Fund Evaluator:
Fidelity Advisor Strategic Income Z (FIWDX)
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Best Performing in Multisector Bond Over the Last Year
| 8.2% | Fidelity Advisor Strategic Income Z (FIWDX) |
| 8.0% | Morningstar Multisector Bond (MSTMX) |
| 6.6% | Russell Inv Opportunistic Credit Y (RGCYX) |
| 6.5% | Russell Inv Opportunistic Credit M (RGOTX) |
| 6.1% | Thrivent Multisector Bond S (IIINX) |
Fund Details
Fidelity Advisor Strategic Income Z Overview
Fidelity Advisor Strategic Income Z (FIWDX) is an actively managed Taxable Bond Multisector Bond fund. Fidelity Investments launched the fund in 2018.
The investment seeks a high level of current income; it may also seek capital appreciation. The fund invests primarily in debt securities, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). It allocates the fund's assets among four general investment categories: high yield securities, U.S. government and investment-grade securities, emerging market securities, and foreign developed market securities.
About Fidelity Advisor Strategic Income Z (FIWDX)
There are 11 members of the management team with an average tenure of 9.92 years: Rick Patel (2020), Franco Castagliuolo (2009), Adam Kramer (2017), Celso Munoz (2026), Timothy Gill (2018), Brian Chang (2019), Sean Corcoran (2017), Ario Nejad (2019), Nader Nazmi (2020), Ford O'Neil (2012), Mark Notkin (1999). Management tenure is more important for actively managed funds than passive index funds.
The fund has 6 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100%, Bloomberg Gbl Agg DM xUSD GDP W H TR USD index with a weighting of 15%, Morningstar LSTA US Perf Loans TR USD index with a weighting of 5%, Bloomberg EM USD Aggregate TR USD index with a weighting of 10%, Bloomberg US Government TR USD index with a weighting of 30% and ICE BofA US HY Constnd TR USD index with a weighting of 40%. Fidelity Advisor Strategic Income Z has 1886 securities in its portfolio. The top 10 holdings constitute 32.1% 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 Strategic Income Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity Advisor Strategic Income Z has 21.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 7.9%. There is 0.7% allocated to foreign stock, and 1.9% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 80.3% (59.2% domestic bond, 21.1% foreign bond and 0.6% convertible bond). Fidelity Advisor Strategic Income Z has 8.5% of the portfolio in cash.
Assets Under Management
The fund has $1 billion in total assets, which is above the $1 billion average for the Multisector 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.
FIWDX 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 Income Z expense ratio is average compared to funds in the Multisector Bond category. Fidelity Advisor Strategic Income Z has an expense ratio of 0.59%, which is 38% 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 Income Z has a portfolio turnover rate of 72%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 162% for the Multisector Bond category.
Recently, in the month of June 2026, Fidelity Advisor Strategic Income Z returned 0.5%, which earned it a grade of A, as the Multisector 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 Strategic Income Z has a trailing yield of 4.35%, which is below the 5.25% 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 Strategic Income Z Grades
Year to date, the fund has returned 3.6%, 2.1 percentage points better than the category, which translates into a grade of A. The fund has returned 8.2% over the past year (grade of A), 8.1% over the past three years (grade of A) and 3.3% per year over the past five years (grade of A) and 4.5% per year over the past 10 years (grade of A).
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FIWDX 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 |
|
| FIWDX Return (NAV) | 0.5% | 3.5% | 8.2% | 8.1% | 3.3% | 4.5% |
| FIWDX Grade | A | A | A | A | A | A |
| +/- Category | 0.2% | 1.6% | 2.9% | 1.3% | 0.8% | 0.8% |
| Multisector Bond Avg | 0.2% | 1.9% | 5.3% | 6.9% | 2.6% | 3.7% |
| FIWDX Tax Cost Ratio | na | na | 1.5% | 1.3% | 1.2% | na |
FIWDX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIWDX Return (NAV) | 3.6% | 9.0% | 6.1% | 9.6% | -11.0% | 3.9% | 7.6% | 11.2% | -2.9% | 7.8% | 8.5% |
| FIWDX Grade | A | B | C | B | C | A | B | B | D | B | B |
| +/- Category | 2.1% | 0.9% | 0.4% | 1.2% | -0.9% | 1.7% | 1.2% | 0.9% | -1.0% | 1.2% | 1.0% |
| Multisector Bond Avg | 1.6% | 8.1% | 5.7% | 8.4% | -10.1% | 2.2% | 6.4% | 10.3% | -1.9% | 6.6% | 7.5% |
| Risk Measures | |
| Standard Deviation: | 4.8% |
| Total Risk Index: | 0.39 - Low |
| Category Risk Index: | 1.08 - Above Average |
| Category Risk Grade: | D (63% Rank) |
| Beta: | 0.77 |
| R-Squared: | 79% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Large-Cap Growth |
| Bond Investment Style: | na |
| Yield: | 4.4% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $15987 Mil |
| Fund Total Assets: | $1,889 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 72% |
Management Team
| Number of Managers: 11 | |||
| Longest Tenure: 27.2 years | |||
| Average Tenure: 9.9 years | |||
| Managers (Year): Notkin Mark (1999), Castagliuolo Franco (2009), O'Neil Ford (2012), Kramer Adam (2017), Corcoran Sean (2017), Gill Timothy (2018), Nejad Ario (2019), Chang Brian (2019), Patel Rick (2020), Nazmi Nader (2020), Munoz Celso (2026) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 1886 |
| % in Top 10 Holdings: | 32.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 21.8% |
Portfolio Allocation |
|
| Domestic Stock: | 7.9% |
| Foreign Stock: | 0.7% |
| Preferred Stock: | 1.9% |
| Domestic Bond: | 59.2% |
| Foreign Bond: | 21.1% |
| Convertible Bond: | 0.6% |
| Other: | 0.1% |
| Cash: | 8.5% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | October 2, 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 (%): | 0.59% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.95% |
| Share Class: | Fidelity Advisor Strategic Income M |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
