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Fidelity Advisor Total Bond Fund
Fidelity Advisor Total Bond (FEPIX) is a core fixed income fund for investors seeking income and a measure of protection from stock market volatility.
- A Focus on High Quality—Invests at least 80% of assets in investment-grade bonds.
- Enhanced Return Potential—Invests up to 20% of assets in below-investment-grade securities.
- Balances Return Potential against Risk—Co-managers seek to provide a conservative experience in line with an investor's expectation of a core bond fund.
The Management Team
On average, fund manager tenure at Fidelity is 17 years, allowing the managers to establish a high level of trust in each other's abilities.
Consistently outperformed versus its benchmark and peers
FA Total Bond (Class I) outperformed its peers over the 1-, 3-, 5-, and 10-year periods.
Performance as of 6/30/23. Gross Expense Ratio (Class I): 0.50%; 30-Day SEC Yield (Class I): 5.30% (as of 6/30/23).
Current performance may be higher or lower than that quoted. Visit institutional.fidelity.com for most recent month-end performance. Performance data shown represents past performance and is no guarantee of future results. Investment return and principal value will fluctuate, so you may have a gain or loss when shares are sold.
Total returns are historical and include changes in share price and reinvestment of dividends and capital gains, if any. • Class I shares are sold to eligible investors without a sales charge or 12b-1 fee. • Class I is a class of Fidelity Total Bond Fund. • Class I is available only to eligible investors as defined in the fund's Class I prospectus. • It is not possible to invest directly in an index. All market indices are unmanaged.
- In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation, credit, and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so holding them until maturity to avoid losses caused by price volatility is not possible. Foreign securities are subject to interest rate, currency exchange rate, economic, and political risks, all of which are magnified in emerging markets. Lower-quality bonds can be more volatile and have greater risk of default than higher-quality bonds. The fund can invest in securities that may have a leveraging effect (such as derivatives and forward-settling securities) that may increase market exposure, magnify investment risks, and cause losses to be realized more quickly.
- Diversification does not ensure a profit or guarantee against a loss.
- 1. The Morningstar Medalist RatingTM is the summary expression of Morningstar's forward-looking analysis of investment strategies as offered via specific vehicles using a rating scale of Gold, Silver, Bronze, Neutral, and Negative. The Medalist Ratings indicate which investments Morningstar believes are likely to outperform a relevant index or peer group average on a risk-adjusted basis over time. Investment products are evaluated on three key pillars (People, Parent, and Process) which, when coupled with a fee assessment, forms the basis for Morningstar's conviction in those products' investment merits and determines the Medalist Rating they're assigned. Pillar ratings take the form of Low, Below Average, Average, Above Average, and High. Pillars may be evaluated via an analyst's qualitative assessment (either directly to a vehicle the analyst covers or indirectly when the pillar ratings of a covered vehicle are mapped to a related uncovered vehicle) or using algorithmic techniques. Vehicles are sorted by their expected performance into rating groups defined by their Morningstar Category and their active or passive status. When analysts directly cover a vehicle, they assign the three pillar ratings based on their qualitative assessment, subject to the oversight of the Analyst Rating Committee, and monitor and reevaluate them at least every 14 months. When the vehicles are covered either indirectly by analysts or by algorithm, the ratings are assigned monthly. For more detailed information about these ratings, including their methodology, please go to global.morningstar.com/managerdisclosures/.
- The Morningstar Medalist Ratings are not statements of fact, nor are they credit or risk ratings. The Morningstar Medalist Rating (i) should not be used as the sole basis in evaluating an investment product, (ii) involves unknown risks and uncertainties which may cause expectations not to occur or to differ significantly from what was expected, (iii) are not guaranteed to be based on complete or accurate assumptions or models when determined algorithmically, (iv) involve the risk that the return target will not be met due to such things as unforeseen changes in management, technology, economic development, interest rate development, operating and/or material costs, competitive pressure, supervisory law, exchange rate, tax rates, exchange rate changes, and/or changes in political and social conditions, and (v) should not be considered an offer or solicitation to buy or sell the investment product. A change in the fundamental factors underlying the Morningstar Medalist Rating can mean that the rating is subsequently no longer accurate.
- 2. RPAG Scorecard System™ methodology incorporates both quantitative and qualitative factors and is based on 10 screens, which include style analysis, risk/return factors, peer group rankings, and certain qualitative factors. The Scorecard System™ is built around pass/fail criteria, on a scale of 0 to 10 (with 10 being the best). RPAG uses separate methodologies to assess active, passive, and asset allocation strategies. Active and asset allocation strategies are evaluated over a five-year time period, and passive strategies are evaluated over a three-year time period. The RPAG Score is calculated on a quarterly basis. The score is 80% quantitative and 20% qualitative. Combined, these factors are one way of measuring the relative performance, characteristics, behavior, and overall appropriateness of a fund for inclusion in a plan as an investment option. For more information, visit www.rpag.com. As of 3/31/23.
- 3. The fi360 Fiduciary Score® is a peer percentile ranking of an investment against a set of quantitative due diligence criteria selected to reflect prudent fiduciary management. The criteria include total returns, risk-adjusted returns, expenses, and other portfolio statistics. Investments are ranked according to their ability to meet due diligence criteria on a monthly basis. The rank becomes the fi360 Fiduciary Score. The fi360 Fiduciary Score Average is a 1, 3-, 5-, and 10-year rolling average of an investment's Fiduciary Score. The fi360 Fiduciary Score represents a suggested course of action and is not intended, nor should it be used, as the sole source of information for reaching an investment decision. Visit fi360.com/fi360-Fiduciary-Score for the complete methodology document. As of 3/31/23.
- 4. Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skills and the courage to differ from the consensus to benefit investors. To qualify for the award, managers' funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders'. Nominated funds must be Morningstar Medalists—a fund that has garnered a Morningstar Analyst RatingTM of Gold, Silver, or Bronze. The Fund Manager of the Year award winners are chosen based on Morningstar's proprietary research and an in-depth evaluation by its manager research analyst team.
- 5. Additional team member Matthew Conti retired from Fidelity on 12/31/18.
- 6. Morningstar's award recognizes Ford O'Neil and team for Fidelity Total Bond Fund (FTBFX). Fidelity Advisor Total Bond Fund Classes A, M, C, I, and Z are classes of Fidelity Total Bond Fund and have different expense and performance characteristics as well as eligibility requirements. See the prospectus for more details.
- 30-Day SEC Yield is based on yield to maturity of a fund's investments and not on the dividends paid by the fund, which may differ.
- Bloomberg U.S. Aggregate Bond Index is a broad-based flagship benchmark that measures the investment grade, U.S. dollar-denominated, fixed-rate taxable bond market. The index includes Treasuries, government-related and corporate securities, mortgage-backed securities (agency fixed-rate pass-throughs), asset-backed securities and collateralised mortgage-backed securities (agency and non-agency).
- Gross Expense Ratio is the total annual fund or class operating expense ratio from the most recent prospectus (before waivers or reimbursements) and generally is based on amounts incurred during the most recent fiscal year.
- Morningstar Averages represent the average return of all funds within their respective fund investment category. The number of funds in each category periodically changes. Each Morningstar Average reflects the performance (excluding sales charges) of funds with similar objectives.
- © Morningstar Awards 2017©. Morningstar, Inc. All Rights Reserved. Awarded to Ford O'Neil and team, Fidelity Total Bond Fund (FTBFX), for Fund Manager of the Year (2016), Fixed-Income, U.S.
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