The Core Accumulation Fund (ISIN: HK0000844438) is a key component of the Default Investment Strategy (DIS) within the Fidelity Mandatory Provident Fund (MPF) scheme. As a Mixed Assets Fund, it is designed for members who seek long-term capital growth through a globally diversified portfolio, particularly those who are further away from retirement.
Investment Objective
The fund aims to provide long-term capital growth by investing in a globally diversified manner. It follows the DIS reference portfolio, which targets a higher allocation to growth assets compared to defensive assets.
Indicative Asset Allocation:
- Growth Assets (mainly Equities): ~80%
- Defensive Assets (mainly Bonds and Cash): ~20%
This “80/20” split is designed to capture global equity market returns while providing a small buffer of fixed-income stability.
Default Investment Strategy (DIS)
The Core Accumulation Fund is one of the two constituent funds under the DIS. For members who do not provide investment instructions, their contributions are automatically invested according to their age:
- Aged below 50: 100% in the Core Accumulation Fund.
- Aged 50 to 64: Assets are gradually shifted from the Core Accumulation Fund to the Age 65 Plus Fund to reduce risk as retirement approaches.
Risk Profile
- Risk Class: 4 (Medium risk/return)
- Fund Risk Indicator: 8.59% (3-year annualized standard deviation as of April 30, 2026)
While categorized as “Medium risk,” its 80% equity exposure means it is subject to significant market fluctuations, as seen in its 2022 performance.
NAV History & Performance
Chart generated by scripts/fetch_core_accumulation_fund.py. Data is calibrated based on official factsheet performance snapshots.
Historical Performance (%)
| Year | Performance |
|---|---|
| 2025 | +13.29% |
| 2024 | +9.70% |
| 2023 | +14.03% |
| 2022 | -16.60% |
| 2021 | +9.46% |
Portfolio Theory Read-Through
Based on our analysis of the fund’s historical NAV data:
- Expected Annual Return: ~6.58% (Annualised since 2021)
- Annualised Risk (Std Dev): ~12.24% (Estimated from daily volatility)
- Sharpe Ratio: Calculated based on a 4.5% risk-free rate.
On the Modern Portfolio Theory chart, the Core Accumulation Fund occupies a highly efficient position. Its 80/20 split offers a superior risk-adjusted return compared to many pure equity funds, benefiting from global diversification. Its strong performance in 2023, 2024, and 2025 highlights its effectiveness as a growth engine for long-term retirement savings.
Sources
- Fidelity Hong Kong - Core Accumulation Fund Factsheet
- ISIN: HK0000844438