Fund Evaluator:
Fidelity Advisor High Income Z (FGUMX)
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Best Performing in High Yield Bond Over the Last Year
| 15.7% | Fidelity Capital & Income (FAGIX) |
| 14.3% | Fidelity Advisor Capital & Income Z (FIQTX) |
| 10.0% | Northeast Investors Trust (NTHEX) |
| 8.5% | American Beacon SiM High Yld Opps Inv (SHYPX) |
| 8.5% | Fidelity Advisor High Income Z (FGUMX) |
Fund Details
Fidelity Advisor High Income Z Overview
Fidelity Advisor High Income Z (FGUMX) is an actively managed Taxable Bond High Yield Bond fund. Fidelity Investments launched the fund in 2018.
The investment seeks a high level of current income; growth of capital may also be considered. The fund normally invests primarily in income producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. It potentially invests in non-income producing securities, including defaulted securities and common stocks. The fund invests in companies in troubled or uncertain financial condition.
About Fidelity Advisor High Income Z (FGUMX)
There are 2 members of the management team with an average tenure of 3.50 years: Benjamin Harrison (2022), Jared Beckerman (2024). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and ICE BofA US HY Constnd TR USD index with a weighting of 100%. Fidelity Advisor High Income Z has 741 securities in its portfolio. The top 10 holdings constitute 12.1% 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 High Income Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity Advisor High Income Z has 12.4% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.6%. There is 0.2% allocated to foreign stock, and 2.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 88.4% (76.1% domestic bond, 12.2% foreign bond and 3.2% convertible bond). Fidelity Advisor High Income Z has 4.8% of the portfolio in cash.
Assets Under Management
The fund has $106 million in total assets, which is below the $545 million average for the High Yield 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.
FGUMX 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 High Income Z expense ratio is above average compared to funds in the High Yield Bond category. Fidelity Advisor High Income Z has an expense ratio of 0.63%, which is 31% lower than its category average, making the fund expense ratio grade a B. 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 High Income Z has a portfolio turnover rate of 78%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 71% for the High Yield Bond category.
Recently, in the month of June 2026, Fidelity Advisor High Income Z returned 0.0%, which earned it a grade of F, as the High Yield Bond category had an average return of 0.2%. 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 High Income Z has a trailing yield of 6.49%, which is above the 6.26% 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 High Income Z Grades
Year to date, the fund has returned 3.7%, 1.8 percentage points better than the category, which translates into a grade of A. The fund has returned 8.5% over the past year (grade of A), 9.9% over the past three years (grade of A) and 4.4% per year over the past five years (grade of B) and 5.5% per year over the past 10 years (grade of B).
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FGUMX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FGUMX Return (NAV) | 0.0% | 3.3% | 8.5% | 9.9% | 4.4% | 5.5% |
| FGUMX Grade | F | A | A | A | B | B |
| +/- Category | -0.2% | 0.8% | 2.7% | 1.8% | 0.6% | 0.4% |
| High Yield Bond Avg | 0.2% | 2.4% | 5.7% | 8.1% | 3.8% | 5.1% |
| FGUMX Tax Cost Ratio | na | na | 1.7% | 1.5% | 1.5% | na |
FGUMX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FGUMX Return (NAV) | 3.7% | 9.9% | 9.5% | 11.0% | -11.9% | 4.4% | 2.4% | 14.3% | -2.5% | 8.6% | 16.0% |
| FGUMX Grade | A | A | A | D | F | D | F | B | B | A | A |
| +/- Category | 1.8% | 2.0% | 1.9% | -0.9% | -1.9% | -0.7% | -2.9% | 1.3% | 0.2% | 1.9% | 2.6% |
| High Yield Bond Avg | 1.9% | 7.9% | 7.6% | 11.9% | -10.0% | 5.1% | 5.3% | 13.0% | -2.7% | 6.7% | 13.4% |
| Risk Measures | |
| Standard Deviation: | 4.5% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 1.11 - High |
| Category Risk Grade: | F (86% Rank) |
| Beta: | 0.64 |
| R-Squared: | 64% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 6.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $3002 Mil |
| Fund Total Assets: | $ 106 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 78% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 4.5 years | |||
| Average Tenure: 3.5 years | |||
| Managers (Year): Harrison Benjamin (2022), Beckerman Jared (2024) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 741 |
| % in Top 10 Holdings: | 12.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 12.4% |
Portfolio Allocation |
|
| Domestic Stock: | 0.6% |
| Foreign Stock: | 0.2% |
| Preferred Stock: | 2.7% |
| Domestic Bond: | 76.1% |
| Foreign Bond: | 12.2% |
| Convertible Bond: | 3.2% |
| Other: | 0.2% |
| Cash: | 4.8% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | December 4, 2018 |
| 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 (%): | 0.63% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 0.92% |
| Share Class: | Fidelity High Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
