Growth Mandate

Our Aggressive portfolio fell 0.4% in October. As U.S. government bond yields continue to rise, both the 10-year and 30-year U.S. government bonds have reached new highs since 2007. The inflow of funds into the bond market has had a negative impact on the global stock market. Lenovo Group (992) performed better in the portfolio. The aggressive portfolio outperformed the benchmark index by 3.1%. Since its establishment, our portfolio has increased by 11.3%, while the benchmark index is -24.1%. Telecommunications, software services and public utilities accounted for 26.4%, 16.5% and 12.7% respectively.

Stocks that performed better this month:
Lenovo Group (992) announced its first quarter results for the 2023-2024 fiscal year in August. The group’s revenue was 12,900 million (USD, the same below), an annual decrease of 23.9%. Gross profit was 2,252 million, a decrease of 21.5% compared with the same period last year; gross profit margin was 17.5%, an annual increase of 0.6 percentage points. Operating profit was 390 million, a year-on-year decrease of 49.8%. Profit attributable to the company’s equity was 177 million, a decrease of 65.7% compared with the same period last year. However, in the past period, the company’s smart business has reduced its revenue by 28% year-on-year due to the clearing of excess inventory equipment in the channel. In addition, due to the impact of weak cloud demand and the slower-than-expected transition to next-generation platforms, the infrastructure solutions business group’s revenue fell by 8%. , but because the solution service business revenue and operating profit increased by 18% and 10% respectively, leading the group’s service-oriented transformation, it is equivalent to the group having almost the same highest gross profit margin. In addition, according to data survey agency Canalys, mainland China maintains the first place with a market share of 36%, with notebook and desktop computer shipments exceeding the rest of the top five combined. Lenovo’s sales on the double 11 were also ideal, ranking second in JD.com’s self-operated brand sales list and first in the JD.com brand store sales list.

Balanced Mandate

Our balanced portfolio fell 0.26% in October. As U.S. Treasury bond yields continue to rise, both the 10-year and 30-year U.S. Treasury bonds have reached new highs since 2007. Funds have flowed into the bond market and have had a negative impact on the global stock market. Lenovo Group (992) performed better in the portfolio. The balanced portfolio outperformed the benchmark index by 2.79%. Since its establishment, the performance of our portfolio has been 12.71%, while the benchmark index has been -24.15%. Utilities, telecommunications and bonds accounted for 19.9%, 17.8% and 15.8% respectively.

Stocks that performed better this month:
Lenovo Group (992) announced its first quarter results for the 2023-2024 fiscal year in August. The group’s revenue was 12,900 million (USD, the same below), an annual decrease of 23.9%. Gross profit was 2,252 million, a decrease of 21.5% compared with the same period last year; gross profit margin was 17.5%, an annual increase of 0.6 percentage points. Operating profit was 390 million, a year-on-year decrease of 49.8%. Profit attributable to the company’s equity was 177 million, a decrease of 65.7% compared with the same period last year. However, in the past period, the company’s smart business has reduced its revenue by 28% year-on-year due to the clearing of excess inventory equipment in the channel. In addition, due to the impact of weak cloud demand and the slower-than-expected transition to next-generation platforms, the infrastructure solutions business group’s revenue fell by 8%. , but because the solution service business revenue and operating profit increased by 18% and 10% respectively, leading the group’s service-oriented transformation, it is equivalent to the group having almost the same highest gross profit margin. In addition, according to data survey agency Canalys, mainland China maintains the first place with a market share of 36%, with notebook and desktop computer shipments exceeding the rest of the top five combined. Lenovo’s sales on the double 11 were also ideal, ranking second in JD.com’s self-operated brand sales list and first in the JD.com brand store sales list.

Conservative Mandate

Our conservative portfolio fell 0.53% in October. As U.S. Treasury bond yields continue to rise, both the 10-year and 30-year U.S. Treasury bonds have reached new highs since 2007. Funds have flowed into the bond market and have had a negative impact on the global stock market. PCCW (00008) performed better in the portfolio. The performance of the stable portfolio outperformed the benchmark index by 0.69%. Since its establishment, the performance of our portfolio has been 24.34%, while the benchmark index has been -9.80%. Bond funds, public utilities and software services accounted for 55.1%, 19.5% and 6.4% respectively.

Stocks that performed better this month:
PCCW (00008) has interests in telecommunications, media, information technology service solutions, property development and investment, and other businesses. Its subsidiary Hong Kong Telecom is Hong Kong’s telecommunications service provider and operates fixed-line, broadband, mobile communications and media entertainment services. business. In addition, the company owns a comprehensive Hong Kong multimedia and entertainment group that provides over-the-top (“OTT”) video services in Hong Kong and other regions and is also engaged in content creation, artist management and event businesses. As of June 30, 2023, the company’s total revenue was 16.85 billion yuan (Hong Kong dollars, the same below), a year-on-year increase of 0.7%, of which Hong Kong Telecom’s revenue was 16.40 billion, a year-on-year increase of 1.5%; OTT business revenue was 970 million, a year-on-year increase of 23.5%; revenue from free TV and related businesses was 390 million, a year-on-year increase of 0.5%; revenue from other businesses was 370 million, a year-on-year decrease of 7.8%; reflecting the internal and external projects between the group’s various businesses The offset items of cooperation were 1.28 billion, a year-on-year increase of 28.9%. Cost of sales was 8.29 billion, a year-on-year increase of 1.8%. Comprehensive EBITDA was 5.63 billion yuan, a year-on-year increase of 2.3%. The loss attributable to the company’s equity holders was 490 million yuan, a year-on-year loss expansion of 150.5%. The growth of OTT business was mainly due to the 30% year-on-year increase in Viu’s revenue, while the number of Viu’s monthly active users increased by 8% year-on-year to 65.5 million, with particularly significant increases in the number of Indonesia and South Africa. In addition, paying users increased by 21% to 11 million due to new distribution partnerships with companies such as Astro Malaysia and Shoprite in South Africa.

Growth Mandate

Our Aggressive portfolio fell 0.4% in October. As U.S. government bond yields continue to rise, both the 10-year and 30-year U.S. government bonds have reached new highs since 2007. The inflow of funds into the bond market has had a negative impact on the global stock market. Lenovo Group (992) performed better in the portfolio. The aggressive portfolio outperformed the benchmark index by 3.1%. Since its establishment, our portfolio has increased by 11.3%, while the benchmark index is -24.1%. Telecommunications, software services and public utilities accounted for 26.4%, 16.5% and 12.7% respectively.

Stocks that performed better this month:
Lenovo Group (992) announced its first quarter results for the 2023-2024 fiscal year in August. The group’s revenue was 12,900 million (USD, the same below), an annual decrease of 23.9%. Gross profit was 2,252 million, a decrease of 21.5% compared with the same period last year; gross profit margin was 17.5%, an annual increase of 0.6 percentage points. Operating profit was 390 million, a year-on-year decrease of 49.8%. Profit attributable to the company’s equity was 177 million, a decrease of 65.7% compared with the same period last year. However, in the past period, the company’s smart business has reduced its revenue by 28% year-on-year due to the clearing of excess inventory equipment in the channel. In addition, due to the impact of weak cloud demand and the slower-than-expected transition to next-generation platforms, the infrastructure solutions business group’s revenue fell by 8%. , but because the solution service business revenue and operating profit increased by 18% and 10% respectively, leading the group’s service-oriented transformation, it is equivalent to the group having almost the same highest gross profit margin. In addition, according to data survey agency Canalys, mainland China maintains the first place with a market share of 36%, with notebook and desktop computer shipments exceeding the rest of the top five combined. Lenovo’s sales on the double 11 were also ideal, ranking second in JD.com’s self-operated brand sales list and first in the JD.com brand store sales list.

Balanced Mandate

Our balanced portfolio fell 0.26% in October. As U.S. Treasury bond yields continue to rise, both the 10-year and 30-year U.S. Treasury bonds have reached new highs since 2007. Funds have flowed into the bond market and have had a negative impact on the global stock market. Lenovo Group (992) performed better in the portfolio. The balanced portfolio outperformed the benchmark index by 2.79%. Since its establishment, the performance of our portfolio has been 12.71%, while the benchmark index has been -24.15%. Utilities, telecommunications and bonds accounted for 19.9%, 17.8% and 15.8% respectively.

Stocks that performed better this month:
Lenovo Group (992) announced its first quarter results for the 2023-2024 fiscal year in August. The group’s revenue was 12,900 million (USD, the same below), an annual decrease of 23.9%. Gross profit was 2,252 million, a decrease of 21.5% compared with the same period last year; gross profit margin was 17.5%, an annual increase of 0.6 percentage points. Operating profit was 390 million, a year-on-year decrease of 49.8%. Profit attributable to the company’s equity was 177 million, a decrease of 65.7% compared with the same period last year. However, in the past period, the company’s smart business has reduced its revenue by 28% year-on-year due to the clearing of excess inventory equipment in the channel. In addition, due to the impact of weak cloud demand and the slower-than-expected transition to next-generation platforms, the infrastructure solutions business group’s revenue fell by 8%. , but because the solution service business revenue and operating profit increased by 18% and 10% respectively, leading the group’s service-oriented transformation, it is equivalent to the group having almost the same highest gross profit margin. In addition, according to data survey agency Canalys, mainland China maintains the first place with a market share of 36%, with notebook and desktop computer shipments exceeding the rest of the top five combined. Lenovo’s sales on the double 11 were also ideal, ranking second in JD.com’s self-operated brand sales list and first in the JD.com brand store sales list.

Conservative Mandate

Our conservative portfolio fell 0.53% in October. As U.S. Treasury bond yields continue to rise, both the 10-year and 30-year U.S. Treasury bonds have reached new highs since 2007. Funds have flowed into the bond market and have had a negative impact on the global stock market. PCCW (00008) performed better in the portfolio. The performance of the stable portfolio outperformed the benchmark index by 0.69%. Since its establishment, the performance of our portfolio has been 24.34%, while the benchmark index has been -9.80%. Bond funds, public utilities and software services accounted for 55.1%, 19.5% and 6.4% respectively.

Stocks that performed better this month:
PCCW (00008) has interests in telecommunications, media, information technology service solutions, property development and investment, and other businesses. Its subsidiary Hong Kong Telecom is Hong Kong’s telecommunications service provider and operates fixed-line, broadband, mobile communications and media entertainment services. business. In addition, the company owns a comprehensive Hong Kong multimedia and entertainment group that provides over-the-top (“OTT”) video services in Hong Kong and other regions and is also engaged in content creation, artist management and event businesses. As of June 30, 2023, the company’s total revenue was 16.85 billion yuan (Hong Kong dollars, the same below), a year-on-year increase of 0.7%, of which Hong Kong Telecom’s revenue was 16.40 billion, a year-on-year increase of 1.5%; OTT business revenue was 970 million, a year-on-year increase of 23.5%; revenue from free TV and related businesses was 390 million, a year-on-year increase of 0.5%; revenue from other businesses was 370 million, a year-on-year decrease of 7.8%; reflecting the internal and external projects between the group’s various businesses The offset items of cooperation were 1.28 billion, a year-on-year increase of 28.9%. Cost of sales was 8.29 billion, a year-on-year increase of 1.8%. Comprehensive EBITDA was 5.63 billion yuan, a year-on-year increase of 2.3%. The loss attributable to the company’s equity holders was 490 million yuan, a year-on-year loss expansion of 150.5%. The growth of OTT business was mainly due to the 30% year-on-year increase in Viu’s revenue, while the number of Viu’s monthly active users increased by 8% year-on-year to 65.5 million, with particularly significant increases in the number of Indonesia and South Africa. In addition, paying users increased by 21% to 11 million due to new distribution partnerships with companies such as Astro Malaysia and Shoprite in South Africa.

Growth Mandate

Our Aggressive portfolio fell 0.4% in October. As U.S. government bond yields continue to rise, both the 10-year and 30-year U.S. government bonds have reached new highs since 2007. The inflow of funds into the bond market has had a negative impact on the global stock market. Lenovo Group (992) performed better in the portfolio. The aggressive portfolio outperformed the benchmark index by 3.1%. Since its establishment, our portfolio has increased by 11.3%, while the benchmark index is -24.1%. Telecommunications, software services and public utilities accounted for 26.4%, 16.5% and 12.7% respectively.

Stocks that performed better this month:
Lenovo Group (992) announced its first quarter results for the 2023-2024 fiscal year in August. The group’s revenue was 12,900 million (USD, the same below), an annual decrease of 23.9%. Gross profit was 2,252 million, a decrease of 21.5% compared with the same period last year; gross profit margin was 17.5%, an annual increase of 0.6 percentage points. Operating profit was 390 million, a year-on-year decrease of 49.8%. Profit attributable to the company’s equity was 177 million, a decrease of 65.7% compared with the same period last year. However, in the past period, the company’s smart business has reduced its revenue by 28% year-on-year due to the clearing of excess inventory equipment in the channel. In addition, due to the impact of weak cloud demand and the slower-than-expected transition to next-generation platforms, the infrastructure solutions business group’s revenue fell by 8%. , but because the solution service business revenue and operating profit increased by 18% and 10% respectively, leading the group’s service-oriented transformation, it is equivalent to the group having almost the same highest gross profit margin. In addition, according to data survey agency Canalys, mainland China maintains the first place with a market share of 36%, with notebook and desktop computer shipments exceeding the rest of the top five combined. Lenovo’s sales on the double 11 were also ideal, ranking second in JD.com’s self-operated brand sales list and first in the JD.com brand store sales list.

Balanced Mandate

Our balanced portfolio fell 0.26% in October. As U.S. Treasury bond yields continue to rise, both the 10-year and 30-year U.S. Treasury bonds have reached new highs since 2007. Funds have flowed into the bond market and have had a negative impact on the global stock market. Lenovo Group (992) performed better in the portfolio. The balanced portfolio outperformed the benchmark index by 2.79%. Since its establishment, the performance of our portfolio has been 12.71%, while the benchmark index has been -24.15%. Utilities, telecommunications and bonds accounted for 19.9%, 17.8% and 15.8% respectively.

Stocks that performed better this month:
Lenovo Group (992) announced its first quarter results for the 2023-2024 fiscal year in August. The group’s revenue was 12,900 million (USD, the same below), an annual decrease of 23.9%. Gross profit was 2,252 million, a decrease of 21.5% compared with the same period last year; gross profit margin was 17.5%, an annual increase of 0.6 percentage points. Operating profit was 390 million, a year-on-year decrease of 49.8%. Profit attributable to the company’s equity was 177 million, a decrease of 65.7% compared with the same period last year. However, in the past period, the company’s smart business has reduced its revenue by 28% year-on-year due to the clearing of excess inventory equipment in the channel. In addition, due to the impact of weak cloud demand and the slower-than-expected transition to next-generation platforms, the infrastructure solutions business group’s revenue fell by 8%. , but because the solution service business revenue and operating profit increased by 18% and 10% respectively, leading the group’s service-oriented transformation, it is equivalent to the group having almost the same highest gross profit margin. In addition, according to data survey agency Canalys, mainland China maintains the first place with a market share of 36%, with notebook and desktop computer shipments exceeding the rest of the top five combined. Lenovo’s sales on the double 11 were also ideal, ranking second in JD.com’s self-operated brand sales list and first in the JD.com brand store sales list.

Conservative Mandate

Our conservative portfolio fell 0.53% in October. As U.S. Treasury bond yields continue to rise, both the 10-year and 30-year U.S. Treasury bonds have reached new highs since 2007. Funds have flowed into the bond market and have had a negative impact on the global stock market. PCCW (00008) performed better in the portfolio. The performance of the stable portfolio outperformed the benchmark index by 0.69%. Since its establishment, the performance of our portfolio has been 24.34%, while the benchmark index has been -9.80%. Bond funds, public utilities and software services accounted for 55.1%, 19.5% and 6.4% respectively.

Stocks that performed better this month:
PCCW (00008) has interests in telecommunications, media, information technology service solutions, property development and investment, and other businesses. Its subsidiary Hong Kong Telecom is Hong Kong’s telecommunications service provider and operates fixed-line, broadband, mobile communications and media entertainment services. business. In addition, the company owns a comprehensive Hong Kong multimedia and entertainment group that provides over-the-top (“OTT”) video services in Hong Kong and other regions and is also engaged in content creation, artist management and event businesses. As of June 30, 2023, the company’s total revenue was 16.85 billion yuan (Hong Kong dollars, the same below), a year-on-year increase of 0.7%, of which Hong Kong Telecom’s revenue was 16.40 billion, a year-on-year increase of 1.5%; OTT business revenue was 970 million, a year-on-year increase of 23.5%; revenue from free TV and related businesses was 390 million, a year-on-year increase of 0.5%; revenue from other businesses was 370 million, a year-on-year decrease of 7.8%; reflecting the internal and external projects between the group’s various businesses The offset items of cooperation were 1.28 billion, a year-on-year increase of 28.9%. Cost of sales was 8.29 billion, a year-on-year increase of 1.8%. Comprehensive EBITDA was 5.63 billion yuan, a year-on-year increase of 2.3%. The loss attributable to the company’s equity holders was 490 million yuan, a year-on-year loss expansion of 150.5%. The growth of OTT business was mainly due to the 30% year-on-year increase in Viu’s revenue, while the number of Viu’s monthly active users increased by 8% year-on-year to 65.5 million, with particularly significant increases in the number of Indonesia and South Africa. In addition, paying users increased by 21% to 11 million due to new distribution partnerships with companies such as Astro Malaysia and Shoprite in South Africa.

Growth Mandate

Our Aggressive portfolio fell 0.4% in October. As U.S. government bond yields continue to rise, both the 10-year and 30-year U.S. government bonds have reached new highs since 2007. The inflow of funds into the bond market has had a negative impact on the global stock market. Lenovo Group (992) performed better in the portfolio. The aggressive portfolio outperformed the benchmark index by 3.1%. Since its establishment, our portfolio has increased by 11.3%, while the benchmark index is -24.1%. Telecommunications, software services and public utilities accounted for 26.4%, 16.5% and 12.7% respectively.

Stocks that performed better this month:
Lenovo Group (992) announced its first quarter results for the 2023-2024 fiscal year in August. The group’s revenue was 12,900 million (USD, the same below), an annual decrease of 23.9%. Gross profit was 2,252 million, a decrease of 21.5% compared with the same period last year; gross profit margin was 17.5%, an annual increase of 0.6 percentage points. Operating profit was 390 million, a year-on-year decrease of 49.8%. Profit attributable to the company’s equity was 177 million, a decrease of 65.7% compared with the same period last year. However, in the past period, the company’s smart business has reduced its revenue by 28% year-on-year due to the clearing of excess inventory equipment in the channel. In addition, due to the impact of weak cloud demand and the slower-than-expected transition to next-generation platforms, the infrastructure solutions business group’s revenue fell by 8%. , but because the solution service business revenue and operating profit increased by 18% and 10% respectively, leading the group’s service-oriented transformation, it is equivalent to the group having almost the same highest gross profit margin. In addition, according to data survey agency Canalys, mainland China maintains the first place with a market share of 36%, with notebook and desktop computer shipments exceeding the rest of the top five combined. Lenovo’s sales on the double 11 were also ideal, ranking second in JD.com’s self-operated brand sales list and first in the JD.com brand store sales list.