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FAUDX Strategic Advisers® Short Duration

  • Fund
  • FAUDX
  • Price as of: Aug 08, 2016
  • $10.03
  • - $0.00
  • - 0.00%
  • Category
  • Total Bond Market

FAUDX - Profile

Vitals

  • YTD Return 0.6%
  • 3 Yr Annualized Return 1.0%
  • 5 Yr Annualized Return N/A
  • Net Assets $7.15 B
  • Holdings in Top 10 63.6%

52 WEEK LOW AND HIGH

$10.03
$9.94
$10.03

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.36%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 33.00%

TRADING FEES

  • Max Redemption Fee N/A

Min Investment

STANDARD (TAXABLE)

$0

IRA

N/A

Investment Themes

CATEGORY

Total Bond Market
  • Fund Type Open End Mutual Fund
  • Investment Style Short-Term Bond

Distributions

  • YTD Total Return 0.6%
  • 3 Yr Annualized Total Return 1.0%
  • 5 Yr Annualized Total Return N/A
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 1.15%
DIVIDENDS
  • Dividend Yield 0.1%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Strategic Advisers® Short Duration Fund
  • Fund Family Name Fidelity Investments
  • Inception Date Dec 20, 2011
  • Shares Outstanding N/A
  • Share Class Other
  • Currency USD
  • Domiciled Country United States
  • Manager Gregory Pappas

Fund Description

The fund allocates among affiliated fixed-income funds and non-affiliated fixed-income funds that participate in Fidelity's FundsNetwork®, and non-affiliated ETFs (underlying funds) and sub-advisers. It allocates assets among underlying funds and sub-advisers to achieve similar overall interest rate risk to the Citigroup® 6-Month U.S. Treasury Bill Index. The fund normally invests in U.S. dollar-denominated money market and investment-grade debt securities, and repurchase agreements. It maintains a dollar-weighted average maturity of three years or less.

FAUDX - Performance

Return Ranking - Trailing

Period FAUDX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 0.6% -29.9% 209.8% 55.55% 4
1 Yr 1.1% -15.9% 20.3% 75.73% 4
3 Yr 1.0% * -6.4% 10.4% 80.81% 5
5 Yr N/A * -3.4% 9.0% N/A N/A
10 Yr N/A * -1.1% 10.2% N/A N/A

* Annualized


Return Ranking - Calendar

Period FAUDX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.6% -51.0% 6.6% 8.87% 1
2014 N/A -0.4% 2.9% N/A N/A
2013 N/A -4.9% -0.8% N/A N/A
2012 N/A 0.8% 13.9% N/A N/A
2011 N/A -1.7% 3.8% N/A N/A

Total Return Ranking - Trailing

Period FAUDX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 0.6% -8.1% 209.8% 56.25% 4
1 Yr 1.1% -19.0% 20.3% 62.21% 4
3 Yr 1.0% * -7.1% 10.4% 77.19% 4
5 Yr N/A * -4.3% 9.0% N/A N/A
10 Yr N/A * -1.1% 10.2% N/A N/A

* Annualized


Total Return Ranking - Calendar

Period FAUDX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -0.6% -51.0% 6.6% 8.83% 1
2014 N/A -0.3% 4.5% N/A N/A
2013 N/A -4.6% 0.6% N/A N/A
2012 N/A 1.4% 15.7% N/A N/A
2011 N/A -0.9% 5.5% N/A N/A

NAV & Total Return History

FAUDX - Holdings

Filings data as of: Jun 30, 2016

Concentration Analysis

FAUDX Category Low Category High FAUDX % Rank Quintile
Net Assets 7.15 B 319 K 169 B 2.75% 1
Number of Holdings 855 1 17404 6.51% 2
Net Assets in Top 10 4.19 B -36 B 21.5 B 1.22% 1
Weighting of Top 10 63.6% 0.0% 1826.2% 5.19% 1

Top 10 Holdings

  1. PIMCO Short-Term Admin 16.87%
  2. Fidelity® Short-Term Bond 9.69%
  3. Metropolitan West Low Duration Bond M 8.65%
  4. Fidelity® Conservative Income Bond Instl 6.19%
  5. BlackRock Low Duration Bond K 4.72%
  6. Janus Short-Term Bond T 3.73%
  7. Fidelity® Floating Rate High Income 3.98%
  8. Delaware Limited-Term Diversified Inc A 3.16%
  9. JPMorgan Short Duration Bond A 4.74%
  10. PIMCO Enhanced Short Maturity Active ETF 1.91%

Asset Allocation

Weighting Category Low Category High FAUDX % Rank Quintile
Bonds
76.74% -175.98% 181.87% 22.84% 5
Cash
22.51% -82.73% 275.92% 5.19% 1
Other
0.71% -15.97% 117.15% 10.27% 3
Preferred Stocks
0.02% -0.07% 17.65% 7.68% 3
Convertible Bonds
0.01% 0.00% 18.40% 5.24% 2
Stocks
0.01% -5.60% 98.06% 5.34% 2

Stock Sector Breakdown

Weighting Category Low Category High FAUDX % Rank Quintile
Basic Materials
0.01% -0.43% 11.57% 4.32% 1
Financial Services
0.00% -0.33% 16.93% 8.19% 5
Real Estate
0.00% -0.41% 16.08% 5.69% 5
Industrials
0.00% -0.98% 13.17% 5.12% 5
Healthcare
0.00% -0.99% 15.02% 4.32% 4
Technology
0.00% -3.22% 16.08% 4.78% 4
Energy
0.00% -0.88% 10.95% 5.12% 5
Communication Services
0.00% -0.13% 8.73% 4.21% 5
Consumer Defense
0.00% -0.26% 12.32% 5.01% 4
Consumer Cyclical
0.00% -0.90% 11.86% 5.23% 5
Utilities
0.00% -0.10% 2.90% 5.23% 5

Stock Geographic Breakdown

Weighting Category Low Category High FAUDX % Rank Quintile
US
0.01% -4.66% 90.98% 4.88% 2
Non US
0.00% -1.18% 97.59% 2.85% 4

Bond Sector Breakdown

Weighting Category Low Category High FAUDX % Rank Quintile
Corporate
37.05% 0.00% 502.59% 13.63% 3
Cash & Equivalents
35.22% -63.55% 811.66% 3.20% 1
Securitized
24.60% 0.00% 275.57% 17.75% 4
Government
13.03% -990.83% 129.84% 18.57% 3
Municipal
1.25% 0.00% 106.20% 7.83% 2
Derivative
-12.49% -895.14% 18.41% 5.49% 5

Bond Geographic Breakdown

Weighting Category Low Category High FAUDX % Rank Quintile
US
63.53% -513.97% 163.91% 21.92% 4
Non US
13.21% -5.42% 399.20% 11.75% 2

FAUDX - Expenses

Operational Fees

FAUDX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.36% 0.00% 42.51% 12.93% 1
Management Fee 0.29% 0.00% 2.15% 3.61% 1
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.63% N/A N/A

Sales Fees

FAUDX Fees (% of AUM) Category Low Category High FAUDX Rank Quintile
Front Load N/A 0.00% 5.75% N/A N/A
Deferred Load N/A 0.15% 5.50% N/A N/A

Trading Fees

FAUDX Fees (% of AUM) Category Low Category High FAUDX Rank Quintile
Max Redemption Fee N/A 0.25% 2.00% N/A N/A

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FAUDX Fees (% of AUM) Category Low Category High FAUDX Rank Quintile
Turnover 33.00% 0.00% 1944.00% 14.66% 1

FAUDX - Distributions

Dividend Yield Analysis

FAUDX Category Low Category High FAUDX % Rank Quintile
Dividend Yield 0.1% 0.00% 1.30% 28.84% 5

Dividend Distribution Analysis

FAUDX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

FAUDX Category Low Category High FAUDX % Rank Quintile
Net Income Ratio 1.15% -1.76% 17.13% 17.71% 4

Capital Gain Distribution Analysis

FAUDX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Daily Annually

FAUDX - Managers

Gregory Pappas

Lead Manager

Start Date

Dec 20, 2011

Tenure

4.62

Tenure Rank

5.5%

Gregory Pappas is a portfolio manager for Strategic Advisers, Inc. (SAI), a unit of Fidelity Investments. Mr. Pappas is responsible for managing the Strategic Advisers Core Income Fund, Strategic Advisers Income Opportunities Fund and the fixed-income subportfolios for Fidelity Portfolio Advisory Service, Envestnet and the Fidelity Charitable Gift Fund. Mr. Pappas joined Fidelity in 1990 as vice president for fixed income product and business development in the firm’s National Financial Correspondent Services group. He moved to SAI in 1996. Previous to Fidelity, Mr. Pappas was a senior portfolio manager at Bank of New England. Mr. Pappas received a bachelor of arts degree in economics, with honors, from St. Lawrence University. He is a CFA charterholder and a member of the Boston Security Analysts Society.


Robert Galusza

Manager

Start Date

Jan 01, 2012

Tenure

4.58

Tenure Rank

5.5%

Galusza is lead portfolio manager of Fidelity Limited Term Bond ETF. He also manages other Fidelity funds. Since joining Fidelity Investments in 1987, Mr. Galusza has worked as an analyst and a portfolio manager.


Edward A. Wiese

Manager

Start Date

Dec 06, 2012

Tenure

3.65

Tenure Rank

6.2%

Ted Wiese is head of the Fixed Income Division for T. Rowe Price, overseeing fixed income investment management. He is the chairman of the Fixed Income Steering Committee and is a member of the firm's Management Committee. Mr. Wiese also is a portfolio manager in the Fixed Income Division and serves as president and chairman of the Investment Advisory Committees. He is a member of the firm's Finance and Counterparty Risk Committees, as well as a member of the Diversity Advisory Council. Mr. Wiese has started to engage in investment since 1985, all of which have been at T. Rowe Price. He joined the firm in 1984. Mr. Wiese earned a B.A. in geology from Yale University, an M.S. in biotechnology from The Johns Hopkins University, and an M.B.A. in finance from the Tuck School of Business at Dartmouth. He also has earned the Chartered Financial Analyst designation.


Michael F Reinartz

Manager

Start Date

Jan 31, 2015

Tenure

1.5

Tenure Rank

8.0%

Michael Reinartz is a portfolio manager in the Fixed Income Division at T. Rowe Price. He is a member of the U.S. Taxable Low Duration team and co-portfolio manager of the Short-Term Bond Fund and the Limited-Term Bond Portfolio. Mr. Reinartz is a vice president of T. Rowe Price Group, Inc., and T. Rowe Price Associates, Inc. Mr. Reinartz has started to engage in investment since 2001, all of which have been at T. Rowe Price. He joined the firm in 1996. Prior to his current position, Mr. Reinartz was a member of the Short-Term Bond, Strategic Income, and Quantitative Research teams and provided portfolio modeling and analysis support to portfolio managers. He also worked as a senior mutual fund accountant and investment liaison in the Fixed Income Division. Mr. Reinartz earned a B.S. in accounting from Towson University, and he also has earned the Chartered Financial Analyst designation


Tenure Analysis

Category Low

0.0

Category High

27.6

Category Average

5.91

Category Mode

1.6