Fund Evaluator:
Fidelity SAI Investment Grd Seczd (FSMOX)
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Best Performing in Securitized Bond - Diversified Over the Last Year
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| 4.5% | Diamond Hill Short Dur Securitized BdInv (DHEAX) |
| 4.4% | Payden Securitized Income Investor (PYSFX) |
Fund Details
Fidelity SAI Investment Grd Seczd Overview
Fidelity SAI Investment Grd Seczd (FSMOX) is an actively managed Taxable Bond Securitized Bond - Diversified fund. Fidelity Investments launched the fund in 2023.
The investment seeks a high level of current income. The fund normally invests at least 80% of assets in investment-grade securitized debt securities (those of medium and high quality) and repurchase agreements for those securities. The fund invests in securitized debt securities (including mortgage-backed securities, commercial mortgage-backed securities, and other asset-backed securities) issued by the U.S. government and its agencies or instrumentalities, foreign governments, and corporations.
About Fidelity SAI Investment Grd Seczd (FSMOX)
There are 2 members of the management team with an average tenure of 3.21 years: Franco Castagliuolo (2023), Sean Corcoran (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Bloomberg U.S. Securitized TR USD index with a weighting of 100%. Fidelity SAI Investment Grd Seczd has 1501 securities in its portfolio. The top 10 holdings constitute 25.5% 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 SAI Investment Grd Seczd is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity SAI Investment Grd Seczd has -14.8% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 104.5% (119.4% domestic bond, -14.8% foreign bond and 0.0% convertible bond). Fidelity SAI Investment Grd Seczd has -5.3% of the portfolio in cash.
Assets Under Management
The fund has $871 million in total assets, which is above the $547 million average for the Securitized Bond - Diversified 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.
FSMOX 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 SAI Investment Grd Seczd expense ratio is below average compared to funds in the Securitized Bond - Diversified category. Fidelity SAI Investment Grd Seczd has an expense ratio of 0.31%, which is 69% 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 SAI Investment Grd Seczd has a portfolio turnover rate of 715%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 361% for the Securitized Bond - Diversified category.
Recently, in the month of July 2026, Fidelity SAI Investment Grd Seczd returned -1.1%, which earned it a grade of D, as the Securitized Bond - Diversified category had an average return of -0.7%. 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 SAI Investment Grd Seczd has a trailing yield of 4.55%, which is below the 5.10% 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 SAI Investment Grd Seczd Grades
Year to date, the fund has returned 0.1%, 0.9 percentage points worse than the category, which translates into a grade of D. The fund has returned 4.5% over the past year (grade of C) and 4.4% over the past three years (grade of F).
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FSMOX Trailing NAV Total Returns Data as of 7/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FSMOX Return (NAV) | -1.1% | -0.8% | 4.5% | 4.4% | na | na |
| FSMOX Grade | D | F | C | F | na | na |
| +/- Category | -0.4% | -0.8% | -0.0% | -1.7% | na | na |
| Securitized Bond - Diversified Avg | -0.7% | -0.0% | 4.6% | 6.2% | 2.1% | 2.6% |
| FSMOX Tax Cost Ratio | na | na | 1.4% | 1.4% | na | na |
FSMOX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FSMOX Return (NAV) | 0.1% | 8.5% | 1.4% | na | na | na | na | na | na | na | na |
| FSMOX Grade | D | C | F | na | na | na | na | na | na | na | na |
| +/- Category | -0.9% | 0.4% | -4.3% | na | na | na | na | na | na | na | na |
| Securitized Bond - Diversified Avg | 1.1% | 8.1% | 5.7% | 6.6% | -9.3% | 1.8% | 1.3% | 7.2% | 1.9% | 4.2% | 3.1% |
| Risk Measures | |
| Standard Deviation: | 6.5% |
| Total Risk Index: | 0.53 - Below Average |
| Category Risk Index: | 1.44 - Above Average |
| Category Risk Grade: | D (78% Rank) |
| Beta: | 1.15 |
| R-Squared: | 99% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 4.6% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $871 Mil |
| Fund Total Assets: | $ 871 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 715% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 3.2 years | |||
| Average Tenure: 3.2 years | |||
| Managers (Year): Castagliuolo Franco (2023), Corcoran Sean (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 1501 |
| % in Top 10 Holdings: | 25.5% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | -14.8% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 119.4% |
| Foreign Bond: | -14.8% |
| Convertible Bond: | 0.0% |
| Other: | 0.8% |
| Cash: | -5.3% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-3455 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | May 17, 2023 |
| 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 (%): | 0.31% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Fidelity SAI Investment Grd Seczd |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
