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.
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