Fund Evaluator:
Fidelity Advisor Total Bond M (FEPTX)
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Best Performing in Intermediate Core-Plus Bond Over the Last Year
| 4.1% | Diamond Hill Core Plus Bond Y (DHNYX) |
| 3.9% | Diamond Hill Core Plus Bond I (DHNIX) |
| 3.7% | Diamond Hill Core Plus Bond Investor (DHNAX) |
| 3.5% | Weitz Core Plus Income Investor (WCPNX) |
| 3.4% | Nuveen Core Plus Bond I (TCBHX) |
Fund Details
Fidelity Advisor Total Bond M Overview
Fidelity Advisor Total Bond M (FEPTX) is an actively managed Taxable Bond Intermediate Core-Plus Bond fund. Fidelity Investments launched the fund in 2004.
The investment seeks a high level of current income. The fund normally invests at least 80% of assets in debt securities of all types and repurchase agreements for those securities. The Bloomberg U.S. Aggregate Bond Index as a guide in structuring the fund and selecting its investments. It may invest up to 20% of assets in lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds).
About Fidelity Advisor Total Bond M (FEPTX)
There are 9 members of the management team with an average tenure of 6.08 years: Franco Castagliuolo (2022), Michael Plage (2024), Michael Foggin (2014), Celso Munoz (2017), Julian Potenza (2026), Benjamin Harrison (2023), Brian Day (2024), Stacie Ware (2024), Ford O'Neil (2004). Management tenure is more important for actively managed funds than passive index funds.
The fund has 1 primary benchmark: Bloomberg US Agg Bond TR USD index with a weighting of 100%. Fidelity Advisor Total Bond M has 5265 securities in its portfolio. The top 10 holdings constitute 18.1% 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 Total Bond M is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity Advisor Total Bond M has 6.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 87.9% (81.2% domestic bond, 6.7% foreign bond and 0.0% convertible bond). Fidelity Advisor Total Bond M has 1.3% of the portfolio in cash.
Assets Under Management
The fund has $282 million in total assets, which is below the $1 billion average for the Intermediate Core-Plus Bond 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.
FEPTX 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 Total Bond M expense ratio is above average compared to funds in the Intermediate Core-Plus Bond category. Fidelity Advisor Total Bond M has an expense ratio of 0.75%, which is 4% lower than its category average, making the fund expense ratio grade a C. 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 Total Bond M has a portfolio turnover rate of 211%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 181% for the Intermediate Core-Plus Bond category.
Recently, in the month of July 2026, Fidelity Advisor Total Bond M returned -1.3%, which earned it a grade of C, as the Intermediate Core-Plus Bond category had an average return of -1.3%. 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 Total Bond M has a trailing yield of 4.12%, which is below the 4.36% category average. The fund normally distributes its income monthly.
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 Total Bond M Grades
Year to date, the fund has returned -0.6%, 0.0 percentage points better than the category, which translates into a grade of C. The fund has returned 2.6% over the past year (grade of D), 4.1% over the past three years (grade of C) and 0.1% per year over the past five years (grade of B) and 2.0% per year over the past 10 years (grade of B).
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FEPTX 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 |
|
| FEPTX Return (NAV) | -1.3% | -0.8% | 2.6% | 4.1% | 0.1% | 2.0% |
| FEPTX Grade | C | D | D | C | B | B |
| +/- Category | -0.0% | -0.1% | -0.2% | -0.1% | 0.2% | 0.2% |
| Intermediate Core-Plus Bond Avg | -1.3% | -0.7% | 2.7% | 4.2% | -0.2% | 1.8% |
| FEPTX Tax Cost Ratio | na | na | 1.2% | 1.2% | 1.0% | 1.0% |
FEPTX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FEPTX Return (NAV) | -0.6% | 7.2% | 2.2% | 6.9% | -13.2% | -0.3% | 9.0% | 9.4% | -1.0% | 4.0% | 5.4% |
| FEPTX Grade | C | D | C | B | B | B | B | C | C | D | B |
| +/- Category | 0.0% | -0.2% | -0.1% | 0.8% | 0.2% | 0.3% | 0.4% | 0.3% | -0.1% | -0.5% | 1.1% |
| Intermediate Core-Plus Bond Avg | -0.6% | 7.3% | 2.3% | 6.1% | -13.4% | -0.6% | 8.6% | 9.1% | -0.9% | 4.4% | 4.3% |
| Risk Measures | |
| Standard Deviation: | 5.6% |
| Total Risk Index: | 0.46 - Low |
| Category Risk Index: | 1.00 - Average |
| Category Risk Grade: | C (41% Rank) |
| Beta: | 1.00 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na Moderate Sensitivity |
| Yield: | 4.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | None |
| Total Assets: | $41903 Mil |
| Fund Total Assets: | $ 283 Mil |
| Share Class Type: | M |
| Portfolio Turnover: | 211% |
Management Team
| Number of Managers: 9 | |||
| Longest Tenure: 21.7 years | |||
| Average Tenure: 6.1 years | |||
| Managers (Year): O'Neil Ford (2004), Foggin Michael (2014), Munoz Celso (2017), Castagliuolo Franco (2022), Harrison Benjamin (2023), Day Brian (2024), Ware Stacie (2024), Plage Michael (2024), Potenza Julian (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 5265 |
| % in Top 10 Holdings: | 18.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 6.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 81.2% |
| Foreign Bond: | 6.7% |
| Convertible Bond: | 0.0% |
| Other: | 10.7% |
| Cash: | 1.3% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | June 16, 2004 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | No |
| Front Load Maximum: | 4.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | 0.25% |
Expenses and Fees | |
| Expense Ratio (%): | 0.75% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.78% |
| Share Class: | Fidelity Total Bond Fund |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
