Fund Evaluator:
Fidelity Series Invest Grd Securtzd (FHPFX)
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Best Performing in Securitized Bond - Diversified Over the Last Year
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Fund Details
Fidelity Series Invest Grd Securtzd Overview
Fidelity Series Invest Grd Securtzd (FHPFX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Fidelity Investments launched the fund in 2018.
The investment seeks a high level of current income. The fund normally invests at least 80% of assets in investment-grade securitized debt securities (those of medium and high quality) and repurchase agreements for those securities. It invests in securitized debt securities (including mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities) issued by the U.S. government and its agencies or instrumentalities, foreign governments, and corporations.
About Fidelity Series Invest Grd Securtzd (FHPFX)
There are 2 members of the management team with an average tenure of 7.96 years: Franco Castagliuolo (2018), Sean Corcoran (2018). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg U.S. Securitized TR USD index with a weighting of 100% and Bloomberg US Agg Bond TR USD index with a weighting of 100%. Fidelity Series Invest Grd Securtzd has 1375 securities in its portfolio. The top 10 holdings constitute 23.7% 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 Series Invest Grd Securtzd is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity Series Invest Grd Securtzd has -16.0% 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 100.8% (116.8% domestic bond, -16.0% foreign bond and 0.0% convertible bond). Fidelity Series Invest Grd Securtzd has -1.4% of the portfolio in cash.
Assets Under Management
The fund has $824 million in total assets, which is above the $547 million average for the Securitized Bond - Diversified 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.
FHPFX 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 Series Invest Grd Securtzd expense ratio is low compared to funds in the Securitized Bond - Diversified category. Fidelity Series Invest Grd Securtzd has an expense ratio of 0.00%, which is 100% 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 Series Invest Grd Securtzd has a portfolio turnover rate of 720%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 361% for the Securitized Bond - Diversified category.
Recently, in the month of July 2026, Fidelity Series Invest Grd Securtzd returned -1.2%, which earned it a grade of D, as the Securitized Bond - Diversified category had an average return of -0.7%. 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 Series Invest Grd Securtzd has a trailing yield of 4.54%, which is below the 5.10% 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.
Fidelity Series Invest Grd Securtzd Grades
Year to date, the fund has returned 0.2%, 0.8 percentage points worse than the category, which translates into a grade of C. The fund has returned 4.7% over the past year (grade of B), 4.7% over the past three years (grade of F) and 0.5% per year over the past five years (grade of D).
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FHPFX 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 |
|
| FHPFX Return (NAV) | -1.2% | -0.7% | 4.7% | 4.7% | 0.5% | na |
| FHPFX Grade | D | D | B | F | D | na |
| +/- Category | -0.5% | -0.7% | 0.1% | -1.5% | -1.6% | na |
| Securitized Bond - Diversified Avg | -0.7% | -0.0% | 4.6% | 6.2% | 2.1% | 2.6% |
| FHPFX Tax Cost Ratio | na | na | 1.4% | 1.3% | 1.0% | na |
FHPFX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FHPFX Return (NAV) | 0.2% | 8.7% | 1.8% | 5.6% | -11.8% | -0.8% | 5.2% | 6.7% | na | na | na |
| FHPFX Grade | C | B | F | D | C | D | B | C | na | na | na |
| +/- Category | -0.8% | 0.6% | -3.9% | -1.0% | -2.4% | -2.6% | 3.9% | -0.5% | na | na | na |
| Securitized Bond - Diversified Avg | 1.1% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 6.4% |
| Total Risk Index: | 0.52 - Below Average |
| Category Risk Index: | 1.43 - Above Average |
| Category Risk Grade: | D (77% Rank) |
| Beta: | 1.13 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 4.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $824 Mil |
| Fund Total Assets: | $ 824 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 720% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 8.0 years | |||
| Average Tenure: 8.0 years | |||
| Managers (Year): Castagliuolo Franco (2018), Corcoran Sean (2018) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1375 |
| % in Top 10 Holdings: | 23.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -16.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 116.8% |
| Foreign Bond: | -16.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.6% |
| Cash: | -1.4% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | August 17, 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 (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Fidelity Series Invest Grd Securtzd |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
