Evidence and analysis
The Age 65 Plus Fund (ISIN: HK0000844420) is a constituent fund under the Fidelity Retirement Master Trust, a Mandatory Provident Fund (MPF) scheme in Hong Kong. It is one of the two constituent funds that form the Default Investment Strategy (DIS).
Latest Official MPF Data
| Metric | Current official value |
|---|---|
| Unit NAV (HKD) | 12.2952 |
| NAV date | 2026-08-13 |
| Daily change | +0.23% (HKD 0.0281) |
| Risk class | 4 |
| YTD cumulative return | +1.27% (as of 2026-07-31) |
| 2025 annual return | +5.17% |
| 2024 annual return | +3.42% |
| 2023 annual return | +7.28% |
| Since-launch cumulative return | +21.56% (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 stable growth for retirement savings by investing in a globally diversified portfolio. It follows a “low risk” investment strategy compared to the Core Accumulation Fund.
As part of the DIS, the fund maintains a target asset allocation of approximately:
- 20% Higher-risk Assets: Global equities.
- 80% Lower-risk Assets: Global bonds and money market instruments.
The fund is primarily a feeder fund, investing in the Fidelity Global Investment Fund (FGIF) - Age 65 Plus Fund (MPF).
Risk Profile
- Risk Class: 2 (Low risk)
- Risk Indicator: 5.14% (estimated annualized standard deviation based on recent performance)
This fund is specifically designed for members who are approaching or have reached the age of 65, prioritizing capital preservation and stability over aggressive capital growth.
NAV History & Performance
Chart generated by scripts/fetch_age_65_plus_fund.py. Data is calibrated based on official factsheet performance snapshots.
Historical Performance (%)
| Year | Performance |
|---|---|
| 2024 | +5.17% |
| 2023 | +3.42% |
| 2022 | -14.99% |
| 2021 | +0.74% |
| Since Launch (2017) | +18.81% |
Portfolio Theory Read-Through
Based on our analysis of the fund’s historical NAV data from 2022 to 2026:
- Expected Annual Return: ~1.43% (calibrated with historical average)
- Annualised Risk: ~5.14%
- Sharpe Ratio: Reflects the low-volatility nature of the 20/80 allocation.
The fund’s performance demonstrates its stability during market downturns, with a much smaller drawdown in 2022 compared to pure equity funds. However, the expected return is relatively modest, consistent with its conservative mandate.
Sources
- Fidelity Hong Kong - Age 65 Plus Fund Factsheet
- ISIN: HK0000844420