The Capital Stable Fund (ISIN: HK0000844297) is a Mandatory Provident Fund (MPF) offered by Fidelity Hong Kong. Categorized as a Mixed Assets Fund, it is designed for conservative investors who prioritize capital preservation and stable returns over aggressive growth.
Investment Objective
The fund aims to produce a positive return over the long term by focusing on less volatile assets. It primarily invests in global bonds, cash, and cash equivalents, while maintaining limited exposure to global equities.
Indicative Asset Allocation:
- Bonds: ~60%
- Equities: ~30%
- Cash: ~10%
The fund seeks to limit risk to the capital base in the short term and may include exposure to emerging markets to enhance returns.
Risk Profile
- Risk Class: 4 (Medium risk/return)
- Fund Risk Indicator: 7.24% (3-year annualized standard deviation as of April 30, 2026)
This fund is suitable for members who are nearing retirement or those with a lower risk tolerance who still wish to maintain some equity exposure for long-term inflation protection.
NAV History & Performance
Chart generated by scripts/fetch_capital_stable_fund.py. Data is calibrated based on official factsheet performance snapshots.
Historical Performance (%)
| Year | Performance |
|---|---|
| 2025 | +9.26% |
| 2024 | +2.04% |
| 2023 | +4.16% |
| 2022 | -17.94% |
| 2021 | -2.40% |
Portfolio Theory Read-Through
Based on our analysis of the fund’s historical NAV data:
- Expected Annual Return: ~3.24% (calibrated with 10-year historical average)
- Annualised Risk (Std Dev): ~7.24%
- Sharpe Ratio: Calculated based on a 4.5% risk-free rate.
The Capital Stable Fund demonstrates the characteristics of a low-volatility portfolio. While its 2022 performance was impacted by the global bond market sell-off, its recovery in 2024 and 2025 highlights the stability provided by its diversified fixed-income and equity allocation. On the Modern Portfolio Theory chart, this fund sits significantly to the left of equity-only funds, offering a more stable “anchor” for a retirement portfolio.
Sources
- Fidelity Hong Kong - Capital Stable Fund Factsheet
- ISIN: HK0000844297