Tony Fung

In a late-cycle global economy, investors should shift to defensive strategies: focus on capital preservation, maintain good liquidity, and diversify across assets. Hong Kong offers a strong stability option through high-quality residential mortgages. The Sparc Mortgage Income Fund mainly invests in premium Hong Kong RMBS (residential mortgage-backed securities). It targets steady income with low risk, thanks to the Fund's risk management and historically low defaults in HK mortgage loan...

HIBOR Summer 2025 – The 10-Week Rollercoaster May–June: Massive plunge Strong HKD hit 7.75 → HKMA strong-side intervention sold HK$129.4 bn HKD. Aggregate balance exploded from HK$45 bn → HK$174 bn. Result– Overnight HIBOR: 4.3% → 0.02–0.03%– 1-month HIBOR: 4.07% → 0.52% (lowest since 2022)Driver: Record IPO inflows + heavy Southbound Stock Connect capital.   July: Remained ultra-low Excess liquidity persisted → 1-month HIBOR stayed 0.7–1.1%.   August: Violent rebound Carry-trade unwind +...

FOMC Rate Cut Provides Monetary Tailwinds The US Federal Reserve delivered its first rate cut in nine months, lowering the target range...