Investment Report 每月投資匯報€¦ · steel companies among the leading decliners. The defensive real estate sector was the only one to end in positive territory during the

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

31-05-2019

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

註釋

1-2

Market Review

3-4

Performance Summary

26-27

Glossary

5-25

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†

† The index tracking fund under the Fidelity Retirement Master Trust is subject to market risk of the sector or market tracked by the relevant index, tracking error risk, passive management risk, early termination risk, etc. Please refer to the “Risk Factors” section in the Principal Brochure of Fidelity Retirement Master Trust for further information. 富達退休集成信託的追蹤指數基金可能涉及有關指數所追蹤行業或市場的市場風險、追蹤誤差風險、被動式管理風險、提早終止風險等等。詳情請細閱富達退休集成信託的主要推銷刊物內「風險因素」部份。

△ 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 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。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：

• 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 this Principal Brochure be invested in accordance with the Default Investment Strategy which may not necessarily be suitable for you.

• The MPF Conservative Fund under the Fidelity Retirement Master Trust does not guarantee the repayment of capital.• You should not invest based on this document alone and should read the Principal Brochure of Fidelity Retirement Master Trust

(including potential risks involved) for further information, before making any investment decision.• 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.• Investment involves risks. Investors’ investment may suffer significant loss.• 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，除非本主要推銷刊物另有訂明，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。

• 富達退休集成信託的強積金保守基金並不保證償付資本。• 您不應只依賴本文件的資料作出投資，在作出任何投資決定前，請細閱富達退休集成信託的主要推銷刊物（包括潛在風險）。• 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。

• 投資涉及風險。您的投資有可能大幅虧損。

Contents 目錄

Source: Fidelity, (Economic data) Reuters, Bloomberg, FT.com, Marketwatch, as at 31/05/2019.

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 declined in May. The re-escalation of trade tensions between the US and China and decelerating earnings expectations for 2019 dampened investor confidence. All sectors ended in negative territory, with consumer discretionary and telecommunication service providers among the key laggards. Sentiment towards Chinese equities weakened amid risk-off sentiment as a series of actions and counter actions by the two countries unnerved investors. Furthermore, weaker than expected economic data subdued investor confidence towards China. In key developments, Chinese President Xi Jinping announced that he is likely to restrict exports of rare earth to the US in retaliation against US sanctions. Separately, US President Donald Trump announced trade sanctions against Huawei and is considering sanctions on Chinese video surveillance firms. On the monetary policy front, the People’s Bank of China announced that it would cut reserve requirement ratios (RRRs) for small and medium-sized banks to cushion escalated worries over a trade war with the US. On the economic front, exports, retail sales and new bank lending missed estimates in April. The Hong Kong market was hurt by Macau-based gaming companies and consumer staples stocks. The country’s first quarter GDP expanded at a weaker than expected pace as a slowdown in global growth weighed on domestic and external demand. Selling activity by foreign institutional investors amid heightened trade tensions between their trading partners – the US and China – weighed on Taiwanese and South Korean equities. The Singaporean market was also subdued during the month. Its 2019 growth forecast was downgraded given the muted performance of the economy in the first quarter, as well as the weak external demand outlook. On a positive note, sentiment towards Indian and Australian equities received support from election wins for conservative incumbents in both countries. In India, investors welcomed the stable, singleparty led majority government at the Centre on expectations of political stability and business friendly economic policies. For the January–March 2019 period, India’s GDP growth slowed to below 6%, mainly due to the lacklustre performance of the agriculture and manufacturing sectors. Meanwhile, in Australia, the recent federal elections resulted in the surprise re-election of the incumbent Liberal-National coalition.Indonesian stocks fell due to declines in the utilities and energy sectors. Losses were partially offset by a recovery in the second half of the month on news of policy support by the Bank of Indonesia to ensure ample liquidity in the banking sector. Thai equities slid due to weakness in the IT sector. On a positive note, gains in telecommunication service providers and consumer staples stocks supported the Philippines market. Malaysian equities outperformed the broader market, due to gains in the communication services and energy sectors.

JapanThe Japanese market fell in May. Stocks suffered a sell-off at the start of the month, after trading resumed in the new Reiwa Era after an unprecedented 10-day break for the Golden Week holidays to celebrate Crown Prince Naruhito’s coronation as the new emperor. The market met with risk-averse selling from the outset, following the escalation of trade tensions between the US and China. There was a brief respite from selling on the back of unexpectedly robust first-quarter GDP growth data in Japan. However, this was short-lived given the yen’s strength against the US dollar. Moderated FY2018 earnings results also weighed on investor sentiment. Overall market losses were spread across the style spectrum, with both large-cap, growth-oriented companies and value names recording sharp declines. Most sectors ended in negative territory, with mining, marine transportation and iron & steel companies among the leading decliners. The defensive real estate sector was the only one to end in positive territory during the month, albeit marginally, reflecting the share buyback announced by a major real estate company for the first time.Japan’s real GDP unexpectedly grew by 2.1% in the first quarter of 2019, compared to the same period last year, according to the government’s preliminary estimates. The rise in GDP follows a revised 1.6% expansion in October–December 2018. The increase in the official GDP figure was fuelled primarily by a faster decline in imports compared to exports. However, declines in consumer and business spending underscored an uncertain recovery. The latest monthly trade data also showed that exports contracted for the fifth month in April due to a slump in shipments of chip-making equipment to China. Manufacturing activity slumped in May as export orders fell at their fastest rate in four months. The latest Nikkei-Markit flash manufacturing PMI slipped to 49.8, down from 50.2 in April. A figure below 50 indicates a contraction.

United StatesUS equities fell sharply in May due to renewed fears of US-China trade tensions and President Trump’s threat to impose punitive tariffs on all imports from Mexico. The market witnessed risk-averse selling from the outset, following Trump’s threats to raise tariffs on $200 billion worth of Chinese goods from 10% to 25%. The Chinese government retaliated by announcing that it will raise tariffs on US products to up to 25%. Trade concerns rose further after Trump signed an executive order forbidding US companies from using telecommunications equipment made by foreign companies that are deemed a national security threat. On the policy front, the US Federal Reserve (Fed) held interest rates steady and kept the target rate range unchanged at between 2.25% and 2.50%. All sectors generated negative returns, with energy, information technology (IT) and materials stocks declining the most. Crude oil prices gained sharply through May, but were pressured towards the end of the month on global growth fears, which is likely to dampen demand. These factors weighed on shares of energy companies.Macroeconomic indicators were largely positive. The second estimate of first-quarter GDP came in at 3.1% as against the first estimate of 3.2%, but was better than consensus expectations of 3.0%. The decrease was due to the downward revision to non-residential fixed and private inventory investment. The unemployment rate fell to 3.6% in April, while the participation rate fell to 62.8%. Meanwhile, the University of Michigan’s consumer sentiment index was lower than expected in May, although it was the highest reading since September 2018. The ISM manufacturing PMI also fell to its lowest levels since October 2016 in May, amid a subdued recovery in new orders and as a backlog of orders started to contract for the first time since January 2017.

Continental EuropeEuropean equities declined in May, primarily due to an escalation of trade tensions between the US and China. Late in the month, sentiment was also hurt by US President Donald Trump’s threat to raise tariffs on Mexican imports, with automotive companies leading the sell-off. US-Europe trade talks have also stalled over US threats against European automakers. Meanwhile, the European Parliament elections took place during the month; the result was generally positive for the stability of the union. While populist or Eurosceptic parties gained seats compared to 2014, they underperformed expectations. Centrist parties Group of the European People’s Party (EPP) and Progressive Alliance of Socialists and Democrats (S&D) remain the two largest parties in Parliament, despite losing their combined majority. Most sectors posted negative returns in the risk-off environment, with cyclicals underperforming defensives. Materials and financials were among the key decliners.Economic growth momentum in the region remained muted during the month. The region’s flash composite Purchasing Managers’ Index (PMI) came in at 51.6 in May, up only fractionally from 51.5 in April. Manufacturing activity contracted for a fourth consecutive month in May, as the US-China trade war, deteriorating automotive demand, Brexit and wider geopolitical uncertainty weighed on new orders and exports. The service sector continued to grow, but the rate of expansion was the weakest since January. On a positive note, economic sentiment in the region took a surprise upward turn in May, rising for the first time in almost a year. Consumer confidence also remains strong.

United KingdomUK equities fell in May in a risk-off environment. Investor sentiment weakened mainly due to an escalation in the US-China trade tensions. On the political front, Prime Minister Theresa May announced that she will resign on 7 June, after failing to get parliamentary support for the legislation needed to implement the Brexit deal she had agreed with the European Union (EU). This could increase the likelihood of either a ‘no-deal’ exit from the EU if a hard-line Brexiteer were to succeed May, or a general election that could pave the way for a potentially less market-friendly Labour government. As a result, sterling was weak versus the US dollar. At a sector level, health care and technology stocks performed strongly, while telecommunications, industrials and basic materials underperformed the broader market.The UK manufacturing sector contracted in May as the PMI fell below the neutral level of 50.0 for the first time since July 2016. New order inflows deteriorated from both domestic and overseas sources. Inflation rose to 2.1% in April, which is above the Bank of England’s 2% target, following an uptick in energy prices and airfares. This was, however, slightly below market expectations of 2.2%. Meanwhile, UK wage growth declined slightly, despite the tight labour market.

Emerging MarketsEmerging market equities declined in May as renewed concerns over US-China trade tensions led to risk-off sentiment. US President Donald Trump’s threat to impose punitive tariffs on all imports from Mexico also dampened sentiment. In Asia, Thai equities were weaker despite easing political uncertainties, while the Indian market benefited in the wake of the general elections, which saw the re-election of the incumbent National Democratic Alliance government led by Prime Minister Narendra Modi. Latin American stocks fell, but Brazil outperformed. The market was supported by the advance of social security and tax reforms, coupled with public manifestations in favour of the government. Equities in the emerging Europe, Middle East and Africa (EMEA) region also fell. South African stocks and the rand slid, shedding election-inspired gains. However, Russian markets recorded gains as investors looked for attractively valued segments of the market, particularly those that are relatively insulated from the trade war.Economic data across the developing world was mixed. Malaysia’s central bank reduced its key interest rate for the first time in almost three years in light of slowing growth concerns arising from the global slowdown. The Philippines also eased its monetary policy amid weak macroeconomic concerns and increasing global tensions. Meanwhile, the country’s GDP growth slowed to a four-year low at 5.6% in the first quarter of 2019. In Latin America, Brazil’s economy shrank 0.2% in the first three months of the year, pushing it closer to a doubledigit recession.

BondFixed income markets posted mixed returns over the month, with government bonds outperforming corporate bonds. US Treasury yields edged to their lowest levels since September 2017 as risk appetite faded amid continued concerns about global growth and a worsening trade conflict between the US and China. Furthermore, US President Trump’s intention to impose a tariff on Mexican goods sparked risk aversion among investors. German government bonds rallied, mirroring broader government bond markets, and US Treasuries in particular. They were further supported by the worsening tone between Italy and its European partners around upcoming budget negotiations. German bund yields ventured into negative territory in the last few days of the month, reaching new lows. UK government bond yields also touched their lowest level since October 2006, amid growing worries that Theresa May’s successor may pursue a no-deal Brexit, which could harm the economy. Meanwhile, in credit markets, corporate bond spreads widened as oil prices slid amid the risk-off sentiment. Emerging market bonds also posted positive returns as a fall in US Treasury yields supported hard currency bond returns.

1

資料來源：富達，（經濟數據）路透社、彭博、金融時報、Marketwatch，截至2019年05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）亞太區（日本除外）股市在5月份下跌。中美貿易緊張局勢再度升級，加上2019年企業盈利預測轉差，均削弱投資信心。所有行業均低收，非必需消費品業和電訊服務供應商表現顯著落後。隨著中美兩國相繼採取連串行動和反制措施，投資者忐忑不安，因此在避險氣氛下，市場對中國股市的投資意欲轉弱。此外，經濟數據較預期遜色，亦削弱投資者對中國經濟的信心。主要發展方面，中國國家主席習近平宣佈可能限制稀土出口至美國，以報復美國的制裁。另外，美國總統特朗普公佈對華為實施貿易制裁，並考慮制裁中國視像監控企業。貨幣政策方面，中國人民銀行宣佈下調中小型銀行的法定存款準備金率，以抵銷中美貿易戰憂慮加劇的影響。經濟方面，4月份的出口、零售銷售和新造銀行貸款數據均遜於預估。澳門博彩和主要消費品股的表現使香港市場表現受累。隨著環球經濟增長減慢，削弱本地及海外需求，香港首季國內生產總值增長遜於預期。台灣和南韓股市受壓，因為其貿易夥伴－中國和美國貿易緊張局勢升溫，促使海外機構投資者進行沽售。新加坡市場在月內亦表現低迷。鑑於首季經濟表現平淡，加上外部需求前景疲弱，新加坡2019年增長預測遭下調。利好消息方面，印度和澳洲現任執政黨贏得大選，兩者的政策立場審慎，為當地股市的投資氣氛帶來支持。印度投資者歡迎穩定且由單一政黨領導的多數派政府上台，可望帶來穩定政局和有利營商的經濟政策。於2019年1月至3月期間，印度國內生產總值增長減慢至低於6%，主要由於農業和製造業表現呆滯。澳洲近期舉行聯邦選舉，結果出乎市場意料，現任自由黨－國家黨聯合政府成功連任。

印尼股市報跌，源於公用事業和能源股回落。其後，有消息指印尼央行將推出扶持政策，以確保銀行業的流動性充裕，帶動股市在下半月回升，收復部份失地。泰國股市下滑，因為資訊科技業表現失色。利好消息方面，菲律賓電訊服務供應商和主要消費品股造好，支持當地股市表現。馬來西亞通訊服務和能源業報升，帶動當地股市表現優於大市。

日本日本市場在5月下跌。為慶祝皇太子德仁加冕成為新天皇，日本迎來前所未有的十天「黃金週」假期，踏入新令和時代下，股市在月初恢復買賣，隨即出現拋售。由於中美貿易緊張局勢升級，市場在開市即出現拋售以迴避風險，但鑑於日本第一季國內生產總值增長數據出乎意料強勁，令拋售潮得以緩和。然而，由於日圓兌美元走強，上述情況只屬短暫。企業盈利業績在2018財年放緩，亦削弱投資情緒。整體市場跌勢分佈於不同類型的企業，大型股、增長股和價值股均錄得顯著跌幅。大部份行業均低收，以礦業、海運和鋼鐵公司跌幅最大。防衛性房地產業是月內唯一報升的領域，但幅度不大，主要反映一家大型房地產公司首次公佈股份回購計劃。

根據政府初步預估，與去年同期相比，日本2019年第一季實質國內生產總值意外增長2.1%，這個趨勢承接2018年10月至12月經修訂的1.6%增長。官方國內生產總值數據上升，主要由於進口的跌幅高於出口。然而，消費和企業開支下降，突顯不明朗因素重現。此外，最新每月貿易數據顯示，鑑於輸往中國的晶片製造設備付運量下滑，4月份出口連續第五個月收縮。製造業活動在5月份縮減，受累於出口訂單錄得四個月以來最大跌幅。最新日經Markit製造業採購經理指數初值從4月的50.2下跌至49.8，數字低於50表示收縮。

美國美股在5月大幅下挫，因為投資者再次憂慮中美貿易緊張局勢，以及總統特朗普威脅對所有墨西哥進口商品徵收懲罰性關稅。特朗普威脅把總值2,000億美元中國商品的關稅率從10%提高至25%後，市場隨即出現拋售以迴避風險。中國政府採取報復措施，宣佈將對美國產品的關稅率提高至25%。其後，特朗普簽署行政命令，禁止美國公司使用被視為威脅國家安全的外國公司製電訊設備，令貿易憂慮進一步加劇。政策方面，聯儲局維持利率不變，並保持目標利率區間介乎2.25%至2.50%。所有行業均錄得負回報，能源、資訊科技和原材料股跌幅最大。原油價格在5月急升，但由於市場對環球增長的憂慮很可能遏抑需求，油價在月底受壓。這些因素削弱能源股的表現。

宏觀經濟指標大致向好。第一季國內生產總值第二次預估增長3.1%，低於第一次預估的3.2%，但高於市場預期的3.0%。預估增長下降源於非住宅固定和私人庫存投資向下調整。4月份失業率降至3.6%，勞工市場參與率跌至62.8%。另一方面，5月份美國密歇根大學消費情緒指數升值2018年9月以來的高位，但仍低於市場預期。鑑於新增訂單回升步伐低迷，以及未完成訂單自2017年1月起首次收縮，5月份供應管理協會製造業採購經理指數跌至2016年10月以來的新低。

歐洲大陸歐洲股市在5月份報跌，主要源於中美貿易緊張局勢升級。美國總統特朗普在月底威脅提高墨西哥進口商品的關稅，亦削弱市場氣氛，導致汽車股引發大市出現拋售。此外，美歐貿易談判停滯不前，美國對歐洲汽車製造商構成威脅。另一方面，歐洲議會選舉在月內舉行，選舉結果大致有利歐盟穩定。雖然民粹主義或疑歐派政黨較2014年取得更多議席，但表現遜於預期。中間派歐洲人民黨(EPP)和社會主義者和民主人士進步聯盟(S&D)仍是議會兩大政黨，但失去議會綜合兩黨議席的多數地位。大部份行業在避險環境下錄得負回報，而週期性股表現不及防衛性股，原材料和金融股跌幅最大。

月內歐元區經濟增長動力依然低迷。區內5月份綜合採購經理指數初值為51.6，略高於4月份的51.5。5月份製造業活動連續第四個月收縮，因為中美貿易戰，汽車需求轉弱，英國脫歐及廣泛地緣政治不明朗，令新增訂單和出口受壓。服務業持續增長，但擴張步伐處於1月以來的最低水平。利好消息方面，區內經濟信心在5月出乎意料回升，是近一年來首次錄得升幅，消費信心亦保持強勁。

英國在5月份，英國股市受累於避險環境而報跌。投資意欲減弱，主要由於中美貿易緊張局勢升級。政治方面，首相文翠珊(Theresa May)未能獲得國會支持立法，以落實早前與歐盟協定的脫歐協議，因而宣佈將於 6月7日辭職。令出現以下兩個情況的可能性增加：如果強硬脫歐派接替文翠珊上任，英國可能「無協議」脫歐；大選或有機會讓不利市場的工黨執政。因此，英鎊兌美元走弱。行業方面，健康護理和科投股表現強勁，但電訊、工業和基本材料股表現遜於大市。

英國製造業在5月收縮，採購經理指數自2016年7月以來首次跌破50.0的中性水平。來自當地和海外的新增訂單減少。隨著能源和機票價格上漲，4月份通脹率升至2.1%，高於英倫銀行的2%目標，但略低於市場預期的2.2%。另一方面，儘管英國勞工市場緊絀，但工資增長略為回落。

新興市場中美貿易關係緊張，再度引起市場憂慮，導致市場瀰漫避險情緒，拖累新興市場股市在5月報跌。美國總統特朗普威脅對所有墨西哥進口商品徵收懲罰性關稅，亦削弱市場氣氛。亞洲方面，儘管泰國政治陰霾減退，但當地股市走弱。印度大選結束，現任總理莫迪領導的國家民主聯盟成功連任，利好當地市場。拉丁美洲股市下跌，但巴西股市表現出色。巴西的社保和稅務改革取得進展，加上民意支持政府，為當地市場帶來支持。新興歐洲、中東及非洲地區股市亦報跌。南非股市及南非蘭特下滑，回吐受選舉消息刺激的升幅。然而，俄羅斯市場報升，因為投資者在當地市場物色估值吸引的行業，特別是相對不受貿易戰影響的行業。

發展中國家的經濟數據好淡紛呈。鑑於環球經濟放緩，引起市場對增長減慢的憂慮，馬來西亞央行近三年來首度下調主要利率。隨著市場擔憂宏觀經濟疲弱，加上環球緊張關係升溫，菲律賓亦放寬貨幣政策。另一方面，當地2019年首季國內生產總值增長放緩至5.6%，是四年來低位。拉丁美洲方面，巴西今年首三個月經濟收縮0.2%，進一步接近雙位數字衰退。

債券固定收益市場月內回報好淡紛呈，政府債券表現優於企業債券。隨著市場持續憂慮環球經濟增長狀況，加上中美貿易衝突惡化，承險意欲減退，因此美國國庫券孳息微跌至2017年9月以來的最低水平。此外，美國總統特朗普擬對墨西哥貨品徵收關稅，觸發投資者避險意欲。德國政府債券上揚，與廣泛政府債券市場表現相若，尤其是美國國庫券。意大利與歐洲夥伴的預算案談判氣氛惡化，進一步為政府債券帶來支持。德國政府債券在月內最後數天跌至負孳息水平，創下歷史新低。市場日益憂慮文翠珊的繼任人可能傾向「無協議」脫歐，但有關方案或會損害英國經濟，英國政府債券孳息因而觸及2006年10月以來的最低水平。信貸市場方面，企業債券息差擴闊，因為避險情緒導致油價下挫。美國國庫券孳息下跌有利硬貨幣債券回報，帶動新興市場債券錄得正回報。

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Performance Summary 投資表現概要

Fidelity Retirement Master Trust 富達退休集成信託 As at 截至 31/05/2019

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

2014 2015 2016 2017 2018

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5.87 -2.75 -7.91 30.15 21.36 100.67 4.09 -6.55 5.12 34.34 -11.48

Global Equity Fund

環球股票基金

HKD

港元9.96 0.12 -1.73 19.75 20.23 116.46 4.47 -0.65 2.36 19.74 -11.15

Hong Kong Equity Fund

香港股票基金

HKD

港元5.58 -5.46 -12.80 38.59 32.03 75.31 3.07 -4.89 0.69 41.77 -13.26

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5.20 -5.04 -9.26 39.26 31.23 - 3.97 -5.38 2.58 39.11 -11.05

Lifecycle Funds 人生階段基金

Growth Fund

增長基金

HKD

港元7.20 -1.90 -7.09 23.84 20.08 89.10 1.52 -1.89 0.69 28.28 -12.32

Balanced Fund

均衡基金

HKD

港元6.19 -1.05 -4.98 19.55 16.57 74.51 1.45 -2.15 0.92 22.87 -9.80

Stable Growth Fund

平穩增長基金

HKD

港元5.30 -0.14 -2.76 15.46 13.05 61.62 1.45 -2.58 1.08 18.01 -7.31

Capital Stable Fund

資本穩定基金

HKD

港元4.15 0.61 -0.72 10.83 8.54 45.40 1.22 -3.05 1.01 12.81 -4.73

Default Investment Strategy Funds 預設投資策略基金

Core Accumulation Fund

核心累積基金

HKD

港元6.56 0.11 0.54 - - - - - - 8.97~ -5.64

Age 65 Plus Fund

65歲後基金

HKD

港元4.60 2.12 3.28 - - - - - - 2.99~ -1.63

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3.44 2.25 5.48 4.83 9.98 26.43 3.93 1.49 -0.88 3.42 0.48

RMB Bond Fund

人民幣債券基金

HKD

港元2.46 -0.34 0.59 4.38 - - - - -4.78~ 6.84 -0.30

World Bond Fund

國際債券基金

HKD

港元2.92 2.23 2.84 4.41 3.59 30.24 2.15 -3.91 1.65 5.65 -0.89

3

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

2014 2015 2016 2017 2018

MPF Conservative Fund 強積金保守基金

MPF Conservative Fund*

強積金保守基金*

HKD

港元0.31 0.17 0.42 0.43 0.43 0.44 0.00 0.00 0.00 0.00 0.12

SaveEasy Funds「儲蓄易」基金

Fidelity SaveEasy 2050 Fund △

富達「儲蓄易」2050基金 △

HKD

港元7.72 -2.30 -7.88 24.77 - - - -2.97~ -0.53 30.00 -13.38



HKD

港元7.61 -2.30 -8.03 24.71 - - - -2.14~ 0.16 30.03 -13.46



HKD

港元7.67 -2.22 -7.78 25.48 21.55 94.37 1.57 -1.83 0.82 30.22 -13.24



HKD

港元7.55 -2.17 -7.69 25.34 21.37 93.19 1.55 -1.92 0.81 30.06 -13.06



HKD

港元7.54 -1.99 -7.33 25.41 21.35 93.05 1.47 -1.85 0.81 29.68 -12.76



HKD

港元7.31 -1.60 -6.57 24.62 20.84 91.32 1.54 -1.85 0.80 28.14 -11.93



HKD

港元5.69 0.63 -2.74 24.35 21.88 90.75 1.58 -1.38 1.15 23.59 -7.14

4

† The index tracking fund under the Fidelity Retirement Master Trust is subject to market risk of the sector or market tracked by the relevant index, tracking error risk, passive management risk, early termination risk, etc. Please refer to the “Risk Factors” section in the Principal Brochure of Fidelity Retirement Master Trust for further information. 富達退休集成信託的追蹤指數基金可能涉及有關指數所追蹤行業或市場的市場風險、追蹤誤差風險、被動式管理風險、提早終止風險等等。詳情請細閱富達退休集成信託的主要推銷刊物內「風險因素」部份。

* 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 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。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 Principal Brochure of 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主要推銷刊物(包括風險因素)。此文件由富達基金(香港)有限公司發行。

Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of 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之主要推銷刊物（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 5.87% -2.75% -7.91% 30.15% 21.36% 100.67% 139.78%累積表現

Annualised Performance N/A N/A -7.91% 9.18% 3.95% 7.21% 7.06%年率化表現

Dollar Cost Averaging Return1 N/A N/A -1.85% 5.58% 13.51% 29.83% 45.32%平均成本法回報 1

Annual Performance 年度表現

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% 2009 75.22%

As of 截至 31/05/2019

Fund 基金

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

股票基金－亞太區

Investment Objective 投資目標The Constituent Fund aims to focus investment into the equity markets of Asia Pacific, to produce returns that are related to those achieved on the major stock market indices of Asia Pacific, to have the flexibility to invest in bonds in a limited manner, and to manage the volatility of returns in the short term.

成份基金旨在集中投資於亞太股票市場；提供與亞太股市主要指數所達致的表現相關的回報；可靈活地作出有限度的債券投資；及控制在短期內回報的波幅。

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

Launch Date 推出日期 07/08/2006

Unit NAV 單位資產淨值 HK$23.978 （港元）

Fund Size 基金資產 HK$3,179.78M （百萬港元）

Risk Indicator (3-Year Standard Deviation) 11.81% 風險指數（三年標準差）

Year 2018 Fund Expense Ratio 1.54% 2018年度基金開支比率

Fund Commentary^ 基金評論 ^

Asia Pacific ex Japan equities advanced over the quarter. Optimism around progress in US-China trade talks, and a pause in interest rate hikes by the US Federal Reserve (Fed) boosted investors’ risk appetite. Chinese equities were driven by optimism among domestic retail investors. Investor confidence further strengthened on hopes that fresh stimulus measures are likely to aid the economy. Buying activity by foreign institutional investors aided South Korean, Taiwanese and Indian equities. Gains in communication services companies and commodity related stocks buoyed Australian equities. All sectors ended the quarter higher. The fund delivered positive returns over the quarter. Australia’s Appen, the leading data services provider for artificial intelligence, advanced amid a market-wide rally in growth stocks. Investors favoured its strong cash flows as well as the good execution track record of its management team. The position in Sunny Optical gained amid long-term positive outlook for its vehicle lens unit and the recovery of its smartphone camera lens business given the increasing penetration of dual/triple/quad cameras. Pharmaceuticals tablet manufacturer Jiangsu Hengrui Medicine advanced as robust performance across divisions resulted in upbeat earnings. It also has a solid position as one of the leading innovation drug companies in China. Conversely, profits at Indonesian conglomerate Astra International declined due to the weak performance of its core automotive business. Nevertheless, the outlook for the company is positive. The holding in South Korean cellular carrier LG Uplus also weighed on returns amid weaker 2018 results. The company is expected to gain market share as the fifth generation (5G) network is rolled out this year.

亞太區（日本除外）股市在季內揚升。中美貿易談判進展樂觀，加上美國聯儲局暫停加息，刺激投資者的承險意欲。內地零售投資者感到樂觀，帶動中國股市走高。市場憧憬新推出的刺激經濟措施可望利好經濟增長，進一步加強投資信心。外國機構投資者的買盤活動利好南韓、台灣及印度股市。通訊服務公司及商品相關股票錄得升幅，為澳洲股市票提供支持。所有行業均於季內高收。基金於季內錄得正回報。在增長股普遍揚升的市況下，澳洲領先的人工智能數據服務供應商Appen錄得升幅。投資者青睞其強勁的現金流，以及管理團隊卓越的執行往績。舜宇光學科技的持倉錄得升幅，因其車用鏡頭業務的長遠前景向好，加上雙鏡頭╱三鏡頭╱四鏡頭的滲透率持續上升，帶動其智能電話鏡頭業務回升。藥片生產商江蘇恒瑞醫藥揚升，因旗下各個業務部門均表現強靭，使其盈利優於預期。該公司亦雄踞穩健地位，是中國領先創新藥業公司之一。相反，印尼綜合企業Astra International的核心汽車業務表現疲弱，使其利潤下跌。然而，該公司的前景向好。此外，南韓手機營運商LG Uplus的2018年業績轉弱，使其回報受壓。隨著第五代(5G)流動通訊網絡在今年推出，預期該公司的市場份額將會上升。

Cumulative Performance 累積表現

Geographical Breakdown▲ 國家投資分佈 ▲

CHINA 中國 30.8%

AUSTRALIA 澳洲 17.5%

INDIA 印度 13.1%

KOREA (SOUTH) 南韓 11.5%

TAIWAN 台灣 9.2%

HONG KONG 香港 5.5%

SINGAPORE 新加坡 1.7%

INDONESIA 印尼 1.7%

PHILIPPINES 菲律賓 1.6%

MALAYSIA 馬來西亞 1.1%

OTHERS# 其他 # 6.3%

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

投資或包括現金，應付及應收款項及其他國家（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

^ as of 31/03/2019 截至 31/03/20191 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。

TENCENT HOLDINGS LIMITED 騰訊控股有限公司 5.80%TAIWAN SEMICONDUCTOR MFG CO LTD 台積公司 4.10%ALIBABA GROUP HLDGS ADR 阿里巴巴集團 3.81%SAMSUNG ELECTRONICS 三星電子 3.53%CSL 3.35%WESTPAC BANKING CORP LTD 西太平洋銀行股份有限公司

2.79%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 2.71%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

2.40%

HDFC BANK LTD (DEMAT) 2.39%RELIANCE INDUSTRIES DEMATERIALIZED 2.26%TOTAL 總和 33.14%

Industry Breakdown▲ 行業投資分佈 ▲

30.8% Financials 金融

20.6% Technology 科技

9.6% Industrials 工業

7.4% Health Care 健康護理

6.4% Oil & Gas石油及天然氣

6.4% Consumer Services消費服務

4.9% Consumer Goods消費品

3.7% Telecommunications電訊

3.2% Basic Materials基本物料

2.8% Utilities 公用事業

4.2% 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）。

05/1905/1705/1505/1305/1105/0908/066080

100120140160180200220240260280

價格指數(%)Price Index

Fund 基金

5



Cumulative Performance 9.96% 0.12% -1.73% 19.75% 20.23% 116.46% 155.64%累積表現




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% 2009 31.36%

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

HONG KONG EQUITY FUND 香港股票基金 0.27%

JAPANESE EQUITY FUND 日本股票基金 6.31%

ASIA PACIFIC EQUITY FUND* 亞太股票基金 * 6.29%

AMERICAS EQUITY FUND 美洲股票基金 62.12%

EUROPEAN EQUITY FUND 歐洲股票基金 21.73%

US$ MONEY FUND 美元貨幣基金 2.38%


* 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 31/05/2019


Fund 基金

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

股票基金－環球

Investment Objective 投資目標The Constituent Fund aims to focus investment into the global equity markets, to produce returns that are related to those achieved on the major world stock market indices, to have the flexibility to have limited investment into bonds, and to manage the volatility of returns in the short term.

成份基金旨在集中投資於環球股票市場；提供與環球股市主要指數所達致的表現相關的回報；可靈活地作出有限度的債券投資；及控制在短期內回報的波幅。

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







Global equities gained over the first quarter of 2019 as the risk-off sentiment seen in the fourth quarter of 2018 receded. The accommodative monetary policy in major economies, progress on US-China trade talks and healthy corporate earnings supported equity markets. Notably, the US Federal Reserve (Fed) signalled a possible end to interest rate hikes in view of rising global economic risks. The Fed also kept interest rates unchanged over the period. The European Central Bank announced the launch of a targeted subsidised lending programme in September 2019 and pushed back guidance for future interest rate increases. China also announced measures such as a reduction in banks’ reserve requirement ratios and tax cuts to support growth. Meanwhile, the UK delayed Brexit after politicians rejected deals to withdraw from the European Union. Against this backdrop, all key markets ended higher, led by the US.

鑑於2018年第四季的避險氣氛消退，環球股市在2019年第一季錄得升幅。主要經濟體實施寬鬆貨幣政策，加上中美貿易談判取得進展，以及企業盈利穩健，均為股市提供支持。尤其是，鑑於環球經濟風險日增，美國聯儲局暗示可能結束加息，並在期內維持利率不變。歐洲央行公佈將於2019年9月推出定向補貼借貸計劃，並降低日後加息的指引。此外，中國宣佈推行多項措施，例如調降銀行法定存款準備金率及減稅，以支持經濟增長。與此同時，在國會議員拒絕通過脫歐協議後，英國延期脫離歐盟。在這環境下，所有主要市場均高收，以美國領漲。


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



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

















05/1905/1705/1505/1305/1105/0905/0705/0507/0380

100120140160180200220240260280300


Fund 基金

MICROSOFT CORP 微軟 3.02%AMAZON.COM 亞馬遜 2.41%ALPHABET A 2.39%JPMORGAN CHASE & CO 摩根大通 2.06%FACEBOOK A 1.96%COMCAST CLASS A 1.65%MASTERCARD 萬事達卡 1.60%JOHNSON & JOHNSON 強生 1.52%NEXTERA ENERGY 1.46%APPLE INC 蘋果公司 1.46%TOTAL 總和 19.53%

6







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% 2009 63.64%

Geographical Breakdown▲ 國家投資分佈 ▲

CHINA 中國 60.6%






As of 截至 31/05/2019


Fund 基金

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

股票基金－香港

Investment Objective 投資目標The Constituent Fund aims to focus investment into the equity market of Hong Kong, namely equities of companies listed in Hong Kong (including Greater China companies that are listed in Hong Kong) or companies which have a business connection with Hong Kong (including companies which are listed outside Hong Kong). Companies which have a business connection with Hong Kong include but are not limited to companies that are domiciled or incorporated in Hong Kong, to produce returns that are related to those achieved on the major stock market indices of Hong Kong, to have the flexibility to invest in bonds in a limited manner, to accept a high level of return volatility in the short term.

成份基金旨在集中投資於香港股票市場，即在香港上市的公司（包括在香港上市的大中華公司）或與香港有業務聯繫的公司（包括在香港境外上市的公司）的股票。與香港有業務聯繫的公司包括但不限於在香港註冊或成立的公司；提供與香港股市主要指數所達致表現相關的回報；可靈活地作出有限度的債券投資；及容許回報在短期內大幅波動。

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







Sentiment towards Chinese equities strengthened amid optimism over the outcome of US-China trade negotiations and pro-growth policy measures in China. A pause in interest rate hikes by the US Federal Reserve (Fed) further bolstered investor confidence. On the economic front, fourth quarter GDP growth slowed from the previous quarter due to weak investment and faltering consumption. Against this backdrop, China lowered its economic growth target for 2019 to between 6% and 6.5% in response to a deepening slowdown. Chinese policymakers also committed to shore up the slowing domestic economy through aggressive tax cuts and increased spending. In Hong Kong, real estate stocks advanced in a benign interest rate environment. Meanwhile, the trade reliant economy’s GDP was below expectations in the fourth quarter due to lacklustre consumption and a deterioration in exports. The portfolio generated positive returns over the quarter. Security selection in consumer staples and industrials boosted performance. Liquor and beverage maker Kweichow Moutai and construction machinery manufacturer Zoomlion Heavy Industry Science and Technology delivered upbeat earnings. Selected internet led businesses also supported gains. Internet services company Kingsoft raised its earnings guidance in view of new game launches and continuing momentum in cloud services. E-commerce giant Alibaba Group Holding benefited from healthy earnings, aided by an increase in revenue share and margin expansion in its core commerce segment. China Life Insurance rose as a potential recovery in its investment business and effective execution of its new management are likely to bolster its profitability.

市場對中美貿易談判的成果感到樂觀，加上中國推行利好增長的政策措施，加強投資者對中國股票的信心。美國聯儲局暫停加息，進一步刺激投資信心。經濟方面，由於投資疲弱和消費轉遜，第四季國內生產總值增長較上一季度放緩。在這環境下，為應對經濟放緩加劇，中國調低2019年經濟增長目標區間至介乎 6%至 6.5%。此外，中國決策官員亦致力透過大幅減稅及增加開支，為持續放緩的本土經濟提供支持。香港方面，在溫和的利率環境下，房地產股揚升。與此同時，由於香港經濟依賴貿易往來，因此受消費呆滯和出口惡化影響，第四季本地生產總值遜於預期。投資組合於季內錄得正回報。主要消費品和工業的證券選擇利好表現。白酒與飲料生產商貴州茅台及建築機器製造商中聯重科的盈利均優於預期。個別互聯網領先企業亦為收益提供支持。基於新遊戲面世，加上雲端服務的動力持續，互聯網服務公司金山軟件調高盈利指引。電子商貿巨擘阿里巴巴集團控股受惠於盈利穩健，以及核心商貿業務的收益份額上升及利潤率擴張。中國人壽保險上升，因其投資業務可望回升，加上新管理層有效執行公司政策，應可提升盈利能力。


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 9.36%HSBC HOLDINGS PLC 滙豐控股 8.87%AIA GROUP LTD 友邦保險控股有限公司 7.89%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

5.01%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 4.27%CHINA MOBILE LTD 中國移動 3.82%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

2.78%

CNOOC LTD 中國海洋石油 2.21%LINK REIT 領匯房地產投資信託基金 2.04%CHINA LIFE INSURANCE H 中國人壽保險 H 1.88%TOTAL 總和 48.13%















05/1905/1705/1505/1305/1105/0905/0705/0505/0312/0050

100

150

200

250

300

350

400

450


Fund 基金

7


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


Investment Objective 投資目標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”). The TraHK’s investment objective is to provide investment results that closely correspond to the performance of the Hang Seng Index of Hong Kong. The manager of TraHK (State Street Global Advisors Asia Limited) seeks to achieve the investment 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#.

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」的投資目標是提供與香港恒生指數表現相符之投資回報。「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。

Fund Details 基金資料 Launch Date 推出日期 28/06/2013





Fund Commentary^ 基金評論^

Sentiment towards Chinese equities strengthened amid optimism over the outcome of US-China trade negotiations and pro-growth policy measures in China. A pause in interest rate hikes by the US Federal Reserve (Fed) further bolstered investor confidence. On the economic front, fourth quarter GDP growth slowed from the previous quarter due to weak investment and faltering consumption. Against this backdrop, China lowered its economic growth target for 2019 to between 6% and 6.5% in response to a deepening slowdown. Chinese policymakers also committed to shore up the slowing domestic economy through aggressive tax cuts and increased spending. In key developments, China’s central bank announced a 1% cut in the reserve requirement ratio for banks and injected liquidity through open market operations. In particular, Chinese authorities announced that they are likely to lower the value-added tax (VAT) rate for the gas, manufacturing, transportation and construction sectors to support domestic growth. In Hong Kong, real estate stocks advanced in a benign interest rate environment. Meanwhile, the trade reliant economy’s GDP was below expectations in the fourth quarter due to lacklustre consumption and a deterioration in exports.

市場對中美貿易談判的成果感到樂觀，加上中國推行利好增長的政策措施，加強投資者對中國股票的信心。美國聯儲局暫停加息，進一步刺激投資信心。經濟方面，由於投資疲弱和消費轉遜，第四季國內生產總值增長較上一季度放緩。在這環境下，為應對經濟放緩加劇，中國調低2019年經濟增長目標區間至介乎6%至6.5%。此外，中國決策官員亦致力透過大幅減稅及增加開支，為持續放緩的本土經濟提供支持。主要發展方面，中國人民銀行宣佈調降銀行法定存款準備金率1%，並透過公開市場操作注入流動資金。具體而言，中國政府宣佈應會下調燃氣、製造、運輸和建造業的增值稅率，以支持本土經濟增長。香港方面，在溫和的利率環境下，房地產股揚升。與此同時，由於香港經濟依賴貿易往來，因此受消費呆滯和出口惡化影響，第四季本地生產總值遜於預期。

^ as of 31/03/2019 截至 31/03/2019

† The index tracking fund under the Fidelity Retirement Master Trust is subject to market risk of the sector or market tracked by the relevant index, tracking error risk, passive management risk, early termination risk, etc. Please refer to the “Risk Factors” section in the Principal Brochure of Fidelity Retirement Master Trust for further information.富達退休集成信託的追蹤指數基金可能涉及有關指數所追蹤行業或市場的市場風險、追蹤誤差風險、被動式管理風險、提早終止風險等等。詳情請細閱富達退休集成信託的主要推銷刊物內「風險因素」部份。

# 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 Appendix II of the Principal Brochure of 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主要推銷刊物的附錄 II。

◆ 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




HSBC HOLDINGS PLC 滙豐控股 10.64%

AIA GROUP LTD 友邦保險控股有限公司 9.85%

TENCENT HOLDINGS LIMITED 騰訊控股有限公司 9.64%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 7.43%

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

5.36%

CHINA MOBILE LTD 中國移動 4.66%

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

4.58%

HONG KONG EXCHS & CLEARING LTD 香港交易所 3.29%

BANK OF CHINA LTD H SHRS 中國銀行有限公司H股 2.86%

CNOOC LTD 中國海洋石油 2.53%

TOTAL 總和 60.84%


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

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 5.20% -5.04% -9.26% 39.26% 31.23% - 41.03%Index◆ 指數◆ 5.68% -4.86% -8.24% 44.86% 40.27% - 59.74%

Annualised Performance年率化表現

Fund 基金 N/A N/A -9.26% 11.67% 5.59% - 5.97%Index◆ 指數◆ N/A N/A -8.24% 13.15% 7.00% - 8.22%

Dollar Cost Averaging Return1 N/A N/A -2.27% 7.07% 15.42% - 18.53%平均成本法回報 1

Industry Breakdown ▲ 行業投資分佈▲


11.4% Properties &Construction地產及建設

10.0% Information Technology科技


5.6% Energy 能源



3.4% Conglomerates綜合企業







Total Return Index Return◆

基金總回報指數總回報◆

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 31/05/2019

Fund Performance 基金表現

8







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% 2009 41.73%







GLOBAL BOND FUND 環球債券基金 7.47%

HONG KONG BOND FUND 香港債券基金 0.42%

HK$ MONEY FUND 港元貨幣基金 2.46%




As of 截至 31/05/2019


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Mixed Assets Fund - Global with around 90% in equities and 10% in bonds and cash.

混合資產基金－環球股票約佔90%，債券及現金佔10%。

Investment Objective 投資目標The Constituent Fund aims to build real wealth over the long term, to focus investment into the global equity markets, to have the flexibility to invest in global bonds, to manage the volatility of returns in the short term, and to maintain a broad geographic diversification with a bias towards Hong Kong.

成份基金旨在建立長期實質的財富；把投資集中在全球股票市場；可靈活地投資於全球債券；控制在短期內回報的波幅；及維持廣泛的地域多元化投資，惟可稍為偏重香港。








Global equities gained over the first quarter of 2019 as the risk-off sentiment seen in the fourth quarter of 2018 receded. The accommodative monetary policy in major economies, progress on US-China trade talks and healthy corporate earnings supported markets. Notably, the US Federal Reserve (Fed) signalled a possible end to interest rate hikes in view of rising global economic risks. The European Central Bank (ECB) announced the launch of a targeted subsidised lending programme in September 2019 and pushed back guidance for future interest rate increases. China also announced measures such as a reduction in banks’ reserve requirement ratios and tax cuts to support growth. Meanwhile, the UK delayed Brexit after politicians rejected deals to withdraw from the European Union. Against this backdrop, all key markets ended higher, led by the US. Global bond markets posted positive returns. Government bond yields fell as concerns about global growth rose amid weak economic data, resulting in the US Fed pausing interest rate hikes this year. The ECB also delayed a planned increase in interest rates amid rising threats to growth and as economic sentiment in the eurozone continued to dwindle. German bunds saw a sustained rally against this backdrop. Japanese government bonds followed suit. UK government bond yields also fell as Brexit-related uncertainty continued. In credit markets, both investment grade and high yield credit spreads tightened, retracing a significant portion of widening that occurred in the fourth quarter of 2018. Expectations of a US-China trade deal also supported risk sentiment.

鑑於2018年第四季的避險氣氛消退，環球股市在2019年第一季錄得升幅。主要經濟體實施寬鬆貨幣政策，加上中美貿易談判取得進展，以及企業盈利穩健，均為市場提供支持。尤其是，鑑於環球經濟風險日增，美國聯儲局暗示可能結束加息。歐洲央行公佈將於2019年9月推出定向補貼借貸計劃，並降低日後加息的指引。此外，中國宣佈推行多項措施，例如調降銀行法定存款準備金率及減稅，以支持經濟增長。與此同時，在國會議員拒絕通過脫歐協議後，英國延期脫離歐盟。在這環境下，所有主要市場均高收，以美國領漲。環球債券市場錄得正回報。政府債券孳息下跌，因為在經濟數據疲弱下，市場對環球增長狀況更感憂慮，促使美國聯儲局在今年暫停加息。鑑於增長風險日增，加上歐元區的經濟信心持續減弱，歐洲央行亦推延加息計劃。在上述市況下，德國政府債券持續揚升。日本政府債券亦隨之走高。在英國脫歐陰霾持續籠罩下，當地政府債券孳息亦報跌。信貸市場方面，投資級別和高收益債券的信貸息差均收窄，修復在2018年第四季擴闊的大部份息差。市場預期中美兩國達成貿易協議，亦為承險意欲提供支持。


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







1.75%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.57%CHINA MOBILE LTD 中國移動 1.37%USTN 2.375% 15/05/2029 美國國庫券 2.375% 15/05/2029 1.36%ROYAL DUTCH SHELL PLC A SHRS 荷蘭皇家蜆殼石油公司 A股

0.91%

MICROSOFT CORP 微軟 0.89%ALIBABA GROUP HLDGS ADR 阿里巴巴集團 0.86%TOTAL 總和 17.01%

05/1905/1705/1505/1305/1105/0905/0705/0505/0312/0060

100

140

180

220

260

300

340


Fund 基金

9







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% 2009 33.45%













As of 截至 31/05/2019


Fund 基金



Investment Objective 投資目標The Constituent Fund aims to build capital value over the long term, to provide a degree of asset diversification within a predominately equity portfolio, to manage the volatility of returns in the short term, and to maintain a broad geographic diversification with a bias towards Hong Kong.

成份基金旨在建立長期的資本價值；在以股票為主的投資組合內，保留一定程度的多元化資產；控制在短期內回報的波幅；及維持廣泛的地域多元化投資，惟可稍為偏重香港。










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

USTN 2.375% 15/05/2029 美國國庫券 2.375% 15/05/2029 4.52%TENCENT HOLDINGS LIMITED 騰訊控股有限公司 2.65%GERMANY SER 178 0% 13/10/2023 2.11%HSBC HOLDINGS PLC 滙豐控股 2.02%AIA GROUP LTD 友邦保險控股有限公司 1.80%GERMANY 0.25% 15/08/2028 REGS 1.77%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 1.40%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

1.36%

USTN 3% 15/02/2049 美國國庫券 3% 15/02/2049 1.24%CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.21%TOTAL 總和 20.08%

05/1905/1705/1505/1305/1105/0905/0705/0505/0312/0060

100

140

180

220

260

300


Fund 基金







10





Dollar Cost Averaging Return1 N/A N/A 0.25% 4.22% 7.99% 20.09% 56.73%平均成本法回報 1


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% 2009 25.40%










OTHERS# 其他 # -0.16%



As of 截至 31/05/2019


Fund 基金



Investment Objective 投資目標The Constituent Fund aims to generate a positive return over the long term, to broadly diversify the portfolio as to asset type as between equities and bonds, to limit the volatility of returns in the short term, and to maintain a broad geographic diversification with a bias towards Hong Kong.

成份基金旨在取得長期的正回報；在有關資產類別，如股票及債券之間，維持廣泛多元化的投資組合；限制在短期內回報的波幅；及維持廣泛的地域多元化投資，惟可稍為偏重香港。











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






USTN 2.375% 15/05/2029 美國國庫券 2.375% 15/05/2029 7.86%GERMANY SER 178 0% 13/10/2023 3.67%GERMANY 0.25% 15/08/2028 REGS 3.07%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 2.44%USTN 3% 15/02/2049 美國國庫券 3% 15/02/2049 2.15%TENCENT HOLDINGS LIMITED 騰訊控股有限公司 1.87%JAPAN (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 1.55%HSBC HOLDINGS PLC 滙豐控股 1.42%AIA GROUP LTD 友邦保險控股有限公司 1.26%JAPAN 0.1% 10/03/2028 1.25%TOTAL 總和 26.54%

05/1905/1705/1505/1305/1105/0905/0705/0505/0312/0080

100

120

140

160

180

200

220

240

260


Fund 基金

11







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% 2009 17.55%













As of 截至 31/05/2019


Fund 基金



Investment Objective 投資目標The Constituent Fund aims to produce a positive return over the long term, to focus investment towards less volatile assets of bonds and cash whilst retaining some equity exposure, to ensure that the risk to the capital base is limited in the short term, and to maintain a broad geographic diversification with a bias towards Hong Kong.

成份基金旨在取得長期的正回報；集中投資於較少波動的資產，例如債券及現金，同時保留若干股票投資；確保資本基礎在短期內附帶的風險有限；及維持廣泛的地域多元化投資，惟可稍為偏重香港。










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



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



05/1905/1705/1505/1305/1105/0905/0705/0505/0312/0080

100

120

140

160

180

200

220


Fund 基金

USTN 2.375% 15/05/2029 美國國庫券 2.375% 15/05/2029 10.61%GERMANY SER 178 0% 13/10/2023 4.95%GERMANY 0.25% 15/08/2028 REGS 4.15%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 3.29%USTN 3% 15/02/2049 美國國庫券 3% 15/02/2049 2.91%JAPAN (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 2.10%JAPAN 0.1% 10/03/2028 1.69%GERMANY 0.25% 11/10/2019 REGS 1.68%USTN 2.5% 31/01/2024 美國國庫券 2.5% 31/01/2024 1.06%TENCENT HOLDINGS LIMITED 騰訊控股有限公司 1.04%TOTAL 總和 33.48%


12


As of 截至 31/05/2019

Fund Descriptor 基金描述Mixed Assets Fund - [Global] - Maximum higher risk assets (such as global equities) 65%

混合資產基金 - [環球 ] - 較高風險資產（例如環球股票）最高 65%

Investment Objective 投資目標The Constituent Fund aims to achieve capital growth by investing in a globally diversified manner; and to target 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 asset allocation to higher risk assets may vary between 55% and 65% due to market movements.

成份基金旨在透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、貨幣市場工具及《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。




Fund Size 基金資產 HK$951.66M （百萬港元）

Risk Indicator (3-Year Standard Deviation) - 風險指數（三年標準差）



Global equities gained over the quarter. The accommodative monetary policy in major economies, progress on US-China trade talks and healthy corporate earnings supported markets. Notably, the US Federal Reserve (Fed) signalled a possible end to interest rate hikes in view of rising global economic risks. The European Central Bank (ECB) announced the launch of a targeted subsidised lending programme in September 2019 and pushed back guidance for future interest rate increases. China also announced measures to support growth. Meanwhile, the UK delayed Brexit after politicians rejected deals to withdraw from the European Union. Against this backdrop, all key markets ended higher, led by the US. Returns in US dollar terms were undermined by its appreciation against the euro and yen, but were supported by its depreciation against sterling. Global bond markets posted positive returns. Government bond yields fell as concerns about global growth rose amid weak economic data, resulting in the US Fed pausing interest rate hikes this year. The ECB also delayed a planned increase in interest rates amid rising threats to growth and as economic sentiment in the eurozone continued to dwindle. German bunds saw a sustained rally against this backdrop. Japanese government bonds followed suit. UK government bond yields also fell as Brexit-related uncertainty continued. In credit markets, both investment grade and high yield credit spreads tightened, retracing a significant portion of widening that occurred in the fourth quarter of 2018. Expectations of a US-China trade deal also supported risk sentiment.環球股市於季內造好。主要經濟體實施寬鬆貨幣政策，加上中美貿易談判取得進展，以及企業盈利穩健，均為市場提供支持。尤其是，鑑於環球經濟風險日增，美國聯儲局暗示可能結束加息。歐洲央行公佈將於2019年9月推出定向補貼借貸計劃，並降低日後加息的指引。中國亦宣佈推出支持經濟增長的措施。與此同時，在國會議員拒絕通過脫歐協議後，英國延期脫離歐盟。在這環境下，所有主要市場均高收，以美國領漲。美元兌歐元和日圓升值，削弱以美元計的回報，但美元兌英鎊貶值則帶來支持。環球債券市場錄得正回報。政府債券孳息下跌，因為在經濟數據疲弱下，市場對環球增長狀況更感憂慮，促使美國聯儲局在今年暫停加息。鑑於增長風險日增，加上歐元區的經濟信心持續減弱，歐洲央行亦推延加息計劃。在上述市況下，德國政府債券持續揚升。日本政府債券亦隨之走高。在英國脫歐陰霾持續籠罩下，當地政府債券孳息亦報跌。信貸市場方面，投資級別和高收益債券的信貸息差均收窄，修復在2018年第四季擴闊的大部份息差。市場預期中美兩國達成貿易協議，亦為承險意欲提供支持。

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 59.45%

GLOBAL BOND 環球債券 37.90%


# 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 1.34%APPLE INC 蘋果公司 1.19%AMAZON COM INC 亞馬遜 1.03%FACEBOOK A 0.60%BERKSHIRE HATHAWAY INC B 0.53%JOHNSON & JOHNSON 強生 0.51%JPMORGAN CHASE & CO 摩根大通 0.49%ALPHABET C 0.47%ALPHABET A 0.46%EXXON MOBIL CORP 埃克森美孚公司 0.42%TOTAL 總和 7.04%








Fund 基金 6.56% 0.11% 0.54% - - - 9.57%Reference Portfolio 6.57% 0.13% 0.44% - - - 10.17% 參考投資組合


Fund 基金 N/A N/A 0.54% - - - 4.31%Reference Portfolio N/A N/A 0.44% - - - 4.58% 參考投資組合

Dollar Cost Averaging Return1 N/A N/A 0.67% - - - 2.00%平均成本法回報 1



05/1902/1911/1808/1805/1802/1811/1708/1704/17

ReferencePortfolio參考投資組合

98

100

102

104

106

108

110

112

114

116


Fund 基金


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

2018 -5.64% -5.79%

2017~ 8.97% 9.74%


13


As of 截至 31/05/2019

Fund Descriptor 基金描述Mixed Assets Fund - [Global] - Maximum higher risk assets (such as global equities) 25%

混合資產基金 - [環球 ] - 較高風險資產（例如環球股票）最高 25%

Investment Objective 投資目標The Constituent Fund aims to achieve stable growth by investing in a globally diversified manner; and to target 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 asset allocation to higher risk assets may vary between 15% and 25% due to market movements.

成份基金旨在透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、貨幣市場工具及《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。





Risk Indicator (3-Year Standard Deviation) - 風險指數（三年標準差）



Global equities gained over the quarter. The accommodative monetary policy in major economies, progress on US-China trade talks and healthy corporate earnings supported markets. Notably, the US Federal Reserve (Fed) signalled a possible end to interest rate hikes in view of rising global economic risks. The European Central Bank (ECB) announced the launch of a targeted subsidised lending programme in September 2019 and pushed back guidance for future interest rate increases. China also announced measures to support growth. Meanwhile, the UK delayed Brexit after politicians rejected deals to withdraw from the European Union. Against this backdrop, all key markets ended higher, led by the US. Returns in US dollar terms were undermined by its appreciation against the euro and yen, but were supported by its depreciation against sterling. Global bond markets posted positive returns. Government bond yields fell as concerns about global growth rose amid weak economic data, resulting in the US Fed pausing interest rate hikes this year. The ECB also delayed a planned increase in interest rates amid rising threats to growth and as economic sentiment in the eurozone continued to dwindle. German bunds saw a sustained rally against this backdrop. Japanese government bonds followed suit. UK government bond yields also fell as Brexit-related uncertainty continued. In credit markets, both investment grade and high yield credit spreads tightened, retracing a significant portion of widening that occurred in the fourth quarter of 2018. Expectations of a US-China trade deal also supported risk sentiment.環球股市於季內造好。主要經濟體實施寬鬆貨幣政策，加上中美貿易談判取得進展，以及企業盈利穩健，均為市場提供支持。尤其是，鑑於環球經濟風險日增，美國聯儲局暗示可能結束加息。歐洲央行公佈將於2019年9月推出定向補貼借貸計劃，並降低日後加息的指引。中國亦宣佈推出支持經濟增長的措施。與此同時，在國會議員拒絕通過脫歐協議後，英國延期脫離歐盟。在這環境下，所有主要市場均高收，以美國領漲。美元兌歐元和日圓升值，削弱以美元計的回報，但美元兌英鎊貶值則帶來支持。環球債券市場錄得正回報。政府債券孳息下跌，因為在經濟數據疲弱下，市場對環球增長狀況更感憂慮，促使美國聯儲局在今年暫停加息。鑑於增長風險日增，加上歐元區的經濟信心持續減弱，歐洲央行亦推延加息計劃。在上述市況下，德國政府債券持續揚升。日本政府債券亦隨之走高。在英國脫歐陰霾持續籠罩下，當地政府債券孳息亦報跌。信貸市場方面，投資級別和高收益債券的信貸息差均收窄，修復在2018年第四季擴闊的大部份息差。市場預期中美兩國達成貿易協議，亦為承險意欲提供支持。

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 19.64%

GLOBAL BOND 環球債券 77.73%





USTN 2.375% 31/01/2023 美國國庫券 2.375% 31/01/2023 0.67%USTN 2.75% 30/09/2020 美國國庫券 2.75% 30/09/2020 0.59%MICROSOFT CORP 微軟 0.44%USTN 2.0% 15/08/2025 美國國庫券 2.0% 15/08/2025 0.44%USTN 2.625% 15/11/2020 美國國庫券 2.625% 15/11/2020 0.43%USTN 2.25% 31/03/2021 美國國庫券 2.25% 31/03/2021 0.42%USTN 2.25% 15/08/2027 美國國庫券 2.25% 15/08/2027 0.41%FRANCE (REPUBLIC OF) 2.75% 25/10/2027 REG-S 0.41%USTN 3% 15/11/2045 美國國庫券 3% 15/11/2045 0.40%USTN 1.625% 31/05/2023 美國國庫券 1.625% 31/05/2023 0.40%TOTAL 總和 4.61%








Fund 基金 4.60% 2.12% 3.28% - - - 5.97%Reference Portfolio 4.54% 2.13% 3.29% - - - 6.73% 參考投資組合


Fund 基金 N/A N/A 3.28% - - - 2.72%Reference Portfolio N/A N/A 3.29% - - - 3.05% 參考投資組合

Dollar Cost Averaging Return1 N/A N/A 2.88% - - - 3.41%平均成本法回報 1


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

2018 -1.63% -1.55%

2017~ 2.99% 3.69%


05/1902/1911/1808/1805/1802/1811/1708/1704/17

ReferencePortfolio參考投資組合

99

100

101

102

103

104

105

106

107


Fund 基金

14



Cumulative Performance 3.44% 2.25% 5.48% 4.83% 9.98% 26.43% 28.83%累積表現

Annualised Performance N/A N/A 5.48% 1.58% 1.92% 2.37% 1.61%年率化表現



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% 2009 0.75%

Currency Breakdown▲ 貨幣分佈 ▲

HONG KONG DOLLAR 港元 99.7%

US DOLLAR 美元 0.3%

As of 截至 31/05/2019


Fund 基金

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

債券基金－香港

Investment Objective 投資目標The Constituent Fund aims to invest in world bond markets with a focus on HK dollar denominated bonds and issuers, to produce returns that are related to those achieved on the major bond market indices, to limit the volatility of returns in the short term in HK dollar market terms, and to minimize currency volatility by implementing a HKD hedged strategy (where investments are made other than in HKD).

成份基金旨在投資於全球債券市場，並集中投資於港元結算的債券及發行人；提供與債券市場主要指數所達致表現相關的回報；限制在短期內港元市場回報的波幅；及透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 Lau





Modified Duration 修正存續期 Fund 基金 5.22 Year （年）

Yield to Maturity 到期收益 2.96%



Rates on the Hong Kong government yield curve fell during the quarter on concerns over economic outlook amid trade tensions between China and the US as well as the Brexit-related uncertainty. Meanwhile, Hong Kong Interbank Offered Rates (HIBOR) declined over the quarter due to drop in banks’ funding demand and abundant liquidity in the Hong Kong Dollar (HKD) market. Hong Kong’s monetary authority sold US dollars aimed to prop up local currency as interest rate gap between the local currency and US dollars widened. The fund generated positive returns over the quarter and outperformed the index. Higher coupon income and credit selection contributed to the relative performance, but the term structure weighed on relative returns. The fund’s US dollar duration added value while Hong Kong dollar duration held back gains. At a sector level, holdings in the quasi sovereigns added most value. Currently, the fund has an overall duration position of 4.3 years, comprised of its Hong Kong dollar duration and US dollar exposure. It holds US dollar denominated debt to take advantage of better valuations, lower transaction costs, higher liquidity and better yields versus Hong Kong dollar bonds. Looking ahead, Hong Kong’s economic growth is likely to moderate given downside risks from uncertainty related to China-US trade war and weaker private consumption. However, strong fiscal position and external balance may partially offset these headwinds. Additionally, policy stimulus in China, progress in China-US trade discussions and a likely pause by the US Federal Reserve in 2019 may offer some respite.

中美貿易緊張關係及英國脫歐相關陰霾導致市場對經濟前景感到憂慮，拖累香港政府債券孳息於季內下跌。銀行融資需求下降，加上港元市場流動資金充裕，因此香港銀行同業拆息於季內回落。鑑於港元與美元之間的利率差距擴大，香港金融管理局賣出美元以支持港元。基金於季內錄得正回報，表現優於基準指數。票息收益較高和信貸選擇為相對表現帶來貢獻，但期限結構令相對回報受壓。基金對美元存續期的配置為回報增值，但對港元存續期的配置則遏抑升幅。債類方面，準主權債券的持倉最利好回報。目前，基金的整體存續期為4.3年，其中包括港元存續期和美元投資部署。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。展望將來，源自中美貿易戰相關陰霾及私人消費轉弱的下行風險可能導致香港經濟增長放緩。然而，香港的財政狀況強勁，對外賬目平衡，可望局部緩和這些阻力。此外，中國的刺激經濟政策和中美貿易談判進程，以及美國聯儲局或會在2019年暫停加息，均有望為市場帶來一定的喘息空間。







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

AA/Aa 24.9%

A 54.8%

BBB/Baa 10.3%

BB/Ba 0.5%

Others* 其他 * 9.5%

* 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

3.30%

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

2.98%

BMW FINANCE 2.74% 24/05/2024 REGS 2.32%

SUN HUNG KAI PROPERTIES 3.12% 15/02/2026 REGS 新鴻基地產 3.12% 15/02/2026 REGS

2.07%

AROUNDTOWN 3.69% 11/03/2024 REGS 2.01%NWD 3.8% 21/05/2029 REGS 新世界發展 3.8% 21/05/2029 REGS

1.99%

HONG KONG LAND NOTES 3.83% 05/11/2028 REGS 1.80%CK PROPERTY FINANCE 3.57% 05/09/2028 REGS 1.77%CMT MTN PTE 3.836% 20/11/2025 1.77%BANK OF NOVA SCOTIA 3.12% 16/02/2027 REGS 加拿大豐業銀行 3.12% 16/02/2027 REGS

1.72%

TOTAL 總和 21.73%


45.6% Financial 金融

30.4% Quasi/Sov/Supra/Agncy半政府/主權/超國家/機構債券

18.8% Industrial 工業

4.1% Utility 公用事業

0.1% Treasury 國庫券




05/1905/1705/1505/1305/1105/0905/0705/0507/0390

95

100

105

110

115

120

125

130


Fund 基金

15


As of 截至 31/05/2019

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

債券基金－香港及中國

Investment Objective 投資目標The Constituent Fund aims to achieve income and capital appreciation primarily via indirect exposure to RMB denominated fixed income/debt securities issued or distributed outside Mainland China as well as deposits (including but are not limited to, convertible bonds, corporate bonds, government bonds, commercial papers, medium term notes, floating rate notes, money market instruments, certificates of deposits, bank deposits and negotiated term deposits), and to limit the volatility of returns in the short term.

成份基金旨在主要透過間接投資於在中國大陸境外發行或分銷，並以人民幣計值的定息╱債務證券及存款（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；及限制在短期內回報的波幅。










Chinese renminbi denominated offshore (Dim Sum) bonds generated positive returns over the quarter. Credit spreads on broader and investment grade Dim Sum bonds tightened during the period, with former contracting more than the latter. Market sentiment was supported by dovish US Federal Reserve (Fed) comments, continued policy support from China and progress in trade talks. Fed held interest rates steady in March and signalled that it does not plan to raise rates in 2019. China unveiled a Greater Bay Area Development blueprint, detailing plans to develop an innovation and technology hub and improving infrastructure connectivity amongst a slew of other initiatives. Policy easing and seasonal effect boosted credit growth in January. Total Social Financing recorded an all-time high of CNY 4.64 trillion. Meanwhile, President Trump announced an extension to the March 1 deadline for tariff escalation, boosting expectations that a trade deal could be reached in the coming months. The fund posted positive total returns over the quarter primarily due to favourable currency movements. Term structure and stable coupon income also contributed favourably. The offshore Chinese renminbi appreciated against the Hong Kong dollar, the fund’s reporting currency, which supported performance. Movements in offshore China yield curve and US dollar duration contributed positively.

中國人民幣計價離岸（點心）債券於季內錄得正回報。整體和投資級別點心債券的信貸息差在期內收窄，前者的收窄幅度高於後者。美國聯儲局的言論溫和，加上中國持續提供政策支持及貿易談判取得進展，均有助支持市場氣氛。聯儲局在3月維持利率不變，並暗示無意在2019年加息。中國公佈大灣區發展藍圖，當中詳述建設創科中心的計劃，並強化基建互聯互通等一系列其他舉措。在1月份，寬鬆政策和季節性效應刺激信貸增長。社會融資總量創下歷史新高，錄得4.64萬億元在岸人民幣。此外，美國總統特朗普宣佈延長3月1日關稅行動升級的限期，刺激市場預期兩國可望在未來數月達成貿易協議。基金於季內錄得正總回報，主要源於貨幣走勢利好。期限結構和票息收益穩定亦有利表現。此外，離岸人民幣兌港元（基金的匯報貨幣）升值，為表現帶來支持。離岸中國債券孳息曲線和美元存續期的變動也為表現帶來正面貢獻。






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 41.0%




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

AAA/Aaa 0.5%

AA/Aa 11.3%

A 54.9%

BBB/Baa 25.9%



其他或包括現金，應付╱應收款項及╱或沒有給予評級。

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

5.15%

CHONGQING GRAIN GROUP 4.02% 14/07/2019 REGS 重慶糧食集團 4.02% 14/07/2019 REGS

5.02%

WESTPAC VAR 09/02/2025 REGS 4.34%AUSTRALIA AND NEW ZEALAND BANK VAR 4.75% 30/01/2025 REGS

4.32%

COMMONWEALTH BANK OF AUSTRALIA 11/03/2025 REGS 澳洲聯邦銀行 11/03/2025 REGS

4.29%

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

4.07%

CHINA CONSTRUCTION BANK 3.75% 18/11/2019 REGS 中國建設銀行 3.75% 18/11/2019 REGS

3.83%

CHINA GOVT BOND 4% 22/05/2024 REGS 中國政府債券 4% 22/05/2024 REGS

3.47%

SINOCHEM OFFSHORE CAPITAL 4.4% 14/02/2021 REGS 3.39%LONCIN HOLDINGS 4.5% 05/12/2019 REGS 隆鑫控股 4.5% 05/12/2019 REGS

3.34%

TOTAL 總和 41.22%










Cumulative Performance 2.46% -0.34% 0.59% 4.38% - - 3.91%累積表現

Annualised Performance N/A N/A 0.59% 1.44% - - 1.27%年率化表現

Dollar Cost Averaging Return1 N/A N/A 1.61% 3.59% - - 3.59%平均成本法回報 1

Fund 基金


05/1901/1909/1805/1801/1809/1705/1701/1709/1605/16949596979899

100101102103104105


Fund 基金


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







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% 2009 5.74%




EURO 歐元 22.9%

JAPANESE YEN 日元 6.0%

UK POUND 英鎊 3.8%

CANADIAN DOLLAR 加幣 1.1%

AUSTRALIAN DOLLAR 澳元 1.1%

OTHERS 其他 1.9%

As of 截至 31/05/2019


Fund 基金

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

債券基金－環球

Investment Objective 投資目標The Constituent Fund aims to focus investment into the bond markets of the world, to produce returns that are related to those achieved on the major bond market indices, and to limit the volatility of returns in the short term.

成份基金旨在集中投資於全球債券市場；提供與債券市場主要指數所達致的表現相關的回報；及限制在短期內回報的波幅。

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









Fixed income markets posted positive returns in the first quarter of 2019. Government bond yields fell as worries about global growth rose amid weak economic data, as a result of which the US Federal Reserve indicated that it may not raise interest rates in 2019. The European Central Bank also delayed a planned increase in interest rates amid rising threats to growth. Japanese government bonds followed suit, as the moves in US debt rippled out into other bond markets. German bunds also saw a sustained rally, driven by a combination of slowing inflation and weaker growth amid an increase in global headwinds. Economic sentiment in the eurozone continued to dwindle, falling to 105.5 points, the worst result in more than two years. UK government bond yields fell in line with other core government bond markets and were further supported by Brexit related uncertainty. In credit markets, both investment grade and high yield credit spreads tightened, retracing a significant portion of widening that occurred in the last quarter of 2018. Furthermore, indications that the trade conflict between the US and China may come to an end also supported risk sentiment. The fund generated positive returns over the quarter. The fund's duration (measure of its sensitivity to interest rate changes) position generated gains as global bond yields fell. Exposure to the US dollar and euro duration were the key contributors to performance. Small allocation to corporate bonds also added value. At the sector level, the overweight exposure to the banking and consumer sectors aided performance.

固定收益市場在2019年第一季錄得正回報。政府債券孳息下跌，因為在經濟數據疲弱下，市場對環球增長狀況更感憂慮，促使美國聯儲局表示其於2019年可能不會加息。在增長風險日增的情況下，歐洲央行亦推延加息計劃。隨著美債走勢蔓延至其他債券市場，日本政府債券跟隨美債報升。在環球經濟阻力增加影響下，德國通脹放緩和經濟增長轉弱，促使當地政府債券亦維持升勢。歐元區經濟信心持續減弱，跌至105.5點，是兩年多以來最失色的表現。英國政府債券孳息與其他核心政府債券市場同告下跌，當地債券進一步獲英國脫歐相關的不明朗因素支持。信貸市場方面，投資級別和高收益債券的信貸息差均收窄，修復在2018年最後一季擴闊的大部份息差。此外，有跡象顯示中美貿易爭議可能即將結束，亦為承險意欲提供支持。基金於季內錄得正回報。受惠於環球債券孳息下跌，基金對存續期（反映對利率變動的敏感度）的配置錄得升幅。基金對美元和歐元存續期的配置為表現帶來主要貢獻。此外，企業債券的小量配置亦為回報增值。行業方面，基金對銀行和消費業持偏高比重利好表現。


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

AAA/Aaa 68.3%

AA/Aa 6.8%

A 12.9%

BBB/Baa 9.0%




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






USTN 2.375% 15/05/2029 美國國庫券 2.375% 15/05/2029 18.20%GERMANY SER 178 0% 13/10/2023 8.49%GERMANY 0.25% 15/08/2028 REGS 7.12%USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 5.64%USTN 3% 15/02/2049 美國國庫券 3% 15/02/2049 4.99%JAPAN (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 3.60%JAPAN 0.1% 10/03/2028 2.90%GERMANY 0.25% 11/10/2019 REGS 2.87%USTN 2.5% 31/01/2024 美國國庫券 2.5% 31/01/2024 1.82%UK GILT 1.5% 22/07/2047 REGS 英國金邊債券 1.5% 22/07/2047 REGS

1.73%

TOTAL 總和 57.36%









05/1905/1705/1505/1305/1105/0905/0705/0507/0395

100105110115120125130135140145150


Fund 基金

17







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% 2009 0.02%

As of 截至 31/05/2019






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

貨幣市場基金－香港

Investment Objective 投資目標The Constituent Fund aims to provide a positive return each month equal to or better than the HKD savings account rate, to focus investments in HKD short term instruments, to invest only into HKD securities, and to ensure that there is minimal risk to the capital.

成份基金旨在提供與港元儲蓄戶口利率相等或較佳的每月正回報；集中投資於港元短期金融工具；只投資於港元證券；及確保資本附帶最低的風險。





Risk Indicator (3-Year Standard Deviation) 0.09% 風險指數 (三年標準差)



Hong Kong Interbank Offered Rates (HIBOR) declined over the quarter due to drop in banks’ funding demand and abundant liquidity in the Hong Kong Dollar (HKD) market. Hong Kong’s monetary authority sold US dollars aimed to prop up local currency as interest rate gap between the local currency and US dollars widened. On a macroeconomic front, Hong Kong’s economy expanded by 1.3% year-on-year in real terms in the fourth quarter of 2018, after the growth of 2.8% in the preceding quarter. The labour market conditions remain tight, with the seasonally adjusted unemployment rate stood at 2.8% for the three months ending February 2019, the lowest level in more than 20 years. With the likely deceleration in global economic expansion and the increasing uncertainties from the external environment, the Government forecasts Hong Kong’s economy to grow by 2-3% in 2019. The portfolio currently has exposure to relatively short dated commercial paper and certificates of deposit.

銀行融資需求下降，加上港元市場流動資金充裕，因此香港銀行同業拆息於季內回落。鑑於港元與美元之間的利率差距擴大，香港金融管理局賣出美元以支持港元。宏觀經濟方面，香港經濟繼2018年第三季增長2.8%後，於第四季按年實質增長1.3%。勞工市場環境仍然緊張，截至2019年2月止三個月，經季節性調整的失業率錄得2.8%，創超過20年以來的最低水平。隨著環球經濟擴張步伐可能減慢，以及外在環境更加不明朗，政府預測香港經濟將在2019年增長2%至3%。目前，基金投資於相對短期的商業票據和存款證。

* Fees and charges of MPF conser vat ive 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 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。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



COOPERATIEVE RABOBANK UA 0% 23/08/2019 7.44%SUMITOMO MITSUI BANKING 0% 11/07/2019 7.35%TERM DEPOSIT IN HSBC 03/06/2019 6.58%ING BANK NV 0% 25/07/2019 6.03%OVERSEA-CHINESE BANKING 0% 07/08/2019 6.02%AGRICULTURAL BANK OF CHINA SYDNEY 0% 30/08/2019

5.36%

BANK OF CHINA SYDNEY 0% 22/08/2019 5.14%BNP PARIBAS HONG KONG BRANCH 0% 16/07/2019 4.17%STANDARD CHARTERED BANK HK 0% 30/07/2019 3.84%ICBC SYDNEY CD 0% 11/06/2019 REGS 3.63%TOTAL 總和 55.56%

05/1905/1705/1505/1305/1105/0905/0705/0505/0312/0098

100

102

104

106

108

110

112


Fund 基金

18








US$ MONEY FUND 美元貨幣基金 0.41%




As of 截至 31/05/2019

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 and initially with 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.

混合資產基金－環球，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。

Investment Objective 投資目標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, initially with a greater exposure to equities and thereafter, as the year 2050 is approached, greater exposure to bonds and cash. The Constituent Fund also aims to maintain an asset allocation appropriate to achieve a combination of income and long term capital growth as the relevant target year approaches whilst managing the volatility of returns in the short term.

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的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。本成份基金旨在維持適合的資產分配，藉此在有關目標年份臨近時取得收益及長期的資本增長；同時控制在短期內回報的波幅。














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。


1.98%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.78%CHINA MOBILE LTD 中國移動 1.56%ROYAL DUTCH SHELL PLC A SHRS 荷蘭皇家蜆殼石油公司 A股

1.02%

MICROSOFT CORP 微軟 1.01%ALIBABA GROUP HLDGS ADR 阿里巴巴集團 0.97%NESTLE SA 雀巢 0.93%TOTAL 總和 18.71%


Cumulative Performance 7.72% -2.30% -7.88% 24.77% - - 17.08%累積表現

Annualised Performance N/A N/A -7.88% 7.65% - - 4.58%年率化表現

Dollar Cost Averaging Return1 N/A N/A -2.28% 4.47% - - 7.57%平均成本法回報 1


2018 -13.38% 2017 30.00% 2016 -0.53% 2015~ -2.97%~ Since launch date to the end of launch year 由推出日至推出日該年年底

Fund 基金



05/1901/1909/1805/1801/1809/1705/1701/1709/1605/1611/1580

90

100

110

120

130

140


Fund 基金

19












As of 截至 31/05/2019





混合資產基金－環球，初期投資於股票的相關基金將持較高的比重，惟臨近 2045年，將轉為對投資於債券及現金的相關基金持較高的比重。



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

















1.98%


1.02%



Cumulative Performance 7.61% -2.30% -8.03% 24.71% - - 18.71%累積表現

Annualised Performance N/A N/A -8.03% 7.64% - - 4.99%年率化表現

Dollar Cost Averaging Return1 N/A N/A -2.37% 4.32% - - 7.49%平均成本法回報 1


2018 -13.46% 2017 30.03% 2016 0.16% 2015~ -2.14%~ Since launch date to the end of launch year 由推出日至推出日該年年底

Fund 基金



05/1901/1909/1805/1801/1809/1705/1701/1709/1605/1611/1580

90

100

110

120

130

140


Fund 基金

20







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% 2009 44.96%











As of 截至 31/05/2019


Fund 基金

Fund Performance 基金表現Fund Descriptor 基金描述Mixed Assets Fund - Global and initially with a greater exposure to underlying funds investing into equities and thereafter, as the year 2040 is approached, greater exposure to underlying funds investing into bonds and cash.
























1.95%


1.01%


05/1905/1705/1505/1305/1110/0880

100120140160180200220240260280300


Fund 基金

21







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% 2009 44.72%











As of 截至 31/05/2019


Fund 基金

























1.93%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.73%

CHINA MOBILE LTD 中國移動 1.52%ROYAL DUTCH SHELL PLC A SHRS 荷蘭皇家蜆殼石油公司 A股

0.99%


05/1905/1705/1505/1305/1110/0880

100120140160180200220240260280300


Fund 基金

22







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% 2009 44.34%











As of 截至 31/05/2019




Fund 基金























1.86%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.67%CHINA MOBILE LTD 中國移動 1.46%USTN 2.375% 15/05/2029 美國國庫券 2.375% 15/05/2029 1.09%ROYAL DUTCH SHELL PLC A SHRS 荷蘭皇家蜆殼石油公司 A股

0.96%

MICROSOFT CORP 微軟 0.95%ALIBABA GROUP HLDGS ADR 阿里巴巴集團 0.91%TOTAL 總和 17.77%

05/1905/1705/1505/1305/1110/0880

100120140160180200220240260280300


Fund 基金

23







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% 2009 43.84%











As of 截至 31/05/2019




Fund 基金






















TENCENT HOLDINGS LIMITED 騰訊控股有限公司 3.34%HSBC HOLDINGS PLC 滙豐控股 2.55%USTN 2.375% 15/05/2029 美國國庫券 2.375% 15/05/2029 2.49%AIA GROUP LTD 友邦保險控股有限公司 2.27%INDUSTRIAL & COM BK OF CHINA H SHRS 中國工商銀行 H股

1.71%

CHINA CONSTRUCTION BANK H 中國建設銀行 H 1.53%CHINA MOBILE LTD 中國移動 1.35%GERMANY SER 178 0% 13/10/2023 1.16%GERMANY 0.25% 15/08/2028 REGS 0.97%ROYAL DUTCH SHELL PLC A SHRS 荷蘭皇家蜆殼石油公司 A股

0.88%

TOTAL 總和 18.25%

05/1905/1705/1505/1305/1110/0880

100120140160180200220240260280300


Fund 基金

24







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% 2009 42.51%












As of 截至 31/05/2019




Fund 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%。




USTN 2.375% 15/05/2029 美國國庫券 2.375% 15/05/2029 10.06%

GERMANY SER 178 0% 13/10/2023 4.69%

GERMANY 0.25% 15/08/2028 REGS 3.94%

USTN 2.875% 31/10/2023 美國國庫券 2.875% 31/10/2023 3.12%

USTN 3% 15/02/2049 美國國庫券 3% 15/02/2049 2.76%

JAPAN (5 YEAR ISSUE) SER 128 0.1% 20/06/2021 1.99%

TENCENT HOLDINGS LIMITED 騰訊控股有限公司 1.71%

JAPAN 0.1% 10/03/2028 1.60%

GERMANY 0.25% 11/10/2019 REGS 1.59%

HSBC HOLDINGS PLC 滙豐控股 1.30%

TOTAL 總和 32.76%

05/1905/1705/1505/1305/1110/0880

100120140160180200220240260280


Fund 基金














25

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. Risk IndicatorRisk Indicator is measured by the annualised standard deviation

of the fund’s monthly rates of return over the past 3 years to

the reporting date of the fund factsheet. For funds with less

than 3 years of performance history, the risk indicator figure

will not be available. Standard Deviation is a measure of the

historical performance fluctuation of a mutual fund or portfolio,

usually computed using 36 monthly returns. This is to measure

how the monthly fund performance movements are away from

the average performance. The greater the degree of dispersion,

the greater the risk.

1. 基金表現

基金的投資表現是以資產淨值對比來計算。

2. 自推出以來的表現

自基金推出以來的回報率。

3. 平均成本法回報

此為不同年期內透過每月底投資相同金額所獲得的投

資回報，比較供款總額及其現值，所顯示為其盈利/虧

損之百分比。

4. 累積表現

基金截至現時為止於指定期間

內所錄得的盈利或虧損。

5. 年度表現

基金在一個完整的曆年內所取

得的年度回報。

6. 十大主要投資項目

以佔基金的百份比顯示，持十

大比重的公司或債券。

7. 地區/貨幣分佈

按地區或貨幣來顯示投資組合

的分佈。

8. 十大行業分佈

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. 風險指數

風險指數以基金過去3年（以匯報截至日計）的每月回報

率按年率化的標準差來計算。成立年期少於3年的基金

不提供風險指數。標準差指以衡量基金或投資組合過往

表現的波幅統計，一般採用36個月份的回報來計算，以

量度基金每月表現與其平均表現的偏離程度。偏離程

度愈大，基金風險愈高。

Glossary 註釋



Cumulative Performance -4.89% 5.35% -4.89% 5.57% -1.05% 104.22% 157.85%累積表現

Annualised Performance N/A N/A -4.89% 1.82% -0.21% 7.40% 6.48%年率化表現

Dollar Cost Averaging Return1 N/A N/A -7.81% -1.68% 3.92% 21.77% 74.24%平均成本法回報 1


2015 -4.89% 2014 3.07% 2013 7.70% 2012 20.65% 2011 -22.31% 2010 10.40% 2009 63.64% 2008 -45.79% 2007 54.54% 2006 36.36%

Geographical Breakdown 國家投資分佈

CHINA 中國 60.9%






As of 截至 31/12/2015


Fund 基金

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


Investment Objective 投資目標The Constituent Fund aims to focus investment into the equity market of Hong Kong, namely equities of companies listed in Hong Kong (including Greater China companies that are listed in Hong Kong) or companies which have a business connection with Hong Kong (including companies which are listed outside Hong Kong). Companies which have a business connection with Hong Kong include but are not limited to companies that are domiciled or incorporated in Hong Kong, to produce returns that are related to those achieved on the major stock market indices of Hong Kong, to have the flexibility to invest in bonds in a limited manner, to accept a high level of return volatility in the short term.

成份基金旨在集中投資於香港股票市場，即在香港上市的公司（包括在香港上市的大中華公司）或與香港有業務聯繫的公司（包括在香港境外上市的公司）的股票。與香港有業務聯繫的公司包括但不限於在香港註冊或成立的公司；提供與香港股市主要指數所達致表現相關的回報；可靈活地作出有限度的債券投資；及容許回報在短期內大幅波動。

Fund Details 基金資料 Fund Manager 基金經理 Oscar Leung 梁健輝







Hong Kong and Chinese stocks advanced on the back of pro-growth measures introduced in China as well as in other regional economies. Notably, the People’s Bank of China further eased its monetary policy and removed the deposit rate ceiling in a major step towards full interest rate liberalisation. At a sector level, stocks in information technology (IT), healthcare and financials sectors outperformed the index. gainst this backdrop, the portfolio generated positive returns over the quarter. Selected holdings in the real estate sector, namely China Overseas Land, China Resources Land and Longfor Properties, were key contributors to performance given higher sales amid the policy support initiatives introduced by the government. Shares in IT firm Tencent added value as the company reported higher-than-expected revenues in the third quarter on the back of continued growth momentum from its mobile gaming, social networks and advertising businesses. Conversely, an overweight stance in electric utility Power Assets Holdings (PAH) weighed on returns as its merger with Cheung Kong Infrastructure was rejected by PAH’s minority shareholders. Elsewhere, shares in Phoenix Healthcare Group declined as delay of an expected deal (which involves purchasing and restructuring of a hospital) is likely to impact revenues in the near term.

中港股市揚升，主要受惠於中國及其他區內市場推出支持增長的措施。值得注意的是，中國人民銀行進一步放寬貨幣政策，並取消存款利率上限，為全面開放利率邁出重要一步。行業方面，資訊科技、健康護理及金融股表現優於反映大市的指數。在此環境下，投資組合在季內錄得正回報。中國海外發展、華潤置地及龍湖地產等個別房地產持倉為基金表現帶來主要貢獻，因內地政府的扶持政策措施促使房屋銷售增加。資訊科技企業騰訊亦為基金增值，公司旗下手機遊戲、社交網絡及廣告業務維持增長動力，有助騰訊的第三季收益高於預期。然而，電力公用事業公司電能實業的少數股東否決與長江基建合併的方案，因此基金對電能實業持偏高比重令回報受壓。此外，鳳凰醫療集團的預期交易（涉及收購和重組一家醫院）遭押後，應會拖累該公司的短期收益，導致公司股價報跌。


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 the gain or loss as a percentage. Source: Gadbury Group 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：Gadbury Group Limited



TENCENT HOLDINGS LIMITED 騰訊控股有限公司 8.97%HSBC HOLDINGS PLC 滙豐控股 7.72%AIA GROUP LTD 友邦保險控股有限公司 6.27%CHINA CONSTRUCTION BANK CORP H SHRS 中國建設銀行 H股

5.86%

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

4.50%

CK HUTCHISON HOLDINGS 長江和記實業 4.30%CHINA MOBILE LTD 中國移動 4.28%BANK OF CHINA LTD H SHRS 中國銀行有限公司H股 3.23%HONG KONG EXCHS & CLEARING LTD 香港交易所 2.92%PING AN INSURANCE CO LTD H SHRS 中國平安保險 H股

2.73%

TOTAL 總和 50.78%

Industry Breakdown 行業投資分佈











12/00 12/02 12/04 12/06 12/08 12/10 12/12 12/1450

100

150

200

250

300

350


Fund 基金

14

15

1

23

45

6

7

8

910 11

9

26

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.

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。



Cumulative Performance -0.65% 5.29% -0.65% 29.67% 34.68% 52.28% 113.46%累積表現




2015 -0.65% 2014 4.47% 2013 24.93% 2012 16.59% 2011 -10.91% 2010 12.09% 2009 31.36% 2008 -44.48% 2007 18.40% 2006 16.82%

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









As of 截至 31/12/2015


Fund 基金

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

股票基金－環球

Investment Objective 投資目標The Constituent Fund aims to focus investment into the global equity markets, to produce returns that are related to those achieved on the major world stock market indices, to have the flexibility to have limited investment into bonds, and to manage the volatility of returns in the short term.

成份基金旨在集中投資於環球股票市場；提供與環球股市主要指數所達致的表現相關的回報；可靈活地作出有限度的債券投資；及控制在短期內回報的波幅。








Global equity markets rose over the quarter. Stabilisation of data in China and expectations of further easing in Europe and Japan buoyed investor sentiment early in the quarter. However, there were periods of volatility as markets adjusted to expectations on central bank policies and geopolitical tensions in the Middle East and elsewhere. Easing measures announced by the European Central Bank and the Bank of Japan fell short of market expectations. The US Federal Reserve (Fed) also raised interest rates for the

best performer, while the commodity segment lagged on China

Japan equities increased. Asian markets have been sold down in 2015 due to growth concerns. Valuations now are near or, in some

crisis. The tempering of growth expectations is likely to provide buy opportunities, as the continuation of pro-growth policies is likely to sustain growth at a healthy pace. Elsewhere, the allocation to US and Japanese equities were left largely unchanged.

環球股市於季內上升。中國的經濟數據回穩，加上市場憧憬歐洲和日本加推寬鬆措施，利好季初的投資氣氛。然而，市場調整其對央行政策的預期，加上中東及其他地區的地緣政局持續緊張，導致市場在期內反覆波動。歐洲央行和日本央行公佈的寬鬆措施規模未符市場預期，而美國聯儲局則在十年來首度加息。資訊科技股表現最佳，而中國經濟增長的憂慮則拖累商品業表現落後。季內，基金增加對亞太區（日本除外）股市的配置。亞洲市場在2015年因經濟增長的憂慮而遭拋售，現時企業估值已接近或低於金融危機高峰期間的水平。經濟增長的預期受壓可望帶來入市良機，因繼續推行支持增長的政策應有助增長保持穩健。此外，美股及日股配置的變動不大。


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


















07/03 07/05 07/07 07/09 07/11 07/13 07/1580

100

120

140

160

180

200

220

240


Fund 基金

ALPHABET A 2.64%JPMORGAN CHASE & CO 摩根大通 1.89%GENERAL ELECTRIC (US) 通用電氣（美國） 1.88%MICROSOFT CORP 微軟 1.63%ALLERGAN 1.53%CVS HEALTH CORP 1.49%EXPRESS SCRIPTS HLDG CO 快捷藥方公司 1.41%ALTRIA GROUP INC 奧馳亞集團 1.37%ORACLE CORP 甲骨文股份有限公司 1.29%APPLE INC 蘋果公司 1.29%TOTAL 總和 16.42%

13

15

16



Cumulative Performance 1.49% -0.09% 1.49% 1.94% 11.27% 30.23% 20.91%累積表現




2015 1.49% 2014 3.93% 2013 -3.36% 2012 3.96% 2011 5.00% 2010 3.55% 2009 0.75% 2008 5.41% 2007 3.10% 2006 3.22%

Currency Breakdown 貨幣分佈



CHINESE YUAN 人民幣 0.9%

As of 截至 31/12/2015


Fund 基金

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

債券基金－香港

Investment Objective 投資目標The Constituent Fund aims to invest in world bond markets with a focus on HK dollar denominated bonds and issuers, to produce returns that are related to those achieved on the major bond market indices, to limit the volatility of returns in the short term in HK dollar market terms, and to minimize currency volatility by implementing a HKD hedged strategy (where investments are made other than in HKD).

成份基金旨在投資於全球債券市場，並集中投資於港元結算的債券及發行人；提供與債券市場主要指數所達致表現相關的回報；限制在短期內港元市場回報的波幅；及透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 Bryan Collins









Hong Kong’s macroeconomic data releases during the fourth quarter were mixed. The economy’s GDP grew at 2.3% on a year-on-year basis in the third quarter of 2015, driven primarily by rising exports. Net trade for the period also supported growth although imports weakened. Conversely, retail sales continued to slow, registering a 6% decline in November, down from -3% in September. The Nikkei Purchasing Managers’ Index (PMI) also declined to 46.4 in December, signalling a contraction as output and total new orders dropped. On the policy front, the Hong Kong Monetary Authority raised its base interest rate following the US Federal Reserve’s lead. During the quarter, the International Monetary Fund (IMF) announced the inclusion of the Chinese yuan in the Special Drawing Rights

sentiment. In the US, third quarter GDP grew by 2.0% on an annualised basis. A decline in unemployment and a surge in the housing sector and consumer spending suggested that the recovery is still in progress. The US Federal Reserve (Fed) raised the benchmark interest rate in December by 0.25% after almost a decade. The fund generated positive returns and outperformed the index over the quarter. Credit selection was the primary contributor to performance. The overweight position in the sovereign and quasi sovereign sector, along with an underweight holding in banks and brokers supported returns. The exposure to BBB rated bonds also boosted performance. Conversely, the fund’s interest rate strategy was the primary

to interest rate changes compared to index) position as well as holdings in high-conviction US dollar denominated debt hampered performance as US Treasury yields declined despite an interest rate hike by US Fed. The fund maintained its marginally long duration position versus the index during the quarter. Holdings in A rated or above bonds were increased, as was the exposure to the transportation and banks and brokers sectors.

在2015年第四季公佈的香港宏觀經濟數據好淡爭持。香港的2015年第三季本地生產總值按年增長2.3%，主要是由出口上升所帶動。雖然進口轉弱，但期內貿易淨額為經濟增長帶來支持。然而，香港零售銷售持續放緩，在11月下跌6%，對比9月的3%跌幅。另一方面，在12月份，日經採購經理指數亦回落至46.4，顯示經濟隨著產量及新訂單總量下降而收縮。政策方面，繼美國聯儲局加息後，香港金融管理局調高基本利率。季內，國際貨幣基金組織宣佈將人民幣納入特別提款權貨幣籃子，並於2016年10月起生效，有助市場氣氛改善。美國方面，第三季國內生產總值年率增長2.0%。失業率下跌及房屋市場和消費開支飆升，顯示當地經濟持續復甦。此外，美國聯儲局在12月調高基準利率0.25%，是接近十年來的首次。基金在季內錄得正回報，而且表現優於指數。信貸選擇為基金表現帶來主要貢獻。我們對主權及準主權債券持偏高比重，以及對銀行和券商類債券持偏低比重，均有助支持基金回報。此外，BBB級債券持倉亦提升表現。然而，基金的利率策略是削弱回報的主因。具體來說，基金持較短存續期（相比指數，對利率變動的敏感度較低），加上看好美元計價債券的持倉，均削弱基金表現，因為在聯儲局加息的情況下，美國國庫券孳息仍告下跌。相比指數，基金在季內維持略長存續期的倉盤。我們增持A級或以上的債券持倉，以及運輸和銀行與券商債券的倉盤。







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

AAA/Aaa 6.0%

AA/Aa 25.6%

A 45.3%

BBB/Baa 8.8%

Others* 其他* 14.3%



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

HONG KONG IBOND 11/08/2017 香港政府通脹掛鉤債券 11/08/2017

4.29%

HONG KONG S&T PARKS 3.2% 11/07/2024 3.15%HK GOVT IBOND 24/06/2016 香港政府通脹掛鉤債券 24/06/2016

3.14%

HONG KONG GOVT 2.22% 07/08/2024 香港政府債券 2.22% 07/08/2024

2.77%

HONG KONG GOVT 0.97% 08/12/2016 香港政府債券 0.97% 08/12/2016

2.37%

URBAN RENEWAL AUTH 1.64% 11/05/2020 2.33%LINK FINANCE CAYMAN 2009 2.67% 04/07/2022 1.76%SWIRE PACIFIC 2.5% 27/04/2022 太古公司 2.5% 27/04/2022

1.73%

MTR (CI) 3% 09/11/2045 1.69%URBAN RENEWAL AUTH 1.75% 02/08/2019 1.65%TOTAL 總和 24.88%






9.6% Utility 公用事業




07/03 07/05 07/07 07/09 07/11 07/13 07/1590

95

100

105

110

115

120

125


Fund 基金

19

12 13

14

27

Fidelity Investor Hotline富達投資熱線

(852) 2629 2629

Fidelity Website富達網站

www.fidelity.com.hk

Investment involves risks. Past performance is not indicative of future performance. Please refer to the Principal Brochure of 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之主要推銷刊物（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。

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