Fund Research

Fund Analysis

In-depth analysis and research notes on mutual funds, ETFs, and investment trusts.

Fidelity Funds — Modern Portfolio Theory

Expected annualised return vs. risk (std dev). Colour = Sharpe ratio (green = higher, red = lower). Dashed line = Capital Market Line from risk-free rate (4.5%).

Fund	Return (ann.)	Risk (std dev)	Sharpe Ratio
Japan Value Fund	32.64%	19.21%	1.46
Iberia Fund	16.43%	12.61%	0.95
Euro 50 Index Fund	18.51%	17.00%	0.82
Japan Equity ESG Fund	20.01%	18.91%	0.82
Global Dividend Fund	13.34%	12.44%	0.71
Global Technology Fund	18.84%	20.22%	0.71
Americas Equity Fund	20.27%	24.08%	0.65
Global Financial Services Fund	15.54%	17.42%	0.63
European Dividend Fund	11.93%	11.87%	0.63
Global Dividend Plus Fund	11.54%	12.87%	0.55
First All Country World Fund	12.20%	15.65%	0.49
Europe Equity ESG Fund	11.33%	14.21%	0.48
Asia Pacific Dividend Fund	10.43%	13.83%	0.43
European Dynamic Growth Fund	13.81%	21.79%	0.43
Technology Opportunities Fund	18.87%	34.03%	0.42
India Focus Fund	13.22%	22.61%	0.39
Global Demographics Fund	11.82%	19.27%	0.38
Global Industrials Fund	12.93%	22.32%	0.38
Switzerland Fund	12.22%	21.92%	0.35
European Equity Fund	12.49%	24.47%	0.33
Global Focus Fund	9.64%	16.12%	0.32
Pacific Fund	9.95%	17.32%	0.31
European Larger Companies Fund	8.87%	14.06%	0.31
Global Thematic Opportunities Fund	8.65%	16.01%	0.26
European Smaller Companies Fund	10.64%	23.86%	0.26
Asian Smaller Companies Fund	9.85%	20.86%	0.26
Target™ 2030 Fund	9.43%	19.95%	0.25
Nordic Fund	9.34%	21.20%	0.23
Global Short Duration Income Fund	4.97%	2.08%	0.23
Future Connectivity Fund	8.91%	19.68%	0.22
Global Multi Asset Dynamic Fund	7.13%	11.98%	0.22
Fidelity Funds - Germany Fund	8.66%	19.63%	0.21
Global Equity Fund	7.66%	18.11%	0.17
Asia Pacific Equity Fund - Administration Class	8.60%	23.80%	0.17
Asia Pacific Equity Fund - Ordinary Class	8.60%	23.80%	0.17
Asia Pacific Equity Fund - Savings Class	8.60%	23.80%	0.17
Growth Fund - Administration Class	7.40%	16.90%	0.17
Growth Fund - Ordinary Class	7.40%	16.90%	0.17
Growth Fund - Savings Class	7.40%	16.90%	0.17
Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio - Administration Class	7.80%	21.30%	0.15
Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio - Ordinary Class	7.80%	21.30%	0.15
Fidelity Advantage Portfolio Fund - Tracker Fund Portfolio - Savings Class	7.80%	21.30%	0.15
World Equity Index Fund - Administration Class	7.30%	18.10%	0.15
World Equity Index Fund - Ordinary Class	7.30%	18.10%	0.15
World Equity Index Fund - Savings Class	7.30%	18.10%	0.15
Global Equity Fund - Administration Class	7.10%	17.50%	0.15
Global Equity Fund - Ordinary Class	7.10%	17.50%	0.15
Global Equity Fund - Savings Class	7.10%	17.50%	0.15
Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund - Administration Class	8.34%	25.88%	0.15
Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund - Ordinary Class	8.34%	25.88%	0.15
Fidelity Advantage Portfolio Fund - Invesco Asian Equity Fund - Savings Class	8.34%	25.88%	0.15
China Focus Fund	7.89%	24.00%	0.14
America Fund	6.42%	14.08%	0.14
Global Consumer Brands Fund	7.02%	18.82%	0.13
Balanced Fund - Administration Class	6.20%	14.50%	0.12
Balanced Fund - Ordinary Class	6.20%	14.50%	0.12
Balanced Fund - Savings Class	6.20%	14.50%	0.12
ASEAN Fund	5.77%	12.09%	0.11
Asia Pacific Equity Fund	7.04%	24.42%	0.10
Core Accumulation Fund	5.63%	12.48%	0.09
Emerging EMEA Fund	6.86%	27.18%	0.09
Stable Growth Fund - Administration Class	5.00%	10.20%	0.05
Stable Growth Fund - Ordinary Class	5.00%	10.20%	0.05
Stable Growth Fund - Savings Class	5.00%	10.20%	0.05
UK Special Situations Fund	4.89%	14.63%	0.03
Fidelity Hong Kong Tracker Fund	5.11%	27.75%	0.02
SaveEasy 2050 Fund	4.61%	21.72%	0.01
American Growth Fund	4.25%	14.43%	-0.02
SaveEasy 2045 Fund	4.03%	20.61%	-0.02
Capital Stable Fund - Administration Class	4.20%	8.80%	-0.03
Capital Stable Fund - Ordinary Class	4.20%	8.80%	-0.03
Capital Stable Fund - Savings Class	4.20%	8.80%	-0.03
Hong Kong Equity Fund - Administration Class	3.27%	32.26%	-0.04
Hong Kong Equity Fund - Ordinary Class	3.27%	32.26%	-0.04
Hong Kong Equity Fund - Savings Class	3.27%	32.26%	-0.04
SaveEasy 2040 Fund	3.51%	19.55%	-0.05
World Bond Fund - Administration Class	4.00%	8.10%	-0.06
World Bond Fund - Ordinary Class	4.00%	8.10%	-0.06
World Bond Fund - Savings Class	4.00%	8.10%	-0.06
Growth Fund	3.14%	19.52%	-0.07
SaveEasy 2035 Fund	3.25%	17.77%	-0.07
Asia Pacific Opportunities Fund	3.23%	17.12%	-0.07
Target™ 2025 Fund	2.94%	12.39%	-0.13
Emerging Asia Fund	2.16%	18.53%	-0.13
US High Yield Fund	3.21%	10.18%	-0.13
RMB Bond Fund - Administration Class	3.60%	6.70%	-0.13
RMB Bond Fund - Ordinary Class	3.60%	6.70%	-0.13
RMB Bond Fund - Savings Class	3.60%	6.70%	-0.13
Global Income Fund	3.97%	3.85%	-0.14
Fidelity Hong Kong Equity Fund	-0.50%	30.12%	-0.17
SaveEasy 2030 Fund	2.03%	13.62%	-0.18
Emerging Market Debt Fund	2.56%	10.20%	-0.19
Balanced Fund	1.50%	14.91%	-0.20
World Government Bond Index Fund - Administration Class	3.40%	5.20%	-0.21
World Government Bond Index Fund - Ordinary Class	3.40%	5.20%	-0.21
World Government Bond Index Fund - Savings Class	3.40%	5.20%	-0.21
RetireEasy Fund	1.80%	12.36%	-0.22
Hong Kong Bond Fund - Administration Class	3.10%	5.90%	-0.24
Hong Kong Bond Fund - Ordinary Class	3.10%	5.90%	-0.24
Hong Kong Bond Fund - Savings Class	3.10%	5.90%	-0.24
Global Healthcare Fund	0.52%	14.37%	-0.28
Stable Growth Fund	0.39%	12.75%	-0.32
Asian High Yield Fund	0.24%	12.29%	-0.35
RMB Bond Fund	2.37%	5.02%	-0.42
Global Inflation-linked Bond Fund	0.92%	7.24%	-0.49
Asia Pacific Strategic Income Fund	1.86%	5.19%	-0.51
Capital Stable Fund	-1.05%	9.96%	-0.56
Emerging Market Corporate Debt Fund	2.10%	4.21%	-0.57
Asian Bond Fund	1.18%	5.39%	-0.62
Euro Bond Fund	-0.02%	6.71%	-0.67
Age 65 Plus Fund	-0.70%	7.66%	-0.68
World Bond Fund	-0.98%	7.93%	-0.69
Hong Kong Bond Fund	0.97%	4.24%	-0.83
US Dollar Money Fund - Administration Class	2.60%	1.20%	-1.58
US Dollar Money Fund - Ordinary Class	2.60%	1.20%	-1.58
US Dollar Money Fund - Savings Class	2.60%	1.20%	-1.58
MPF Conservative Fund	2.07%	1.15%	-2.11
HK Dollar Money Fund - Administration Class	2.10%	1.10%	-2.18
HK Dollar Money Fund - Ordinary Class	2.10%	1.10%	-2.18
HK Dollar Money Fund - Savings Class	2.10%	1.10%	-2.18
Euro Cash Fund	2.46%	0.29%	-7.03

Fund Analysis

Fidelity Funds — Modern Portfolio Theory

All Funds 58

Fidelity Funds - European Dynamic Growth Fund A-ACC-Euro

Fidelity Funds - Global Demographics Fund A-ACC-USD

Fidelity Funds - European Smaller Companies Fund A-ACC-Euro

Fidelity Funds - Switzerland Fund A-ACC-CHF

Fidelity Funds - Germany Fund A-ACC-Euro

Fidelity Funds - Italy Fund A-Euro

Fidelity Funds - European Multi Asset Income Fund A-ACC-EUR

Fidelity Funds - Global Financial Services Fund A-USD

Fidelity Funds - Emerging Europe, Middle East and Africa Fund A-ACC-EUR

Fidelity Funds - Asian Smaller Companies Fund A-ACC-USD

Fidelity Funds - Emerging Asia Fund A-ACC-HKD

Fidelity Funds - Global Bond Fund A-ACC-USD

Fidelity Funds - India Focus Fund A-USD

Fidelity Funds - Fidelity Target™ 2025 Fund A-Euro

Fidelity Funds - Fidelity Target™ 2030 Fund A-Euro

Fidelity Funds - Technology Opportunities Fund A-ACC-USD

Fidelity Funds - Australian Diversified Equity Fund A-ACC-AUD

Fidelity Funds - European Larger Companies Fund A-ACC-Euro

Fidelity Funds - Iberia Fund A-ACC-Euro

Fidelity Funds - China Focus Fund A-ACC-HKD

Fidelity Funds - Euro 50 Index Fund A-ACC-Euro

Fidelity Funds - Global Industrials Fund A-Euro

Fidelity Funds - Emerging Market Debt Fund A-ACC-USD

Fidelity Funds - Global Inflation-linked Bond Fund A-ACC-USD

Fidelity Funds - US High Yield Fund A-ACC-USD

Fidelity Funds - Asian High Yield Fund A-ACC-USD

Fidelity Funds - Nordic Fund A-ACC-SEK

Fidelity Funds - Euro Bond Fund A-ACC-Euro

Fidelity Funds - US Dollar Bond Fund A-ACC-USD

Fidelity Funds - UK Special Situations Fund A-GBP

Fidelity Funds - Euro Cash Fund A-Euro

Fidelity Funds - US Dollar Cash Fund A-ACC-USD

Fidelity Funds - American Growth Fund A-USD

Fidelity Funds - America Fund A-ACC-USD

Fidelity Funds - Asia Pacific Dividend Fund A-MCDIST(G)-HKD

Fidelity Funds - Asian Bond Fund A-ACC-USD

Fidelity Funds - Asia Pacific Strategic Income Fund A-ACC-USD

Fidelity Funds - Emerging Market Corporate Debt Fund A-ACC-USD

Fidelity Funds - Europe Equity ESG Fund A-ACC-Euro

Fidelity Funds - ASEAN Fund A-ACC-HKD

Fidelity Funds - Asia Pacific Opportunities Fund A-ACC-USD

Fidelity Funds - European Dividend Fund A-ACC-Euro

Fidelity Funds - FIRST All Country World Fund A-USD

Fidelity Funds - Future Connectivity Fund A-ACC-USD

Fidelity Funds - Global Consumer Brands Fund A-ACC-USD

Fidelity Funds - Global Dividend Fund A-ACC-USD

Fidelity Funds - Global Dividend Plus Fund A-USD

Fidelity Funds - Global Focus Fund A-USD

Fidelity Funds - Global Healthcare Fund A-ACC-USD

Fidelity Funds - Global Income Fund A-ACC-USD

Fidelity Funds - Global Multi Asset Dynamic Fund A-ACC-HKD

Fidelity Funds - Global Short Duration Income Fund A-ACC-USD

Fidelity Funds - Global Technology Fund A-ACC-USD

Fidelity Funds - Japan Equity ESG Fund A-JPY

Fidelity Funds - Global Thematic Opportunities Fund A-USD

Fidelity Funds - Japan Value Fund A-ACC-JPY

Fidelity Funds - Pacific Fund A-USD

Fidelity Funds - World Fund A-ACC-USD