Important risk disclosure

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HK0000720810

Ping An USD Money Market Fund(HK0000720810)

Cash management
China
USD Cash
Accumulating

Invest with

USD Cash

Payout type

Accumulating

Risk rating

About this fund

Description

The Fund seeks to achieve a return in USD in line with prevailing money market rates by investing in short-term deposits and high quality money market instruments.

Key information

Annual report

Key fact sheet

Prospectus

Factsheet

Our perspective

Why we think this fund is best-in-class

Product

Investing primarily into high-quality USD money market securities issued mainly in China and Hong Kong. Leverage the strong relationship between parent company (Ping An Insurance) and domestic Chinese banks to obtain preferential rates on low duration and liquid bank deposits.

People

Run by two highly experienced PMs, Armin Cheung and Vicky Yao, with a combined average industry experience of over 13 years. Supported by Ping An's well-resourced and dedicated Treasury team, which has extensive experience in managing the broager Ping An Group's own money. One of the most renowned asset managers in China.

Performance

Favourable performance since inception in 2021, delivering total returns in line or better than comparable market benchmarks and peers. Track record of producing positive yield even during periods of low-to-zero market yields.

Process

In line with capital preservation and prudent liquidity management, invests for an average portfolio maturity of less than 60 days. Rarely invests in public bonds which have the risk of mark-to-market drawdowns; instead, efficiently utilises short-term bank deposits with preferential rates to achieve relatively high yield levels.

Cost

Institutional share class with no trailer fees to achieve the lowest possible fees.

How it fits in a portfolio

The fund will provide capital preservation and liquidity for investors looking for short-term liquidity management for cash (USD) that they will need in the very near future, In addition to the potential to earn yield. Note that capital preservation is the utmost objective of the Fund, but is not guaranteed. Given the Fund's heavy collaboration with Chinese banks, it may also be subject to relatively higher sector-specific risks, although the team's emphasis on high-quality issuers is solid.

Invest in this fund

Performance

Returns

NAV

Shows the total return of this accumulating fund, which includes dividends reinvested.

Total returns

Cumulative

Annualised

All Time

20.48%

YTD

0.95%

1 month

0.33%

6 month

2.02%

1 year

4.35%

3 year

16.19%

5 year

20.48%

As of Mar 2026

Distributions

This is an accumulating fund, so dividends are re-invested at the fund level.

Yield

3.98%As of Mar 2026

Risk metrics

Volatility

0.60%As of Mar 2026

Calendar returns

Year	Total	Jan	Feb	Mar	Apr	May	Jun	Jul	Aug	Sep	Oct	Nov	Dec
2026	-	0.3%	0.3%	0.3%	-	-	-	-	-	-	-	-	-
2025	4.5%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.4%	0.3%	0.4%
2024	5.6%	0.5%	0.4%	0.4%	0.5%	0.5%	0.4%	0.5%	0.5%	0.5%	0.4%	0.4%	0.4%
2023	5.6%	0.4%	0.4%	0.4%	0.4%	0.5%	0.5%	0.5%	0.5%	0.5%	0.5%	0.5%	0.5%
2022	2.1%	0.0%	0.0%	0.1%	0.1%	0.1%	0.1%	0.2%	0.2%	0.2%	0.3%	0.3%	0.4%
Load more		5 of 6

Subscription details

Initial investment

Minimum

Subsequent investment

Minimum

The fund manager of this fund requires an additional day for processing, and the trading price will be locked in on the next business day

Redemption details

Lock-up period

None

Minimum amount

None

The fund manager of this fund requires an additional day for processing, and the trading price will be locked in on the next business day

Top Exposures

Holdings

Regions

Sectors

Cash And Cash Equivalents	24.74%
Deposits With Banks	14.61%
Gaoteng Wefund-Gaoteng Wevalue Usd Money Market Fund – I Usd	1.56%
QNB Finance Ltd (2026-01-26 Maturity)	1.46%
Agricultural Bank Of China Ltd/Hk S0.5% Q (2025-11-24 Maturity)	1.08%
Agricultural Bank Of China Ltd/London S0.45% Q (2025-11-07 Maturity)	0.99%
Bank Of China Ltd/Dubai S0.37% Q (2026-03-05 Maturity)	0.97%
QNB Finance Ltd (2025-11-07 Maturity)	0.97%
Qatar National Bank Qpsc S0.5% Q Cd (2025-10-29 Maturity)	0.97%

Top exposures represent up to 15 of the fund's largest exposures for each category. Allocation percentages may not sum up to 100% and can include negative values due to rounding or trading activities by the underlying fund managers, including short positions.

Fund fees

0.17% p.a.

Fund facts

ISIN

HK0000720810

Fund house

Ping An of China Asset Management (HK)

Fund size

US$5.5B

As of 22 Apr 2026

Fund inception date

30 Mar 2021

Fund class currency

USD

Fund share class

I USD Acc

Oldest share inception date

30 Mar 2021

Pricing frequency

Daily

Warning statements

All investments involve risks (including the possibility of loss of the capital invested) and the price of fund units may go up as well as down.
Past performance is not indicative of future performance.
Although this fund has been authorised by the Hong Kong Securities and Futures Commission (“SFC”), it does not imply an official recommendation or endorsement by the SFC nor does it guarantee the commercial merits of the fund or its performance.
If you are in any doubt, you should clarify with us or seek independent professional advice.

Risk Warnings Investment involves risk. Past performance is not an indicator nor a guarantee of future performance or returns. Projected performance or returns are not guaranteed to materialise. The value of investments and the income from them can go down as well as up, and you may not get the full amount you invested. Rates of exchange may cause the value of investments to go up or down. Individual stock performance does not represent the return of a fund.

The value of the fund can be volatile and can go down substantially within a short period of time. It is possible that a certain amount or all of your investment could be lost.

Generic risk warnings relating to collective investment schemes

Funds are not a bank deposit and not capital guaranteed, and is subject to investment risks, including the possible loss of the principal amount invested. There is no assurance that a fund will have sufficient liquidity to meet redemption requests and that the fund's investment objectives and strategies will be achieved.

The funds' investment may involve substantial market, currency, volatility, liquidity, regulatory and political risks. Some funds may use derivatives, whether for hedging or for investment purposes. The risks associated with derivatives include counterparty/credit, liquidity, valuation, volatility and market risks. The fund's volatility may increase or decrease from its derivative usage and such fund may suffer losses from its derivative usage. Do not invest in these funds unless you fully understand and are willing to assume the risks associated with them.

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