The Constituent Fund aims to achieve long term capital growth for investors to 2040, 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 2040 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 2040 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

Latest Fund Expense Ratio: 1.50%

Launch Date(dd/mm/yyyy): 27/10/2008

Unit Price: HKD 25.367

Fund Size: HKD 1,118.65M

Global equities posted negative returns over the first quarter as the COVID-19 outbreak in China and its spread to other countries weighed on global economic prospects. The World Health Organization (WHO) declared the outbreak a pandemic. Authorities across the world announced large-scale quarantines, social distancing and travel restrictions to curtail the virus’ spread, and unveiled policy stimulus measures to mitigate its economic impact. Against this global backdrop, all key markets ended lower, with European equities experiencing the most negative performance. From a sector perspective, energy companies came under significant pressure as crude oil prices fell in view of weakening global demand and a fallout in the Organization of the Petroleum Exporting Countries’ meeting in March. Global bond markets posted mixed returns, with government bonds outperforming corporate bonds. Financial markets witnessed unprecedented levels of volatility, which led to a sell-off in risk assets and a significant fall in government bond yields as investor rushed to safe-haven assets. The US Federal Reserve, European Central Bank, Bank of England, People’s Bank of China, Bank of Japan and a number of other central banks, have cut interest rates or provided liquidity support through balance sheet expansions or by relaxing bank capital requirements. Governments in major economies have pledged to do “whatever it takes” to provide necessary relief and rescue to their respective countries. Credit market witnessed significant spread widening in view of the COVID-19 pandemic and the sharp drop in oil prices. Elsewhere, emerging market bonds came under pressure, with both local and hard currency bonds posting double digit negative returns.