Hong Kong Housing Society Annual Report 2014
68
我們的財務投資分散在不同的資產類別上，
並持續表現理想。截至二零一四年三月
三十一日，投資增長為百分之四點八，總值
約達二百億港元。年內，現金及存款錄得百
分之二點三三的增長、香港股票收益為百分
之三點五、全球股票收益為百分之十八點
五三、固定收益為百分之一點二九，而對沖
基金為百分之九點三九。與此同時，受不利
投資環境所拖累，新興市場的債券則錄得百
分之八的虧損。
以上的財務投資分成三個獨立的組合管理，
各有不同的投資目標及資產組合，以配合房
協營運上的需要。
我們的長期投資組合主要以股票為主，為重
建出租屋邨而提供資金，截至二零一四年三
月三十一日錄得百分之八點四七的收益，比
指標高出百分之一點六九。
中期的投資組合配置於風險相對較低的項
目，並傾向以固定收益工具為主，目的是賺
取盈利，為社區項目提供資金。截至二零
一四年三月三十一日，該組合錄得百分之
零點八八收益，表現較指標略遜百分之零點
二七。
由於短期投資組合的目的是保存資本及維持
資金流，房協繼續審慎地將現金盈餘投放在
不多於六個月的定期存款上。截至二零一四
年三月三十一日，短期組合的投資回報為百
分之二點三三，主要來自人民幣存款的利息
和貨幣升值。
Our financial investments which diversified among different asset classes
continued to do well. As at 31 March 2014, they grew by 4.8% to around
HK$20 billion. For the year, a gain of 2.33% was recorded on our cash
and deposits, 3.5% on Hong Kong equity, 18.53% on global equity,
1.29% on fixed income and 9.39% on hedge fund. Meanwhile, due to
the unfavourable investment climate for emerging market debt, a loss of
8% was recorded.
These financial investments are managed under three separate portfolios,
each with different investment objectives and asset mix to tie in with the
business activities.
As the long-term portfolio is for the redevelopment of our rental estates,
the investment is equity-biased. For the year ended 31 March 2014,
it recorded a gain of 8.47%, outperforming the benchmark by 1.69%.
The medium-term portfolio is relatively low-risk and biased towards fixed-
income instruments, since the intention is to use the income generated
to fund social projects. For the year ending 31 March 2014, it recorded a
gain of 0.88% which was slightly under the benchmark by 0.27%.
Since the objective of the short-term portfolio is to preserve capital and
to ensure liquidity, we continued to manage the portfolio prudently by
placing the surplus cash into fixed deposits with maturity of no more than
six months. For the year ended 31 March 2014, the short-term portfolio
achieved a return of 2.33%, mainly from yield and currency pick-up of
RMB deposits.
