Fidelity Retirement Master Trust
Data as of 2026-07-31
Top-10 holdings are 40.8% of the fund. CSOP FTSE Hong Kong Equity ETF at 11.2% is the largest single position. The top three together are 22.4%. This is a concentrated portfolio. High conviction — or high concentration risk, depending on your view.
No single macro theme dominates. The portfolio is positioned to move with broad market direction rather than any specific cycle. In a choppy, liquidity-tightening environment that neutrality is defensive; in a trending market it means keeping pace, not leading. One caveat: concentration amplifies macro moves. When funding liquidity tightens, concentrated portfolios tend to chop harder than diversified ones.
CSOP FTSE Hong Kong Equity ETF at 11.2% 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. The manager's independent bets include CSOP FTSE Hong Kong Equity ETF (11.2%), US Treasury 2036 (7.2%), Hsbc GF Icav - Global Government Bond Ucits ETF (4.1%) — positions most peers don't hold. These are where the manager's judgment lives or dies.
Balanced with no dominant style; top-10 concentration 40.8%. No strong cyclical tilt — stock selection, not macro rotation, will drive returns. 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 achieve long term capital growth for investors to 2025, and to invest typically in a wide range of investments covering markets throughout the world (including emerging markets), initially with a greater exposure to equities and thereafter, as the year 2025 is approached, greater exposure to bonds and cash.The Constituent Fund is a feeder fund that invests in Fidelity Global Investment Fund (“FGIF”) – Fidelity SaveEasy 2025 Fund which in turn invests into FGIF Market Investment Funds, FGIF Money Market Funds and FGIF Global Bond Currency Hedged 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 | +0.44% | +5.70% | +15.06% | -3.63% | +51.48% | +208.79% | +2.28% |
| Annualised | — | +5.70% | +4.79% | -0.74% | +4.24% | +6.55% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +10.03% | +4.33% | +4.32% | -20.04% | +0.99% |
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 | +1.57% | +10.08% | +10.85% | +16.68% | +47.14% |
| 1 year | 5 years | 10 years | Since launch | |
| Return (% p.a.) | -1.66% | +8.99% | +26.02% | +35.88% |
Global equities advanced in the second quarter as easing US-Iran tensions, resilient corporate earnings and continued AI optimism supported investor sentiment. The US Federal Reserve left interest rates unchanged but signalled that further policy easing remains possible later in the year, while the European Central Bank cut rates amid improving economic data. In fixed income markets, government bond yields were volatile, initially rising on inflation concerns before retreating as growth worries resurfaced. US Treasury yields ended the quarter modestly lower, while European government bond yields were mixed. Credit markets remained resilient, with investment-grade and high-yield spreads staying tight amid strong investor demand for yield. The US dollar weakened on fiscal concerns and shifting capital flows, supporting emerging market assets. Looking ahead, global growth is expected to moderate as tariff impacts feed through to earnings and spending. The fund maintains a diversified allocation across equities and bonds, balancing growth opportunities in technology and AI-related sectors with the defensive income characteristics of high-quality government and investment-grade bonds. Duration positioning remains neutral to slightly long, reflecting the view that moderating growth and contained inflation should allow major central banks to ease policy gradually over the coming quarters.
| # | Security name | Holdings Weight |
| 1 | CSOP FTSE HONG KONG EQUITY ETF | 11.17% |
| 2 | USTN 4.375% 15/05/2036 | 7.16% |
| 3 | HSBC GF ICAV - GLOBAL GOVERNMENT BOND UCITS ETF | 4.12% |
| 4 | USTN 4.375% 31/01/2032 | 3.55% |
| 5 | BUNDESREPUB DEUTSCHLAND 2.6% 15/08/2035 REGS | 3.54% |
| 6 | BUNDESREPUB. DEUTSCHLAND 2.6% 15/08/2034 REGS | 3.44% |
| 7 | CHINA 2.8% 15/11/2032 REGS | 2.31% |
| 8 | BUNDESCHATZANWEISINGEN 2.5% 11/10/2029 REGS | 2.12% |
| 9 | HSBC INSTITUTIONAL ACCUMULATION HKD - EUROPEAN INDEX FUND | 1.76% |
| 10 | CHINA 2.05% 15/04/2029 REGS | 1.67% |
| Total | 40.84% |
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.