The Constituent Fund aims to produce returns that are related to those achieved on the major world stock market indices by focusing investment in global equity markets (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”) – Global Equity Fund, which in turn invests into FGIF Market Investment Funds and FGIF Money Market Funds. Please refer to the investment objective for details of the fund.

Latest Fund Expense Ratio: 1.47%

Launch Date(dd/mm/yyyy): 02/07/2003

Unit Price: HKD 27.207

Fund Size: HKD 3,858.96M

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. 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 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 the necessary relief and rescue measures in their respective countries. 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.