貿易通 2021 年中報

Management Discussion and Analysis (Continued) 管理層討論及分析 （續） 19 二零二一年中期報告 貿易通電子貿易有限公司 本公司同意於每季結束時向管理人 支付管理費，金額相當於按所管理 投資組合於上個月最後一個營業日 的每月價值計每年 0.65% 。費用包括 管理費、交易費及託管費。管理人根 據設定的投資策略條款管理投資組 合中的資產，目標是適度增值資產。 預期資產價值會出現適度波動。本 公司有權隨時更改投資策略，增加 或撤回資金。 (b) 於二零二一年上半年，本集團投資 於 盈 富 基 金 的 成 本 約 為 港 幣 4,000,000 元。 於二零二一年上半年，本集團錄得透過損 益按公允價值計量的上市債務及股本證券 的公允價值虧損港幣 900,000 元。 (iii) 透過損益按公允價值計量的投資基金單位 於二零二一年六月三十日，本集團亦持有 兩 項 亞 洲 債 券 基 金，總 金 額 為 港 幣 31,000,000 元（佔 本 集 團 資 產 總 值 的 5.7% ）。該等投資分別包括於瑞銀 (CAY) 投 資基金系列 — 瑞銀亞洲債券系列 5 （美元） 的港幣 7,800,000 元投資及於瑞銀 (CAY) 投資 基金系列 — 瑞銀亞洲債券系列 6 （美元）的 港幣 23,200,000 元投資。前者將於二零二四 年六月三十日到期，而後者將於二零二三 年十二月二十二日到期。目標總到期收益 率分別為每年 4.8% 至 5.3% 及 5.0% 至 5.75% 。 有關投資基金專注投資於涉及亞太地區（日 本除外）的房地產、銀行及工業等各個行業 領域由主權機構、半主權機構及企業發行 以美元計價的固定收入證券。於二零二一 年六月三十日，系列 5 基金及系列 6 基金的 平均信貸評級分別為低於投資級別及投資 級別。投資基金的目的為持有債券至到期 日，惟亦將定期監察及檢討所有證券，並 在必要時採取適當行動。 於 二 零 二 一 年 中 期 錄 得 投 資 收 入 港 幣 700,000 元，即投資基金派付的股息收入。 另一方面，於二零二一年上半年，債券基 金錄得公允價值虧損港幣 600,000 元。 The Company agreed to pay the Manager a management fee, payable quarterly in arrears, which is equal to 0.65% per annum applied to the monthly value of the managed portfolio based on the last business day of the previous month. The fees cover the management fee, transaction fee and custody fee. The Manager manages assets in the portfolio in accordance with the terms of the investment strategy set. The objective is moderate appreciation of assets. Moderate volatility of asset value expected. The Company has the right to change the investment strategy, add or withdraw funds at any time. (b) The Group invested in Tracker Fund of Hong Kong at the cost of about HK$4.0 million during the first half of 2021. During the first half of 2021, the Group recorded a fair value loss on the listed debt and equity securities measured at FVPL of HK$0.9 million. (iii) Units in investment funds measured at FVPL The Group also held 2 Asian bond funds at 30 June 2021 with an aggregate amount of HK$31.0 million (accounting for 5.7% of the Group’s total assets). The investments composed of HK$7.8 million and HK$23.2 million investments in UBS (CAY) Investment Fund Series — UBS Asian Bonds Series 5 (USD) and UBS (CAY) Investment Fund Series — UBS Asian Bonds Series 6 (USD) respectively. The former will mature on 30 June 2024 while the latter will mature on 22 December 2023. The target gross yield to maturity are 4.8%-5.3% and 5.0%-5.75% per annum respectively. The investment funds focus on USD-denominated fixed income securities issued by sovereigns, quasi-sovereigns and corporates covering various industry sections such as real estate, banks and industrials in the Asia Pacific ex-Japan region. As of 30 June 2021, the average credit ratings of the Series 5 fund and the Series 6 fund were below investment grade and investment grade respectively. The investment funds aim to hold the bonds until maturity but will also monitor and review all the securities on a regular basis and take appropriate actions as necessary. Investment income of HK$0.7 million was recorded during the interim period in 2021 which represented dividend income distributed by the investment funds. On the other hand, a fair value loss of HK$0.6 million on the bond funds was recorded during the first half of 2021.