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SPHIX Fidelity® High Income

  • Fund
  • SPHIX
  • Price as of: Aug 08, 2016
  • $8.55
  • + $0.02
  • + 0.23%
  • Category
  • High Yield Bonds

SPHIX - Profile

Vitals

  • YTD Return 7.5%
  • 3 Yr Annualized Return 3.2%
  • 5 Yr Annualized Return 5.0%
  • Net Assets $4.62 B
  • Holdings in Top 10 11.4%

52 WEEK LOW AND HIGH

$8.55
$7.47
$8.55

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.73%

SALES FEES

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

BROKERAGE FEES

  • Turnover 33.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

$2,500

Investment Themes

CATEGORY

High Yield Bonds
  • Fund Type Open End Mutual Fund
  • Investment Style High Yield Bond

Distributions

  • YTD Total Return 7.5%
  • 3 Yr Annualized Total Return 3.2%
  • 5 Yr Annualized Total Return 5.0%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 6.00%
DIVIDENDS
  • Dividend Yield 0.5%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Fidelity® High Income Fund
  • Fund Family Name Fidelity Investments
  • Inception Date Aug 29, 1990
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Fred Hoff

Fund Description

The Fidelity® High Income Fund (SPHIX) is an actively managed mutual fund issued by Fidelity Investments and advised by Fidelity Management & Research Company. The fund was launched on August 29, 1990 and has been managed by Fred Hoff since 2000. Currently, the fund has approximately $5.8 billion in assets under management (AUM). The fund’s primary objective is to seek current income. It also seeks growth of capital.

This fund invests primarily in income-producing debt securities, preferred stocks, and convertible securities. The fund is a diversified bond fund that focuses on investing in bonds issued by companies that are rated B or BB. The fund also seeks exposure to bonds rated CCC or below. Additionally, the fund seeks exposure to financially distressed companies with uncertain financial conditions. While the fund typically holds income producing investments, it may also hold some non-income producing investments.

The majority of the fund’s holdings are corporate bonds, although it may hold other types of bonds or stocks. Only a small percentage of its bond holdings are rated above BBB. While the coupon rates of its holdings range from around 0% to over 12%, most of its holdings’ coupon rates are between 4% and 8%. The majority of the holdings are based in the United States, although it does have some international exposure. The fund typically holds bonds that have a maturity date of less than 10 years.

This mutual fund has significant high risk/reward. The fund is subject to general market risks including changes in interest rates and market conditions, economic risk and political risks. The fund is also subject to foreign investment risks as well as low quality bond risks.

The Fidelity® High Income Fund requires an initial investment of at least $2,500 for regular accounts and $500 for IRA accounts.

SPHIX - Performance

Return Ranking - Trailing

Period SPHIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 7.5% -30.0% 20.5% 10.99% 1
1 Yr 2.4% -30.5% 10.8% 49.62% 3
3 Yr 3.2% * -11.3% 8.2% 52.49% 3
5 Yr 5.0% * -12.9% 7.6% 50.10% 3
10 Yr 6.8% * -12.2% 12.4% 27.89% 2

* Annualized


Return Ranking - Calendar

Period SPHIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -10.7% -34.3% 7.2% 58.11% 5
2014 -5.0% -5.0% -1.0% 100.00% 4
2013 0.3% -1.3% 3.8% 66.67% 2
2012 8.1% 7.4% 9.6% 66.67% 2
2011 -3.4% -8.1% -0.2% 66.67% 2

Total Return Ranking - Trailing

Period SPHIX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 7.5% -30.0% 20.5% 11.27% 1
1 Yr 2.4% -30.5% 10.2% 36.25% 2
3 Yr 3.2% * -11.3% 8.2% 43.74% 3
5 Yr 5.0% * -12.9% 7.6% 43.25% 3
10 Yr 6.8% * -12.2% 12.4% 24.04% 2

* Annualized


Total Return Ranking - Calendar

Period SPHIX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -10.7% -34.3% 7.2% 57.98% 5
2014 -4.8% -4.8% -0.6% 100.00% 4
2013 1.0% -1.3% 4.5% 66.67% 2
2012 8.8% 7.4% 10.4% 66.67% 2
2011 -3.4% -7.8% -0.2% 66.67% 2

NAV & Total Return History

SPHIX - Holdings

Filings data as of: Apr 30, 2016

Concentration Analysis

SPHIX Category Low Category High SPHIX % Rank Quintile
Net Assets 4.62 B 859 K 19.6 B 2.91% 1
Number of Holdings 526 1 1294 4.91% 1
Net Assets in Top 10 504 M -32.2 M 3.99 B 2.61% 1
Weighting of Top 10 11.4% 0.0% 100.0% 17.18% 3

Top 10 Holdings

  1. Tronox Worldwide 6.375% 1.10%
  2. Chs / Cmnty Health Sys 6.875% 1.53%
  3. Laureate Educ 144A 9.25% 1.51%
  4. Tenet Healthcare 8.125% 1.36%
  5. Altice Sa 144A 7.75% 1.40%
  6. Laureate Edu Term B 06/16/18 1.12%
  7. Citigroup FRN 0.90%
  8. Hockey Mergersub 144A 7.875% 0.78%
  9. C&S Grp Enterprises 144A 5.375% 0.74%
  10. Dynegy Inc New Del 7.625% 0.97%

Asset Allocation

Weighting Category Low Category High SPHIX % Rank Quintile
Bonds
90.15% -5.63% 107.80% 18.40% 4
Cash
7.42% -11.47% 133.84% 8.44% 2
Convertible Bonds
1.47% 0.00% 18.92% 3.37% 1
Preferred Stocks
0.67% 0.00% 12.41% 9.97% 2
Stocks
0.28% 0.00% 99.05% 10.74% 3
Other
0.00% -34.84% 38.60% 21.17% 5

Stock Sector Breakdown

Weighting Category Low Category High SPHIX % Rank Quintile
Basic Materials
0.12% 0.00% 2.68% 4.24% 1
Financial Services
0.05% 0.00% 16.69% 9.11% 2
Communication Services
0.02% -0.05% 9.22% 6.57% 2
Energy
0.00% 0.00% 11.08% 8.47% 5
Healthcare
0.00% 0.00% 24.74% 5.93% 5
Technology
0.00% -0.01% 24.70% 5.72% 5
Industrials
0.00% 0.00% 13.93% 6.36% 5
Real Estate
0.00% 0.00% 7.16% 5.08% 5
Consumer Defense
0.00% -0.14% 5.89% 5.51% 5
Consumer Cyclical
0.00% 0.00% 17.17% 10.59% 5
Utilities
0.00% -0.08% 7.62% 4.87% 5

Stock Geographic Breakdown

Weighting Category Low Category High SPHIX % Rank Quintile
US
0.28% -0.04% 81.88% 9.05% 2
Non US
0.00% -0.01% 53.49% 6.75% 5

Bond Sector Breakdown

Weighting Category Low Category High SPHIX % Rank Quintile
Corporate
91.55% 0.00% 101.98% 10.43% 2
Cash & Equivalents
7.41% -7.60% 133.84% 8.44% 2
Government
0.75% -6.62% 39.91% 16.56% 4
Securitized
0.00% 0.00% 68.88% 16.72% 5
Municipal
0.00% 0.00% 99.16% 3.68% 5
Derivative
0.00% -19.62% 5.63% 3.68% 5

Bond Geographic Breakdown

Weighting Category Low Category High SPHIX % Rank Quintile
US
68.87% -5.63% 100.00% 22.24% 4
Non US
21.28% 0.00% 45.22% 6.90% 1

SPHIX - Expenses

Operational Fees

SPHIX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.73% 0.00% 7.85% 23.96% 1
Management Fee 0.56% 0.12% 1.00% 3.83% 3
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.00% 0.45% N/A N/A

Sales Fees

SPHIX Fees (% of AUM) Category Low Category High SPHIX Rank Quintile
Front Load N/A 2.00% 5.75% N/A N/A
Deferred Load N/A 0.75% 5.50% N/A N/A

Trading Fees

SPHIX Fees (% of AUM) Category Low Category High SPHIX Rank Quintile
Max Redemption Fee 1.00% 1.00% 2.00% 1.20% 2

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.

SPHIX Fees (% of AUM) Category Low Category High SPHIX Rank Quintile
Turnover 33.00% 7.20% 2247.00% 14.44% 1

SPHIX - Distributions

Dividend Yield Analysis

SPHIX Category Low Category High SPHIX % Rank Quintile
Dividend Yield 0.5% 0.00% 6.16% 22.33% 2

Dividend Distribution Analysis

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

Dividend Payout History


Net Income Ratio Analysis

SPHIX Category Low Category High SPHIX % Rank Quintile
Net Income Ratio 6.00% -2.75% 8.95% 9.83% 1

Capital Gain Distribution Analysis

SPHIX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Semi-Annually Annually Quarterly Annually

SPHIX - Managers

Fred Hoff

Manager

Start Date

Jun 01, 2000

Tenure

16.18

Tenure Rank

1.3%

Hoff is a portfolio manager with Fidelity Investments. Since joining the firm in 1991, he has also worked as an analyst and assistant portfolio manager.


Tenure Analysis

Category Low

0.0

Category High

56.2

Category Average

6.26

Category Mode

1.6