Fund Evaluator:

50% Allocation Overview

50% Allocation (FRYBX) is an actively managed Allocation Moderate Allocation fund. Fidelity Investments launched the fund in 2022.

The investment seeks high total return. The fund invests in a combination of two Fidelity® equity index funds (U.S. and international) and two Fidelity® investment-grade bond index funds. Allocating assets among underlying Fidelity® index funds according to an asset allocation of approximately: Fidelity® Total Market Index Fund: 35%; Fidelity® Total International Index Fund: 15%; Fidelity® U.S. Bond Index Fund: 40%; Fidelity® Short-Term Bond Index Fund: 10%. -null-.

About 50% Allocation (FRYBX)

There are 2 members of the management team with an average tenure of 3.42 years: Finola McGuire Foley (2023), Bruno Crocco (2023). Management tenure is more important for actively managed funds than passive index funds.

The fund has 5 primary benchmarks: DJ US Total Stock Market TR USD index with a weighting of 35%, MSCI ACWI Ex USA IMI NR USD index with a weighting of 15%, Bloomberg US Govt/Credit 1-5 Yr TR USD index with a weighting of 10%, Bloomberg US Agg Bond TR USD index with a weighting of 40% and S&P 500 (TR) (1970) index with a weighting of 100%. 50% Allocation has 5 securities in its portfolio. The top 10 holdings constitute 99.9% 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.

50% Allocation is part of the Allocation global asset class and is within the Allocation fund group. 50% Allocation has 18.1% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 35.0%. There is 14.9% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 49.9% (46.7% domestic bond, 3.2% foreign bond and 0.0% convertible bond). 50% Allocation has 0.3% of the portfolio in cash.

Assets Under Management

The fund has $1 million in total assets, which is below the $2 billion average for the Moderate 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.

FRYBX 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 50% Allocation expense ratio is low compared to funds in the Moderate Allocation category. 50% Allocation has an expense ratio of 0.03%, which is 97% 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. 50% Allocation has a portfolio turnover rate of 12%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 52% for the Moderate Allocation category.

Recently, in the month of July 2026, 50% Allocation returned -0.9%, which earned it a grade of D, as the Moderate Allocation category had an average return of -0.3%. 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.

50% Allocation has a trailing yield of 2.46%, which is above the 1.97% 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.

50% Allocation Grades

Year to date, the fund has returned 5.5%, 0.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 12.2% over the past year (grade of D) and 11.0% over the past three years (grade of D).

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