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Sun Life Rainbow MPF SchemeQUARTERLY UPDATE永明彩虹強積金計劃季報

第四季 4th Quarter 2014 截至 2014年 12月 31日 As at December 31, 2014

重要事項 Important Notes：

1. 永明首域強積金保守基金並不提供償還本金的保證。強積金保守基金的收費可（一）透過扣除資產淨值

收取；或（二）透過扣除成員帳戶中的單位收取。本基金採用方式（一）收費，故所列之單位價格 / 資產淨

值 / 基金表現已反映收費之影響。

2. 閣下在作出任何投資選擇前，應先考慮個人可承受的風險程度及財務狀況。在選擇基金時，如閣下對

某基金是否適合自己存有疑問（包括是否符合閣下的投資目標），閣下應尋求財務及 / 或專業意見，並

須考慮個人情況而作出最適合自己的基金選擇。

3. 若閣下並無作出任何投資選擇，則閣下對此計劃作出的供款及 / 或轉移至此計劃的權益將投資於永明首

域強積金平穩基金。

4. 請不要只依賴此刊物提供的資料而投資，並應細閱有關的主要推銷刊物，以獲取有關詳情及風險因素。

1. The Sun Life First State MPF Conservative Fund provides no guarantee of repayment of capital.

The fees and charges of a MPF Conservative Fund can be deducted from either (i) the asset

of the fund or (ii) members’ account by way of unit deduction. This fund uses method (i) and,

therefore, unit prices / NAV / fund performance quoted have incorporated the impact of fees and

charges.

2. You should consider your own risk tolerance level and financial circumstances before making any

investment choices. When, in your selection of funds, you are in doubt as to whether a certain

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 fund(s) most suitable for you

taking into account your circumstances.

3. In the event that you do not make any investment choices, your contributions made and/or benefit

transferred into the scheme will be invested into Sun Life First State MPF Stable Income Fund.

4. You should not invest based on this material alone and you should read the Principal Brochure

carefully for further details and risk factors.

S U N L I F E R A I N B O W M P F S C H E M E 永明彩虹強積金計劃季報

- 1 -

永明首域強積金保守基金Sun Life First State MPF Conservative Fund基本資料 Basic Information成立日期 01/12/2000

Launch Date

基金資產值（以百萬港元計算） 906.7

Fund Size (HK$ in Million)

基金價格（港元） Class A (A類) 1.1013

Fund Price (HK$) Class B (B類) 1.1050

基金類別貨幣市場基金 - 香港

Fund Descriptor Money Market Fund - Hong Kong

基金開支比率 1 Class A (A類) 0.65%

Fund Expense Ratio 1 Class B (B類) 0.65%

風險程度 2 0.01%

Risk Indicator 2

風險標記 3

保守 Conservative

保守Conservative

進取AggressiveRisk Meter 3

投資目標 Investment Objective此基金旨在提供穩定的資本增值，同時將資本所承受的風險減至最低。This fund seeks to provide members with a regular increase in value, with minimal risk to the underlying capital.

基金經理評介 Manager’s Comment三個月的香港銀行同業拆息於本季度輕微上升至0.38%水平。三個月的美元倫敦銀行同業拆息率亦輕微上升，收報0.26%。

環球經濟的狀況被分歧的貨幣政策及經濟展望所主導。中央銀行的一舉一動影響市場走勢，如美國結束量化寬鬆、日本擴大資產購買規模。美國經濟改善，聯儲局漸趨展開利率正常化，最終應該導致美元及港元短期孳息上升。

比較相約年期的政府和企業債券，定期存款提供較佳利差，故此基金持較高比重於定期存款。不過，定期存款的平均利率有下降趨勢，影響整體收益。

The 3-month HIBOR increased marginally to 0.38% by quarter-end. The 3-month US LIBOR increased marginally over the quarter to finish at 0.26%.

The status of the global economy was largely dominated by the theme of divergent monetary policies and outlooks. The actions of central banks remained a key driver of market movements over the quarter with US quantitative easing ending at the same time the Bank of Japan asset purchase program expanded. Improving US growth outcomes should ultimately lift yields in the short-end of the USD and HKD curve due to Federal Reserve Bank’s move towards interest rates normalisation.

The Fund maintained a high exposure to bank term deposits on grounds of the higher carry contribution compared to similar tenor government and corporate bonds. However, average term deposits rate has declined slightly during the quarter, resulting in a corresponding decline in the overall yield of the Fund.

基金表現4 Fund Performance 4

期內回報 Period Return2007 2008 2009 2010 2011 2012 2013 2014

Class A (A類) 2.09% 0.83% 0.06% 0.01% 0.01% 0.00% 0.01% 0.01%

Class B (B類) 2.28% 0.98% 0.06% 0.00% 0.01% 0.01% 0.01% 0.00%

平均每年回報 Annualized Return1 Year 年 2 Years 年 3 Years 年 5 Years 年 10 Years 年成立至今

Since Launch

Class A (A類) 0.01% 0.01% 0.01% 0.01% 0.65% 0.69%

Class B (B類) 0.00% 0.00% 0.01% 0.01% 0.68% 0.71%

累積回報 Cumulative Return年初至今

Year-to-date 1 Year 年 3 Years 年 5 Years 年 10 Years 年成立至今Since Launch

Class A (A類) 0.01% 0.01% 0.02% 0.04% 6.64% 10.13%

Class B (B類) 0.00% 0.00% 0.02% 0.03% 7.01% 10.50%

基金表現與指標比較 Performance Against Index

100

102

104

106

108

110

112

Jan/01

指數化

Inde

xed

Jan/13Jan/11 Jan/15Jan/09Jan/07Jan/05Jan/03

永明首域強積金保守基金-B 類4

Sun Life First State MPF Conservative Fund - Class B4

積金局訂明之儲蓄利率。資料來源：積金局MPFA Prescribed Savings Rate. Source: MPFA

投資組合分布 Portfolio Allocation

現金及存款Cash & Deposits

89.1%

香港債券Hong Kong Bonds

10.9%

十大主要證券 Top 10 Holdings%

Maybank 1.15% 06-Mar-2015 2.7

Chong Hing Bank 1.60% 28-May-2015 2.2

Chong Hing Bank 1.60% 26-May-2015 1.2

Chong Hing Bank 1.35% 23-Jan-2015 1.1

Bank of China HK 1.05% 23-Mar-2015 1.1 Maybank 1.10% 22-Apr-2015 1.1

Bank of China HK 1.38% 10-Mar-2015 0.9

China Development Bank 2.28% 13-Apr-2015 0.3

Export-Import Bank of Korea 2.50% 20-Jan-2015 0.3

不適用 N/A


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永明首域強積金定息基金Sun Life First State MPF Fixed Income Fund基本資料 Basic Information成立日期 01/12/2000

Launch Date

基金資產值（以百萬港元計算） 1,164.6




基金類別債券基金 - 香港

Fund Descriptor Bond Fund - Hong Kong



風險程度 2 2.53%

Risk Indicator 2

風險標記 3

平穩 Stable

保守Conservative


投資目標 Investment Objective此基金旨在提供比銀行存款和貨幣市場證券收益更高的回報。This fund aims to provide an income return which exceeds that of bank deposits and money market securities.

基金經理評介 Manager’s Comment第四季，香港十年期外匯基金債券孳息下降12個基點至1.85%。美國及環球經濟改善最終應該導致孳息上升，尤其是短期孳息，預期孳息曲線趨於平坦。兩年期/五年期外匯基金債券孳息曲線走平5個基點至95個基點，利好孳息曲線平坦的持倉，並為基金帶來正面貢獻。基金經理維持孳息曲線平坦的持倉，並預期美國將於2015年中開始利率正常化。

季內，美國、英國、歐洲及日本的長年期國債孳息走低。美國十年期國債孳息累降32個基點至2.17%。而環球經濟的狀況被分歧的貨幣政策及經濟展望主導。中央銀行的一舉一動影響市場走勢，如美國結束量化寬鬆、日本擴大資產購買規模。雖然美國經濟進一步加強，但中國、歐洲和日本經濟數據未如理想，打擊投資氣氛，為利率添壓。

基金維持較高的投資比重於信貸證券，對組合表現好壞參半。環球增長疑慮持續，包括中國經濟前景及通脹預期下降，壓抑投資情緒。

The Hong Kong 10-year EFN yield fell 12bp to 1.85%. Improving US and global growth outcomes should ultimately lift yields, particularly in the short-end, with a flatter interest rate curve expected. A small flattener was held in the 2-5 year segment of the Hong Kong EFN curve throughout the quarter. The curve flattened 5bp to 95bp and contributed positively to returns. The manager maintained our curve flattener throughout the quarter and anticipates interest rates in the US beginning to normalise in mid-2015.

Longer-dated sovereign bond yields in the US, UK, Europe and Japan finished the quarter lower. The 10-year US Treasury yield ended the quarter down 32bp to reach 2.17%. The status of the global economy was largely dominated by the theme of divergent monetary policies and outlooks. The actions of central banks remained a key driver of market movements over the quarter with US quantitative easing ending at the same time the Bank of Japan asset purchase program expanded. Despite the growing strength in the US economy, poor economic data from China, Europe and Japan created a downturn in sentiment which pushed yields lower at quarter-end.

The Fund maintained an overweight exposure to credit securities throughout the quarter, which was mixed for relative Fund returns. Ongoing global growth concerns, such as China’s outlook, and weaker inflation expectations weighed on market sentiment.



Class A (A類) 3.90% 7.17% -2.22% 2.64% 3.42% 2.10% -4.14% 3.01%

Class B (B類) 4.11% 7.38% -2.02% 2.84% 3.62% 2.30% -3.95% 3.21%


Since Launch

Class A (A類) 3.01% -0.63% 0.27% 1.36% 1.66% 2.09%

Class B (B類) 3.21% -0.43% 0.47% 1.57% 1.86% 2.28%



Class A (A類) 3.01% 3.01% 0.81% 7.01% 17.87% 33.90%

Class B (B類) 3.21% 3.21% 1.42% 8.08% 20.26% 37.44%

基金表現 Fund Performance

100

105

110

115

120

125

130

135

140

145

指數化

Inde

xed

Sun Life First State MPF Fixed Income Fund - Class B 4永明首域強積金定息基金- B類 4

Jan/01 Jan/13Jan/11 Jan/15Jan/09Jan/07Jan/05Jan/03



99.4%

現金Cash0.6%


HK Government 1.35% 25-Mar-2019 3.6

HK Government 1.34% 24-Jun-2019 3.6

HK Government 0.79% 18-Jun-2018 2.0

China Overseas Finance 5.95% 08-May-2024 1.8

HK Government 1.52% 25-Sep-2018 1.8

IFC Dev 3.40% 26-Mar-2020 1.8

HK Government 0.53% 19-Mar-2018 1.5

China Construction Bank (Asia) 4.25% 20-Aug-2024 1.5

CLP Power 3.41% 04-Nov-2025 1.4

Swire Pacific 2.90% 24-Jan-2023 1.3


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永明首域強積金環球債券基金Sun Life First State MPF Global Bond Fund基本資料 Basic Information成立日期 01/01/2010

Launch Date





基金類別債券基金 - 環球

Fund Descriptor Bond Fund - Global



風險程度 2 2.70%

Risk Indicator 2

風險標記 3

平穩 Stable

保守Conservative


投資目標 Investment Objective此基金尋求向成員提供高於從銀行存款和貨幣市場證券所能獲得的回報。This fund seeks to provide members with a total return usually in excess of that achievable from bank deposits and money market securities.

基金經理評介 Manager’s Comment第四季，美國十年期國庫券孳息下降32個基點至2.17%，而英國十年期金邊債券孳息亦下跌67個基點至1.76%。

基金經理預期美國聯儲局將於2015年中展開加息。在政策正常化的前提下，基金經理維持短存續期配置，並傾向孳息曲線趨於平坦的配置。美國兩年期╱十年期及五年期╱ 30年期孳息曲線分別走平42個基點及26個基點。同樣地，基金經理認為英倫銀行最終收緊政策，應可支持英國金邊債券孳息走高，而短期利率上升，將促使有關孳息曲線趨於平坦。故此基金維持英國孳息曲線平坦的持倉。季內，英國兩年期╱十年期孳息曲線走平29個基點，為基金帶來正面貢獻。

基金繼續對歐洲和日本持中性存續期配置。持續疲軟的經濟前景、通縮的威脅和歐洲央行進一步放寬貨幣政策，為歐元區債息添壓。德國十年期政府債券孳息下降41個基點至0.54%，而意大利及西班牙十年期政府債券孳息分別下降50個基點和54個基點至1.88%及1.6%。日本方面，經濟增長數據及核心通脹遜市場預期，促使十年期國債孳息下跌23個基點至0.3%。

The US 10-year benchmark Treasury yield ended the quarter down 32bp at 2.17%, whilst the UK Gilt 10-year was down 67bp to 1.76%.

In expectation of the US Federal Reserve to start raising rates from mid-2015, fund manager maintained short duration positions in the US and the UK and continues to favour a curve flattening position ahead of policy normalisation. The US 2s/10s and 5s/30s curves flattened by 42bp and 26bp, respectively over the quarter which added value. Similarly, the Fund maintained a curve flattener position in the UK as the manager believes that the eventual tightening from the Bank of England should support a move higher in UK gilt yields and a rise in short-term interest rates will result in a flattening of the curve. The curve positioning added value over the quarter with the UK 2s/10s curve flattening by 29bp.

The Fund held neutral duration positions in Europe and Japan. The ongoing weak growth outlook, deflationary fears and hopes of further ECB policy action kept the Eurozone bond yields under downward pressure. The German 10-year Bund yield fell 41bp to 0.54%, whilst the Italian and Spanish 10-year yields fell 50bp to 1.88% and 54bp to 1.60% respectively. The 10-year JGB yield also retreated 23bp to finish the quarter at 0.30% following the release of unexpectedly weak GDP and core inflation data.



Class A (A類) N/A N/A N/A 0.66% 1.09% -0.18% -4.18% -1.56%

Class B (B類) N/A N/A N/A 0.87% 1.29% 0.02% -3.99% -1.37%


Since Launch

Class A (A類) -1.56% -2.88% -1.99% -0.85% N/A -0.85%

Class B (B類) -1.37% -2.69% -1.79% -0.65% N/A -0.65%



Class A (A類) -1.56% -1.56% -5.85% -4.19% N/A -4.19%

Class B (B類) -1.37% -1.37% -5.29% -3.23% N/A -3.23%


90

92

94

96

98

100

102

104

106

108

指數化

Inde

xed

永明首域強積金環球債券基金- B 類 4

Sun Life First State MPF Global Bond Fund - Class B 4

Jan/10 Jan/13 Jan/14Jul/12 Jul/13 Jul/14Jan/12Jul/11Jan/11Jul/10


歐元債券EUR Bonds

33.3%

日圓債券JPY Bonds

23.5%

美元債券USD Bonds

14.9%

現金Cash 14.7%

其他Others9.2% 香港債券

HKD Bonds4.4%


Netherlands Government 2.75% 15-Jan-2015 4.4

US Government 0.00% 05-Feb-2015 4.2

US Government 0.00% 12-Mar-2015 3.8

Japan Government 0.60% 20-Mar-2024 3.4

Italy Government 4.50% 01-Mar-2019 2.6

US Government 0.00% 22-Jan-2015 2.6


UK Government 4.25% 07-Dec-2046 2.2

Italy Government 3.75% 01-Sep-2024 2.1

UK Government 2.75% 22-Jan-2015 2.0


- 4 -

永明首域強積金香港股票基金Sun Life First State MPF Hong Kong Equity Fund基本資料 Basic Information成立日期 01/12/2000

Launch Date





基金類別股票基金 - 香港

Fund Descriptor Equity Fund - Hong Kong



風險程度 2 11.73%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

進取 Aggressive

Risk Meter 3

投資目標 Investment Objective本基金旨在尋求長線資本增值。This fund aims to provide members with long-term capital appreciation.

基金經理評介 Manager’s Comment香港股市於第四季度錄得上升，跑贏亞太（日本除外）地區股市。以美元計算，摩根士丹利香港指數上升3.1%，主要受惠於中國減息所刺激及中國股市造好所帶動。季內，摩根士丹利亞太地區（日本除外）指數則下跌0.7%。

全球金融市況波動及貨幣政策漸趨緊縮，導致香港房市受壓，基金經理繼續看好長江實業，因其財政狀況雄厚及多元化的業務。長遠而言，港華燃氣、維他奶及稻香等香港公司將持續受惠於內地需求增加及城鎮化的優勢。基金經理看好締造穩定現金流的公司，如領匯房地產投資信託基金，該公司受經濟週期的影響較少。向價值鏈上移的公司可望繼續表現理想，例如汽車零部件製造商敏實和奶類產品公司中國蒙牛。

The Hong Kong equity market rose over the quarter, outperforming the Asia Pacific ex-Japan region. The MSCI Hong Kong Index climbed by 3.1% in US dollar terms, while the MSCI Asia Pacific ex-Japan Index was down by 0.7%. The market was positively influenced by an interest rate cut in China and strong performance by Chinese stock markets.

While Hong Kong’s property market is vulnerable to volatile global financial markets and tighter monetary policy, fund manager continues to favour Cheung Kong, for its stronger balance sheet and diversified business exposure. Longer-term, certain Hong Kong companies such as Towngas China, Vitasoy and Tao Heung should continue to benefit from rising Chinese consumer demand and urbanisation. The manager retains a preference for steady cash generative companies like Link REIT, which should be less affected by economic cycles. Companies moving up the value chain should continue to perform well, such as auto parts maker Minth and dairy products company China Mengniu.



Class A (A類) 52.51% -48.17% 74.31% 24.41% -10.93% 22.15% 9.75% 0.15%

Class B (B類) 52.82% -48.07% 74.67% 24.65% -10.76% 22.39% 9.97% 0.35%


Since Launch

Class A (A類) 0.15% 4.84% 10.32% 8.27% 12.11% 11.24%

Class B (B類) 0.35% 5.05% 10.54% 8.49% 12.34% 11.44%



Class A (A類) 0.15% 0.15% 34.26% 48.77% 213.73% 347.97%

Class B (B類) 0.35% 0.35% 35.07% 50.26% 220.06% 359.76%


0

50

100

150

200

250

300

350

400

500

450

指數化

Inde

xed

永明首域強積金香港股票基金- B 類 4

Sun Life First State MPF Hong Kong Equity Fund - Class B 4

指標*Index*



金融Financials

33.3%

公用事業Utilities14.5%

資訊科技Information Technology

10.1%

必需消費品Consumer Staples

9.0%

健康護理Health Care

3.0% 其他Others2.8%

工業Industrials

10.5%

現金Cash5.4%

能源Energy5.5%

非必需消費品Consumer

Discretionary5.9%


長江實業 Cheung Kong Holdings Ltd 6.4

招商銀行 China Merchants Bank 5.1

領滙 The Link Reit 5.0

中華煤氣 Hong Kong & China Gas 4.5

和記黃埔 Hutchison Whampoa 4.2

新奧能源 ENN Energy Holdings 3.8

騰訊 Tencent Holdings Ltd 3.5

怡和集團 Jardine Matheson Holdings 3.4

友邦保險 AIA Group 3.2

中海油田服務 China Oilfield Services 3.0

* 資料來源：首域投資及理柏。直至2009年7月19日：摩根士丹利資本國際香港指數。由2009年7月20日開始生效：理柏香港退休金－香港股票指數。* Index Source: First State Investments and Lipper. Until July 19, 2009: MSCI Hong Kong Index. Effective from July 20, 2009: Lipper's Hong Kong Pension Funds – Hong Kong Equity Index.


- 5 -

永明首域強積金平穩基金Sun Life First State MPF Stable Income Fund基本資料 Basic Information成立日期 01/12/2000

Launch Date





基金類別混合資產基金 - 環球股票投資最高50%

Fund Descriptor Mixed Assets Fund - Global Maximum equity investments 50%



風險程度 2 4.21%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

均衡Moderate

Risk Meter 3

投資目標 Investment Objective此基金務求提供穩定的資本增值，同時將資本所承受的風險減至較低。This fund seeks to provide steady capital appreciation without undue capital risk.

基金經理評介 Manager’s Comment第四季度，環球股市表現不一，以美元計算，摩根士丹利世界指數上升0.5%。

基金經理表示，不會對股市感到過度樂觀。管治未見審慎的政府使估值偏高的情況無以為繼，並似乎偏離現實和忽略企業面對的風險。上述現象主要源於當局實施量化寬鬆的「特殊貨幣政策」。基金經理從不認為進一步借貸可化解債務危機。低利率的制度，助長了發債回購昂貴的股份等行為，並不會為股東創造價值，相反帶來高通脹風險。基金經理無法預測市場人士何時對中央銀行失去信任、何時市場因此而下跌，故將繼續集中物色優質企業，以購入和長期持有其股份，並同時作好部署，以緩減難以避免的下滑。

債券投資方面，基金經理預期美國聯儲局將於2015年中展開加息，在政策正常化的前提下，基金經理維持短存續期配置，並傾向孳息曲線趨於平坦的配置。

基金繼續對歐洲和日本持中性存續期配置。持續疲軟的經濟前景、通縮的威脅和歐洲央行進一步放寬貨幣政策，為歐元區債息添壓。日本方面，經濟增長數據及核心通脹遜市場預期，亦促使國債孳息下跌。

Global equity markets were mixed over the quarter. The MSCI AC World Index rose by 0.5% in US dollar terms.

Fund manager is not overly optimistic about equity markets. Reckless governments are engineering unsustainably high valuations which seem divorced from the realities and risks that businesses face on the ground. This has been driven by the ‘unconventional monetary policy’ of quantitative easing. The manager has never believed the solution to a debt crisis is to borrow more. This regime of low interest rates is driving behaviour that does not create value for shareholders, such as borrowing to buy back expensive shares. The manager is not able to predict when faith will be lost in central bankers and when markets fall as a result, so they continue to focus on trying to identify good quality companies to buy and own for long periods and position ourselves to avoid the inevitable fallout.

For the fixed income investment, in expectation of the US Federal Reserve to start raising rates from mid-2015, fund manager maintained short duration positions in the US and the UK and continues to favour a curve flattening position ahead of policy normalisation.

The Fund held neutral duration positions in Europe and Japan. The ongoing weak growth outlook, deflationary fears and hopes of further ECB policy action kept the Eurozone bond yields under downward pressure. The Japanese yield also retreated following the release of unexpectedly weak GDP and core inflation data.



Class A (A類) 12.56% -14.24% 15.21% 6.90% -1.52% 7.05% 2.43% 1.40%

Class B (B類) 12.79% -14.07% 15.44% 7.11% -1.33% 7.27% 2.64% 1.59%


Since Launch

Class A (A類) 1.40% 1.91% 3.60% 3.20% 3.65% 4.38%

Class B (B類) 1.59% 2.11% 3.80% 3.40% 3.86% 4.57%



Class A (A類) 1.40% 1.40% 11.18% 17.04% 43.16% 82.94%

Class B (B類) 1.59% 1.59% 11.85% 18.22% 46.04% 87.75%


50

100

150

200

250

指數化

Inde

xed

永明首域強積金平穩基金- B 類 4

Sun Life First State MPF Stable Income Fund - Class B 4

指標*Index*



亞洲債券Asian Bonds

15.2%亞洲股票

Asian Equities5.8%

環球債券Global Bonds

32.5%

環球股票Global Equities

16.4%


19.1%

香港股票Hong Kong Equities

10.7%

現金及其他 9Cash And Others

0.3%


Henkel Ag & Co KGaA 1.5

Unilever Plc 1.5

Netherlands Government 2.75% 15-Jan-2015 1.4


US Government 0.00% 12-Mar-2015 1.2

Chubb Corp 1.2

Japan Government 0.60% 20-Mar-2024 1.1

Oversea Chinese Bank Corp 1.1


Italy Government 4.50% 01-Mar-2019 0.9

* 資料來源：彭博及理柏。直至2006年2月28日：52.5%花旗集團世界政府債券（一年以上）指數、17.5%MPF JP Morgan亞洲信貸指數、21%MSCI世界自由指數及9%MSCI亞洲各國（日本除外）自由指數。由2006年3月1日至2009年7月19日：35%花旗集團環球政府債券指數、15%MPF JP Morgan亞洲信貸指數、15%MSCI世界自由指數、5%MSCI亞洲各國（日本除外）自由指數、20%匯豐港元債券指數及10%MSCI香港指數。由2009年7月20日開始生效：理柏香港退休金－人生階段－（>20-40%股票）指數。

* Index Source: Bloomberg and Lipper: Until Feb. 28, 2006: 52.5% Citigroup World Government Bond (1+yr) Index, 17.5% MPF JP Morgan Asia Credit Index, 21% MSCI World Free Index and 9% MSCI All Countries Asia ex Japan Free Index. From March 1, 2006 to July 19, 2009: 35% Citigroup World Government Bond Index, 15% MPF JP Morgan Asia Credit Index, 15% MSCI World Free Index, 5% MSCI All Countries Asia ex Japan Free Index, 20% HSBC Hong Kong Dollar Bond Index and 10% MSCI Hong Kong Index. Effective from July 20, 2009: Lipper's Hong Kong Pension Funds – Lifestyle – (>20-40% Equity) Index.


- 6 -

永明首域強積金均衡基金Sun Life First State MPF Balanced Portfolio Fund基本資料 Basic Information成立日期 01/12/2000

Launch Date






Fund Descriptor Mixed Assets Fund - GlobalMaximum equity investments 60%



風險程度 2 5.86%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

增長Growth

Risk Meter 3

投資目標 Investment Objective此基金旨在提供中長線的穩健資本增值，及穩定的收益。This fund seeks to provide moderate capital appreciation, and a regular income stream over the medium to long term.











Class A (A類) 17.39% -23.51% 23.14% 9.87% -3.79% 10.38% 6.28% 1.49%

Class B (B類) 17.63% -23.35% 23.38% 10.09% -3.59% 10.59% 6.50% 1.69%


Since Launch

Class A (A類) 1.49% 3.86% 5.99% 4.71% 5.03% 5.14%

Class B (B類) 1.69% 4.07% 6.20% 4.92% 5.24% 5.34%



Class A (A類) 1.49% 1.49% 19.06% 25.86% 63.35% 102.60%

Class B (B類) 1.69% 1.69% 19.78% 27.12% 66.64% 107.93%


50

100

150

200

250

指數化

Inde

xed

永明首域強積金均衡基金- B 類 4

Sun Life First State MPF Balanced Portfolio Fund - Class B 4

指標*Index*


投資組合分布 Portfolio Allocation亞洲債券

Asian Bonds9.5%

亞洲股票Asian Equities

10.9%


23.0%


26.6%


14.3%


15.7%



Unilever Plc 2.4

Chubb Corp 1.9



Nestle 1.2


Markel Corp 1.2

Waters Corp 1.1

Baxter Intl Inc 1.0

* 資料來源：彭博及理柏。直至2006年2月28日：37.5%花旗集團世界政府債券（一年以上）指數、12.5%MPF JP Morgan亞洲信貸指數、35%MSCI世界自由指數及15%MSCI亞洲各國（日本除外）自由指數。由2006年3月1日至2009年7月19日：25%花旗集團環球政府債券指數、10%MPF JP Morgan亞洲信貸指數、25%MSCI世界自由指數、10%MSCI亞洲各國（日本除外）自由指數、15%匯豐港元債券指數及15%MSCI香港指數。由2009年7月20日開始生效：理柏香港退休金－人生階段－（>40-60%股票）指數。

* Index Source: Bloomberg and Lipper: Until Feb. 28, 2006: 37.5% Citigroup World Government Bond (1+yr) Index, 12.5% MPF JP Morgan Asia Credit Index, 35% MSCI World Free Index and 15% MSCI All Countries Asia ex Japan Free Index. From March 1, 2006 to July 19, 2009: 25% Citigroup World Government Bond Index, 10% MPF JP Morgan Asia Credit Index, 25% MSCI World Free Index, 10% MSCI All Countries Asia ex Japan Free Index, 15% HSBC Hong Kong Dollar Bond Index and 15% MSCI Hong Kong Index. Effective from July 20, 2009: Lipper's Hong Kong Pension Funds – Lifestyle – (>40-60% Equity) Index.


- 7 -

永明首域強積金增長基金Sun Life First State MPF Progressive Growth Fund基本資料 Basic Information成立日期 01/12/2000

Launch Date






Fund Descriptor Mixed Assets Fund - Global Maximum equity investments 85%



風險程度 2 7.64%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

增長Growth

Risk Meter 3

投資目標 Investment Objective透過集中投資於股票，此基金尋求顯著的中長線資本增值。This fund seeks to provide significant capital appreciation over the medium to longer term by focusing on equity investments.











Class A (A類) 22.13% -31.87% 31.73% 12.63% -5.94% 13.68% 10.23% 1.72%

Class B (B類) 22.38% -31.73% 32.00% 12.85% -5.74% 13.91% 10.45% 1.93%


Since Launch

Class A (A類) 1.72% 5.89% 8.43% 6.19% 6.39% 5.78%

Class B (B類) 1.93% 6.10% 8.64% 6.41% 6.60% 5.98%



Class A (A類) 1.72% 1.72% 27.47% 35.05% 85.72% 120.78%

Class B (B類) 1.93% 1.93% 28.23% 36.40% 89.47% 126.59%


50

100

150

200

250

指數化

Inde

xed

永明首域強積金增長基金- B 類 4

Sun Life First State MPF Progressive Growth Fund - Class B 4

指標*Index*



亞洲債券Asian Bonds

4.3% 亞洲股票Asian Equities

16.5%


13.3%


36.4%


9.0%


20.5%



Unilever Plc 3.3

Chubb Corp 2.6



Nestle 1.6


Markel Corp 1.6

Waters Corp 1.4

Baxter Intl Inc 1.4

* 資料來源：彭博及理柏。直至2006年2月28日：15%花旗集團世界政府債券（一年以上）指數、15%MPF JP Morgan亞洲信貸指數、49%MSCI世界自由指數及21%MSCI亞洲各國（日本除外）自由指數。由2006年3月1日至2009年7月19日：15%花旗集團環球政府債券指數、5%MPF JP Morgan亞洲信貸指數、35%MSCI世界自由指數、15%MSCI亞洲各國（日本除外）自由指數、10%匯豐港元債券指數及20%MSCI香港指數。由2009年7月20日開始生效：理柏香港退休金－人生階段－（>60-80%股票）指數。

* Index Source: Bloomberg and Lipper: Until Feb. 28, 2006: 15% Citigroup World Government Bond (1+yr) Index, 15% MPF JP Morgan Asia Credit Index, 49% MSCI World Free Index and 21% MSCI All Countries Asia ex Japan Free Index. From March 1, 2006 to July 19, 2009: 15% Citigroup World Government Bond Index, 5% MPF JP Morgan Asia Credit Index, 35% MSCI World Free Index, 15% MSCI All Countries Asia ex Japan Free Index, 10% HSBC Hong Kong Dollar Bond Index and 20% MSCI Hong Kong Index. Effective from July 20, 2009: Lipper's Hong Kong Pension Funds – Lifestyle – (>60-80% Equity) Index.


- 8 -

永明RCM 強積金穩定資本基金Sun Life RCM MPF Capital Stable Fund基本資料 Basic Information成立日期 01/03/2008

Launch Date





基金類別混合資產基金 - 環球股票投資大約30%

Fund Descriptor Mixed Assets Fund - Global Equity investments around 30%



風險程度 2 4.79%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

均衡Moderate

Risk Meter 3

投資目標 Investment Objective此基金旨在提供保本及長期穩定的資本增值。基金將約30%的資金投資於股票，而約70%則投資於定息證券。This fund seeks to provide capital preservation combined with steady capital appreciation over the long term. Approximately 30% of the fund is invested in equities and approximately 70% is invested in fixed-interest securities.

基金經理評介 Manager’s Comment由於全球各地區的發展分歧，加上油價及俄羅斯盧布受壓，帶動環球股市在第四季波動的市況下錄得升幅。美國第三季實質國內生產總值按年增長5.0%，步伐為11年來最迅速，失業率則跌至5.8%的六年低位。鑑於經濟強勁復甦，美國聯儲局在10月撤銷每月買債計劃，並表示對加息保持「耐性」。共和黨員在中期大選中取得壓倒性勝利，亦掃除政治方面的威脅。總值1.1萬億美元的開支法案獲批准，避免政府停止運作。歐美經濟復甦仍然呆滯，而歐洲央行則逐漸放寬貨幣政策，並在10月開始購買擔保債券，央行理事在11月一致同意把資產負債表的規模擴大至3萬億歐元。第二輪目標長期再融資操作(TLTRO)的借貸額偏低，進一步令市場憧憬當局將實行主權量寬措施，為市場帶來支持，但由於希臘的政治風險上升，加上俄羅斯的經濟前景惡化，因而抵銷上述支持。同時，亞洲增長尚待復甦，因為中國的宏觀經濟數據持續轉弱。中國各項主要經濟指標預示經濟疲弱，導致人民銀行在兩年來首次減息，但令市場感到意外。日本的政策立場亦轉為加大支持度，因為日本央行公佈顯著擴大其貨幣放寬計劃，但並非市場意料之內。在執政聯盟於下議院選舉中取得逾三分二的總議席後，內閣亦批准總值3.5萬億日圓的新刺激措施以助日本經濟擺脫衰退。整體來說，北美洲在期內的表現優於其他地區，歐洲表現落後，而美元則顯著走強。

Global equity markets experienced a volatile rally in the fourth quarter as a result of the divergent development across regions and the oil price and Russian rouble (RUB) headwinds. In the US, the third quarter real gross domestic product (GDP) growth was the fastest in 11 years at 5.0% year-on-year and the unemployment rate fell to a six-year low of 5.8%. The US Federal Reserve (US Fed) ended its monthly bond-buying programme in October in view of the strong economic recovery and pointed to a ‘patient’ approach toward rising interest rates. The political overhang was also removed by a sweeping victory of the Republicans in the mid-term elections. The approval of a USD 1.1 trillion spending bill avoided a government shutdown. Across the Atlantic, economic recovery was still stagnant and the European Central Bank (ECB) turned increasingly accommodative. The ECB began buying covered bonds in October and achieved a unanimous signoff to expand the balance sheet to EUR 3 trillion in November. The low take-up at the second round of Targeted longer-term refinancing operation (TLTRO) further ignited market speculation of a sovereign quantitative easing (QE) and buoyed the market. However, that was offset by the growing political risk in Greece and the deteriorating economic outlook in Russia. Meanwhile in Asia, growth has yet to recover as the macroeconomic data in China continued to worsen. The People’s Bank of China (PBoC) surprised the market with the first interest rate cut in two years, as various key economic indicators pointed to a weak economy. The policy stance in Japan also turned more supportive as the Bank of Japan (BoJ) unexpectedly announced an aggressive expansion of its monetary easing programme. The cabinet also approved JPY 3.5 trillion in fresh stimulus to pull the Japanese economy out of recession, after the ruling bloc won more than two-thirds of the total seats in the Lower House elections. Overall, North America outperformed other regions with Europe trailing behind and the USD strengthened significantly during the period.



Class A (A類) N/A -12.01%8 11.38% 5.17% -3.15% 6.64% 2.62% -1.45%

Class B (B類) N/A -11.90%8 11.60% 5.38% -2.96% 6.86% 2.83% -1.25%


Since Launch

Class A (A類) -1.45% 0.57% 2.55% 1.90% N/A 1.09%

Class B (B類) -1.25% 0.77% 2.76% 2.10% N/A 1.28%



Class A (A類) -1.45% -1.45% 7.85% 9.86% N/A 7.66%

Class B (B類) -1.25% -1.25% 8.51% 10.96% N/A 9.10%


80

85

90

95

100

105

120

115

110

Mar/08 Mar/09 Mar/10 Mar/11 Mar/12 Mar/13 Mar/14

指數化

Inde

xed

Sun Life RCM MPF Capital Stable Fund - Class B 5永明RCM強積金穩定資本基金- B類 5


香港/中國股票Hong Kong/China

Equities12.0%

日本股票Japan Equities

4.0%

北美股票North America

Equities7.0%

歐洲股票Europe Equities

4.0%亞洲其他國家股票

Other Asia Equities4.0%

債券Fixed Income

60.0%


3.0%

定期存款Fixed Deposits

6.0%


Oversea Chinese Banking Corp Ltd 0.13% 02-Jan-2015 5.7

Bundesrepub. Deutschland Ser98 (Br) 4.75% 04-Jul-2028 2.2

Japan (Govt Of) (20 Year Issue) Ser 148 1.50% 20-Mar-2034 1.4

中國銀行 Bank Of China Ltd H 1.4

工商銀行 Industrial And Commercial Bank Of China H 1.3

Spain (Kingdom Of) 4.20% 31-Jan-2037 1.1

UK (Gilts) 5.00% 07-Mar-2025 1.1

Japan (Govt Of) Ser 144 1.50% 20-Mar-2033 1.0

長江實業 Cheung Kong Hldgs Ltd 0.9

United States Treasury Inflation Index Linked Notes 3.625% 15-Apr-2028 0.8


- 9 -

永明RCM 強積金穩定增長基金Sun Life RCM MPF Stable Growth Fund基本資料 Basic Information成立日期 01/03/2008

Launch Date






Fund Descriptor Mixed Assets Fund - GlobalEquity investments around 50%



風險程度 2 6.88%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

增長Growth

Risk Meter 3

投資目標 Investment Objective此基金旨在提供長期的穩定全面回報。基金將約50% 的資金投資於股票，而約50%則投資於定息證券。This fund seeks to provide a stable overall return over the long term. The fund invests approximately 50% of its assets in equities and fixed-interest securities, respectively.





Class A (A類) N/A -20.00%8 18.85% 6.72% -6.76% 9.80% 6.63% -2.40%

Class B (B類) N/A -19.86%8 19.08% 6.95% -6.58% 10.03% 6.84% -2.20%


Since Launch

Class A (A類) -2.40% 2.02% 4.55% 2.60% N/A 1.15%

Class B (B類) -2.20% 2.22% 4.76% 2.81% N/A 1.35%



Class A (A類) -2.40% -2.40% 14.27% 13.70% N/A 8.11%

Class B (B類) -2.20% -2.20% 14.96% 14.85% N/A 9.60%


60

70

80

90

100

110

120

指數化

Inde

xed


永明RCM強積金穩定增長基金- B 類 5 Sun Life RCM MPF Stable Growth Fund - Class B 5


Hong Kong/China Equities19.0%


6.0%


Equities12.0%


7.0%

亞洲其他國家股票Other Asia Equities

6.0%

債券Fixed Income

42.0%

現金及其他 9

Cash And Others5.0%


3.0%

香港/中國股票






Hitachi Ltd 1.4

中國平安 Ping An Insurance (Group) Co Of China Ltd H 1.2

Bundesrepub. Deutschland Ser98 (Br) 4.75% 04-Jul-2028 1.2

香港電訊信託與香港電訊 HKT Trust And HKT Ltd 1.2

Microsoft Corp 1.2

Japan (Govt Of) (20 Year Issue) Ser 148 1.50% 20-Mar-2034 1.1


- 10 -

永明RCM 強積金均衡基金Sun Life RCM MPF Balanced Fund基本資料 Basic Information成立日期 01/03/2008

Launch Date






Fund Descriptor Mixed Assets Fund - GlobalEquity investments around 70%



風險程度 2 9.06%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

增長Growth

Risk Meter 3

投資目標 Investment Objective此基金旨在提供高水平之長期整體回報。基金將約70%的資金投資於股票，而約30%則投資於定息證券。This fund seeks to provide a high level of overall return over the long term. Approximately 70% of the fund is invested in equities and approximately 30% is invested in fixed-interest securities.





Class A (A類) N/A -24.87%8 24.24% 8.17% -10.93% 13.27% 11.13% -3.18%

Class B (B類) N/A -24.74%8 24.48% 8.40% -10.75% 13.48% 11.36% -2.99%


Since Launch

Class A (A類) -3.18% 3.73% 6.82% 3.26% N/A 1.35%

Class B (B類) -2.99% 3.94% 7.03% 3.47% N/A 1.55%



Class A (A類) -3.18% -3.18% 21.87% 17.42% N/A 9.60%

Class B (B類) -2.99% -2.99% 22.60% 18.61% N/A 11.11%


60

70

80

90

100

110

120

指數化

Inde

xed

永明RCM強積金均衡基金- B類 5

Sun Life RCM MPF Balanced Fund - Class B 5



香港/中國股票Hong Kong/China

Equities27.0%


9.0%


4.0%


Equities18.0%


10.0%

亞洲其他國家股票Other Asia Equities

8.0%

債券Fixed Income

21.0%


3.0%






Hitachi Ltd 1.9


香港電訊信託與香港電訊 HKT Trust And HKT Ltd 1.7

Microsoft Corp 1.7

Visa Inc Cl A 1.6

友邦保險 AIA Group Ltd 1.6


- 11 -

永明RCM 強積金亞洲股票基金Sun Life RCM MPF Asian Equity Fund基本資料 Basic Information成立日期 01/03/2008

Launch Date





基金類別股票基金 - 亞洲(日本除外)

Fund Descriptor Equity Fund - Asia ex Japan



風險程度 2 12.62%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

進取 Aggressive

Risk Meter 3

投資目標 Investment Objective此基金旨在提供長期的資本增值。基金投資於亞洲區的股票，主要是香港、新加坡、南韓、台灣、泰國及馬來西亞，但不包括日本。This fund seeks to provide long term capital growth. The assets are invested primarily in Asian equities, principally Hong Kong, Singapore, South Korea, Taiwan, Thailand and Malaysia, but not including Japan.

基金經理評介 Manager’s Comment在2014年第四季，亞洲（日本除外）市場表現遜於環球股市。綜觀整個地區，北亞市場表現優於東南亞市場。中國和香港表現領先，而馬來西亞和南韓則表現落後。

中國A股成為表現最佳的亞洲市場，上海證券交易所綜合指數錄得35.3%的可觀升幅。自中國人民銀行在11月份宣佈減息後，投資者認為市場下行風險大幅降低，其承險意欲回升，促使內地市場表現強勁。儘管出現不利的經濟消息，但A股延續升勢，因投資者認為有關數據將提高當局加推寬鬆措施的機會。另一方面，「佔領中環」抗議活動拖累香港股市在季初表現疲弱。季內消息好淡紛呈，導致市場於窄幅上落。此外，儘管期待已久的滬港股票市場交易互聯互通機制（「滬港通」）交投淡靜，加上中國的宏觀經濟數據回軟，使投資者感到憂慮，但日本及中國政府均推出貨幣寬鬆政策，而且美國聯儲局言論溫和，均為市場帶來支持。恒生指數在季內高收3.1%。

區內市場以馬來西亞表現最遜色。該國表現失色主因是油價回落。馬來西亞是亞洲的最大石油出口國，投資者對當地經濟前景感到憂慮，從市場在12月遭海外投資者大舉拋售可見一斑。此外，韓國出口商因日本央行突然宣佈擴大寬鬆措施而受到打擊。當地股市表現亦受韓圜持續貶值所拖累。

季內，大部份亞洲貨幣兌美元貶值，因投資者消化美國聯儲局加息機會上升的因素。澳元和馬來西亞令吉表現最遜色，兩者均跌逾6%。

In the fourth quarter of 2014, the Asia ex Japan markets underperformed global equities. Within the region, North Asian markets outperformed their Southeast Asian peers. China and Hong Kong were the top performers whilst Malaysia and Korea trailed.

China’s A-share market was the best performer in Asia with the Shanghai Composite Index delivering an impressive 35.3% return. After the PBoC announced its interest rates cut in November, the domestic market had a strong run as investors viewed that downside risk had largely reduced and their risk appetite revived. Despite the bad economic news, the A-share rally continued as investors interpreted the data as increasing the chance for further easing. On the other hand, Hong Kong equities started the quarter weak due to the “Occupy Central” protests. The market traded range-bound throughout the quarter amid mixed news. Whilst lukewarm trading activities in the long-awaited Stock Connect and China’s softening macro data worried investors, monetary easing by Japan and China, and a dovish comment from the US Fed offered support to the market. The Hang Seng Index ended the quarter up 3.1%.

Malaysia was the worst performer in the region. The underperformance was mainly driven by the falling oil price. As Asia’s biggest oil exporter, investors were concerned about the country’s economic outlook, which was also reflected by the large foreign selling in December. In Korea, exporters were hit after the unexpected announcement of the expansion of the BoJ’s easing measures. Performance of the equity market was also dragged down by the continued depreciation of the Korean won (KRW).

Over the quarter, Asian currencies mostly depreciated against the USD as investors priced in a greater possibility of an interest rate hike by the US Fed. The worst performing currencies were the Australian dollar (AUD) and Malaysian ringgit (MYR), with both falling by more than 6%.



Class A (A類) N/A -40.52%8 55.51% 21.24% -15.12% 15.21% 11.34% 4.30%

Class B (B類) N/A -40.43%8 55.85% 21.48% -14.95% 15.44% 11.57% 4.51%


Since Launch

Class A (A類) 4.30% 7.76% 10.19% 6.61% N/A 3.60%

Class B (B類) 4.51% 7.98% 10.41% 6.82% N/A 3.81%



Class A (A類) 4.30% 4.30% 33.80% 37.69% N/A 27.36%

Class B (B類) 4.51% 4.51% 34.60% 39.07% N/A 29.11%


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115

145

130

指數化

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永明RCM強積金亞洲股票基金- B類 5 Sun Life RCM MPF Asian Equity Fund - Class B 5



香港Hong Kong

11.0%

中國China27.0%

新加坡Singapore

4.0%

南韓South Korea

19.0%

其他地區Other Regions

4.0%

台灣Taiwan13.0%

印尼Indonesia

4.0%

泰國Thailand

8.0%

現金及其他 9

Cash And Others3.0%印度

India7.0%



Advanced Info Service 4.3

Axis Bank Ltd 4.2

北京控股 Beijing Enterprises Hldgs Ltd 4.1



民生銀行 China Minsheng Banking Co Ltd H 3.4

Naver Corp 3.3

Gudang Garam 3.0

Korea Aerospace Industries 3.0


- 12 -

永明強積金人民幣及港元基金(本成分基金僅以港元計價，而不是以人民幣計價)Sun Life MPF RMB and HKD Fund (The constituent fund is denominated in HKD only and not in RMB)

基本資料 Basic Information成立日期 30/06/2012

Launch Date





基金類別貨幣市場基金 - 中國內地及香港

Fund Descriptor Money Market Fund - MainlandChina and Hong Kong



風險程度 2 不適用 N/A

Risk Indicator 2

風險標記 3

平穩 Stable

保守Conservative


投資目標 Investment Objective此基金是透過主要投資於以人民幣及港元計算之貨幣市場及債務工具以尋求達致長期總回報。This fund seeks to achieve long-term total return through investments primarily in money market and debt instrument denominated in RMB and HKD.

基金經理評介 Manager’s Comment儘管美國聯儲局可能在2015年下半年趨於加息，但歐洲央行和日本央行繼續擴大量寬規模和放寬貨幣政策。油價持續急挫，加上市場憂慮出現全面的緊縮通脹，導致美國國庫券孳息曲線顯著趨於平坦。香港政府債券亦緊隨美國市場走勢，但幅度不及美國。股票持續造好，並吸引資金流入市場。由於流動資金充裕，故短期利率維持於多年低位。長債表現遜色，主要由於市場對長存續期的投資意欲轉弱。

中國公佈的令人失望的經濟數據，顯示增長進一步放緩。中國人民銀行亦在11月下調利率，以應對內地經濟增長轉弱及通脹下跌。然而，因流動性收緊和較高的交叉貨幣契約，離岸人民幣利率進一步收緊。人民幣匯率於貨幣寬鬆週期的開始，錄得在五年來首次年度下滑。基金經理可以看到人民幣的波動性增加，而美元持續強勢。然而，人民幣大幅貶值是不可能的。

While the Fed might be closer to hike rate in the second half of 2015, European Central Bank and Bank of Japan continued to expand quantitative easing and loosening monetary policies. Continued collapse in oil prices and broad disinflation concerns caused a massive flattening in US Treasury. Hong Kong government bond curve tracked closely to the US, but to a lesser extent. Equities continued to perform well and attracted capital inflows into the banking system. Short-term HKD interest rates remained at year-low on ample liquidity. Long-end continued to underperform on weaker appetite for long duration.

Disappointing data coming out from China suggested the growth to slow further. PBoC lowered the benchmark interest rates in November in response to weaker growth and falling inflation. Offshore CNH rates, however, got further squeezed on the back of tighter liquidity and higher cross currency swap. The RMB currency posted its first annual decline in 5 years on start of monetary easing cycle. The fund manager could see a rise in RMB volatility on the back of sustained USD strength. However, a sharp depreciation in RMB is unlikely.



Class A (A類) N/A N/A N/A N/A N/A 1.59%8 2.44% -0.79%

Class B (B類) N/A N/A N/A N/A N/A 1.53%8 2.48% -0.74%


Since Launch

Class A (A類) -0.79% 0.81% N/A N/A N/A 1.29%

Class B (B類) -0.74% 0.86% N/A N/A N/A 1.30%



Class A (A類) -0.79% -0.79% N/A N/A N/A 3.25%

Class B (B類) -0.74% -0.74% N/A N/A N/A 3.28%


99

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101

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103

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105

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永明強積金人民幣及港元基金(本成分基金僅以港元計價，而不是以人民幣計價) - B類 6

Sun Life MPF RMB and HKD Fund (The constituent fund is denominated in HKD onlyand not in RMB) - Class B 6

Jun/12 Aug/12 Oct/12 Dec/12 Feb/13 Apr/13 Apr/14Jun/13 Aug/13 Aug/14Oct/13 Oct/14Dec/13 Dec/14Feb/14 Jun/14


現金及存款(人民幣) Cash & Deposits

(RMB) 41.9%

現金及存款(港元) Cash & Deposits

(HKD) 33.0%

貨幣市場工具(人民幣)Money Market

Instruments (RMB)21.3%

債券(人民幣) Bonds (RMB)

2.9%

貨幣市場工具(港元)Money Market

Instruments (HKD)0.9%


Agricultural Bank of China HK C/D 2.70% 16-Apr-2015 5.3

DBS HK T/D 0.89% 17-Mar-2015 3.5

Standard Chartered Bank T/D 4.00% 24-Mar-2015 3.4

China General Nuclear 3.75% 01-Nov-2015 2.9

ICBC Asia C/D 3.00% 25-Aug-2015 2.9

China Development Bank 2.70% 25-Mar-2015 2.4



Dah Sing Bank T/D 0.85% 16-Jan-2015 2.3

ING Bank T/D 3.55% 16-Mar-2015 2.1


- 13 -

永明景順強積金環球股票基金Sun Life Invesco MPF Global Equities Fund基本資料 Basic Information成立日期 01/03/2008

Launch Date





基金類別股票基金 - 環球股票

Fund Descriptor Equity Fund - Global Equities



風險程度 2 11.06%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

進取 Aggressive

Risk Meter 3

投資目標 Investment Objective此基金旨在透過投資於全球股票以達致長期的資本增值。基金將全數投資於全球股票。This fund seeks to achieve long-term capital appreciation through investments in global equities. Up to 100% of the assets will be invested in global equities.

基金經理評介 Manager’s Comment環球股市於第四季上漲，但掩蓋了相當數量的股市波動。美國和中國是較大的經濟體中表現最出色的股市之一。美國受令人印象深刻的第三季經濟增長上調所推動，及更進一步受強美元和低油價帶動。兩者均為2014年的主要趨勢。中國股市亦受惠於油價下跌和支持性的宏觀政策。由於市場擔心歐洲的增長和通縮，以及對希臘政治不確定性的擔憂，其他的股票市場則審慎地完結本年。除中國股市外，亞太地區（日本除外）股市在12月下跌。如已發展市場相同，歐元區和日本的宏觀經濟數據疲弱，利淡亞洲投資者的情緒。

Global equity markets rose in the fourth quarter but this masks a considerable amount of equity market volatility. The US and China were among the top-performing equity markets among larger economies. The US was driven by an impressive upward revision to the pace of economic growth in the third quarter, further bolstered by a strong US dollar and lower oil prices, two of the main trends of 2014. Chinese equities also benefited from lower oil prices and supportive macro policies. Equity markets elsewhere ended the year on a wary note amid ongoing concerns about growth and deflation in Europe and renewed political uncertainty over Greece. Asia Pacific ex-Japan equity markets traded lower in December, with the exception of China. Similar to developed markets, investor sentiment in Asia was dampened by weak macroeconomic data from the Eurozone and Japan.



Class A (A類) N/A -33.02%8 32.82% 8.25% -14.67% 18.01% 16.99% 1.08%

Class B (B類) N/A -32.90%8 33.07% 8.47% -14.51% 18.25% 17.23% 1.28%


Since Launch

Class A (A類) 1.08% 8.74% 11.75% 5.21% N/A 2.02%

Class B (B類) 1.28% 8.96% 11.97% 5.42% N/A 2.23%



Class A (A類) 1.08% 1.08% 39.55% 28.90% N/A 14.67%

Class B (B類) 1.28% 1.28% 40.40% 30.19% N/A 16.25%


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130

120

110

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永明景順強積金環球股票基金- B類 6

Sun Life Invesco MPF Global Equities Fund - Class B 6



中港股票Hong Kong and China

Equities33.7%

日本股票Japanese Equities

10.6%其他亞太地區股票Other Asia Pacific

Equities12.3%

歐洲股票European Equities

17.1%

北美洲股票N.America Equities

23.6%

現金及其他 9Cash & Others

2.7%


工商銀行 Industrial & Commercial Bank of China-H 3.1

中國銀行 Bank of China Ltd-H 2.7



華寶國際 Huabao Intl Holdings Ltd 1.4

中國平安 Ping An Insurance Group Co of Ch-H 1.4

蘋果公司 Apple Inc 1.2

利福國際 Lifestyle Intl Holdings Ltd 0.9


建設銀行 China Construction Bank-H 0.9


- 14 -

永明景順強積金香港及中國股票基金Sun Life Invesco MPF Hong Kong and China Equity Fund基本資料 Basic Information成立日期 01/03/2008

Launch Date









風險程度 2 14.65%

Risk Indicator 2

風險標記 3

保守Conservative

進取Aggressive

進取 Aggressive

Risk Meter 3

投資目標 Investment Objective此基金旨在透過投資於香港及與中國有關的股票以達致長期的資本增值。基金將全數投資於香港及中國有關的證券。This fund seeks to achieve long-term capital appreciation through investments in Hong Kong and China-related securities. Up to 100% of the assets will be invested in a portfolio of listed Hong Kong and China-related securities.

基金經理評介 Manager’s Comment在2014年12月，中國離岸股市受惠於本地A股市場升勢而造好，香港股市則回落。儘管中國在12月內公佈的宏觀經濟數據遜於預期，但近期減息利好投資氣氛，為中國股市帶來支持。金融股繼續成為在離岸中國市場表現最好的行業。由於央行擴大存款定義，有效降低多家金融機構的貸存比率，進一步提供放貸空間，有利金融股上升。總理李克強出訪中亞及歐洲的絲綢之路，與哈薩克簽訂總值100億美元的合作協議，利好工業股表現。另一方面，非必需消費品與資訊科技股在12月表現落後。

The Chinese offshore market benefitted from the rally in the domestic A-share market in December 2014. In contrast, the Hong Kong market ended the month in negative territory. Despite weaker than expected macroeconomic data from China released during December, Chinese equities were supported by buoyant investor sentiment triggered by the recent interest rate cut. Financials continued to be the best-performing sector within the offshore Chinese market. The sector rallied due to the central bank’s expanded definition of deposits which would effectively lower the loan-to-deposit ratio of many financial institutions, providing headroom for further lending. The Industrial sector also performed well on the back of Premier Li’s Silk Road trip in central Asia and Europe, which led to the signing of a US$10 billion co-operative agreement with Kazakhstan. On the other hand, Consumer Discretionary and Information Technology were sector laggards in December.



Class A (A類) N/A -36.42%8 52.99% 8.05% -24.45% 24.06% 6.17% 2.65%

Class B (B類) N/A -36.36%8 53.30% 8.26% -24.30% 24.30% 6.39% 2.85%


Since Launch

Class A (A類) 2.65% 4.40% 10.58% 1.99% N/A 1.04%

Class B (B類) 2.85% 4.60% 10.80% 2.19% N/A 1.23%



Class A (A類) 2.65% 2.65% 35.20% 10.36% N/A 7.35%

Class B (B類) 2.85% 2.85% 36.01% 11.46% N/A 8.74%


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永明景順強積金香港及中國股票基金- B類 6

Sun Life Invesco MPF Hong Kong and China Equity Fund - Class B 6

指標*Index*



中港股票Hong Kong and China

Equities96.2%

現金及其他 9

Cash And Others3.8%






華寶國際 Huabao Intl Holdings Ltd 4.1

中國平安 Ping An Insurance Group Co of Ch-H 3.8

利福國際 Lifestyle Intl Holdings Ltd 2.7


建設銀行 China Construction Bank-H 2.5

中銀香港 BOC Hong Kong Holdings Ltd 2.5

* 資料來源：景順投資及理柏。直至2009年7月19日：新華富時香港指數。由2009年7月20日開始生效：理柏香港退休金－香港股票指數。* Index Source: Invesco and Lipper. Until July 19, 2009: FTSE Xinhua Hong Kong Index. Effective from July 20, 2009: Lipper's Hong Kong Pension Funds: Hong Kong Equity Index.


- 15 -

永明富時強積金香港指數基金Sun Life FTSE MPF Hong Kong Index Fund基本資料 Basic Information成立日期 10/12/2013

Launch Date







基金開支比率1 Class A (A類) 不適用 N/A

Fund Expense Ratio 1 Class B (B類) 不適用 N/A

風險程度2 不適用 N/A

Risk Indicator 2

風險標記3

保守Conservative

進取Aggressive

進取 Aggressive

Risk Meter 3

投資目標 Investment Objective此基金旨在尋求向成員提供於扣除費用和開支之前緊貼富時強積金香港指數表現之投資回報。This fund seeks to provide members with investment results that, before fees and expenses, closely track the performance of the FTSE MPF Hong Kong Index.

基金經理評介7 Manager’s Comment 7

市場在10月及11月錄得強勁的正回報（基金分別回報+3.87%及+0.9%，B類表現，下同）後，於12月回吐部分升幅，基金於2014年最後一個月錄得-1.37%的回報。指數於整個曆年錄得正面回報，截至2014年12月31日止12個月的總回報為1.83%。

於第4季度，基金中帶來最大正面貢獻的個股為中國人壽保險以及銀行業巨頭中國建設銀行及中國銀行。季內對投資組合表現造成最大拖累的是滙豐以及石油與天然氣公司中國海洋石油及中國石油。

Following strong positive market performance in October and November (the fund returned +3.87% and +0.9% respectively, Class B performance, the same applies below), December gave back some of these gains, as the fund delivered a -1.37% return for the final month of 2014. This concluded a positive calendar year for the fund, delivering a total return of 1.83% for the 12 months to 31 December 2014.

Among the top positive contributing stocks in the fund during the fourth quarter were China Life Insurance, and banking giants China Construction Bank and Bank of China. The biggest detractors from portfolio performance over the quarter were HSBC, and oil and gas companies CNOOC and PetroChina.



Class A (A類) N/A N/A N/A N/A N/A N/A -0.28%8 1.85%

Class B (B類) N/A N/A N/A N/A N/A N/A -0.27%8 1.83%

平均每年回報 Annualized Return 10

1 Year 年 2 Years 年 3 Years 年 5 Years 年 10 Years 年成立至今Since Launch

Class A (A類) 1.85% N/A N/A N/A N/A 1.47%

Class B (B類) 1.83% N/A N/A N/A N/A 1.47%



Class A (A類) 1.85% 1.85% N/A N/A N/A 1.56%

Class B (B類) 1.83% 1.83% N/A N/A N/A 1.56%


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永明富時強積金香港指數基金 - B類 7

Sun Life FTSE MPF Hong Kong Index Fund - Class B 7

Dec/13 Jan/14 Feb/14 Mar/14 Apr/14 May/14 Jun/14 Jul/14 Aug/14 Dec/14Nov/14Oct/14Sep/14

富時強積金香港指數*FTSE MPF Hong Kong Index*

*資料來源：富時國際有限公司。*Index Source: FTSE International Limited.


金融Financials

48.8%

公用事業Utilities5.0%

客戶消費服務Consumer Services

4.4%

石油及煤氣Oil & Gas

5.7%資訊科技

Technology6.0%

電訊服務Telecommunications

5.5%

基本材料Basic Materials

2.5%

其他Others2.2%

現金及現金等價物Cash & Cash Equivalent

2.0%

工業Industrials

9.9%

可選消費品Consumer Goods

6.8%

醫療保健Healthcare

1.2%


滙豐控股 HSBC Holdings PLC-HKD 8.4



中國移動 China Mobile Ltd 4.1

中國建設銀行 China Construction Bank-H 4.0



中國人壽 China Life Insurance Co Ltd (China) 2.0

香港交易所 Hong Kong Exchanges and Clearing Ltd 1.8

中國平安 Ping An Insurance Group Co of China Ltd 1.8

富時強積金香港指數（「指數」）中的所有權利均歸富時國際有限公司（「富時集團」）所有。「FTSE®」是倫敦證券交易所集團公司的商標，由富時集團根據授權使用。永明富時強積金香港指數基金（「指數基金」）由永明信託有限公司（「受託人」）獨家開發。該指數由富時集團或其代理機構計算。富時集團及其許可方與指數基金無關，也不對指數基金進行贊助、提供建議、推薦、認同或宣傳，也拒絕對任何人承擔因(a)使用、依賴指數或指數中的任何錯誤，或(b)投資於或經營指數基金導致的任何責任。富時集團不會對基金獲得的結果或該指數用於管理人所表述的有關目的作出任何明示或隱含聲明、預測、保證或陳述。All rights in the FTSE MPF Hong Kong Index (the“Index”) vest in FTSE International Limited (“FTSE”). “FTSE®” is a trade mark of the London Stock Exchange Group companies and is used by FTSE under licence. The Sun Life FTSE MPF Hong Kong Index Fund (the“Fund”) has been developed solely by Sun Life Trustee Company Limited (the “Trustee”). The Index is calculated by FTSE or its agent. FTSE and its licensors are not connected to and do not sponsor, advise, recommend, endorse or promote the Fund and do not accept any liability whatsoever to any person arising out of (a) the use of, reliance on or any error in the Index or (b) investment in or operation of the Fund. FTSE makes no claim, prediction, warranty or representation either as to the results to be obtained from the Fund or the suitability of the Index for the purpose to which it is being put by the Trustee.


備註 Remarks1. 基金開支比率旨在讓計劃成員據以估算成分及相關基金投資的開支總額，計劃成員須直接支付的開支除外。 Fund Expense Ratio is to provide a measure of the total level of expenses incurred in investing through the constituent and

underlying funds except expenses paid directly by the scheme member.2. 此數字是根據基金過往三年之按月回報率所計算的年度標準差。 The figure shows the annualized standard deviation based on the monthly rates of return of the fund over the past three years.3. 風險標記由香港永明金融有限公司根據其投資目標、資產類別及目標比重以釐定。此風險標記，並非引導您作出任何投資選擇，也沒考慮您的真實財務狀況或目標因素。風險標記僅供參考，並會定期作出檢討。我們建議您在作出任何投資選擇時，應尋求專業意見，以切合您的投資需要。

The risk meter, determined by Sun Life Hong Kong Limited, is based on the underlying investment objective, assets classes and target weightings. It is not intended to guide you through any investment option range and does not take into account your financial circumstances or goals. The risk meter is used as a reference only, and will be reviewed regularly. Before choosing any investment options, we recommend that you seek professional advice to determine if the investment options meet your needs.

4. 資料來源：首域投資（香港）有限公司。基金表現以港元的資產淨值計算，已扣除所有費用。 Source: First State Investments (Hong Kong) Limited. The performance data is calculated on a NAV-to-NAV basis in Hong Kong

dollar, net of all charges.5. 資料來源：RCM Asia Pacific Limited。基金表現以港元的資產淨值計算，已扣除所有費用。 Source: RCM Asia Pacific Limited. The performance data is calculated on a NAV-to-NAV basis in Hong Kong dollar, net of all

charges.6. 資料來源：景順投資管理有限公司。基金表現以港元的資產淨值計算，已扣除所有費用。 Source: Invesco Hong Kong Limited. The performance data is calculated on a NAV-to-NAV basis in Hong Kong dollar, net of all

charges.7. 資料來源：貝萊德資產管理北亞有限公司，基礎核准緊貼指數集體投資計劃投資經理。基金表現以港元資產淨值計算，已扣除所有費用。 Source: BlackRock Asset Management North Asia Limited, investment manager of the underlying approved index-tracking

collective investment scheme. The performance data is calculated on a NAV-to-NAV basis in Hong Kong dollar, net of all charges.8. 該基金在成立首年之「期內回報」會以成立日期至該曆年年底計算。 The “Period Return” in the year of inception will be calculated from the launch date to that calendar year end.9. 「現金及其他」指通知現金，及類似應付款項和應收款項的營運項目（如適用）。 “Cash and Others” denotes cash at call, and operating items such as account payables and account receivables (where relevant).10. 平均每年回報將於基金推出一年後開始提供（如適用）。 Annualized Return will be available in one year after launch (if applicable).

重要事項 Important Notes投資附帶風險，過去業績並不代表將來表現。投資回報可升可跌，因貨幣變動及市況，均可能影響投資價值。不同貨幣的匯率，亦可改變單位價值。投資於新興市場與已發展市場比較，可能會涉及較高風險，並通常對價格變動較為敏感。而永明強積金人民幣及港元基金（本成分基金僅以港元計價，而不是以人民幣計價）所持的部分資產投資於人民幣貨幣市場及債務工具，因此此成分基金的投資回報可能會受人民幣匯率的波動影響，以及受中國政府訂定的外匯監控政策及匯款限制。您應在作出任何投資決定前，查閱本計劃的主要推銷刊物及有關的市場推廣資料，以獲取有關詳情及風險因素。Investment involves risks and past performance is not indicative of future performance. Investment return may rise as well as fall due to market condition and currency movement which may affect the value of investments. The value of units may vary due to changes in exchange rates between currencies. Emerging markets may involve a higher degree of risk than in developed markets and are usually more sensitive to price movements.The return of Sun Life MPF RMB and HKD Fund (The constituent fund is denominated in HKD only and not in RMB) may be adversely affected by movements in RMB exchange rates as well as foreign exchange controls and repatriation restrictions imposed by the Chinese government as the fund invests part of its assets in RMB denominated money market and debt instruments.You are advised to read the Principal Brochure and the relevant marketing materials of the Scheme for further details and risk factors prior to making any investment decision.

香港永明金融有限公司（於百慕達註冊成立）客戶服務香港九龍紅磡德豐街18號海濱廣場一座10樓退休金服務熱線：3183 1888 傳真：3183 1889 www.sunlife.com.hk永明金融集團成員之一總公司設於加拿大多倫多

Sun Life Hong Kong Limited(Incorporated in Bermuda)Customer Service10/F, One Harbourfront, 18 Tak Fung Street, Hunghom, Kowloon, Hong KongPension Services Hotline: 3183 1888 Fax: 3183 1889 www.sunlife.com.hk 由香港永明金融有限公司刊發Members of the Sun Life Financial group of companies. Head Office in Toronto, Canada. Issued by Sun Life Hong Kong Limited


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