Fidelity Retirement Master Trust
Data as of 2026-07-31
Top-10 holdings are 27.0% of the fund. US Treasury 2036 at 6.1% is the largest single position. The top three together are 12.4%. Concentration is moderate.
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.
The manager's independent bets include US Treasury 2036 (6.1%), Hsbc MSCI World Ucits ETF (3.3%), US Treasury 2032 (3.0%) — positions most peers don't hold. These are where the manager's judgment lives or dies.
Balanced with no dominant style; top-10 concentration 27.0%. No strong cyclical tilt — stock selection, not macro rotation, will drive returns. Diversified portfolios have manageable volatility — suitable as a foundation; aggressive investors can add thematic satellites.
- The RetireEasy Fund focuses investment in less volatile assets such as global government and corporate bonds, and cash and cash equivalents, whilst targeting to maintain a lesser exposure to higher risk assets such as global equities, with the objective of addressing retirement needs by aiming to achieve a stable overall return higher than Hong Kong inflation over the long term. - As the RetireEasy Fund may invest globally (via its investment in the RetireEasy Fund of FGIF), it may be exposed to countries/regions considered to be emerging markets.Notes: - The RetireEasy Fund invests solely in the RetireEasy Fund of FGIF, which in turn invests into ITCIS and/or other sub-funds of FGIF authorised by the SFC ΔΔ, which are the FGIF Market Investment Funds, the FGIF Money Market Funds and/or the FGIF Global Bond HK$ Hedged Fund. Under normal market circumstances, the RetireEasy Fund of FGIF will invest in 5 or more underlying funds and will not invest 90% or more of its net asset value in a single underlying fund. - The RetireEasy Fund of FGIF (via its investment in the underlying funds) may invest up to 20% of its net asset value in China A Shares and China B Shares via Stock Connect and/or QFI status of FIL Investment Management (Hong Kong) Limited.(b) Balance of investments The RetireEasy Fund of FGIF which the RetireEasy Fund invests is expected to adopt a dynamic asset allocation approach and may invest (via its investment in the underlying funds) up to 90% of its latest available net asset value in global bonds, and up to 50% of its latest available net asset value in global equities. The investment manager of the RetireEasy Fund of FGIF seeks to allocate the assets of the RetireEasy Fund of FGIF according to its views of various factors (including but not limited to fundamental economic and market conditions, investment trends across the globe, relative attractiveness of individual asset class, securities and issuers available in the market), with a view to balance the risk of capital loss and achieving income and growth consistent with the investment objective of the RetireEasy Fund of FGIF.ΔΔ The SFC's authorisation is not a recommendation or endorsement of the underlying funds nor does it guarantee the commercial merits of the underlying funds or their performance. It does not mean the underlying funds are suitable for all investors nor is it an endorsement of their suitability for any particular investor or class of investors.Please refer to the Key Scheme Information Document and MPF Scheme Brochure for Fidelity Retirement Master Trust for any defined terms and risks related to the Constituent Fund.
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Launch | Year to Date | |
| Cumulative | +0.76% | +6.47% | +20.95% | — | — | +2.74% | +2.69% |
| Annualised | — | +6.47% | +6.54% | — | — | +0.57% | — |
| 2025 | 2024 | 2023 | 2022 | 2021 | |
| Return (%) | +9.29% | +5.17% | +8.00% | -18.92% | -0.59% |
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 | +2.25% | +10.92% | — | — | +13.55% |
Global equities advanced in the second quarter as easing US-Iran tensions, resilient corporate earnings and continued AI optimism supported investor sentiment. Following an earlier uptick raising inflation concerns, oil prices moderated as ceasefire talks in the Middle East reduced fears of supply disruptions. The US Federal Reserve left interest rates unchanged but signalled that further policy tightening is possible if inflationary pressures persist. Regionally, emerging markets advanced strongly on AI-driven semiconductor demand, while US and Japan also posted solid gains. At a sectoral level, IT led the gains despite a late-quarter pullback amid profit-taking and valuation concerns. Global fixed income markets delivered positive performance in the second quarter, although performance was volatile as investors responded to shifting oil prices, geopolitical risks and evolving central bank expectations. The quarter began with renewed concerns over the Iran conflict, which pushed oil prices higher, lifted inflation expectations and revived stagflation fears. Consequently, markets scaled back expectations for monetary policy easing, pushing sovereign bond yields higher. However, sentiment improved as progress in the US-Iran diplomatic standoff, followed by a ceasefire, reduced concerns over a prolonged energy shock. Brent crude declined, reducing inflation risk premia and supporting sovereign and credit markets. The US Federal Reserve kept rates unchanged and maintained a cautious bias, while the European Central Bank raised interest rates despite weak growth, and the Bank of Japan continued policy normalisation. Sovereign bonds recovered later in the quarter, while credit markets remained resilient, supported by firmer risk appetite, resilient demand and easing stagflation concerns.
| # | Security name | Holdings Weight |
| 1 | USTN 4.375% 15/05/2036 | 6.09% |
| 2 | HSBC MSCI WORLD UCITS ETF | 3.34% |
| 3 | USTN 4.375% 31/01/2032 | 2.98% |
| 4 | BUNDESREPUB DEUTSCHLAND 2.6% 15/08/2035 REGS | 2.97% |
| 5 | BUNDESREPUB. DEUTSCHLAND 2.6% 15/08/2034 REGS | 2.88% |
| 6 | ISHARES TIPS BOND ETF | 1.98% |
| 7 | CHINA 2.8% 15/11/2032 REGS | 1.94% |
| 8 | BUNDESCHATZANWEISINGEN 2.5% 11/10/2029 REGS | 1.78% |
| 9 | CSOP FTSE HONG KONG EQUITY ETF | 1.68% |
| 10 | CHINA 2.05% 15/04/2029 REGS | 1.40% |
| Total | 27.04% |
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.