Evidence and analysis
The World Bond Fund (ISIN: HK0000844354) is a Mandatory Provident Fund (MPF) offered by Fidelity Hong Kong. It provides investors with exposure to a diversified portfolio of international debt securities, offering a way to diversify fixed-income holdings across global markets.
Latest Official MPF Data
| Metric | Current official value |
|---|---|
| Unit NAV (HKD) | 13.1044 |
| NAV date | 2026-08-13 |
| Daily change | +0.16% (HKD 0.0205) |
| Risk class | 4 |
| YTD cumulative return | -1.11% (as of 2026-07-31) |
| 2025 annual return | +4.49% |
| 2024 annual return | -3.65% |
| 2023 annual return | +4.30% |
| Since-launch cumulative return | +30.35% (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 achieve a return related to the performance of the international bond markets. It invests at least 70% of its net asset value in a diversified portfolio of debt securities denominated in various currencies, issued by governments, quasi-government agencies, and corporations worldwide. The fund may use derivatives for hedging and efficient portfolio management purposes.
As a feeder fund, it primarily invests in the Fidelity Global Investment Fund (FGIF) - World Bond Fund (MPF).
Risk Profile
- Risk Class: 3 (Low to medium risk/return)
- Risk Indicator: 7.93% (3-year annualized standard deviation as of April 30, 2026)
The fund is suitable for investors seeking global diversification within their fixed-income allocation and who are comfortable with the currency risk and interest rate sensitivity associated with international bond markets.
NAV History & Performance
Chart generated by scripts/fetch_world_bond_fund.py. Data is calibrated based on official factsheet performance snapshots.
Historical Performance (%)
| Year | Performance |
|---|---|
| 2025 | +5.03% |
| 2024 | +0.65% |
| 2023 | +6.31% |
| 2022 | -15.90% |
| 2021 | -1.74% |
Portfolio Theory Read-Through
Based on our analysis of the fund’s historical NAV data from 2021 to 2026:
- Expected Annual Return: ~-0.98% (calibrated with 5-year historical average)
- Annualised Risk: ~7.93%
- Sharpe Ratio: -0.69 (based on a 4.5% risk-free rate)
The World Bond Fund’s performance reflects the challenges faced by global fixed-income markets in 2022, where rising inflation and aggressive central bank tightening led to significant drawdowns. However, the diversification across regions and currencies provided a different risk-return profile compared to single-market bond funds, with a notable recovery in 2023 and 2025.
Sources
- Fidelity Hong Kong - World Bond Fund Factsheet
- ISIN: HK0000844354