Bond Market’s Turbulence On April 2, Trump unexpectedly announced indiscriminate high “reciprocal tariffs,” triggering an unprecedented storm in the global financial markets. The global stock and bond markets suffered an epic bloodbath, with no one spared. U.S. stocks experienced their largest single-day drop since the onset of the COVID-19 pandemic in 2020, with the Dow Jones Industrial Average losing over $6 trillion in market value. The S&P 500 and Nasdaq indices fell more than 20% from their peak in December last year, entering a technical bear market. Asian stock markets, including Taiwan and Hong Kong, saw single-day declines exceeding 10%.

Key Benchmarks Performance Hong Kong’s stock market kept its resilient path, and its stock market benchmark of Hang Seng Index rose 0.8% for March Brazil’s Sao Paulo and India’s BSE SENSEX Index rallied 5.9% and 5.8%, respectively, taking the leading positions among all global markets, while US Philadelphia Semiconductors, NASDAQ Composite and S&P 500 Index plunged 10.4%, 8.2% and 5.8% in March. China Shanghai Composite Index rose 0.4% in March but posted negative return of 0.5% for the year-to-date period. For the year-to-date period (as of 2025/3/31), Hong Kong continued being the best outperforming market and posted 15.3% positive return

Equity Vietnam RFS Taiwan Performance Analysis Global stock markets have been fluctuated by Trump’s tariff war. In the Southeast Asian market, Vietnam stands out with its strong economic growth, and domestic Vietnam equity funds have also benefited from it. According to LSEG Lipper’s statistics, there are a total of 4 Equity Vietnam registered for sale in Taiwan, of which 3 are actively managed funds and 1 is a passive ETF. For the year-to-date period as of March 17, 2025, Equity Vietnam posted an average performance of 2.9%, and the average performance over the past year is as high as 10.9%.

Key Benchmarks Performance Hong Kong’s stock market is turning into one of the biggest winner of Donald Trump’s chaotic first 50 days in office. Its stock market benchmark of Hang Seng Index has surged 13.4% for February and 14.4% for the year-to-date period (as of 2025/2/28), making it one of the world’s top performer. China Shanghai Composite Index also rose 2.2% in February but posted negative return of 0.9% for the year-to-date period. US S&P 500, Dow Jones Industrial Average and NASDAQ Composite Index fell behind and posted negative return of 1.4%, 1.6% and 4.0%, separately for February. European markets,

European stocks have been a soaring path, with gains surpassing those of U.S. stocks and other major global markets. German’s DAX, France’s CAC 40, Spain’s IBEX 35 and UK’s FTSE 100 rallied by 9.2%, 7.7%, 6.7% and 6.1%, respectively for January. In Asia, Korea market is showing signs of rebounding, aided by low valuation in the second half of last year and fueling the optimism of overall robust fundamentals. Korea’s KOSPI index rallied 4.9% and became the top performing market among all Asia markets for January. US stock markets continued its bull path, Dow Jones Industrial index soared 4.7% and

According to LSEG Lipper’s statistics, as of February 14th 2025, European stocks have been soaring, with gains surpassing those of U.S. stocks and other major global markets. In less than two months, the German stock market has risen by 13.6% while Spain soared by 11.6%, France by 10.6%, and the UK stock market has also seen a rise of 7.2%. European Market Analysis In terms of fundamentals, the European economy is not performing well, and it can even be said to be lackluster. Germany, the largest economy in the Eurozone, has been severely impacted by both the manufacturing and construction

Key Benchmarks Performance US stock markets corrected from record high in December of 2024. Dow Jones Industrial Index and S&P 500 Index slumped 5.3% and 2.5%, while NASDAQ Composite Index rose 0.5%. Hong Kong Hang Seng Index soared 3.3% in December of 2024 and rallied 17.7% for the whole year of 2024(as of 2024/12/31). China’s Shanghai Composite Index rose 0.8% in December of 2024 and rallied 12.7% for the whole year of 2024 (as of 2024/12/31). For the whole year of 2024(as of 2024/12/31), US NASDAQ Composite Index soared 28.6% and became the top leading key benchmark all over global

Key Benchmarks Performance Taiwan market hit a record high in 2024. The key benchmark of Taiwan Stock Exchange Weighted Index had rallied by 28.5% (5,104.29 points in the year of 2024 which was the highest point gain in a single year, and the percentage gain was the highest since 2009). The Taiex’s percentage gain was the second highest in the world, trailing only the tech-heavy Nasdaq Composite index. This remarkable performance was followed by US S&P 500 (+23.3%), Japan’s Nikkei 225(+19.2%), Hong Kong’s Hang Seng Index (+17.7%), and Singapore’s Straits Times Index (+16.9%), while Korea and Brazil were underperforming ones.

Key Benchmarks Performance Hong Kong’s stock markets, which closely mirror China’s struggling performance, have recovered since March as Beijing rolled out economic support measures. Hang Seng Index surged more than 7% in April and becoming the best-performing major index in the world, rebounding nearly 20% from its January low. For the year-to-date period (as of 2024/04/30), Japan’s benchmark’s Nikkei 225 index rallied 14.8% and took the crown. Taiwan was the 2nd outperforming Asia market which soared 13.8%. Asset Types Analysis The total 376 Hong Kong Mandatory Provident Fund (MPF) registered for sale in Hong Kong posted negative return of 0.2%

Key Benchmarks Performance After the sluggish downturn in January, China and Hong Kong have roared back to life and become the top-performing Asia stock market for February, with monthly gains of +9.4% on the CSI 300, +8.1% on Shanghai Composite CR and the Hang Seng Index notched up by +6.6%. Most of Asia markets, including Japan, Taiwan, Vietnam and Korea, all posted outstanding market performance for February. Asset Types Analysis The total 376 Hong Kong Mandatory Provident Fund (MPF) registered for sale in Hong Kong posted positive return of 2.8% on average in February. Among all by asset type, Bond