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%).

High Sharpe Mid Sharpe Low Sharpe

CAPM — Security Market Line

Expected return vs. beta (systematic risk). SML = Rf + β × (Rm − Rf), where Rf = 4.5%, Rm = 10.5%, σm = 15%. β = ρ × σi / σm. Cov = β × σm². Green = above SML (positive alpha). Red = below SML (negative alpha).

Positive α Negative α SML
Fund Return (ann.) Std Dev Sharpe Beta (β) Cov (%-²) CAPM E(R) Alpha (α)
Japan Value Fund 32.64% 19.21% 1.46 0.743 167.13 8.96% +23.68%
Japan Equity ESG Fund 20.01% 18.91% 0.82 0.756 170.19 9.04% +10.97%
Global Technology Fund 18.84% 20.22% 0.71 1.078 242.64 10.97% +7.87%
Global Dividend Fund 13.34% 12.44% 0.71 0.730 164.21 8.88% +4.46%
European Dividend Fund 11.93% 11.87% 0.63 0.617 138.88 8.20% +3.73%
Global Dividend Plus Fund 11.54% 12.87% 0.55 0.738 166.02 8.93% +2.61%
Europe Equity ESG Fund 11.33% 14.21% 0.48 0.739 166.26 8.93% +2.40%
Asia Pacific Dividend Fund 10.43% 13.83% 0.43 0.664 149.36 8.48% +1.95%
First All Country World Fund 12.20% 15.65% 0.49 0.960 215.97 10.26% +1.94%
World Fund 11.04% 15.79% 0.41 0.947 213.16 10.18% +0.86%
Pacific Fund 9.95% 17.32% 0.31 0.785 176.66 9.21% +0.74%
Global Short Duration Income Fund 4.97% 2.08% 0.23 0.021 4.68 4.62% +0.35%
Global Focus Fund 9.64% 16.12% 0.32 0.881 198.28 9.79% -0.15%
US Dollar Cash Fund 4.18% 0.51% -0.63 0.002 0.38 4.51% -0.33%
Global Multi Asset Dynamic Fund 7.13% 11.98% 0.22 0.519 116.80 7.61% -0.48%
Global Thematic Opportunities Fund 8.65% 16.01% 0.26 0.833 187.32 9.50% -0.85%
Global Income Fund 3.97% 3.85% -0.14 0.116 25.99 5.19% -1.22%
Future Connectivity Fund 8.91% 19.68% 0.22 0.984 221.40 10.40% -1.49%
Nordic Fund 9.34% 21.20% 0.23 1.131 254.40 11.28% -1.94%
Euro Cash Fund 2.46% 0.29% -7.03 0.001 0.22 4.51% -2.05%
ASEAN Fund 5.77% 12.09% 0.11 0.564 126.94 7.89% -2.12%
America Fund 6.42% 14.08% 0.14 0.798 179.52 9.29% -2.87%
Emerging Market Corporate Debt Fund 2.10% 4.21% -0.57 0.079 17.68 4.97% -2.87%
Asia Pacific Strategic Income Fund 1.86% 5.19% -0.51 0.104 23.36 5.12% -3.26%
Global Consumer Brands Fund 7.02% 18.82% 0.13 0.979 220.19 10.37% -3.35%
UK Special Situations Fund 4.89% 14.63% 0.03 0.702 158.00 8.71% -3.82%
Asian Bond Fund 1.18% 5.39% -0.62 0.090 20.21 5.04% -3.86%
Euro Bond Fund -0.02% 6.71% -0.67 0.089 20.13 5.04% -5.06%
American Growth Fund 4.25% 14.43% -0.02 0.818 183.98 9.41% -5.16%
US Dollar Bond Fund -0.30% 6.23% -0.77 0.075 16.82 4.95% -5.25%
Asia Pacific Opportunities Fund 3.23% 17.12% -0.07 0.799 179.76 9.29% -6.06%
Asian High Yield Fund 0.24% 12.29% -0.35 0.451 101.39 7.20% -6.96%
Global Healthcare Fund 0.52% 14.37% -0.28 0.623 140.11 8.24% -7.72%

All Funds 33

Fund April 23, 2026

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

Return (ann.) 0.24%
Risk (std dev) 12.29%
Sharpe -0.35
Fund April 23, 2026

Fidelity Funds - Nordic Fund A-ACC-SEK

Return (ann.) 9.34%
Risk (std dev) 21.20%
Sharpe 0.23
Fund April 17, 2026

Fidelity Funds - Euro Bond Fund A-ACC-Euro

Return (ann.) -0.02%
Risk (std dev) 6.71%
Sharpe -0.67
Fund April 17, 2026

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

Return (ann.) -0.30%
Risk (std dev) 6.23%
Sharpe -0.77
Fund April 9, 2026

Fidelity Funds - Euro Cash Fund A-Euro

Return (ann.) 2.46%
Risk (std dev) 0.29%
Sharpe -7.03
Fund April 9, 2026

Fidelity Funds - UK Special Situations Fund A-GBP

Return (ann.) 4.89%
Risk (std dev) 14.63%
Sharpe 0.03
Fund April 9, 2026

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

Return (ann.) 4.18%
Risk (std dev) 0.51%
Sharpe -0.63
Fund March 27, 2026

Fidelity Funds - ASEAN Fund A-ACC-HKD

Return (ann.) 5.77%
Risk (std dev) 12.09%
Sharpe 0.11
Fund March 27, 2026

Fidelity Funds - American Growth Fund A-USD

Return (ann.) 4.25%
Risk (std dev) 14.43%
Sharpe -0.02
Fund March 27, 2026

Fidelity Funds - America Fund A-ACC-USD

Return (ann.) 6.42%
Risk (std dev) 14.08%
Sharpe 0.14
Fund March 27, 2026

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

Return (ann.) 10.43%
Risk (std dev) 13.83%
Sharpe 0.43
Fund March 27, 2026

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

Return (ann.) 3.23%
Risk (std dev) 17.12%
Sharpe -0.07
Fund March 27, 2026

Fidelity Funds - Asian Bond Fund A-ACC-USD

Return (ann.) 1.18%
Risk (std dev) 5.39%
Sharpe -0.62
Fund March 27, 2026

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

Return (ann.) 1.86%
Risk (std dev) 5.19%
Sharpe -0.51
Fund March 27, 2026

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

Return (ann.) 11.33%
Risk (std dev) 14.21%
Sharpe 0.48
Fund March 27, 2026

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

Return (ann.) 2.10%
Risk (std dev) 4.21%
Sharpe -0.57
Fund March 27, 2026

Fidelity Funds - European Dividend Fund A-ACC-Euro

Return (ann.) 11.93%
Risk (std dev) 11.87%
Sharpe 0.63
Fund March 27, 2026

Fidelity Funds - FIRST All Country World Fund A-USD

Return (ann.) 11.04%
Risk (std dev) 15.79%
Sharpe 0.41
Fund March 27, 2026

Fidelity Funds - Future Connectivity Fund A-ACC-USD

Return (ann.) 8.91%
Risk (std dev) 19.68%
Sharpe 0.22
Fund March 27, 2026

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

Return (ann.) 7.02%
Risk (std dev) 18.82%
Sharpe 0.13
Fund March 27, 2026

Fidelity Funds - Global Dividend Fund A-ACC-USD

Return (ann.) 13.34%
Risk (std dev) 12.44%
Sharpe 0.71
Fund March 27, 2026

Fidelity Funds - Global Focus Fund A-USD

Return (ann.) 9.64%
Risk (std dev) 16.12%
Sharpe 0.32
Fund March 27, 2026

Fidelity Funds - Global Dividend Plus Fund A-USD

Return (ann.) 11.54%
Risk (std dev) 12.87%
Sharpe 0.55
Fund March 27, 2026

Fidelity Funds - Global Healthcare Fund A-ACC-USD

Return (ann.) 0.52%
Risk (std dev) 14.37%
Sharpe -0.28
Fund March 27, 2026

Fidelity Funds - Global Income Fund A-ACC-USD

Return (ann.) 3.97%
Risk (std dev) 3.85%
Sharpe -0.14
Fund March 27, 2026

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

Return (ann.) 4.97%
Risk (std dev) 2.08%
Sharpe 0.23
Fund March 27, 2026

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

Return (ann.) 7.13%
Risk (std dev) 11.98%
Sharpe 0.22
Fund March 27, 2026

Fidelity Funds - Global Technology Fund A-ACC-USD

Return (ann.) 18.84%
Risk (std dev) 20.22%
Sharpe 0.71
Fund March 27, 2026

Fidelity Funds - Global Thematic Opportunities Fund A-USD

Return (ann.) 8.65%
Risk (std dev) 16.01%
Sharpe 0.26
Fund March 27, 2026

Fidelity Funds - Japan Equity ESG Fund A-JPY

Return (ann.) 20.01%
Risk (std dev) 18.91%
Sharpe 0.82
Fund March 27, 2026

Fidelity Funds - Japan Value Fund A-ACC-JPY

Return (ann.) 32.64%
Risk (std dev) 19.21%
Sharpe 1.46
Fund March 27, 2026

Fidelity Funds - Pacific Fund A-USD

Return (ann.) 9.95%
Risk (std dev) 17.32%
Sharpe 0.31
Fund March 27, 2026

Fidelity Funds - World Fund A-ACC-USD

Return (ann.) 11.04%
Risk (std dev) 15.79%
Sharpe 0.41