Page 125 - 香港房屋協會 Hong Kong Housing Society Annual Report 2020/2021

香港房屋協會 2020/21 年度年報
123
CORPORATE SUSTAINABILITY 企業持續發展 FINANCIAL MANAGEMENT 財務管理
Investment Portfolio
投資組合
HK$ billion
港幣十億元
as at 31 March 2021
截至二零二一年三月三十一日止
■ Long Term 長期
■ Medium Term 中期
■ Short Term 短期
Total 總數
22.7 (56%) 6.6 (16%) 11.2 (28%)
Driven by an accelerating vaccine rollout, continued economic stimuli and growing concerns of inflation, 10-Year US Treasury Yields rose to their highest levels in over a year. The rapid pace at which the yield escalated had rattled equity markets.
In Europe, the spread of a mutated COVID strain in late December 2020 disrupted the recovery of the investment environment, but the positive development in the post-Brexit trade deal helped to alleviate the negative sentiment.
In Asia, China became the first major economy to return to a growth trend since the COVID-19 impact, reflecting its success in containing the coronavirus spread within its borders.
During the year, the Housing Society reviewed fixed income portfolios to reflect the conditions in the bond markets upon the inclusion of China in the major global bond indices. In addition, after undertaking a comprehensive set of study and assessment, the Investment Committee proposed to the Executive Committee the appointment of a new global custodian for higher cost effectiveness. The recommendation was adopted by the Executive Committee and the new custodian was on-boarded in April 2021.
但是隨著疫苗加快面市、經濟刺激政策持續 及通脹憂慮加劇，推動十年期美國國債收益 率升至超過一年高位。債券收益率飆升，令 股市出現動蕩。
歐洲方面，於二零二零年十二月下旬，出現 變種新冠肺炎病毒傳播，令投資環境復甦進 程受阻，但英國脫歐後簽訂的貿易協議取得 理想成果，有助減輕負面情緒。
亞洲方面，中國成為新冠肺炎疫情爆發以來 首個重拾增長的主要經濟體，反映中國成功 遏制新冠肺炎疫情在境內傳播。
年內，房協調整了固定收益投資組合，以反 映中國獲納入全球主要債券指數後的債券市 場狀況。此外，經過一系列全面的研究和評 估，投資委員會向執行委員會提議委任一名 新的全球託管人，以提高成本效益。執行委 員會已採納該項建議，新的託管人於二零 二一年四月就任。