Fund Evaluator:

Fidelity Advisor Multi-Asset Income Z Overview

Fidelity Advisor Multi-Asset Income Z (FIWBX) is an actively managed Allocation Moderately Conservative Allocation fund. Fidelity Investments launched the fund in 2018.

The investment seeks to provide a combination of income and capital appreciation. The fund invests at least 80% of assets in a combination of debt securities and income-producing equity securities. It allocates the fund's assets among equity and debt securities, including common and preferred stock, investment-grade debt securities, lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds), floating rate securities, and convertible securities.

About Fidelity Advisor Multi-Asset Income Z (FIWBX)

There are 4 members of the management team with an average tenure of 7.73 years: Adam Kramer (2015), Rick Gandhi (2026), Ford O'Neil (2015), Ramona Persaud (2017). Management tenure is more important for actively managed funds than passive index funds.

The fund has 3 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100%, Bloomberg US Agg Bond TR USD index with a weighting of 50% and S&P 500 (TR) (1970) index with a weighting of 50%. Fidelity Advisor Multi-Asset Income Z has 232 securities in its portfolio. The top 10 holdings constitute 57.2% 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 Multi-Asset Income Z is part of the Allocation global asset class and is within the Allocation fund group. Fidelity Advisor Multi-Asset Income Z has 10.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 32.1%. There is 7.6% allocated to foreign stock, and 7.5% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 48.9% (46.0% domestic bond, 2.9% foreign bond and 3.9% convertible bond). Fidelity Advisor Multi-Asset Income Z has 0.1% of the portfolio in cash.

Assets Under Management

The fund has $639 million in total assets, which is above the $563 million average for the Moderately Conservative 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.

FIWBX 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 Multi-Asset Income Z expense ratio is above average compared to funds in the Moderately Conservative Allocation category. Fidelity Advisor Multi-Asset Income Z has an expense ratio of 0.76%, which is 24% 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 Multi-Asset Income Z has a portfolio turnover rate of 225%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 43% for the Moderately Conservative Allocation category.

Recently, in the month of June 2026, Fidelity Advisor Multi-Asset Income Z returned -3.5%, which earned it a grade of F, as the Moderately Conservative Allocation category had an average return of 0.1%. 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 Multi-Asset Income Z has a trailing yield of 3.79%, which is above the 3.33% 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 Advisor Multi-Asset Income Z Grades

Year to date, the fund has returned 4.9%, 0.3 percentage points worse than the category, which translates into a grade of D. The fund has returned 13.0% over the past year (grade of B), 11.2% over the past three years (grade of B) and 6.0% per year over the past five years (grade of A) and 9.0% per year over the past 10 years (grade of A).

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