Fund Evaluator:

Fidelity Multi-Asset Index Overview

Fidelity Multi-Asset Index (FFNOX) is an actively managed Allocation Global Moderately Aggressive Allocation fund. Fidelity Investments launched the fund in 1999.

The investment seeks high total return. The fund invests in a combination of four Fidelity® stock and bond index funds (underlying Fidelity® Funds) using an asset allocation strategy designed for investors seeking a broadly diversified, index-based investment. It allocates approximately 41% of its assets inFidelity® 500 Index Fund, 24% in Fidelity® International Index Fund, 10% in Fidelity® Extended Market Index Fund, 10% in Fidelity® Emerging Markets Index Fund, 7% in Fidelity® U.S. Bond Index Fund, 5% in Fidelity® Long-Term Treasury Bond Index Fund and 3% in Fidelity® International Bond Index Fund.

About Fidelity Multi-Asset Index (FFNOX)

There are 2 members of the management team with an average tenure of 12.83 years: Andrew Dierdorf (2009), Finola McGuire Foley (2018). Management tenure is more important for actively managed funds than passive index funds.

The fund has 8 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, Bloomberg Gbl Agg xUSD FA RIC hdg TR USD index with a weighting of 3%, DJ US Completion Total Stock Mkt TR USD index with a weighting of 10%, Bloomberg US Agg Bond TR USD index with a weighting of 7%, Bloomberg US Treasury Long TR USD index with a weighting of 5%, MSCI EAFE NR USD index with a weighting of 24%, MSCI EM NR USD index with a weighting of 10% and S&P 500 (TR) (1970) index with a weighting of 41%. Fidelity Multi-Asset Index has 8 securities in its portfolio. The top 10 holdings constitute 100.0% 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 Multi-Asset Index is part of the Allocation global asset class and is within the Allocation fund group. Fidelity Multi-Asset Index has 37.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 51.4%. There is 34.1% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 14.3% (11.1% domestic bond, 3.2% foreign bond and 0.0% convertible bond). Fidelity Multi-Asset Index has 0.1% of the portfolio in cash.

Assets Under Management

The fund has $10 billion in total assets, which is above the $1 billion average for the Global Moderately Aggressive 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.

FFNOX 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 Multi-Asset Index expense ratio is low compared to funds in the Global Moderately Aggressive Allocation category. Fidelity Multi-Asset Index has an expense ratio of 0.11%, which is 89% 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 Multi-Asset Index has a portfolio turnover rate of 14%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 33% for the Global Moderately Aggressive Allocation category.

Recently, in the month of June 2026, Fidelity Multi-Asset Index returned 0.3%, which earned it a grade of C, as the Global Moderately Aggressive Allocation category had an average return of 0.1%. 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 Multi-Asset Index has a trailing yield of 1.79%, which is below the 2.00% category average. The fund normally distributes its income semi-annually and its capital gains semi-annually.

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 Multi-Asset Index Grades

Year to date, the fund has returned 11.2%, 1.5 percentage points better than the category, which translates into a grade of A. The fund has returned 21.8% over the past year (grade of A), 17.2% over the past three years (grade of A) and 9.3% per year over the past five years (grade of A) and 11.5% per year over the past 10 years (grade of A).

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