The Stable Growth Fund (ISIN: HK0000844289) is a Mandatory Provident Fund (MPF) constituent fund offered by Fidelity Hong Kong. Categorized as a Mixed Assets Fund, it is designed for members who seek a blend of growth and income with a lower risk profile than pure equity or balanced funds.
Investment Objective
The fund aims to achieve long-term capital growth with a focus on stable income through a diversified portfolio of global bonds and equities. It targets members with a medium-term investment horizon who prefer a more conservative “mixed asset” approach.
Indicative Asset Allocation:
- Equities: ~40% (Global exposure with focus on stability)
- Bonds: ~50% (Global investment-grade bonds)
- Cash: ~10%
With a higher weighting towards bonds than the Balanced Fund (which is ~60% equity), the Stable Growth Fund acts as a more defensive “all-weather” vehicle.
Risk Profile
- Risk Class: 4 (Low to medium risk/return)
- Fund Risk Indicator: 12.75% (Annualised standard deviation estimated from historical volatility)
The fund is suitable for members who desire some participation in equity markets but prioritize a significant bond cushion to dampen volatility.
NAV History & Performance
Chart generated by scripts/fetch_stable_growth_fund.py. Data is calibrated based on official factsheet performance snapshots.
Historical Performance (%)
| Year | Performance |
|---|---|
| 2025 | +13.13% |
| 2024 | +4.65% |
| 2023 | +4.17% |
| 2022 | -18.78% |
| 2021 | -1.20% |
Modern Portfolio Theory Analysis
Based on our analysis of the fund’s historical NAV data:
- Expected Annual Return: ~0.39% (Annualised return from 2021-2026)
- Annualised Risk (Std Dev): ~12.75%
- Sharpe Ratio: -0.32 (Calculated based on a 4.5% risk-free rate)
On the MPF Modern Portfolio Theory chart, the Stable Growth Fund occupies the space between the conservative Capital Stable Fund and the more aggressive Balanced Fund. While its 2022 performance was impacted by the simultaneous drawdown in both equity and bond markets, its recovery in 2025 (+13.13%) demonstrates its ability to capture upside during market rallies while maintaining a lower volatility profile than pure growth options.
Sources
- Fidelity Hong Kong - Stable Growth Fund Factsheet
- ISIN: HK0000844289