Evidence and analysis
Fidelity Funds - Germany Fund A-ACC-Euro
The Fidelity Funds - Germany Fund is an equity fund that aims to achieve long-term capital growth from a portfolio consisting primarily of German equity securities.
Investment Objective
Latest Official Fund Data
| Metric | Current official value |
|---|---|
| NAV (EUR) | 41.0800 |
| NAV date | 14/08/2026 |
| Daily NAV change | +0.2400 (+0.59%) |
| 1-year performance | +7.11% (as of 31/07/2026) |
| 3-year performance | +52.91% (as of 31/07/2026) |
| Fund type | Equity Fund |
| ISIN | LU0261948227 |
Source: Fidelity Hong Kong mutual-fund directory, retrieved 15 August 2026 (Hong Kong time). Fidelity states that the displayed NAV is sourced from Morningstar Asia Limited and performance is sourced from Fidelity. Performance is NAV-to-NAV in the fund’s denominated currency, with dividends reinvested, including ongoing charges and excluding subscription and redemption fees.
Portfolio Manager
Tom Ackermans
The fund invests at least 70% of its assets in German equities. It targets companies that are headquartered or do most of their business in Germany. The fund manager focuses on stock selection, aiming to identify companies with strong growth potential or attractive valuations within the largest economy in the Eurozone.
Key Features
- Geographic Focus: Germany.
- Asset Class: Equities.
- Risk Profile: High (due to concentrated geographic exposure).
- Benchmark: HDAX® (Total Return) Index.
Performance and Risk Analysis
Based on historical NAV data, the fund exhibits significant volatility, consistent with a single-country equity fund focused on a major industrial economy.
Modern Portfolio Theory (MPT) Metrics
The following metrics are calculated based on the last 5 years of historical data:
- Expected Annualised Return: See MPT chart on the main fund page.
- Annualised Risk (Std Dev): Reflects the systematic risk of the German equity market (DAX/HDAX).
- Sharpe Ratio: Evaluated against a risk-free rate of 4.5%.
Market Context
The German equity market is heavily weighted towards industrials, consumer discretionary (automotive), and financials. As the powerhouse of Europe, the fund offers exposure to some of the world’s leading engineering and manufacturing firms.
Disclaimer: This analysis is for informational purposes only and does not constitute investment advice. Past performance is not indicative of future results.