Fund Evaluator:

Strategic Advisers U.S. Total Stock Overview

Strategic Advisers U.S. Total Stock (FSAKX) is an actively managed U.S. Equity Large Blend fund. Fidelity Investments launched the fund in 2009.

The investment seeks capital appreciation. The fund allocates assets among affiliated equity funds and non-affiliated equity funds that participate in Fidelity's FundsNetwork®, and non-affiliated ETFs and sub-advisers. It allocates assets among sub-advisers and underlying funds using proprietary fundamental and quantitative research, considering factors including, but not limited to, performance in different market environments, manager experience and investment style, management company infrastructure, costs, asset size, and portfolio turnover.

About Strategic Advisers U.S. Total Stock (FSAKX)

There are 3 members of the management team with an average tenure of 3.00 years: Barry Golden (2024), Niall Devitt (2024), Gopalakrishnan Anantanatarajan (2020). Management tenure is more important for actively managed funds than passive index funds.

The fund has 1 primary benchmark: DJ US Total Stock Market TR USD index with a weighting of 100%. Strategic Advisers U.S. Total Stock has 2787 securities in its portfolio. The top 10 holdings constitute 33.4% 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.

Strategic Advisers U.S. Total Stock is part of the Equity global asset class and is within the U.S. Equity fund group. Strategic Advisers U.S. Total Stock has 2.6% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 97.7%. There is 2.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 1.5% (0.9% domestic bond, 0.6% foreign bond and 0.0% convertible bond). Strategic Advisers U.S. Total Stock has -1.6% of the portfolio in cash.

Assets Under Management

The fund has $99 billion in total assets, which is above the $6 billion average for the Large Blend 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.

FSAKX 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 Strategic Advisers U.S. Total Stock expense ratio is below average compared to funds in the Large Blend category. Strategic Advisers U.S. Total Stock has an expense ratio of 0.28%, 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. Strategic Advisers U.S. Total Stock has a portfolio turnover rate of 74%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 48% for the Large Blend category.

Recently, in the month of June 2026, Strategic Advisers U.S. Total Stock returned 0.4%, which earned it a grade of B, as the Large Blend 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.

Strategic Advisers U.S. Total Stock has a trailing yield of 0.93%, which is above the 0.56% category average. The fund normally distributes its income semi-annually and its capital gains semi-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.

Strategic Advisers U.S. Total Stock Grades

Year to date, the fund has returned 12.0%, 3.0 percentage points better than the category, which translates into a grade of A. The fund has returned 24.1% over the past year (grade of A), 21.3% over the past three years (grade of A) and 13.5% per year over the past five years (grade of A) and 15.8% per year over the past 10 years (grade of A).

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