• 香港認可買賣基金2月平均上漲0.15%。

• 商品基金平均錄得2.05%的正回報,表現優於其他所有類別的基金。

• 股票和混合型基金在2月分別上漲0.34%和0.30%。

• 債券基金則平均下跌0.35%。 

• 德意志銀行2月在香港推出了六支上市交易基金(ETF),從而令在香港股市交易的ETF數量在2月末增至50支。

• 香港市場交易的ETF總資產規模在2月則下滑1.4%,達到619.0億美元。

• 21類ETF當中有15個類別在2月錄得平均正回報。

• 2010年3月9日標志著當前這波牛市已經持續了一年。隨著牛市步入第二年，投資前景依然正面。

• 但是，我們不能因此就期望牛市第二年的投資回報將像第一年那樣強勁，因為第二年是從一個相對較高的基礎開始發展。

• 環球許多股市的相對強弱指標(RSI)已陸逐地轉為超買，預示著環球股市可能將在之後的數周經曆整固走勢。

• Funds authorized for sale in Hong Kong gained 0.15% on average for February.

• Commodities funds, registering a gain of 2.05% on average, outperformed all other types of funds.

• Equity and mixed-asset funds rose 0.34% and 0.30% on average, respectively, while bond funds declined 0.35% on average for the month.

• Deutsche Bank launched six ETFs during the month, lifting the number of ETFs that trade in the Hong Kong stock market to 50 by the end of the month.

• Of the 21 ETF groups 15 registered gains on average for February.

• March 9, 2010, marks the one-year anniversary of the current bull market. The investment outlook for the second year of a bull market remains positive but investors should not anticipate that investment return in the second year of a bull market can be as robust as in the first year, given that the second year starts from a higher baseline.

• Finally, many global equity markets are becoming overbought, implying that they may undergo a period of consolidation over the next few weeks.

• 香港強積金2月平均上漲0.46%。

• 股票強積金2月平均增長0.75%,回報率超越其它類別的強積金。

• 混合型強積金和債券強積金在2月分別錄得0.35%和0.19%的平均正回報。

• 2010年3月9日標志著當前這波牛市已經持續了一年。隨著牛市步入第二年，投資前景依然正面。

• 但是，我們不能因此就期望牛市第二年的投資回報將像第一年那樣強勁，因為第二年是從一個相對較高的基礎開始發展。

• 環球許多股市的相對強弱指標(RSI)已陸逐地轉為超買，預示著環球股市可能將在之後的數周經曆整固走勢。

• Hong Kong MPFs gained 0.46% on average for February.

• Equity MPFs, registering a positive return of 0.75% on average, outperformed all other types of MPFs.

• Mixed-asset MPFs gained 0.35%, while bond MPFs rose 0.19% on average for February.

• March 9, 2010, marks the one-year anniversary of the current bull market. The investment outlook for the second year of a bull market remains positive but investors should not anticipate that investment return in the second year of a bull market can be as robust as in the first year, given that the second year starts from a higher baseline.

• Finally, many global equity markets are becoming overbought, implying that they may undergo a period of consolidation over the next few weeks.

• Continuous stock market volatility through the month of February took its toll; Spanish managers slashed their aggregate equity exposure by more than 2 percentage points.  
• On the other hand, the aggregate average allocation to bonds was increased from 36.39% to 38.50%. This represented the highest reading since March 2007.  
• However, the average allocation to bonds should not increase much further in the short term, since only 8% of the panel–down from 29% in January–was planning to increase exposure to this asset class over the next three months.  
• A majority of participants believed that Eurozone stocks were oversold–a shift in opinion from a month earlier, when they were fairly valued. This stood in sharp contrast with the opinion on U.S. stocks.  
• Regarding market sectors, Spanish managers turned more positive on resources and basic industries.

• Equity closed-end funds (CEFs) (+2.04%) returned to their winning ways, while fixed income CEFs posted their fourth consecutive month of plus-side returns, rising 1.03% on a NAV basis. 
• All equity and fixed income CEF classifications were in the black for February, with Domestic Equity CEFs (+2.78%) and Municipal Bond Funds (+1.32%) leading their respective asset class.
• In the equity universe Real Estate Funds (+3.84%) took home the gold, while on the fixed income side Florida Municipal Debt Funds (+1.88%) took the top podium position for the month.
• For February 92% of all CEFs posted returns in the black, with 90% of equity CEFs and 93% of fixed income CEFs posting positive returns.
• The exchange-rate sensitive World Equity Funds (+0.88%) macro-group lagged its counterparts, with the Developed Markets Funds (+0.19%) classification pulling down the average.
• For February the median discount of all CEFs narrowed 92 basis points (bps) to 3.95%. High Current Yield Funds witnessed the largest narrowing of discounts.

• The FTSE Bursa Malaysia KLCI was down 1.07% for the month of January,but it outperformed both its ASEAN neighbors Singapore and Thailand during the month.
• The average return for all types of funds was minus 1.19% - the first overall negative return since March 2009.
• The equity fund group lost an average of 3.62% for the month of January, while mixed asset funds lost 1.94% on average.
• Equity Malaysia Small- & Mid-Cap funds returned 1.62% on average, surprising during a month of significantly reduced risk appetite, given the group's traditionally higher volatility.
• Over the three-year period Target Maturity Funds were the best performer, returning an average of 28.75% and significantly outperforming equities, which returned an average of 6.91% over the same period.
  

• The SET Index was down 5.17% for the month of January, outperforming only Singapore within the ASEAN region.
• Four equity funds and one mixed-asset fund were launched during the month, with one investing in the diversified Latin American region, and another being a Hong Kong equity fund.
• The best performing fund group for the month was the bond fund group, returning minus 0.21% on average.
• On a year-on-year basis, all LGCs turned in positive performance. The Equity Thailand LGC returned 52.60% during this period.
  

• Well into the recent stock market correction Spanish managers increased slightly their average aggregate exposure to equities—from 41.12% to 41.59%.
• The aggregate exposure to bonds was also increased slightly—to 36.39% from 35.59%—staying around summer 2008 levels.
• On the other hand, fund managers reduced the average allocation to cash by more than 1.0 percentage point to 18.92%. This was the lowest reading since June 2008.
• A majority of participants remained overweighted in Eurozone stocks, and more managers were overweighted in North American equities.
• Regarding market sectors, Spanish managers turned more negative on banks; fewer managers were overweighted in the banks & other financials sector, and 31% of the panel were planning to decrease their exposure, compared to just 15% in December.