SPHIX: Fidelity® High Income

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SPHIX Fidelity® High Income

  • Fund
  • SPHIX
  • Price as of: Dec 05, 2019
  • $8.86
    + $0.01 + 0.11%

Profile

SPHIX - Profile

Vitals

  • YTD Return 7.3%
  • 3 Yr Annualized Return 0.9%
  • 5 Yr Annualized Return -0.3%
  • Net Assets $5.26 B
  • Holdings in Top 10 9.4%

52 WEEK LOW AND HIGH

$8.86
$8.22
$8.92

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.70%

SALES FEES

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

BROKERAGE FEES

  • Turnover 62.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

  • Standard (Taxable) $0
  • IRA $2,500

Fund Classification


Distributions

  • YTD Total Return 7.1%
  • 3 Yr Annualized Total Return 0.9%
  • 5 Yr Annualized Total Return -0.3%
  • Capital Gain Distribution Frequency Semi-Annually
  • Net Income Ratio 5.66%
DIVIDENDS
  • Dividend Yield 1.2%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name
    Fidelity Advisor® 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
    Michael Weaver

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.


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Categories

Fund Company Quick Screens

SPHIX - Fund Company Quick Screens


Performance

SPHIX - Performance

Return Ranking - Trailing

Period SPHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.3% 1.1% 22.7% 34.15%
1 Yr 4.1% -0.8% 12.9% 57.21%
3 Yr 0.9%* -2.3% 8.9% 27.53%
5 Yr -0.3%* -2.9% 6.4% 38.27%
10 Yr 0.6%* -4.7% 7.9% 41.56%

* Annualized

Return Ranking - Calendar

Period SPHIX Return Category Return Low Category Return High Rank in Category (%)
2018 -7.8% -17.1% -2.2% 41.69%
2017 2.9% -5.7% 4.8% 2.88%
2016 9.6% 1.1% 13.0% 11.88%
2015 -10.7% -17.8% 9.9% 81.76%
2014 -5.0% -45.8% 27.7% 62.05%

Total Return Ranking - Trailing

Period SPHIX Return Category Return Low Category Return High Rank in Category (%)
YTD 7.1% 1.1% 22.4% 39.29%
1 Yr 4.0% -4.6% 12.9% 61.71%
3 Yr 0.9%* -1.7% 8.9% 42.93%
5 Yr -0.3%* -2.8% 6.4% 54.47%
10 Yr 0.6%* -4.7% 7.9% 57.58%

* Annualized

Total Return Ranking - Calendar

Period SPHIX Return Category Return Low Category Return High Rank in Category (%)
2018 -7.8% -17.1% 1.3% 52.22%
2017 2.9% -5.1% 10.5% 25.92%
2016 9.6% 1.1% 20.7% 34.53%
2015 -10.7% -17.8% 11.7% 84.71%
2014 -5.0% -45.8% 27.7% 80.53%

NAV & Total Return History


Holdings

SPHIX - Holdings

Concentration Analysis

SPHIX Category Low Category High SPHIX % Rank
Net Assets 5.26 B 9.61 M 26.2 B 13.27%
Number of Holdings 450 5 1557 25.17%
Net Assets in Top 10 487 M 0 2.07 B 14.35%
Weighting of Top 10 9.36% 0.0% 127.9% 58.06%

Top 10 Holdings

  1. Ally Financial Inc. 5.75% 1.70%
  2. Tenet Healthcare Corporation 8.12% 1.10%
  3. CHENIERE ENERGY PARTNERS L P 5.25% 1.08%
  4. Caesars Resort Collection LLC/CRC Finco Inc 5.25% 0.90%
  5. Solera, LLC / Solera Finance, Inc. 10.5% 0.84%
  6. Sprint Corporation 7.88% 0.79%
  7. Cheniere Corpus Christi Holdings, LLC 7% 0.77%
  8. Intergen NV 7% 0.76%
  9. Millicom International Cellular S A 6.62% 0.74%
  10. Community Health Systems Incorporated 5.12% 0.68%

Asset Allocation

Weighting Return Low Return High SPHIX % Rank
Bonds
93.16% 0.00% 109.78% 56.95%
Cash
4.29% -2.95% 100.00% 52.10%
Convertible Bonds
1.45% 0.00% 3.80% 9.49%
Preferred Stocks
0.57% 0.00% 5.10% 12.58%
Stocks
0.53% -12.26% 8.79% 34.66%
Other
0.00% -15.51% 6.34% 84.99%

Stock Sector Breakdown

Weighting Return Low Return High SPHIX % Rank
Industrials
0.60% 0.00% 1.25% 4.62%
Utilities
0.22% 0.00% 1.31% 10.12%
Technology
0.00% 0.00% 3.09% 89.88%
Real Estate
0.00% 0.00% 4.42% 87.28%
Healthcare
0.00% -0.03% 0.75% 89.60%
Financial Services
0.00% 0.00% 0.56% 90.17%
Energy
0.00% 0.00% 1.38% 92.77%
Communication Services
0.00% 0.00% 0.86% 89.31%
Consumer Defense
0.00% -0.02% 0.30% 85.84%
Consumer Cyclical
0.00% 0.00% 2.72% 93.35%
Basic Materials
0.00% 0.00% 1.68% 87.57%

Stock Geographic Breakdown

Weighting Return Low Return High SPHIX % Rank
US
0.53% -13.37% 8.79% 34.66%
Non US
0.00% 0.00% 2.95% 91.17%

Bond Sector Breakdown

Weighting Return Low Return High SPHIX % Rank
Corporate
95.18% 0.00% 110.31% 42.16%
Cash & Equivalents
4.29% -2.75% 100.00% 51.66%
Derivative
0.00% -1.56% 3.59% 77.92%
Securitized
0.00% 0.00% 10.43% 92.94%
Municipal
0.00% 0.00% 0.40% 86.98%
Government
0.00% -5.99% 7.54% 85.65%

Bond Geographic Breakdown

Weighting Return Low Return High SPHIX % Rank
US
74.80% 0.00% 97.45% 86.75%
Non US
18.36% 0.00% 19.32% 4.64%

Expenses

SPHIX - Expenses

Operational Fees

SPHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.70% 0.13% 18.62% 83.26%
Management Fee 0.56% 0.00% 1.44% 49.89%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.45% N/A

Sales Fees

SPHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 2.00% 5.75% N/A
Deferred Load N/A 1.00% 5.50% N/A

Trading Fees

SPHIX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee 1.00% 1.00% 2.00% 94.23%

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 Return Low Category Return High Rank in Category (%)
Turnover 62.00% 0.34% 623.00% 72.44%

Distributions

SPHIX - Distributions

Dividend Yield Analysis

SPHIX Category Low Category High SPHIX % Rank
Dividend Yield 1.24% 0.00% 6.79% 84.33%

Dividend Distribution Analysis

SPHIX Category Low Category High Category Mod
Dividend Distribution Frequency Monthly Monthly Monthly Monthly

Net Income Ratio Analysis

SPHIX Category Low Category High SPHIX % Rank
Net Income Ratio 5.66% 1.79% 6.59% 23.66%

Capital Gain Distribution Analysis

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

Dividend Payout History

View More +

Fund Manager Analysis

SPHIX - Fund Manager Analysis

Managers

Michael Weaver


Start Date

Tenure

Tenure Rank

Oct 01, 2018

1.16

1.2%

Michael Weaver is a portfolio manager at FMR Co. In this role, Mr. Weaver is responsible for co-managing Fidelity Total Bond ETF, multiple institutional high yield portfolios, and co-manages all of Fidelity’s collateralized loan obligation strategies. Previously, Mr. Weaver held various positions in the High Income Group, including portfolio manager covering Select Automotive from 2009 to 2013. Mr. Weaver joined Fidelity in 2005, and has been in the investments industry since 1998. Mr. Weaver earned his BS degree in economics from the Wharton School at the University of Pennsylvania.

Alexandre Karam


Start Date

Tenure

Tenure Rank

Dec 01, 2018

1.0

1.0%

Alexandre Karam is a portfolio manager in the High Income division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to more than 26 million individuals, institutions, and financial intermediaries. Mr. Karam earned his bachelor of arts degree in economics and bachelor of science degree in electrical engineering from Stanford University. He also earned his master of science degree in electrical engineering from Stanford University and his master of business administration from Harvard Business School.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.2 35.29 6.64 5.17