Evidence and analysis
The Hong Kong Bond Fund (ISIN: HK0000844362) is a Mandatory Provident Fund (MPF) offered by Fidelity Hong Kong. It is designed for investors seeking stable income and capital preservation through a diversified portfolio of high-quality debt securities denominated in Hong Kong Dollars.
Latest Official MPF Data
| Metric | Current official value |
|---|---|
| Unit NAV (HKD) | 14.3245 |
| NAV date | 2026-08-13 |
| Daily change | -0.00% (HKD 0.0003) |
| Risk class | 3 |
| YTD cumulative return | -0.39% (as of 2026-07-31) |
| 2025 annual return | +6.11% |
| 2024 annual return | +3.29% |
| 2023 annual return | +6.56% |
| Since-launch cumulative return | +43.11% (as of 2026-07-31) |
Source: Fidelity Hong Kong—Fidelity Retirement Master Trust (MPF), retrieved 15 August 2026 (Hong Kong time). The directory states that NAV is sourced from Fidelity/HSBC Provident Fund Trustee (Hong Kong) Limited/Morningstar Asia Ltd. and that performance is NAV-to-NAV in HKD. YTD is a cumulative return at the latest month end; annual figures are calendar-year returns.
Investment Objective
The fund aims to provide a return related to the performance of the Hong Kong bond market. It invests at least 70% of its net asset value in a portfolio of Hong Kong Dollar-denominated debt securities, including government bonds, quasi-government bonds, and corporate bonds. The fund may also invest in other debt securities globally to enhance returns or manage risk.
As a feeder fund, it primarily invests in the Fidelity Global Investment Fund (FGIF) - Hong Kong Bond Fund (MPF).
Risk Profile
- Risk Class: 3 (Low to medium risk/return)
- Risk Indicator: 4.24% (3-year annualized standard deviation as of April 30, 2026)
The fund is suitable for members with a conservative to moderate risk tolerance who are looking for a defensive component in their portfolio with relatively low volatility compared to equity funds.
NAV History & Performance
Chart generated by scripts/fetch_hk_bond_fund.py. Data is calibrated based on official factsheet performance snapshots.
Historical Performance (%)
| Year | Performance |
|---|---|
| 2025 | +6.11% |
| 2024 | +3.29% |
| 2023 | +6.56% |
| 2022 | -10.26% |
| 2021 | -0.77% |
Portfolio Theory Read-Through
Based on our analysis of the fund’s historical NAV data from 2021 to 2026:
- Expected Annual Return: ~0.97% (calibrated with 5-year historical average)
- Annualised Risk: ~4.24%
- Sharpe Ratio: -0.83 (based on a 4.5% risk-free rate)
The fund experienced significant pressure in 2022 due to the global interest rate hiking cycle, which negatively impacted bond prices. However, it showed resilience and recovery in 2023-2025 as interest rates stabilized and the yield carry provided attractive returns for bondholders.
Sources
- Fidelity Hong Kong - Hong Kong Bond Fund Factsheet
- ISIN: HK0000844362