Fund Evaluator:

Fidelity Advisor Short Dur Hi Inc M Overview

Fidelity Advisor Short Dur Hi Inc M (FSEHX) is an actively managed Taxable Bond High Yield Bond fund. Fidelity Investments launched the fund in 2013.

The investment seeks a high level of current income; capital appreciation is the secondary consideration. The fund normally invests primarily in income producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. It normally invests primarily in securities rated BB or B by Standard & Poor's (S&P), Ba or B by Moody's Investors Service (Moody's), comparably rated by at least one nationally recognized credit rating agency, or, if unrated, considered by Fidelity Management & Research Company (FMR) to be of comparable quality. The fund normally maintains a duration of three years or less.

About Fidelity Advisor Short Dur Hi Inc M (FSEHX)

There are 2 members of the management team with an average tenure of 3.58 years: Benjamin Harrison (2022), Jared Beckerman (2024). Management tenure is more important for actively managed funds than passive index funds.

The fund has 2 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100% and ICE BofAML 1-5 BB-B US CP HY Cstd TR USD index with a weighting of 100%. Fidelity Advisor Short Dur Hi Inc M has 568 securities in its portfolio. The top 10 holdings constitute 10.1% 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 Short Dur Hi Inc M is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity Advisor Short Dur Hi Inc M has 11.0% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.1% allocated to foreign stock, and 5.1% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 87.1% (76.2% domestic bond, 11.0% foreign bond and 2.7% convertible bond). Fidelity Advisor Short Dur Hi Inc M has 4.8% of the portfolio in cash.

Assets Under Management

The fund has $3 million in total assets, which is below the $545 million average for the High Yield 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.

FSEHX 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 Short Dur Hi Inc M expense ratio is high compared to funds in the High Yield Bond category. Fidelity Advisor Short Dur Hi Inc M has an expense ratio of 1.00%, which is 9% higher than its category average, making the fund expense ratio grade a D. 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 Short Dur Hi Inc M has a portfolio turnover rate of 88%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 72% for the High Yield Bond category.

Recently, in the month of July 2026, Fidelity Advisor Short Dur Hi Inc M returned -0.2%, which earned it a grade of C, as the High Yield Bond 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.

Fidelity Advisor Short Dur Hi Inc M has a trailing yield of 7.08%, which is above the 6.28% 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 Short Dur Hi Inc M Grades

Year to date, the fund has returned 2.8%, 1.1 percentage points better than the category, which translates into a grade of A. The fund has returned 6.5% over the past year (grade of A), 7.6% over the past three years (grade of C) and 4.4% per year over the past five years (grade of B) and 4.3% per year over the past 10 years (grade of D).

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