Fund Evaluator:
Fidelity Advisor Risk Parity A (FAPUX)
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Best Performing in Tactical Allocation Over the Last Year
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Fund Details
Fidelity Advisor Risk Parity A Overview
Fidelity Advisor Risk Parity A (FAPUX) is an actively managed Allocation Tactical Allocation fund. Fidelity Investments launched the fund in 2022.
The investment seeks total return. Using quantitative analysis to balance the fund’s risk across four risk factors: growth (risk of reduced earnings expectations and increased default risk), inflation (risk of rising consumer inflation), real rates (risk of rising real interest rates), and liquidity (risk of reduced liquidity). The fund invests in underlying funds, derivatives, cash and cash equivalents.
About Fidelity Advisor Risk Parity A (FAPUX)
There are 2 members of the management team with an average tenure of 1.83 years: Christopher Kelliher (2023), Jon Loehrke (2026). Management tenure is more important for actively managed funds than passive index funds.
The fund has 3 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 40% and MSCI ACWI NR USD index with a weighting of 60%. Fidelity Advisor Risk Parity A has 36 securities in its portfolio. The top 10 holdings constitute 114.5% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity Advisor Risk Parity A is part of the Allocation global asset class and is within the Allocation fund group. Fidelity Advisor Risk Parity A has 29.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 26.6%. There is 17.3% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 50.0% (38.0% domestic bond, 12.0% foreign bond and 0.0% convertible bond). Fidelity Advisor Risk Parity A has -8.3% of the portfolio in cash.
Assets Under Management
The fund has $1 million in total assets, which is below the $222 million average for the Tactical Allocation category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FAPUX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Advisor Risk Parity A expense ratio is high compared to funds in the Tactical Allocation category. Fidelity Advisor Risk Parity A has an expense ratio of 0.98%, which is 44% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Advisor Risk Parity A has a portfolio turnover rate of 51%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 196% for the Tactical Allocation category.
Recently, in the month of July 2026, Fidelity Advisor Risk Parity A returned -0.6%, which earned it a grade of C, as the Tactical Allocation category had an average return of -0.9%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Fidelity Advisor Risk Parity A has a trailing yield of 6.71%, which is above the 2.86% category average.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Advisor Risk Parity A Grades
Year to date, the fund has returned 7.5%, 0.9 percentage points worse than the category, which translates into a grade of C. The fund has returned 19.1% over the past year (grade of B) and 12.0% over the past three years (grade of B).
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FAPUX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FAPUX Return (NAV) | -0.6% | -0.7% | 19.1% | 12.0% | na | na |
| FAPUX Grade | C | F | B | B | na | na |
| +/- Category | 0.3% | -2.2% | 2.9% | 1.4% | na | na |
| Tactical Allocation Avg | -0.9% | 1.5% | 16.2% | 10.6% | 5.3% | 6.3% |
| FAPUX Tax Cost Ratio | na | na | 2.7% | 1.8% | na | na |
FAPUX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FAPUX Return (NAV) | 7.5% | 20.7% | 6.7% | 8.2% | na | na | na | na | na | na | na |
| FAPUX Grade | C | A | D | D | na | na | na | na | na | na | na |
| +/- Category | -0.9% | 8.1% | -2.3% | -2.6% | na | na | na | na | na | na | na |
| Tactical Allocation Avg | 8.4% | 12.7% | 8.9% | 10.8% | -13.1% | 12.7% | 10.2% | 13.5% | -6.2% | 13.2% | 5.6% |
| Risk Measures | |
| Standard Deviation: | 10.1% |
| Total Risk Index: | 0.82 - Average |
| Category Risk Index: | 0.99 - Average |
| Category Risk Grade: | C (57% Rank) |
| Beta: | 1.02 |
| R-Squared: | 88% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Blend |
| Bond Investment Style: | na Moderate Sensitivity |
| Yield: | 6.7% |
| Dividend Distribution: | |
| Cap Gains Distribution: | |
| Total Assets: | $15 Mil |
| Fund Total Assets: | $ 2 Mil |
| Share Class Type: | A |
| Portfolio Turnover: | 51% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.3 years | |||
| Average Tenure: 1.8 years | |||
| Managers (Year): Kelliher Christopher (2023), Loehrke Jon (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 36 |
| % in Top 10 Holdings: | 114.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 29.3% |
Portfolio Allocation |
|
| Domestic Stock: | 26.6% |
| Foreign Stock: | 17.3% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 38.0% |
| Foreign Bond: | 12.0% |
| Convertible Bond: | 0.0% |
| Other: | 14.4% |
| Cash: | -8.3% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: |
| Status: | Closed |
| Inception Date: | July 7, 2022 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 5.75% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.98% ( Rating : High ) |
| Category Average Expense Ratio (%): | 1.76% |
| Share Class: | Fidelity Advisor Risk Parity Z |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
