Investment Report Fidelity Advantage Portfolio Fund · to cushion their economies. At the sector level, real estate and utilities ended lower, while, consumer discretionary and materials

Monthly Investment Report每月投資匯報

Fidelity Advantage Portfolio Fund富達優越投資組合基金

ORSO 職業退休計劃

31-07-2020

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市場回顧

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投資表現概要

富達優越投資組合基金－基金單張

註釋

1-2

Market Review

4-19

Performance Summary

Fidelity Advantage Portfolio Fund -Fund Fact Sheets

20-21Glossary

Fidelity Advantage Portfolio Fund – Fund Fact Sheets 富達優越投資組合基金 – 基金單張

Equity Funds 股票基金

...... . ................................................................................... 4Asia Pacific Equity Fund 亞太股票基金

..... ............................................................................................ 5Global Equity Fund 環球股票基金

... ... .................................................................................... 6Hong Kong Equity Fund 香港股票基金

Lifecycle Funds 人生階段基金

.... .......................................................................................................... 7Balanced Fund 均衡基金

.. ............................................................................................. 8Capital Stable Fund 資本穩定基金

.... ............................................................................................................. 9Growth Fund 增長基金

... ... .........................................................................................10Stable Growth Fund 平穩增長基金

Bond Funds 債券基金

...... ....................................................................................11Hong Kong Bond Fund 香港債券基金

....... ...... ..... ................................................................................12RMB Bond Fund 人民幣債券基金

.. .. ..............................................................................................13World Bond Fund 國際債券基金

Money Market Funds 貨幣市場基金

..... .....................................................................................14HK Dollar Money Fund 港元貨幣基金

.. .. ......................................................................................15US Dollar Money Fund 美元貨幣基金

Supermarket Funds 富達智選基金系列

...............................................................................16Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund富達優越投資組合基金－景順亞洲動力基金

...............................................................................18Fidelity Advantage Portfolio Fund - World Equity Index Fund富達優越投資組合基金－環球股票指數基金

........................................................................19Fidelity Advantage Portfolio Fund - World Government Bond Index Fund富達優越投資組合基金－環球政府債券指數基金

......................................................................................17Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio富達優越投資組合基金－盈富基金組合

The Fidelity Advantage Portfolio Fund is an umbrella fund with a number of sub-funds with different investment objectives and risk profiles. These Sub-funds may gain exposure to equities, debt, money market securities and/or other instruments, including derivatives.

Sub-funds with exposure to emerging market securities may be subject to higher risks and volatility.

Sub-funds investing primarily in single or a limited number of geographical market(s) may subject to higher concentration risk.

Sub-funds with exposure to RMB denominated debt securities issued or distributed outside mainland China, will subject to RMB currency risk, RMB exchange risk and risk of limited pool of investments.

Sub-fund with exposure to Tracker Fund of Hong Kong, iShares World Government Bond Index Fund and iShares World Equity Index Fund will be subject to risk of investing in index-tracking fund, risks relating to underlying index fund and risks relating to the underlying index.

The value of investments will vary with market movements and under extreme circumstances, may experience substantial loss. Please refer to the Risk Factors section of the Explanatory Memorandum for details.

You should not invest based on this material alone and should read the Explanatory Memorandum including Product Key Facts, of Fidelity Advantage Portfolio Fund (including potential risks involved) for further information.

富達優越投資組合基金是一項傘子基金，涵蓋多項投資目標和風險特性各異的子基金。此等子基金可投資於股票、債券、貨幣市場證券及╱或其他投資工具，包括衍生工具。

部份子基金投資於新興市場證券，此等子基金可能承受較高的風險及波幅。

部份子基金投資於單一或限量地區市場，此等子基金可能承受較高的集中市場風險。

部份子基金投資於在中國大陸境外發行或分銷，並以人民幣計值的債務證券，此等子基金將承受人民幣貨幣風險、人民幣匯兌風險及投資組合有限的風險。

子基金投資於盈富基金，iShares安碩環球政府債券指數基金及iShares安碩環球股票指數基金將承受投資於追蹤指數基金的風險、相關指數基金的相關風險及相關指數的相關風險。

投資價值可因市場走勢而變動。在極端的情況下，您可能蒙受重大虧損。詳情請參閱說明書內風險因素的部份。

您應該參閱富達優越投資組合基金之說明書包括產品資料概要的詳細資料（包括潛在風險），而不應只根據這資料作出投資。

Contents 目錄

Asia Pacific (ex. Japan)Asia Pacific ex Japan equities continued to rise. Investor appetite was supported by an economic recovery led by China and a falling US dollar. Hopes for a vaccine were boosted by positive early-stage trial results and allowed investors to look through the negatives such as the rise in COVID-19 cases and geopolitical tensions. All sectors edged higher, with information technology (IT) and consumer discretionary among the leading gainers. At the country level, Chinese equities rose amid optimism around an economic recovery, encouraging economic data and supportive measures. However, rising US-China tensions weighed on investor sentiment. The People’s Bank of China (PBoC) announced cuts for its re-lending and re-discount facilities to reduce funding costs for smaller firms and rural sectors. On the economic front, China’s economy grew in the second quarter from a year earlier, recovering from a contraction last quarter and beating market expectations. Taiwanese stocks benefited from strong traction in the IT sector. An increase in people working from home during the pandemic sparked demand for laptops, tablets and servers, boosting Taiwan’s technology sector. Korean stocks advanced following the announcement of a “New Deal” by the government to create jobs and help the economy recover from the pandemic. Sentiment towards Indian markets improved on risk-on sentiment, despite fears over surging domestic COVID-19 cases. Australian stocks edged higher due to gains in the IT and materials sectors. National Australia Bank’s business confidence index turned positive in June after rebounding sharply from record lows over the past three months. Meanwhile, Singapore equities underperformed the broader market due to weakness in industrials and financials stocks. Hong Kong markets were also subdued amid concerns over a third wave of COVID-19 infections. Second quarter GDP growth contracted year-on-year at a worse-than-expected rate. It was the fourth consecutive quarter of contraction for the economy as local activity restrictions weighed on domestic demand, while external demand remained muted.Equities in Indonesia and Malaysia rose after their respective central banks trimmed key policy rates to bolster the recovery from the pandemic. Meanwhile, sentiment towards Thai stocks was weak amid domestic political uncertainties. The Philippines market declined due to concerns of a possible tightening of COVID-19-related restrictions given an uptick in the number of COVID-19 cases.

JapanThe Japanese market fell as risk aversion intensified amid growing concerns over the renewed spread of the COVID-19 pandemic and its negative economic impact. Investor sentiment was also hurt by disappointing earnings forecasts from major Japanese companies. Reports of fresh COVID-19 infections in Tokyo and around the world also proved a dampener. The yen’s strength against the US dollar amid intensifying risk aversion also weighed on sentiment. All style and market-cap segments recorded negative returns in July. Growth stocks continued to outpace value names, while large-caps performed relatively better than their mid and small-cap peers. Most sectors ended in negative territory, with transportation-related sectors among the leading decliners. Real estate, rubber products, utilities and mining companies were also among the laggards. Conversely, technology related sectors such as information & communication and electric appliances led the gainers.On the economic front, Japan’s factory activity contracted at the slowest pace in five months in July, indicating an easing of pressure on manufacturers. The final au Jibun Bank Flash Manufacturing PMI rose to a seasonally adjusted 45.2 in July from 40.1 in June. Industrial production also increased for the first time in five months in June, mainly due to the bottoming out of automobile production. Data pointed to a slight improvement in the services PMI from the previous month. Meanwhile, the Bank of Japan’s (BoJ) quarterly Tankan survey revealed a sharp decline in business sentiment in the second quarter. Nevertheless, the outlook suggested that large companies are more confident about the future, while mid and small-sized companies expect a prolonged downturn. Exports remained under pressure in June as the pandemic continued to weigh on global demand. On the policy front, as expected, the BoJ maintained its short-term rate target at -0.1% and its pledge to cap 10-year government bond yields around zero.

United StatesUS equities continued to rise, despite the historically bad economic downturn as investors looked past the pandemic to an eventual recovery. Market volatility ticked lower as vaccine hopes outweighed the resurgence of virus infections in some states. A resilient technology sector also drove markets. Mega-cap technology stocks have not only been immune to the crisis, but have thrived on it. Second-quarter earnings, while down substantially from a year earlier, exceeded downbeat expectations on most metrics. Meanwhile, headlines suggesting the continuation of enhanced unemployment benefits boosted sentiment. The Federal Reserve (Fed) reiterated its pledge to continue to support the economy. Short-term rates are near zero, while long-term rates are at all-time lows. A phase four fiscal stimulus package is expected to be finalised by the US Congress before their August recess. At the sector level, materials benefited from a weaker US dollar, while energy stocks underperformed.On the economic front, real GDP decreased at a record annualised rate of 33% in the second quarter, although the economy has rebounded significantly since the COVID-19 induced halt in business activity. The Purchasing Managers’ Index (PMI) for both the manufacturing and non-manufacturing sectors bounced back from their lows in April and are now in expansionary territory. Jobless claims remain at elevated levels despite the surprising data in May and June. Nevertheless, due to stimulus measures, most Americans have actually enjoyed an income boost during the crisis. The lockdowns in the second quarter also drastically curtailed spending opportunities, leading to a build-up in savings. Retail sales have now recovered most of their decline, although rising infection rates could keep a lid on consumer sentiment.

Continental EuropeEuropean equities ended July in negative territory. Positive developments around COVID-19 vaccines/treatments and the European Union’s (EU) landmark recovery package led stock prices higher early in the month. Hopes for a vaccine were raised on the back of some positive early trial results in July. EU leaders agreed to issue EUR750 billion of joint debt (in the form of grants and interest-free loans) to help member states mitigate the downturn. Although grants only accounted for EUR390 billion, below the initial proposal of EUR500 billion, their inclusion shows a significant commitment to those member states that are hardest hit by the crisis. Against this backdrop, the euro strongly appreciated against the US dollar. However, gains in the first half of the month were more than offset in the last week due to concerns around a resurgence of COVID-19 cases in Europe, weak second quarter GDP data and disappointing corporate earnings. Against this backdrop, most sectors posted flat to negative returns, with energy and financials among the biggest decliners. In terms of style, quality and growth outperformed value stocks and small and mid-cap companies outperformed their larger peers.The eurozone’s economy shrank by 12.1% in the second quarter (the largest quarterly decline on record) as the pandemic-led lockdowns shut businesses and hampered consumer spending significantly. However, economists believe that the worst of the downturn may be over as many restrictions have now been eased, though a recovery will take time and is vulnerable to renewed virus outbreaks. While the region’s economic sentiment rebounded more than expected in July, consumer confidence dipped slightly. Inflation rose somewhat to 0.4% (preliminary estimates), compared to previous month’s reading of 0.3%, due to a slower decline in energy prices and a sudden surge in goods inflation.

United KingdomUK equity markets slid following a modest recovery in the second quarter of 2020, as increasing concerns over the resurgence of COVID-19 clusters in parts of Europe and the US dampened investor sentiment. The UK’s ongoing political discord with China weighed on the country’s multinational businesses, as did limited progress on the Brexit front. Encouragingly, the government’s measures to bolster the economy, including discount vouchers for restaurants, tax cuts for housing sales and hospitality, and subsidies for employers to retain staff supported markets. Nonetheless, most sectors ended in negative territory. Oil & gas stocks were among the leading decliners, followed by telecommunications, while cyclical sectors such as technology and basic materials outperformed. While the virus clearly remains a headwind for the global economy, the UK has lagged the recovery significantly compared to its developed peers. This is partly due to the fact that unlike the US, where technology majors drove the outperformance, UK technology companies account for a very small percentage of the market. Oil and bank stocks, which account for a larger weightage in the equity market, have been volatile since the start of the pandemic.The UK manufacturing sector improved in July, after lockdown restrictions were loosened further. According to IHS Markit, manufacturing output growth achieved a 32-month high due to a sharp rise in new order volumes. Business optimism also rose to its highest level in over two years, despite a steady decline in export orders, as global trade remained largely subdued. The volume of retail sales also increased by 13.9% in June (compared to May), close to pre-pandemic levels. Meanwhile, inflation rose unexpectedly to an annual rate of 0.6% in June. While high frequency data may indicate that a recovery is underway, the UK economy only grew by 1.8% in May, when lockdowns first started to loosen, suggesting a full recovery may take longer.

Emerging MarketsEmerging markets delivered strong absolute returns for a fourth consecutive month and outperformed developed markets in July. Returns were supported by news of vaccine developments and signs of an economic recovery in China, suggesting that the impact of the COVID-19 pandemic has moderated. Oil traded higher on renewed demand as economies started to emerge from lockdown, though gains were capped as major oil producing nations agreed to ease oil supply cuts. In emerging Asia, Indian equities continued to rally in July. Chinese stocks were positive after it reported better-than-expected second quarter GDP numbers. Latin American securities were positive and outperformed the wider emerging markets complex. Brazil recorded the highest gains during the month as the real appreciated in July, recovering from its historic lows. Mexico posted positive returns, but underperformed the broader Latin American market. Its central bank said that an economic recovery was uncertain, which weighed on sentiment. Elsewhere, the emerging Europe, Middle East and Africa (EMEA) region ended in positive territory. Russian GDP contracted by 9.6% in the quarter ending June, as the country was hit by low oil prices and the COVID-19 pandemic. At the sector level, IT, consumer discretionary and materials were the best performers. Growth and quality names outpaced value stocks.Policymakers across emerging markets continued to ease their monetary policy and introduced fresh stimulus measures to support growth. The People’s Bank of China kept its benchmark lending rate steady for a third consecutive month. The South African Central Bank cut its interest rates for the fifth time this year to a record low level to aid the pandemic-stricken economy. In Latin America, Colombia trimmed the interest rate to 2.25% amid worries about growth and an uncertain outlook.

BondFixed income markets generated positive returns across the board as rates fell and spreads tightened. Corporate bonds outperformed government bonds. Within credit, high yield bonds outperformed investment grade bonds. The US Fed’s support for the corporate bond market has been a key driver of credit spreads. Core government bond yields fell as investors continued to grapple with a continuous rise in COVID-19 cases in the US, and fears of a second wave of infections in Europe and Japan. The 10-year US Treasury yield sank to the lowest level since March, after record GDP contraction and a rise in jobless claims pointed to economic challenges ahead. The US GDP plunged by a record 32.9% in the second quarter, the largest quarterly decline on record (with records going back to 1947). The worrisome economic data has increased the likelihood that interest rates will remain low for a protracted period, as the Fed reaffirmed its highly accommodative policy stance and pledged to keep rates near zero until the economy recovers. UK government bond (Gilt) yields also fell. Bonds with a maturity period of up to eight years entered negative territory amid expectations that the Bank of England (BoE) may cut interest rates further, potentially following Japan and the eurozone in setting negative short-term interest rates. German bund yields also ended lower. The German economy contracted at its steepest rate on record in the second quarter as consumer spending, company investment and exports collapsed during the peak of the COVID-19 pandemic, wiping out nearly 10 years of growth. Meanwhile, the EU clinched a historic deal to create a €750 billion recovery fund to rebuild EU economies ravaged by the COVID-19 crisis. Emerging market debt posted positive returns, with all three sub-asset classes advancing. Tightening of credit spreads and a fall in US Treasury yields supported hard currency returns. Local currency bonds also gained due to lower yields.

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Source: Fidelity, (Economic data) Reuters, Bloomberg, FT.com, Marketwatch, as at 31/07/2020.

The information contained in this material is only accurate on the date such information is published on this material. Opinions or forecasts contained herein are subject to change without prior notice. FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International. Any person considering an investment should seek independent advice. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. The material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (“SFC”).

Market Review

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亞太區（日本除外）亞太區（日本除外）股市升勢持續。中國引領經濟復甦，美元持續貶值，為投資氣氛帶來支持。初步臨床試驗取得正面結果，提振市場對疫苗的憧憬，並使投資者無懼新冠肺炎病例上升及地緣政治緊張局勢等利淡因素。所有行業均高收，其中資訊科技及非必需消費品錄得最大升幅。國家方面，經濟復甦、經濟數據令人鼓舞及扶持措施引發的樂觀情緒，帶動中國股市揚升。但中美關係緊張導致投資者情緒受壓。中國人民銀行（人行）宣布下調其再貸款及再貼現利率，以降低小型企業和農村機構的融資成本。經濟方面，中國經濟在第二季實現按年增長，從第一季的經濟收縮回升，並超出市場預期。資訊科技業展現強勁升勢，帶動台灣股市造好。疫情期間，在家辦公人數攀升，刺激筆記本電腦、平板電腦及伺服器需求，利好台灣科技股表現。韓國政府公布「新政」，以創造就業職位，協助經濟由疫情中復甦，韓國股市隨後報升。儘管印度國內新冠肺炎病例飆升引起憂慮，但承險意欲改善仍利好印度市場的投資情緒。澳洲股市高收，主要源於資訊科技和原材料業報升。澳洲國民銀行商業信心指數在過去三個月從紀錄低位大幅反彈，於6月重返正數。工業與金融股疲弱，拖累新加坡股市表現落後於區內廣泛市場。市場憂慮第三波新冠肺炎疫情，亦令香港股市表現低迷。第二季本地生產總值增長按年收縮，幅度超出市場預期；當地經濟連續第四個季度收縮，原因在於當地活動限制導致內需受壓，而外部需求依然疲弱。

印尼和馬來西亞方面，兩家央行分別下調主要政策利率，以刺激經濟從疫情中復甦，推升兩地股市。同時，泰國國內政局存在不明朗因素，導致泰國股市投資氣氛疲弱。菲律賓市場方面，市場擔憂新冠肺炎病例上升或會導致控疫限制收緊，拖累當地股市報跌。

日本投資者對於日本新冠肺炎疫情再度擴散及其經濟負面影響的擔憂升溫，加劇避險情緒，因而拖累股市下跌。大型日本企業的盈利預測令人失望，投資情緒受挫。此外，東京及世界各地新增新冠肺炎感染病例亦利淡市場表現。避險情緒不斷加劇下，日圓兌美元走強亦拖累市場氣氛。7月份，各種風格與市值的股票均告下跌。增長股表現繼續優於價值股；大型股則較中小型股相對表現領先。大部份行業均低收，其中與運輸相關行業跌幅最大。房地產、橡膠產品、公用事業以及礦業公司同樣表現落後。相反，包括資訊與通訊及電器在內的科技相關行業則表現領先。

經濟方面，7月份日本工廠活動的收縮步伐是五個月來最慢，顯示製造業壓力逐步紓緩。Jibun Bank製造業採購經理指數由6月份的40.1終值升至7月份的45.2初值（經季節性調整）。工業生產亦在6月錄得五個月以來首次增長，主要原因是汽車生產觸底回升。數據顯示，服務業採購經理指數較上月略有改善。同時，日本央行的季度短觀經濟調查顯示，第二季商業信心大幅下跌。不過，該調查的展望顯示大型公司對未來的信心增加；中小型公司則預計經濟下行將持續更長時間。由於疫情持續令環球需求受壓，6月出口仍面臨壓力。政策方面，一如市場預期，日本央行維持短期利率目標於-0.1%，並承諾維持10年期政府債券孳息上限於約0%。

美國儘管出現史上最嚴峻的衰退，但投資者氣氛不受疫情影響，並預期經濟終會復甦，利好美股延續升勢。市場對疫苗研發的憧憬，蓋過部份州份疫情復燃的影響，令股市波幅趨緩。科技行業表現穩健，亦帶動市場上升。超大型科技股不僅未受疫情危機影響，反而藉此機會蓬勃發展。儘管第二季企業盈利較去年同期大幅下滑，但大多數指標均勝於市場的悲觀預期。同時，申領失業救濟金人數持續改善的消息提振市場情緒。聯儲局已重申其繼續支持經濟的承諾。目前，短期利率接近零，而長期利率亦處於歷史低位。預料美國國會將於8月休會前確定第四階段的財政刺激方案。行業方面，美元弱勢利好原材料業；能源股則表現遜色。

經濟方面，儘管經濟已由新冠肺炎引致的商業活動停滯中明顯回升，但第二季實質國內生產總值按年率計下跌33%，跌幅創歷史紀錄。製造業與非製造業採購經理指數均由4月份低位反彈，目前處在擴張區間。儘管5、6兩月的申領失業救濟金人數較預期佳，但仍維持於高位。不過，刺激措施事實上令大多數美國人在危機期間的收入攀升。封鎖措施亦在第二季顯著遏抑消費需求，並導致儲蓄增長。零售銷售現已收復大部分跌幅，但病毒傳染率上升或會令消費信心受壓。

歐洲大陸歐洲股市於7月低收。2019新型冠狀病毒（COVID-19，又稱新冠肺炎）疫苗╱療法研發取得進展，加上歐盟推出歷史性復甦計劃，帶動股市於月初高開。月內，疫苗初步臨床試驗取得正面結果，令市場憧憬升溫。歐盟領袖同意，透過資助及免息貸款的形式，發行7,500億歐元的聯合債務，以助各成員國紓解經濟困境。儘管計劃的資助款項僅3,900億歐元，低於最初建議的5,000億歐元，但此款項表明歐盟對受危機重創的成員國作出重大承擔。在此背景下，歐元兌美元大幅升值。然而，在7月最後一週，由於市場對歐洲疫情重燃感憂慮，加上第二季生產總值數據疲弱以及企業盈利遜色等不利因素，拖累股市回吐，抵銷上半月的股市升幅有餘。受此影響，大部份行業表現持平甚至低收，能源與金融股跌幅最大。投資風格方面，優質及增長股表現優於價值股，而中小型股表現優於大型股。

由於疫情引致的封鎖措施令企業停工，重創消費開支，歐元區經濟於第二季收縮12.1%，創有紀錄以來最大按季跌幅。不過，經濟學家認為，隨著多項限制措施放寬，經濟下滑的最壞階段或已結束，但經濟復甦仍然需時，而且容易受到疫情復發的衝擊。儘管區內7月份的經濟氣氛反彈勝於預期，但消費信心卻略有下降。由於能源價格跌勢放緩，同時貨品價格通脹突然上升，通脹由上月的0.3%微升至0.4%（初步估計）。

英國市場對歐洲個別國家及美國疫情重現的憂慮加劇，削弱投資情緒，拖累英國股市在2020年第二季溫和回升後下滑。中英之間政治摩擦持續，加上脫歐談判未取得明顯進展，均導致英國跨國企業表現受壓。令人鼓舞的是，政府實施提振經濟的政策，包括提供用餐優惠券，下調房屋銷售及款客服務業的稅率，向僱主提供津貼以保留僱員等，為市場帶來支持。儘管如此，大多數行業報跌。石油和燃氣股錄得最大跌幅，其次是電訊；科技及原材料等週期股則表現領先。疫情顯然仍對環球經濟構成不利影響，但相較於其他已發展經濟體，英國的復甦步伐大幅滯後。部份原因在於美國市場在大型科技股帶動下表現領先，但英國市場中科技公司所佔的比重很小。相反，佔股市比重較高的石油及銀行股自疫情發生以來卻表現反覆。

隨著控疫封鎖措施進一步放寬，英國製造業在7月有所改善。根據IHS Markit數據，受惠新增訂單數目飆升，製造業產量增幅創32個月以來新高。環球貿易仍大致低迷，使出口訂單持續下降，但企業信心已回升至兩年多以來的高位。6月份零售銷售額亦較5月增長13.9%，接近疫前水平。同時，6月通脹率出乎意料升至年率0.6%。雖然高頻數據或顯示經濟正在復甦，但5月份封鎖措施開始放寬時，英國經濟僅增長1.8%，反映或需更長時間才能實現全面復甦。

新興市場在7月份，新興市場連續第四個月錄得強勁絕對回報，表現優於已發展市場。新冠肺炎疫苗研發的消息，以及中國經濟展現復甦跡象，反映疫情帶來的影響已減弱，為回報帶來支持。隨著各國開始解除經濟封鎖狀態，石油需求回暖，刺激油價走高，但因主要產油國同意放寬減產幅度，令油價升幅受限。綜觀新興亞洲市場，印度股市在7月份持續揚升。中國公布的第二季國內生產總值數據優於預期，帶動當地股市造好。拉丁美洲股市高收，而且表現領先廣泛新興市場。在7月份，巴西雷阿爾由歷史低位反彈，帶動巴西股市在月內錄得最高升幅。墨西哥股市上升，但表現遜於廣泛拉丁美洲市場。當地央行表示經濟復甦存在不確定因素，令市場氣氛受壓。另一方面，新興歐洲、中東及非洲地區市場報升。受油價低企和新冠肺炎疫情打擊，俄羅斯國內生產總值在截至6月止季度收縮9.6%。行業方面，資訊科技、非必需消費品和原材料業的升幅最大。增長股和優質股表現優於價值股。

新興市場決策當局繼續放寬貨幣政策，並推出扶持措施以刺激經濟增長。中國人民銀行連續第三個月將貸款基準利率維持在目前水平。南非央行在今年第五次調低利率，使利率水平降至歷史低位，以助受疫情重創的當地經濟。拉丁美洲方面，隨著投資者憂慮哥倫比亞經濟增長及前景不明朗，該國將利率下調至2.25%。

債券利率下跌和息差收窄，帶動整體固定收益市場錄得正回報。企業債券表現優於政府債券。信貸方面，高收益債券表現領先投資級別債券。美國聯儲局對企業債券市場的支持，持續成為信貸息差的主要動力。投資者繼續面對美國新冠肺炎病例趨升的利淡因素，並憂慮歐洲和日本爆發第二波疫情，導致核心政府債券孳息下跌。美國錄得記錄以來最大的國內生產總值收縮，加上申領失業救濟金人數上升，均顯示當地未來經濟將面臨挑戰，因而拖累美國10年期國庫券孳息跌至3月以來的最低水平。該國第二季國內生產總值破紀錄下跌32.9%，創1947年有紀錄以來的最大按季跌幅。經濟數據欠佳令人擔憂，令利率在較長時間保持低企的可能性增加，聯儲局重申其採取高度寬鬆的政策立場，並承諾將利率維持在接近零水平，直至經濟復甦為止。英國政府債券（金邊債券）孳息亦告下跌。鑑於日本和歐元區推行短期負利率措施，市場預期英倫銀行可能跟隨兩地步伐進一步減息，令年期不超過8年的債券孳息跌至負數區間。德國政府債券孳息亦走低。德國第二季經濟創有紀錄以來最大收縮幅度，因為在疫情高峰期，當地消費開支、企業投資和出口大幅下滑，令過去接近十年的經濟增長消失殆盡。此外，歐盟達成一項歷史協議，設立規模達7,500億歐元的復甦基金，以重建受新冠肺炎疫情重創的歐盟經濟。新興市場債券錄得正回報，全部三個附屬資產類別均造好。信貸息差收窄和美國國庫券孳息下跌利好硬貨幣回報。本幣債券亦因孳息下降而報升。

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資料來源：富達，（經濟數據）路透社、彭博、金融時報、Marketwatch，截至2020年7月31日。

本資料所載資料只在資料刊發時方為準確。觀點及預測或會更改而不需另作通知。富達或Fidelity或Fidelity International指FIL Limited及其附屬公司。有意投資者應就個別投資項目尋求獨立的意見。「富達」、Fidelity、Fidelity International、Fidelity International標誌及F標誌均為FIL Limited的商標。本資料由富達基金（香港）有限公司發行，並未經證券及期貨事務監察委員會審核。

市場回顧

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Performance Summary 投資表現概要

3

Fidelity Advantage Portfolio Fund (FAP Fund) 富達優越投資組合基金

As at 截至 31/07/2020

Fund Cumulative Performance 基金累積表現 % Annual Performance 年度表現 %

Name of Fund基金名稱

Currency貨幣

Share Class股份類別

YTD年初至今

3 Months3個月

1 Year1年

3 Years3年

5 Years5年

10 Years10年

2015 2016 2017 2018 2019

Equity Funds 股票基金Asia Pacific Equity Fund USD Ordinary 一般單位 2.16 16.86 9.67 17.16 45.04 88.88 -6.17 5.85 35.10 -11.67 19.03

亞太股票基金美元 Administration 行政管理單位 1.88 16.73 9.16 15.55 41.77 80.61 -6.65 5.45 34.43 -12.04 18.47

Global Equity Fund USD Ordinary 一般單位 -0.06 12.04 9.19 22.68 34.76 130.69 0.00 3.06 20.06 -10.53 28.39

環球股票基金美元 Administration 行政管理單位 -0.34 11.89 8.68 21.04 31.72 120.60 -0.44 2.58 19.53 -10.92 27.83

Hong Kong Equity Fund HKD Ordinary 一般單位 1.20 10.47 5.81 14.73 34.36 74.34 -4.28 1.32 42.68 -12.73 16.29

香港股票基金港元 Administration 行政管理單位 0.94 10.35 5.33 13.19 31.38 66.67 -4.72 0.86 42.04 -13.12 15.77

Lifecycle Funds 人生階段基金Balanced Fund USD Ordinary 一般單位 2.25 10.22 8.53 16.77 28.76 79.08 -1.94 1.35 23.38 -9.48 17.64

均衡基金美元 Administration 行政管理單位 1.97 10.06 8.03 15.19 25.88 71.19 -2.37 0.89 22.84 -9.91 17.14

Capital Stable Fund USD Ordinary 一般單位 5.44 7.12 8.89 15.34 24.10 50.89 -3.06 1.19 13.92 -4.61 10.38

資本穩定基金美元 Administration 行政管理單位 5.16 7.00 8.41 13.77 21.32 44.22 -3.51 0.74 13.41 -5.04 9.88

Growth Fund USD Ordinary 一般單位 0.19 11.71 7.81 16.66 29.65 92.13 -1.33 1.22 28.21 -11.94 21.37

增長基金美元 Administration 行政管理單位 -0.06 11.58 7.34 15.10 26.77 83.68 -1.74 0.75 27.65 -12.36 20.84

Stable Growth Fund USD Ordinary 一般單位 4.15 8.82 9.07 16.53 27.24 66.24 -2.54 1.34 18.83 -7.13 14.09

平穩增長基金美元 Administration 行政管理單位 3.88 8.70 8.58 14.96 24.42 58.93 -2.99 0.88 18.29 -7.56 13.59

Bond Funds 債券基金Hong Kong Bond Fund HKD Ordinary 一般單位 4.66 2.60 5.43 10.81 15.58 30.65 2.10 -0.45 3.80 0.83 5.43

香港債券基金港元 Administration 行政管理單位 4.39 2.48 4.96 9.32 13.00 24.91 1.65 -0.90 3.34 0.38 4.95

RMB Bond Fund HKD Ordinary 一般單位 2.24 3.34 2.45 8.61 - - -1.01~ -2.44 9.31 -1.00 3.74

人民幣債券基金港元 Administration 行政管理單位 1.97 3.22 1.98 7.15 - - -1.13~ -2.89 8.82 -1.45 3.28

World Bond Fund USD Ordinary 一般單位 10.05 5.72 11.15 16.15 24.11 36.42 -5.13 1.47 8.16 -1.28 5.48

國際債券基金美元 Administration 行政管理單位 9.75 5.57 10.66 14.59 21.36 30.44 -5.60 1.06 7.69 -1.75 5.02

Money Market Funds 貨幣市場基金HK Dollar Money Fund HKD Ordinary 一般單位 0.69 0.17 1.40 3.57 4.13 4.41 0.09 0.27 0.36 1.16 1.59

港元貨幣基金港元 Administration 行政管理單位 0.70 0.17 1.37 3.47 4.02 4.30 0.08 0.27 0.34 1.12 1.54

US Dollar Money Fund USD Ordinary 一般單位 0.58 0.23 1.30 4.75 5.46 5.78 0.06 0.37 0.67 1.70 2.03

美元貨幣基金美元 Administration 行政管理單位 0.49 0.18 1.05 3.80 4.53 4.87 0.06 0.38 0.70 1.33 1.56

Supermarket Funds 富達智選基金系列FAP Fund -Invesco Asian Equity Fund USD Ordinary 一般單位 0.32 21.01 8.92 7.22 41.03 86.90 -7.24 6.33 42.32 -13.99 15.04

富達優越投資組合基金－景順亞洲動力基金

美元 Administration 行政管理單位 0.04 20.88 8.43 5.78 37.91 78.60 -7.65 5.81 41.73 -14.35 14.49

FAP Fund -Tracker Fund Portfolio HKD Ordinary 一般單位 -11.62 1.45 -9.64 -2.96 12.91 48.76 -5.17 2.82 38.69 -10.80 11.87

富達優越投資組合基金－盈富基金組合

港元 Administration 行政管理單位 -11.88 1.34 -10.06 -4.24 10.39 42.15 -5.62 2.38 38.00 -11.18 11.38

FAP Fund -World Equity Index Fund HKD Ordinary 一般單位 -4.79 11.64 3.19 - - - - - - - 8.38~

富達優越投資組合基金－環球股票指數基金

港元 Administration 行政管理單位 -5.04 11.51 2.72 - - - - - - - 8.17~

FAP Fund -World Government Bond Index Fund HKD

港元

Ordinary 一般單位Administration 行政管理單位

6.426.15

1.511.40

5.475.00

--

--

--

--

--

--

--

-0.89~-1.08~富達優越投資組合基金－

環球政府債券指數基金

~Since launch date to the end of launch year 由推出日至推出日該年年底Source: Fidelity, NAV to NAV, based on denominated currency 資料來源：富達，以資產淨值及基金貨幣計算

Investment involves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum of Fidelity Advantage Portfolio Fund for further details including the risk factors. If Investment returns are not denominated in HKD/USD, US/HK dollar-based investors are exposed to exchange rate fluctuations. The material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (“SFC”). 投資涉及風險。基金過去的表現並不表示將來亦會有類似的業績，詳情請細閱富達優越投資組合基金說明書（包括風險因素）。若投資收益並非以港元或美元計算，以美元或港元作出投資的投資者，需承受匯率波動的風險。本資料由富達基金（香港）有限公司發行，並未經證券及期貨事務監察委員會審核。3

Fidelity Investor Hotline富達投資熱線

(852) 2629 2629

Investment involves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum including Product Key Facts, of Fidelity Advantage Portfolio Fund for further information including the risk factors. If Investment returns are not denominated in HKD/ USD, US/HK dollar-based investors are exposed to exchange rate fluctuations. The information contained in this material is only accurate on the date such information is published on this material. Opinions or forecasts contained herein are subject to change without prior notice. If you are an individual retail investor who is not a Professional Investor or current or former member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelity managed funds, please contact your distributor or Fidelity for further details about which specific investment funds are available to the general investing public. FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. Any person considering an investment should seek independent advice. The material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (“SFC”).投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書包括產品資料概要（包括風險因素）。若投資收益並非以港元或美元計算，以美元或港元作出投資的投資者，需承受匯率波動的風險。本資料所載資料只在資料刊發時方為準確。觀點及預測或會更改而不需另作通知。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡你的分銷商或富達，以獲取向一般投資大眾發售的個別富達投資基金的詳細資料。富達或 Fideli ty 或 Fideli ty International 指 FIL Limited 及其附屬公司。「富達」、Fideli ty、Fideli ty International、Fideli ty International 標誌及 F 標誌均為 FIL Limited 的商標。有意投資者應就個別投資項目尋求獨立的意見。本資料由富達基金（香港）有限公司發行，並未經證券及期貨事務監察委員會審核。

Cumulative Performance YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 累積表現年初至今 3個月 1年 3年 5年 10年自推出以來

Ordinary 一般單位 2.16% 16.86% 9.67% 17.16% 45.04% 88.88% 217.50%

Administration 行政管理單位 1.88% 16.73% 9.16% 15.55% 41.77% 80.61% 198.00%

Savings 儲蓄單位 1.86% 16.72% 9.14% 15.40% 41.42% 79.72% 196.00%

Dollar Cost Averaging Return1

平均成本法回報 1

Ordinary 一般單位 N/A N/A 11.93% 11.57% 24.95% 41.86% N/A

Administration 行政管理單位 N/A N/A 11.63% 10.78% 23.40% 38.39% N/A

Savings 儲蓄單位 N/A N/A 11.63% 10.71% 23.27% 38.04% N/A

Annual Performance 年度表現

Ordinary Administration Savings 一般單位行政管理單位儲蓄單位

2019 19.03% 18.47% 18.42%2018 -11.67% -12.04% -12.07%2017 35.10% 34.43% 34.38%2016 5.85% 5.45% 5.38%2015 -6.17% -6.65% -6.68%2014 4.21% 3.77% 3.68%2013 3.73% 3.23% 3.19%2012 22.40% 21.92% 21.85%2011 -15.48% -15.90% -15.93%2010 14.27% 13.79% 13.75%

Geographical Breakdown▲ 地區分佈 ▲

CHINA 中國 41.4%

AUSTRALIA 澳洲 15.4%

TAIWAN 台灣 13.3%

KOREA (SOUTH) 南韓 8.4%

INDIA 印度 8.4%

HONG KONG 香港 4.4%

SINGAPORE 新加坡 2.2%

NEW ZEALAND 紐西蘭 1.6%

INDONESIA 印尼 1.0%

PHILIPPINES 菲律賓 0.9%

OTHERS# 其他 # 3.0%

# May include cash, account payables, account receivables and other regions (if any).

投資或包括現金，應付及應收款項及其他地區（如適用）。

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Asia Pacific Equity Fund富達優越投資組合基金 - 亞太股票基金

Top 10 Holdings 十大主要投資項目

Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Equity Fund - Asia Pacific

股票基金－亞太區

Investment Objective 投資目標The Fund aims to produce returns related to those achieved on the major stock market indices of Asia Pacific.

The Fund is a feeder fund investing in the Fidelity Global Investment Fund - Asia Pacific Equity Fund, which focuses investment in equities of companies listed, have their head office or exercise a predominant part of their activity in Asia Pacific including countries and regions considered to be emerging markets.

本基金旨在提供與亞太區股票市場主要指數所達至表現相關的回報。

本基金是一項聯接基金，投資於富達環球投資基金的子基金－亞太股票基金，集中投資於亞太區上市、設置總公司或經營主要業務的公司的股票（包括部份被視為新興市場的亞太國家及地區）。

Fund Details 基金資料 Fund Manager 基金經理 Polly Kwan 關向欣

Launch Date 推出日期 Ordinary 一般單位 24/07/2006 Administration 行政管理單位 24/07/2006 Savings 儲蓄單位 24/07/2006

Unit NAV 單位資產淨值 Ordinary 一般單位 US$31.75 （美元） Administration 行政管理單位 US$29.80 （美元） Savings 儲蓄單位 US$29.60 （美元）

Fund Size 基金資產 US$146.17M （百萬美元）

Fund Risk Indicator (3-Year Standard Deviation)† 16.66%基金風險標記（三年標準差）†

Fund Commentary^ 基金評論 ^

Asia Pacific ex Japan rebounded strongly over the quarter due to continued stimulus support measures from regional central banks and easing lockdown restrictions. There was some optimism around progress on a COVID-19 vaccine, though we maintain that it is too early to overlook the possibility of a second wave of infections. Simultaneously, it was difficult to overlook mounting tensions between the US and China, which partially subdued sentiment. Australian equities were the best performing region over the quarter, while equities in China and Hong Kong lagged the broader market. The portfolio generated strong absolute returns but underperformed the index over the quarter. Certain positions ended lower due to a round of profit taking amid stimulus-led market euphoria. At a stock level, China Resources Land reported a cautious sales target. Expectations of low rental income growth offset the impact of the overall positive sentiment in the property market. China Mobile detracted from returns amid a sharp momentum rally that steered away from this defensive holding. Health care firm CSL was caught in a round of profit taking despite reaffirming its FY20 guidance. Nonetheless, the portfolio generated significant returns from key holdings that delivered encouraging growth and maintained robust prospects. The position in data service provider Appen, added value. Its full-year 2019 results reflect a strong period of growth and it remains on track to achieve its guidance in FY20. Semiconductor manufacturer MediaTek posted strong returns and has a resilient outlook. It witnessed strength in its smartphone operations, where growth was driven by incremental revenue from fifth-generation (5G) chip sales.

亞太區（日本除外）各地央行持續推出扶持經濟刺激措施，並放寬封鎖限制，帶動區內市場在季內強勢反彈。投資者對新冠肺炎疫苗的研發進展略感樂觀，但我們認為現在否定第二波疫情爆發的可能性仍言之尚早。另外，中美關係日趨緊張亦是難以忽視的因素，這在一定程度上令投資情緒受壓。季內，澳洲股市是區內表現最佳的市場，中港股市則落後大市。投資組合在季內錄得強勁絕對回報，但表現遜於指數。部份持倉低收，因為刺激經濟措施令市場出現亢奮氣氛，觸發投資者獲利套現。個股方面，華潤置地公布的銷售目標審慎。市場預期租金收入增長偏低，抵銷房地產市場整體氣氛樂觀的影響。中國移動未能跟隨市場急升的趨勢，令這項防守性持倉削弱回報。雖然健康護理企業CSL重申2020財政年度的盈利指引，但未能避免被投資者獲利套現。不過，投資組合藉主要持倉而錄得可觀回報，這些持倉的增長令人鼓舞，而且前景維持穩健。數據服務供應商Appen的持倉為基金表現增值。Appen的2019年全年業績反映公司在期內增長強勁，並有望達成2020財政年度的盈利指引。半導體製造商聯發科技錄得強勁回報，而且前景強韌。來自第五代流動通訊技術（5G）晶片銷售的收益逐步提升，帶動該公司的智能手機業務強勢增長。

Cumulative Performance (Ordinary Class)累積表現 (一般單位 )

^ as of 30/06/2020 截至 30/06/2020† This is referring to the Fund Risk Indicator of Ordinary

Class. 此為一般單位的基金風險標記。1 This is the return achieved through investing the same

amount at the end of each month, comparing the total contributions with their current value and expressing the gain or loss as a percentage. Source: Mercer (Hong Kong) Limited

此為不同年期內透過每月底投資相同金額所獲得的投資回報，比較供款總額及其現值，所顯示為其盈利 /虧損之百分比。資料來源：美世（香港）有限公司

▲ Due to rounding, the total may not be equal to 100%. 由於進位數關係，總額可能並不相等於 100%。

Source: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV, in USD.資料來源：富達 / 滙豐機構信託服務（亞洲）有限公司，以資產淨值及美元計算。

ALIBABA GROUP HOLDING LTD 阿里巴巴集團 8.87%TENCENT HOLDINGS LTD 騰訊控股有限公司 7.92%TAIWAN SEMICONDUCTOR MFG CO LTD 台積公司 6.72%SAMSUNG ELECTRONICS 三星電子 4.39%CSL 3.30%MEDIATEK INC 聯發科技 2.68%COMMONWEALTH BK OF AUSTRALIA 澳洲聯邦銀行 2.14%RELIANCE INDUSTRIES DEMATERIALIZED 2.12%CHINA CONSTRUCTION BANK H 中國建設銀行 H 2.00%BHP BILLITON LTD 必和必拓 1.85%TOTAL 總和 41.99%

Industry Breakdown▲ 行業投資分佈 ▲

28.6% Technology 科技

20.6% Financials 金融

13.2% Consumer Services消費服務

8.5% Health Care 健康護理

7.7% Industrials 工業

4.6% Consumer Goods消費品

3.7% Oil & Gas石油及天然氣

3.7% Basic Materials基本物料

3.3% Utilities 公用事業

3.2% Telecommunications電訊

2.9% Others* 其他**

* May include cash, account payables, account receivables and other industries (if any).

投資或包括現金，應付及應收款項及其他行業（如適用）。

60

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220

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340

價格指數(%)Price Index

07/2007/1807/1607/1407/1207/1007/0807/06

Fund 基金

4


Ordinary 一般單位 -0.06% 12.04% 9.19% 22.68% 34.76% 130.69% 243.50%

Administration 行政管理單位 -0.34% 11.89% 8.68% 21.04% 31.72% 120.60% 218.10%

Savings 儲蓄單位 -0.35% 11.92% 8.68% 20.88% 31.46% 119.55% 215.50%








2019 28.39% 27.83% 27.76%

2018 -10.53% -10.92% -10.96%

2017 20.06% 19.53% 19.44%

2016 3.06% 2.58% 2.55%

2015 0.00% -0.44% -0.48%

2014 5.08% 4.60% 4.53%

2013 25.60% 25.00% 24.94%

2012 17.59% 17.07% 17.00%

2011 -10.15% -10.50% -10.54%

2010 12.82% 12.26% 12.23%

Fund Allocation by Asset Class▲ 資產類別投資分配 ▲

HONG KONG EQUITY FUND 香港股票基金 1.82%

JAPANESE EQUITY FUND 日本股票基金 6.94%

ASIA PACIFIC EQUITY FUND* 亞太股票基金 * 8.13%

AMERICAS EQUITY FUND 美洲股票基金 63.47%

EUROPEAN EQUITY FUND 歐洲股票基金 19.71%

OTHERS# 其他 # -0.07%

* May include investments in Japan and Hong Kong. 投資地區或包括日本及香港# May include cash, account payables and account receivables. 投資或包括現金，應付及應收款項

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Global Equity Fund富達優越投資組合基金 - 環球股票基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Equity Fund - Global

股票基金－環球

Investment Objective 投資目標The Fund aims to invest primarily in the global equity markets and produce returns that are related to those achieved on the major world stock market indices. As the Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Fund is a fund of funds and may invest up to 65% of its latest available net asset value in each of the Fidelity Global Investment Fund (“FGIF”) – Americas Equity Fund and FGIF – European Fund, subject to a maximum aggregate investment in both the two underlying funds not exceeding 90% of the Fund's latest available net asset value.

本基金旨在主要投資於環球股票市場，並提供與環球股票市場主要指數所達至表現相關的回報。由於本基金可於全球作投資，因此可能涉及投資於被視為新興市場的國家 /地區。

本基金是一項基金中的基金，並可將其最新可動用資產淨值的最多65%分別投資於富達環球投資基金 (“FGIF”)－美洲股票基金及 FGIF－歐洲股票基金，惟 FGIF－美洲股票基金及 FGIF－歐洲股票基金兩者的合計投資總額最多不可超過環球股票基金的最新可動用資產淨值的90%。

Fund Details 基金資料 Fund Manager 基金經理 Pek Ng 黃碧瑤






Global equities gained over the quarter, driven by large scale monetary and fiscal policy measures unveiled globally to mitigate the economic impact of the lockdowns due to the COVID-19 pandemic. Of note, the US Federal Reserve, European Central Bank and Bank of Japan significantly expanded their monetary policy support. News around progress on potential vaccines and treatments for the virus and easing of lockdowns in several economies also buoyed markets. There have been some signs of an economic recovery, as data releases showed some improvements. However, risks of a potential second wave of infections and geopolitical risk around US-China tensions and US elections kept markets volatile. Against this global backdrop, all key regional markets ended higher, with US equities rising significantly. From a sector perspective, information technology and consumer discretionary outperformed the market. Energy stocks advanced as crude oil prices rose in view of supply cuts and on expectations of a recovery in demand.

環球股市於季內造好，主要由於全球推行龐大的貨幣和財政政策措施，以紓緩各地因實行封鎖措施以遏止新冠肺炎疫情所帶來的經濟影響。值得注意的是，美國聯儲局、歐洲央行和日本央行大幅擴展貨幣支持政策的規模。有關疫苗研發和病毒治療進展的消息，以及部份經濟體放寬封鎖措施亦提振市場氣氛。隨著各國公布的數據有所改善，經濟已展現復甦跡象。然而，第二波疫情的潛在風險，加上中美緊張局勢引發地緣政治風險，以及美國大選臨近，都令市場持續波動。在此環球局勢下，所有主要地區市場報升，其中美國股市顯著造好。綜觀行業表現，資訊科技和非必需消費品業領先大市。原油價格因供應減少和預期需求回升而上漲，帶動能源股揚升。








AMAZON.COM 亞馬遜 4.09%MICROSOFT CORP 微軟 4.00%APPLE INC 蘋果公司 3.93%ALPHABET A 2.56%MORGAN STANLEY 摩根士丹利 1.72%ACTIVISION BLIZZARD 動視暴雪 1.58%JPMORGAN CHASE & CO 摩根大通 1.56%NEXTERA ENERGY 1.55%UNITEDHEALTH GROUP 1.44%PFIZER INC 輝瑞 1.43%TOTAL 總和 23.86%















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350

400


07/2007/1807/1607/1407/1207/1007/0807/0606/03

Fund 基金


(852) 2629 2629


5


(852) 2629 2629



Ordinary 一般單位 1.20% 10.47% 5.81% 14.73% 34.36% 74.34% 457.26%


Savings 儲蓄單位 0.91% 10.33% 5.28% 13.02% 31.05% 65.85% 411.64%








2019 16.29% 15.77% 15.71%

2018 -12.73% -13.12% -13.16%

2017 42.68% 42.04% 41.96%

2016 1.32% 0.86% 0.82%

2015 -4.28% -4.72% -4.76%

2014 3.71% 3.24% 3.19%

2013 8.37% 7.89% 7.83%

2012 21.45% 20.90% 20.84%

2011 -21.74% -22.09% -22.13%

2010 11.23% 10.73% 10.67%


CHINA 中國 71.9%





As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Hong Kong Equity Fund富達優越投資組合基金 - 香港股票基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Equity Fund - Hong Kong

股票基金－香港

Investment Objective 投資目標The Fund aims to produce returns related to those achieved on the major stock market indices of Hong Kong.

The Fund is a feeder fund investing in Fidelity Global Investment Fund – Hong Kong Equity Fund which focuses investment in the equity market of Hong Kong, namely equities of companies listed in Hong Kong or companies which have their head office or exercise a predominant part of their activity in Hong Kong (including companies which are listed outside Hong Kong). Investing in these companies may result in exposure to countries/regions such as Mainland China which are considered to be emerging markets.

本基金旨在提供與香港股票市場主要指數所達至表現相關的回報。

本基金是一項聯接基金投資於富達環球投資基金－香港股票基金，集中投資於香港股票市場；即在香港上市的公司或在香港設置總公司或經營主要業務的公司（包括在香港以外上市的公司）的股票。投資於此等公司可能涉及投資於被視為新興市場的國家 / 地區，例如中國大陸。

Fund Details 基金資料 Fund Manager 基金經理 Raymond Ma 馬磊


Unit NAV 單位資產淨值 Ordinary 一般單位 HK$278.63 （港元） Administration 行政管理單位 HK$258.01 （港元） Savings 儲蓄單位 HK$255.82 （港元）

Fund Size 基金資產 HK$2,149.02M （百萬港元）



Chinese equities rebounded strongly in the second quarter, on nascent signs of an economic recovery given the continued normalisation in daily lives. Concerns over a second wave of infections were averted after the government implemented swift and effective virus control measures. Investors were reassured by US President Donald Trump’s assertion that the trade deal between China and the US remains in place. In key developments, China’s top leadership decided to remove its traditional annual economic growth target at the opening of the National People’s Congress (NPC) on 22 May, stressing the significant challenges facing the economy following the COVID-19 outbreak. Hong Kong equities also recorded resilient performance over the quarter in a risk-on environment. The portfolio generated positive returns over the quarter. Internet-led business Bilibili, a one-stop online entertainment destination specialising in Generation Z users in China, enhanced gains. Its robust content library; an expansion in its user base; as well as rapid growth momentum across mobile games, live streaming and value-added services; and advertising boosted its profitability. Biopharmaceutical company Innovent Biologics gained. The inclusion of its drug Tyvyt on the National Reimbursement Drug List (NRDL) and positive outcome of clinical trials for the treatment of non-small cell lung cancer (NSCLC) should enhance its profitability. It is also likely to benefit from its potential inclusion in the Hang Seng index following approval for general listing in Hong Kong. Conversely, Industrial and Commercial Bank of China retreated due to concerns over pressure on net interest margins across Chinese banks.

中國民眾的日常生活逐漸回復正常，令經濟初現復甦跡象，帶動中國股市在第二季強勢反彈。政府迅速實施有效的控疫措施，成功避免市場憂慮第二波疫情爆發。美國總統特朗普表示中美貿易協議維持不變，令投資者感到安心。主要發展方面，在 5月 22日召開的全國人民代表大會（人大）開幕儀式上，中國最高領導層決定放棄傳統，不設年度經濟增長目標，以強調新冠肺炎疫情爆發後，中國經濟面臨重大挑戰。此外，在承險環境下，季內香港股市表現強韌。投資組合於季內錄得正回報。互聯網企業嗶哩嗶哩彈幕網（Bilibili）增強基金的收益，這是中國一站式網上娛樂平台，目標對象是當地的 Z世代用戶。該公司的網上內容豐富，而且用戶群擴大，加上在手機遊戲、串流直播和增值服務及廣告方面的增長動力迅速，因此盈利能力得以提升。生物醫藥公司信達生物製藥錄得升幅。該公司旗下藥物達伯舒（Tyvyt）獲納入國家醫保藥品目錄，而有關藥物治療非小細胞肺癌的臨床測試結果正面，可望提高其盈利能力。在獲准於香港上市後，信達生物製藥有望獲納入恒生指數，這亦可能令公司受益。相反，中國工商銀行股價回落，因為市場憂慮中資銀行的淨息差受壓。







Source: Fidelity/HSBC Institutional Trust Services (Asia) Ltd., NAV to NAV, in HKD.資料來源：富達 / 滙豐機構信託服務（亞洲）有限公司，以資產淨值及港元計算。

TENCENT HOLDINGS LTD 騰訊控股有限公司 9.67%AIA GROUP LTD 友邦保險控股有限公司 6.16%ALIBABA GROUP HOLDING LTD 阿里巴巴集團 4.53%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

4.27%

PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

3.79%

HSBC HOLDINGS PLC 滙豐控股 3.68%CHINA CONSTRUCTION BANK H 中國建設銀行 H 2.91%KWEICHOW MOUTAI A 貴州茅台 A 2.69%CHINA MOBILE LTD 中國移動 2.54%CHINA MENGNIU DAIRY 中國蒙牛乳業 2.38%TOTAL 總和 42.62%















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500

600


07/2007/1807/1607/1407/1207/1007/0807/0606/03

Fund 基金

6


(852) 2629 2629



Ordinary 一般單位 2.25% 10.22% 8.53% 16.77% 28.76% 79.08% 422.90%


Savings 儲蓄單位 1.94% 10.06% 7.98% 15.03% 25.55% 70.37% 231.35%








2019 17.64% 17.14% 17.07%

2018 -9.48% -9.91% -9.94%

2017 23.38% 22.84% 22.78%

2016 1.35% 0.89% 0.83%

2015 -1.94% -2.37% -2.41%

2014 1.69% 1.21% 1.16%

2013 13.40% 12.90% 12.84%

2012 15.16% 14.65% 14.61%

2011 -9.84% -10.26% -10.30%

2010 10.25% 9.79% 9.71%







GLOBAL BOND FUND 環球債券基金 22.19%

HONG KONG BOND FUND 香港債券基金 3.39%

US$ MONEY FUND 美元貨幣基金 0.40%


* May include investments in Japan and Hong Kong. 投資地區或包括日本及香港# May inc lude cash, account payables and account

receivables. 投資或包括現金，應付及應收款項

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Balanced Fund富達優越投資組合基金 - 均衡基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Mixed Assets Fund - Global with around 70% in equities and 25% in bonds and 5% in cash◆

混合資產基金－環球股票約佔70%，債券佔25%及現金佔5%◆

Investment Objective 投資目標The Fund aims to maintain a balanced, global portfolio of bond funds and equity funds with the aim of achieving a consistent overall return higher than Hong Kong inflation but with lower risk and volatility than the Fidelity Advantage Portfolio Fund - Growth Fund. As the Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Fund is a fund of funds and may invest up to 40% of its latest available net asset value in the Fidelity Global Investment Fund - Global Bond Fund and up to 35% of its latest available net asset value in the Fidelity Global Investment Fund - Hong Kong Equity Fund.

本基金旨在通常保持一個均衡並由債券基金及股票基金組成的環球投資組合，目標在於達致較香港通脹率為高的穩定整體回報，但風險及波幅則較富達優越投資組合基金－增長基金為低。由於本基金可於全球作投資，因此可能涉及投資於被視為新興市場的國家／地區。

本基金是一項基金中的基金，並可合計將其最新可動用資產淨值的最多40%投資於富達環球投資基金－環球債券基金，並可將其最新可動用資產淨值的最多35%投資於富達環球投資基金香港股票基金。




Fund Size 基金資產 US$1,257.55M （百萬美元）



Global equity and bond markets gained over the quarter, driven by large scale policy measures unveiled globally to mitigate the economic impact of the lockdowns due to the COVID-19 pandemic. Of note, the US Federal Reserve, European Central Bank and Bank of Japan significantly expanded their monetary policy support. News around progress on potential vaccines and treatments for the virus and easing of lockdowns in several economies also buoyed markets. There have been some signs of an economic recovery as data releases showed some improvements. However, risks of a potential second wave of infections and a rise in US-China tensions kept markets volatile. Against this global backdrop, investor sentiment improved significantly as risk assets rallied and corporate credit spreads tightened. All key regional equity markets ended higher, with US equities rising significantly. From a sector perspective, information technology and consumer discretionary outperformed the market. Energy stocks advanced as crude oil prices rose in view of supply cuts and on expectations of a recovery in demand. Global bond markets generated positive returns, with corporate bonds outperforming government bonds. Within credit, global high yield bonds outperformed global investment grade corporate bonds. Elsewhere, both emerging market local currency and hard currency debt generated positive performance.

環球股市和債市於季內造好，主要由於全球推行龐大的政策措施，以紓緩各地因實行封鎖措施以遏止新冠肺炎疫情所帶來的經濟影響。值得注意的是，美國聯儲局、歐洲央行和日本央行大幅擴展貨幣支持政策的規模。有關疫苗研發和病毒治療進展的消息，以及部份經濟體放寬封鎖措施亦提振市場氣氛。隨著各國公布的數據有所改善，經濟已展現復甦跡象。然而，第二波疫情的潛在風險，加上中美緊張局勢升溫，都令市場持續波動。在此環球局勢下，隨著風險資產上升及企業信貸息差收窄，投資氣氛大為改善。所有主要地區股票市場報升，其中美國股市顯著造好。綜觀行業表現，資訊科技和非必需消費品業領先大市。原油價格因供應減少和預期需求回升而上漲，帶動能源股揚升。環球債券市場錄得正回報，企業債券表現優於政府債券。信貸方面，環球高收益債券的表現領先環球投資級別企業債券。另一方面，新興市場本幣及硬貨幣債券均錄得升幅。








TENCENT HOLDINGS LTD 騰訊控股有限公司 3.21%USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 2.51%GERMANY 0% 15/02/2030 REGS 2.05%ALIBABA GROUP HOLDING LTD 阿里巴巴集團 2.03%AIA GROUP LTD 友邦保險控股有限公司 1.59%GERMANY SER 178 0% 13/10/2023 1.38%USTN 2% 15/02/2050 美國國庫券 2% 15/02/2050 1.24%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

1.23%


1.12%

GERMANY 0.5% 15/02/2025 REGS 1.02%TOTAL 總和 17.38%

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07/2007/1807/1607/1407/1207/1007/0807/0607/0412/00

Fund 基金

◆ Investors should note that this is an indicative portfolio distribution as at the date of the latest Explanatory Memorandum only, and the actual asset allocations will at times vary considerably as market, political, structural, economic and other conditions change and subject to the views of the Manager.

投資者應注意，這是僅截至基金說明書付印日期的指示性投資組合分配，而隨著市場、政治、結構、經濟及其他條件改變，實際資產分配有時候將在很大程度上出現變化，視乎經理人的觀點而定。

7


(852) 2629 2629



Ordinary 一般單位 5.44% 7.12% 8.89% 15.34% 24.10% 50.89% 297.00%


Savings 儲蓄單位 5.15% 7.01% 8.36% 13.62% 21.01% 43.50% 156.42%








2019 10.38% 9.88% 9.83%

2018 -4.61% -5.04% -5.09%

2017 13.92% 13.41% 13.33%

2016 1.19% 0.74% 0.68%

2015 -3.06% -3.51% -3.54%

2014 1.11% 0.65% 0.59%

2013 5.11% 4.67% 4.63%

2012 9.49% 9.01% 8.94%

2011 -1.72% -2.18% -2.23%

2010 7.12% 6.66% 6.61%












As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Capital Stable Fund富達優越投資組合基金 - 資本穩定基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Mixed Assets Fund – Global with around 30% in equities and 60% in bonds and 10% in cash◆


Investment Objective 投資目標The Fund aims to invest primarily in money market funds and global bond funds with the aim of achieving a stable level of return, minimising volatility whilst achieving some capital appreciation at low risk. As the Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Fund is a fund of funds and may invest up to 75% of its latest available net asset value in the Fidelity Global Investment Fund – Global Bond Fund.

本基金旨在主要投資於貨幣市場基金及環球債券基金，目標在於在低風險下謀取某程度資本增值的同時，達致穩定的回報水平，並將波幅減至最低。由於本基金可於全球作投資，因此可能涉及投資於被視為新興市場的國家 /地區。

本基金是一項基金中的基金，並可合計將其最新可動用資產淨值的最多75%投資於富達環球投資基金－環球債券基金。
















USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 6.16%GERMANY 0% 15/02/2030 REGS 5.04%GERMANY SER 178 0% 13/10/2023 3.38%USTN 2% 15/02/2050 美國國庫券 2% 15/02/2050 3.06%GERMANY 0.5% 15/02/2025 REGS 2.52%USTN 0.5% 31/03/2025 美國國庫券 0.5% 31/03/2025 1.84%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 1.80%JAPAN 0.1% 10/03/2028 1.79%GERMANY 0% 08/10/2021 REGS 1.57%JAPAN (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 1.44%TOTAL 總和 28.60%

80100120140160180200220240260280


07/2007/1807/1607/1407/1207/1007/0807/0607/0412/00

Fund 基金



8


(852) 2629 2629



Ordinary 一般單位 0.19% 11.71% 7.81% 16.66% 29.65% 92.13% 468.50%

Administration 行政管理單位 -0.06% 11.58% 7.34% 15.10% 26.77% 83.68% 407.70%

Savings 儲蓄單位 -0.10% 11.55% 7.27% 14.92% 26.44% 82.75% 262.20%








2019 21.37% 20.84% 20.77%

2018 -11.94% -12.36% -12.39%

2017 28.21% 27.65% 27.58%

2016 1.22% 0.75% 0.70%

2015 -1.33% -1.74% -1.80%

2014 1.99% 1.52% 1.48%

2013 17.86% 17.32% 17.25%

2012 17.79% 17.26% 17.23%

2011 -13.78% -14.15% -14.21%

2010 11.71% 11.20% 11.14%












As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Growth Fund富達優越投資組合基金 - 增長基金


Fund 基金

Fund Performance 基金表現








TENCENT HOLDINGS LTD 騰訊控股有限公司 4.07%ALIBABA GROUP HOLDING LTD 阿里巴巴集團 2.60%AIA GROUP LTD 友邦保險控股有限公司 1.99%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

1.55%


1.41%

AMAZON.COM 亞馬遜 1.22%MICROSOFT CORP 微軟 1.19%CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.17%APPLE INC 蘋果公司 1.17%HSBC HOLDINGS PLC 滙豐控股 1.14%TOTAL 總和 17.51%

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07/2007/1807/1607/1407/1207/1007/0807/0607/0412/00

Fund 基金

Fund Descriptor 基金描述Mixed Assets Fund – Global with around 90% in equities and 7% in bonds and 3% in cash◆


Investment Objective 投資目標The Fund will be mainly invested in equity funds, with a geographical bias towards Hong Kong with the aim of maximising long-term returns. As the Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Fund is a fund of funds and may invest up to 45% of its latest available net asset value in Fidelity Global Investment Fund – Hong Kong Equity Fund.

本基金旨在主要投資於股票基金，並在地域上偏重於香港的股票基金，目標在於謀取最高的長期回報。由於本基金可於全球作投資，因此可能涉及投資於被視為新興市場的國家 /地區。

本基金是一項基金中的基金，並可將其最新可動用資產淨值的最多45%分別投資於富達環球投資基金－香港股票基金。




Fund Size 基金資產 US$1,312.29M （百萬美元）







9


(852) 2629 2629



Ordinary 一般單位 4.15% 8.82% 9.07% 16.53% 27.24% 66.24% 249.67%


Savings 儲蓄單位 3.83% 8.66% 8.51% 14.77% 24.09% 58.12% 197.78%








2019 14.09% 13.59% 13.54%

2018 -7.13% -7.56% -7.59%

2017 18.83% 18.29% 18.22%

2016 1.34% 0.88% 0.83%

2015 -2.54% -2.99% -3.03%

2014 1.43% 1.00% 0.95%

2013 9.19% 8.70% 8.62%

2012 12.52% 11.97% 11.96%

2011 -5.69% -6.10% -6.15%

2010 8.91% 8.45% 8.38%












As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Stable Growth Fund富達優越投資組合基金 - 平穩增長基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Mixed Assets Fund – Global with around 50% in equities and 45% in bonds and 5% in cash◆

混合資產基金－環球股票約佔50%，債券佔45%和現金佔5%◆

Investment Objective 投資目標The Fund aims to invest in a global portfolio of bond funds, cash funds and equity funds, with a lower weighting in equities than the Fidelity Advantage Portfolio Fund - Balanced Fund, with the aim of achieving a consistent overall return higher than Hong Kong inflation. As the Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Fund is a fund of funds and may invest up to 60% of its latest available net asset value in the Fidelity Global Investment Fund – Global Bond Fund.

本基金旨在投資於一個由債券基金、現金基金和股票基金組成的環球投資組合，所持有股票的比重較富達優越投資組合基金 -均衡基金為低，目標在於達致較香港通脹率為高的穩定整體回報。由於本基金可於全球作投資，因此可能涉及投資於被視為新興市場的國家 /地區。

本基金是一項基金中的基金，並可合計將其最新可動用資產淨值的最多60%投資於富達環球投資基金－環球債券基金。
















USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 4.60%GERMANY 0% 15/02/2030 REGS 3.76%GERMANY SER 178 0% 13/10/2023 2.53%TENCENT HOLDINGS LTD 騰訊控股有限公司 2.32%USTN 2% 15/02/2050 美國國庫券 2% 15/02/2050 2.29%GERMANY 0.5% 15/02/2025 REGS 1.88%ALIBABA GROUP HOLDING LTD 阿里巴巴集團 1.48%USTN 0.5% 31/03/2025 美國國庫券 0.5% 31/03/2025 1.38%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 1.35%JAPAN 0.1% 10/03/2028 1.34%TOTAL 總和 22.93%



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07/2007/1807/1607/1407/1207/1007/0807/0607/0412/00

Fund 基金

10


(852) 2629 2629



Ordinary 一般單位 4.66% 2.60% 5.43% 10.81% 15.58% 30.65% 57.28%


Savings 儲蓄單位 4.35% 2.47% 4.90% 9.16% 12.72% 24.27% 44.40%








2019 5.43% 4.95% 4.91%

2018 0.83% 0.38% 0.32%

2017 3.80% 3.34% 3.28%

2016 -0.45% -0.90% -0.93%

2015 2.10% 1.65% 1.58%

2014 4.54% 4.07% 4.03%

2013 -2.78% -3.21% -3.26%

2012 4.64% 4.17% 4.11%

2011 5.63% 5.15% 5.12%

2010 4.23% 3.76% 3.70%

Currency Breakdown▲ 貨幣分佈 ▲

HONG KONG DOLLAR 港元 73.6%

US DOLLAR 美元 26.4%

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Hong Kong Bond Fund富達優越投資組合基金 - 香港債券基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Bond Fund - Hong Kong

債券基金－香港

Investment Objective 投資目標The Fund aims to produce returns that are related to those achieved on the major bond market indices by investing in world bond markets with a focus on Hong Kong dollar denominated bonds and issuers.

The Fund is a feeder fund investing in the Fidelity Global Investment Fund – Hong Kong Bond Fund which focuses investment in Hong Kong dollar denominated debt securities globally (including emerging markets).

本基金旨在投資於環球債券市場，並專注於以港元結算的債券及發債機構，目標是提供與債券市場主要指數所達至表現相關的回報。

香港債券基金是一項聯接基金，投資於富達環球投資基金的子基金－香港債券基金，集中投資於全球（包括新興市場）以港元計值的債務證券。

Fund Details 基金資料 Fund Manager 基金經理 Morgan Lau



Fund Size 基金資產 HK$327.79M （百萬港元）


Modified Duration 修正存續期

Fund 基金 5.00 Year （年）

Yield to Maturity 到期收益 2.36%


Hong Kong government bond yields fell over the quarter, as investors remained wary over weak economic growth. The uncertainty around US President’s plans to revoke Hong Kong's special status as a separate customs territory weighed on investor sentiment. Towards the end of the quarter, the US Senate unanimously approved a bill that would lay out sanctions on Chinese officials who undermine Hong Kong’s autonomy. Besides, the Hong Kong Interbank Offered Rates fell across the curve. Credit selection and higher coupon income supported performance, while the overall term structure positioning offset relative gains. While the fund’s overweight USD duration added value, the underweight stance in Hong Kong dollar (HKD) duration detracted from returns. Currently, the fund has an overall duration position of 3.9 years, comprised of its HKD duration and US dollar exposure. The fund holds USD denominated debt to take advantage of better valuations, lower transaction costs, higher liquidity and better yields versus HKD bonds. Hong Kong’s economy has had a rough ride in the past year. Considering the slowdown in economic growth and the threat of a rise in COVID-19 cases, Hong Kong’s economy is expected to grow by -4% to -7% in 2020. The labour market has increasingly been under stress, though a recovery could be swift. The ongoing situation could also deter capital flows into HKD assets. We are confident about the ability of HK issuers to weather this crisis. The HKD corporate bond market is expected to remain stable with a steady stream of new supply.

鑑於投資者對經濟增長乏力仍持審慎態度，香港政府債券孳息在季內下跌。美國總統計劃撤銷香港作為獨立關稅區的特殊地位，圍繞有關計劃的不明朗因素令投資意欲受壓。臨近季末，美國參議院一致通過一項法案，對削弱香港自治權的中國官員施加制裁。此外，不同期限的香港銀行同業拆息回落。信貸挑選得宜和票息收入上升為基金表現帶來支持，但整體期限結構配置抵銷相對回報。雖然基金持偏長美元存續期為回報增值，但偏短港元存續期的配置拖累回報。目前，基金的整體存續期為3.9年，其中包括港元存續期和美元投資部署。對比港元債券，美元計價債券的估值較佳及交易成本較低，而且流動性和孳息較高，因此基金持有美元計價債券以把握優勢。過去一年，香港的經濟舉步維艱。鑑於經濟增長放緩及新冠肺炎確診個案增加的威脅，預測香港經濟將在2020年收縮4%至7%。儘管經濟或會迅速復甦，但勞工市場日益受壓。上述情況持續未平，亦可能窒礙資金流入港元資產。然而，我們有信心香港發行商能夠克服這次危機，而且新債發行量穩定，因此港元企業債券市場料可保持平穩。








S&P/Moody's Credit Ratings▲ 標準普爾 /穆廸信用評級 ▲

AA/Aa 19.4%

A 52.0%

BBB/Baa 15.2%

BB/Ba 2.4%

Others* 其他 * 11.0%

* Others may include cash, account payables, account receivables and/or not rated.

其他或包括現金，應付╱應收款項及╱或沒有給予評級。

COMMONWEALTH BANK AUSTRALIA 1.98% 10/11/2021澳洲聯邦銀行 1.98% 10/11/2021

3.05%

NWD 3.8% 21/05/2029 REGS 新世界發展 3.8% 21/05/2029 REGS

2.87%

HENDERSON LAND 2.5% 05/06/2021 REGS 恒基兆業地產 2.5% 05/06/2021 REGS

2.73%

CDBL FUNDING TWO 3.6% 16/11/2021 REGS 2.32%BMW FINANCE 2.74% 24/05/2024 REGS 2.22%SWIRE PACIFIC 2.68% 22/02/2030 REGS 太古公司 2.68% 22/02/2030 REGS

2.18%

SHKP 3.12% 15/02/2026 REGS 新鴻基地產 3.12% 15/02/2026 REGS

1.97%

IS HONG KONG INVESTMENT 2.9% 30/12/2022 REGS 1.92%HONGKONG LAND NOTES 2.93% 01/11/2029 REGS 1.90%AROUNDTOWN 3.69% 11/03/2024 REGS 1.88%TOTAL 總和 23.04%


52.4% Financial 金融

25.3% Quasi/Sov/Supra/Agncy半政府/主權/超國家/機構債券

20.1% Industrial 工業

2.2% Utility 公用事業




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07/2007/1807/1607/1407/1207/1007/0807/0606/03

Fund 基金

11


(852) 2629 2629



CHINESE YUAN 人民幣 74.9%


HONG KONG DOLLAR 港元 0.9%

OTHERS 其他 0.0%

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - RMB Bond Fund富達優越投資組合基金 - 人民幣債券基金


Fund Descriptor 基金描述Bond Fund - Hong Kong and China

債券基金－香港及中國

Investment Objective 投資目標The Fund aims to achieve income and capital appreciation primarily via indirect exposure to RMB denominated debt securities issued or distributed outside Mainland China as well as deposits. With effect from 29 May 2020, the Fund aims to achieve income and capital appreciation primarily via indirect exposure to RMB denominated debt securities issued or distributed inside or outside Mainland China as well as deposits.

The Fund is a feeder fund invests solely in the Fidelity Global Investment Fund – RMB Bond Fund (“the RMB Bond Underlying Fund”). Prior to 29 May 2020, the RMB Bond Underlying Fund aims to invest at least 70% of its net asset value in RMB denominated debt securities issued or distributed outside Mainland China and deposits. With effective from 29 May 2020, the RMB Underlying Fund aims to invest at least 70% of its net asset value in RMB denominated debt securities issued or distributed inside or outside Mainland China and deposits.

Also, the RMB Bond Underlying Fund may invest up to 30% debt securities and deposits that are denominated in currencies other than RMB, such as USD, HKD, Japanese Yen or Euro.

本基金的目標是主要透過間接投資於在中國大陸或境外發行或分銷，並以人民幣計值的定息 /債務證券及存款，以取得收益及資本增值。由二零二零年五月二十九日起，本基金的目標是主要透過間接投資於在中國大陸或境外發行或分銷，並以人民幣計值的債務證券及存款，以取得收益及資本增值。

本基金是一項聯接基金，投資於富達環球投資基金的子基金－人民幣債券基金（「相關基金」）。二零二零年五月二十九日前，相關基金旨在把其資產淨值的最少70%投資於在中國大陸境外發行或分銷，並以人民幣計值的定息 /債務證券，以及存放在中國大陸境外的人民幣存款。由二零二零年五月二十九日起，相關基金將最少其資產淨值70%投資於在中國大陸或以外發行或分銷，並以人民幣計值的債務證券及存款。

另外，相關基金可將其資產淨值的最多30%投資於以非人民幣貨幣（例如美元、港元、日圓或歐元）計值的債務證券及存款。










Chinese renminbi denominated offshore (Dim Sum) bonds generated positive returns over the quarter. High coupon income was the primary driver of performance. Amid the COVID-19 outbreak, China’s economy shrank for the first time in decades, contracting 6.8% year-on-year in the first quarter of 2020. However, economic activities have been on track for normalisation since early March. China’s official Purchasing Managers’ Index (PMI) continued to recover and ended the quarter with a reading of 50.9 in June. Meanwhile, the Chinese government introduced additional stimulus measures. It lowered the one-year and five-year loan prime rate (LPR), announced plans to issue new special Treasury bonds and local government special bonds this year. Elsewhere, Hong Kong was downgraded to AA- by Fitch, as the region’s GDP is expected to fall significantly in 2020. The fund posted positive returns of 2.71% over the quarter as credit spreads tightened and currency movements were favourable. The offshore Chinese renminbi appreciated against the Hong Kong dollar, the fund’s reporting currency, which supported performance. High coupon income and term structure positioning also added value.

中國人民幣計價離岸（點心）債券於季內錄得正回報。高票息收益是表現的主要動力。在新冠肺炎疫情期間，中國經濟於數十年來首次收縮，2020年首季按年下跌6.8%。然而，經濟活動自3月初以來已開始逐步恢復正常。中國官方採購經理指數持續回升，在6月季末時收報50.9。另外，中國政府推出額外刺激經濟措施，包括下調一年期和五年期貸款市場報價利率，並公布計劃在今年發行新的特別國債及地方政府專項債券。另一方面，預期香港2020年本地生產總值將顯著下跌，因此惠譽調低香港的評級至AA-。鑑於信貸息差收窄，加上貨幣走勢利好，基金在季內報升2.71%。此外，離岸人民幣兌港元（基金的匯報貨幣）升值，為表現帶來支持。高票息收益和期限結構配置亦為表現增值。








AA/Aa 15.8%

A 47.9%

BBB/Baa 20.6%

BB/Ba 3.9%




BUSAN BANK 4.85% 25/05/2021 REGS 釜山銀行 4.85% 25/05/2021 REGS 5.16%

BANK OF COMMUNICATIONS HONG KONG 3.15% 22/01/2022 REGS 交通銀行香港 3.15% 22/01/2022 REGS

4.24%

AGRICULTURAL DEVELOPMENT BANK OF CHINA 3.4% 06/11/2024 REGS 中國農業發展銀行 3.4% 06/11/2024 REGS

3.87%

BOC AVIATION 5.5% 26/02/2024 REGS 中銀航空租賃 5.5% 26/02/2024 REGS 3.80%

SINOPEC CENTURY BRIGHT CAPITAL INVESTMENT 4.5% 31/10/2021 REGS 中國石化盛駿國際投資有限公司 4.5% 31/10/2021 REGS

3.11%

FRANSHION BRILLIANT 5.2% 08/03/2021 REGS 方興光耀 5.2% 08/03/2021 REGS 2.97%

HITACHI CAPITAL UK PLC 4.5% 09/10/2020 REGS 2.93%CHINA GOVT BOND 4% 22/05/2024 REGS 中國政府債券 4% 22/05/2024 REGS 2.72%

SINOCHEM OFFSHORE CAPITAL 4.4% 14/02/2021 REGS 2.58%CCB ASTANA 2.95% 19/03/2022 REGS 2.20%TOTAL 總和 33.58%





3.1% Treasury 國庫券






Ordinary 一般單位 2.24% 3.34% 2.45% 8.61% - - 10.84%

Administration 行政管理單位 1.97% 3.22% 1.98% 7.15% - - 8.44%

Savings 儲蓄單位 1.94% 3.21% 1.94% 7.00% - - 8.18%



Ordinary 一般單位 N/A N/A 3.03% 4.10% - - N/A

Administration 行政管理單位 N/A N/A 2.77% 3.37% - - N/A

Savings 儲蓄單位 N/A N/A 2.75% 3.30% - - N/A



2019 3.74% 3.28% 3.23%2018 -1.00% -1.45% -1.49%2017 9.31% 8.82% 8.78%2016 -2.44% -2.89% -2.94%2015 -1.01%~ -1.13%~ -1.15%~~ Since launch date to the end of launch year 由推出日至推出日該年年底

Fund 基金

Fund Performance 基金表現


96

98

100

102

104

106

108

110

112


07/2001/2007/1901/1907/1801/1807/1701/1707/1609/15

Fund 基金

12


(852) 2629 2629



Ordinary 一般單位 10.05% 5.72% 11.15% 16.15% 24.11% 36.42% 88.40%


Savings 儲蓄單位 9.77% 5.61% 10.61% 14.41% 21.05% 29.76% 73.10%








2019 5.48% 5.02% 4.92%

2018 -1.28% -1.75% -1.76%

2017 8.16% 7.69% 7.59%

2016 1.47% 1.06% 0.99%

2015 -5.13% -5.60% -5.63%

2014 0.51% 0.07% 0.07%

2013 -1.57% -2.03% -2.10%

2012 6.19% 5.74% 5.69%

2011 6.44% 6.01% 5.96%

2010 5.77% 5.25% 5.18%


US DOLLAR 美元 41.4%EURO 歐元 36.1%JAPANESE YEN 日元 9.8%UK POUND 英鎊 6.1%AUSTRALIAN DOLLAR 澳元 2.2%CANADIAN DOLLAR 加幣 1.7%MEXICAN PESO 墨西哥披索 0.6%OTHERS 其他 2.3%

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - World Bond Fund富達優越投資組合基金 - 國際債券基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Bond Fund - Global

債券基金－環球

Investment Objective 投資目標The Fund aims to produce returns that are related to those achieved on the major bond market indices.

The Fund is a feeder fund that invests in Fidelity Global Investment Fund – Global Bond Fund which focuses investment in debt securities globally (including emerging markets).

本基金旨在提供與債券市場主要指數所達至表現相關的回報。

本基金是一項聯接基金，投資於富達環球投資基金－環球債券基金，集中投資於全球（包括新興市場）債務證券。

Fund Details 基金資料 Fund Manager 基金經理 Rick Patel









Global bond markets generated positive returns over the quarter, with corporate bonds outperforming government bonds. Within credit, global high yield bonds outperformed global investment grade corporate bonds. Emerging market bonds also posted positive returns with hard currency bonds outperforming local currency bonds. After witnessing the most aggressive sell-off in risk assets in March, risk sentiment improved significantly in the second quarter. Credit spreads tightened owing to substantial monetary and fiscal policy responses to offset the worsening economic fallout from COVID-19. Investor sentiment was further buoyed by signs of progress in curbing the spread of the COVID-19 outbreak in both the US and Europe, which led to optimism about a swift re-opening of the economy. However, returns were somewhat capped by fears of a second wave of infections, and mounting tensions between the US and China. Government bond yields fell amid continued demand for safe haven assets. The US Treasury yield curve steepened amid expectations that the US Fed would continue to hold short-term Treasury yields low but would be less aggressive in its intervention for long-dated government debt. The fund generated positive returns over the quarter. Fund’s exposure to corporate bonds contributed to performance as credit spreads significantly tightened amid record amounts of liquidity and support by central banks and fiscal authorities. Allocation to banks, consumer and communication names added notable value. Fund’s duration (measure of its sensitivity to interest rate changes) position also enhanced returns as core government bond yields fell amid continued demand for safe haven assets. In this respect, exposure to US dollar, euro and sterling duration contributed to returns. However, adverse positioning in French government bonds detracted from performance.

環球債券市場在季內錄得正回報，企業債券表現優於政府債券。信貸方面，環球高收益債券的表現領先環球投資級別企業債券。新興市場債券亦錄得正回報，硬貨幣債券表現優於本幣債券。在三月份見證了最激進的風險資產拋售之後，風險情緒在第二季明顯改善。信貸息差收窄，因為龐大的貨幣和財政對策抵銷疫情對經濟造成更深的損害。有跡象顯示歐美在遏止疫情擴散方面取得進展，進一步刺激投資意欲，驅使市場對經濟迅速重啟感到樂觀。然而，由於市場憂慮第二波疫情，加上中美關係日益緊張，回報升幅略為受限。避險資產需求持續增加，導致政府債券孳息下跌。市場預期美國聯儲局繼續將短期國庫券孳息維持於低水平，但會減少干預長期政府債券，因而令美國國庫券孳息曲線趨於陡斜。基金於季內錄得正回報。基金對企業債券的配置為表現帶來貢獻，因為在央行與財政機關的龐大流動資金及支持下，信貸息差顯著收窄。銀行、消費和通訊業的配置為表現大幅增值。此外，隨著避險資產的需求持續增加，核心政府債券孳息下跌，基金的存續期（反映對利率變動的敏感度）配置因而有助提升回報。就這方面而言，美元、歐元及英鎊的存續期配置為回報帶來貢獻。然而，法國政府債券的不利配置削弱表現。








AAA/Aaa 66.3%AA/Aa 5.4%A 12.5%BBB/Baa 9.5%Others* 其他 * 6.3%




USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 11.30%GERMANY 0% 15/02/2030 REGS 9.24%GERMANY SER 178 0% 13/10/2023 6.20%USTN 2% 15/02/2050 美國國庫券 2% 15/02/2050 5.61%GERMANY 0.5% 15/02/2025 REGS 4.62%USTN 0.5% 31/03/2025 美國國庫券 0.5% 31/03/2025 3.38%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 3.31%JAPAN 0.1% 10/03/2028 3.29%GERMANY 0% 08/10/2021 REGS 2.87%JAPAN (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 2.64%TOTAL 總和 52.46%









80

100

120

140

160

180

200


07/2007/1807/1607/1407/1207/1007/0807/0606/03

Fund 基金

13


(852) 2629 2629



Ordinary 一般單位 0.69% 0.17% 1.40% 3.57% 4.13% 4.41% 39.10%


Savings 儲蓄單位 0.68% 0.17% 1.36% 3.46% 4.00% 4.28% 15.55%








2019 1.59% 1.54% 1.54%

2018 1.16% 1.12% 1.12%

2017 0.36% 0.34% 0.33%

2016 0.27% 0.27% 0.27%

2015 0.09% 0.08% 0.08%

2014 0.09% 0.09% 0.09%

2013 0.00% 0.00% 0.00%

2012 0.09% 0.09% 0.09%

2011 0.00% 0.00% 0.00%

2010 0.00% -0.02% -0.02%

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - HK Dollar Money Fund富達優越投資組合基金 - 港元貨幣基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Money Market Fund - Hong Kong

貨幣市場基金－香港

Investment Objective 投資目標The Fund aims to achieve a wholesale rate of return for HK dollars.

The Fund is a feeder fund investing in Fidelity Global Investment Fund – HK$ Money Fund which focuses investment in HKD denominated short term deposits and money market instruments issued globally (including emerging markets).

本基金旨在賺取大額港元回報率。

本基金是一項聯接基金，投資於富達環球投資基金－港元貨幣基金，集中投資於在全球（包括新興市場）發行的以港元計值短期存款及貨幣市場工具。







Hong Kong government bond yields fell over the quarter, as investors remained wary over weak economic growth. The uncertainty around US President Donald Trump’s plans to revoke Hong Kong’s special status as a separate customs territory weighed on investor sentiment. Towards the end of the quarter, the US Senate unanimously approved a bill that would lay out sanctions on Chinese officials who undermine Hong Kong’s autonomy. Besides, the Hong Kong Interbank Offered Rates (HIBOR) fell across the curve. The decline reflects loosening liquidity following recent interventions by the Hong Kong Monetary Authority. In April 2020, Fitch downgraded Hong Kong to AA- from AA, as the region faces a major pandemic shock and its real GDP is expected to fall significantly in 2020. On the macroeconomic front, Hong Kong’s economy suffered its worst quarterly decline on record in the first three months of the year, as the COVID-19 pandemic hampered activity following months of unrest. Labour market conditions deteriorated. The seasonally adjusted unemployment rate increased from 5.2% in February–April 2020 to 5.9% in March–May 2020.

鑑於投資者對經濟增長乏力仍持審慎態度，香港政府債券孳息在季內下跌。美國總統特朗普計劃撤銷香港作為獨立關稅區的特殊地位，圍繞有關計劃的不明朗因素令投資意欲受壓。臨近季末，美國參議院一致通過一項法案，對削弱香港自治權的中國官員施加制裁。此外，不同期限的香港銀行同業拆息回落，反映香港金融管理局近期作出干預後，市場流動性持續上升。香港面對疫情帶來的主要衝擊，加上預期2020年實質本地生產總值將顯著下跌，因此在2020年4月，惠譽將香港的評級由AA調低至AA-。宏觀經濟方面，香港經歷多月的社會動盪，其後因新冠肺炎疫情令經濟活動受限，因此在今年首三個月，本地經濟錄得有紀錄以來最嚴重的季度跌幅。就業市場狀況轉遜，經季節性調整失業率由2020年2月至4月期間的5.2%升至2020年3月至5月期間的5.9%。







TERM DEPOSIT IN BNP 03/08/2020 8.86%NATIXIS SINGAPORE 0% 23/09/2020 7.18%SMTB HONG KONG 0% 14/10/2020 7.18%TERM DEPOSIT IN MIZUHO 13/10/2020 6.02%KDB ASIA 0% 25/08/2020 4.79%HONG KONG MORTGAGE 0% 15/10/2020 REGS 4.78%AGRICULTURAL BANK OF CHINA HONGKONG 0% 04/09/2020

4.78%

CHINA CONSTRUCTION BANK MACAU 0% 27/08/2020

4.19%

HONG KONG T-BILL 0% 05/08/2020 3.59%HONG KONG MORTGAGE CORP 0% 19/02/2021 3.57%TOTAL 總和 54.94%

95

100

105

110

115

120

125


07/2007/1807/1607/1407/1207/1007/0807/0607/0412/00

Fund 基金

14


(852) 2629 2629



Ordinary 一般單位 0.58% 0.23% 1.30% 4.75% 5.46% 5.78% 72.00%


Savings 儲蓄單位 0.49% 0.18% 1.05% 3.82% 4.55% 4.89% 23.67%








2019 2.03% 1.56% 1.57%

2018 1.70% 1.33% 1.33%

2017 0.67% 0.70% 0.70%

2016 0.37% 0.38% 0.38%

2015 0.06% 0.06% 0.06%

2014 0.06% 0.06% 0.06%

2013 0.06% 0.06% 0.06%

2012 0.12% 0.13% 0.13%

2011 0.00% 0.00% 0.00%

2010 0.00% 0.00% 0.00%

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - US Dollar Money Fund富達優越投資組合基金 - 美元貨幣基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Money Market Fund - US

貨幣市場基金－美國

Investment Objective 投資目標The Fund aims to achieve a wholesale rate of return for US dollars.

The Fund is a feeder fund that invests in Fidelity Global Investment Fund – US$ Money Fund which focuses investment in USD denominated short term deposits and money market instruments issued globally (including emerging markets).

本基金旨在賺取大額美元回報率。

本基金是一項聯接基金，投資於富達環球投資基金－美元貨幣基金，集中投資於在全球（包括新興市場）發行的以美元計值短期存款及貨幣市場工具。







Credit markets appear to have overcome the initial pandemic shock, which led to sharp losses in March 2020. The unprecedented fiscal and monetary policy support that was swiftly announced globally to counter the economic impact of the pandemic has been instrumental in driving the recovery in risk sentiment, despite significant civil unrest, the shifting narrative between re-openings, and concerns over a resurgence in COVID-19 cases. The quarter witnessed strong returns across most asset classes. During the quarter, rates on the US dollar London Interbank Offered Rate (LIBOR) continued to fall. The COVID-19-led recession is certainly one for the record books in terms of jobless claims filed by Americans, with 31.5 million people collecting unemployment checks in mid-June. The extent to which job losses are absorbed by a reopening economy is likely be a key indicator of the length of the recession. The US Markit manufacturing Purchasing Managers’ Index (PMI) reported a marked turnaround, with a reading of 49.8 in June compared to 39.8 in May. The US-China trade relationship is in the limelight again, as US President Donald Trump threatened new tariffs against China in response to its handling of the pandemic. On the policy front, the US Federal Reserve did not announce any major changes during the review period.

疫情初期帶來的衝擊令市場在2020年3月急跌，但信貸市場目前看來已克服有關衝擊的影響。儘管美國社會嚴重動盪，有關重啟經濟的消息搖擺不定，以及市場憂慮新冠肺炎疫情再度爆發，但環球各國迅速公布前所未有的財政和貨幣支持政策，以應對疫情對經濟的影響，有助帶動風險意欲回升。大部份資產類別在季內錄得強勁回報。季內，美元倫敦銀行同業拆息持續下跌。新冠肺炎觸發經濟衰退，必然導致美國申領失業救濟金人數創下歷史新高，在6月中已有3,150萬人領取失業津貼。經濟重啟可緩解裁減職位的幅度，或會成為衡量衰退持續時間的一項重要指標。美國Markit製造業採購經理指數明顯好轉，由5月的39.8升至6月的49.8。美國總統特朗普不滿中國處理疫情的手法，威脅向中國加徵新一輪關稅，導致中美貿易關係再度成為焦點。政策方面，美國聯儲局在回顧期內並無宣布任何重大政策變動。







RABOBANK NEDERLAND 0% 05/08/2020 8.88%SMTB HONG KONG 0% 30/09/2020 8.87%TERM DEPOSIT IN SCB 03/08/2020 8.52%TERM DEPOSIT IN BNP 06/08/2020 7.81%BANK OF CHINA SYDNEY 0% 21/08/2020 7.10%AGRICULTURAL BANK OF CHINA HONGKONG 0% 24/09/2020

6.21%

TERM DEPOSIT IN MIZUHO 14/10/2020 5.35%SUMITOMO MITSUI SYDNEY 0% 09/10/2020 5.32%ICBC SYDNEY 0% 30/09/2020 5.32%TERM DEPOSIT IN MIZUHO 16/10/2020 4.10%TOTAL 總和 67.48%

95

100

105

110

115

120

125

130

135


07/2007/1807/1607/1407/1207/1007/0807/0607/0412/00

Fund 基金

15


(852) 2629 2629



Ordinary 一般單位 0.32% 21.01% 8.92% 7.22% 41.03% 86.90% 154.00%


Savings 儲蓄單位 0.00% 20.82% 8.40% 5.64% 37.57% 77.73% 136.20%








2019 15.04% 14.49% 14.44%2018 -13.99% -14.35% -14.39%2017 42.32% 41.73% 41.66%2016 6.33% 5.81% 5.78%2015 -7.24% -7.65% -7.69%2014 3.87% 3.43% 3.38%2013 10.31% 9.79% 9.69%2012 21.17% 20.66% 20.64%2011 -17.00% -17.39% -17.43%2010 22.45% 21.91% 21.78%


As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund富達優越投資組合基金 - 景順亞洲動力基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Equity Fund - Asia

股票基金－亞洲

Investment Objective 投資目標The Fund is a feeder fund investing in Invesco Funds – Invesco Asian Equity Fund which aims to achieve long-term capital growth by investing primarily in equity or equity related securities of (i) companies and other entities with their registered office in an Asian country, (ii) companies and other entities with their registered office outside of Asia but carrying out their business activities predominantly in one or more Asian countries or (iii) holding companies, the interests of which are predominantly invested in companies with their registered office in an Asian country.

The underlying fund may use derivatives for hedging and efficient portfolio management purposes.

本基金是一項聯接基金，投資於景順盧森堡基金系列附屬基金－景順亞洲動力基金，旨在透過主要投資於以下機構所發行的股票及股本相關證券：(i)註冊辦事處位於亞洲國家的公司及其他實體；(ii)註冊辦事處並非位於亞洲，但絕大部份業務在一個或多個亞洲國家的公司及其他實體；或 (iii) 控股公司，而其大部份權益乃投資於註冊辦事處位於某亞洲國家的公司，以達致長期資本增長。

相關基金可為對沖及有效率投資組合管理目的而運用衍生工具。

Fund Details 基金資料 Launch Date 推出日期 Ordinary 一般單位 16/01/2006 Administration 行政管理單位 16/01/2006 Savings 儲蓄單位 16/01/2006





Asian equity markets rebounded strongly as sentiment was boosted by fresh stimulus from major central banks and the reopening of economies across the world as the Covid-19 lockdowns were lifted. In China, the use of targeted stimulus measures has helped production return to pre-Covid-19 levels, while consumer spending also showed signs of recovery. Korea, which avoided having to lockdown its economy completely, saw market returns supported by a better-than-expected earnings season and additional economic support from the government while the export-oriented market in Taiwan performed well on hopes of a recovery in global demand in the second half of 2020.

受主要中央銀行的新刺激措施以及隨著新冠肺炎禁閉令解除後，全球各經濟體重新開放有助情緒，亞洲股市強勁反彈。在中國，針對性的刺激措施幫助生產恢復到新冠肺炎前的水平，而消費者支出也顯示出複甦的跡象。免除完全經濟鎖定的韓國，在季度收益好於預期以及政府提供額外經濟支持的情況下，呈現市場回報，而藉著對全球需求在 2020年下半年複蘇的寄望，台灣出口型主導的市場表現良好。









28.2% Information Technology科技

19.4% Consumer Discretionary非必需消費品


16.3% Communication Services通訊服務


3.3% Materials 物料

2.7% Energy 能源

2.1% Consumer Staples主要消費品




60

100

140

180

220

260

300


07/2007/1807/1607/1407/1207/1007/0801/06

Fund 基金

TENCENT 騰訊 8.0%TAIWAN SEMICONDUCTOR 7.4%SAMSUNG ELECTRONICS 三星電子 7.3%ALIBABA ADS 6.7%MEDIATEK 聯發科技 5.4%

NETEASE ADR 網易 3.6%

JD.COM 京東 3.0%AIA 友邦保險控股有限公司 2.9%DELTA 2.4%CHINA MOBILE 中國移動 2.4%TOTAL 總和 49.1%

CHINA 中國 37.0%

TAIWAN 台灣 19.6%

SOUTH KOREA 南韓 15.3%

INDIA 印度 12.7%


SINGAPORE 新加坡 2.1%


THAILAND 泰國 1.9%




16


(852) 2629 2629



Ordinary 一般單位 -11.62% 1.45% -9.64% -2.96% 12.91% 48.76% 109.90%

Administration 行政管理單位 -11.88% 1.34% -10.06% -4.24% 10.39% 42.15% 96.60%

Savings 儲蓄單位 -11.87% 1.30% -10.09% -4.41% 10.16% 41.45% 95.20%



Ordinary 一般單位 N/A N/A -2.84% -7.05% 4.45% 19.08% N/A

Administration 行政管理單位 N/A N/A -3.09% -7.69% 3.18% 16.18% N/A

Savings 儲蓄單位 N/A N/A -3.10% -7.75% 3.06% 15.88% N/A



2019 11.87% 11.38% 11.31%2018 -10.80% -11.18% -11.24%2017 38.69% 38.00% 37.97%2016 2.82% 2.38% 2.33%2015 -5.17% -5.62% -5.64%2014 4.76% 4.32% 4.28%2013 5.07% 4.58% 4.47%2012 25.81% 25.30% 25.30%2011 -18.00% -18.35% -18.45%2010 6.60% 6.02% 6.03%

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio富達優越投資組合基金 - 盈富基金組合


Fund 基金



Investment Objective 投資目標The Fund is a feeder fund that invests solely into the Tracker Fund of Hong Kong (“TraHK”) . TraHK aims to provide investment results that closely correspond to the performance of the Hang Seng Index by investing all, or substantially all, of TraHK’s assets in shares in the constituent companies of the Hang Seng Index in substantially the same weightings as they appear in the Hang Seng Index and may also invest in certain other permitted investments in seeking to meet its investment objective. The manager of TraHK will rebalance TraHK’s portfolio of investments from time to time to reflect any changes to the composition of, or the weighting of shares in, the Hang Seng Index.

本基金是一項聯接基金，投資於香港的盈富基金（「盈富基金」）。盈富基金旨在提供與恒生指數表現緊貼的投資成績。為達到盈富基金的投資目標，盈富基金經理人會把盈富基金的全部或絕大部份資產投資於在香港聯合交易所有限公司上市的股份，而比重大致與該等股份佔恒生指數的比重相同。盈富基金經理人亦可投資於若干其他許可的投資，以達致盈富基金的投資目標。盈富基金經理人將因應恒生指數成份股或其比重之變動，隨時調整盈富基金之投資組合。






Chinese equities rebounded strongly in the second quarter, on nascent signs of an economic recovery given the continued normalisation in daily lives. Improving economic data also boosted investor confidence. Concerns over a second wave of infections in the country were averted after the government implemented swift and effective virus control measures. Investors were reassured by US President Donald Trump’s assertion that the trade deal between China and the US remains in place. Investors also welcomed fresh capital market reforms, with China streamlining initial public offering (IPO) rules for Shenzhen’s ChiNext board and looking to revamp its benchmark equity index. In other key developments, China’s top leadership decided to remove its traditional annual economic growth target at the opening of the National People’s Congress (NPC) on 22 May, stressing the significant challenges facing the economy following the COVID-19 outbreak. On the monetary policy front, the People’s Bank of China lowered its benchmark lending rate to reduce borrowing costs for companies and prop up the COVID-19-hit economy in April. Accordingly, the one and five-year loan prime rates and interest rate on its medium-term lending facility for financial institutions were lowered. Rates were kept steady in May and June. Hong Kong equities also recorded resilient performance during the quarter in a risk-on environment. Markets looked through US actions, as it began eliminating the region’s preferential treatment under US law, after China passed a national security law on Hong Kong.

中國民眾的日常生活逐漸回復正常，令經濟初現復甦跡象，帶動中國股市在第二季強勢反彈。經濟數據改善亦增強了投資信心。政府迅速實施有效的控疫措施，成功避免市場憂慮第二波疫情爆發。美國總統特朗普表示中美貿易協議維持不變，令投資者感到安心。此外，投資者樂見近期中國推行資本市場改革，精簡深圳創業板首次公開招股的規例，並尋求調整其基準股票指數。其他主要發展方面，在5月22日召開的全國人民代表大會（人大）開幕儀式上，中國最高領導層決定放棄傳統，不設年度經濟增長目標，以強調新冠肺炎疫情爆發後，中國經濟面臨重大挑戰。至於貨幣政策，中國人民銀行在4月份下調貸款基準利率，以降低企業借貸成本及扶持受疫情打擊的經濟。因此，一年期和五年期貸款市場報價利率，以及為金融機構而設的中期借貸便利利率均有所下降。利率在5月和6月保持平穩。另外，在承險環境下，季內香港股市表現強韌。中國通過港區國家安全法後，美國開始撤銷香港在美國法律下的優惠待遇，市場開始關注美國的行動。








TENCENT HOLDINGS LIMITED 騰訊控股有限公司 11.89%

AIA GROUP LTD 友邦保險控股有限公司 9.85%

HSBC HOLDINGS PLC 滙豐控股 8.76%CHINA CONSTRUCTION BANK H 中國建設銀行 H 7.44%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

5.92%

HONG KONG EXCHS & CLEARING LTD 香港交易所 5.37%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

4.09%

CHINA MOBILE LTD 中國移動 3.94%BANK OF CHINA LTD H SHRS 中國銀行有限公司H股 2.50%CNOOC LTD 中國海洋石油 1.78%TOTAL 總和 61.54%



11.9% Information Technology科技

9.8% Properties &Construction地產及建設




4.0% Energy 能源


2.5% Conglomerates綜合企業

2.5% Healthcare 健康護理





60

100

140

180

220

260

300


07/2007/1807/1607/1407/1207/1007/0801/06

Fund 基金

17


(852) 2629 2629



As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - World Equity Index Fund富達優越投資組合基金 - 環球股票指數基金




Investment Objective 投資目標The fund invests solely into the BlackRock Premier Funds – iShares World Equity Index Fund (the “Underlying Index Fund”), which is an SFC-authorised fund**. The investment objective of the Underlying Index Fund is to provide investment results that, before fees and expenses, closely track the performance of the FTSE MPF All-World Index (HKD unhedged total return) (the “Underlying Index”). The Underlying Index consists of eligible large and mid cap companies which are listed on the Mandatory Provident Fund Schemes Authority’s approved stock exchanges and covers 90% of the investable market cap universe. The manager of the Underlying Index Fund intends to invest primarily in securities included in the Underlying Index using a representative sampling strategy by investing in a portfolio featuring high correlation with the Underlying Index.

本基金僅投資於證監會認可基金 **貝萊德薈萃基金－ iShares安碩環球股票指數基金（「相關指數基金」）。相關指數基金的投資目標是提供於扣除費用和開支之前緊貼富時強積金環球指數（港元非對沖總回報）（「相關指數」）表現之投資回報。相關指數由在強制性公積金計劃管理局認可的證券交易所上市的合資格大型和中型公司組成，佔可投資市場資本範圍的90%。相關指數基金的經理人擬透過投資於特徵為與相關指數高度相關的投資組合，主要投資於相關指數的成份證券，並採用具代表性抽樣策略。




Fund Risk Indicator (3-Year Standard Deviation)† -基金風險標記（三年標準差）†


Global equities gained over the quarter, driven by large scale monetary and fiscal policy measures unveiled globally to mitigate the economic impact of the lockdowns due to the COVID-19 pandemic. Of note, the US Federal Reserve, European Central Bank and Bank of Japan significantly expanded their monetary policy support. News around progress on potential vaccines and treatments for the virus and easing of lockdowns in several economies also buoyed markets. There have been some signs of an economic recovery, as data releases showed some improvements. However, risks of a potential second wave of infections and geopolitical risk around US-China tensions and US elections kept markets volatile. Against this global backdrop, all key regional markets ended higher, with US equities rising significantly. From a sector perspective, information technology and consumer discretionary outperformed the market. Energy stocks advanced as crude oil prices rose in view of supply cuts and on expectations of a recovery in demand.

環球股市於季內造好，主要由於全球推行龐大的貨幣和財政政策措施，以紓緩各地因實行封鎖措施以遏止新冠肺炎疫情所帶來的經濟影響。值得注意的是，美國聯儲局、歐洲央行和日本央行大幅擴展貨幣支持政策的規模。有關疫苗研發和病毒治療進展的消息，以及部份經濟體放寬封鎖措施亦提振市場氣氛。隨著各國公布的數據有所改善，經濟已展現復甦跡象。然而，第二波疫情的潛在風險，加上中美緊張局勢引發地緣政治風險，以及美國大選臨近，都令市場持續波動。在此環球局勢下，所有主要地區市場報升，其中美國股市顯著造好。綜觀行業表現，資訊科技和非必需消費品業領先大市。原油價格因供應減少和預期需求回升而上漲，帶動能源股揚升。

** The SFC authorisation is not a recommendation or endorsement of the Underlying Index Fund.

證監會給予認可並不表示對相關指數基金作出推薦或贊許。








21.6% Info Tech 科技





9.6% Communication 通訊


4.8% Materials 物料


3.3% Energy 能源




APPLE INC 蘋果公司 3.69%MICROSOFT CORP 微軟 3.27%AMAZON.COM 亞馬遜 2.84%FACEBOOK INC A 1.30%ALPHABET A 0.94%

ALPHABET C 0.94%

TENCENT HOLDINGS LTD 騰訊控股有限公司 0.85%JOHNSON & JOHNSON 強生 0.82%BERKSHIRE HATHAWAY INC CLASS B 0.81%VISA A 0.69%TOTAL 總和 16.15%

UNITED STATES 美國 58.5%

JAPAN 日本 7.6%

UNITED KINGDOM 英國 4.3%

CHINA 中國 3.6%

FRANCE 法國 3.1%

GERMANY 德國 2.8%

SWITZERLAND 瑞士 2.8%

CANADA 加拿大 2.5%


TAIWAN (REPUBLIC OF CHINA) 台灣 1.6%





Ordinary 一般單位 -4.79% 11.64% 3.19% - - - 3.19%

Administration 行政管理單位 -5.04% 11.51% 2.72% - - - 2.72%

Savings 儲蓄單位 -5.07% 11.50% 2.67% - - - 2.67%



Ordinary 一般單位 N/A N/A 4.40% - - - N/A

Administration 行政管理單位 N/A N/A 4.14% - - - N/A

Savings 儲蓄單位 N/A N/A 4.11% - - - N/A



2019 8.38%~ 8.17%~ 8.15%~~ Since launch date to the end of launch year 由推出日至推出日該年年底Fund 基金


70

75

80

85

90

95

100

105

110

115


07/2005/2003/2001/2011/1909/1907/19

Fund 基金

18


(852) 2629 2629



HONG KONG DOLLAR 港元 90.0%OTHERS 其他 10.0%

As of 截至 31/07/2020

Fidelity Advantage Portfolio Fund - World Government Bond Index Fund富達優越投資組合基金 - 環球政府債券指數基金


Fund Performance 基金表現Fund Descriptor 基金描述Bond Fund - Global

債券基金－環球

Investment Objective 投資目標The fund invests solely into the BlackRock Premier Funds – iShares World Government Bond Index Fund (the “Underlying Index Fund”), which is an SFC-authorised fund**. The investment objective of the Underlying Index Fund is to provide investment results that, before fees and expenses, closely track the performance of the FTSE MPF World Government Bond Index (HKD hedged total return) (the “Underlying Index”). The Underlying Index consists of global sovereign bonds that are issued in local currency with fixed rate of coupon and investment grade credit rating, and has exposure limit to individual markets that complies with the Mandatory Provident Fund Schemes (General) Regulation and the Mandatory Provident Fund Schemes Authority’s Guidelines on Debt Securities. The manager of the Underlying Index Fund intends to invest primarily in securities included in the Underlying Index using a representative sampling strategy by investing in a portfolio featuring high correlation with the Underlying Index.

本基金僅投資於證監會認可基金 **貝萊德薈萃基金－ iShares安碩環球政府債券指數基金（「相關指數基金」）。相關指數基金的投資目標是提供於扣除費用和開支之前緊貼富時強積金世界國債指數（港元對沖總回報）（「相關指數」）表現之投資回報。相關指數包含以本地貨幣發行的環球主權債券，附有固定票息及投資級別的信貸評級，其對個別市場的風險限額符合《強制性公積金計劃（一般）規例》及強制性公積金計劃管理局《債務證券指引》。相關指數基金的經理人擬透過投資於特徵為與相關指數高度相關的投資組合，主要投資於相關指數的成份證券，並採用具代表性抽樣策略。




Fund Risk Indicator (3-Year Standard Deviation)† -基金風險標記（三年標準差）†





Global bond markets generated positive returns over the quarter, with corporate bonds outperforming government bonds. Within credit, global high yield bonds outperformed global investment grade corporate bonds. Emerging market bonds also posted positive returns with hard currency bonds outperforming local currency bonds. After witnessing the most aggressive sell-off in risk assets in March, risk sentiment improved significantly in the second quarter. Credit spreads tightened owing to substantial monetary and fiscal policy responses to offset the worsening economic fallout from COVID-19. The US Federal Reserve (Fed) expanded its secondary market corporate facility, which will allow it to buy individual, short-maturity corporate bonds in US companies along with corporate exchange traded funds (including investment-grade and some high-yield corporate debt). Likewise, the European Central Bank (ECB) expanded its pandemic emergency purchase programme by €600 billion (to €1.35 trillion) and the Bank of Japan (BoJ) pledged to buy an unlimited amount of bonds to keep borrowing costs low. Investor sentiment was further buoyed by signs of progress in curbing the spread of the COVID-19 outbreak in both the US and Europe, which led to optimism about a swift re-opening of the economy. However, returns were somewhat capped by fears of a second wave of infections, and mounting tensions between the US and China. Government bond yields fell amid continued demand for safe haven assets. The US Treasury yield curve steepened amid expectations that the US Fed would continue to hold short-term Treasury yields low but would be less aggressive in its intervention for long-dated government debt. UK government bond (Gilt) yields across a range of maturities fell to all-time lows in 2020, with yields on shorter-dated bonds turning negative, despite a huge expansion in Gilt issuance.

環球債券市場在季內錄得正回報，企業債券表現優於政府債券。信貸方面，環球高收益債券的表現領先環球投資級別企業債券。新興市場債券亦錄得正回報，硬貨幣債券表現優於本幣債券。在三月份見證了最激進的風險資產拋售之後，風險情緒在第二季明顯改善。信貸息差收窄，因為龐大的貨幣和財政對策抵銷疫情對經濟造成更深的損害。美國聯儲局擴大購買第二市場企業債券範圍，容許當局買入個別短期美國企業債券和企業債券交易所交易基金（包括投資級別債券和部份高收益企業債券）。同樣，歐洲央行增撥 6,000億歐元，將緊急抗疫購債計劃規模擴大至 1.35萬億歐元；日本央行承諾無限量購買債券，以維持借貸成本於低水平。有跡象顯示歐美在遏止疫情擴散方面取得進展，進一步刺激投資意欲，驅使市場對經濟迅速重啟感到樂觀。然而，由於市場憂慮第二波疫情，加上中美關係日益緊張，回報升幅略為受限。避險資產需求持續增加，導致政府債券孳息下跌。市場預期美國聯儲局繼續將短期國庫券孳息維持於低水平，但會減少干預長期政府債券，因而令美國國庫券孳息曲線趨於陡斜。儘管英國政府債券（金邊債券）的發行量大增，但各年期債券孳息在 2020年跌至歷史低位，較短期債券孳息更跌至負數。

** The SFC authorisation is not a recommendation or endorsement of the Underlying Index Fund.

證監會給予認可並不表示對相關指數基金作出推薦或贊許。







AAA/Aaa 12.9%AA/Aa 63.6%A/A 10.3%BBB/Baa 13.2%Others* 其他 * 0.0%




USTN 2.875% 15/08/2028 美國國庫券 2.875% 15/08/2028 0.45%USTN 2.125% 31/03/2024 美國國庫券 2.125% 31/03/2024 0.44%USTN 2.875% 15/05/2028 美國國庫券 2.875% 15/05/2028 0.44%USTN 2.625% 15/02/2029 美國國庫券 2.625% 15/02/2029 0.38%FRANCE (REPUBLIC OF) 4.5% 25/04/2041 0.38%USTN 2.75% 15/02/2028 美國國庫券 2.75% 15/02/2028 0.37%USTN 1.625% 15/12/2022 美國國庫券 1.625% 15/12/2022 0.37%USTN 2% 15/08/2025 美國國庫券 2% 15/08/2025 0.36%USTN 2.625% 28/02/2023 美國國庫券 2.625% 28/02/2023 0.36%USTN 3.125% 15/11/2028 美國國庫券 3.125% 15/11/2028 0.36%TOTAL 總和 3.91%


100.0% Treasuries 國庫券





Ordinary 一般單位 6.42% 1.51% 5.47% - - - 5.47%

Administration 行政管理單位 6.15% 1.40% 5.00% - - - 5.00%

Savings 儲蓄單位 6.11% 1.38% 4.94% - - - 4.94%



Ordinary 一般單位 N/A N/A 3.61% - - - N/A

Administration 行政管理單位 N/A N/A 3.35% - - - N/A

Savings 儲蓄單位 N/A N/A 3.32% - - - N/A



2019 -0.89%~ -1.08%~ -1.10%~

~ Since launch date to the end of launch year 由推出日至推出日該年年底

Fund 基金


98

99

100

101

102

103

104

105

106


07/2005/2003/2001/2011/1909/1907/19

Fund 基金

19

9


(852) 2629 2629



Ordinary 一般單位 9.49% -1.57% 12.49% 30.46% 32.16% 61.14% 418.42%

Administration 行政管理單位 9.07% -1.68% 11.98% 28.70% 29.22% 54.04% 381.66%

Savings 儲蓄單位 9.03% -1.70% 11.92% 28.51% 28.90% 53.27% 377.74%








2018 -12.73% -13.12% -13.16%

2017 42.68% 42.04% 41.96%

2016 1.32% 0.86% 0.82%

2015 -4.28% -4.72% -4.76%

2014 3.71% 3.24% 3.19%

2013 8.37% 7.89% 7.83%

2012 21.45% 20.90% 20.84%

2011 -21.74% -22.09% -22.13%

2010 11.23% 10.73% 10.67%

2009 64.83% 64.09% 64.01%

Geographical Breakdown 地區分佈

CHINA 中國 62.0%





As of 截至 31/10/2019

Fidelity Advantage Portfolio Fund - Hong Kong Equity Fund富達優越投資組合基金 - 香港股票基金


Fund 基金



Investment Objective 投資目標The Fund aims to produce returns related to those achieved on the major stock market indices of Hong Kong.

The Fund is a feeder fund investing in Fidelity Global Investment Fund – Hong Kong Equity Fund which focuses investment in the equity market of Hong Kong, namely equities of companies listed in Hong Kong or companies which have their head office or exercise a predominant part of their activity in Hong Kong (including companies which are listed outside Hong Kong). Investing in these companies may result in exposure to countries/regions such as Mainland China which are considered to be emerging markets.

本基金旨在提供與香港股票市場主要指數所達至表現相關的回報。

本基金是一項聯接基金投資於富達環球投資基金－香港股票基金，集中投資於香港股票市場；即在香港上市的公司或在香港設置總公司或經營主要業務的公司（包括在香港以外上市的公司）的股票。投資於此等公司可能涉及投資於被視為新興市場的國家 / 地區，例如中國大陸。

Fund Details 基金資料 Fund Manager 基金經理 Raymond Ma 馬磊






Chinese equities started the quarter on a subdued note. Trade tensions between the US and China deepened, with both countries imposing new

27 years due to muted domestic and global demand amid China-US trade

on two major inbound investment schemes. Hong Kong markets slid due to

estimates in the second quarter, due to slowing global trade and lacklustre investment. The portfolio generated negative returns over the quarter. Lacklustre earnings held back Chinese train manufacturer Zhuzhou CRRC

of transportation networks in China. Online travel services provider Ctrip.Com

Hong Kong and the suspension of self-guided tours to Taiwan. Conversely, high-end baijiu maker Kweichow Moutai reported robust results. In addition, it announced that it would cap liquor sales to parent company China Kweichow

中國股市在季初低開。中美貿易緊張局勢加劇，雙方對彼此進口貨品加徵關稅。然而，臨近季末，市場憧憬中美將在 10月重啟貿易談判，有助提振投資信心。經濟方面，隨著中美貿易關係緊張，本土和環球需求低迷，導致中國第二季國內生產總值錄得過去 27年來最弱的表現。因此，中國人民銀行下調銀行存款準備金率，同時中國外匯監管機構取消兩大境內投資計劃的額度限制。香港的抗議活動持續，拖累本地市場報跌。由於環球貿易放緩及投資呆滯，香港第二季經濟增長遜於預估。投資組合於季內錄得負回報。中國火車製造商株洲中車時代電氣受累於業績表現呆滯。然而，隨著政府計劃提高中國交通網絡的競爭力，該公司有望受惠於由公路轉向鐵路為主的交通運輸格局轉變。網上旅遊服務供應商攜程旅行網報跌，因為香港的抗議活動導致出境航空交通減少，以及當局暫停台灣自由行申請。相反，高端白酒生產商貴州茅台的業績強勁。此外，該公司宣佈將對母公司中國貴州茅台酒廠集團的白酒銷售限制於貴州茅台帳面值的 5%以下。綜合油田服務供應商中海油田服務的盈利能力令人鼓舞，亦刺激股價造好。




amount at the end of each month, comparing the total

gain or loss as a percentage. Source: Mercer (Hong Kong) Limited


▲

由於進位數關係，總額可能並不相等於 100%。

Source: Fidelity/HSBC Institutional Trust Services (Asia) Ltd.,

資料來源：富達 / 滙豐機構信託服務（亞洲）有限公司，以資產淨值及港元計算。

TENCENT HOLDINGS LIMITED 騰訊控股有限公司 8.60%AIA GROUP LTD 友邦保險控股有限公司 7.78%HSBC HOLDINGS PLC 滙豐控股 7.36%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

4.98%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 3.88%CHINA MOBILE LTD 中國移動 3.38%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

2.63%

CHINA MENGNIU DAIRY 中國蒙牛乳業 2.07%CNOOC LTD 中國海洋石油 2.02%KWEICHOW MOUTAI A 貴州茅台 A 1.95%TOTAL 總和 44.65%

Industry Breakdown 行業投資分佈














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700


10/1910/1710/1510/1310/1110/0910/0710/0506/03

Fund 基金

6

12

3

49

8

710

11

5

6

1. Fund PerformanceInvestment performance of a fund is calculated on NAV to NAV basis.

2. Performance Since LaunchThe return since the initial launch of a fund.

3. Dollar Cost Averaging ReturnThis is the return achieved through investing the same amount at the end of each month, comparing the total contributions with their current value and expressing the gain or loss as a percentage.

4. Cumulative PerformanceThe cumulative performance is the gain or loss generated from an investment fund to date over a specified period of time.

5. Annual PerformanceThe annual return of an investment fund for a calendar year.

6. Top 10 HoldingsA list of top 10 largest underlying securities holdings as a % of the fund. Information is updated on a calendar quarterly basis.

7. Geographical/Currency BreakdownBreakdown of portfolio investments by country or currency. Information is updated on a calendar quarterly basis.

8. Industry BreakdownBreakdown of portfolio investments by industry group. Information is updated on a calendar quarterly basis.

9. Unit NAVThe price or value of one unit of the fund calculated by dividing the Net Asset Value by the total number of units outstanding.

10. Fund SizeIt is the total value of the fund’s portfolio less liabilities as at reporting date of fund factsheet.

11. Fund Risk IndicatorFund Risk Indicator is measured by the annualised standard deviation of the fund’s monthly rates of return over the past 3 years to the reporting date of the fund factsheet. For funds with less than 3 years of performance history, the fund risk indicator figure will not be available. Standard Deviation is a measure of the historical performance fluctuation of a mutual fund or portfolio, usually computed using 36 monthly returns. This is to measure how the monthly fund performance movements are away from the average performance. The greater the degree of dispersion, the greater the risk.

1. 基金表現

基金的投資表現是以資產淨值對比來計算。

2. 自推出以來的表現

自基金推出以來的回報率。

3. 平均成本法回報

此為不同年期內透過每月底投資相同金額所獲得的投

資回報，比較供款總額及其現值，所顯示為其盈利/虧

損之百分比。

4. 累積表現

基金截至現時為止於指定期間

內所錄得的盈利或虧損。

5. 年度表現

基金在一個完整的曆年內所取

得的年度回報。

6. 十大主要投資項目

以佔基金的百份比顯示，持十

大比重的公司或債券。資料以

每個曆季為基準作出更新。

7. 地區/貨幣分佈

按地區或貨幣來顯示投資組合

的分佈。資料以每個曆季為基

準作出更新。

8. 行業投資分佈

按行業來顯示投資組合的分

佈。資料以每個曆季為基準作

出更新。

9. 單位資產淨值

每個基金單位的資產淨值，以基金資產淨值除以基金

已發行單位來計算。

10. 基金資產

基金的投資組合總值減基金債項（以匯報截至日計）。

11. 基金風險標記

基金風險標記以基金過去3年（以匯報截至日計）的每

月回報率按年率化的標準差來計算。成立年期少於3年

的基金不提供基金風險標記。標準差指以衡量基金或

投資組合過往表現的波幅統計，一般採用36個月份的回

報來計算，以量度基金每月表現與其平均表現的偏離程

度。偏離程度愈大，基金風險愈高。

Glossary 註釋

20


Ordinary 一般單位 20.96% 2.92% 12.55% 33.69% 34.97% 123.62% 223.80%


Savings 儲蓄單位 20.46% 2.82% 12.01% 31.73% 31.67% 112.76% 198.50%








2018 -10.53% -10.92% -10.96%

2017 20.06% 19.53% 19.44%

2016 3.06% 2.58% 2.55%

2015 0.00% -0.44% -0.48%

2014 5.08% 4.60% 4.53%

2013 25.60% 25.00% 24.94%

2012 17.59% 17.07% 17.00%

2011 -10.15% -10.50% -10.54%

2010 12.82% 12.26% 12.23%

2009 32.39% 31.77% 31.68%

Fund Allocation by Asset Class 資產類別投資分配








As of 截至 31/10/2019

Fidelity Advantage Portfolio Fund - Global Equity Fund富達優越投資組合基金 - 環球股票基金


Fund 基金



Investment Objective 投資目標The Fund aims to invest primarily in the global equity markets and produce returns that are related to those achieved on the major world stock market indices. As the Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Fund is a fund of funds and may invest up to 65% of its latest available net asset value in each of the Fidelity Global Investment Fund (“FGIF”) – Americas Equity Fund and FGIF – European Fund, subject to a maximum aggregate investment in both the two underlying funds not exceeding 90% of the Fund's latest available net asset value.

本基金旨在主要投資於環球股票市場，並提供與環球股票市場主要指數所達至表現相關的回報。由於本基金可於全球作投資，因此可能涉及投資於被視為新興市場的國家 /地區。

本基金是一項基金中的基金，並可將其最新可動用資產淨值的最多65%分別投資於富達環球投資基金 (“FGIF”)－美洲股票基金及 FGIF－歐洲股票基金，惟 FGIF－美洲股票基金及 FGIF－歐洲股票基金兩者的合計投資總額最多不可超過環球股票基金的最新可動用資產淨值的90%。







Global equit ies gained over the third quar ter, suppor ted by the accommodative monetary policy stance of major developed market central banks. However, concerns around a global economic slowdown, trade tensions, uncertainty over Brexit and geopolitical risk in the Middle East kept markets volatile. Notably, the US Federal Reserve reduced interest rates twice over the quarter due to concerns over the slowing economic growth. The European Central Bank unveiled stimulus measures to support growth and

cuts if the outlook deteriorates. The Chinese central bank also cut the reserve requirement ratio to boost liquidity and introduced a key interest rate reform to reduce real borrowing costs. Against this global backdrop, Japanese and

European stocks lagged the broader market.

主要已發展市場央行採取寬鬆貨幣政策立場，帶動環球股市在第三季報升。然而，投資者憂慮環球經濟放緩、貿易關係緊張、英國脫歐前景未明，以及中東地緣政治風險，導致市況持續波動。值得注意的是，美國聯儲局關注經濟增長減慢，因而在季內兩度減息。歐洲央行公佈刺激經濟措施，以支持增長和通脹。日本央行和英倫銀行均表示若經濟前景轉差，將可能減息。此外，中國人民銀行下調存款準備金率，以刺激流動性，並推行主要利率改革，以減低實質借貸成本。在此環球背景下，日本和美國股市錄得最大升幅，但亞太區（日本除外）及歐洲股市表現落後大市。








MICROSOFT CORP 微軟 3.16%APPLE INC 蘋果公司 3.04%ALPHABET A 2.54%JPMORGAN CHASE & CO 摩根大通 2.12%COCA-COLA 可口可樂 1.59%COMCAST CLASS A 1.58%BAXTER INTL 百特國際 1.53%NEXTERA ENERGY 1.52%WALMART 沃爾瑪 1.44%CHEVRON CORP 1.27%TOTAL 總和 19.79%















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10/1910/1710/1510/1310/1110/0910/0710/0506/03

Fund 基金


(852) 2629 2629


5

1516


(852) 2629 2629



Ordinary 一般單位 5.72% 1.02% 8.28% 6.52% 13.02% 31.34% 50.70%


Savings 儲蓄單位 5.29% 0.89% 7.74% 4.93% 10.22% 24.91% 38.88%








2018 0.83% 0.38% 0.32%

2017 3.80% 3.34% 3.28%

2016 -0.45% -0.90% -0.93%

2015 2.10% 1.65% 1.58%

2014 4.54% 4.07% 4.03%

2013 -2.78% -3.21% -3.26%

2012 4.64% 4.17% 4.11%

2011 5.63% 5.15% 5.12%

2010 4.23% 3.76% 3.70%

2009 1.38% 0.93% 0.87%

Currency Breakdown 貨幣分佈HONG KONG DOLLAR 港元 89.9%


As of 截至 31/10/2019

Fidelity Advantage Portfolio Fund - Hong Kong Bond Fund富達優越投資組合基金 - 香港債券基金


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Bond Fund - Hong Kong

債券基金－香港

Investment Objective 投資目標The Fund aims to produce returns that are related to those achieved on the major bond market indices by investing in world bond markets with a focus on Hong Kong dollar denominated bonds and issuers.

The Fund is a feeder fund investing in the Fidelity Global Investment Fund – Hong Kong Bond Fund which focuses investment in Hong Kong dollar denominated debt securities globally (including emerging markets).

本基金旨在投資於環球債券市場，並專注於以港元結算的債券及發債機構，目標是提供與債券市場主要指數所達至表現相關的回報。

香港債券基金是一項聯接基金，投資於富達環球投資基金的子基金－香港債券基金，集中投資於全球（包括新興市場）以港元計值的債務證券。










The Hong Kong government yield curve fell broadly over the quarter amid ongoing protests and continued concerns about the impact that the worsening

Hong Kong Interbank Offered Rates also fell over the quarter, with rates between one week and one month falling the most compared to rates at the longer end of the curve. Meanwhile, the Hong Kong Monetary Authority cut

widely expected interest rate cuts. Term structure positioning, and higher coupon income contributed to the performance, while credit selection weighed

sector level, holdings in the quasi sovereigns, and banks and brokers added

begun to slow which may weigh on domestic consumption. On a positive note, strong fiscal position and external balance may offset these headwinds to

隨著抗議活動持續，加上市場仍然憂慮中美貿易糾紛惡化或會影響經濟，香港政府債券孳息在季內普遍下跌。香港銀行同業拆息於季內回落，與長期息率相比，一週至一個月拆息的跌幅最大。與此同時，香港金融管理局年內第二次下調基本貸款利率，與美國聯儲局一如普遍預期減息相符。期限結構配置和票息收益較高為表現帶來貢獻，但信貸選擇令相對回報受壓。基金的美元存續期配置亦為表現增值。債類方面，半政府債券，以及銀行和經紀商債券的持倉最利好回報。目前，基金的整體存續期為4.3年，其中包括港元存續期和美元投資部署。展望將來，源自中美貿易戰相關陰霾的下行風險可能導致香港經濟增長放緩。資產價格增長開始減慢，或會令本地消費受壓。利好消息方面，香港的財政狀況強勁，對外賬目平衡，可望在一定程度上抵銷這些阻力。此外，中國推行刺激經濟政策和中美貿易談判取得進展，均有望為市場帶來一定的喘息空間，但政局持續動盪可能窒礙港元資金流動。


^ as of 30/09/2019 截至 30/09/2019† This is referring to the Risk Indicator of Ordinary

此為一般單位的基金風險標記。1 This is the return achieved through investing the same

amount at the end of each month, comparing the total contributions with their current value and expressing the



NAV to NAV, in HKD.資料來源：富達 / 滙豐機構信託服務（亞洲）有限公司，以資產淨值及港元計算。

S&P/Moody's Credit Ratings 標準普爾 /穆廸信用評級

AAA/Aaa 2.0%

AA/Aa 20.6%

A 54.1%

BBB/Baa 13.0%

BB/Ba 0.6%


* Others may include cash, account payables, account


COMMONWEALTH BANK AUSTRALIA 1.98% 10/11/2021澳洲聯邦銀行 1.98% 10/11/2021

3.16%

NWD 3.8% 21/05/2029 REGS 新世界發展 3.8% 21/05/2029 REGS

2.89%

HENDERSON LAND 2.5% 05/06/2021 REGS 恒基兆業地產 2.5% 05/06/2021 REGS

2.86%

CDBL FUNDING TWO 3.6% 16/11/2021 REGS 2.41%BMW FINANCE 2.74% 24/05/2024 REGS 2.25%SUN HUNG KAI PROPERTIES 3.12% 15/02/2026 REGS 新鴻基地產 3.12% 15/02/2026 REGS

1.99%

UNITED OVERSEAS BANK VAR 15/04/2029 REGS 1.99%AROUNDTOWN 3.69% 11/03/2024 REGS 1.97%HONGKONG LAND NOTES 2.93% 01/11/2029 REGS 1.91%CHINA OVERSEAS FINANCE 2.9% 15/01/2025 REGS 1.80%TOTAL 總和 23.23%








* May include cash, account payables, account receivables


80

90

100

110

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130

140

150

160


10/1910/1710/1510/1310/1110/0910/0710/0506/03

Fund 基金

11

1213

14

21

12. Modified DurationModified Duration serves as a guide to the sensitivity of a bond or fixed-income portfolio’s price to interest rate changes. It follows the concept that interest rates and bond prices move in opposite directions. For example: if interest rates rise 1%, the price of a bond with a duration of 5 years will generally fall by 5%.

13. Yield to MaturityThe expected rate of return on a bond investment if it is held to maturity and expressed as an annual rate.

12. 修正存續期

存續期是一項指引，用以顯示債券或固定收益組合的

價格對利率變動的敏感度，並採用利率與債券價格背

馳的概念。例如，利率上升1%，存續期為5年的債券

價格一般會下跌5%。

13. 到期收益率

持有債券至到期日之預期可得的回報率，以年率化的

方式顯示每年回報率。

14. 標準普爾/穆迪基金評級

標準普爾/穆迪均為獨立金融評級機構。標準普爾根據

債券質素提供債券評級（例如AAA為最佳質素，A-比

AAA遜色等）。BBB-是標準普爾的最低評級，但仍屬於

投資級別。

15. 最近基金開支比率（如適用）

基金的總開支比率，以有關開支總額與基金資產淨值

的比率來顯示。

16. 資產類別投資分佈

投資組合的架構，即基金投資在各類資產（如股票、

債券或現金）的分佈比重。

14. S&P / Moody’s Credit RatingStandard & Poor’s / Moody’s are the independent financial credit rating agencies. A bond rating system provided by Standard & Poor’s (S&P) is to rate the quality of bonds based on the rating agency’s assessment of the quality of the bonds (e.g., AAA is best quality, A- is a lower quality than AAA, etc.). A rating of BBB- is the lowest S&P credit rating that is still classified as investment grade.

15. Latest Fund Expenses Ratio (where applicable)The total cost of the funds expenses expressed as a percentage of its net asset value.

16. Fund Allocation by Asset ClassThe structure of a portfolio - namely the allocation of specific portions of it across different asset classes; that is, equities, bonds and cash.

Glossary 註釋


(852) 2629 2629

Fidelity Website富達網站

www.fidelity.com.hk

Investment involves risks. Past performance is not indicative of future performance. Please refer to the Explanatory Memorandum including Product Key Facts, of Fidelity Advantage Portfolio Fund for further information including the risk factors. If Investment returns are not denominated in HKD/ USD, US/HK dollar-based investors are exposed to exchange rate fluctuations. The information contained in this material is only accurate on the date such information is published on this material. Opinions or forecasts contained herein are subject to change without prior notice. If you are an individual retail investor who is not a Professional Investor or current or former member of an ORSO or MPF retirement scheme wishing to invest your accrued benefits and want to invest in Fidelity managed funds, please contact your distributor or Fidelity for further details about which specific investment funds are available to the general investing public. FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. Any person considering an investment should seek independent advice. The material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (“SFC”).投資涉及風險。基金過往的表現並不表示將來亦會有類似的業績。詳情請細閱富達優越投資組合基金說明書包括產品資料概要（包括風險因素）。若投資收益並非以港元或美元計算，以美元或港元作出投資的投資者，需承受匯率波動的風險。本資料所載資料只在資料刊發時方為準確。觀點及預測或會更改而不需另作通知。若閣下是個人零售投資者，而並非專業投資者，或並非欲將閣下的累算權益作出投資的職業退休計劃或強積金退休計劃現有或前度成員，而又有意投資於富達所管理的基金，請聯絡你的分銷商或富達，以獲取向一般投資大眾發售的個別富達投資基金的詳細資料。富達或Fidelity或Fidelity International指FIL Limited及其附屬公司。「富達」、Fidelity、Fidelity International、Fidelity International標誌及F標誌均為FIL Limited的商標。有意投資者應就個別投資項目尋求獨立的意見。本資料由富達基金（香港）有限公司發行，並未經證券及期貨事務監察委員會審核。

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Investment Report Fidelity Advantage Portfolio Fund · to cushion their economies. At the sector level, real estate and utilities ended lower, while, consumer discretionary and materials