Fund Evaluator:
Strategic Advisers Fidelity Shrt Dur (FFPLX)
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Best Performing in Short-Term Bond Over the Last Year
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Fund Details
Strategic Advisers Fidelity Shrt Dur Overview
Strategic Advisers Fidelity Shrt Dur (FFPLX) is an actively managed Taxable Bond Short-Term Bond fund. Fidelity Investments launched the fund in 2025.
The investment seeks to obtain a high level of current income consistent with preservation of capital. The fund normally invests in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. It invests in domestic and foreign issuers and normally maintains a dollar-weighted average maturity of three years or less. The fund engages in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default), options, and futures contracts - and forward-settling securities, to adjust the fund's risk exposure.
About Strategic Advisers Fidelity Shrt Dur (FFPLX)
There are 2 members of the management team with an average tenure of 0.29 years: Jonathan Duggan (2025), Sameer Yadav (2026). Management tenure is more important for actively managed funds than passive index funds.
Strategic Advisers Fidelity Shrt Dur has 1461 securities in its portfolio. The top 10 holdings constitute 43.4% 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.
Strategic Advisers Fidelity Shrt Dur is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Strategic Advisers Fidelity Shrt Dur has 22.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.1%. 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 96.1% (73.4% domestic bond, 22.7% foreign bond and 0.1% convertible bond). Strategic Advisers Fidelity Shrt Dur has 4.1% of the portfolio in cash.
Assets Under Management
The fund has $12 billion in total assets, which is above the $904 million average for the Short-Term 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.
FFPLX 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 Strategic Advisers Fidelity Shrt Dur expense ratio is low compared to funds in the Short-Term Bond category. Strategic Advisers Fidelity Shrt Dur has an expense ratio of 0.13%, which is 80% 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. Strategic Advisers Fidelity Shrt Dur has a portfolio turnover rate of 129%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 135% for the Short-Term Bond category.
Recently, in the month of July 2026, Strategic Advisers Fidelity Shrt Dur returned 0.1%, which earned it a grade of A, as the Short-Term Bond category had an average return of -0.0%. 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.
Strategic Advisers Fidelity Shrt Dur has a trailing yield of 0.00%, which is below the 4.16% category average. The fund normally distributes its income monthly and its capital gains 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.
Strategic Advisers Fidelity Shrt Dur Grades
Year to date, the fund has returned 0.9%, 0.1 percentage points better than the category, which translates into a grade of C.
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FFPLX 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 |
|
| FFPLX Return (NAV) | 0.1% | 0.5% | na | na | na | na |
| FFPLX Grade | A | B | na | na | na | na |
| +/- Category | 0.2% | 0.2% | na | na | na | na |
| Short-Term Bond Avg | -0.0% | 0.3% | 3.4% | 5.0% | 2.2% | 2.3% |
| FFPLX Tax Cost Ratio | na | na | na | na | na | na |
FFPLX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FFPLX Return (NAV) | 0.9% | na | na | na | na | na | na | na | na | na | na |
| FFPLX Grade | C | na | na | na | na | na | na | na | na | na | na |
| +/- Category | 0.1% | na | na | na | na | na | na | na | na | na | na |
| Short-Term Bond Avg | 0.9% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.9% | 2.5% |
| Risk Measures | |
| Standard Deviation: | na |
| Total Risk Index: | na |
| Category Risk Index: | na |
| Category Risk Grade: | |
| Beta: | na |
| R-Squared: | na |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | -- |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $12867 Mil |
| Fund Total Assets: | $12,868 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 129% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 0.6 years | |||
| Average Tenure: 0.3 years | |||
| Managers (Year): Duggan Jonathan (2025), Yadav Sameer (2026) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1461 |
| % in Top 10 Holdings: | 43.4% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 22.7% |
Portfolio Allocation |
|
| Domestic Stock: | 0.1% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 73.4% |
| Foreign Bond: | 22.7% |
| Convertible Bond: | 0.1% |
| Other: | -0.3% |
| Cash: | 4.1% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 202-371-8300 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | December 30, 2025 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.13% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Strategic Advisers Fidelity Shrt Dur |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
