Fidelity Retirement Master Trust
Data as of 2026-07-31
Top-10 holdings are 40.7% of the fund. Taiwan Semiconductor Mfg at 9.2% is the largest single position. The top three together are 25.4%. This is a concentrated portfolio. High conviction — or high concentration risk, depending on your view. Within the top 10, by sector: semiconductors 19.8%, tech hardware 10.3%, banks 3.5%. Within the top 10, by geography: Korea 16.2%, Taiwan 13.9%, Australia 2.9%. 5 of the top 10 holdings overlap with peers — selective differentiation from the category.
The defining macro exposure is the AI hardware cycle. 30.1% of the top-10 rides semiconductors and tech hardware. Continued datacenter capex is the tailwind; a capex slowdown or inventory correction is the risk. This segment is also the most sensitive to funding liquidity — when liquidity tightens, concentrated cyclical bets feel it first.
Taiwan Semiconductor Mfg at 9.2% means one company's earnings matter more than the rest combined. It is a great company — that does not automatically make it a good stock at this weight. Selective deviations from peers include Bhp Billiton (2.9%), Commonwealth Bk Of Australia (2.8%), Mediatek (2.7%). Note the second-tier component names in the mix. They carry thinner margins and lumpier orders than the headline chip stocks — higher beta on the same cycle.
Growth: tech and semiconductors at 30.1% of top-10; concentration 40.7%. Manager makes selective deviations from peers (5/10 top holdings overlap). AI capex cycle supports fundamentals, but history warns of valuation compression after capex peaks. Note: near-term liquidity tightening amplifies concentrated-portfolio volatility. High concentration means higher volatility; longer holding periods help smooth cycle swings — best as a satellite, not a single holding.
The Constituent Fund aims to produce returns that are related to those achieved on the major stock market indices of Asia Pacific, by focusing investment into the equity markets of Asia Pacific, namely equities of companies listed, have their head offices or exercise a predominant part of their activity in Asia Pacific (including emerging markets). The Constituent fund intends to manage the volatility of returns in the short term. The Constituent Fund is a feeder fund investing in Fidelity Global Investment Fund (“FGIF”) – Asia Pacific Equity Fund (MPF), which in turn invests in FGIF – Asia Pacific Equity Fund. Please refer to the investment objective for details of the fund.
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | Year to Date | |
| Cumulative | +4.81% | +43.03% | +79.94% | +44.91% | +129.33% | +352.01% | +26.99% |
| Annualised | — | +43.03% | +21.63% | +7.70% | +8.65% | +7.84% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +23.17% | +11.43% | +9.54% | -21.62% | -3.38% |
Returns are net of fees. Past performance is not indicative of future returns.
| Year to Date | 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | |
| Return (%) | N/A | N/A | +20.29% | +49.99% | +58.53% | +71.35% | +133.46% |
| 1 year | 5 years | 10 years | Since Launch | |
| Return (% p.a.) | +20.29% | +9.65% | +5.53% | +4.33% |
Asian equities recorded solid gains in the second quarter. Expectations of looser monetary policy drove broad market strength, with regional equities broadly outperforming the US in local currency terms. Korea and Taiwan led performance, driven by renewed AI optimism and investor enthusiasm for technology-related sectors. India's equity market recovered after a weak first quarter, supported by attractive valuations, the Reserve Bank of India's policy rate cut, and improved foreign investor sentiment. South-east Asian markets saw a modest rebound. In Japan, equities gained despite lingering concerns over US tariffs. The weaker yen supported Japanese exporter earnings, while corporate reform momentum continued to build. China's equity market was relatively muted, affected by tariff uncertainties and ongoing deflationary pressures. However, the fund achieved modest returns, supported by solid stock selection in Korea, India and China. Positive contributions came from the underweight allocation to and stock selection in India. Stock selection in Taiwan, particularly in the semiconductor and technology hardware sectors, also added value. Taiwan Semiconductor Manufacturing Co. Ltd. and Samsung Electronics were the largest contributors to relative returns. They benefited from the strong AI cycle. Conversely, stock selection in Korea and China detracted from returns. The overweight exposure to and stock selection in Japanese stocks were also negative contributors. Globally, markets experienced a volatile first half of the year. The escalating US tariff policy and resulting uncertainty led to sharp market declines in early April, before a subsequent recovery as de-escalation hopes emerged. AI enthusiasm remained a key driver, particularly in the US and Asia. Looking ahead, risks remain, including the impact of tariffs on corporate earnings, persistent inflation, and geopolitical tensions. However, the long-term structural growth story for Asia remains intact, supported by the AI cycle, supply chain diversification, and domestic consumption growth.
| # | Security name | Holdings Weight |
| 1 | TAIWAN SEMICONDUCTOR MFG CO LTD | 9.23% |
| 2 | SAMSUNG ELECTRONICS | 8.34% |
| 3 | SK HYNIX INC | 7.87% |
| 4 | BHP BILLITON LTD | 2.93% |
| 5 | COMMONWEALTH BK OF AUSTRALIA | 2.82% |
| 6 | MEDIATEK INC | 2.68% |
| 7 | DELTA ELECTRONICS INC ORD | 1.95% |
| 8 | DBS GROUP HLDGS LTD | 1.88% |
| 9 | ICICI BANK | 1.65% |
| 10 | INFOSYS LTD | 1.38% |
| Total | 40.73% |
The fund expense ratio shows the total annual cost of running this fund as a percentage of its assets. It is already reflected in the fund price and returns. When comparing similar funds, fees are one of the few factors you can control.
FER is a backward-looking figure from the fund's financial year, taken from provider fact sheets and audited annual reports. It may not yet reflect announced fee cuts.