金投資在股票基金,年老時,我的戶 口可能一毛錢也沒有。」 2009年,她終於做了轉捩點的決定,將戶口轉換到另一間強

anya Chan Kit-yee is a 47-year-old entrepreneur. She has a university degree in finance and once worked in financial advisory with Merrill Lynch. With such credentials, it was only natural for her to expect a tidy profit from her MPF. Yet, her MPF lost one-third of its account value in 2003 during the economic disruptions caused by the SARS epidemic and plunged even more during the financial crisis in 2008. What went wrong? She started her MPF in global equity funds, a high-risk, high-return category better suited to investors with a long view. The 2003 loss prompted her to replace the service provider serving Oro Art Jewellery, a jewellery-trading company she founded 18 years ago. But she continued to bet on equities, this time Japan. Japan equities already were in free fall when she bought in but slumped even more during the financial crisis in 2008. Now, she saw a fundamental problem: the aggressive strategy, involving a full loading of equities, did not fit with her desire for stability and the advanced stage of her career. “I am getting old. I don’t want to risk my money. If I continue putting it in equities, I may have no money left when I am old,” says Chan, mother of an 11-year-old daughter.

“我不想冒太大風險,如果 繼續把強積金投資在股票 基金,年老時,我的戶口 可能一毛錢也沒有了 I don’t want to risk my money. If I put it only in equities, I may have no money left when I am old”

19


人物特寫 People’s Voice

積金服務商,並將強積金全數轉投低風險保守型基金:50%環球 增長基金;50%,長線保證基金。新的強積金服務供應商投資方 式穩當,政費低廉,她十分欣賞該公司的個人化服務,例如每月 發短訊到她手機,通知戶口結餘。 自從轉換投資策略以來,短短兩年,她的強積金結餘急速上 升,由2009年6月的港幣198,000元升至港幣279,000元,足足賺 了港幣八萬元以上,盈餘高達41%。10年來,每月供款港幣一千 元,現時累積供款港幣252,000元,她的強積金戶口不但沒受之 前虧損影響,還淨賺港幣兩萬七千元。 現時只有一個小問題。她知道保證基金有很多潛在條款,需等待 多年才可獲取保證回報,但是在接受積金快線訪問時,才得悉保證 基金收費比其它基金昂貴。她說:「直至現時才知道有這荒唐的收 費。我希望政府立例規定強積金信託人披露收費。」 若時光可倒流,陳女士說她會一開始便挑選較保守的基金,注 重基金的穩定性,而不是他們的「明星」特質。她希望積金局能 允許更多基金選擇,學習新加坡,制定強積金的收費上限。

20 Q3-2011

In a critical decision in 2009, she switched to low-risk conservative funds and kept a 50-50 balance between a global growth fund and a longterm guaranteed fund. She also moved to an MPF provider known for its safe investing style and low management fees, plus personalized services such as monthly balance updates sent to her mobile phone. In two years since the switch, she has made more than HK$80,000, earning a 41% gain on HK$279,000 balance, up from HK$198,100. Seen from a 10-year perspective, her MPF has made HK$27,000 in profit from total contributions of HK$252,000, made up of monthly payments of HK$1,000. There is only one small problem. She is aware of the complex conditions attached to guaranteed funds and the long time needed to yield return at guaranteed rates. It was only after she had spoken with MPFeXPRESS.com, that she checked and found out that her guaranteed funds charge a high, but typical, rate of fees. “I am not aware of this ridiculous charge until now,” she says. “I hope the government will impose rules to force more disclosure.” Other regrets? Chan says she should have chosen “less aggressive” funds with stable prospects from the start, and pay attention to a fund’s stability, rather than its ‘star’ quality. She also hopes Hong Kong could learn from Singapore and cap fees on retirement schemes and offer more fund choices.


馬會後的生活

Life After the Jockey Club

年夏天,59歲的張玉蓮將從工作24年的香港賽馬會退 休。她是馬會的彩票銷售員。多年來,從自己小小的櫃 臺角落,見證許多博彩人士贏得出乎意料的好運。 有時,她也踫踫運氣,買六合彩的金多寶抽獎,從來沒有贏過巨 獎。現實生活裡,她不會隨便冒險。因此,9年前她收到強積金信託 人富達退休集成信託寄來一封介紹基金風險的信函時,嚇了一跳。 原來她所買的強積金基金都屬於高風險類型。信中介紹該公司各種 基金種類,依據風險高低排列。 這封簡單的信函促使她採取行動,將強積金全數轉到兩個低風險 的保守型基金,分別為資本穩定基金及平穩增長基金,將強積金平 均分配到這兩個基金。她說:「我將50%金額投資在一個基金,另 外的50%投資另一個基金。原因是我覺得如果一個基金輸了錢,另 外一個贏錢,我仍可拉平手,不用輸錢。」 張女士是兼職員工,每月工作時數不同,收入不穩定。她的工資 以時薪每小時港幣54元計算,每月薪金介乎港幣三千元至港幣六千 元不等。每年夏天馬會休息兩個月,工作時數減少,每月工資在港 幣五千元以下,低於法定最低有關入息水平,不須供款強積金。十 年來,每月強積金供款額不定,均不超過港幣四百元。儘管如此, 強積金戶口已累積港幣67,748元的積蓄。 她忘記付了多少供款總額,但非常安心自己挑選的低風險基金。 每收到報表,會小心審閱結餘,但不肯定自己的投資是否賺了錢, 因為強積金公司沒有在報表列明戶口賺或蝕,或管理費詳程。 張女士對退休策劃十分審慎。她計算退休後每月開支只須港幣兩 千元,主要用於膳食。幸運地,她沒有租金開支,因為她和丈夫劉 志強很早已供完他們在屯門的居屋單位貸款。現年59歲的丈夫希望 繼續工作,支付家庭日常開支,她多年前買下的儲蓄保險,合約年 滿時,將有4萬美元收益。29歲兒子任職僱員培訓局的助理主任,也 會幫忙照顧父母生活費。 張女士明年可以安心享受無憂的退休生活,一切早已策劃好了, 包括耍太極,在嶺南大學的亞太老年學研中心做義工,也會在嶺南 的長者學苑讀書,終身學習。

張玉蓮 Cheung Yuk-lin

N

ext summer, Cheung Yuk-lin will bid goodbye to a 24-year career at the Jockey Club where, from her counter selling lottery and racing tickets, she watched many punters scoring unexpected wins. While Cheung often tries her luck on the mega Mark Six jackpot, she is not in any sense a risk-taker. So it was a surprise for her to learn the high risk she had taken in investing in equity funds in a regular risk assessment letter sent from provider Fidelity nine years ago. The letter listed all its fund types and grouped them under different risk categories, from high to low. It prompted Cheung, now 59, to switch to two low-risk funds – Capital Stable Fund and Stable Growth Fund – and to divide her MPF evenly between the two. “The reason I chose to invest 50% in one fund and 50% in the other is that I thought that if I lost money in one, the other might still make money and I can still break even,” she says. A part-time worker, Cheung has built up a small MPF egg nest of HK$67,748 on monthly contributions of no more than HK$400. Her monthly wage fluctuates between HK$3,000 and HK$6,000 on an hourly rate of HK$54. During the two-month summer recess for horse racing when her wages drop below the HK$5,000 minimum threshold, she does not need to make her 5 % contribution, but her employer is still required to. She has lost count of her contributions, but is content with just investing in low-risk funds. She monitors her balance when the statement arrives, but is not so sure about the performance because the provider does not list clearly the fees, profit and loss figures. Prudence is always the guiding principle to her retirement planning. Cheung puts her retirement expenses at HK$2,000 a month, mainly for meals. She and her husband Lau Chi-keung, a 59-year-old Caritas handyman, have already paid off the mortgage on their Tuen Mun flat, and her husband will continue working. An insurance policy payout of US$40,000 will help take care of her expenses. There will also be support from their 29-year-old son, an assistant supervisor at the government’s Employees Retraining Board. These financial cushions will safeguard a lifestyle she has already begun preparing for, involving Tai Chi, volunteering work at Asia-Pacific Institute of Ageing Studies of Lingnan University, as well as taking courses at the Elder Academy at Lingnan.

21


基金焦點 | Funds Focus

積金市場中,表現最超卓的基金,也 是最為人熟悉的香港股票。積金底下 的135隻股票基金中,有39隻百分百 投資在香港聯交所掛牌的股票。這些基金由2001 年起十年來,平均每年取得10.3%的升幅,是積金 市場19種基金類別中,表現最亮麗。 過去五年,有幾隻基金屢次超越同躋:最突 出的是數次名列第一的永明首域香港股票基金; 另外,RCM-香港基金,則在過去一年、三年或 五年的界別中(截至2011年6月30日),穩佔 首三位;安泰強積金的基本計劃基金亦長期名列 前茅。 可惜,基金界別,難以過去的表現,預測未來 走勢。有些基金能於某一段時期表現出眾,卻失 守於其他時段。韜睿惠悅香港投資顧問總監曹偉 邦說:「我通常會對客戶忠告,不要假設基金過 去的走勢,會重複發生。」 香港股票基金是強積金投資中,風險最高的 類別,股票價格每日或每小時改變,流動性也最 高。大幅波動是一把雙刃劍,一方面提供豐厚的 回報機會,另一方面也佈滿陷阱。2008年香港股 票基金虧損了50.6%,2009年則錄得58.5%的升 幅,波動之大,可見一斑。 市場動蕩的時候,基金個別表現的差距,往往 擴大,例如2007年,表現最好與最差的基金, 回報相距高達57.6%。在市場全面上揚的牛市如 2010年,難找到被低估的股票,基金表現差幅, 隨即收窄至18.2%。 香港股票基金,體現了傳統風險與回報對沖 的道理:額外回報帶來高風險,高風險卻不保證 高回報(深層分析請參閱網址www.mpfexpress. com,積金教室一文)。一般而言,基金表現與 風險程度密切掛鉤。

22 Q3-2011

積金之冠:香港股票

HK Equities Top MPF Funds Chart


表現最好的香港股票基金 HK Equity Top Performers 過去一年 For the last year 排名

Ranking 基金名稱 Fund Name

%

1

永明首域香港股票基金

23.5

2

交通銀行香港動力股票成分基金

20.9

3

RCM - 香港基金 RCM HK Fd

20.8

4

渣打-全面-美盛香港股票基金 SCB - Adv - Legg Mason HK Eq Fd

17.6

5

安泰基本香港股票投資組合

17.5

Sun Life First State HK Eq Fd BCOM HK Dyn Eq Fd

ING Basic HK Eq Portfolio

基準指數 Benchmark

17.2

中位回報 Median return

16.0

評級的基金數目 No. of funds ranked

26

衡量的基金數目 No. of funds measured

33

過去三年 For the last 3 years 排名

Ranking 基金名稱 Fund Name 1

永明首域香港股票基金

Sun Life First State HK Eq Fd

年度 回報

% pa 11.9

2

RCM - 香港基金 RCM HK Fd

8.8

3

安泰基本香港股票投資組合

6.1

4

富達 - 香港股票基金 Fidelity HK Eq Fd

6.1

5

安泰綜合香港股票投資組合

6.0

ING Basic HK Eq Portfolio

ING Comprehensive HK Eq Portfolio

基準指數 Benchmark

4.5

中位回報 Median return

3.7

評級的基金數目 No. of funds ranked

24

衡量的基金數目 No. of funds measured

29

過去五年 For the last 5 years 排名

Ranking 基金名稱 Fund Name

圖表一 Figure 1

年度 回報

% pa

1

永明首域香港股票基金

16.8

2

海通香港特區基金 Haitong HK SAR Fd

15.2

3

RCM - 香港基金 RCM HK Fd

14.3

4

安泰基本香港股票投資組合

14.0

5

安泰綜合香港股票投資組合

13.9

Sun Life First State HK Eq Fd

ING Basic HK Eq Portfolio

ING Comprehensive HK Eq Portfolio

基準指數 Benchmark

回報(%) return (%)

100

60 40 20 0 -20

10.6 9.9

評級的基金數目 No. of funds ranked

20

衡量的基金數目 No. of funds measured

24

Performance as at June 30, 2011

香港股票基金回報比較 Annual Returns for HK Equity Funds

80

中位回報 Median return

回報截至二○一一年六月三十日

T

he best-performing fund type in the MPF marketplace thrives in a familiar territory: Hong Kong Equities. There are 39 such funds, devoted fully to equities listed on Hong Kong Stock Exchange, out of the total 135 equity funds available to MPF members. Together, they have delivered a 10.3% return each year on average since 2001, the highest among the 19 fund types in the MPF universe. The repeat winners over various periods are Sun Life First State MPF Hong Kong Equity Fund, the persistent No. 1 in the last five years; RCM Hong Kong Fund, which has also been among the top three in the league table over one, three and five years ending June 30, 2011; and ING MPF Basic Scheme Hong Kong Equity, which has also ranked highly consistently. But fund performance in this category can hardly be predictable from a historical perspective. Some funds that performed well over one period do not make it to the top five in another. “I always caution my clients not to assume past performance will automatically be repeated,” says Philip Tso, HK investment consulting head of Towers Watson. Hong Kong Equity Funds are the most volatile investment fund, with prices of a listed stock moving by the day if not the hour, and among the most liquid. The high volatility is a double-edged sword, allowing for giddy profittaking as well as fickle market routs. Just look at how Hong Kong equities funds lost 50.6% on average in 2008 but shot up the next year by 58.5%. Fund performance also varies widely in uncertain times, such as in 2007 when the gap between the top-performing fund and the worst was a big 57.6% differential in return. In bull markets such as in 2010, when it became harder to find under-valued stocks, the gap narrowed to only 18.2%. This fund type exemplifies the classic tradeoff between risk and return: additional returns normally entail higher risks, but higher risks do not guarantee better returns. A fund performance is closely linked to the level of risks it takes. (See in-depth analysis in the How To section, on our website www.mpfexpress.com).

-40 -60

2006

2007

2008

2009

2010

YTD 2011 5 years (%pa)

表現最優秀基金 Best performer 中位表現基金 Median 最遜色基金 Worst performer

基準指數

Benchmark

23


www.rcm.com.hk


積金之冠:香港股票 HK Equities Top MPF Funds Chart

圖表二 Figure 2

香港股票基金風險回報對照

Risk vs. Reward for HK Equity Funds 回報(每年%) Return (% pa) 18

24

16

9

20

14

17 8

12

基準指數

3

10

7

8

Benchmark 6 1 4 5

21 2 23

10, 11, 13, 14 6

16

20

22

22 12, 15

18 19

24

26

28

30

32

34

風險(每年%) Risk (% pa)

1

友邦摩根富林明強積金計劃 - 香港股票基金 AIA-JF MPF - HK Eq Fd

13 匯豐精選計劃 - 指基金 HSBC - ST Hang Seng Index Tracking Fd

2

友邦摩根富林明強積金優越計劃 - 香港股票基金 AIA-JF Premium MPF - HK Eq Fd

15 匯豐智選計劃 - 中港股票基金 HSBC - STPlus HK and Chinese Eq Fd

14 匯豐智選計劃 - 指基金 HSBC - STPlus Hang Seng Index Tracking Fd

3

易富之選 AXA - RCM 香港基金 Simple Plan AXA - RCM HK Fd

4

銀聯信託強積金計劃 - 香港股票基金 Bank Consortium MPF - HK Eq Fd

5

銀聯信託行業計劃 - 香港股票基金 Bank Consortium Industry - HK Eq Fd

6

東亞(強積金)香港增長基金 BEA (MPF) HK Growth Fd

7

中銀保誠香港股票基金 BOC-Prudential HK Eq Fd

8

富達 - 香港股票基金 Fidelity HK Eq Fd

9

海通香港特區基金 Haitong HK SAR Fd

16 安泰基本計劃香港股票投資組合 ING Basic HK Eq Portfolio 17 安泰綜合計劃香港股票投資組合 ING Comprehensive HK Eq Portfolio 18 景順 - 中港股票基金 Invesco - HK & China Eq Fd 19 宏利MPF香港股票基金 Manulife MPF HK Eq Fd 20 RCM - 香港基金 RCM HK Fd 21 施羅德強積金香港投資組合 Schroder MPF HK Portfolio

10 生精選計劃 - 指基金 Hang Seng - ST Hang Seng Index Tracking Fd

22 渣打 - 全面 - 匯豐強積金”A”系列 - 中港股票基金 SCB - Advanced - HSBC MPF “A” - HK & Chinese Eq Fd

11 生智選計劃 - 指基金 Hang Seng - STPlus Hang Seng Index Tracking Fd

23 渣打 - 全面 - 美盛香港股票基金 SCB - Advanced - Legg Mason HK Eq Fd

12 生智選計劃 - 中港股票基金 Hang Seng - STPlus HK and Chinese Eq Fd

24 永明首域強積金香港股票基金 Sun Life First State MPF HK Eq Fd

要回報又不承擔任何風險?根本不可能。積金 中,有七隻香港股票基金卻能兼顧風險與回報, 表現優勝(參閱圖表二,「香港股票基金風險回 報對照」)。其中,安盛香港股票基金承受的風 險最低,但卻有能力賺取高回���,高出香港股 票基金整體的平均值。另一方面,永明首域香港 股票,基金回報最佳,但風險還維持在合理的程 度。這些回報高,風險相對低基金,分佈在圖表 的左上方。 有些基金以高風險的策略,換取高回報,比如 安泰香港股票基金及海通基金。過去五年(截至 2011年6月30日),回報可觀,也具競爭力,但 是投資者要承受短期大幅的價格波動。 對投資的影響,可由下頁圖表進一步比較,圖 中曲線圖顯示每月一千元供款累積結餘,相對於 表現最優秀、中位及最遜色的基金之互動關係。

It is impossible to generate a return without taking any risk. There are seven Hong Kong equity funds capable of scoring above-par performance while taking no more risk than competitors. (See figure 2, ‘Risk vs. Reward for HK Equity Funds’). AXA Hong Kong Equity Fund delivered the lowest risk. That said, AXA was able to deliver better that the average return in the Hong Kong Equity Fund universe. On the other hand, Sun Life First State Hong Kong Equity Fund delivered the best return with reasonably low risk compared with other Hong Kong Equity Funds. These are funds congregating in the upper left side of the chart, where returns are relatively high and risks low. There are funds that take higher risk for higher returns, such as the ING Hong Kong Equity Fund and Haitong, for example. In the five years to June 30, 2011, their returns appeared to be very competitive, but investors need to bear the characteristics of higher volatility over time.

25


積金之冠:香港股票 HK Equities Top MPF Funds Chart

圖表三 Figure 3

香港股票基金表現如何?

How HK Equity Funds Performed $89,131

$90,000 $80,000

$70,160

$70,000 $67,555

$60,000

$60,000

$50,000 $40,000 $30,000 $20,000

表現最優秀基金

中位基金

最遜色基金

Best-performed Fund

Median Fund

Worst-performed Fund

Jun-11

Feb-11

Oct-10

Jun-10

Feb-10

Oct-09

Jun-09

Feb-09

Oct-08

Jun-08

Feb-08

Oct-07

Jun-07

Feb-07

Oct-06

$0

Jun-06

$10,000

供款結餘* Contribution*

* 根據每月供款總額港元1,000元估計 * Based on total contribution of HK$1,000 per month

您會發現大部份時間,即使是最遜色的基金也 能取得回報,均較累計供款結餘高,只有2008 及2009年經濟大逆轉,所有基金的回報都受到影 響,低於累計供款的結餘曲線,隨後幾年,基金 回報表現又復原,爬回高於結餘曲線的水平。 過去五年以來,表現最佳的香港股票基金結餘 為港幣89,000元,較累計供款結餘港幣60,000 元,多出港幣29,000元。

26 Q3-2011

You can see that most of the time the returns are adding to the value above the contribution with the value of the highest and the lowest funds being above the contribution line, except in 2008 and 2009 when the poor returns caused the fund value to drop, although this recovered again in the following years. By the end of five years the highest HK Equity Fund balance is HK$89,000, HK$29,000 dollars above the HK$60,000 contributed.


主動式管理與指數基金比較

Managed vs. Tracker Funds

39隻香港股票基金中,有29隻由基金經理採 取主動管理,其餘則是被動式管理,跟隨指 數浮動,也就是所謂的指數基金。 指數基金,包括交易所買賣基金 (ETFs) , 相對於主動式管理的基金收費較低,因為基 金經理的責任相對簡單:將資金投放在與某 個指數相匹配的股票組合,例如生指數, 基金的表現是大市移動的縮影。近年來,這 類基金受大家追捧,全因它直截了當而低成 本的投資策略。 相比之下,主動式管理基金依賴經理的 能力來挑選恰當的股票投資,找緊機會,超 越市場指數,從而取得較同儕優勝的成績。 由於牽涉額外工作,為投資者獲利的潛力較 大,這些基金收取較高收費,風險亦較指數 基金高。

Twenty-nine of the 39 Hong Kong Equity funds are actively managed by investment managers, with the remaining 10 passively tracking an index. Index-tracking funds, such as exchange-traded funds (ETFs), charge lower fees than actively-managed ones because the manager’s job is rather straightforward: buying stocks matching the prevailing market index, such as Hang Seng Index, with the fund performance mimicking movements in the wider market. Such funds have gained popularity in recent years because of their plain-vanilla and low-cost approach. By contrast, an actively managed fund depends on the manager’s ability to pick the right stocks to invest, hoping to find bargains that would beat the market index and outperform peers. Because of the additional work involved and the potential to add more value for investors, these funds demand higher fees and take bigger risks than index-tracking ones.

27


績效回顧 | Performance at-a-Glance

環球債券表現卓越

Global Bonds Shine in Q2

爾街經典俚語:「五月沽貨走人。」 股市第二季的表現,慣常會在夏季的 長假之前,來一個強勢反彈,可惜今

年卻反常。 國際投資者的信心備受發達國家的主權債務問 題嚴重打擊。這個衝擊,再加上中國發展過熱, 經濟成長腳步放緩,進一步動搖市場投資信心。

A

s an old Wall Street saying goes, “sell in May and walk away” - the second quarter is normally a period for a powerful rally in stock markets before the summer lull sets in. Not this time. Investors worldwide were hammered by the sovereign debt problems infesting developed countries. As if this was not enough, investors in Asia were unnerved by signs that China was overheating and its economy slowing down.

28 Q3-2011


隨著四月份的短期反彈,各地區股市都在五、 六月相繼下滑,連亞洲﹝日本除外﹞這少數經濟 前景樂觀的市場,也不例外。 今季跑贏大市的是債券,除了六月稍微回落, 平均表現出色。因此,投資組合中債券佔一定比 率的混合資產,均受惠於債券帶來的正面回報, 對沖股票投資的虧損。

Following a short-lived rally in April, stock markets in the region skidded in May and June, even though Asia-ex Japan remains one of the few geographical markets with a sanguine economic outlook. The winning bet for this quarter lay in bonds, which performed generally well despite a small hiccup in June. As a result, an investment portfolio with a certain share of bonds, known as mixed assets, made up for losses in equities with positive contribution from bonds.

債券領先 環球債券基金領導群雄,今季錄得2.4%的佳績; 日本股票基金隨後,獲得1.9%的回報,是三月 地震重創後的反彈現象。債券投資以穩定的長線 回報著稱,尤其在不明朗的環境,如現時的情況 下,穩健的特性更為明顯。 其他贏家有混合資產基金,錄得平均0.2%至 1.3%的回報,個別升幅取決於債券佔基金投資 組合之比重。整體而言,債券的比率越高,回報 越佳。 香港股票基金及大中華股票基金表現繼續令 人失望,今季甚至成為大輸家,分別錄得2%及 0.9%的負增長,反映出投資人對中國宏觀經濟狀 況的憂慮。中國上市公司公佈的財務數據接連傳 出詐欺指控,亦拖累股市下跌。

Bonds Lead the Way Global Bond Funds led the pack with the best return for the quarter of 2.4%, followed by Japan Equity Funds at 1.9%, helped by a strong rebound from the depth of the March quake. Bonds tend to deliver a steady return over long time and in uncertain climates like now. Other winners were mixed assets funds that, on average, recorded positive returns at between 0.2% and 1.3%, depending on their weighting in bonds. In general, the higher the bond content, the better the result. Hong Kong Equity Funds and Greater China Equity Funds continued to disappoint investors and this quarter even took the title as the biggest losers, each shedding 2.0% and 0.9% respectively. Anxiety over China’s macroeconomic health aside, stocks were also dragged down by a string of allegations over the integrity of financial data presented by listed Chinese companies.

圖表一 Figure 1

強積金基金季度表現 MPF Fund Types Quarterly Performance 截至2011年6月30日的三個月回報 3-month return to June 30, 2011

回報 (%)

Return (%) 6.0 4.0

混合資產基金(股票及債券)

Mixed Assets Funds (equities & bonds) 2.8 2.4 1.6

2.0

0.7

0.0

-0.7

-2.0

1.4 0.2 -0.9

1.5 0.6 -0.3

基金表現圖譜:

4.7 3.8

2.0 1.3 0.6

1.5

-2.0

-2.4

-4.0

0.9

0.5 0.3

-0.9

-1.2

1.9

0.9

1.4

-2.5

1.5 0.2 -1.2

-1.4

-2.1

Fund category performance spectrum:

3.3

-2.2

-4.8 環球股票

Global Equity

歐洲股票

European Equity

Asian ex Japan Equity

亞洲股票 (日本除外)

日本股票

Japanese Equity

美國股票

United States Equity

大中華股票

Greater China Equity

香港股票

Hong Kong Equity

混合資產 (股票 20%-40%) Mixed Assets (20%-40% equity)

混合資產 (股票 40%-60%) Mixed Assets (40%-60% equity)

混合資產 (股票60%-80%) Mixed Assets (60%-80% equity)

混合資產 (股票 >80%) Mixed Assets (>80% equity)

環球債券

This symbol represents the maximum return made by this fund type

這標記代表這類基金的平均回報

-6.0 Global Bond

這標記代表這類基金的最高回報

Average return

這標記代表這類基金的最低回報

Lowest return

29


環球債券表現卓越 Global Bonds Shine In Q2

圖表二 Figure 2

號碼標記

五年風險回報對照 Fund Types 5-Year Risk and Return

Symbol

回報 (每年%)

Return (%pa) 18

5

16 14

6

12 9

10 8 16 15

6 4

3

11

7

混合資產 (股票 > 80%) Mixed Assets (>80% equity)

2

混合資產 (股票 60%-80%) Mixed Assets (60%-80% equity)

3

混合資產 (股票 40%-60%) Mixed Assets (40%-60% equity)

4

混合資產 (股票 20%-40%) Mixed Assets (20%-40% equity)

5

香港股票 Hong Kong Equity

6

大中華股票 Greater China Equity

7

美國股票 United States Equity

8

日本股票 Japanese Equity

9

亞洲股票(日本除外) Asian ex Japan Equity

10

12

18

-2

10

13

17

0

1

14

19

2

4

2

資產種類 Category

1

亞洲股票(日本, 香港除外)

Asian ex Japan ex HK Equity 11

亞太股票 Pacific Basin ex Japan Equity

12

歐洲股票 European Equity

13

環球股票 Global Equity

14

港元債券 Hong Kong Dollar Bond

15

環球債券 Global Bond

16

保證基金 Guaranteed Fund

17

港元貨幣市場 Hong Kong Dollar Money Market

以上號碼代表各資產種類的平均值,以港幣記價。

18

美元貨幣市場 US Dollar Money Market

These dots represent the median of the asset classes values measured in HK dollars.

19

強積金保守基金 MPF Conservative Fund

-4 -6 -8 -10

8 0

4

8

12

16 風險 (每年%) Risk (% pa)

美國和歐洲的債務危機加劇全球各地投資者 不安的情緒,但兩地區的股票市場表現,卻截然 兩樣,異常活躍。總觀,歐洲股票基金平均取得 1.4%的正面回報,這數字結合了歐盟不同國家當 地股票市場的不同表現,由高達4.7%的升幅至 2.2%的負增長。美國股票基金則平均錄得0.3%的 回報。 環球股票基金表現平淡,反映美國歐洲股票 市場的復甦,與香港及大中華股市暴跌的拉 鋸戰。 第二季印證了經典的投資格言:金融市場一 貫的短期波動是常態。季度表現並不是最好的投 資指引,不足以促使您改變投資組合,但長遠來 說,明白短期市場變動背後的因素,可讓您成為 精明的投資者。 高回報,高風險 環球債券於今季展現卓越的表現,能否長期維持 良好記錄?有什麼附帶風險?您不能只看回報, 而忽視背後隱藏的風險。 在五年投資圖表裡(圖表二),將風險及回報 一起對照,19個強積金基金種類中,香港股票 基金取得最佳的回報,相對於其他類型的股票基

30 Q3-2011

20

24

28

The debt crisis in both the U.S. and Europe may have affected investor sentiment worldwide, but stock markets at the epicenter of both markets told a different story. Overall, European Equity Funds delivered a 1.4% return, with divergent fortunes in different national markets - from as high as a return of 4.7% to as bleak as a loss of 2.2%. The U.S. Equity Funds were marginally positive, reporting a 0.3% return on average. Performance of Global Equity Funds was flat, a reflection of the pull between the reviving U.S. and Europe markets and plummeting Hong Kong and Greater China stocks. The second quarter attests to the classic investing adage that financial markets are, as always, notorious for short-term volatility. Quarterly returns are far from a useful guide to trigger a change in investment portfolios, but understanding the causes behind them will make you a better investor in the long run. Risk Drives Return Although global bonds delivered favourable returns over the quarter, is this also the case over a longer period? What about the risk associated? You should not just focus on the return. It is indeed the risk which drives the results. By looking at the risk and return together over a five-year investment horizon, among the 19 types of funds in the MPF universe, Hong Kong Equity Funds (no. 5 in the chart above) delivered the best return over


金,所經歷的價格波動較大,但是與中國股票基 金及亞洲股票基金相比,波幅則較低。 含有高比例債券成分的混合資產基金(號碼 標記三及四),考慮到風險的同時,亦能錄得令 人滿意的表現。一般來說,這類型基金的債券成 份,最高佔有60%。另一方面,股票投資成分較 高的基金,在這段時間內未能取得佳績。 過去五年,環球債券基金(號碼標記15)相對具 有競爭力,低風險,而且回報合理。在2008年的 經濟危機時,環球債券表現勝過股票(圖表2)。 市場上有三個基金種類,過去五年內都未能 取得投資回報,包括日本股票基金、歐洲股票基 金及美元貨幣市場基金,前兩者的的波動幅度劇 烈,顯示風險程度高增。

“所有主要基金類別的 回報比累積供款為高 All major fund types performed better than contributions without investing”

the last five years, but also experienced a high volatility compared to other equity funds. Compared to Greater China Equity Fund and Asian Equity Fund, Hong Kong Equity Funds showed a slightly lower volatility. Mixed Assets Funds with a higher proportion in bonds (nos. 3 and 4) also delivered satisfactory performance when taking into account risk. These funds typically have bond exposure of up to 60%. On the other hand, funds with more equities did not appear competitive over this period. Global Bond Funds (no. 15) appeared to be relatively competitive, i.e., lower risk with reasonable return. This is because Global Bond Funds rode through the financial crisis in 2008 better than equities. There are three types of funds that did not manage to deliver positive returns over the last five years, namely Japanese Equity Funds, European Equity Funds and U.S. Dollar Money Market Funds. The first two also came with high volatility. When taking into account monthly contributions, all seven major MPF fund types - including Hong Kong Equity, Global Bond, and Global Equity - performed better than just contributions without investing (see charts 3.1 and 3.2). Unsurprisingly, Hong Kong Equity Funds delivered the best results over the last five years. Global Bond Funds almost made it to the best performing asset class over the period because they have delivered a stable return even during the financial crisis. For Global Equity Funds, although there was a rebound in 2009, its return after the crisis was much less than that of Hong Kong Equity Funds. Hence, Global Equity Funds took longer (until 2010) for returns to exceed the contributions without investing.

圖表3.1 Figure 3.1

各資產價值與累積供款比較(圖表一) Asset Classes vs. Monthly Contributions (I) $80,000 $70,000

$70,166 $70,423

$60,000

$63,960 $60,000

$50,000 $40,000 $30,000 $20,000

Hong Kong Equity

環球債券

Global Bond

環球股票

Global Equity

Jun-11

Apr-11

Feb-11

Dec-10

Oct-10

Aug-10

Jun-10

Apr-10

Feb-10

Dec-09

Oct-09

Jun-09

Aug-09

Apr-09

Feb-09

Dec-08

Oct-08

Aug-08

Jun-08

Apr-08

Feb-08

Oct-07

香港股票

Dec-07

Aug-07

Jun-07

Apr-07

Feb-07

Dec-06

Oct-06

Aug-06

$0

Jun-06

$10,000

供款總額 *

Contribution *

* 將主要資產種類價值與累積供款總額 (根據每月總供款港幣一千元)相互比較。 * Comparing the performance of major asset classes with cumulative MPF contributions of HK$1,000 per month.

31


環球債券表現卓越 Global Bonds Shine In Q2

圖表3.2 Figure 3.2

各資產價值與累積供款比較(圖表二)

Asset Classes vs. Monthly Contributions (II) $68,182

$70,000

$67,732 $67,334 $67,028

$60,000

$60,000 $50,000 $40,000 $30,000 $20,000

混合資產 (股票 >80%)

Mixed Assets (> 80% equity)

Jun-11

Apr-11

Feb-11

Dec-10

Oct-10

Aug-10

Jun-10

Apr-10

Feb-10

Dec-09

Oct-09

Aug-09

Jun-09

Apr-09

Feb-09

Dec-08

Oct-08

Jun-08

Aug-08

Apr-08

Feb-08

Dec-07

Oct-07

Jun-07

Aug-07

Apr-07

Feb-07

Dec-06

Oct-06

Jun-06

$0

Aug-06

$10,000

混合資產 (股票 60%-80%)

Mixed Assets (60%-80% equity)

混合資產 (股票 40%-60%)

混合資產 (股票 20%-40%)

Mixed Assets (40%-60% equity)

Mixed Assets (20%-40% equity)

供款總額 *

Contribution *

* 將主要資產種類價值與累積供款總額 (根據每月總供款港幣一千元)相互比較。 * Comparing the performance of mixed asset classes with cumulative MPF contributions of HK$1,000 per month.

如圖表3.1及3.2所示,當計入每月供款的累積 結餘,七種主要強積金基金種類的表現,都較不 作任何投資的回報為佳。與預期一樣,香港股票 基金於過去五年錄得最超卓的表現,環球債券基 金,緊追在後,表現幾乎是資產類別之冠,無論 經濟好與壞,回報都相當穩定。至於環球股票基 金,於2009年有反彈,但經濟危機後的回報,遠 較香港股票低。也就是,環球股票基金需較長的 時間,表現才可以超越淨供款結餘。 至於混合資產基金,包含了各式各樣的債券及 股票組合,回報均能比累積淨供款結餘高,與一 些專門基金比較,如香港股票基金或環球股票基 金,混合資產基金於過去五年的價格上落波幅較 細,全因所包含的債券成分回報穩定,對消了其 他投資的市場波動,債券的穩定特性,在2008年 金融危機期間,表現無疑。

For mixed assets funds, which invest in various proportions of equities and bonds, all funds delivered a return better than contributions without investing. Compared with the specialist funds such as Hong Kong Equity Fund or Global Equity Fund, their ups and downs over the last five years were smaller because of exposure to less volatile asset classes, such as bonds, as illustrated during the 2008.

學習閱讀圖表,查詢個別基金表現細節,請瀏覽我們網址www.mpfexpress.com中的「強積金概覽」網頁。 For tips on how to read performance charts, and for performance of individual funds in detail, please visit www.mpfexpress.com, under the heading of MPF Comparisons.

32 Q3-2011


基準指數 | Funds Focus

追蹤基金表現,用基準指數

Using Benchmarks to Track Performance

H

的強積金表現如何?觀察基金表現,最 容易的方法,是就基金價格的升幅或跌 幅作判斷。可惜,強積金屬於每月累進 供款的長線投資型產品,難以單靠價格上落作判 斷。您可能也想知道自己的強積金是否賺取好的 回報,也想了解基金經理有否做好份內事?如果 沒有一個客觀標準,可能水中撈月,空歡喜一場。

as your MPF performed well? The easiest way is to look at a fund’s value - how far it has risen or fallen? But it is not so easy to do so with MPF, with its progressive monthly contributions and long-term investment timeline. In addition to absolute value, you might also want to know whether your MPF yields a good return or your fund manager is doing his job. Without an objective yardstick, the exercise could be as meaningless as reading tealeaves.

假設前題 如果您投資的股票基金獲得5%的回報,您能否因 此肯定基金經理的表現良好? 市場上最普及的衡量工具稱為基準指數,用以追 蹤標的金融市場升與跌的全面趨勢。如果您投資的 是香港股票市場,最普及的基準便是生指數。 往往市場有多種基準指數用來衡量某一類型基 金的表現。除了生指數外,還有其他基準指數可 以用來追蹤強積金底下的香港股票基金表現,如 富時強積金香港指數。此指數比生指數包含更多 隻股票(約190隻),由富時集團創立,專用作評 估強積金基金投資於香港股票的表現。

The Big Question If an equity fund you’ve invested in delivers a 5% return, can you be sure the manager has done a good job? The most popular tool is a benchmark. A benchmark index tracks the ups-and-downs of a financial market in which your fund is invested. If your MPF invests in Hong Kong equities, the most commonly-used benchmark is the Hang Seng Index. However, there is often more than one index which funds can be measured against. Other than the Hang Seng Index, Hong Kong Equity Funds can be tracked by benchmarks such as the FTSE MPF HK, which comprises a wider pool of stocks (about 190). This index has been developed by The FTSE group (whose owners are the Financial Times and the London Stock Exchange) specifically for use as a benchmark to evaluate the performance of those MPF funds investing in stocks.

策略底線 如果您的基金經理能找到基準指數籃子以外,表 現更佳的股票,甚或能在這些指數籃子裡的優質 股中,作出恰巧的投資分配,必定能為您帶來可 觀的回報。 強積金的主要設計特點,在於投資風險的分散, 因此大部份基金會投資於一系列股票,使基金價 格不會受單一股票或單一行業過度影響。所以法 例規定基金經理不能把超過十分一的資金投放在 單一股票上,縱使有些股票佔指加權成份中很 重的分量,包括大藍籌如匯豐或中移動。 星級表現 富時強積金香港指數在過去的十年間平均錄得每 年10.2%升幅。投資在香港股票市場的強積金基 金,有半數的表現均能超越此基準,每年回報高達 10.8%,此數字已扣除有關費用。同一時間,生 指數則錄得9.2%平均年度升幅。您的基金經理是 否是屬於幸運的那半數之一,同時超越這兩個基準 指數呢?

The Bottom Line If your manager can find better stocks to invest than those stocks within a market index and/or make appropriate allocation to such stocks, they should deliver better results. MPF is designed for risk diversification. Many funds are invested in a large number of stocks so that the fund price does not rely on one stock or one sector. That’s why a manager cannot invest more than 10% of a fund into one particular stock, even though popular stocks such as HSBC or China Mobile account for a large weighting in the Hong Kong stock market. The Holy Grail The FTSE MPF Hong Kong Index has risen by an average 10.2% each year in the last 10 years. More than half of HK Equity Funds under MPF have beaten this benchmark, delivering 10.8% return every year, net of fees. At the same time, the Hang Seng Index has gone up by 9.2%. Are your managers among those who have beaten both indices?

33


點心專欄 | Dim Sum 撰文:韜睿惠悅高嘉鴻 by Kelvin Ko, Towers Watson

配備 i-級預算 An i-Budget for i-Citizens

難想像有一天香港滿街到處都是i-族 ─那些蘋果電腦迷,所有i-系列科技 產品的忠實用戶。 但是i-概念並非蘋果公司出品的專利,香港 政府也以「i」品牌,在第三季發行零售債券 iBonds,投資期為三年,每六個月派發利息, 息率與通脹率掛。此外還有iShares,無論 本地報紙或戶外廣告牌,處處看見它的推廣廣 告,其賣點是其全球最多類型的交易所買賣基 金,是一種追蹤股票市場指數變化,在證券交 易所上市交易之基金。金融產品與科技產品 不同,無論有否用「i」作牽頭,均帶有投資 風險。 我每天不時撞到iPhone的使用者,他們為心 愛的手機,配上最時尚,奪目昂貴的外衣。每 當蘋果電子產品推出嶄新型號,或者只是新的 顏色,售賣蘋果產品的店舖,總是大排長龍, 成為城中熱話​​。 今年六月,蘋果宣佈一項全新 存儲服務,稱為雲端服務,為電子文件資料存 儲帶來大革新,讓全線採用蘋果產品的人士, 不用通過個人電腦,便能將自己所有蘋果系列 使用的相關資訊,在遠端服務器,輕鬆無縫地 存儲下來,交互使用,方便省時。 花 費 港 幣 四 千 元 ,買一部蘋果產品,並非 小數目,依據政府統計處數據,香港全職人士 的中位收入,每月港幣一萬兩千元。再考慮電 訊服務各式各樣的費用,要成為i-族的一員, 入場費成本不菲,幾乎與個人年度薪俸稅不相 上下。 許多i-族或準i-族成員也許和我有同感,實在 難以抗拒高科技創新所帶來的誘惑。因此,我 們更迫切需要編制個人年度的i-級預算表,防 止超支。這項預算,應該是i-族成員個人財務 計劃重要的一部分,涵蓋購買科技產品及各項 升級的計劃支出,這些費用動輒也要數千元一 年呢! 新科技帶來新選擇,但是那些未能編制健全 財務計劃的i-族,卻可能經常苦惱:買還是不 買?有了i-級預算,便能輕鬆決定。

34 Q3-2011

I

t is easy to imagine Hong Kong populated with busy i-Citizens, those who are hooked on all the high-tech gizmos exemplified by i-branded devices from Apple. It is not just Apple that is tempting consumers with the ‘i’ concept. The SAR government has issued inflation-linked retail bonds in the third quarter with a maturity of three years and called them iBonds, backed with a promise to pay investors coupon rates that are linked to change in inflation rates over the preceding six months. There is also iShares, which advertises heavily in local newspapers and outdoor billboards to sell the world’s largest collection of exchange-traded funds which track movements in stock market indices. Unlike high-tech gizmos, financial products, with or without an ‘i’ prefix, always come with investment risk. Not a day has passed without me bumping into people dressing up their iPhones with fashionable, eye-catching cases, which can be expensive. The arrival of a new Apple model, or just a new colour, is always greeted with long queues and impassioned discussions in this city. In June, Apple announced a new online storage service called iCloud that promises to revolutionalise the way content is stored and shared seamlessly among Apple devices without going through a personal computer. Splashing HK$4,000 on an Apple gadget is no small sum, considering the median monthly wage of full-time employees in Hong Kong is HK$12,000, according to the Census and Statistics Department. Add to this the follow-up costs of a monthly contract and miscellaneous charges for the telecom services to get it up and running, and the price tag for becoming an i-Citizen can be exorbitantly high, probably as much as one’s annual income tax payments. Like me, other i-Citizens, as well as prospective ones, may find it hard to resist the temptation of high-tech innovation. It is, therefore, all the more imperative to work out an annual budget to prevent overspending. Such budget should form a crucial part of an i-Citizen’s personal financial plan and take into account both purchases and upgrades of these devices, most of which usually costs thousands of Hong Kong dollars each year! Innovation offers new choices, but i-Citizens may find themselves struggling without a sound financial plan. To buy or not to buy? The decision would be easier to make with the help of an i-budget.


商鋪暢旺·中小企難 Real Estate Boom, Business Gloom

臨高樓價的時代,本地企業只能在 夾縫中生存,特別是自僱人士及中 小企業,他們紛紛被迫遷離市區,

無法競爭。 近期較引人注目的事件,發生在渣甸街京華 中心。大大小小的零售店,從遊戲機舖、小型 餐廳、佐丹奴、大家樂,甚至屈臣氏,均被迫 明年八月前撤離這幢外觀一般的商業大樓,讓 位給美國時裝品牌Forever 21。這家大眾化路線 的連鎖店,即將在此開設旗艦店,進駐銅鑼灣 最繁華的人流交匯處,每月租金高達港幣一千 一百萬元。 同樣的事例在香港各處上演。在較低檔次購 物中心如領匯旗下的商場,小本經營的租戶, 如髮型屋、麵包店,只能無奈接受租金增幅,或 是遷移至更低檔次的地方營業。港人多年光臨 的鄰里麵店與家庭式小舖,漸漸消失於熟悉的街 頭,不是搬移到不太方便的角落,就是選擇結束​ 營業。 這些店舖及他們的顧客,都在為香港躍升全 球數一數二貴的商舖物業市場,負上沉重的代 價。根據高力國際物業顧問的資料,香港的銅 鑼灣及中環分別名列全球第二及第三位最昂貴 的購物地區,僅次於紐約第五街。 很多大型跨國企業與奢侈名牌,早已進駐香 港,現在甚至來自歐美的大眾化時裝品牌也登 陸香港。這是否意味著香港自家的品牌會陸續 被迫離場? 一些本地平價品牌如佐丹奴、堡獅龍,採取 因應策略,轉而開發中國內地市場。以佐丹奴為 例,過去三年,香港結束了17間分店,在中國卻 開了368間連鎖店。 會否終有一天香港顧客需要過境到深圳,才 能買到心怡的香港品牌?如果香港不能提供可 負擔的空間,讓中小企業發展,未來將很難造 就下一代「香港製造」的企業家。

T

hese are tough times for local businesses trying to survive in an inflated real estate market. One by one, the self-employed and the small and medium enterprises are being driven out of the city’s downtown by the arrival of global giants. The latest casualties are a host of local retailers, small and big. They include a gaming arcade, small restaurants, Giordano, Café De Coral, and even Watsons, all of whom will have to vacate their spots at Capitol Centre in Jardine’s Bazaar, Causeway Bay, ceding the place to Forever 21, an American fast-fashion chain, from August next year. Forever 21 agreed to splash out a steep HK$11 million in monthly rent for the building’s six floors. Elsewhere, small tenants from hair salons, bakeries to grocery stores in lower-tier retail premises such as shopping malls owned by LINK REITs have to either accept higher rentals when renewing leases or move to the next low-end location. Many noodle shops and family businesses, familiar to Hong Kong residents for decades, are disappearing from street corners and reopening in less convenient places or are shutting down altogether. They, along with their customers, are paying the price for Hong Kong’s elevated status as the world’s most expensive commercial real estate market. Causeway Bay and Central recently became the world’s second and third most expensive shopping areas, respectively, after New York’s Fifth Avenue, according to property consultancy Colliers. Large multinationals and luxury brands have been seizing premier retail locations in Hong Kong. Now, even mass market fashion labels from the west are moving in, threatening to trigger an exodus out of the city by homegrown companies. Some large local brands such as Giordano and Bossini have responded by moving to Mainland China instead, gradually reducing their presence in Hong Kong. Giordano, for one, has closed 17 outlets in Hong Kong and opened 368 in China over the last three years. Will Hong Kong customers one day have to cross the border to Shenzhen to find their favourite Hong Kong brands? It will be hard for Hong Kong to produce the next generation of home-grown entrepreneurs if they cannot afford a humble place to start a business in the city.

35


積金背後 • 精彩人生 | Life Beyond MPF

遠足樂優遊

Stay in Shape - Take a Hike 香港行山導賞 The Beginner’s Guide to Hiking in Hong Kong

B

少人知道,以國際都會形象聞名的香港, 卻有三分一的土地是郊野公園,四周環 繞美不勝收的行山路徑,比鄰幽靜的山 嶺海域。如果您想郊遊遠足,親近大自然,卻不知 about 如何入手,以下是為您度身訂製的初階者導引。

事前暖身 不確定自己的能力?可以先行參加坊間的遠足學 會,報讀有關課程,增強信心。另外,本地一群 來自各國遠足愛好者自組的團體The Hong Kong Trampers(網址:www.hktrampers.com),每 星期天均有行山活動,歡迎公眾參與。 出發前一星期 準備適當衣著,忌穿羊毛或綿質衣物,這些質料 吸收空氣中的濕氣,會黏附皮膚上,應選擇容許 水蒸氣通過、透汗的物料,例如像GORE-TEX這 種高科技薄膜布料、其他有超細彈性人造纖維或 萊卡纖維。最好穿著鮮色衣物,讓人容易看見尋 找到您。遠足前,起碼通知一個好友或您的家屬 遠足行程細節,確保安全。

36 Q3-2011

elieve it or not, about three-quarters of Hong Kong is countryside, packed with loads of amazing hiking trails and remote places. If you want to hike, but are not sure how to go it, here’s your total beginner’s guide.

Get Prepared Not entirely confident in your ability? Sign up with a hiking society or take some lessons to build up some confidence. A volunteers-run group, Hong Kong Trampers (www.hktrampers.com) meets up for walks every Sunday. The Week Before Wool and cotton are not practical for long treks as these fabrics absorb a lot of moisture and hold it close to your skin. Choose fabrics that will “wick” (transport your sweat into the air), such as GORE-TEX, microfiber spandex and Lycra. Also, pick out something bright. It’ll make you easier to be spotted just in case. Remember to tell someone the details of your hiking trip so they know where to look if you are missing.


遠足行山熱點 Top Hikes 北潭涌遠足研習徑 ﹝全長:1.8公里;需時:1小時;難度:1/5﹞ 適合初行者,沿途路標清楚完善,設有指引幫助 衡量自我體能程度;另有地圖標識身處位置,設 置保障安全小貼士。適合一家大小,無論小孩青 年,應該能輕鬆行畢全程。 大帽山遠足研習徑 ﹝全長:1公里;需時:1小時;難度:1/5﹞ 如果您對自己未有足夠信心,這是一條較舒適的 研習徑,讓您輕鬆投入這個新嗜好。沿途設有燒 烤場地和康樂設施,寓研習於娛樂中。 衛奕信徑 ﹝全長:78公里;需時:2小時;難度:3/5﹞

MacLehose Trail 灣,全長8.5公里 (Full length: 100km; Approximate time: 這山徑是香港最著名,容易完成的家樂徑之一。 5 hours; Difficulty: 2/5) Selected route: 怡人的海灣美景,最後來到石澳海灘終點站,您 Stage 2, from Long Ke to Pak Tam Chung. 能暢泳之餘,再品嚐露天餐館美食。 13.5km This hike takes you along the beautiful Pak Tam Chung Practice Hiking Trail coastline in Sai Kung to Tai Long Wan (Full Length: 1.8km; Approximate Time: beach, one of the most beautiful beaches in 1 hour; Difficulty: 1/5) Hong Kong. It’s a trek to get there, but the Great for beginners, the trail is marked out scenery alone is worth it. by lots of helpful signposts that help you judge your fitness levels, grids that pinpoint Hong Kong Trail your location and also some safety tips. It (Full length: 50km; Approximate time: 3 is also family-friendly, so small children and hours; Difficulty: 3/5) Selected route: surly teens should be able to keep up. Stages 5 and 6, Hong Kong Parkview to Tai 擇路程:屬於港島徑第八段,由土地灣至大浪

行經南北縱橫兩座林壑山峰,再下行淺水灣坳, Tai Mo Shan Practice Hiking Trail

(Full Length: 1km; Approximate time: 1 hour; Difficulty: 1/5) 麥理浩徑 If you’re not totally confident about ﹝全長:100公里;需時:5小時;難度:2/5﹞選 stepping out on your own, take another 擇路程:第二段浪茄至北潭涌,全長13.5公里 comfortable practice hike to ease into 景色迷人的西貢大浪灣海岸沿線,是香港最引人 your new hobby. This trail has barbecue 入勝的海灣之一。路程艱苦跋涉,唯沿途美景, sites and plenty of amenities, so your hike 已足以補償一切努力的付出。 doesn’t have to be an endurance test.  拐上紫羅蘭山,然後下達黃泥涌水塘。

港島徑

Wilson Trail (Full length: 78km; Approximate time: 擇路程:陽明山莊至大潭道的第五及六段,全長 2 hours; Difficulty: 3/5) Selected route: 8.5公里 Stage 1 from Stanley Gap Road to Wong 此路段鳥瞰香港全景,飽覽環島美景。畢拉山巔 Ngai Chung reservoir. 4.8 km 更是經典觀景地,同一景點,匯集都會,海港,大 This trail leads to the southern and 潭水塘姿態各異的秀麗風景,盡入眼簾。與其他路 northern peaks of The Twins. Descend 徑差異在於,沿途有多處出口,方便隨時結束行程。 the Repulse Bay Pass, go up to the Violet Hills and then head down to the Wong Nai 龍脊郊遊徑 ﹝全長:50公里;需時:3小時;難度:4/5﹞選 Chung Reservoir.

﹝全長:50公里;需時:3小時;難度:3/5﹞選

遠足配備 The Packing List

訊號最強。只要撥打緊急號碼999或112,便能透 過當地任何一間網絡供應商的電訊網絡,呼叫緊

行山鞋.遠足穿著的鞋履必需有護踝設計,避免途

急救援。

中發生不必要意外。出發前記緊,要肯定長途行

防蚊用品. 電筒. 摺刀. 遠足伙伴. 有伴同行,即安全,又添樂趣 Hiking boots. Make sure they have good ankle support; a sprained ankle in the middle of nowhere is a nightmare. Break them in before you head out on a long walk. A compass. And ensure you know how to use it properly. Maps can be ordered online at www.bookstore.esdlife.com. Food. A hard-wearing sandwich; peanut butter; bananas and high-carbohydrate energy bars. Water. Take mineralized, not distilled.

走舒適。

指南針.同時確定您已懂得如何使用。 地圖可前往網站www. bookstore.esdlife.com購買 零食.例如香蕉、花生醬三文治、及高碳水化合物 能量棒。

食用水.帶備礦泉水而非蒸餾水,蒸餾水不能補充 流汗失去的鹽分。

輕便雨衣. 防曬霜.即使是陰天,紫外線仍然會曬傷皮膚。 後備襪子.可以令您感覺乾爽舒適,特別是腳不小 心踏進河裡的時候。

易攜急救箱.膏藥、針線包、治療蚊叮蟲咬的藥 物、止痛藥及消毒藥物。

手提電話.使用時,盡量走向山頂高處,那裡電話

Tam Road. 8.5km This trail offers beautiful panoramas of Hong Kong and the surrounding islands. The top of Mount Butler is a classic viewpoint looking over the city, harbor and Tai Tam reservoir all at once. Unlike many trails, this one has a lot of exits along the way in case you want to quit. Hong Kong Trail: The Dragon’s Back (Full length: 50km; Approximate time: 3 hours; Difficulty:4/5) Selected route: Stage 8, To Tei Wan Village to Tai Long Wan. 8.5 km This trail is one of the most famous and most accessible in Hong Kong. You get to enjoy a fantastic view of the sea and, most importantly, it ends at Shek O Beach, where you can reward yourself with a dip in the sea and a meal at one of many open-front restaurants. Distilled water won’t replenish lost salts. Sunscreen. You can still burn, even in cloudy weather. Lightweight raincoat. Extra socks. Very refreshing, especially if you step in a river. Small first aid kit. Plasters, a sewing kit, treatment for insect bites, pain relief pills and antiseptic. Mobile phone. Head to the top of a hill for a greater chance of coverage. Dialing 999 or 112 will connect you to any mobile network that has coverage in your area. Mosquito repellent. Flashlight. Penknife. Hiking buddies. It’ll be safer to hike with companions - and usually more fun.

37


強積金計劃目錄 MPF Schemes Directory 強積金計劃名稱 Scheme Name

聯絡 Contact

友邦摩根富林明強積金綜合計劃 AIA-JF Comprehensive Retirement Benefit MPF Scheme 友邦摩根富林明強積金計劃 AIA-JF Mandatory Provident Fund Scheme 友邦摩根富林明強積金優越計劃 AIA-JF Premium MPF Scheme

僱主 Employer 2100 1888 僱員 Employee 2200 6288 www.aia.com.hk

AMTD強積金計劃 AMTD MPF Scheme

僱主 Employer 3161 3688 僱員 Employee 3161 3688 www.amtd.com.hk

AXA強積金 - 明智之選 AXA MPF - Smart Plan AXA強積金 - 易富之選 AXA MPF - Simple Plan

僱主 Employer 2802 2812 僱員 Employee 2802 2812 www.axa.com.hk

銀聯信託行業計劃 Bank Consortium Industry Plan 銀聯信託強積金計劃 Bank Consortium MPF Plan

僱主 Employer 2298 9388 僱員 Employee 2298 9333 www.bcthk.com

交通銀行愉盈退休強積金計劃 BCOM Joyful Retirement MPF Scheme

僱主 Employer 2269 9699 僱員 Employee 2269 9699 www.bocomtrust.com.hk

東亞 (強積金) 集成信託計劃 BEA (MPF) Master Trust Scheme 東亞 (強積金) 行業計劃 BEA (MPF) Industry Scheme

僱主 Employer 2211 1777 僱員 Employee 2211 1777 www.hkbea.com

中銀保誠簡易強積金計劃 BOC-Prudential Easy-Choice Mandatory Provident Fund Scheme

僱主 Employer 2929 3030 僱員 Employee 2929 3030 www.boci-pru.com.hk 僱主 Employer 2929 3366 僱員 Employee 2929 3366 www.bocpt.com

我的強積金計劃 My Choice Mandatory Provident Fund Scheme 中國人壽強積金集成信託計劃 China Life MPF Master Trust Scheme

僱主 Employer 3999 5555 僱員 Employee 3999 5555 www.chinalife.com.hk

富達退休集成信託 Fidelity Retirement Master Trust

僱主 Employer 2629 2677 僱員 Employee 2500 1666 www.fidelity.com.hk

海通 MPF 退休金 Haitong MPF Retirement Fund

僱主 Employer 2116 8200 僱員 Employee 2116 8200 www.htisec.com

生強積金易選計劃 Hang Seng Mandatory Provident Fund - SimpleChoice 生強積金精選計劃 Hang Seng Mandatory Provident Fund - SuperTrust 生強積金智選計劃 Hang Seng Mandatory Provident Fund - SuperTrust Plus 生強積金自選計劃 Hang Seng Mandatory Provident Fund - ValueChoice

僱主 Employer 2288 6822 僱員 Employee 2213 2213 www.hangseng.com/empf

豐強積金易選計劃 HSBC Mandatory Provident Fund - SimpleChoice 豐強積金精選計劃 HSBC Mandatory Provident Fund - SuperTrust 豐強積金智選計劃 HSBC Mandatory Provident Fund - SuperTrust Plus 豐強積金自選計劃 HSBC Mandatory Provident Fund - ValueChoice

僱主 Employer 2583 8033 僱員 Employee 3128 0128 www.hsbc.com.hk/mpf

ING強積金集成信託基本計劃 ING MPF Master Trust Basic Scheme ING強積金集成信託綜合計劃 ING MPF Master Trust Comprehensive Scheme

僱主 Employer 3183 1900 僱員 Employee 3183 1900 www.ingpension.com.hk

景順強積金策略計劃 INVESCO Strategic MPF Scheme

僱主 Employer 2842 7878 僱員 Employee 2842 7878 www.mpf.invesco.com.hk

宏利寫意生活 (強積金) 計劃 Manu-Lifestyle (MPF) Scheme 宏利環球精選 (強積金) 計劃 Manulife Global Select (MPF) Scheme

僱主 Employer 2108 1234 僱員 Employee 2108 1388 www.manulife.com.hk

萬全強制性公積金計劃 Mass Mandatory Provident Fund Scheme

僱主 Employer 2919 9115 僱員 Employee 2919 9115 www.massmutualasia.com

信安強積金計劃500系列 Principal MPF Scheme Series 500 信安強積金計劃600系列 Principal MPF Scheme Series 600 信安強積金計劃800系列 Principal MPF Scheme Series 800

僱主 Employer 2827 1233 僱員 Employee 2827 1233 www.principal.com.hk

RCM強積金精選計劃 RCM MPF Plan

僱主 Employer 2298 9098 僱員 Employee 2298 9000 www.rcm.com.hk/retirement

施羅德強積金集成信託計劃 Schroder MPF Master Trust

僱主 Employer 2971 0200 僱員 Employee 2971 0200 www.schroders.com.hk

渣打強積金計劃 - 全面 Standard Chartered MPF Plan - Advanced 渣打強積金計劃 - 基本 Standard Chartered MPF Plan - Basic

僱主 Employer 3183 1717 僱員 Employee 3183 1717 www.standardchartered.com.hk

永明彩虹強積金計劃 Sun Life Rainbow MPF Scheme

僱主 Employer 3183 1888 僱員 Employee 3183 1888 www.sunlife.com.hk

相關集團 Related Institutions 香港投資基金公會 Hong Kong Investment Fund Association

Tel 2537 9912 Fax 2877 8827 / 2877 2368 www.hkifa.org.hk

強制性公積金計劃管理局 Mandatory Provident Fund Schemes Authority

Tel 2918 0102 Fax 2259 8806 www.mpfa.org.hk

香港退休計劃協會 The Hong Kong Retirement Schemes Association

Tel 2147 0090 Fax 2147 3690 www.hkrsa.org.hk

38 Q3-2011


強積金的均衡觀點

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