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FPCIX Strategic Advisers® Core Income

  • Fund
  • FPCIX
  • Price as of: Oct 19, 2017
  • $10.66
  • + $0.01
  • + 0.09%
  • Category
  • Total Bond Market

FPCIX - Profile

Vitals

  • YTD Return 2.4%
  • 3 Yr Annualized Return 3.3%
  • 5 Yr Annualized Return 2.6%
  • Net Assets $33.5 B
  • Holdings in Top 10 68.8%

52 WEEK LOW AND HIGH

$10.66
$10.33
$10.75

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.31%

SALES FEES

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

BROKERAGE FEES

  • Turnover 52.00%

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 Intermediate-Term Bond

Distributions

  • YTD Total Return 2.4%
  • 3 Yr Annualized Total Return 3.3%
  • 5 Yr Annualized Total Return 2.6%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 2.84%
DIVIDENDS
  • Dividend Yield 0.3%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Strategic Advisers® Core Income Fund
  • Fund Family Name Fidelity Investments
  • Inception Date Sep 27, 2007
  • Shares Outstanding N/A
  • Share Class Other
  • Currency USD
  • Domiciled Country United States
  • Manager James L. Herbst

Fund Description

The fund invests primarily in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. It invests up to 30% of assets in high yield and emerging market debt securities. The fund invests in domestic and foreign issuers. It allocates assets among affiliated fixed-income funds (i.e., Fidelity® funds) and non-affiliated fixed-income funds that participate in Fidelity's FundsNetwork®, and non-affiliated exchange traded funds (ETFs) (underlying funds) and sub-advisers.

FPCIX - Performance

Return Ranking - Trailing

Period FPCIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.4% -19.6% 23.7% 18.91% 2
1 Yr 1.9% -15.5% 18.1% 33.81% 2
3 Yr 3.3% * -6.1% 10.0% 14.72% 1
5 Yr 2.6% * -2.4% 13.4% 26.46% 2
10 Yr 5.0% * -1.7% 9.4% 16.79% 1

* Annualized


Return Ranking - Calendar

Period FPCIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 0.7% -10.9% 192.8% 29.38% 3
2015 -3.0% -33.0% 4.2% 37.82% 3
2014 2.2% -9.3% 14.9% 19.23% 2
2013 -4.3% -24.1% 40.4% 45.86% 4
2012 3.1% -100.0% 18.7% 30.65% 3

Total Return Ranking - Trailing

Period FPCIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 2.4% -19.6% 23.7% 18.85% 2
1 Yr 1.9% -15.5% 18.1% 27.44% 2
3 Yr 3.3% * -7.0% 10.0% 13.78% 1
5 Yr 2.6% * -3.2% 13.4% 23.73% 2
10 Yr 5.0% * -1.7% 9.4% 15.99% 1

* Annualized


Total Return Ranking - Calendar

Period FPCIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2016 1.3% -9.5% 195.3% 30.32% 2
2015 -2.9% -32.5% 7.4% 56.53% 4
2014 2.3% -8.3% 16.8% 37.46% 3
2013 -4.0% -12.9% 58.5% 59.53% 4
2012 4.6% -100.0% 35.2% 37.69% 3

NAV & Total Return History

FPCIX - Holdings

Filings data as of: Jul 31, 2017

Concentration Analysis

FPCIX Category Low Category High FPCIX % Rank Quintile
Net Assets 33.5 B 319 K 190 B 0.92% 1
Number of Holdings 1162 1 17366 4.63% 1
Net Assets in Top 10 22.5 B -36 B 31.4 B 0.15% 1
Weighting of Top 10 68.8% 0.0% 1330.9% 4.83% 1

Top 10 Holdings

  1. Metropolitan West Total Return Bd M 6.45%
  2. DoubleLine Total Return Bond N 2.60%
  3. Western Asset Core Plus Bond I 7.98%
  4. Western Asset Core Bond I 4.06%
  5. Fidelity® Total Bond 17.85%
  6. Prudential Total Return Bond A 4.00%
  7. PIMCO Total Return Instl 19.10%
  8. JPMorgan Core Bond I 1.91%
  9. PIMCO Income Instl 3.37%
  10. PIMCO Mortgage Opportunities Instl 1.51%

Asset Allocation

Weighting Category Low Category High FPCIX % Rank Quintile
Bonds
106.35% -175.98% 562.01% 1.53% 1
Other
0.35% -24.51% 99.99% 13.58% 3
Preferred Stocks
0.11% -0.54% 16.33% 6.97% 2
Convertible Bonds
0.06% 0.00% 13.10% 5.54% 2
Stocks
0.01% -3.75% 97.37% 5.80% 2
Cash
-6.88% -461.99% 275.92% 28.13% 5

Stock Sector Breakdown

Weighting Category Low Category High FPCIX % Rank Quintile
Real Estate
0.01% -0.15% 19.84% 4.52% 1
Utilities
0.00% -0.08% 5.27% 6.03% 4
Technology
0.00% -1.56% 17.00% 4.72% 4
Industrials
0.00% -0.30% 10.07% 5.03% 4
Healthcare
0.00% -0.69% 13.34% 4.42% 4
Financial Services
0.00% -0.15% 22.93% 7.44% 5
Energy
0.00% -0.88% 9.76% 5.43% 5
Communication Services
0.00% -0.13% 7.01% 4.02% 4
Consumer Defense
0.00% -0.25% 11.27% 3.82% 4
Consumer Cyclical
0.00% -0.88% 10.85% 5.23% 5
Basic Materials
0.00% -0.43% 14.48% 4.02% 4

Stock Geographic Breakdown

Weighting Category Low Category High FPCIX % Rank Quintile
Non US
0.01% -0.82% 95.39% 3.15% 1
US
0.00% -11.43% 89.60% 5.29% 4

Bond Sector Breakdown

Weighting Category Low Category High FPCIX % Rank Quintile
Government
39.66% -389.49% 503.27% 5.65% 1
Securitized
37.06% 0.00% 118.59% 9.87% 2
Corporate
27.53% 0.00% 221.70% 22.53% 4
Municipal
1.06% 0.00% 97.96% 8.55% 2
Derivative
0.65% -64.42% 83.22% 1.58% 1
Cash & Equivalents
-6.62% -462.00% 275.92% 27.62% 5

Bond Geographic Breakdown

Weighting Category Low Category High FPCIX % Rank Quintile
US
93.49% -482.62% 500.82% 3.87% 1
Non US
12.86% -124.80% 530.33% 15.77% 3

FPCIX - Expenses

Operational Fees

FPCIX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.31% 0.00% 32.76% 12.72% 1
Management Fee 0.28% 0.00% 2.15% 3.51% 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

FPCIX Fees (% of AUM) Category Low Category High FPCIX 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

FPCIX Fees (% of AUM) Category Low Category High FPCIX 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.

FPCIX Fees (% of AUM) Category Low Category High FPCIX Rank Quintile
Turnover 52.00% 0.00% 1541.00% 13.74% 2

FPCIX - Distributions

Dividend Yield Analysis

FPCIX Category Low Category High FPCIX % Rank Quintile
Dividend Yield 0.3% 0.00% 1.00% 16.12% 2

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

FPCIX Category Low Category High FPCIX % Rank Quintile
Net Income Ratio 2.84% -1.56% 9.28% 9.62% 2

Capital Gain Distribution Analysis

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

FPCIX - Managers

James L. Herbst

Manager

Start Date

Mar 05, 2013

Tenure

4.58

Tenure Rank

6.1%

James L. Herbst is a Managing Director and senior portfolio manager for PGIM Fixed Income's Core Conservative Strategy. Mr. Herbst has specialized in US fixed income since 1987 and has been responsible for managing Core Bond Conservative portfolios since 1989. Previously, he was Head of Investment Strategy and Coordination for PGIM Fixed Income’s US Investment Grade Corporate Team. Mr. Herbst developed a comprehensive ranking system for each corporate sector and security in the Firm’s universe of investable securities, still used to manage risk today. Mr. Herbst joined the Firm in 1985. He received a BS in Accounting from Seton Hall University and an MBA in Finance from New York University.


Gregory Pappas

Lead Manager

Start Date

Sep 27, 2007

Tenure

10.02

Tenure Rank

3.0%

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.


Franco Castagliuolo

Manager

Start Date

Dec 08, 2014

Tenure

2.81

Tenure Rank

7.4%

Franco Castagliuolo joined Fidelity Investments in 1997, Mr. Castagliuolo has served as a research associate and portfolio manager.


William Irving

Manager

Start Date

Dec 08, 2014

Tenure

2.81

Tenure Rank

7.4%

Since joining Fidelity Investments in 1999, Dr. Irving has worked as a quantitative analyst and portfolio manager.


Jeffrey Moore

Manager

Start Date

Jan 27, 2011

Tenure

6.68

Tenure Rank

4.8%

Jeffrey Moore is a portfolio manager at FMRCo. In this role he manages portfolios across retail and institutional assets, including Fidelity and Fidelity Advisor funds. Mr. Moore was previously a fixed income analyst assigned to several sectors, including sovereign debt, energy, REITs, and Yankee banks. Mr. Moore joined Fidelity in 1995 and has been in the investments industry since 1990. Mr. Moore earned his bachelor of arts degree in economics from the University of Western Ontario and his master’s degree in economics from the University of Waterloo. He is a CFA charterholder.


Stewart Wong

Manager

Start Date

Dec 31, 2013

Tenure

3.75

Tenure Rank

6.8%

Stewart Wong, CLU, ChFC, is a Principal on the Multi-Sector Portfolio Management team for PGIM Fixed Income. Mr. Wong is a senior portfolio manager on the Core Conservative mandate. Mr. Wong is also head of Agency Mortgage Backed Securities and is responsible for performance across all mandates including Core Conservative, Core, Core Plus, Mutual Funds, Liquidity Relative Value Strategies and Prudential’s proprietary accounts. Prior to assuming his current position in 1994, he developed proprietary fixed income analytics within the Financial Strategies Group. Mr. Wong joined the Firm in 1988. He received a BA in Computer Science from New York University and an MBA in Finance from Pace University. Mr. Wong holds the Chartered Life Underwriter (CLU) and Chartered Financial Consultant (ChFC) designations.


Tenure Analysis

Category Low

0.0

Category High

28.8

Category Average

6.43

Category Mode

2.8