Fund Evaluator:
Fidelity SAI International Credit (FSNDX)
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Best Performing in Global Bond-USD Hedged Over the Last Year
| 4.2% | T. Rowe Price Global Multi-Sector Bd Inv (PRSNX) |
| 2.7% | American Century Global Bond Y (AGBWX) |
| 2.6% | Nuveen International Bond I (TIBNX) |
| 2.6% | Janus Henderson Developed World Bond D (HFADX) |
| 2.5% | Goldman Sachs Global Core Fxd Inc Inv (GBIRX) |
Fund Details
Fidelity SAI International Credit Overview
Fidelity SAI International Credit (FSNDX) is an actively managed Taxable Bond Global Bond-USD Hedged fund. Fidelity Investments launched the fund in 2023.
The investment seeks a high level of current income. The fund normally invests primarily in securities of foreign issuers, including securities of issuers located in emerging markets. Emerging markets include countries that have an emerging stock market as defined by MSCI, countries or markets with low‑ to middle-income economies as classified by the World Bank, and other countries or markets that the Adviser identifies as having similar emerging markets characteristics. The fund normally invests at least 80% of assets in debt securities of all types and repurchase agreements for those securities.
About Fidelity SAI International Credit (FSNDX)
There are 3 members of the management team with an average tenure of 3.42 years: Michael Foggin (2023), Andrew Lewis (2023), Lisa Easterbrook (2023). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg Global Aggregate TR USD index with a weighting of 100% and Bloomberg Gbl Agg Cr ex US hdg TR USD index with a weighting of 100%. Fidelity SAI International Credit has 297 securities in its portfolio. The top 10 holdings constitute 16.9% 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.
Fidelity SAI International Credit is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity SAI International Credit has 60.0% 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 85.1% (25.1% domestic bond, 60.0% foreign bond and 0.0% convertible bond). Fidelity SAI International Credit has 14.9% of the portfolio in cash.
Assets Under Management
The fund has $2 billion in total assets, which is below the $2 billion average for the Global Bond-USD Hedged 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.
FSNDX 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 International Credit expense ratio is average compared to funds in the Global Bond-USD Hedged category. Fidelity SAI International Credit has an expense ratio of 0.41%, which is 44% 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 International Credit has a portfolio turnover rate of 55%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 195% for the Global Bond-USD Hedged category.
Recently, in the month of July 2026, Fidelity SAI International Credit returned -1.1%, which earned it a grade of B, as the Global Bond-USD Hedged category had an average return of -1.1%. 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 International Credit has a trailing yield of 3.92%, which is below the 3.99% category average. The fund normally distributes its income quarterly.
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 International Credit Grades
Year to date, the fund has returned 0.4%, 0.3 percentage points better than the category, which translates into a grade of B. The fund has returned 2.8% over the past year (grade of B) and 6.1% over the past three years (grade of A).
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FSNDX 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 |
|
| FSNDX Return (NAV) | -1.1% | 0.2% | 2.8% | 6.1% | na | na |
| FSNDX Grade | B | C | B | A | na | na |
| +/- Category | 0.0% | 0.0% | 0.5% | 1.7% | na | na |
| Global Bond-USD Hedged Avg | -1.1% | 0.2% | 2.3% | 4.4% | 0.4% | 1.8% |
| FSNDX Tax Cost Ratio | na | na | 1.7% | 1.6% | na | na |
FSNDX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FSNDX Return (NAV) | 0.4% | 6.4% | 6.2% | na | na | na | na | na | na | na | na |
| FSNDX Grade | B | A | A | na | na | na | na | na | na | na | na |
| +/- Category | 0.3% | 1.2% | 2.8% | na | na | na | na | na | na | na | na |
| Global Bond-USD Hedged Avg | 0.1% | 5.2% | 3.4% | 7.9% | -12.0% | -1.7% | 6.7% | 8.6% | 0.1% | 4.3% | 4.5% |
| Risk Measures | |
| Standard Deviation: | 4.3% |
| Total Risk Index: | 0.35 - Low |
| Category Risk Index: | 0.96 - Below Average |
| Category Risk Grade: | B (38% Rank) |
| Beta: | 0.70 |
| R-Squared: | 88% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Moderate Sensitivity |
| Yield: | 3.9% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | |
| Total Assets: | $2325 Mil |
| Fund Total Assets: | $2,325 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 55% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 3.4 years | |||
| Average Tenure: 3.4 years | |||
| Managers (Year): Foggin Michael (2023), Lewis Andrew (2023), Easterbrook Lisa (2023) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 297 |
| % in Top 10 Holdings: | 16.9% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 60.0% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 25.1% |
| Foreign Bond: | 60.0% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 14.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-3455 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | March 1, 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 (%): | 0.41% ( Rating : Avg ) |
| Category Average Expense Ratio (%): | 0.73% |
| Share Class: | Fidelity SAI International Credit |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
