Fund Evaluator:
Fidelity SAI Inflation-Focused (FIFGX)
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Best Performing in Commodities Broad Basket Over the Last Year
| 41.8% | Invesco Balanced-Risk Commodity Strat Y (BRCYX) |
| 39.4% | PGIM Quant Solutions Commodity Strats Z (PQCZX) |
| 37.3% | ALPS/CorCmdty Mgmt CmpltCmdty Strat I (JCRIX) |
| 37.1% | ALPS/CorCmdty Mgmt CmpltCmdty Strat Inv (JCRAX) |
| 35.2% | Cantor Fitzgerald Commodity RetStratPort (CCRSX) |
Fund Details
Fidelity SAI Inflation-Focused Overview
Fidelity SAI Inflation-Focused (FIFGX) is an actively managed Commodities Commodities Broad Basket fund. Fidelity Investments launched the fund in 2018.
The investment seeks total return. The fund normally invests in commodity-linked derivative instruments, inflation-indexed securities, U.S. Treasury securities, cash, and cash equivalents and invests up to 25% of assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands that invests in commodity-linked derivative instruments including commodity-linked notes; total return swaps, options, and forward contracts based on the value of commodities or commodities indexes; and commodity futures. It invests in domestic and foreign issuers.
About Fidelity SAI Inflation-Focused (FIFGX)
There are 3 members of the management team with an average tenure of 7.14 years: Wayne Ryan (2018), Eric Matteson (2018), Ruoyu Wang (2020). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: MSCI ACWI NR USD index with a weighting of 100% and Fidelity Commodity Linked TR USD index with a weighting of 100%. Fidelity SAI Inflation-Focused has 46 securities in its portfolio. The top 10 holdings constitute 144.7% 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 SAI Inflation-Focused is part of the Real Assets global asset class and is within the Commodities fund group. Fidelity SAI Inflation-Focused has 0.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.3%. 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 0.0% (0.0% domestic bond, 0.0% foreign bond and 0.0% convertible bond). Fidelity SAI Inflation-Focused has 0.1% of the portfolio in cash.
Assets Under Management
The fund has $7 billion in total assets, which is above the $481 million average for the Commodities Broad Basket 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.
FIFGX 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 SAI Inflation-Focused expense ratio is below average compared to funds in the Commodities Broad Basket category. Fidelity SAI Inflation-Focused has an expense ratio of 0.39%, which is 65% 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. A portfolio turnover rate cannot be currently calculated for Fidelity SAI Inflation-Focused. By way of comparison, the average portfolio turnover is 73% for the Commodities Broad Basket category.
Recently, in the month of July 2026, Fidelity SAI Inflation-Focused returned 10.9%, which earned it a grade of A, as the Commodities Broad Basket category had an average return of 6.9%. 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 SAI Inflation-Focused has a trailing yield of 4.89%, which is below the 9.29% category average. The fund normally distributes its income annually 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 SAI Inflation-Focused Grades
Year to date, the fund has returned 43.3%, 20.9 percentage points better than the category, which translates into a grade of A. The fund has returned 47.2% over the past year (grade of A), 14.7% over the past three years (grade of A) and 10.7% per year over the past five years (grade of B).
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FIFGX 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 |
|
| FIFGX Return (NAV) | 10.9% | -3.6% | 47.2% | 14.7% | 10.7% | na |
| FIFGX Grade | A | B | A | A | B | na |
| +/- Category | 4.0% | 0.8% | 13.0% | 2.6% | -0.0% | na |
| Commodities Broad Basket Avg | 6.9% | -4.4% | 34.2% | 12.1% | 10.7% | 7.8% |
| FIFGX Tax Cost Ratio | na | na | 2.7% | 1.9% | 3.3% | na |
FIFGX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIFGX Return (NAV) | 43.3% | 9.1% | 6.4% | -11.9% | 9.1% | 32.6% | 1.5% | 9.8% | na | na | na |
| FIFGX Grade | A | F | B | F | F | B | B | C | na | na | na |
| +/- Category | 20.9% | -6.9% | 1.4% | -5.8% | -5.3% | 2.0% | 4.1% | -0.2% | na | na | na |
| Commodities Broad Basket Avg | 22.4% | 15.9% | 5.0% | -6.1% | 14.4% | 30.6% | -2.7% | 10.0% | -13.2% | 4.6% | 13.5% |
| Risk Measures | |
| Standard Deviation: | 18.5% |
| Total Risk Index: | 1.51 - High |
| Category Risk Index: | 1.45 - High |
| Category Risk Grade: | F (100% Rank) |
| Beta: | 1.23 |
| R-Squared: | 82% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.9% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $7066 Mil |
| Fund Total Assets: | $7,066 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 0% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 7.6 years | |||
| Average Tenure: 7.1 years | |||
| Managers (Year): Ryan Wayne (2018), Matteson Eric (2018), Wang Ruoyu (2020) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 46 |
| % in Top 10 Holdings: | 144.7% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.3% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 0.0% |
| Foreign Bond: | 0.0% |
| Convertible Bond: | 0.0% |
| Other: | 99.7% |
| Cash: | 0.1% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-3455 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | December 20, 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 (%): | 0.39% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 1.10% |
| Share Class: | Fidelity SAI Inflation-Focused |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
