Fund Evaluator:

Fidelity Advisor Strategic Div & Inc Z Overview

Fidelity Advisor Strategic Div & Inc Z (FIQWX) is an actively managed Allocation Moderately Aggressive Allocation fund. Fidelity Investments launched the fund in 2018.

The investment seeks reasonable income; it also considers the potential for capital appreciation. The fund is normally investing at least 80% of assets in a combination of equity securities that pay current dividends and income-producing equity securities. Equity securities represent an ownership interest, or the right to acquire an ownership interest, in an issuer. Equity securities include common stocks, preferred stocks and other preferred securities, convertible securities, rights and warrants, and other securities, such as hybrid securities and trust preferred securities, believed to have equity-like characteristics.

About Fidelity Advisor Strategic Div & Inc Z (FIQWX)

There are 5 members of the management team with an average tenure of 10.67 years: Adam Kramer (2007), Brian Chang (2017), Rick Gandhi (2024), Ford O'Neil (2012), Ramona Persaud (2017). Management tenure is more important for actively managed funds than passive index funds.

The fund has 5 primary benchmarks: S&P 500 (TR) (1970) index with a weighting of 100%, FTSE Nareit Equity REITs TR USD index with a weighting of 15%, MSCI USA High Dividend Yield NR USD index with a weighting of 50%, ICE BofA All US Convertible TR USD index with a weighting of 15% and ICE BofA Fxd Rate Pref TR USD index with a weighting of 20%. Fidelity Advisor Strategic Div & Inc Z has 732 securities in its portfolio. The top 10 holdings constitute 20.4% 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.

Fidelity Advisor Strategic Div & Inc Z is part of the Allocation global asset class and is within the Allocation fund group. Fidelity Advisor Strategic Div & Inc Z has 8.7% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 60.3%. There is 8.5% allocated to foreign stock, and 15.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 0.9% (0.8% domestic bond, 0.1% foreign bond and 13.2% convertible bond). Fidelity Advisor Strategic Div & Inc Z has 1.6% of the portfolio in cash.

Assets Under Management

The fund has $216 million in total assets, which is below the $545 million average for the 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.

FIQWX 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 Strategic Div & Inc Z expense ratio is average compared to funds in the Moderately Aggressive Allocation category. Fidelity Advisor Strategic Div & Inc Z has an expense ratio of 0.55%, which is 46% 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 Advisor Strategic Div & Inc Z has a portfolio turnover rate of 41%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 34% for the Moderately Aggressive Allocation category.

Recently, in the month of June 2026, Fidelity Advisor Strategic Div & Inc Z returned 1.5%, which earned it a grade of A, as the Moderately Aggressive Allocation category had an average return of 0.5%. 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 Strategic Div & Inc Z has a trailing yield of 2.36%, which is above the 1.55% category average. The fund normally distributes its income quarterly 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 Advisor Strategic Div & Inc Z Grades

Year to date, the fund has returned 14.0%, 3.8 percentage points better than the category, which translates into a grade of A. The fund has returned 22.9% over the past year (grade of A), 14.7% over the past three years (grade of D) and 8.7% per year over the past five years (grade of C) and 9.9% per year over the past 10 years (grade of D).

For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.

Otherwise, for more information about Fidelity Advisor Strategic Div & Inc Z, including its riskiness, submit your email to unlock the rest of the article.