Investment Report 每月投資匯報 - Fidelity International · companies and prop up the COVID-19-hit economy. The Hong Kong stock market rose on reports of a fall in the rate of

Monthly Investment Report每月投資匯報

Fidelity Retirement Master Trust富達退休集成信託

MPF 強積金

31-05-2020

Fidelity Retirement Master Trust – Fund Fact Sheets富達退休集成信託 – 基金單張

市場回顧

投資表現概要

富達退休集成信託－基金單張

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Market Review

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Performance Summary

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Fidelity Retirement Master Trust -Fund Fact Sheets

△ ........ .....................................................24.Fidelity SaveEasy 2025 Fund 富達「儲蓄易」2025基金 △ ...... ... .....................................................25Fidelity SaveEasy 2020 Fund 富達「儲蓄易」2020基金

SaveEasy Funds 「儲蓄易」基金△ ........... ..................................................19.Fidelity SaveEasy 2050 Fund 富達「儲蓄易」2050基金 △ ........ .....................................................20.Fidelity SaveEasy 2045 Fund 富達「儲蓄易」2045基金 △ ...... . ......................................................21.Fidelity SaveEasy 2040 Fund 富達「儲蓄易」2040基金 △ ........ .....................................................22.Fidelity SaveEasy 2035 Fund 富達「儲蓄易」2035基金 △ ...... ... .....................................................23Fidelity SaveEasy 2030 Fund 富達「儲蓄易」2030基金

Index Tracking Funds 追蹤指數基金

..................................................................... 8Fidelity Hong Kong Tracker Fund 富達香港盈富基金†

† Fidelity Hong Kong Tracker Fund is subject to risks of investing in Index-Tracking Fund and risks of investing in Underlying Funds. The risks of investing in Index-Tracker Fund include passive investment risk, tracking error risk, early termination risk etc. Please refer to the “Risk Factors” sub-section in the MPF Scheme Brochure for Fidelity Retirement Master Trust for further information. 富達香港盈富基金可能涉及投資於追蹤指數基金及投資於其他基金的風險。投資於追蹤指數基金的風險包括被動投資風險，跟蹤偏離度，提早終止風險等等。詳情請細閱富達退休集成信託的強積金計劃說明書內「風險因素」分節。

△ Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives. 富達「儲蓄易」基金並非儲蓄存款，且涉及投資風險，此產品可能並非適合所有投資者。除年齡外，投資者亦須考慮其他因素，以及檢討個人的投資目標。

* Fees and charges of MPF conservative funds can be deducted from either (i) the assets of the fund or (ii) members’ account by way of unit deduction. MPF Conservative Fund under the Fidelity Retirement Master Trust uses method (i) and, therefore, its unit prices / NAV / fund performance have incorporated the impact of fees and charges. The MPF Conservative Fund under the Fidelity Retirement Master Trust does not guarantee the repayment of capital. The purchase of a Unit in the MPF Conservative Fund is not the same as placing funds on deposit with a bank or deposit-taking company. 強積金保守基金的收費可(一)透過扣除資產淨值收取；或(二)透過扣除成員帳戶中的單位收取。在富達退休集成信託計劃內的強積金保守基金採用方式(一)收費，故其單位價格╱資產淨值╱基金表現已反映收費之影響。富達退休集成信託的強積金保守基金並不保證償付資本。購入強積金保守基金的單位並不等同將資金存放於銀行或接受存款公司。

Equity Funds (Market Investment Funds) 股票基金（市場投資基金）

...... .. .................................................................................. 5Asia Pacific Equity Fund 亞太股票基金

... .............................................................................................. 6Global Equity Fund 環球股票基金

.... ...................................................................................... 7Hong Kong Equity Fund 香港股票基金

Lifecycle Funds 人生階段基金

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

.... ..........................................................................................11Stable Growth Fund 平穩增長基金

.... .........................................................................................................10Balanced Fund 均衡基金

.. ............................................................................................12Capital Stable Fund 資本穩定基金

Default Investment Strategy Funds 預設投資策略基金

........................................................................................13Core Accumulation Fund 核心累積基金

......... ............................................................................................14Age 65 Plus Fund 65 歲後基金

Bond Funds (Market Investment Funds) 債券基金（市場投資基金）

.. .. . .....................................................................................15Hong Kong Bond Fund 香港債券基金

.. . ... .. .. .....................................................................................16RMB Bond Fund 人民幣債券基金※

.. .. ..............................................................................................17World Bond Fund 國際債券基金

MPF Conservative Fund 強積金保守基金* ... ... ..............................................................................18MPF Conservative Fund 強積金保守基金

For Fidelity Retirement Master Trust, please note:有關富達退休集成信託，請注意：

• The MPF Conservative Fund under the Fidelity Retirement Master Trust does not guarantee the repayment of capital. The purchase of a Unit in the MPF Conservative Fund is not the same as placing funds on deposit with a bank or deposit-taking company.

• Fidelity SaveEasy Funds are not savings deposits and involve investment risks and this product may not be suitable for everyone. Investors should also consider factors other than age and review their own investment objectives.

• You should consider your own risk tolerance level and financial circumstances before making any investment choices or invest according to the Default Investment Strategy. When, in your selection of funds or the Default Investment Strategy, you are in doubt as to whether a certain fund or the Default Investment Strategy is suitable for you (including whether it is consistent with your investment objectives), you should seek financial and/or professional advice and make investment choices most suitable for you taking into account your circumstances.

• In the event that you do not make any investment choices, please be reminded that your contribution made and/or benefits transferred into the Master Trust will unless otherwise provided in the MPF Scheme Brochure be invested in accordance with the Default Investment Strategy which may not necessarily be suitable for you.

• You should not invest based on this material alone and should read the MPF Scheme Brochure for Fidelity Retirement Master Trust (including potential risks involved) for further information.

• Investment involves risks. You may suffer significant loss of your investments. Past performance is not indicative of future performance.• 富達退休集成信託的強積金保守基金並不保證償付資本，購入強積金保守基金的單位並不等同將資金存放於銀行或接受存款公司。• 富達「儲蓄易」基金並非儲蓄存款，且涉及投資風險，此產品可能並非適合所有投資者。除年齡外，投資者亦須考慮其他因素，以及檢討個人的投資目標。

• 在作出任何投資選擇或根據預設投資策略進行投資前，您應考慮您個人的風險承擔水平及財務狀況。在選擇基金或預設投資策略時，如對某項基金或預設投資策略是否適合（包括是否符合您的投資目標）存有疑問，您應尋求財務及╱或專業的意見，並在考慮您的情況後作出最適合您的投資選擇。

• 請謹記，若您並無作出任何投資選擇，除非強積金計劃說明書另有訂明，否則您已作出的供款及╱或轉移至集成信託的權益將會根據預設投資策略進行投資，而有關策略不一定適合您。

• 您不應只依賴本文件的資料作出投資，請細閱富達退休集成信託的強積金計劃說明書（包括潛在風險）。• 投資涉及風險。您的投資有可能大幅虧損。基金過往的表現並不表示將來亦會有類似的業績。

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註釋

Glossary

RMB Bond Fund is denominated in HKD only and not in RMB. The Constituent Fund is subject to Risks of investing in Underlying Funds, etc. Please refer to the “Risk Factors” sub-section in the MPF Scheme Brochure for Fidelity Retirement Master Trust for further information. 人民幣債券基金以港元計值但並非人民幣計值，該成份基金可能涉及投資於其他基金的風險等。詳情請細閱富達退休集成信託的強積金計劃說明書內「風險因素」分節。

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Risk Class Classification Methodology

風險級別釐定方法

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Investment Objective

投資目標

Contents 目錄

Source: Fidelity, (Economic data) Reuters, Bloomberg, FT.com, Marketwatch, as at 31/05/2020.

FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International. Fidelity only gives information about its products and services. Any person considering an investment should seek independent advice on the suitability or otherwise of the particular investment. 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.

Market Review

Asia Pacific (ex. Japan)Asia Pacific ex Japan equities slid amid mounting tensions between the US and China. A standoff between the two countries over a new national-security law that China imposed on Hong Kong fuelled tensions. Investors remained wary as there is no clarity around the changes announced by both China and the US regarding the situation. Furthermore, the US government imposed new restrictions on Chinese technology giant Huawei and uncertainty remained around a US bill that could delist Chinese companies on its exchange. Nevertheless, markets were supported by continued policy support measures by regional governments and central banks to cushion their economies. At the sector level, real estate and utilities ended lower, while, consumer discretionary and materials stocks were the best performers. At the country level, Chinese equities fell, although an under-control COVID-19 situation and improving domestic economic activity supported the market. China’s National People’s Congress (NPC) declared a fiscal deficit budget of over 3.6% of GDP, which will focus on financial relief for small businesses and households, as well as infrastructure investment. The NPC also decided to drop China’s traditional annual economic growth target given the significant challenges facing the economy following the COVID-19 outbreak. Hong Kong equities came under some pressure following renewed protests against sweeping new national security laws in the territory. In addition, uncertainty around US President Donald Trump’s plans to revoke Hong Kong’s special status as a separate customs territory weighed on investor sentiment. Weakness in communication services and industrials stocks weighed on Singapore markets, while Indian equities were also subdued. The Reserve Bank of India slashed the reverse repurchase rate, repurchase rate and marginal standing facility rate in an emergency meeting, while the government announced a significant economic package to counter the economic fallout from the COVID-19 pandemic. Taiwanese equities declined in line with the broader market. Taiwan lowered its GDP growth forecast for 2020 due to the impact of the pandemic. On a positive note, Korean stocks advanced following a reduction in its key policy rate to a new historical low. The central bank has forecasted a contraction in economic growth this year. Meanwhile, gains in the communication services and IT sectors buoyed Australian equities. The unemployment rate in April jumped to the highest level since September 2015, due to the economic shock of the pandemic.Equities in Indonesia and the Philippines edged higher on easing mobility restrictions in the regions and hopes of stimulus support by their local government. Thai equities rose after its central bank cut its key policy rate to a new record low to help soften the economic impact of the pandemic and lockdown measures. Strong gains in health care and energy stocks supported Malaysian markets.

JapanThe Japanese market rose for a second consecutive month in May. Despite a slow start to the month, activated by profit-taking ahead of the Golden Week holidays in Japan, stocks ended higher, supported by hopes for an easing of COVID-19-induced restrictions on business activity in and outside Japan. Investor sentiment was also buoyed by the lifting of the state of emergency in Japan and the government’s work to compile a second supplementary budget for the current fiscal year. The yen’s weakening against the US dollar provided further support. However, concerns over the risk of “a second wave” of infections across the globe due to the hasty reopening of businesses in the US and elsewhere weighed on investor sentiment. Overall, all major sectors advanced in May, with pharmaceuticals, other financing business and non-ferrous metals names leading the way. Pulp & paper was the only sector to record negative returns.In economic developments, Japan’s GDP contracted by 0.9% quarter-on-quarter in the January–March period, and at an annualised pace of -3.4%, the Cabinet Office said. The fall in GDP for the first three months of 2020 follows a 7.3% annualised decline in the last quarter of 2019, pushing Japan into a technical recession for the first time since 2015. Exports also fell by 21.9% in April, the most since the 2009 global financial crisis, as the pandemic shrunk global demand for cars, industrial materials and other goods. Manufacturing activity declined at the fastest pace since March 2009 in May, as manufacturers struggled with deteriorating demand. In view of the growing economic challenges, the government lifted the state of emergency and approved a second $1.1 trillion stimulus package, bringing the total pledged to save the economy from the pandemic to about 40% of GDP. The Bank of Japan (BoJ) also introduced new funding for banks that it estimated would reach 30 trillion yen to help them make loans to companies that are affected by the pandemic.

United StatesUS equities continued to outpace global equities in May, narrowing their year-to-date losses. Market sentiment improved as record levels of stimulus was deployed and a resilient technology sector continued to outperform. Economic re-openings in several states, a declining rate in new daily COVID-19 cases, and advances in potential treatments and vaccines re-ignited hopes of an earlier economic recovery. The market has looked through the risks of mounting tensions between the US and China and continued weak economic data to discount a recovery in economic growth. This was evidenced in the resurgence of cheaper, beaten-down cyclical stocks towards the end of the month, while quality and growth stocks were tested. From a sector perspective, information technology (IT), materials and communication services stocks substantially outperformed other areas of the market.The COVID-19-led recession is certainly one for the record books in terms of jobless claims filed by individuals, despite the declining trend in April and May. The extent to which job losses are absorbed by a reopening economy is likely be a key indicator of the length of the recession. For now, household savings rates are at unprecedentedly high levels as consumer spending (and sentiment) have remained subdued, partly due to non-essential stores remaining closed across the US. The ISM manufacturing PMI also improved from 41.5 in April to 43.1. The IHS Markit PMIs also ticked higher while hovering in contraction territory.

Continental EuropeEuropean equities delivered positive returns in May as several countries in the region, including Germany, France, Italy and Spain, began to ease lockdown restrictions. Risk appetite was further supported by progress on a potential COVID-19 vaccine, recovering oil prices and expectations that the European Union (EU) will lift travel restrictions from June. The European Commission (EC) announced additional support for economic recovery post the pandemic with a historic EUR750 billion aid package, although the 27 EU countries still need to unanimously agree on the proposal. The potential for persistent economic weakness, mounting tensions between the US and China and fears of a second wave of infections (as economies reopen) remain concerns for investors. Against this backdrop, all sectors delivered positive returns, with industrials, technology and utilities among the biggest gainers. From a style perspective, growth stocks outperformed value names, and small and mid-cap companies outperformed their larger peers.The eurozone economy recovered somewhat from the massive collapse suffered in April. According to the latest estimates, easing lockdowns and the gradual reopening of economies helped the eurozone flash Purchasing Managers’ Index (PMI) to rise to 30.5 in May from 13.6 last month. PMI data for both the manufacturing and services sectors recovered from April’s lows, signalling that the economic downturn has troughed. However, weaker demand and significantly lower oil prices pushed inflation numbers to new lows. Headline inflation in the region fell to a near four-year low of 0.1% year-on-year from 0.3% in April, while core inflation remained steady at 0.9%.

United KingdomUK equities continued to rebound, outperforming other developed markets, as COVID-19 news flow remained a key determinant of the market’s trajectory. The rate of new cases and the mortality rate have continued to slow down. However, the government’s decision to extend its economic policy response to tackle the global pandemic, coupled with some positive news flow from clinical trials of a potential COVID-19 vaccine appeared to calm investor sentiment. As lockdowns are gradually lifted, reopening remains differential across industries. During the period, telecommunications and basic materials gained, while the oil & gas sector remains the biggest drag on the index owing to short-term oil price fluctuations.On the economic front, the downturn in manufacturing caused by the COVID-19 induced lockdowns continued in May. While supply chains remained disrupted, some businesses that planned for a no-deal Brexit were better prepared. The rates of contraction in output and new orders were among the fastest, though they eased from their peaks in April. The flash UK PMI estimates also show a moderate recovery in activity from April. The impact of the lockdown on the UK has been much greater, as a large part of its economy is service-based and therefore requires more personal interaction. The UK services PMI reading remained low, with travel, tourism and leisure firms the most affected. New business continued to fall, with new exports declining rapidly despite sporadic reports of rising demand in the Asia-Pacific region and new online sales initiatives. The pace of inflation slowed to its lowest level in three years to 0.8% in April, driven largely by cheaper energy and clothing prices amid weak demand due to the pandemic. In the three months to March 2020, the UK GDP contracted by 2.0% (quarter-on-quarter), capturing some impact from the countrywide lockdown that started in late March.

Emerging MarketsEmerging markets delivered positive returns for a second consecutive month, but underperformed developed markets. Crude oil prices were supported as lockdown measures were eased in many countries and as major oil producing nations lowered production. However, gains were offset mounting tensions between the US and China. In Emerging Asia, India and China were among the more disappointing performers. After a sharp rebound in April, Indian markets posted negative returns in May. Markets declined due to a sharp sell-off in Indian financials as the economic stimulus package announced by the government did not address the one-time restructuring of bad loans. India’s GDP expanded at the slowest pace in 11 years in the March quarter and for FY2020 as its economy came under pressure after the government imposed a nation-wide lockdown. Latin American securities posted strong positive returns, outperforming emerging and developed markets as Latin American currencies strengthened. Performance was supported by gains in Argentinean, Brazilian and Mexican securities as these shares rebounded on optimism over major economies re-emerging from lockdown. Elsewhere, the emerging Europe, Middle East and Africa (EMEA) region ended the month in positive territory. Russian stocks edged higher, supported by a stronger rouble and a rise in crude oil prices.Policymakers across emerging markets continued to ease their monetary policies and introduced fresh stimulus measures to support growth. The Reserve Bank of India cut the repo rate by 0.40% to counter the economic impact of the pandemic. In Latin America, Brazil surprisingly slashed its interest rate to a record low of 3.00% amid the economic contraction caused by the COVID-19 outbreak. Mexico’s central bank reduced the benchmark rate to a three and half year low of 5.50% and hinted at the possibility of more rate cuts as the effect of the pandemic would be more prominent in the next quarter.

BondFixed income markets posted mixed returns over the month, with corporate bonds outperforming government bonds. After being range-bound in the first half of the month, credit spreads tightened in the latter half in response to backstops from the US Federal Reserve’s (Fed) corporate credit facilities, along with optimism about a swift re-opening of the economy. Returns were somewhat capped by weak US employment figures, mounting tensions between the US and China, subdued economic data and fears of a second wave of infections. The US Treasury yield curve steepened amid expectations that the Fed would continue to hold short-term Treasury yields low, but would be less aggressive in its intervention for long-dated government debt. Meanwhile, markets reacted favourably after the EC proposed a €750 billion aid package to support Europe’s economic recovery given the fallout of the pandemic. Consequently, German bund yields rose to a one-month high, while Italian yields posted their biggest monthly fall in four months. The likelihood that Italy will get grants from the EU to support its COVID-19-hit economy resulted in a fall in Italian sovereign yields. UK government bond (Gilt) yields also fell as the UK government sold bonds with negative yields for the first time ever. This also fuelled a debate over the Bank of England (BoE) taking interest rates into negative territory. In Japan, the government approved a new $1.1 trillion stimulus package, taking Japan’s total spending to combat the fallout from the pandemic to $2.18 trillion (nearly 40% of its GDP). The Bank of Japan also continued to aggressively pump in money, which took the balance of money circulating in Japan’s economy to a record high of $5 trillion in May. Emerging market debt posted positive returns, with high yielding hard currency bonds outperforming investment grade bonds.

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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5月31日。

富達或Fidelity或Fidelity International指FIL Limited及其附屬公司。富達只就產品及服務提供資料。有意投資者應就個別投資項目的適合程度或其他因素尋求獨立的意見。「富達」、Fidelity、Fidelity International、Fidelity International標誌及F標誌均為FIL Limited的商標。本文件由富達基金（香港）有限公司發行。

市場回顧

亞太區（日本除外）中美關係日益緊張，拖累亞太區（日本除外）股市下挫。中國在香港實施新國家安全法，中美就此陷入僵局，加劇兩國之間的緊張氣氛。鑑於中美兩國就目前情況宣布的變動細節未明，投資者仍保持警惕。此外，美國政府對中國科技巨擘華為實施新限制，而且美國就可能促使中國企業在當地證券交易所除牌的法案仍存在不確定性。然而，亞太區政府和央行持續採取政策扶持措施，為當地經濟提供緩衝，市場因而受到支持。行業方面，房地產和公用事業股報跌；非必需消費品及原材料股則表現最佳。國家方面，雖然中國的新冠肺炎疫情受控，加上國內經濟活動持續改善，為市場帶來支持，但當地股市仍下跌。中國全國人民代表大會（人大）公布的財政赤字預算佔國內生產總值的3.6%以上，有關預算將集中用作小型企業和家庭的財政紓困措施，以及基建投資。鑑於新冠肺炎疫情爆發後，中國經濟面臨重大挑戰，人大亦決定放棄傳統，不設年度經濟增長目標。香港將實施影響深遠的新國家安全法，促使抗議活動再現，令香港股市承受一定壓力。此外，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。通訊服務和工業股表現疲弱，對新加坡市場造成壓力；印度股市亦表現疲軟。印度儲備銀行在緊急會議上調低逆回購利率、回購利率和邊際貸款工具利率，而當地政府公布龐大刺激經濟方案，以應對新冠肺炎疫情對經濟的影響。台灣股市下跌，與廣泛市場表現一致。因應疫情影響，台灣下調2020年的國內生產總值增長預測。利好因素方面，南韓將主要政策利率降至歷史新低，刺激當地股市上升。南韓央行預測今年經濟增長將會收縮。澳洲方面，通訊服務和資訊科技股報捷，利好當地股市表現。由於疫情為該國經濟帶來衝擊，4月份失業率攀升至2015年9月以來的最高水平。

印尼和菲律賓放寬出行限制，加上市場憧憬兩國政府推出刺激經濟措施，帶動兩地股市高收。泰國央行下調主要政策利率至紀錄新低，以減輕疫情和封鎖措施帶來的經濟影響，當地股市因而走高。健康護理和能源股錄得強勁升幅，為馬來西亞市場提供支持。

日本日本股市在5月份連續第二個月上漲。儘管在5月初的黃金週假期前曾出現獲利套現，令市場升勢緩慢，但其後投資者憧憬日本國內外將放寬因新冠肺炎疫情而實施的商業活動限制，帶動股市高收。此外，日本解除緊急狀態，加上政府推出本財政年度的第二份補充預算案，均利好投資情緒。日元兌美元轉弱為市場帶來進一步支持。不過，美國及其他地區倉促重啟經濟，市場憂慮此舉或會導致全球出現「第二波」感染風險，令投資情緒受壓。整體而言，所有主要行業在5月份均報升，其中藥業、其他金融及有色金屬業表現領先。紙漿與造紙是唯一錄得負回報的行業。

經濟發展方面，內閣府表示在1至3月期間，日本國內生產總值按季收縮0.9%，以年度化計算則收縮3.4%。繼2019年最後一季以年度化計萎縮7.3%後，本年首三個月的國內生產總值再次下跌，標誌日本自2015年以來首次步入技術性衰退。疫情衝擊全球對汽車、工業原材料及其他商品的需求，導致4月出口亦下跌21.9%，創2009年全球金融危機以來的最大跌幅。由於製造商面對需求不斷惡化的挑戰，製造業活動以2009年3月以來最快速度下跌。鑑於經濟挑戰越趨嚴峻，政府已解除緊急狀態，並批准追加1.1萬億美元刺激方案，使政府承諾推動疫後經濟復甦的總金額佔國內生產總值約40%。此外，日本央行推出新的銀行融資計劃，預計規模將達30萬億日圓，以協助銀行向受疫情影響的企業發放貸款。

美國美國股市在5月的表現繼續優於全球股市，逐步收復年初至今的跌幅。當局推出史無前例的刺激政策，利好市場氣氛，具抗逆力的科技業持續表現領先。多個州份經濟重啟，加上新冠肺炎每日新增病例放緩，以及研發療法和疫苗取得進展，令投資者再度憧憬經濟可望提前復甦。市場漠視中美緊張關係升溫和經濟數據持續疲弱的風險，反而消化經濟恢復增長的利好因素，促使估值較低、曾不獲青睞的週期股在月底重現升勢，但優質及增長股備受考驗。綜觀行業表現，資訊科技、原材料和通訊服務業顯著領先其他市場領域。

新冠肺炎觸發經濟衰退，必然導致個人申領失業救濟金人數創下歷史新高，惟4月和5月份的趨勢已有所回落。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。目前，美國家庭消費開支（及意欲）持續低迷（部份原因是當地的非必需商舖依然停業），令家庭儲蓄率處於前所未見的高水平。供應管理協會製造業採購經理指數由4月底的41.5升至43.1，早前跌至收縮區間的IHS Markit採購經理指數亦報升。

歐洲大陸隨著德國、法國、意大利及西班牙等區內多國開始放寬封鎖措施，歐洲股市在5月報升。2019新型冠狀病毒（COVID-19，又稱新冠肺炎）疫苗研發取得進展，加上油價回升，以及市場預期歐盟將自6月起取消旅遊限制，進一步為承險意欲帶來支持。歐洲委員會宣布，歷史性加推7,500億歐元的援助計劃，以推動疫後經濟復甦，但該提案仍需獲27個歐盟成員國一致通過。投資者仍然憂慮經濟或會持續疲弱、中美緊張關係升溫，以及經濟重啟可能引發第二波疫情。儘管面對上述環境，但大部份行業錄得正回報，其中以工業、科技和公用事業表現最佳。投資風格方面，增長股表現優於價值股，而中小型股表現優於大型股。

歐元區經濟已自4月重創中略為復甦。根據最新估計，放寬封鎖措施及逐步重啟經濟，帶動歐元區採購經理指數初值由4月的13.6升至5月的30.5。製造業及服務業採購經理指數均自4月的低位回升，反映經濟下滑或已見底。然而，需求減弱及油價顯著下挫，導致通脹數據跌至新低。區內整體通脹由4月的按年0.3%降至0.1%，接近四年低位，核心通脹則穩處於0.9%。

英國隨著新冠肺炎疫情消息仍主導市場走勢，英國股市持續反彈，表現優於其他已發展市場。雖然新增病例及死亡率繼續放緩，但政府決定延長為應對全球疫情而推出的經濟措施，加上新冠肺炎疫苗臨床試驗傳出正面消息，似乎有助穩定投資情緒。當局逐步解除封鎖措施，但各行業重啟活動的步伐不一。期內，電訊及基本原材料錄得升幅，而受短期油價波動影響，石油及天然氣業最為拖累指數表現。

經濟方面，疫情引致的封鎖措施導致5月份製造業持續下滑。供應鏈仍受干擾，但部份已為無協議脫歐制訂計劃的企業均作好較佳準備。產量及新增訂單均以最快速度收縮，惟幅度與4月相比已有所放緩。英國採購經理指數初值預估顯示經濟活動自4月份溫和復甦。封鎖措施對英國帶來較大衝擊，因為服務業佔當地經濟的較高比重，因此牽涉較多人際互動。英國服務業採購經理指數維持低水平，其中旅遊觀光及休閒業最受影響。儘管不時出現有關亞太區需求增加，以及推出新在線銷售計劃的報道，但新業務環節持續下跌，新出口跌勢急速。4月通脹放緩至0.8%，為三年以來的最低水平，主要由於疫情導致相關需求疲弱，令能源及服裝價格回落。截至2020年3月止三個月，英國國內生產總值按季收縮2%，部份反映3月底開始實施全國封鎖措施的影響。

新興市場新興市場連續第二個月錄得正回報，但表現遜於已發展市場。多個國家放寬封鎖措施，而且主要產油國減產，均令原油價格受到支持。然而，中美關係日益緊張，因而抵銷市場升幅。綜觀新興亞洲，印度和中國市場表現較令人失望。印度市場在4月份強勢反彈，其後在5月份錄得負回報。印度市場下跌，源於該國政府公布的刺激經濟方案並無解決一次性重組不良貸款的問題，導致印度金融股被大幅拋售。該國3月止季度和2020財政年度的國內生產總值增速放緩，處於11年來最低水平，因為政府實施全國封鎖措施，令當地經濟受壓。拉丁美洲貨幣走強，帶動拉美證券錄得強勁正回報，表現優於新興市場和已發展市場。市場表現受阿根廷、巴西和墨西哥證券的升幅支持，因為投資者對主要經濟體擺脫封鎖措施的影響並展現復甦勢頭感到樂觀，刺激有關股市反彈。另一方面，新興歐洲、中東及非洲地區市場於月底高收。俄羅斯股市受盧布走強和原油價格上升支持而攀升。

新興市場決策當局繼續放寬貨幣政策，並推出新刺激經濟措施以支持增長。印度儲備銀行將回購利率調低0.40%，以紓緩疫情對經濟的影響。拉丁美洲方面，在新冠肺炎疫情爆發導致經濟收縮的情況下，巴西將利率減至3.00%的紀錄新低，令市場感到意外。墨西哥央行將基準利率下調至5.50%，為三年半以來低位，並暗示可能會再減息，因為疫情帶來的影響將在下季更加明顯。

債券固定收益市場月內回報好淡紛呈，企業債券表現優於政府債券。信貸息差在上半月於窄幅徘徊，但隨著美國聯儲局推出企業信貸工具，加上市場對該國迅速重啟經濟感到樂觀，令信貸息差在下半月收窄。美國就業數據疲弱、中美緊張局勢不斷升溫，以及經濟數據疲軟和市場對第二波疫情的擔憂，均使回報略為受限。市場預期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。另一方面，歐洲委員會推出7,500億歐元援助方案，以支持受疫情影響的歐洲經濟復甦，市場對此反應正面。因此，德國政府債券孳息升至一個月高位，意大利政府債券孳息則錄得四個月以來最大單月跌幅。歐盟可能向意大利提供資助，以支持受新冠肺炎疫情打擊的該國經濟，因而令意大利主權債券孳息下跌。英國政府債券（金邊債券）孳息亦下挫，因為英國政府首次拍賣負孳息債券；此舉亦引發有關英倫銀行應否將利率降至負數區間的爭議。日本政府批准1.1萬億美元新刺激經濟方案，令當地應對疫情影響的總開支達到2.18萬億美元，佔其國內生產總值接近40%。此外，日本央行繼續大幅注資，使當地經濟的流動資金結餘在5月份達到5萬億美元的歷史高位。新興市場債券錄得正回報，高收益硬貨幣債券表現優於投資級別債券。

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Performance Summary 投資表現概要

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Fidelity Retirement Master Trust 富達退休集成信託 As at 截至 31/05/2020

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

Name of Constituent Fund成份基金名稱

Currency

貨幣 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 (Market Investment Funds) 股票基金（市場投資基金）

Asia Pacific Equity Fund

亞太股票基金

HKD

港元-13.07 -5.67 -3.50 5.12 10.30 58.52 -6.55 5.12 34.34 -11.48 17.52

Global Equity Fund

環球股票基金

HKD

港元-7.70 1.00 6.43 13.65 19.48 104.50 -0.65 2.36 19.74 -11.15 26.80

Hong Kong Equity Fund

香港股票基金

HKD

港元-12.19 -6.66 -3.90 6.05 1.00 50.57 -4.89 0.69 41.77 -13.26 15.55

Index Tracking Funds 追蹤指數基金

Fidelity Hong Kong Tracker Fund †

富達香港盈富基金 †

HKD

港元-18.31 -12.03 -12.98 -3.88 -5.54 - -5.38 2.58 39.11 -11.05 12.07

Lifecycle Funds 人生階段基金

Growth Fund

增長基金

HKD

港元-9.65 -2.32 1.09 7.94 8.76 70.58 -1.89 0.69 28.28 -12.32 19.94

Balanced Fund

均衡基金

HKD

港元-6.54 -1.39 2.37 8.83 10.35 61.48 -2.15 0.92 22.87 -9.80 16.32

Stable Growth Fund

平穩增長基金

HKD

港元-3.57 -0.48 3.39 9.58 11.87 52.48 -2.58 1.08 18.01 -7.31 12.89

Capital Stable Fund

資本穩定基金

HKD

港元-0.78 0.27 4.18 9.59 11.98 40.47 -3.05 1.01 12.81 -4.73 9.35

Default Investment Strategy Funds 預設投資策略基金

Core Accumulation Fund

核心累積基金

HKD

港元-3.60 0.61 6.01 13.81 - - - - 8.97~ -5.64 17.19

Age 65 Plus Fund

65歲後基金

HKD

港元2.21 0.97 7.12 12.40 - - - - 2.99~ -1.63 9.63

Bond Funds (Market Investment Funds) 債券基金（市場投資基金）

Hong Kong Bond Fund

香港債券基金

HKD

港元1.94 -0.87 3.53 6.91 10.08 23.34 1.49 -0.88 3.42 0.48 5.06

RMB Bond Fund

人民幣債券基金

HKD

港元-0.29 -1.00 0.84 6.44 - - - -4.78~ 6.84 -0.30 3.61

World Bond Fund

國際債券基金

HKD

港元5.25 2.10 7.12 11.68 15.96 30.92 -3.91 1.65 5.65 -0.89 4.75

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† Fidelity Hong Kong Tracker Fund is subject to risks of investing in Index-Tracking Fund and risks of investing in Underlying Funds. The risks of investing in Index-Tracker Fund include passive investment risk, tracking error risk, early termination risk etc. Please refer to the “Risk Factors” sub-section in the MPF Scheme Brochure for Fidelity Retirement Master Trust for further information. 富達香港盈富基金可能涉及投資於追蹤指數基金及投資於其他基金的風險。投資於追蹤指數基金的風險包括被動投資風險，跟蹤偏離度，提早終止風險等等。詳情請細閱富達退休集成信託的強積金計劃說明書內「風險因素」分節。

※ RMB Bond Fund is denominated in HKD only and not in RMB. The Constituent Fund is subject to Risks of investing in Underlying Funds, etc. Please refer to the “Risk Factors” sub-section in the MPF Scheme Brochure for Fidelity Retirement Master Trust for further information. 人民幣債券基金以港元計值但並非人民幣計值，該成份基金可能涉及投資於其他基金的風險等。詳情請細閱富達退休集成信託的強積金計劃說明書內「風險因素」分節。

* Fees and charges of MPF conservative funds can be deducted from either (i) the assets of the fund or (i i) members’ account by way of unit deduction. MPF Conservative Fund under the Fidelity Retirement Master Trust uses method (i) and, therefore, i ts unit prices / NAV / fund performance have incorporated the impact of fees and charges. The MPF Conservative Fund under the Fidelity Retirement Master Trust does not guarantee the repayment of capital. The purchase of a Unit in the MPF Conservative Fund is not the same as placing funds on deposit with a bank or deposit-taking company. 強積金保守基金的收費可 (一 )透過扣除資產淨值收取；或 (二 )透過扣除成員帳戶中的單位收取。在富達退休集成信託計劃內的強積金保守基金採用方式 (一 )收費，故其單位價格 /資產淨值 /基金表現已反映收費之影響。富達退休集成信託的強積金保守基金並不保證償付資本。購入強積金保守基金的單位並不等同將資金存放於銀行或接受存款公司。

△ Fidelity SaveEasy Funds are not savings deposits and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives. 富達「儲蓄易」基金並非儲蓄存款，且涉及投資風險，此產品可能並非適合所有投資者。除年齡外，投資者亦須考慮其他因素，以及檢討個人的投資目標。

~ 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 MPF Scheme Brochure for Fidelity Retirement Master Trust for further details including the risk factors. This material is issued by FIL Investment Management (Hong Kong) Limited. 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，詳情請細閱富達退休集成信託的強積金計劃說明書(包括風險因素)。此文件由富達基金(香港)有限公司發行。

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

Name of Constituent Fund成份基金名稱

Currency

貨幣 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

MPF Conservative Fund 強積金保守基金

MPF Conservative Fund*

強積金保守基金*

HKD

港元0.27 0.13 0.83 1.26 1.26 1.27 0.00 0.00 0.00 0.12 0.87

SaveEasy Funds「儲蓄易」基金

Fidelity SaveEasy 2050 Fund △

富達「儲蓄易」2050基金 △

HKD

港元-10.88 -2.87 0.45 7.11 - - -2.97~ -0.53 30.00 -13.38 21.42



HKD

港元-10.82 -2.81 0.58 7.02 - - -2.14~ 0.16 30.03 -13.46 21.37



HKD

港元-10.67 -2.75 0.74 7.64 8.68 73.93 -1.83 0.82 30.22 -13.24 21.43



HKD

港元-10.45 -2.64 0.92 7.83 8.85 73.24 -1.92 0.81 30.06 -13.06 21.20



HKD

港元-9.89 -2.47 1.21 8.42 9.45 73.73 -1.85 0.81 29.68 -12.76 20.79



HKD

港元-8.32 -1.84 2.16 9.49 10.24 74.23 -1.85 0.80 28.14 -11.93 19.58



HKD

港元-1.43 0.05 5.47 15.04 15.85 79.40 -1.38 1.15 23.59 -7.14 13.10

Investment involves risks. Past performance is not indicative of future performance. Please refer to the MPF Scheme Brochure for Fidelity Retirement Master Trust for further information including the risk factors. FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International. Fidelity only gives information about its products and services. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited.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。詳情請細閱富達退休集成信託的強積金計劃說明書（包括風險因素）。富達或 Fideli ty或 Fideli ty Internat ional指 F IL Limited及其附屬公司。富達只就產品及服務提供資料。「富達」、Fideli ty、Fideli ty Internat ional、Fideli ty Internat ional 標誌及 F 標誌均為 F IL Limited 的商標。此文件由富達基金（香港）有限公司發行。

YTD 3 Months 1 Year 3 Years 5 Years 10 Years Since Launch 年初至今 3個月 1年 3年 5年 10年自推出以來

Cumulative Performance -13.07% -5.67% -3.50% 5.12% 10.30% 58.52% 131.39%累積表現

Annualised Performance N/A N/A -3.50% 1.68% 1.98% 4.71% 6.26%年率化表現

Dollar Cost Averaging Return1 N/A N/A -5.36% -5.46% 5.41% 18.67% 36.92%平均成本法回報 1

Annual Performance 年度表現

2019 17.52% 2018 -11.48% 2017 34.34% 2016 5.12% 2015 -6.55% 2014 4.09% 2013 3.92% 2012 20.85% 2011 -16.86% 2010 11.88%

As of 截至 31/05/2020

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

About the Fund 基金概要The Constituent Fund aims to produce returns that are related to those achieved on the major stock market indices of Asia Pacific, by focusing investment into the equity markets of Asia Pacific, namely equities of companies listed, have their head offices or exercise a predominant part of their activity in Asia Pacific (including emerging markets). The Constituent fund intends to manage the volatility of returns in the short term.

The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund (“FGIF”) – Asia Pacific Equity Fund (MPF), which in turn invests in FGIF – Asia Pacific Equity Fund.

Please refer to the investment objective for details of the fund.

本成份基金旨在通過集中投資於亞太股票市場，即在亞太區上市、設置總公司或經營主要業務的公司的股票（包括新興市場），以提供與亞太股市主要指數相關的回報。本成份基金擬控制在短期內回報的波幅。

本成份基金是一項聯接基金，投資於富達環球投資基金(“FGIF”)－亞太股票基金（強積金）從而投資於 FGIF－亞太股票基金。

請參閱投資目標了解基金詳情。

Fund Details 基金資料 Fund Manager 基金經理 Polly Kwan 關向欣Launch Date 推出日期 07/08/2006Unit NAV 單位資產淨值 HK$23.139 （港元）Fund Size 基金資產 HK$3,085.95M （百萬港元）Risk Class▼ 風險級別▼ 6Fund Risk Indicator (3-Year Standard Deviation)◊ 15.23% 基金風險標記（三年標準差）◊

Year 2019 Fund Expense Ratio 1.51% 2019年度基金開支比率

Fund Commentary^ 基金評論 ^

Asia Pacific ex Japan retreated sharply over the first quarter of 2020. The spread of COVID-19 cases raised fears of a global contagion and concerns around its potential impact on economic activity spurred an indiscriminate sell-off across stock markets. A majority of economies in the region came to a standstill after their governments announced nation-wide lockdowns to control the spread of the virus. These containment measures will negatively impact economic growth, with pressure on both demand and supply. All country indices ended the period in negative territory. The portfolio outperformed the index and proved relatively resilient during the sell-off in regional equities. My consistent investment approach to focus on companies with robust balance sheets and free cash flows, as well as on companies with long-term growth prospects supported performance. At a stock level, Fisher & Paykel Healthcare upgraded its full-year guidance, driven by a surge in demand for respiratory humidifiers and consumables due to the outbreak. Another innovation-led position in CSL gained, as demand for flu vaccines remained strong amid the pandemic. Its results highlighted robust demand for plasma therapeutics. Jiangsu Hengrui Medicine also benefited from the tailwind for the health care sector. The exposure to Beijing Oriental Yuhong Waterproof Technology added value. The company arranged to resume production early at its factories and participated in waterproofing and anti-seepage projects at Wuhan hospitals. Conversely, Oil Search undermined returns. Weakness in global oil prices prompted the company to suspend its discretionary spends and shelve its projects in a bid to preserve the value of its business.

亞太區（日本除外）市場在2020年第一季顯著回落。2019新型冠狀病毒（新冠肺炎）確診個案增加，令市場憂慮疫情在全球蔓延，投資者亦憂慮疫情對經濟活動的潛在衝擊，觸發股市出現無差別拋售。區內大部份經濟體的發展停滯，因為各地政府宣佈全國封城，以遏止疫情擴散。這些防疫措施將為經濟增長帶來負面影響，令供求備受壓力。此外，區內各地的股市均於期末低收。投資組合表現優於指數，而且在區內股市遭拋售期間表現亦相對強韌。投資策略長期持續聚焦於財政和自由現金流強勁的公司及具有長遠增長前景的企業，為表現帶來支持。個股方面，Fisher & Paykel Healthcare上調全年盈利指引，源於疫情刺激呼吸道加濕器和消耗品的需求急增。在疫情下，隨著流感疫苗需求持續殷切，另一隻創新型持倉CSL報升。CSL的表現亦突顯漿細胞治療需求熾熱。江蘇恒瑞醫藥也受惠於健康護理業的利好因素。北京東方雨虹防水技術的持倉為表現增值。該公司提前安排旗下工廠復工，並曾參與武漢醫院的防水防滲項目。相反，Oil Search削弱回報。環球油價疲弱，促使該公司暫停非必要開支，並擱置項目以保留業務價值。

Cumulative Performance 累積表現

Geographical Breakdown▲ 地區分佈 ▲

CHINA 中國 40.2%

AUSTRALIA 澳洲 15.3%

TAIWAN 台灣 11.8%

KOREA (SOUTH) 南韓 8.8%

INDIA 印度 8.1%

HONG KONG 香港 4.9%

SINGAPORE 新加坡 2.5%

NEW ZEALAND 紐西蘭 1.6%

INDONESIA 印尼 1.1%

PHILIPPINES 菲律賓 1.0%

OTHERS# 其他 # 4.7%

# May inc lude cash , accoun t payab les , accoun t 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）。

Top 10 Holdings 十大主要投資項目

Fidelity Retirement Master Trust - Asia Pacific Equity Fund富達退休集成信託 - 亞太股票基金

▼ Please refer to the Risk Class Classification Methodology section for details.

詳情請參閱「風險級別釐定方法」部分。◊ The Fund 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. For constituent funds with less than 3 years of performance history, the fund risk indicator figure will not be available. Generally, the higher the fund risk indicator, the higher the fund’s risk level and the higher the volatility of the fund price.

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年的成份基金不提供基金風險標記。普遍來說，基金風險標記的數值愈高，代表基金的潛在風險愈高，基金價格上落幅度亦會較大。

^ as of 31/03/2020 截至 31/03/20201 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 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。

ALIBABA GROUP HOLDING LTD 阿里巴巴集團 8.20%TENCENT HOLDINGS LIMITED 騰訊控股有限公司 7.32%TAIWAN SEMICONDUCTOR MFG CO LTD 台積公司 5.30%SAMSUNG ELECTRONICS 三星電子 4.36%CSL 3.46%CHINA CONSTRUCTION BANK H 中國建設銀行 H 2.52%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

2.11%

MEDIATEK INC 聯發科技 2.03%BHP BILLITON LTD 必和必拓 1.89%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

1.89%

TOTAL 總和 39.08%

Industry Breakdown▲ 行業投資分佈 ▲

26.2% Technology 科技

21.5% Financials 金融

12.1% Consumer Services消費服務

9.2% Health Care 健康護理

8.3% Industrials 工業

3.9% Utilities 公用事業

3.9% Consumer Goods消費品

3.8% Basic Materials基本物料

3.6% Telecommunications電訊

3.2% Oil & Gas石油及天然氣

4.3% 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）。

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Cumulative Performance -7.70% 1.00% 6.43% 13.65% 19.48% 104.50% 172.07%累積表現

Annualised Performance N/A N/A 6.43% 4.36% 3.62% 7.42% 6.09%年率化表現

Dollar Cost Averaging Return1 N/A N/A 0.65% 4.52% 13.02% 36.34% 63.68%平均成本法回報 1


2019 26.80% 2018 -11.15% 2017 19.74% 2016 2.36% 2015 -0.65% 2014 4.47% 2013 24.93% 2012 16.59% 2011 -10.91% 2010 12.09%

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

HONG KONG EQUITY FUND 香港股票基金 0.73%

JAPANESE EQUITY FUND 日本股票基金 8.94%

ASIA PACIFIC EQUITY FUND* 亞太股票基金 * 6.38%

AMERICAS EQUITY FUND 美洲股票基金 64.73%

EUROPEAN EQUITY FUND 歐洲股票基金 19.32%

OTHERS# 其他 # -0.10%

* 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 31/05/2020


Fund 基金

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

股票基金－環球

About the Fund 基金概要The Constituent Fund aims to produce returns that are related to those achieved on the major world stock market indices by focusing investment in global equity markets (including emerging markets). The Constituent Fund intends to manage the volatility of returns in the short term.

The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund (“FGIF”) – Global Equity Fund, which in turn invests into FGIF Market Investment Funds and FGIF Money Market Funds.


本成份基金旨在通過集中投資於環球股票市場（包括新興市場），以提供與環球股市主要指數相關的回報。本成份基金擬控制在短期內回報的波幅。

本成份基金是一項聯接基金，投資於富達環球投資基金(“FGIF”)－環球股票基金，從而投資於 FGIF 市場投資基金及FGIF貨幣市場基金。


Fund Details 基金資料 Fund Manager 基金經理 Pek Ng 黃碧瑤Launch Date 推出日期 02/07/2003Unit NAV 單位資產淨值 HK$27.207 （港元）Fund Size 基金資產 HK$3,858.96M （百萬港元）Risk Class▼ 風險級別▼ 6Fund Risk Indicator (3-Year Standard Deviation)◊ 15.39% 基金風險標記（三年標準差）◊



Global equities posted negative returns over the first quarter as the COVID-19 outbreak in China and its spread to other countries weighed on global economic prospects. The World Health Organization (WHO) declared the outbreak a pandemic. Authorities across the world announced large-scale quarantines, social distancing and travel restrictions to curtail the virus’ spread. The US Federal Reserve, European Central Bank, Bank of England, People’s Bank of China, Bank of Japan and a number of other central banks cut interest rates or provided liquidity support through balance sheet expansions or by relaxing bank capital requirements. Governments in major economies have pledged to do “whatever it takes” to provide the necessary relief and rescue measures in their respective countries. Against this global backdrop, all key markets ended lower, with European equities experiencing the most negative performance. From a sector perspective, energy companies came under significant pressure as crude oil prices fell in view of weakening global demand and a fallout in the Organization of the Petroleum Exporting Countries’ meeting in March.

鑑於中國爆發新冠肺炎，疫情擴散至其他國家，對全球經濟前景造成壓力，環球股市在首季錄得負回報。世界衛生組織宣佈把疫情定性為「全球大流行」。全球各國政府宣佈大規模的隔離檢疫、保持社交距離及發出旅遊限制，以遏制疫情擴散。美國聯儲局、歐洲央行、英倫銀行、中國人民銀行、日本央行及其他多國央行紛紛減息，或透過擴大資產負債表或放寬銀行資本規定，以提供流動性支持。主要經濟體的政府已承諾「不惜一切」，各自在國家層面提供必須的紓困及援助措施。在此全球環境下，所有主要市場均報跌，其中歐洲股市的表現最差。從行業角度來看，全球需求疲軟，加上石油輸出國組織在3月份的會議結果，導致原油價格下跌，能源公司因而承受巨大壓力。


Fidelity Retirement Master Trust - Global Equity Fund富達退休集成信託 - 環球股票基金

▼ P lease refer to the Risk Class Class i f icat ion Methodology section for details.























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MICROSOFT CORP 微軟 3.74%APPLE INC 蘋果公司 3.15%AMAZON.COM 亞馬遜 3.00%ALPHABET A 2.53%PFIZER INC 輝瑞 2.06%MORGAN STANLEY 摩根士丹利 1.76%UNITEDHEALTH GROUP 1.64%BRISTOL-MYERS SQUIBB 必治妥施貴寶 1.52%NEXTERA ENERGY 1.51%JPMORGAN CHASE & CO 摩根大通 1.45%TOTAL 總和 22.36%

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2019 15.55% 2018 -13.26% 2017 41.77% 2016 0.69% 2015 -4.89% 2014 3.07% 2013 7.70% 2012 20.65% 2011 -22.31% 2010 10.40%

Geographical Breakdown▲ 地區分佈 ▲

CHINA 中國 71.1%





As of 截至 31/05/2020


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

About the Fund 基金概要The Constituent Fund aims to produce returns related to those achieved on the major stock market indices of Hong Kong, by focusing investment into 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 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.

The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund – Hong Kong Equity Fund.


本成份基金旨在通過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，以提供與香港股市主要指數相關的回報。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。

本成份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。


Fund Details 基金資料 Fund Manager 基金經理 Raymond Ma 馬磊Launch Date 推出日期 01/12/2000Unit NAV 單位資產淨值 HK$32.393 （港元）Fund Size 基金資產 HK$6,195.22M （百萬港元）Risk Class▼ 風險級別▼ 6Fund Risk Indicator (3-Year Standard Deviation)◊ 17.13% 基金風險標記（三年標準差）◊



Chinese equities declined as a surge in the number of COVID-19 cases across the globe triggered a sharp sell-off in equity markets. Nonetheless, stocks were supported on expectations that the government will provide additional stimulus measures to mitigate the economic impact of the outbreak. In key developments, China took several substantial measures to curtail the contagion, including the imposition of large-scale quarantines and travel restrictions. The government also adopted a package of policies to support the resumption of work and production, including fiscal, monetary, financial and trade policies. Sentiment towards the Hong Kong stock market weakened over fears of a virus-induced recession. In its annual budget, the government unveiled a record budget deficit, pledging cash handouts to residents and business tax breaks to soften the blow to the recession-hit economy. The portfolio generated negative returns over the quarter. A fall in crude oil prices and the COVID-19 pandemic dampened sentiment towards integrated oilfield services provider China Oilfield Services. Nonetheless, the stock is preferred for its asset-light, technology-heavy business model; the robust growth prospects of its well services business; healthy balance sheet and attractive valuations. A slowdown in the acquisition of subscribers and increased operational expenditure hurt state owned telecommunications operator China Unicom (Hong Kong). Conversely, upbeat earnings lifted hypermarket operator Sun Art Retail Group. It also stands to benefit from the integration of its offline and online operations under its transformation into a ‘new retail’ business model and increasing revenue contribution from its online business.

2019新型冠狀病毒（新冠肺炎）全球確診個案急增，觸發股市出現顯著拋售，拖累中國股市回落。然而，市場期望當地政府會提供額外刺激措施，以減輕疫情對經濟構成的影響，股市因而受到支持。重要發展方面，中國採取多項大規模措施遏止疫情蔓延，包括實施大規模檢疫和旅遊限制。政府亦採取政策方案，包括財政、貨幣、金融和貿易政策，從而支持復工復產。由於憂慮疫情導致經濟衰退，香港股市的投資氣氛低迷。政府公佈的年度財政預算案錄得破紀錄的預算赤字，預算案內容包括承諾向市民發放現金和減免企業利得稅，從而減輕疫情令經濟受衰退威脅的影響。投資組合於季內錄得負回報。原油價格下跌，加上新冠肺炎在全球擴散，削弱對綜合油田服務供應商中海油田服務的投資氣氛。然而，憑藉「輕資產、重科技」的業務模式；油井服務業務的增長前景亮麗；財政狀況穩健及估值吸引，我們看好該股。新增客戶放緩及營運開支增加，利淡國營電訊營運商中國聯通（香港）。相反，盈利表現向好帶動巨型超級市場營運商高鑫零售的表現。隨著公司轉型至「新零售」業務模式，以及網上業務收益貢獻增加，高鑫零售亦有望受惠於線下和線上業務的整合。


Fidelity Retirement Master Trust - Hong Kong Equity Fund富達退休集成信託 - 香港股票基金










TENCENT HOLDINGS LIMITED 騰訊控股有限公司 9.98%AIA GROUP LTD 友邦保險控股有限公司 6.63%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

5.44%

HSBC HOLDINGS PLC 滙豐控股 4.39%CHINA CONSTRUCTION BANK H 中國建設銀行 H 3.64%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

3.29%

ALIBABA GROUP HOLDING LTD 阿里巴巴集團 3.20%CHINA MOBILE LTD 中國移動 3.02%KWEICHOW MOUTAI A 貴州茅台 A 2.49%CHINA MENGNIU DAIRY 中國蒙牛乳業 2.05%TOTAL 總和 44.13%















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Fidelity Retirement Master Trust - Fidelity Hong Kong Tracker Fund †

富達退休集成信託 - 富達香港盈富基金 †


Fund Descriptor 基金描述Equity Fund – Hong Kong


About the Fund 基金概要The Constituent Fund aims to achieve long term capital growth by investing all or substantially all of the fund assets 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**.


本成份基金旨在把所有或幾乎全部資產投資於盈富基金（「TraHK」），以取得長期資本增長。TraHK 致力把 TraHK 的所有或幾乎全部資產投資於恒生指數成份公司的股份，而且持倉比重與恒生指數大致相同，以提供與恒生指數**表現相符的投資回報。


Fund Details 基金資料 Launch Date 推出日期 28/06/2013Unit NAV 單位資產淨值 HK$12.273 （港元）Fund Size 基金資產 HK$1,228.11M （百萬港元）Risk Class▼ 風險級別▼ 6Fund Risk Indicator (3-Year Standard Deviation)◊ 17.39% 基金風險標記（三年標準差）◊


Fund Commentary^ 基金評論^

Chinese equities declined as a surge in the number of COVID-19 cases across the globe triggered a sharp sell-off in equity markets. Nonetheless, stocks were supported on expectations that the government will provide additional stimulus measures to mitigate the economic impact of the outbreak. In key developments, China took several substantial measures to curtail the contagion from the COVID-19 outbreak, including the imposition of large scale quarantines and travel restrictions. The government also adopted a package of policies to support the resumption of work and production, including fiscal, monetary, financial and trade policies. In particular, the People’s Bank of China lowered the seven-day reverse repo rate and the one-year loan prime rate and cut the reserve requirement ratio to inject liquidity into the banking system. The effective containment of the outbreak and the promise of policy stimulus led to Chinese stocks faring better than their regional and global peers. Factories, workshops and various parts of the economy are slowly emerging from lockdown given a decline in new COVID-19 cases in March. Sentiment towards the Hong Kong stock market weakened over fears of a virus-induced recession. In its annual budget, the government unveiled a record budget deficit, pledging cash handouts to residents and business tax breaks to soften the blow to the recession-hit economy. The Hong Kong Monetary Authority lowered its benchmark interest rate twice in March according to a pre-set formula, in line with rate cuts implemented by the US Federal Reserve (Fed).

2019新型冠狀病毒（新冠肺炎）全球確診個案急增，觸發股市出現顯著拋售，拖累中國股市回落。然而，市場期望當地政府會提供額外刺激措施，以減輕疫情對經濟構成的影響，股市因而受到支持。重要發展方面，中國採取多項大規模措施遏止新冠肺炎疫情蔓延，包括實施大規模檢疫和旅遊限制。政府亦採取政策方案，包括財政、貨幣、金融和貿易政策，從而支持復工復產。具體而言，中國人民銀行下調七天逆回購利率和一年期貸款市場報價利率，並且降低存款準備金率，為銀行體系注入流動性。防控疫情措施奏效，加上政府承諾推出刺激政策，帶動中國股市表現優於區內和環球股市。隨著中國新冠肺炎的新增確診個案在3月回落，當地工廠、工場和經濟各個領域正緩步解封。由於憂慮疫情導致經濟衰退，香港股市的投資氣氛低迷。政府公佈的年度財政預算案錄得破紀錄的預算赤字，預算案內容包括承諾向市民發放現金和減免企業利得稅，從而減輕疫情令經濟受衰退威脅的影響。香港金融管理局在3月內兩度根據既定公式調低基準利率，以跟隨美國聯儲局的減息行動。

^ as of 31/03/2020 截至 31/03/2020

† Fidelity Hong Kong Tracker Fund is subject to risks of investing in Index-Tracking Fund and risks of investing in Underlying Funds. The risks of investing in Index-Tracker Fund include passive investment risk, tracking error risk, early termination risk etc. Please refer to the “Risk Factors” sub-section in the MPF Scheme Brochure for Fidelity Retirement Master Trust for further information.富達香港盈富基金可能涉及投資於追蹤指數基金及投資於其他基金的風險。投資於追蹤指數基金的風險包括被動投資風險，跟蹤偏離度，提早終止風險等等。詳情請細閱富達退休集成信託的強積金計劃說明書內「風險因素」分節。

** The Hang Seng Index measures the performance of largest and most liquid companies listed on the Main Board of the Stock Exchange of Hong Kong Limited and is compiled by adopting free float-adjusted market capitalisation weighted methodology. Details of the index methodology and further information in relation to the Hang Seng Index are available at www.hsi.com.hk. As for other important news of the Hang Seng Index, Hang Seng Indexes Company Limited will also make announcements through press releases and at www.hsi.com.hk. Please also refer to the sub-section headed “FURTHER INFORMATION ON THE HANG SENG INDEX“ in the MPF Scheme Brochure for Fidelity Retirement Master Trust for further information on the Hang Seng Index including the disclaimer of the index provider.恒生指數量度在香港聯合交易所有限公司主板上市的公司中，規模最大及最流通的股份表現，並按流通市值加權法編算。指數編算方法的詳情及有關恒生指數的其他資料載於網頁 www.hsi.com.hk。此外，恒生指數有限公司亦將透過新聞稿及於 www.hsi.com.hk 刊載公告，發佈有關恒生指數的其他重要消息。有關恒生指數的詳情，包括指數供應商的免責聲明，請參閱富達退休集成信託的強積金計劃說明書內標題為「有關恒生指數的其他資料」分節。

◆ Source: Datastream, index performance is calculated as a total return with dividend reinvested.資料來源：Datastream，指數表現以總回報計算，假設股息盈利再作投資。

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




TENCENT HOLDINGS LIMITED 騰訊控股有限公司 11.91%

AIA GROUP LTD 友邦保險控股有限公司 9.52%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 8.68%

HSBC HOLDINGS PLC 滙豐控股 7.81%

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

6.00%

INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

4.87%

CHINA MOBILE LTD 中國移動 4.38%

HONG KONG EXCHS & CLEARING LTD 香港交易所 4.27%

BANK OF CHINA LTD H SHRS 中國銀行有限公司H股 2.97%

CNOOC LTD 中國海洋石油 2.03%

TOTAL 總和 62.44%


05/2005/1905/1805/1705/1605/1505/1406/13

Index 指數

80

90

100

110

120

130

140

150

160

170


Fund 基金


Cumulative Performance累積表現

Fund 基金 -18.31% -12.03% -12.98% -3.88% -5.54% - 22.73%Index◆ 指數◆ -17.98% -11.79% -12.27% -0.55% 0.20% - 40.15%

Annualised Performance年率化表現

Fund 基金 N/A N/A -12.98% -1.31% -1.13% - 3.00%Index◆ 指數◆ N/A N/A -12.27% -0.18% 0.04% - 4.99%

Dollar Cost Averaging Return1 N/A N/A -12.24% -14.09% -3.44% - 0.93%平均成本法回報 1

Industry Breakdown ▲ 行業投資分佈▲


11.9% Information Technology科技

10.2% Properties &Construction地產及建設

6.4% Consumer Discretionary非必需消費品



4.5% Energy 能源

2.8% Consumer Staples主要消費品

2.7% Conglomerates綜合企業

2.1% Healthcare 健康護理




投資或包括現金，應付及應收款項及其他行業（如適用）。▼ P lease refer to the Risk Class Class i f icat ion

Methodology section for details.詳情請參閱「風險級別釐定方法」部分。

◊ The Fund 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. For constituent funds with less than 3 years of performance history, the fund risk indicator figure will not be available. Generally, the higher the fund risk indicator, the higher the fund’s risk level and the higher the volatility of the fund price.



Total Return Index Return◆

基金總回報指數總回報◆

2019 12.07% 13.04%

2018 -11.05% -10.54%

2017 39.11% 41.29%

2016 2.58% 4.30%

2015 -5.38% -3.92%

2014 3.97% 5.48%

2013~ 7.36% 13.14%


As of 截至 31/05/2020

Fund Performance 基金表現

8



Cumulative Performance -9.65% -2.32% 1.09% 7.94% 8.76% 70.58% 162.62%累積表現




2019 19.94% 2018 -12.32% 2017 28.28% 2016 0.69% 2015 -1.89% 2014 1.52% 2013 17.23% 2012 16.74% 2011 -14.52% 2010 10.95%







GLOBAL BOND FUND 環球債券基金 6.23%

HONG KONG BOND FUND 香港債券基金 0.81%

HK$ MONEY FUND 港元貨幣基金 0.72%




As of 截至 31/05/2020


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Mixed Assets Fund – Global – Maximum equity around 90%◆

混合資產基金－環球：股票（最高比重約90%）◆

About the Fund 基金概要The Constituent Fund aims to build real wealth over the long term by investing predominantly into the global equity markets, whilst having the flexibility to invest in global bonds, cash and cash equivalents. The Constituent Fund intends to manage the volatility of returns in the short term. As the Constituent Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund (“FGIF”) – Growth Fund which in turn invests in FGIF Market Investment Funds, FGIF Money Market Funds and FGIF Global Bond Currency Hedged Fund.


本成份基金旨在通過主要投資於全球股票市場，同時可靈活地投資於全球債券、現金及現金等值品，以建立長期實質的財富。本成份基金擬控制在短期內回報的波幅。由於本成份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。

本成份基金是一項聯接基金，投資於富達環球投資基金 (“FGIF”)－增長基金，從而投資於 FGIF市場投資基金、FGIF貨幣市場基金及 FGIF環球債券貨幣基金。





Global equities posted negative returns over the first quarter as the COVID-19 outbreak in China and its spread to other countries weighed on global economic prospects. The World Health Organization (WHO) declared the outbreak a pandemic. Authorities across the world announced large-scale quarantines, social distancing and travel restrictions to curtail the virus’ spread, and unveiled policy stimulus measures to mitigate its economic impact. Against this global backdrop, all key markets ended lower, with European equities experiencing the most negative performance. From a sector perspective, energy companies came under significant pressure as crude oil prices fell in view of weakening global demand and a fallout in the Organization of the Petroleum Exporting Countries’ meeting in March. Global bond markets posted mixed returns, with government bonds outperforming corporate bonds. Financial markets witnessed unprecedented levels of volatility, which led to a sell-off in risk assets and a significant fall in government bond yields as investor rushed to safe-haven assets. The US Federal Reserve, European Central Bank, Bank of England, People’s Bank of China, Bank of Japan and a number of other central banks, have cut interest rates or provided liquidity support through balance sheet expansions or by relaxing bank capital requirements. Governments in major economies have pledged to do “whatever it takes” to provide necessary relief and rescue to their respective countries. Credit market witnessed significant spread widening in view of the COVID-19 pandemic and the sharp drop in oil prices. Elsewhere, emerging market bonds came under pressure, with both local and hard currency bonds posting double digit negative returns.

鑑於中國爆發新冠肺炎，疫情擴散至其他國家，對全球經濟前景造成壓力，環球股市在首季錄得負回報。世界衛生組織宣佈把疫情定性為「全球大流行」。全球各國政府宣佈大規模的隔離檢疫、保持社交距離及發出旅遊限制，以遏制疫情擴散，並公佈多項刺激經濟措施，以減輕疫情對經濟造成的影響。在此全球環境下，所有主要市場均報跌，其中歐洲股市的表現最差。從行業角度來看，全球需求疲軟，加上石油輸出國組織在3月份的會議結果，導致原油價格下跌，能源公司因而承受巨大壓力。環球債券市場回報好淡紛呈，政府債券表現優於企業債券。金融市場經歷前所未見的波動，導致風險資產出現拋售，而投資者紛紛轉投避險資產，亦使政府債券孳息大幅下跌。美國聯儲局、歐洲央行、英倫銀行、中國人民銀行、日本央行及其他多國央行紛紛減息，或透過擴大資產負債表或放寬銀行資本規定，以提供流動性支持。主要經濟體的政府已承諾「不惜一切」，各自在國家層面提供必須的紓困及援助措施。鑑於新冠肺炎全球大流行，加上油價急挫，導致信貸市場的息差顯著擴闊。此外，新興市場債券亦受壓，本幣債券及硬貨幣債券均錄得雙位數字的負回報。


Fidelity Retirement Master Trust - Growth Fund富達退休集成信託 - 增長基金






TENCENT HOLDINGS LIMITED 騰訊控股有限公司 3.74%AIA GROUP LTD 友邦保險控股有限公司 1.96%ALIBABA GROUP HOLDING LTD 阿里巴巴集團 1.92%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

1.80%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.34%HSBC HOLDINGS PLC 滙豐控股 1.25%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

1.17%

MICROSOFT CORP 微軟 1.14%CHINA MOBILE LTD 中國移動 1.06%NESTLE SA 雀巢 0.97%TOTAL 總和 16.35%

05/2005/1805/1605/1405/1205/1005/0805/0605/0412/0060

100

140

180

220

260

300


Fund 基金

◆ Investors should note that this is an indicative portfolio distribution as at the date of the latest MPF Scheme Brochure 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 investment manager of the underlying funds.

投資者應注意，這是僅截至強積金計劃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，視乎相關基金的經理人的觀點而定。





9





Dollar Cost Averaging Return1 N/A N/A -1.05% 0.51% 8.09% 21.46% 68.73%平均成本法回報 1


2019 16.32% 2018 -9.80% 2017 22.87% 2016 0.92% 2015 -2.15% 2014 1.45% 2013 12.72% 2012 14.15% 2011 -10.61% 2010 9.47%













As of 截至 31/05/2020


Fund 基金



About the Fund 基金概要The Constituent Fund aims to build capital value over the long term to provide a degree of asset diversification within a predominately equity portfolio while investing the remaining assets in global bond, cash and cash equivalents. The Constituent Fund intends to manage the volatility of returns in the short term. As the Constituent Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Constituent Fund is a feeder fund investing in the Fidelity Global Investment Fund (“FGIF”) – Balanced Fund, which in turn invests in FGIF Market Investment Funds, FGIF Money Market Funds and FGIF Global Bond Currency Hedged Fund.


本成份基金旨在通過集中投資於全球股票市場，同時通過將餘下資產投資於全球債券、現金及現金等值品，保留一定程度的多元化資產，以建立長期的資本價值。本成份基金控制在短期內回報的波幅。由於本成份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。

本成份基金是一項聯接基金，投資於富達環球投資基金 (“FGIF”)－均衡基金，從而投資於 FGIF市場投資基金、FGIF貨幣市場基金及 FGIF環球債券貨幣基金。







Fidelity Retirement Master Trust - Balanced Fund富達退休集成信託 - 均衡基金

TENCENT HOLDINGS LIMITED 騰訊控股有限公司 2.95%USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 2.14%GERMANY 0% 15/02/2030 REGS 2.07%GERMANY SER 178 0% 13/10/2023 2.05%AIA GROUP LTD 友邦保險控股有限公司 1.57%ALIBABA GROUP HOLDING LTD 阿里巴巴集團 1.50%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

1.43%

GERMANY 0.5% 15/02/2025 REGS 1.08%CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.06%USTN 2% 15/02/2050 美國國庫券 2% 15/02/2050 1.05%TOTAL 總和 16.90%

05/2005/1805/1605/1405/1205/1005/0805/0605/0412/0060

100

140

180

220

260

300


Fund 基金













10







2019 12.89% 2018 -7.31% 2017 18.01% 2016 1.08% 2015 -2.58% 2014 1.45% 2013 8.60% 2012 11.50% 2011 -6.52% 2010 8.12%













As of 截至 31/05/2020


Fund 基金



About the Fund 基金概要The Constituent Fund aims to generate a positive return over the long term by investing in a broadly diversified portfolio of global equities, global bonds, cash and cash equivalents. The Constituent Fund intends to limit the volatility of returns in the short term. As the Constituent Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund (“FGIF”) – Stable Growth Fund which in turn invests in FGIF Market Investment Funds, FGIF Money Market Funds and FGIF Global Bond Currency Hedged Fund.


本成份基金旨在通過投資於涵蓋全球股票、全球債券、現金及現金等值品的廣泛多元化投資組合，以取得長期的正回報。本成份基金擬限制在短期內回報的波幅。由於本成份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。

本成份基金是一項聯接基金，投資於富達環球投資基金 (“FGIF”)－平穩增長基金，從而投資於 FGIF市場投資基金、FGIF貨幣市場基金及 FGIF環球債券貨幣基金。








Fidelity Retirement Master Trust - Stable Growth Fund富達退休集成信託 - 平穩增長基金






USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 3.79%GERMANY 0% 15/02/2030 REGS 3.66%GERMANY SER 178 0% 13/10/2023 3.61%TENCENT HOLDINGS LIMITED 騰訊控股有限公司 2.12%GERMANY 0.5% 15/02/2025 REGS 1.92%USTN 2% 15/02/2050 美國國庫券 2% 15/02/2050 1.86%USTN 0.5% 31/03/2025 美國國庫券 0.5% 31/03/2025 1.50%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 1.47%JAPAN 0.1% 10/03/2028 1.44%GERMANY 0% 15/08/2029 REGS 1.36%TOTAL 總和 22.73%

05/2005/1805/1605/1405/1205/1005/0805/0605/0412/0080

100

120

140

160

180

200

220

240

260


Fund 基金







11







2019 9.35% 2018 -4.73% 2017 12.81% 2016 1.01% 2015 -3.05% 2014 1.22% 2013 4.56% 2012 8.54% 2011 -2.65% 2010 6.30%













As of 截至 31/05/2020


Fund 基金



About the Fund 基金概要The Constituent Fund aims to produce a positive return over the long term by focusing investment towards less volatile assets of global bonds, cash and cash equivalents whilst retaining limited exposure to global equities. The Constituent Fund intends to limit the risk to the capital base in the short term. As the Constituent Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund (“FGIF”) – Capital Stable Fund, which in turn invests into FGIF Market Investment Funds, the FGIF Money Market Funds and the FGIF Global Bond Currency Hedged Fund.


本成份基金旨在通過集中投資於較少波動的資產，例如全球債券、現金及現金等值品，同時保留有限的全球股票投資，以取得長期的正回報。本成份基金擬限制在短期內資本基礎附帶的風險。由於本成份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。

本成份基金是聯接基金，投資於富達環球投資基金 (“FGIF”)－資本穩定基金，從而投資於 FGIF市場投資基金、FGIF貨幣市場基金及 FGIF環球債券貨幣基金。







Fidelity Retirement Master Trust - Capital Stable Fund富達退休集成信託 - 資本穩定基金






05/2005/1805/1605/1405/1205/1005/0805/0605/0412/0080

100

120

140

160

180

200

220


Fund 基金

USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 5.20%GERMANY 0% 15/02/2030 REGS 5.03%GERMANY SER 178 0% 13/10/2023 4.96%GERMANY 0.5% 15/02/2025 REGS 2.63%USTN 2% 15/02/2050 美國國庫券 2% 15/02/2050 2.55%USTN 0.5% 31/03/2025 美國國庫券 0.5% 31/03/2025 2.05%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 2.02%JAPAN 0.1% 10/03/2028 1.98%GERMANY 0% 15/08/2029 REGS 1.87%JAPAN (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 1.79%TOTAL 總和 30.08%








12


As of 截至 31/05/2020

Fund Descriptor 基金描述Mixed Assets Fund – Global – Maximum equity 65%◆

混合資產基金－環球：股票（最高比重 65%）◆

About the Fund 基金概要The Constituent Fund aims to achieve capital growth by investing in a globally diversified manner; and targets to invest 60% of its NAV in higher risk assets (such as global equities), with the remainder investing in lower risk assets (such as global debt securities, money market instruments and other permissible investments under the General Regulation).

The Constituent Fund is a feeder fund that invests in Fidelity Global Investment Fund – Core Accumulation Fund which in turn invests into two or more Approved Pool Investment Funds and/or Index Tracking Collective Investment Scheme.


本成份基金旨在通過環球多元化的投資方式，以取得資本增長；及目標把 60%的資產淨值投資於較高風險資產（例如環球股票），其餘則投資在較低風險資產（例如環球債務證券、現金及現金等值品，以及《一般規例》下的其他獲准許投資項目）。

本成份基金是一項聯接基金，投資於富達環球投資基金－核心累積基金，從而投資於兩項或以上核准匯集投資基金的集體投資計劃及╱或核准追蹤指數基金。





Global equities posted negative returns over the first quarter as the COVID-19 outbreak in China and its spread to other countries weighed on global economic prospects. The World Health Organization (WHO) declared the outbreak a pandemic. Authorities across the world announced large-scale quarantines, social distancing and travel restrictions to curtail the virus’ spread, and unveiled policy stimulus measures to mitigate its economic impact. Against this global backdrop, all key markets ended lower, with European equities experiencing the most negative performance. From a sector perspective, energy companies came under significant pressure as crude oil prices fell in view of weakening global demand and a fallout in the Organization of the Petroleum Exporting Countries’ meeting in March. Returns in US dollar terms were supported by its depreciation against the yen, but undermined by its appreciation against the sterling and euro. Global bond markets posted mixed returns, with government bonds outperforming corporate bonds. Financial markets witnessed unprecedented levels of volatility, which led to a sell-off in risk assets and a significant fall in government bond yields as investor rushed to safe-haven assets. The US Federal Reserve, European Central Bank, Bank of England, People’s Bank of China, Bank of Japan and a number of other central banks, have cut interest rates or provided liquidity support through balance sheet expansions or by relaxing bank capital requirements. Governments in major economies have pledged to do “whatever it takes” to provide necessary relief and rescue to their respective countries. Credit market witnessed significant spread widening in view of the COVID-19 pandemic and the sharp drop in oil prices. Elsewhere, emerging market bonds came under pressure, with both local and hard currency bonds posting double digit negative returns.

鑑於中國爆發新冠肺炎，疫情擴散至其他國家，對全球經濟前景造成壓力，環球股市在首季錄得負回報。世界衛生組織宣佈把疫情定性為「全球大流行」。全球各國政府宣佈大規模的隔離檢疫、保持社交距離及發出旅遊限制，以遏制疫情擴散，並公佈多項刺激經濟措施，以減輕疫情對經濟造成的影響。在此全球環境下，所有主要市場均報跌，其中歐洲股市的表現最差。從行業角度來看，全球需求疲軟，加上石油輸出國組織在3月份的會議結果，導致原油價格下跌，能源公司因而承受巨大壓力。美元兌日圓貶值，支持以美元計的回報，但美元兌英鎊及歐元升值則削弱回報。環球債券市場回報好淡紛呈，政府債券表現優於企業債券。金融市場經歷前所未見的波動，導致風險資產出現拋售，而投資者紛紛轉投避險資產，亦使政府債券孳息大幅下跌。美國聯儲局、歐洲央行、英倫銀行、中國人民銀行、日本央行及其他多國央行紛紛減息，或透過擴大資產負債表或放寬銀行資本規定，以提供流動性支持。主要經濟體的政府已承諾「不惜一切」，各自在國家層面提供必須的紓困及援助措施。鑑於新冠肺炎全球大流行，加上油價急挫，導致信貸市場的息差顯著擴闊。此外，新興市場債券亦受壓，本幣債券及硬貨幣債券均錄得雙位數字的負回報。

Fidelity Retirement Master Trust - Core Accumulation Fund富達退休集成信託 - 核心累積基金


GLOBAL EQUITY 環球股票 60.92%

GLOBAL BOND 環球債券 36.55%


# May include cash, account payables and account receivables.

投資或包括現金，應付及應收款項


MICROSOFT CORP 微軟 1.94%APPLE INC 蘋果公司 1.83%AMAZON.COM 亞馬遜 1.43%FACEBOOK A 0.76%ALPHABET A 0.60%ALPHABET C 0.60%JOHNSON & JOHNSON 強生 0.55%BERKSHIRE HATHAWAY INC B 0.51%VISA A 0.47%TENCENT HOLDINGS LTD 騰訊控股有限公司 0.43%TOTAL 總和 9.12%








Fund 基金 -3.60% 0.61% 6.01% 13.81% - - 16.15%Reference Portfolio -3.41% 0.88% 6.07% 13.73% - - 16.86% 參考投資組合


Fund 基金 N/A N/A 6.01% 4.40% - - 4.84%Reference Portfolio N/A N/A 6.07% 4.38% - - 5.04% 參考投資組合

Dollar Cost Averaging Return1 N/A N/A 1.05% 5.57% - - 5.83%平均成本法回報 1



05/2011/1905/1911/1805/1811/1704/17

ReferencePortfolio參考投資組合

96

100

104

108

112

116

120

124


Fund 基金


Total Return Reference Portfolio 基金總回報參考投資組合

2019 17.19% 17.03%

2018 -5.64% -5.79%

2017~ 8.97% 9.74%








13


As of 截至 31/05/2020

Fund Descriptor 基金描述Mixed Assets Fund – Global – Maximum equity 25%◆

混合資產基金－環球：股票（最高比重 25%）◆

About the Fund 基金概要The Constituent Fund aims to achieve stable growth by investing in a globally diversified manner; and targets to invest 20% of its NAV in higher risk assets (such as global equities), with the remainder investing in lower risk assets (such as global debt securities, money market instruments and other permissible investments under the General Regulation).

The Constituent Fund is a feeder fund that invests in Fidelity Global Investment Fund – Age 65 Plus Fund which in turn invests into two or more Approved Pool Investment Funds and/or Index Tracking Collective Investment Scheme.


本成份基金旨在通過環球多元化的投資方式，以取得穩定增長；及目標把 20%的資產淨值投資於較高風險資產（例如環球股票），其餘則投資在較低風險資產（例如環球債務證券、現金及現金等值品，以及《一般規例》下的其他獲准許投資項目）。

本成份基金是一項聯接基金，投資於富達環球投資基金－ 65歲後基金，從而投資於兩項或以上核准匯集投資基金的集體投資計劃及╱或核准追蹤指數基金。


Fund Details 基金資料 Fund Manager 基金經理 Pek Ng 黃碧瑤Launch Date 推出日期 01/04/2017Unit NAV 單位資產淨值 HK$11.352 （港元）Fund Size 基金資產 HK$429.69M （百萬港元）Risk Class▼ 風險級別▼ 3Fund Risk Indicator (3-Year Standard Deviation)◊ 3.41% 基金風險標記（三年標準差）◊



Global equities posted negative returns over the first quarter as the COVID-19 outbreak in China and its spread to other countries weighed on global economic prospects. The World Health Organization (WHO) declared the outbreak a pandemic. Authorities across the world announced large-scale quarantines, social distancing and travel restrictions to curtail the virus’ spread, and unveiled policy stimulus measures to mitigate its economic impact. Against this global backdrop, all key markets ended lower, with European equities experiencing the most negative performance. From a sector perspective, energy companies came under significant pressure as crude oil prices fell in view of weakening global demand and a fallout in the Organization of the Petroleum Exporting Countries’ meeting in March. Returns in US dollar terms were supported by its depreciation against the yen, but undermined by its appreciation against the sterling and euro. Global bond markets posted mixed returns, with government bonds outperforming corporate bonds. Financial markets witnessed unprecedented levels of volatility, which led to a sell-off in risk assets and a significant fall in government bond yields as investor rushed to safe-haven assets. The US Federal Reserve, European Central Bank, Bank of England, People’s Bank of China, Bank of Japan and a number of other central banks, have cut interest rates or provided liquidity support through balance sheet expansions or by relaxing bank capital requirements. Governments in major economies have pledged to do “whatever it takes” to provide necessary relief and rescue to their respective countries. Credit market witnessed significant spread widening in view of the COVID-19 pandemic and the sharp drop in oil prices. Elsewhere, emerging market bonds came under pressure, with both local and hard currency bonds posting double digit negative returns.

鑑於中國爆發新冠肺炎，疫情擴散至其他國家，對全球經濟前景造成壓力，環球股市在首季錄得負回報。世界衛生組織宣佈把疫情定性為「全球大流行」。全球各國政府宣佈大規模的隔離檢疫、保持社交距離及發出旅遊限制，以遏制疫情擴散，並公佈多項刺激經濟措施，以減輕疫情對經濟造成的影響。在此全球環境下，所有主要市場均報跌，其中歐洲股市的表現最差。從行業角度來看，全球需求疲軟，加上石油輸出國組織在3月份的會議結果，導致原油價格下跌，能源公司因而承受巨大壓力。美元兌日圓貶值，支持以美元計的回報，但美元兌英鎊及歐元升值則削弱回報。環球債券市場回報好淡紛呈，政府債券表現優於企業債券。金融市場經歷前所未見的波動，導致風險資產出現拋售，而投資者紛紛轉投避險資產，亦使政府債券孳息大幅下跌。美國聯儲局、歐洲央行、英倫銀行、中國人民銀行、日本央行及其他多國央行紛紛減息，或透過擴大資產負債表或放寬銀行資本規定，以提供流動性支持。主要經濟體的政府已承諾「不惜一切」，各自在國家層面提供必須的紓困及援助措施。鑑於新冠肺炎全球大流行，加上油價急挫，導致信貸市場的息差顯著擴闊。此外，新興市場債券亦受壓，本幣債券及硬貨幣債券均錄得雙位數字的負回報。

Fidelity Retirement Master Trust - Age 65 Plus Fund富達退休集成信託 - 65歲後基金


GLOBAL EQUITY 環球股票 20.67%

GLOBAL BOND 環球債券 76.82%





MICROSOFT CORP 微軟 0.66%APPLE INC 蘋果公司 0.62%AMAZON.COM 亞馬遜 0.49%USTN 2.125% 31/03/2024 美國國庫券 2.125% 31/03/2024 0.38%USTN 1.625% 15/12/2022 美國國庫券 1.625% 15/12/2022 0.32%USTN 2.75% 15/02/2028 美國國庫券 2.75% 15/02/2028 0.32%USTN 2.875% 15/05/2028 美國國庫券 2.875% 15/05/2028 0.32%USTN 2% 15/08/2025 美國國庫券 2% 15/08/2025 0.31%USTN 1.5% 15/02/2030 美國國庫券 1.5% 15/02/2030 0.31%USTN 2.25% 15/08/2027 美國國庫券 2.25% 15/08/2027 0.30%TOTAL 總和 4.03%








Fund 基金 2.21% 0.97% 7.12% 12.40% - - 13.52%Reference Portfolio 2.35% 1.17% 7.33% 12.80% - - 14.55% 參考投資組合


Fund 基金 N/A N/A 7.12% 3.97% - - 4.09%Reference Portfolio N/A N/A 7.33% 4.10% - - 4.38% 參考投資組合



Cumulative Performance 累積表現 Annual Performance 年度表現

Total Return Reference Portfolio 基金總回報參考投資組合

2019 9.63% 9.63%

2018 -1.63% -1.55%

2017~ 2.99% 3.69%


05/2011/1905/1911/1805/1811/1704/17

ReferencePortfolio參考投資組合

98

100

102

104

106

108

110

112

114

116


Fund 基金







14



Cumulative Performance 1.94% -0.87% 3.53% 6.91% 10.08% 23.34% 33.38%累積表現




2019 5.06% 2018 0.48% 2017 3.42% 2016 -0.88% 2015 1.49% 2014 3.93% 2013 -3.36% 2012 3.96% 2011 5.00% 2010 3.55%

Currency Breakdown▲ 貨幣分佈 ▲

HONG KONG DOLLAR 港元 72.4%

US DOLLAR 美元 27.6%

As of 截至 31/05/2020


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

About the Fund 基金概要The Constituent Fund aims to produce returns that are related to those achieved on the major bond market indices by investing in HKD denominated debt securities globally (including emerging markets). The Constituent Fund intends to limit the volatility of returns in the short term in HK dollar market terms.

The Constituent Fund is a feeder fund investing in the Fidelity Global Investment Fund – Hong Kong Bond Fund, which seeks to minimize currency volatility by implementing a HKD hedged strategy (where investments are made other than in HKD).


本成份基金旨在通過集中投資於全球（包括新興市場）以港元計值的債務證券，以提供與債券市場主要指數相關的回報。本成份基金擬限制在短期內港元市場回報的波幅。

本成份基金是一項聯接基金，投資於富達環球投資基金－香港債券基金，致力通過實行港元對沖策略以減低貨幣匯價波幅（投資以非港元計算）。


Fund Details 基金資料 Fund Manager 基金經理 Morgan LauLaunch Date 推出日期 08/07/2003Unit NAV 單位資產淨值 HK$13.338 （港元）Fund Size 基金資產 HK$1,241.14M （百萬港元）Risk Class▼ 風險級別▼ 3Fund Risk Indicator (3-Year Standard Deviation)◊ 2.64% 基金風險標記（三年標準差）◊

Modified Duration 修正存續期 Fund 基金 5.14 Year （年）Yield to Maturity 到期收益 2.97%Year 2019 Fund Expense Ratio 1.24% 2019年度基金開支比率


Hong Kong government yields fell during the quarter, as demand for sovereign bonds rose following COVID-19 outbreak. Besides, the Hong Kong Interbank Offered Rates fell over the period. Coming into 2020, Moody’s downgraded the ratings of the Government of Hong Kong to “Aa3” from “Aa2” and changed the outlook to stable from negative. Investor sentiment remained weak over fears of virus-induced recession. Higher coupon income supported performance, while the overall term structure positioning and credit selection offset gains. The overweight US dollar duration was the biggest driver of absolute performance. However, the underweight Hong Kong dollar (HKD) duration position detracted from returns. Currently, the fund has an overall duration position of 4.0 years, comprised of its (HKD) duration and US dollar exposure. The fund holds US dollar denominated debt to take advantage of better valuations, lower transaction costs, higher liquidity and better yields versus HKD bonds. Looking ahead, the Hong Kong economy is expected to contract noticeably through the first half of 2020. This is partly due to tourism-related activities. Having barely recovered from the domestic social unrest in 2019, the sector was hit hard by the COVID-19 outbreak at the start of 2020. The labour market has increasingly been under stress, though recovery could be swift. The ongoing situation could also deter global capital flows into HKD assets. We are confident of Hong Kong issuers’ ability to weather this crisis, and the HKD corporate bond market is expected to remain stable with a steady stream of new supply.

2019新型冠狀病毒（新冠肺炎）爆發後，由於主權債券需求上升，導致香港政府債券孳息在季內下跌。此外，香港銀行同業拆息亦於期內回落。踏入2020年後，穆迪下調香港政府債券的評級，由「Aa2」降至「Aa3」，但把前景由負面轉為穩定。由於憂慮疫情導致經濟衰退，投資氣氛持續低迷。票息收入上升為基金表現帶來支持，但整體期限結構配置和信貸挑選抵銷獲利。美元存續期的偏高比重配置是推動基金絕對表現的最大動力。然而，港元存續期的偏低比重配置削弱回報。目前，基金的整體存續期為4.0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。展望未來，預期香港經濟在2020年上半年顯著收縮，部份原因是由旅遊業相關活動所致。旅遊業尚未從2019年的本土社會動盪復元，但新冠肺炎在2020年初爆發令旅遊業雪上加霜。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，亦可能窒礙環球資金流入港元資產。然而，我們有信心香港發行商能夠克服這次危機，而且新債發行量持續穩定，因此港元企業債券市場有望維持平穩。






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

AA/Aa 19.7%

A 53.4%

BBB/Baa 14.3%

BB/Ba 1.8%

Others* 其他 * 10.8%

* 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

Fidelity Retirement Master Trust - Hong Kong Bond Fund富達退休集成信託 - 香港債券基金

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

3.00%

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

2.75%

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

2.70%

CDBL FUNDING TWO 3.6% 16/11/2021 REGS 2.27%BMW FINANCE 2.74% 24/05/2024 REGS 2.13%SWIRE PACIFIC 2.68% 22/02/2030 REGS 太古公司 2.68% 22/02/2030 REGS

2.08%

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

1.92%

IS HONG KONG INVESTMENT 2.9% 30/12/2022 REGS 1.89%HONGKONG LAND NOTES 2.93% 01/11/2029 REGS 1.86%AROUNDTOWN 3.69% 11/03/2024 REGS 1.80%TOTAL 總和 22.40%


49.5% Financial 金融

27.9% Quasi/Sov/Supra/Agncy半政府/主權/超國家/機構債券

20.5% Industrial 工業

2.1% Utility 公用事業








^ as of 31/03/2020 截至 31/03/2020

05/2005/1805/1605/1405/1205/1005/0805/0607/039095

100105110115120125130135140


Fund 基金

15


As of 截至 31/05/2020

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

債券基金－香港及中國

About the Fund 基金概要The Constituent 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 Constituent 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 Constituent Fund intends to limit the volatility of returns in the short term.

The Constituent Fund is a feeder fund that invests in Fidelity Global Investment Fund (”FGIF”) – RMB Bond Fund (MPF) which in turn invests in FGIF – RMB Bond Fund.


本成份基金旨在主要通過間接投資於在中國大陸以外發行或分銷，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。由二零二零年五月二十九日起，本成份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。本成份基金擬限制在短期內回報的波幅。

本成份基金是一項聯接基金，投資於富達環球投資基金(”FGIF”)－人民幣債券基金（強積金），從而投資於 FGIF－人民幣債券基金。


Fund Details 基金資料 Fund Manager 基金經理 Morgan LauLaunch Date 推出日期 16/05/2016Unit NAV 單位資產淨值 HK$10.478 （港元）Fund Size 基金資產 HK$238.96M （百萬港元）Risk Class▼ 風險級別▼ 3Fund Risk Indicator (3-Year Standard Deviation)◊ 2.96% 基金風險標記（三年標準差）◊



Chinese renminbi denominated offshore (Dim Sum) bonds generated positive returns over the quarter. High coupon income was the primary driver of performance. Following the spread of the COVID-19 pandemic, markets went through multiple sell-offs during the second half of the quarter, as investor sentiment weakened amid concerns over economic growth and liquidity. On the economic front, combined data for January and February showed that exports, industrial production, retail sales and fixed asset investment weakened far more than expected. Responding to the sagging economic activity, China demonstrated its willingness and ability to provide targeted stimulus measures. The People’s Bank of China lowered its reserve requirement ratio, one- and five-year loan prime rate and seven-day reverse repo rate during the period. Encouragingly, later in the quarter, China’s manufacturing Purchasing Managers’ Index recovered to 52.0 in March from a record low of 35.7 in February. The fund posted negative returns of 1.78% over the quarter as credit spreads widened and currency movements were unfavourable. The offshore Chinese renminbi depreciated against the Hong Kong dollar, the fund’s reporting currency, which weighed on returns. That said, US dollar duration added value as the US Treasury yield curve fell during the quarter. High coupon income also supported performance.

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2019新型冠狀病毒(COVID-19)疫情在全球擴散後，對經濟增長和流動性的憂慮削弱投資情緒，導致市場在下半季遭受多次拋售。經濟方面，1月和2月綜合數據顯示出口、工業生產、零售銷售和固定資產投資的疲弱情況遠超預期。面對經濟活動放緩，中國展現提供定向刺激措施的意願和能力。期內，中國人民銀行下調存款準備金率、一年和五年貸款市場報價利率和七天逆回購利率。令人鼓舞的是在季度末，中國製造業採購經理指數由2月的歷史低位35.7回升至3月的52.0。鑑於信貸息差擴闊，加上貨幣走勢不利，基金在季內報跌1.78%。離岸人民幣兌港元（基金的匯報貨幣）貶值，亦使回報受累。儘管如此，鑑於美國國庫券孳息曲線於季內下跌，美元存續期為表現增值。高票息收益亦為表現帶來支持。

^ as of 31/03/2020 截至 31/03/2020※ RMB Bond Fund is denominated in HKD only and

not in RMB. The Constituent Fund is subject to Risks of investing in Underlying Funds, etc. Please refer to the “Risk Factors” sub-section in the MPF Scheme Brochure for Fidelity Retirement Master Trust for further information.

人民幣債券基金以港元計值但並非人民幣計值，該成份基金可能涉及投資於其他基金的風險等。詳情請細閱富達退休集成信託的強積金計劃說明書內「風險因素」分節。





Fidelity Retirement Master Trust - RMB Bond Fund ※

富達退休集成信託 - 人民幣債券基金 ※



CHINESE YUAN 人民幣 38.1%



OTHERS 其他 0.0%


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

AA/Aa 11.6%

A 48.7%

BBB/Baa 18.8%

BB/Ba 2.9%




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

5.37%

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

4.43%

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

4.05%

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

3.88%

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

3.24%

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

3.09%

HITACHI CAPITAL UK PLC 4.5% 09/10/2020 REGS 3.06%CHINA GOVT BOND 4% 22/05/2024 REGS 中國政府債券 4% 22/05/2024 REGS

2.86%

SINOCHEM OFFSHORE CAPITAL 4.4% 14/02/2021 REGS 2.70%CCB ASTANA 2.95% 19/03/2022 REGS 2.31%TOTAL 總和 34.99%





3.3% Treasury 國庫券










Cumulative Performance -0.29% -1.00% 0.84% 6.44% - - 4.78%累積表現

Annualised Performance N/A N/A 0.84% 2.10% - - 1.16%年率化表現


Fund 基金


05/2011/1905/1911/1805/1811/1705/1711/1605/1694

96

98

100

102

104

106

108


Fund 基金


2019 3.61% 2018 -0.30% 2017 6.84% 2016~ -4.78%~ Since launch date to the end of launch

year 由推出日至推出日該年年底

16



Cumulative Performance 5.25% 2.10% 7.12% 11.68% 15.96% 30.92% 56.10%累積表現




2019 4.75% 2018 -0.89% 2017 5.65% 2016 1.65% 2015 -3.91% 2014 2.15% 2013 -2.20% 2012 5.26% 2011 5.08% 2010 4.49%




EURO 歐元 24.1%

JAPANESE YEN 日元 6.3%

UK POUND 英鎊 3.9%

CANADIAN DOLLAR 加幣 1.3%

AUSTRALIAN DOLLAR 澳元 1.2%

OTHERS 其他 3.3%

As of 截至 31/05/2020


Fund 基金

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

債券基金－環球

About the Fund 基金概要The Constituent Fund aims to produce returns that are related to those achieved on the major bond market indices by focusing investment in debt securities globally (including emerging markets). The Constituent Fund intends to limit the volatility of returns in the short term.

The Constituent Fund is a feeder fund that invests in Fidelity Global Investment Fund (“FGIF”) – World Bond Fund, which in turn invests in FGIF – Global Bond HK$ Hedged Fund and FGIF – Global Bond Fund.


本成份基金旨在通過集中投資於全球（包括新興市場）債務證券，以提供與債券市場主要指數相關的回報。本成份基金擬限制在短期內回報的波幅。

本成份基金是一項聯接基金，投資於富達環球投資基金 (“FGIF”)－國際債券基金，從而投資於 FGIF－環球債券港元基金及 FGIF－環球債券基金。


Fund Details 基金資料 Fund Manager 基金經理 Rick PatelLaunch Date 推出日期 08/07/2003Unit NAV 單位資產淨值 HK$15.610 （港元）Fund Size 基金資產 HK$1,553.04M （百萬港元）Risk Class▼ 風險級別▼ 3Fund Risk Indicator (3-Year Standard Deviation)◊ 3.44% 基金風險標記（三年標準差）◊



Fixed income markets posted mixed returns over the quarter, with government bonds outperforming corporate bonds. Financial markets witnessed unprecedented levels of volatility, with the spread of the COVID-19 epidemic beyond China, and an oil price crash as the Organization of the Petroleum Exporting Countries’ (OPEC) talks with Russia to reduce output collapsed. Global central banks reacted promptly with new policy responses. The US Federal Reserve (Fed) slashed rates to near zero. The entire US Treasury yield curve fell below 1% for the first time in March 2020. German bunds and UK government bond (Gilt) yields followed their US counterparts. Government bond yields rose for a brief period before falling sharply on the announcement of quantitative easing measures by major G20 economies, while credit spreads continued to widen. Curves steepened as countries across the globe announced a string of fiscal easing packages to support the population. Emerging market bonds posted negative returns over the quarter with all three sub-asset classes posting double digit negative returns. The fund generated positive returns over the quarter. Fund’s duration (measure of its sensitivity to interest rate changes) position enhanced returns as core government bond yields fell as investors flocked towards safe haven assets. In this respect, overweight stance in US dollar, and Norwegian Krone duration contributed to returns. Fund’s underweight stance in government bonds of Spain contributed to returns as major G20 economies announced widespread fiscal stimulus to combat the effects of the coronavirus epidemic, which kept the peripheral markets under pressure. However, small allocation to corporate bonds weighed on performance as credit spreads widened.

固定收益市場季內回報好淡紛呈，政府債券表現優於企業債券。隨著2019新型冠狀病毒（新冠肺炎）在中國以外的地區普遍擴散，加上石油輸出國組織與俄羅斯的減產談判破裂，觸發油價急挫，導致金融市場出現前所未有的波動。環球各地的央行迅速應對，並且推出新的應對政策。美國聯儲局大幅減息至接近零水平。美國國庫券整體孳息曲線在2020年3月首次跌穿1%的水平。德國政府債券和英國政府債券（金邊債券）孳息跟隨美國同類債券走勢。政府債券孳息曾短暫上升，但在20國集團主要經濟體宣佈採取量化寬鬆措施後大幅下跌，信貸息差則持續擴闊。隨著環球多國相繼宣佈一連串財政寬鬆措施以支持本土民眾，孳息曲線趨於陡斜。季內，新興市場債券錄得負回報，三個附屬資產類別均錄得雙位數負回報。基金於季內錄得正回報。隨著投資者紛紛轉投避險資產，導致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，基金對美元持偏高比重及挪威克朗的存續期配置為回報帶來貢獻。基金對西班牙政府債券持偏低比重亦有利回報，因為20國集團主要經濟體宣佈推出廣泛財政刺激經濟措施，以抗禦新冠肺炎疫情蔓延的影響。疫情蔓延亦令週邊市場持續受壓。然而，由於信貸息差擴闊，基金對企業債券的小量配置削弱表現。


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

AAA/Aaa 62.8%

AA/Aa 6.0%

A 15.9%

BBB/Baa 9.3%




Fidelity Retirement Master Trust - World Bond Fund富達退休集成信託 - 國際債券基金




▲ 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 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。

USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 9.10%GERMANY 0% 15/02/2030 REGS 8.80%GERMANY SER 178 0% 13/10/2023 8.68%GERMANY 0.5% 15/02/2025 REGS 4.60%USTN 2% 15/02/2050 美國國庫券 2% 15/02/2050 4.47%USTN 0.5% 31/03/2025 美國國庫券 0.5% 31/03/2025 3.59%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 3.54%JAPAN 0.1% 10/03/2028 3.46%GERMANY 0% 15/08/2029 REGS 3.27%JAPAN (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 3.13%TOTAL 總和 52.64%


83.0% Treasury 國庫券











05/2005/1805/1605/1405/1205/1005/0805/0607/0390

100

110

120

130

140

150

160


Fund 基金

17







2019 0.87% 2018 0.12% 2017 0.00% 2016 0.00% 2015 0.00% 2014 0.00% 2013 0.00% 2012 0.00% 2011 0.00% 2010 0.01%

As of 截至 31/05/2020






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

About the Fund 基金概要The Constituent Fund aims to provide a positive return each month equal to or better than the HKD savings account rate by focusing investments into HKD denominated short term deposits and money market instruments issued globally (including emerging markets). The Constituent Fund intends to minimise risk to the capital.

The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund – HK$ Money Fund.


本成份基金旨在通過集中投資於在全球（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，以提供與港元儲蓄利率相等或較佳的每月正回報。本成份基金擬減低資本附帶的風險。

本成份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。





Hong Kong government yields fell during the quarter, as demand for sovereign bonds rose following the COVID-19 outbreak. The Hong Kong Interbank Offered Rates (HIBOR) fell over the period. Coming into 2020, Moody’s downgraded the ratings of the Government of Hong Kong to “Aa3” from “Aa2” and changed the outlook to stable from negative. Investor sentiment remained weak due to fears of a virus-induced recession. The Hong Kong Monetary Authority lowered its benchmark interest rate twice during the quarter according to a pre-set formula, in line with the rate cuts implemented by the US Federal Reserve. On the macroeconomic front, Hong Kong’s economy contracted in the fourth quarter of 2019, with its GDP falling by a seasonally adjusted 0.3%, according to revised estimates. In its annual budget, the government unveiled a record budget deficit, pledging cash handouts to residents and business tax breaks to soften the blow to the recession-hit economy. Meanwhile, labour market conditions deteriorated, as the seasonally adjusted unemployment rate increased from 3.4% in November 2019 – January 2020, to 3.7% in the three months ending February 2020. Merchandise exports fell by 22.7% in January 2020 over the same month a year earlier, after a year-on-year increase of 3.3% in December 2019.

2019新型冠狀病毒（新冠肺炎）爆發後，由於主權債券需求上升，導致香港政府債券孳息在季內下跌。香港銀行同業拆息亦於期內回落。踏入2020年後，穆迪下調香港政府債券的評級，由「Aa2」降至「Aa3」，但把前景由負面轉為穩定。由於憂慮疫情導致經濟衰退，投資氣氛持續低迷。香港金融管理局在季內兩度根據既定公式調低基準利率，以跟隨美國聯儲局的減息行動。宏觀經濟方面，香港經濟在2019年第四季出現收縮情況，根據經修訂預測，本地生產總值經季節性調整後下跌0.3%。政府公佈的年度財政預算案錄得破紀錄的預算赤字，預算案內容包括承諾向市民發放現金和減免企業利得稅，從而減輕疫情令經濟受衰退威脅的影響。與此同時，勞工市場放緩，經季節性調整失業率由2019年11月至2020年1月期間的3.4%，升至截至2020年2月止三個月的3.7%。繼2019年12月按年升3.3%後，商品出口在2020年1月較去年同期跌22.7%。

* Fees and charges of MPF conservative funds can be deducted from either (i) the assets of the fund or (ii) members’ account by way of unit deduction. MPF Conservative Fund under the Fidelity Retirement Master Trust uses method (i) and, therefore, its unit prices / NAV / fund performance have incorporated the impact of fees and charges. The MPF Conservative Fund under the Fidelity Retirement Master Trust does not guarantee the repayment of capital. The purchase of a Unit in the MPF Conservative Fund is not the same as placing funds on deposit with a bank or deposit-taking company.

強積金保守基金的收費可 (一 ) 透過扣除資產淨值收取；或 ( 二 ) 透過扣除成員帳戶中的單位收取。在富達退休集成信託計劃內的強積金保守基金採用方式( 一 ) 收費，故其單位價格 / 資產淨值 / 基金表現已反映收費之影響。富達退休集成信託的強積金保守基金並不保證償付資本。購入強積金保守基金的單位並不等同將資金存放於銀行或接受存款公司。






Fidelity Retirement Master Trust - MPF Conservative Fund *富達退休集成信託 - 強積金保守基金 *

Fund 基金



TERM DEPOSIT IN BNP 01/06/2020 8.87%TERM DEPOSIT IN ANZ 03/06/2020 8.87%TERM DEPOSIT IN HSBC 01/06/2020 7.65%SUMITOMO MITSUI SYDNEY 0% 14/07/2020 6.81%TERM DEPOSIT IN MIZUHO 15/07/2020 5.69%NATIXIS SINGAPORE 0% 23/06/2020 5.11%TERM DEPOSIT IN NAB 23/06/2020 4.55%KDB ASIA 0% 25/08/2020 4.54%HONG KONG MORTGAGE CORP 0% 15/07/2020 4.54%AGRICULTURAL BANK OF CHINA HONGKONG 0% 05/06/2020

4.43%

TOTAL 總和 61.06%

05/2005/1805/1605/1405/1205/1005/0805/0605/0412/0098

100

102

104

106

108

110

112


Fund 基金





18











As of 截至 31/05/2020

Fidelity Retirement Master Trust - Fidelity SaveEasy 2050 Fund∆

富達退休集成信託 - 富達「儲蓄易」2050基金∆


Fund Descriptor 基金描述Mixed Assets Fund – Global◆

混合資產基金－環球◆

About the Fund 基金概要The Constituent Fund aims to achieve long term capital growth for investors to 2050, and to invest typically in a wide range of investments covering markets throughout the world (including emerging markets), initially with a greater exposure to equities and thereafter, as the year 2050 is approached, greater exposure to bonds and cash.

The Constituent Fund is a feeder fund that invests in Fidelity Global Investment Fund (“FGIF”) – Fidelity SaveEasy 2050 Fund which in turn invests into FGIF Market Investment Funds, FGIF Money Market Funds and FGIF Global Bond Currency Hedged Fund.


本成份基金旨在為投資者取得長期的資本增長至2050年；及一般投資於一系列涵蓋世界各地（包括新興市場）市場的廣泛資產類別。初期投資於股票的比重較高，惟臨近2050年，投資於債券及現金的比重將較高。

本成份基金是一項聯接基金，投資於富達環球投資基金 (“FGIF”)－富達「儲蓄易」2050基金，從而投資於 FGIF市場投資基金、FGIF貨幣市場基金及 FGIF環球債券貨幣基金。


Fund Details 基金資料 Fund Manager 基金經理 Pek Ng 黃碧瑤Launch Date 推出日期 23/11/2015Unit NAV 單位資產淨值 HK$11.761 （港元）Fund Size 基金資產 HK$187.60M （百萬港元）Risk Class▼ 風險級別▼ 5

∆

Fund Risk Indicator (3-Year Standard Deviation)◊ 14.86% 基金風險標記（三年標準差）◊









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。∆ Fidelity SaveEasy Funds are not savings deposits

and involve investment risks. This product may not be suitable for everyone. Investor should also consider factors other than age and review their own investment objectives.

富達「儲蓄易」基金並非儲蓄存款，且涉及投資風險，此產品可能並非適合所有投資者。除年齡外，投資者亦須考慮其他因素，以及檢討個人的投資目標。


2.00%


1.29%





Dollar Cost Averaging Return1 N/A N/A -3.09% -2.48% - - 5.58%平均成本法回報 1


2019 21.42% 2018 -13.38% 2017 30.00% 2016 -0.53% 2015~ -2.97%~ Since launch date to the end of launch


Fund 基金



05/2011/1905/1911/1805/1811/1705/1711/1605/1611/1580

90

100

110

120

130

140


Fund 基金

◆ The Constituent Fund initially has a greater exposure to underlying funds investing into equities and thereafter, as the year 2050 is approached, greater exposure to underlying funds investing into bonds and cash.

成份基金初期投資於股票的相關基金將持較高的比重，惟臨近2050年，將轉為對投資於債券及現金的相關基金持較高的比重。


詳情請參閱「風險級別釐定方法」部分。

∆

The SaveEasy Funds will initially have greater exposure to underlying funds investing into equities. However, as the SaveEasy Funds draw closer to the applicable target year, the SaveEasy Funds would have a greater exposure to underlying funds investing into bonds and cash. Please refer to the chart displaying the Fidelity SaveEasy Funds Asset Rolldown in the sub-section headed “Further Information on SaveEasy Funds” in the MPF Scheme Brochure for FRMT for further details.

「儲蓄易」基金初期對投資於股票的相關基金將持較高的比重，但隨著「儲蓄易」基金臨近指定的目標年份，將轉為對投資於債券及現金的相關基金持較高的比重。請參閱富達退休集成信託的強積金計劃說明書內「有關「儲蓄易」基金的其他資料」分節下的富達「儲蓄易」基金資產調配的圖表，以了解詳情。



19









US$ MONEY FUND 美元貨幣基金 0.03%




As of 截至 31/05/2020












Fund Details 基金資料Fund Manager 基金經理 Pek Ng 黃碧瑤Launch Date 推出日期 23/11/2015Unit NAV 單位資產淨值 HK$11.940 （港元）Fund Size 基金資產 HK$96.21M （百萬港元）Risk Class▼ 風險級別▼ 5

∆














2.01%


1.29%





Dollar Cost Averaging Return1 N/A N/A -3.03% -2.46% - - 5.64%平均成本法回報 1


2019 21.37% 2018 -13.46% 2017 30.03% 2016 0.16% 2015~ -2.14%~ Since launch date to the end of launch


Fund 基金



05/2011/1905/1911/1805/1811/1705/1711/1605/1611/1580

90

100

110

120

130

140


Fund 基金





∆





20







2019 21.43% 2018 -13.24% 2017 30.22% 2016 0.82% 2015 -1.83% 2014 1.57% 2013 17.72% 2012 18.24% 2011 -15.76% 2010 11.70%












As of 截至 31/05/2020


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Mixed Assets Fund – Global◆








Fund Details 基金資料 Fund Manager 基金經理 Pek Ng 黃碧瑤Launch Date 推出日期 27/10/2008Unit NAV 單位資產淨值 HK$25.367 （港元）Fund Size 基金資產 HK$1,118.65M （百萬港元）Risk Class▼ 風險級別▼ 5

∆

















2.01%


1.30%


05/2005/1805/1605/1405/1205/1010/0860

100

140

180

220

260

300


Fund 基金





∆





21







2019 21.20% 2018 -13.06% 2017 30.06% 2016 0.81% 2015 -1.92% 2014 1.55% 2013 17.62% 2012 18.10% 2011 -15.84% 2010 11.55%












As of 截至 31/05/2020


Fund 基金










∆

















1.98%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.47%

HSBC HOLDINGS PLC 滙豐控股 1.38%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

1.28%


05/2005/1805/1605/1405/1205/1010/0860

100

140

180

220

260

300


Fund 基金





∆





22







2019 20.79% 2018 -12.76% 2017 29.68% 2016 0.81% 2015 -1.85% 2014 1.47% 2013 17.84% 2012 17.86% 2011 -15.72% 2010 11.38%












As of 截至 31/05/2020




Fund 基金










∆















1.91%


1.23%


05/2005/1805/1605/1405/1205/1010/0860

100

140

180

220

260

300


Fund 基金





∆





23







2019 19.58% 2018 -11.93% 2017 28.14% 2016 0.80% 2015 -1.85% 2014 1.54% 2013 17.54% 2012 17.57% 2011 -15.35% 2010 11.11%












As of 截至 31/05/2020




Fund 基金










∆















1.72%

USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 1.40%GERMANY 0% 15/02/2030 REGS 1.35%GERMANY SER 178 0% 13/10/2023 1.33%CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.28%HSBC HOLDINGS PLC 滙豐控股 1.20%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

1.11%

TOTAL 總和 16.62%

05/2005/1805/1605/1405/1205/1010/0860

100

140

180

220

260

300


Fund 基金





∆





24







2019 13.10% 2018 -7.14% 2017 23.59% 2016 1.15% 2015 -1.38% 2014 1.58% 2013 16.52% 2012 16.93% 2011 -14.73% 2010 10.68%












As of 截至 31/05/2020




Fund 基金



^ as of 31/03/2020 截至 31/03/2020▲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%。




As disclosed in the MPF Scheme Brochure, the SaveEasy Funds may remain in existence for a period of up to five years after the designated target year. A particular SaveEasy Fund is expected to terminate with effect from 31 December in the year that is up to five years after its target year (the fund’s “Maturity Date”). Although the Fidelity SaveEasy 2020 Fund will reach its target year in 2020, the Investment Manager does not propose to terminate the Fidelity SaveEasy 2020 Fund in 2020 and will continue to manage the Constituent Fund until 2025. Further notice will be issued to the Member before the Maturity Date of a SaveEasy Fund advising him that the Maturity Date is close to being reached and offering the Member an opportunity to switch his holdings in the particular SaveEasy Fund to any other Constituent Fund.如強積金計劃說明書所披露，「儲蓄易」基金在指定目標年份屆滿後，可繼續存在最多五年。預期個別「儲蓄易」基金將於其目標年份後五年的12月31日終止（基金的「到期日」）。雖然富達「儲蓄易」2020基金將於2020年到達其目標年份，但投資經理人不打算在2020年終止富達「儲蓄易」2020基金，並將繼續管理該成份基金直至2025年為止。於「儲蓄易」基金到期日前將發出進一步通知，提醒成員該基金的到期日即將臨近，讓成員可把其在該「儲蓄易」基金的投資轉移至任何其他成份基金。

USTN 0.625% 15/05/2030 美國國庫券 0.625% 15/05/2030 4.97%

GERMANY 0% 15/02/2030 REGS 4.80%

GERMANY SER 178 0% 13/10/2023 4.74%

GERMANY 0.5% 15/02/2025 REGS 2.51%

USTN 2% 15/02/2050 美國國庫券 2% 15/02/2050 2.44%

USTN 0.5% 31/03/2025 美國國庫券 0.5% 31/03/2025 1.96%

USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 1.93%

JAPAN 0.1% 10/03/2028 1.89%

TENCENT HOLDINGS LIMITED 騰訊控股有限公司 1.79%

GERMANY 0% 15/08/2029 REGS 1.78%

TOTAL 總和 28.81%

05/2005/1805/1605/1405/1205/1010/0880

100120140160180200220240260280


Fund 基金






本成份基金旨在為投資者取得長期的資本增長至 2020年；及一般投資於一系列涵蓋世界各地（包括新興市場）市場的廣泛資產類別。初期投資於股票的比重較高，惟臨近 2020年，投資於債券及現金的比重將較高。




∆












∆





25

26

Investment Objective 投資目標Investment Objective 投資目標

Asia Pacific Equity Fund 亞太股票基金

(a) Objective and policy• The Asia Pacific Equity Fund aims to produce returns

that are related to those achieved on the major s tock market indices of As ia Paci f ic by focus ing investment (i.e. at least 70% of its net asset value) in to the equ i t y market s o f As ia Pac i f i c , namely equities of companies listed, have their head offices or exercise a predominant part of their activity in Asia Pacific. Asia Pacific comprises countries and reg ions inc lud ing , bu t no t l im i ted to , Aus t ra l ia , Ma in land Ch ina , Hong Kong , I nd ia , I ndones ia , Ko r e a , M a l a y s i a , N e w Ze a l a n d , P h i l i p p i n e s , Singapore, Taiwan and Thailand, cer tain of which are considered to be emerging markets.

• The Asia Pacific Equity Fund intends to manage the volatility of returns in the short term.

Notes:

• The Asia Pac i f i c Equ i t y Fund inves ts in the As ia Paci f ic Equi ty Fund (MPF) within the FGIF Level 1 Funds of FGIF. The Asia Pacific Equity Fund (MPF) of FGIF in turn invests in the Asia Pacific Equity Fund of FGIF, which in turn invests directly in the market.

• Up to 10% of the net asset value of the Asia Pacific Equity Fund of FGIF may be invested in shares listed on a stock exchange that is not an approved stock exchange as defined in the General Regulation.

(b) Balance of investmentsThe Asia Pacific Equity Fund (via its investments in the underlying fund) wi l l invest up to 100% of i ts latest available net asset value in equities.

P lease refer to the MPF Scheme Brochure for any defined terms and risks related to the Constituent Fund.

(a) 目標及政策• 亞太股票基金旨在通過集中（即最少其資產淨值70%）

投資於亞太股票市場，即在亞太區上市、設置總公司

或經營主要業務的公司的股票，以提供與亞太股市主

要指數相關的回報。亞太國家及地區包括但不限於澳

洲、中國大陸、香港、印度、印尼、韓國、馬來西

亞、新西蘭、菲律賓、新加坡、台灣及泰國（部份被視

為新興市場）。

• 亞太股票基金擬控制在短期內回報的波幅。

附註：

• 亞太股票基金投資於FGIF的FGIF第一層基金內的亞太

股票基金（強積金）。FGIF亞太股票基金（強積金）乃投

資於FGIF亞太股票基金，從而直接投資於市場。

• FGIF的亞太股票基金可把其資產淨值的最多10%投資於

在並非核准證券交易所（定義見《一般規例》）的證券交

易所上市的股份。

(b) 投資比重亞太股票基金（透過其在相關基金的投資）將把其最新可

動用資產淨值的最高100%投資於股票。

請參閱強積金計劃說明書了解特定詞彙及該成份基金可

能涉及的風險。

27

Investment Objective 投資目標

Global Equity Fund 環球股票基金

(a) Objective and policy• The Global Equity Fund aims to produce returns that

are related to those achieved on the major world s tock market indices by focus ing investment ( i .e. at least 70% of its net asset value) into the global equ i t y market s . As the Globa l Equ i t y Fund may inves t global ly, i t may be exposed to countr ies/regions considered to be emerging markets.

• The G loba l Equ i t y Fund in tends to manage the volatility of returns in the short term.

Notes:

• The Global Equity Fund invests in the Global Equity Fund within the FGIF Level 1 Funds of FGIF, which in turn invests into the FGIF Market Investment Funds and the FGIF Money Market Funds.

(b) Balance of investmentsThe Global Equi t y Fund (v ia i t s inves tments in the underlying fund) wi l l invest up to 100% of i ts latest available net asset value in equities.

P lea se refer to the MPF Scheme Brochure for any defined terms and risks related to the Constituent Fund.

(a) 目標及政策• 環球股票基金旨在通過集中（即最少其資產淨值70%）投

資於環球股票市場，以提供與環球股市主要指數相關

的回報。由於環球股票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。

• 環球股票基金擬控制在短期內回報的波幅。

附註：

• 環球股票基金投資於FGIF的FGIF第一層基金內的環球

股票基金，從而投資於FGIF市場投資基金及FGIF貨幣

市場基金。

(b) 投資比重環球股票基金（透過其在相關基金的投資）將把其最新可




28


Hong Kong Equity Fund 香港股票基金

(a) Objective and policy• The Hong Kong Equity Fund aims to produce returns

that are related to those achieved on the major s tock market ind ices o f Hong Kong by focus ing investment (i.e. at least 70% of its net asset value) i n t o t h e equ i t y ma r ke t o f Hong Kong , name l y equ i t i e s o f compan ie s l i s t ed i n Hong Kong o r companies which have their head office or exercise a predominant par t of their act ivity in Hong Kong (including companies which are listed outside Hong Kong) . Investing in these companies may result in exposure to countr ies/regions such as Main land China which considered to be emerging markets.

Notes:

• The Hong Kong Equ i t y Fund inves ts in the Hong Kong Equ i t y Fund o f FGIF, wh ich in tu rn inves t s directly in the market.

• Up to 10% of the net asset value of the Hong Kong Equity Fund of FGIF may be invested in shares listed on a stock exchange that is not an approved stock exchange as defined in the General Regulation.

• The larges t ten ho ld ings/secur i t ies to which the Hong Kong Equity Fund of FGIF may have exposure may account for 50% or more of its net asset value, resulting in a reasonably concentrated portfolio.

(b) Balance of investmentsThe Hong Kong Equity Fund (via its investments in the underlying fund) wi l l invest up to 100% of i ts latest available net asset value in equities.


(a) 目標及政策• 香港股票基金旨在通過集中（即最少其資產淨值70%）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，以提供與香港股市主要指數相關的回

報。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。

附註：

• 香港股票基金投資於FGIF的香港股票基金，從而直接

投資於市場。

• FGIF的香港股票基金可把其資產淨值的最多10%投資於

在並非核准證券交易所（定義見《一般規例》）的證券交

易所上市的股份。

• FGIF的香港股票基金持有的十大持倉╱證券可能佔其

資產淨值的50%或以上，令投資組合的持倉適度集中。

(b) 投資比重香港股票基金（透過其在相關基金的投資）將把其最新可




29


Fidelity Hong Kong Tracker Fund 富達香港盈富基金

(a) Objective and policy• to achieve long - term capi tal grow th by invest ing

al l or substantial ly al l of the fund assets into the Tracker Fund of Hong Kong (“TraHK”) .

• t he TraHK ’ s i nves tmen t ob jec t i ve i s to p rov ide investment resul ts that closely correspond to the performance of the Hang Seng Index of Hong Kong. The manager of TraHK (State Street Global Advisors A s ia L im i ted ) seeks to ach ieve t he i nves tmen t objective of TraHK by investing all, or substantially all, of TraHK’s assets in the shares in the constituent companies of the Hang Seng Index in substantially the same weightings as they appear in the Hang Seng Index.

• The Hang Seng Index measures the per formance o f la rges t and mos t l iqu id companies l i s ted on the Main Board of the SEHK and is compi led by adopting free float - ad justed market capitalisation w e i g h t e d m e t h o d o l o g y . D e t a i l s o f t h e i n d e x methodology and fur ther information in relation to the Hang Seng Index are available at www.hsi.com.hk. As for other important news of the Hang Seng Index, Hang Seng Indexes Company Limi ted wi l l also make announcements through press releases and at www.hsi.com.hk. Please also refer to the sub-sec t ion headed “FURTHER INFORMATION ON THE HANG SENG INDEX” in the MPF Scheme Brochure fo r F ide l i t y Re t i remen t Mas te r Tru s t fo r f u r t he r information on the Hang Seng Index including the disclaimer of the index provider.

Notes:

• The Fidelity Hong Kong Tracker Fund invests directly in the TraHK which is an Approved Index-Tracking Fund . The TraHK may use fu tu res con t rac t s and opt ions fo r hedg ing purposes o r to ach ieve i t s investment objective. The TraHK will not engage in security lending.

• The Fidelity Hong Kong Tracker Fund may hold cash and bank depos i t s fo r anc i l la r y purposes , such as for meeting redemption requests or defraying operating expenses.

(b) Balance of investmentsT h e F i d e l i t y H o n g Ko n g T r a c ke r F u n d ( v i a i t s investments in the underlying fund) wil l invest up to 100% of its latest available net asset value in equities.


(a) 目標及政策• 把基金的所有或幾乎全部資產投資於盈富基金

（「TraHK」），以取得長期資本增長。

• TraHK的投資目標是提供與香港恒生指數表現相符的投

資回報。TraHK的經理人（道富環球投資管理亞洲有限

公司）致力把TraHK的所有或幾乎全部資產投資於恒生

指數成份公司的股份，而且持倉比重與恒生指數大致

相同，以達致TraHK的投資目標。

• 恒生指數量度在聯交所主板上市的公司中，規模最大

及最流通的股份表現，並按流通市值加權法編算。指

數編算方法的詳情及有關恒生指數的其他資料載於網

頁www.hsi.com.hk。恒生指數有限公司亦將透過新聞

稿及於www.hsi.com.hk刊載公告，發佈有關恒生指數

的其他重要消息。有關恒生指數的詳情，包括指數供

應商的免責聲明，請參閱富達退休集成信託的強積金

計劃說明書內標題為「有關恒生指數的其他資料」的分

節。

附註：

• 富達香港盈富基金直接投資於TraHK。TraHK是一項

核准追蹤指數基金，可利用期貨合約及期權作對沖用

途，或達致其投資目標。TraHK將不會進行證券借貸。

• 富達香港盈富基金可持有現金及銀行存款作備用，例

如用以履行贖回要求或支付營運開支。

(b) 投資比重富達香港盈富基金（透過其在相關基金的投資）將把其最

新可動用資產淨值的最高100%投資於股票。



30


Growth Fund 增長基金

(a) Objective and policy• The Growth Fund aims to build real wealth over the

long term by investing predominantly into the global equity markets, whilst having the flexibility to invest in global bonds, and cash and cash equivalents.

• The Growth Fund intends to manage the volatility of returns in the short term.

• As the Grow th Fund may inves t g lobal ly, i t may be exposed to countries/regions considered to be emerging markets.

Notes:

• The Growth Fund invests in the Growth Fund of FGIF, which in turn invests into the FGIF Market Investment Funds, the FGIF Money Market Funds and the FGIF Global Bond Currency Hedged Fund.

(b) Balance of investmentsThe Growth Fund (via its investments in the underlying funds) wil l invest around 90% of i ts latest available net asset value in equities, 7% of its latest available net asset value in bonds and 3% of its latest available net asset value in cash.

Please refer to the MPF Scheme Brochure for any defined terms and risks related to the Constituent Fund.

(a) 目標及政策• 增長基金旨在通過主要投資於全球股票市場，同時可

靈活地投資於全球債券、現金及現金等值品，以建立

長期實質的財富。

• 增長基金擬控制在短期內回報的波幅。

• 由於增長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。

附註：

• 增長基金投資於FGIF的增長基金，從而投資於FGIF市

場投資基金、FGIF貨幣市場基金及FGIF環球債券貨幣

基金。

(b) 投資比重增長基金（透過其在相關基金的投資）將把其最新可動用

資產淨值的約90%投資於股票、其最新可動用資產淨值的

7%投資於債券，以及其最新可動用資產淨值的3%以現金

持有。



31


Balanced Fund 均衡基金

(a) Objective and policy• The Balanced Fund aims to build capital value over

the long term by focusing investment into the global equity markets, whilst providing a degree of asset diversification by investing the remaining assets in global bonds, and cash and cash equivalents.

• The Balanced Fund intends to manage the volatility of returns in the short term.

• As the Balanced Fund may invest globally, it may be exposed to countries/regions considered to be emerging markets.

Notes:

• The Balanced Fund invests in the Balanced Fund of FGIF, which in turn invests into the FGIF Market Inves tment Funds , the FGIF Money Market Funds and the FGIF Global Bond Currency Hedged Fund.

(b) Balance of investmentsT h e B a l a n ce d F u n d ( v i a i t s i n v e s t m e n t s i n t h e underlying funds) will invest around 70% of its latest available net asset value in equities, 25% of its latest ava i lab le net asset va lue in bonds and 5% o f i t s latest available net asset value in cash.


(a) 目標及政策• 均衡基金旨在通過集中投資於全球股票市場，同時通

過將餘下資產投資於全球債券、現金及現金等值品，

保留一定程度的多元化資產，以建立長期的資本價值。

• 均衡基金擬控制在短期內回報的波幅。

• 由於均衡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。

附註：

• 均衡基金投資於FGIF的均衡基金，從而投資於FGIF市

場投資基金、FGIF貨幣市場基金及FGIF環球債券貨幣

基金。

(b) 投資比重均衡基金（透過其在相關基金的投資）將把其最新可動用

資產淨值的約70%投資於股票，其最新可動用資產淨值的

25%投資於債券，以及其最新可動用資產淨值的5%以現

金持有。



32


Stable Growth Fund 平穩增長基金

(a) Objective and policy• The Stable Growth Fund aims to generate a positive

return over the long term through inves t ing in a broadly d ivers i f ied por t fo l io o f g lobal equ i t ies , global bonds, and cash and cash equivalents.

• The Stable Growth Fund intends to limit the volatility of returns in the short term.

• As the Stable Growth Fund may invest globally, i t may be exposed to countries/regions considered to be emerging markets.

Notes:

• The Stable Growth Fund invests in the Stable Growth Fund of FGIF, which in turn invests in to the FGIF Market Investment Funds, the FGIF Money Market Funds and the FGIF Global Bond Currency Hedged Fund.

(b) Balance of investmentsThe Stable Growth Fund (v ia i ts investments in the underlying funds) will invest around 50% of its latest available net asset value in equities, 45% of its latest ava i lab le net asset va lue in bonds and 5% o f i t s latest available net asset value in cash.


(a) 目標及政策• 平穩增長基金旨在通過投資於涵蓋全球股票、全球債

券、現金及現金等值品的廣泛多元化投資組合，以取

得長期的正回報。

• 平穩增長基金擬限制在短期內回報的波幅。

• 由於平穩增長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。

附註：

• 平穩增長基金投資於FGIF的平穩增長基金，從而投資

於FGIF市場投資基金、FGIF貨幣市場基金及FGIF環球

債券貨幣基金。

(b) 投資比重平穩增長基金（透過其在相關基金的投資）將把其最新可

動用資產淨值的約50%投資於股票，其最新可動用資產淨

值的45%投資於債券，以及其最新可動用資產淨值的5%

以現金持有。



33


Capital Stable Fund 資本穩定基金

(a) Objective and policy• The Capital Stable Fund aims to produce a positive

return over the long term by focusing investment towards less volati le assets of global bonds, and cash and cash equivalents, whilst retaining limited exposure to global equities.

• The Capital Stable Fund intends to limit the risk to the capital base in the short term.

• As the Capital Stable Fund may invest globally, i t may be exposed to countries/regions considered to be emerging markets.

Notes:

• The Cap i ta l S tab le Fund i nves t s i n t he Cap i ta l Stable Fund of FGIF, which in turn invests into the FGIF Market Inves tmen t Funds , the FGIF Money Market Funds and the FGIF Global Bond Currency Hedged Fund.

(b) Balance of investmentsThe Capital Stable Fund (via i ts investments in the underlying funds) will invest around 30% of its latest available net asset value in equities, 60% of its latest avai lable net asset value in bonds and 10% of i ts latest available net asset value in cash.


(a) 目標及政策• 資本穩定基金旨在通過集中投資於較少波動的資產，

例如全球債券、現金及現金等值品，同時保留有限的

全球股票投資，以取得長期的正回報。

• 資本穩定基金擬限制在短期內資本基礎附帶的風險。

• 由於資本穩定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。

附註：

• 資本穩定基金投資於FGIF的資本穩定基金，從而投資

於FGIF市場投資基金、FGIF貨幣市場基金及FGIF環球

債券貨幣基金。

(b) 投資比重資本穩定基金（透過其在相關基金的投資）將把其最新可

動用資產淨值的約30%投資於股票，其最新可動用資產淨

值的60%投資於債券，以及其最新可動用資產淨值的10%

以現金持有。



34


Core Accumulation Fund 核心累積基金

(a) Objective and policy• T he Co re Accumu l a t i o n F u nd a ims t o a ch i e ve

capital growth by investing in a globally diversified manner.

• The Core Accumulation Fund targets to invest 60% of i t s NAV in h igher r i sk assets ( such as global equities) , with the remainder investing in lower risk assets (such as global debt securi t ies , cash and cash equivalents, and other permissible investments under the General Regulation) . The asset allocation to higher r isk assets may vary between 55% and 65% due to market movements.

Notes:

• The Core Accumulat ion Fund inves ts in the Core Accumulation Fund of FGIF, which is a fund of funds investing in two or more APIFs (which may include actively managed APIFs) and/or ITCIS as allowed under the General Regulation.

• The inves tments o f the Core Accumula t ion Fund of FGIF in the underly ing APIFs and/or ITCIS are expec ted to be determined and managed at the discretion of the investment manager of the Core Accumu la t i on Fund o f FG I F w i t h rega rd to t he Refe rence Por t fo l io fo r the “Core Accumu la t ion F u nd ” a s de f i n ed i n t h e MPF O rd i nan ce . T h e assets of the Core Accumulation Fund of FGIF wil l be al located between the underly ing APIFs and/or ITCIS in such propor t ion and in such manner as are consistent with i ts investment objective, in particular, allocation of 60% of its net asset value in higher risk assets with the remainder in lower risk assets.

• The key reason fo r adopt ing th i s s t ra tegy i s to enable the investment manager of FGIF to manage the exposure of the Core Accumulation Fund of FGIF broadly in accordance with the Reference Portfolio for the “Core Accumulation Fund” as defined in the MPF Ordinance, whi ls t retain ing the f lex ibi l i t y to pick and choose the underlying APIFs and/or ITCIS when more appropriate or economical ly ef f ic ient AP I F s and/o r I TC I S a re ava i l ab le ( e .g . hav i ng regard to fac tors such as avai lable APIFs and/or ITCIS, fees and performance, etc.) .

HKD currency exposure:The Core Accumulation Fund will maintain an effective currency exposure to HKD of at leas t 30% through investing in the FGIF – Core Accumulation Fund. The FGIF – Core Accumu la t ion Fund w i l l ma in ta in an ef fec t ive currency exposure to HKD of at least 30% th rough cur rency hedging or th rough inves t ing in underlying APIFs and/or ITCIS.

(b) Balance of investments• Higher risk assets (such as global equities) : 60%• Lower risk assets (such as global debt securi t ies,

money market ins truments and other permiss ible investments under the General Regulation) : 40%

The asset allocation of the Core Accumulation Fund to higher risk assets may vary between 55% and 65% due to market movements . Accord ingly, the asset allocation of the Core Accumulation Fund to lower risk assets may vary between 35% and 45%.There is no prescribed allocation for investments in any specific countries or currencies .


(a) 目標及政策• 核心累積基金旨在通過環球多元化的投資方式，以取

得資本增長。

• 核心累積基金的目標是把60%的資產淨值投資於較高風

險資產（例如環球股票），其餘則投資在較低風險資產

（例如環球債務證券、現金及現金等值品，以及《一般

規例》下的其他獲准許投資項目）。因應市場變動，投

資於較高風險資產的資產分配可介乎55%至65%之間。

附註：

• 核心累積基金投資於FGIF的核心累積基金。FGIF核心

累積基金是一項基金中的基金，投資於兩項或以上獲

《一般規例》允許的APIF（可包括主動管理的APIF）及╱

或ITCIS。

• 預期FGIF核心累積基金在相關APIF及╱或ITCIS的投

資，將會以「核心累積基金」（定義見《強積金條例》）的

參考組合為依據，並由FGIF核心累積基金的投資經理

人酌情釐定及管理。FGIF核心累積基金在相關APIF及

╱或ITCIS的資產分配，將以符合其投資目標的比例及

方式作出，尤其是把60%的資產淨值投資於較高風險資

產，其餘則投資在較低風險資產。

• 採用該策略的主要原因，是讓FGIF的投資經理人可大

致依據「核心累積基金」（定義見《強積金條例》）的參考

組合，藉此管理FGIF核心累積基金的投資配置，同時

保留靈活性，可於出現較適合或具經濟效益的APIF及╱

或ITCIS時（例如考慮適用APIF及╱或ITCIS、費用及表現

等因素後）靈活挑選相關APIF及╱或ITCIS。

港元貨幣風險：

核心累積基金將透過投資於FGIF核心累積基金來維持不

少於30%的港元有效貨幣風險。FGIF核心累積基金將透過

貨幣對沖或透過投資於相關APIF及╱或ITCIS，從而維持

不少於30%的港元有效貨幣風險。

(b) 投資比重• 較高風險資產（例如環球股票）：60%

• 較低風險資產（例如環球債務證券、貨幣市場工具及

《一般規例》下的其他獲准許投資項目）：40%

因應市場變動，核心累積基金於較高風險資產的資產分

配可介乎55%至65%之間。因此，核心累積基金於較低風

險資產的資產分配可介乎35%至45%之間。

基金並無對任何特定國家或貨幣的指定投資分配。



35


Age 65 Plus Fund 65歲後基金

(a) Objective and policy• The Age 65 Plus Fund aims to achieve stable growth

by investing in a globally diversified manner.• The Age 65 Plus Fund targets to invest 20% of i ts

NAV in higher risk assets (such as global equities) , wi th the remainder invest ing in lower r isk assets ( such as g loba l debt secur i t ies , cash and cash equ iva len t s , and o ther permiss ib le inves tmen ts under the General Regulation) . The asset allocation to higher r isk assets may vary between 15% and 25% due to market movements.

Notes:

• The Age 65 Plus Fund invests in the Age 65 Plus Fund of FGIF, which is a fund of funds inves t ing in two or more APIFs (which may include actively managed APIFs) and/or ITCIS as allowed under the General Regulation.

• The investments of the Age 65 Plus Fund of FGIF in the underlying APIFs and/or ITCIS are expected to be determined and managed at the discretion of the investment manager of the Age 65 Plus Fund of FGIF with regard to the Reference Por tfol io for t he “Age 65 P l u s Fund ” as de f i ned i n t he MPF Ordinance. The assets of the Age 65 Plus Fund of FGIF will be allocated between the underlying APIFs and/or ITCIS in such proportion and in such manner as are consistent with i ts investment objective, in particular, allocation of 20% of its net asset value in higher risk assets with the remainder in lower risk assets.

• The larges t ten ho ld ings/secur i t ies to which the Age 65 Plus Fund of FGIF may have exposure may accoun t fo r 50% or more o f i t s net asset va lue, resulting in a reasonably concentrated portfolio.

• The key reason fo r adopt ing th i s s t ra tegy i s to enable the investment manager of FGIF to manage t he exposu re o f t he Age 65 P l u s Fund o f FG I F broadly in accordance with the Reference Portfolio for the “Age 65 Plus Fund” as defined in the MPF Ordinance, whi ls t retain ing the f lex ibi l i t y to pick and choose the underlying APIFs and/or ITCIS when more appropriate or economical ly ef f ic ient APIFs and/or ITCIS are available (e.g. having regard to factors such as available APIFs and/or ITCIS, fees and performance, etc.) .

HKD currency exposure:The Age 65 Plus Fund will maintain an effective currency exposure to HKD of at least 30% through investing in the FGIF – Age 65 Plus Fund. The FGIF – Age 65 Plus Fund wil l maintain an ef fective currency exposure to HKD of at least 30% through currency hedging or through investing in underlying APIFs and/or ITCIS.

(b) Balance of investments• Higher risk assets (such as global equities) : 20%• Lower risk assets (such as global debt securi t ies,

money market ins truments and other permiss ible investments under the General Regulation) : 80%

The asset allocation of the Age 65 Plus Fund to higher r isk assets may vary between 15% and 25% due to market movements. Accordingly, the asset allocation of the Age 65 Plus Fund to lower risk assets may vary between 75% and 85%.There is no prescribed allocation for investments in any specific countries or currencies.


(a) 目標及政策• 65歲後基金旨在通過環球多元化的投資方式，以取得

穩定增長。

• 65歲後基金的目標是把20%的資產淨值投資於較高風險

資產（例如環球股票），其餘則投資在較低風險資產（例

如環球債務證券、現金及現金等值品，以及《一般規

例》下的其他獲准許投資項目）。因應市場變動，投資

於較高風險資產的資產分配可介乎15%至25%之間。

附註：

• 65歲後基金投資於FGIF的65歲後基金。FGIF 65歲後基

金是一項基金中的基金，投資於兩項或以上獲《一般規

例》允許的APIF（可包括主動管理的APIF）及╱或ITCIS。

• 預期FGIF 65歲後基金在相關APIF及╱或ITCIS的投資，

將會以「65歲後基金」（定義見《強積金條例》）的參考組

合為依據，並由FGIF 65歲後基金的投資經理人酌情釐

定及管理。FGIF 65歲後基金在相關APIF及╱或ITCIS的

資產分配，將以符合其投資目標的比例及方式作出，

尤其是把20%的資產淨值投資於較高風險資產，其餘則

投資在較低風險資產。

• FGIF 65歲後基金持有的十大持倉╱證券可能佔其資產

淨值的50%或以上，令投資組合的持倉適度集中。

• 採用該策略的主要原因，是讓FGIF的投資經理人可大

致依據「65歲後基金」（定義見《強積金條例》）的參考組

合，藉此管理FGIF 65歲後基金的投資配罝，同時保留

靈活性，可於出現較適合或具經濟效益的APIF及╱或

ITCIS時（例如考慮適用APIF及╱或ITCIS、費用及表現等

因素後）靈活挑選相關APIF及╱或ITCIS。

港元貨幣風險：

65歲後基金將透過投資於FGIF 65歲後基金來維持不少於

30%的港元有效貨幣風險。FGIF 65歲後基金將透過貨幣

對沖或透過投資於相關APIF及╱或ITCIS，從而維持不少

於30%的港元有效貨幣風險。

(b) 投資比重• 較高風險資產（例如環球股票）：20%

• 較低風險資產（例如環球債務證券、貨幣市場工具及

《一般規例》下的其他獲准許投資項目）：80%

因應市場變動，65歲後基金於較高風險資產的資產分配

可介乎15%至25%之間。因此，65歲後基金於較低風險資

產的資產分配可介乎75%至85%之間。

基金並無對任何特定國家或貨幣的指定投資分配。



36


Hong Kong Bond Fund 香港債券基金

(a) Objective and policy• The Hong Kong Bond Fund aims to produce returns

that are related to those achieved on the major bond market indices by focus ing investment ( i .e. at least 70% of i t s net asset value) in HK dol lar denominated debt securities (including but are not limited to convertible bonds, corporate bonds and government bonds) global ly ( including emerging markets) .

• The Hong Kong Bond Fund i n tends to l im i t t he volati l i t y of returns in the shor t term in HK dollar market terms.

Notes:

• The Hong Kong Bond Fund invests in the Hong Kong Bond Fund of FGIF, which in turn invests directly in the market.

• Sub jec t to the requ i remen t s under the Genera l Regu la t ion and the requ i rements and gu idance issued by the SFC, the Hong Kong Bond Fund of FGIF may invest less than 30% of its net asset value in instruments with loss - absorption features which may include instruments classified as Additional Tier 1, Tier 2 capital instruments or non-preferred senior bonds (which may also be known as Tier 3 bonds) and other ins t ruments el ig ib le to be counted as loss-absorbing capacity under the resolution regime fo r f i nanc ia l ins t i t u t ions , in compl iance wi th i t s investment policy and limits. These instruments may be subject to contingent write -down or contingent convers ion to ordinary shares on the occurrence of trigger event(s) . However, for the avoidance of doubt, the Hong Kong Bond Fund of FGIF wil l not invest in contingent convertible securities (CoCos) .

• The Hong Kong Bond Fund of FGIF seeks to minimize currency volati l i ty by implementing a HKD hedged strategy (where investments are made other than in HKD) .

(b) Balance of investmentsThe Hong Kong Bond Fund (via its investments in the underlying fund) wi l l invest up to 100% of i ts latest available net asset value in bonds.


(a) 目標及政策• 香港債券基金旨在通過集中（即最少其資產淨值70%）投

資於全球（包括新興市場）以港元計值的債務證券（包括

但不限於可轉換債券、企業債券及政府債券），以提供

與債券市場主要指數相關的回報。

• 香港債券基金擬限制在短期內港元市場回報的波幅。

附註：

• 香港債券基金投資於FGIF的香港債券基金，從而直接

投資於市場。

• 在符合《一般規例》的規定及證監會發出的規定和指引

下，FGIF的香港債券基金在遵守其投資政策及限制的

情況下，可將其資產淨值少於30%投資於具吸收虧損特

點的投資工具，包括以下各類投資工具：額外一級資

本、二級資本工具或主順位非優先受償債券（又稱為三

級資本債券），以及金融機構處置機制下被視作具吸收

虧損能力的其他合資格投資工具。若發生觸發事件，

這些投資工具可能須進行或然撇減，或應急轉換為普

通股。然而，為免生疑問，FGIF的香港債券基金將不

會投資於或然可換股證券(CoCos)。

• FGIF的香港債券基金致力通過實行港元對沖策略以減

低貨幣匯價波幅（投資以非港元計算）。

(b) 投資比重香港債券基金（透過其在相關基金的投資）將把其最新可

動用資產淨值的最高100%投資於債券。



37


RMB Bond Fund 人民幣債券基金

(a) Objective and policy• Pr ior to 29 May 2020, the Const i tuent Fund aims

t o a c h i e ve i n co m e a n d ca p i t a l a p p re c i a t i o n primari ly v ia indirec t exposure ( i .e. at least 70% of i ts net asset value) to RMB denominated debt securi t ies issued or dis tr ibuted outs ide Mainland China as wel l as deposi ts ( including but are not l im i ted to, conver t ib le bonds , corporate bonds , government bonds , commerc ia l papers , medium te rm no tes , f l oa t i ng ra te no tes , money marke t instruments, certificates of deposits, bank deposits and negotiated term deposits) . With effect from 29 May 2020, the Const i tuent Fund aims to achieve i ncome and cap i ta l apprec ia t i on p r imar i l y v ia indirect exposure (i.e. at least 70% of its net asset value) to RMB denominated debt securities issued or distributed inside or outside Mainland China as well as deposits ( including but are not l imited to, conver t ib le bonds, corporate bonds, government bonds , commerc ia l papers , medium term notes , f l oa t i ng ra te no tes , money marke t i n s t r umen t s , c e r t i f i c a t e s o f d e p o s i t s , b a n k d e p o s i t s a n d negotiated term deposits) .

• The Constituent Fund intends to limit the volatility of returns in the short term.

Notes:

• The Constituent Fund invests in the RMB Bond Fund (MPF) within the FGIF Level 1 Funds of FGIF. The RMB Bond Fund (MPF) invests in the FGIF RMB Bond Fund, which in turn invests directly in the market.

• Sub jec t to the requ i remen t s under the Genera l Regu la t ion and the requ i rements and gu idance issued by the SFC, the RMB Bond Fund (MPF) of FGIF may indirectly invest less than 30% of i ts net asse t va lue in i ns t rumen ts w i th loss - absorp t ion features which may include instruments classified as Additional Tier 1, Tier 2 capital instruments or non-preferred senior bonds (which may also be known as T ier 3 bonds ) and other ins t ruments e l ig ib le to be counted as loss - absorbing capaci t y under the resolut ion regime for f inancial inst i tut ions, in compl iance wi th i ts investment pol icy and l imi ts . These ins t ruments may be subjec t to cont ingent wr i te -down or cont ingent convers ion to ord inar y s ha re s on t he o ccu r ren ce o f t r i gge r even t ( s ) . However, for the avoidance of doubt, the RMB Bond Fund (MPF) o f FGIF wi l l not inves t in cont ingent convertible securities (CoCos) .

• The RMB Bond Fund (MPF) of FGIF seeks to minimize currency volatility by implementing a minimum 30% of its net asset value in a HKD hedging strategy.

• The RMB Bond Fund (MPF) of FGIF may enter into currency forward contrac ts for hedging purposes only.

• The larges t ten ho ld ings/secur i t ies to which the RMB Bond Fund (MPF) of FGIF may have exposure may account for 50% or more of its net asset value, resulting in a reasonably concentrated portfolio.

(b) Balance of investmentsT he RMB Bond F und ( v i a i t s i n ve s tmen t s i n t h e underlying fund) wi l l invest up to 100% of i ts latest available net asset value in bonds.


(a) 目標及政策• 2020年5月29日之前，人民幣債券基金旨在主要通過間

接（即最少其資產淨值70%）投資於在中國大陸以外發行

或分銷，並以人民幣計值的債務證券及存款（包括但不

限於可轉換債券、企業債券、政府債券、商業票據、

中期票據、浮息票據、貨幣市場工具、存款證、銀行

存款及議定定期存款），以取得收益及資本增值。由

2020年5月29日起，人民幣債券基金旨在主要通過間接

（即最少其資產淨值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（包括但不

限於可轉換債券、企業債券、政府債券、商業票據、

中期票據、浮息票據、貨幣市場工具、存款證、銀行

存款及議定定期存款），以取得收益及資本增值。

• 人民幣債券基金擬限制在短期內回報的波幅。

附註：

• 人民幣債券基金投資於FGIF的FGIF第一層基金內的人

民幣債券基金（強積金）。人民幣債券基金（強積金）投

資於FGIF人民幣債券基金，從而直接投資於市場。


下，FGIF的人民幣債券基金（強積金）在遵守其投資政

策及限制的情況下，可將其資產淨值少於30%間接投資

於具吸收虧損特點的投資工具，包括以下各類投資工

具：額外一級資本、二級資本工具或主順位非優先受償

債券（又稱為三級資本債券），以及金融機構處置機制

下被視作具吸收虧損能力的其他合資格投資工具。若

發生觸發事件，這些投資工具可能須進行或然撇減，

或應急轉換為普通股。然而，為免生疑問，FGIF的人

民幣債券基金（強積金）將不會投資於或然可換股證券

(CoCos)。

• FGIF的人民幣債券基金（強積金）致力通過把其資產淨

值的最少30%實行港元對沖策略，以減低貨幣匯價波

幅。

• FGIF的人民幣債券基金（強積金）只可訂立貨幣遠期合

約作對沖用途。

• FGIF的人民幣債券基金（強積金）持有的十大持倉╱證

券可能佔其資產淨值的50%或以上，令投資組合的持倉

適度集中。

(b) 投資比重

人民幣債券基金（透過其在相關基金的投資）將把其最新

可動用資產淨值的最高100%投資於債券。



38


World Bond Fund 國際債券基金

(a) Objective and policy• The Wor ld Bond Fund a ims to p roduce re t u rn s

that are related to those achieved on the major bond market indices by focusing investment (i.e. at least 70% of its net asset value) in debt securities (including but are not limited to convertible bonds, corporate bonds and government bonds) globally (including emerging markets) .

• The World Bond Fund intends to limit the volati l i ty of returns in the short term.

Notes:

• The World Bond Fund inves ts in the World Bond Fund within the FGIF Level 1 Funds of FGIF, which in turn invests into the FGIF Global Bond HK$ Hedged Fund and the FGIF Global Bond Fund.

• Sub jec t to the requ i remen t s under the Genera l Regu la t ion and the requ i rements and gu idance issued by the SFC, the World Bond Fund of FGIF may indirectly invest less than 30% of its net asset value in instruments with loss - absorption features which may include instruments class i f ied as non-preferred senior bonds (which may also be known as T ier 3 bonds ) and other ins t ruments e l ig ib le to be counted as loss - absorbing capaci t y under the resolut ion regime for f inancial inst i tut ions, in compl iance wi th i ts investment pol icy and l imi ts . These ins t ruments may be subjec t to cont ingent wr i te -down or cont ingent convers ion to ord inar y s ha re s on t he o ccu r ren ce o f t r i gge r even t ( s ) . However, for the avoidance of doubt , the World Bond Fund o f FGIF wi l l no t inves t in con t ingent convertible securities (CoCos) .

• T h e Wo r l d B o n d F u n d o f F G I F m ay i n d i r e c t l y invest up to 10% of i ts net asset value in onshore Mainland China debt securities.

• The larges t ten ho ld ings/secur i t ies to which the World Bond Fund of FGIF may have exposure may accoun t fo r 50% or more o f i t s net asset va lue, resulting in a reasonably concentrated portfolio.

(b) Balance of investmentsThe Wor ld Bond Fund ( v ia i t s i nves tmen t s i n t he underlying fund) wi l l invest up to 100% of i ts latest available net asset value in bonds.


(a) 目標及政策• 國際債券基金旨在通過集中（即最少其資產淨值70%）投

資於全球（包括新興市場）債務證券（包括但不限於可轉

換債券、企業債券及政府債券），以提供與債券市場主

要指數相關的回報。

• 國際債券基金擬限制在短期內回報的波幅。

附註：

• 國際債券基金投資於FGIF的FGIF第一層基金內的國際

債券基金，從而投資於FGIF環球債券港元基金及FGIF

環球債券基金。


下，FGIF的國際債券基金在遵守其投資政策及限制的

情況下，可將其資產淨值少於30%間接投資於具吸收

虧損特點的投資工具，包括以下各類投資工具：主順

位非優先受償債券（又稱為三級資本債券），以及金融

機構處置機制下被視作具吸收虧損能力的其他合資格

投資工具。若發生觸發事件，這些投資工具可能須進

行或然撇減，或應急轉換為普通股。然而，為免生疑

問，FGIF的國際債券基金將不會投資於或然可換股證

券(CoCos)。

• FGIF的國際債券基金可將其資產淨值的最多10%間接投

資於中國大陸的境內債務證券。

• FGIF的國際債券基金持有的十大持倉╱證券可能佔其


(b) 投資比重國際債券基金（透過其在相關基金的投資）將把其最新可

動用資產淨值的最高100%投資於債券。



39


MPF Conservative Fund 強積金保守基金

(a) Objective and policy• The MPF Conse r va t i ve Fund a ims to p rov ide a

pos i t i ve re t u rn each mon th equa l to o r be t te r than the HKD sav ings accoun t ra te by focus ing investments (i.e. at least 70% of its net asset value) in to HKD denominated shor t te rm depos i t s and money market instruments issued globally (including emerging markets) .

• The MPF Conservative Fund intends to minimize risk to the capital.

Notes:

• The MPF Conse r va t i ve Fund i nves t s i n t he HK$ Money Fund of FGIF, which in turn invests directly in the market. The portfolio of the HK$ Money Fund of FGIF wi l l be held in HKD deposi ts and money ma rke t i n s t r umen t s and i nve s ted i n a manne r consistent with those set out in Section 37 of the General Regulation.

• The larges t ten ho ld ings/secur i t ies to which the HK$ Money Fund of FGIF may have exposure may accoun t fo r 50% or more o f i t s net asset va lue, resulting in a reasonably concentrated portfolio.

(b) Balance of investmentsThe MPF Conser vat ive Fund (v ia i ts investments in the under ly ing fund) wi l l inves t around 95% of i t s latest available net asset value in short term deposits and money market instruments, and 5% of i ts latest available net asset value in bonds.


(a) 目標及政策• 強積金保守基金旨在通過集中（即最少其資產淨值70%）

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，以提供與港元儲蓄利率相等或

較佳的每月正回報。

• 強積金保守基金擬減低資本附帶的風險。

附註：

• 強積金保守基金投資於FGIF的港元貨幣基金，從而直

接投資於市場。FGIF港元貨幣基金的投資組合將包括

港元存款及貨幣市場工具，並按符合《一般規例》第37

條所載方式進行投資。

• FGIF的港元貨幣基金持有的十大持倉╱證券可能佔其


(b) 投資比重強積金保守基金（透過其在相關基金的投資）將把其最新

可動用資產淨值約95%投資於短期存款及貨幣市場工具，

以及把其最新可動用資產淨值的5%投資於債券。



40


Fidelity SaveEasy 2050 Fund 富達「儲蓄易」2050基金

(a) Objective and policy• to achieve long term capital growth for investors to

2050, and• to invest typically in a wide range of investments

covering markets throughout the world, ( including emerging markets) , initially with a greater exposure to equ i t i es and the rea f te r, as the year 2050 i s approached, greater exposure to bonds and cash.

Notes:

• The F ide l i t y SaveEasy 2050 Fund inves t s i n the Fidelity SaveEasy 2050 Fund of FGIF, which in turn invests in the FGIF Market Investment Funds, the FGIF Money Market Funds and the FGIF Global Bond Currency Hedged Fund.

(b) Balance of investmentsT h e S a ve Ea s y F u n d s w i l l i n i t i a l l y h a ve g re a t e r exposure to underlying funds investing into equities. However, as the SaveEasy Funds draw closer to the appl icable target year, the SaveEasy Funds would have a greater exposure to underlying funds investing i n to bonds and ca sh . P l ea se re fe r t o t he cha r t displaying the Fidelity SaveEasy Funds Asset Rolldown in the sub- section headed “FURTHER INFORMATION ON SAVEEASY FUNDS” for further details.


(a) 目標及政策• 為投資者取得長期的資本增長至2050年；及

• 一般投資於一系列涵蓋世界各地（包括新興市場）市場

的廣泛資產類別。初期投資於股票的比重較高，惟臨

近2050年，投資於債券及現金的比重將較高。

附註：

• 富達「儲蓄易」2050基金投資於FGIF的富達「儲蓄易」

2050基金，從而投資於FGIF市場投資基金、FGIF貨幣

市場基金及FGIF環球債券貨幣基金。

(b) 投資比重「儲蓄易」基金初期對投資於股票的相關基金將持較高的

比重，但隨著「儲蓄易」基金臨近指定的目標年份，將轉

為對投資於債券及現金的相關基金持較高的比重。請參

閱「有關「儲蓄易」基金的其他資料」分節下的富達「儲蓄

易」基金資產調配的圖表，以了解詳情。



41






Notes:


(b) Balance of investmentsT h e S a ve Ea s y F u n d s w i l l i n i t i a l l y h a ve g re a t e r exposure to underlying funds investing into equities. However, as the SaveEasy Funds draw closer to the appl icable target year, the SaveEasy Funds would have a greater exposure to underlying funds investing i n to bonds and ca sh . P l ea se re fe r t o t he cha r t displaying the Fidelity SaveEasy Funds Asset Rolldown in the sub- section headed “FURTHER INFORMATION ON SAVEEASY FUNDS“ for further details.






附註：











42






Notes:








附註：











43






Notes:








附註：











44






Notes:








附註：











45






Notes:








附註：











46



(a) Objective and policy • to achieve long term capital growth for investors to



Notes:








附註：











47

Risk Class Classification Methodology 風險級別釐定方法

Risk class is defined using a 7-point scale as 1 = lowest risk/return, 2 = low risk/return, 3 = low to medium risk/return, 4 = medium risk/

return, 5 = medium to high risk/return, 6 = high risk/return, 7 = highest risk/return. It is assigned to each constituent fund as illustrated

below, based on the latest fund risk indicator of the constituent fund, which shows the price volatility of the constituent fund as a

percentage around its average price over a three-year period. The higher the risk class, the higher the risk (and in general, expected

return over the long term). If the fund’s track record is less than 3 years (i.e. the fund risk indicator requiring “3 year standard deviation”

is not available), its risk class will not be available. The risk class is prescribed by the Mandatory Provident Fund Schemes Authority

according to the Code on Disclosure for MPF Investment Funds and has not been reviewed or endorsed by the Securities and Futures

Commission. The fund risk indicator is provided by Fidelity to investor for reference only and may be subject to change according to

the monthly review by Fidelity.

風險級別是採用一個7分制來釐定，即1=最低風險╱回報；2=低風險╱回報；3=低至中風險╱回報；4=中等風

險╱回報；5=中度至高風險╱回報；6=高風險╱回報；7=最高風險╱回報。根據成分基金最新的基金風險標記為

每項成分基金設定風險級別並顯示如下，此基金風險標記以百分比顯示成分基金基於其在3年內基金價格相對於

平均價格的波幅。風險級別越高風險便越高（以及一般而言，此乃長遠的預期回報）。如基金的業績記錄少於3年

（即未能提供「3年標準差」的基金風險標記），該基金將不會設定任何風險級別。風險級別是根據強制性公積金計

劃管理局發出的強積金投資基金披露守則所規定，並未經證券及期貨事務監察委員會審核或認可。富達向投資者

提供的基金風險標記僅供參考之用，富達會每月檢討修訂基金風險標記。

Risk Class風險級別

Fund Risk Indicator (3-year standard deviation)基金風險標記（3年標準差）

Equal or above相等或以上

Less than少於

1 – Lowest risk/return1－最低風險╱回報

0.00% 0.50%

2 – Low risk/return2－低風險╱回報

0.50% 2.00%

3 – Low to medium risk/return3－低至中風險╱回報

2.00% 5.00%

4 – Medium risk/return4－中等風險╱回報

5.00% 10.00%

5 – Medium to high risk/return5－中度至高風險╱回報

10.00% 15.00%

6 – High risk/return6－高風險╱回報

15.00% 25.00%

7 – Highest risk/return7－最高風險╱回報

25.00% –

48

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.

7. Geographical/Currency BreakdownBreakdown of portfolio investments

by country or currency.

8. Industry BreakdownBreakdown of portfolio investments

by industry group.

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 IndicatorThe Fund 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. For constituent funds with less than

3 years of performance history, the fund risk indicator figure will

not be available. Generally, the higher the fund risk indicator,

the higher the fund’s risk level and the higher the volatility of

the fund price.

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。

7. 地區/貨幣分佈

按地區或貨幣來顯示投資組合

的分佈。

8. 行業投資分佈

按行業來顯示投資組合的分

佈。

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年的成份

基金不提供基金風險標記。普遍來說，基金風險標記的

數值愈高，代表基金的潛在風險愈高，基金價格上落幅

度亦會較大。

Glossary 註釋







2019 15.55% 2018 -13.26% 2017 41.77% 2016 0.69% 2015 -4.89% 2014 3.07% 2013 7.70% 2012 20.65% 2011 -22.31% 2010 10.40%

Geographical Breakdown 地區分佈

CHINA 中國 70.0%





As of 截至 30/04/2020


Fund 基金

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


About the Fund 基金概要The Constituent Fund aims to produce returns related to those achieved on the major stock market indices of Hong Kong, by focusing investment into 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 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.

The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund – Hong Kong Equity Fund.


本成份基金旨在通過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，以提供與香港股市主要指數相關的回報。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。

本成份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。


Fund Details 基金資料 Fund Manager 基金經理 Raymond Ma 馬磊Launch Date 推出日期 01/12/2000Unit NAV 單位資產淨值 HK$33.722 （港元）Fund Size 基金資產 HK$6,479.29M （百萬港元）Risk Class▼ 風險級別▼ 6Fund Risk Indicator (3-Year Standard Deviation)◊ 17.08% 基金風險標記（三年標準差）◊



Chinese equities declined as a surge in the number of COVID-19

Nonetheless, stocks were supported on expectations that the government will provide additional stimulus measures to mitigate the economic impact of the outbreak. In key developments, China took several substantial measures to curtail the contagion, including the imposition of large-scale quarantines and travel restrictions. The government also adopted a package of policies to support the resumption of work and production, including

the Hong Kong stock market weakened over fears of a virus-induced recession. In its annual budget, the government unveiled a record budget deficit, pledging cash handouts to residents and business tax breaks to soften the blow to the recession-hit economy. The portfolio generated negative returns over the quarter. A fall in crude oil prices and the COVID-19 pandemic

its asset-light, technology-heavy business model; the robust growth prospects of its well services business; healthy balance sheet and attractive valuations. A slowdown in the acquisition of subscribers and increased operational expenditure hurt state owned telecommunications operator China Unicom (Hong Kong).

retail’ business model and increasing revenue contribution from its online business.

2019新型冠狀病毒（新冠肺炎）全球確診個案急增，觸發股市出現顯著拋售，拖累中國股市回落。然而，市場期望當地政府會提供額外刺激措施，以減輕疫情對經濟構成的影響，股市因而受到支持。重要發展方面，中國採取多項大規模措施遏止疫情蔓延，包括實施大規模檢疫和旅遊限制。政府亦採取政策方案，包括財政、貨幣、金融和貿易政策，從而支持復工復產。由於憂慮疫情導致經濟衰退，香港股市的投資氣氛低迷。政府公佈的年度財政預算案錄得破紀錄的預算赤字，預算案內容包括承諾向市民發放現金和減免企業利得稅，從而減輕疫情令經濟受衰退威脅的影響。投資組合於季內錄得負回報。原油價格下跌，加上新冠肺炎在全球擴散，削弱對綜合油田服務供應商中海油田服務的投資氣氛。然而，憑藉「輕資產、重科技」的業務模式；油井服務業務的增長前景亮麗；財政狀況穩健及估值吸引，我們看好該股。新增客戶放緩及營運開支增加，利淡國營電訊營運商中國聯通（香港）。相反，盈利表現向好帶動巨型超級市場營運商高鑫零售的表現。隨著公司轉型至「新零售」業務模式，以及網上業務收益貢獻增加，高鑫零售亦有望受惠於線下和線上業務的整合。


Fidelity Retirement Master Trust - Hong Kong Equity Fund富達退休集成信託 - 香港股票基金






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

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


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 LIMITED 騰訊控股有限公司 9.92%AIA GROUP LTD 友邦保險控股有限公司 7.13%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

5.39%

HSBC HOLDINGS PLC 滙豐控股 4.64%CHINA CONSTRUCTION BANK H 中國建設銀行 H 3.88%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

3.22%

CHINA MOBILE LTD 中國移動 3.15%ALIBABA GROUP HOLDING LTD 阿里巴巴集團 2.72%KWEICHOW MOUTAI A 貴州茅台 A 2.21%CHINA OVERSEAS LAND & INVESTMENT LTD 中國海外發展有限公司

2.03%

TOTAL 總和 44.29%

Industry Breakdown 行業投資分佈














04/2004/1804/1604/1404/1204/1004/0804/0604/0412/0050

100

150

200

250

300

350

400

450


Fund 基金

7

1

23

45

6

7

8

910

11

49

Glossary 註釋

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.

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.

17. Risk ClassRisk class is defined using a 7-point scale as 1 = lowest risk/return, 2 = low risk/return, 3 = low to medium risk/return, 4 = medium risk/return, 5 = medium to high risk/return, 6 = high risk/return, 7 = highest risk/return. It is assigned to each constituent fund as illustrated below, based on the latest fund risk indicator of the constituent fund, which shows the price volatility of the constituent fund as a percentage around its average price over a three-year period. The higher the risk class, the higher the risk (and in general, expected return over the long term). If the fund’s track record is less than 3 years (i.e. the fund risk indicator requiring “3 year standard deviation” is not available), its risk class will not be available. The risk class is prescribed by the Mandatory Provident Fund Schemes Authority according to the Code on Disclosure for MPF Investment Funds and has not been reviewed or endorsed by the Securities and Futures Commission. The fund risk indicator is provided by Fidelity to investor for reference only and may be subject to change according to the monthly review by Fidelity.

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。

17. 風險級別風險級別是採用一個7分制來釐定，即1=最低風險/回報；2=低風險/回報；3=低至中風險/回報；4=中等風險/回報；5=中度至高風險/回報；6=高風險/回報；7=最高風險/回報。根據成分基金最新的基金風險標記為每項成分基金設定風險級別並顯示如下，此基金風險標記以百分比顯示成分基金基於其在3年內基金價格相對於平均價格的波幅。風險級別越高風險便越高（以及一般而言，此乃長遠的預期回報）。如基金的業績記錄少於3年（即未能提供「3年標準差」的基金風險標記），該基金將不會設定任何風險級別。風險級別是根據強制性公積金計劃管理局發出的強積金投資基金披露守則所規定，並未經證券及期貨事務監察委員會審核或認可。富達向投資者提供的基金風險標記僅供參考之用，富達會每月檢討修訂基金風險標記。







2019 5.06% 2018 0.48% 2017 3.42% 2016 -0.88% 2015 1.49% 2014 3.93% 2013 -3.36% 2012 3.96% 2011 5.00% 2010 3.55%

Currency Breakdown 貨幣分佈



As of 截至 30/04/2020


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

About the Fund 基金概要The Constituent Fund aims to produce returns that are related to those achieved on the major bond market indices by investing in HKD denominated debt securities globally (including emerging markets). The Constituent Fund intends to limit the volatility of returns in the short term in HK dollar market terms.

The Constituent Fund is a feeder fund investing in the Fidelity Global Investment Fund – Hong Kong Bond Fund, which seeks to minimize currency volatility by implementing a HKD hedged strategy (where investments are made other than in HKD).


本成份基金旨在通過集中投資於全球（包括新興市場）以港元計值的債務證券，以提供與債券市場主要指數相關的回報。本成份基金擬限制在短期內港元市場回報的波幅。

本成份基金是一項聯接基金，投資於富達環球投資基金－香港債券基金，致力通過實行港元對沖策略以減低貨幣匯價波幅（投資以非港元計算）。





Hong Kong government yields fell during the quarter, as demand for sovereign bonds rose following COVID-19 outbreak. Besides, the

into 2020, Moody’s downgraded the ratings of the Government of Hong Kong to “Aa3” from “Aa2” and changed the outlook to stable from negative. Investor sentiment remained weak over fears of virus-induced recession. Higher coupon income supported performance, while the overall term structure positioning and credit

biggest driver of absolute performance. However, the underweight Hong Kong dollar (HKD) duration position detracted from returns. Currently, the fund has an overall duration position of 4.0 years,

valuations, lower transaction costs, higher liquidity and better yields versus HKD bonds. Looking ahead, the Hong Kong economy is

is partly due to tourism-related activities. Having barely recovered from the domestic social unrest in 2019, the sector was hit hard by the COVID-19 outbreak at the start of 2020. The labour market has increasingly been under stress, though recovery could be swift. The

remain stable with a steady stream of new supply.

2019新型冠狀病毒（新冠肺炎）爆發後，由於主權債券需求上升，導致香港政府債券孳息在季內下跌。此外，香港銀行同業拆息亦於期內回落。踏入2020年後，穆迪下調香港政府債券的評級，由「Aa2」降至「Aa3」，但把前景由負面轉為穩定。由於憂慮疫情導致經濟衰退，投資氣氛持續低迷。票息收入上升為基金表現帶來支持，但整體期限結構配置和信貸挑選抵銷獲利。美元存續期的偏高比重配置是推動基金絕對表現的最大動力。然而，港元存續期的偏低比重配置削弱回報。目前，基金的整體存續期為4.0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。展望未來，預期香港經濟在2020年上半年顯著收縮，部份原因是由旅遊業相關活動所致。旅遊業尚未從2019年的本土社會動盪復元，但新冠肺炎在2020年初爆發令旅遊業雪上加霜。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，亦可能窒礙環球資金流入港元資產。然而，我們有信心香港發行商能夠克服這次危機，而且新債發行量持續穩定，因此港元企業債券市場有望維持平穩。



amount at the end of each month, comparing the total

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


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。

S&P/Moody’s Credit Rating 標準普爾 /穆廸信用評級

AAA/Aaa 0.4%

AA/Aa 19.2%

A 51.5%

BBB/Baa 16.1%

BB/Ba 0.9%


* Others may include cash, account payables, account


Fidelity Retirement Master Trust - Hong Kong Bond Fund富達退休集成信託 - 香港債券基金

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

3.01%

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

2.77%

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

2.70%

CDBL FUNDING TWO 3.6% 16/11/2021 REGS 2.29%BMW FINANCE 2.74% 24/05/2024 REGS 2.13%SWIRE PACIFIC 2.68% 22/02/2030 REGS 太古公司 2.68% 22/02/2030 REGS

2.05%

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

1.94%

IS HONG KONG INVESTMENT 2.9% 30/12/2022 REGS 1.90%HONGKONG LAND NOTES 2.93% 01/11/2029 REGS 1.89%AROUNDTOWN 3.69% 11/03/2024 REGS 1.84%TOTAL 總和 22.52%













04/2004/1804/1604/1404/1204/1004/0804/0607/039095

100105110115120125130135140


Fund 基金

15

12

17

13

14





Dollar Cost Averaging Return1 N/A N/A -3.52% 0.77% 8.87% 31.70% 57.08%平均成本法回報 1


2019 26.80% 2018 -11.15% 2017 19.74% 2016 2.36% 2015 -0.65% 2014 4.47% 2013 24.93% 2012 16.59% 2011 -10.91% 2010 12.09%

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









As of 截至 30/04/2020


Fund 基金

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

股票基金－環球

About the Fund 基金概要The Constituent Fund aims to produce returns that are related to those achieved on the major world stock market indices by focusing investment in global equity markets (including emerging markets). The Constituent Fund intends to manage the volatility of returns in the short term.

The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund (“FGIF”) – Global Equity Fund, which in turn invests into FGIF Market Investment Funds and FGIF Money Market Funds.


本成份基金旨在通過集中投資於環球股票市場（包括新興市場），以提供與環球股市主要指數相關的回報。本成份基金擬控制在短期內回報的波幅。

本成份基金是一項聯接基金，投資於富達環球投資基金(“FGIF”)－環球股票基金，從而投資於 FGIF 市場投資基金及FGIF貨幣市場基金。








Fidelity Retirement Master Trust - Global Equity Fund富達退休集成信託 - 環球股票基金
























04/2004/1804/1604/1404/1204/1004/0804/0607/0350

100

150

200

250

300

350


Fund 基金

MICROSOFT CORP 微軟 3.72%AMAZON.COM 亞馬遜 3.12%APPLE INC 蘋果公司 2.86%ALPHABET A 2.41%PFIZER INC 輝瑞 2.20%BRISTOL-MYERS SQUIBB 必治妥施貴寶 1.70%UNITEDHEALTH GROUP 1.67%MORGAN STANLEY 摩根士丹利 1.56%INTEL 英特爾 1.52%NEXTERA ENERGY 1.50%TOTAL 總和 22.26%

6

1615

Fidelity Investor Hotline富達投資熱線

(852) 2629 2629

Fidelity Website富達網站

Fidelity.com.hk

Investment involves risks. Past performance is not indicative of future performance. Please refer to the MPF Scheme Brochure for Fidelity Retirement Master Trust for further information including the risk factors. FIL Limited and its subsidiaries are commonly referred to as Fidelity or Fidelity International. Fidelity only gives information about its products and services. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited. This material is issued by FIL Investment Management (Hong Kong) Limited.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。詳情請細閱富達退休集成信託的強積金計劃說明書（包括風險因素）。富達或 Fidelity或 Fidelity International指 FIL Limited及其附屬公司。富達只就產品及服務提供資料。「富達」、Fidelity、Fidelity International、Fidelity International標誌及 F標誌均為 FIL Limited的商標。此文件由富達基金（香港）有限公司發行。

Documents

Investment Report 每月投資匯報 - Fidelity International · companies and prop up the COVID-19-hit economy. The Hong Kong stock market rose on reports of a fall in the rate of