Fund Evaluator:
Fidelity Series Real Estate Income (FSREX)
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Best Performing in Miscellaneous Allocation Over the Last Year
| 7.8% | Fidelity Advisor Real Estate Income Z (FIKMX) |
| 7.7% | Fidelity Real Estate Income (FRIFX) |
Fund Details
Fidelity Series Real Estate Income Overview
Fidelity Series Real Estate Income (FSREX) is an actively managed Allocation Miscellaneous Allocation fund. Fidelity Investments launched the fund in 2011.
The investment seeks higher than average income; capital growth is a secondary objective. The fund normally invests primarily in preferred and common stocks of real estate investment trusts (REITs); debt securities of real estate entities; and commercial and other mortgage-backed securities, with an emphasis on lower-quality debt securities. It invests at least 80% of assets in securities of companies principally engaged in the real estate industry and other real estate related investments. The fund invests in domestic and foreign issuers.
About Fidelity Series Real Estate Income (FSREX)
There are 1 members of the management team with an average tenure of 7.34 years: Bill Maclay (2019). Management tenure is more important for actively managed funds than passive index funds.
The fund has 4 primary benchmarks: Bloomberg US Universal TR USD index with a weighting of 100%, MSCI REIT Preferred index with a weighting of 25%, Bloomberg US CMBS ex AAA TR USD index with a weighting of 15% and ICE BofA US Real Estate TR USD index with a weighting of 60%. Fidelity Series Real Estate Income has 344 securities in its portfolio. The top 10 holdings constitute 15.0% 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 Series Real Estate Income is part of the Allocation global asset class and is within the Allocation fund group. Fidelity Series Real Estate Income has 0.3% 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 17.7% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 76.4% (76.2% domestic bond, 0.3% foreign bond and 0.0% convertible bond). Fidelity Series Real Estate Income has 5.9% of the portfolio in cash.
Assets Under Management
The fund has $294 million in total assets, which is below the $676 million average for the Miscellaneous 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.
FSREX 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 Series Real Estate Income expense ratio is low compared to funds in the Miscellaneous Allocation category. Fidelity Series Real Estate Income has an expense ratio of 0.00%, which is 100% 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 Series Real Estate Income has a portfolio turnover rate of 9%, indicating that holds its assets around 0.1 years. By way of comparison, the average portfolio turnover is 18% for the Miscellaneous Allocation category.
Recently, in the month of July 2026, Fidelity Series Real Estate Income returned 0.1%, which earned it a grade of B, as the Miscellaneous Allocation 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.
Fidelity Series Real Estate Income has a trailing yield of 5.06%, which is above the 3.08% 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.
Fidelity Series Real Estate Income Grades
Year to date, the fund has returned 1.8%, 3.9 percentage points worse than the category, which translates into a grade of F. The fund has returned 5.4% over the past year (grade of F), 7.7% over the past three years (grade of D) and 3.7% per year over the past five years (grade of D) and 5.4% per year over the past 10 years (grade of C).
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FSREX 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 |
|
| FSREX Return (NAV) | 0.1% | 0.6% | 5.4% | 7.7% | 3.7% | 5.4% |
| FSREX Grade | B | F | F | D | D | C |
| +/- Category | 0.3% | -1.1% | -6.3% | -2.9% | -1.3% | -0.4% |
| Miscellaneous Allocation Avg | -0.2% | 1.7% | 11.6% | 10.6% | 5.1% | 5.9% |
| FSREX Tax Cost Ratio | na | na | 2.0% | 2.4% | 2.5% | 2.3% |
FSREX Annual NAV Total ReturnsData as of 7/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FSREX Return (NAV) | 1.8% | 8.9% | 9.9% | 8.3% | -11.8% | 15.8% | 0.6% | 16.0% | 0.7% | 7.4% | 8.3% |
| FSREX Grade | F | D | B | D | B | B | D | D | A | D | B |
| +/- Category | -3.9% | -4.9% | 0.3% | -3.9% | 2.4% | 3.3% | -6.6% | -1.6% | 4.6% | -4.4% | 1.2% |
| Miscellaneous Allocation Avg | 5.7% | 13.8% | 9.6% | 12.1% | -14.2% | 12.5% | 7.2% | 17.6% | -4.0% | 11.9% | 7.1% |
| Risk Measures | |
| Standard Deviation: | 4.6% |
| Total Risk Index: | 0.37 - Low |
| Category Risk Index: | 0.58 - Low |
| Category Risk Grade: | A (3% Rank) |
| Beta: | 0.41 |
| R-Squared: | 72% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | na |
| Yield: | 5.1% |
| Dividend Distribution: | Quarterly |
| Cap Gains Distribution: | Annually |
| Total Assets: | $294 Mil |
| Fund Total Assets: | $ 295 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 9% |
Management Team
| Number of Managers: 1 | |||
| Longest Tenure: 7.3 years | |||
| Average Tenure: 7.3 years | |||
| Managers (Year): Maclay Bill (2019) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 344 |
| % in Top 10 Holdings: | 15.0% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 0.3% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 17.7% |
| Domestic Bond: | 76.2% |
| Foreign Bond: | 0.3% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 5.9% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-8544 |
| Website: | www.institutional.fidelity.com |
| Status: | Closed |
| Inception Date: | October 20, 2011 |
| 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 (%): | 0.00% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.99% |
| Share Class: | Fidelity Series Real Estate Income |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
