Fund Evaluator:
Fidelity SAI Short-Term Bond (FZOMX)
Follow This Fund
Best Performing in Short-Term Bond Over the Last Year
| 5.4% | Janus Henderson Low Dur Mlt-Sct Inc D (JUCDX) |
| 5.2% | Thompson Bond (THOPX) |
| 5.1% | Destinations Low Duration Fixed Inc Z (DLDZX) |
| 4.8% | Channel Income Fund (CPSIX) |
| 4.5% | American Century Short Dur Strat Inc Y (ASYDX) |
Fund Details
Fidelity SAI Short-Term Bond Overview
Fidelity SAI Short-Term Bond (FZOMX) is an actively managed Taxable Bond Short-Term Bond fund. Fidelity Investments launched the fund in 2020.
The investment seeks to obtain a high level of current income consistent with preservation of capital. The fund normally invests at least 80% of assets in investment-grade debt securities (those of medium and high quality) of all types and repurchase agreements for those securities. It normally maintains a dollar-weighted average maturity of three years or less.
About Fidelity SAI Short-Term Bond (FZOMX)
There are 3 members of the management team with an average tenure of 4.42 years: Robert Galusza (2020), David DeBiase (2020), John Mistovich (2024). 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 US Govt/Credit 1-3 Yr TR USD index with a weighting of 100%. Fidelity SAI Short-Term Bond has 404 securities in its portfolio. The top 10 holdings constitute 46.1% 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 SAI Short-Term Bond is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity SAI Short-Term Bond has 16.6% 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 99.2% (82.6% domestic bond, 16.6% foreign bond and 0.0% convertible bond). Fidelity SAI Short-Term Bond has 0.8% of the portfolio in cash.
Assets Under Management
The fund has $706 million in total assets, which is below the $893 million average for the Short-Term 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.
FZOMX 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 Short-Term Bond expense ratio is below average compared to funds in the Short-Term Bond category. Fidelity SAI Short-Term Bond has an expense ratio of 0.21%, which is 68% 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 Short-Term Bond has a portfolio turnover rate of 87%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 134% for the Short-Term Bond category.
Recently, in the month of June 2026, Fidelity SAI Short-Term Bond returned 0.1%, which earned it a grade of D, as the Short-Term Bond category had an average return of 0.1%. 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 Short-Term Bond has a trailing yield of 4.53%, which is above the 4.15% 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 Short-Term Bond Grades
Year to date, the fund has returned 1.2%, 0.2 percentage points better than the category, which translates into a grade of B. The fund has returned 3.5% over the past year (grade of C), 5.0% over the past three years (grade of D) and 2.4% per year over the past five years (grade of C).
For more mutual fund grades, analysis and screening tools to help your investment discovery, join AAII for a $2, full-access trial. Learn more here: https://invest.aaii.com/membership.
Otherwise, for more information about Fidelity SAI Short-Term Bond, including its riskiness, submit your email to unlock the rest of the article.
Gain access to exclusive AAII member-only content.
FZOMX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FZOMX Return (NAV) | 0.1% | 0.6% | 3.5% | 5.0% | 2.4% | na |
| FZOMX Grade | D | D | C | D | C | na |
| +/- Category | -0.0% | -0.2% | -0.0% | -0.2% | 0.2% | na |
| Short-Term Bond Avg | 0.1% | 0.8% | 3.5% | 5.2% | 2.3% | 2.3% |
| FZOMX Tax Cost Ratio | na | na | 1.5% | 1.3% | 0.9% | na |
FZOMX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FZOMX Return (NAV) | 1.2% | 5.5% | 4.7% | 5.2% | -3.5% | -0.6% | na | na | na | na | na |
| FZOMX Grade | B | D | D | D | A | D | na | na | na | na | na |
| +/- Category | 0.2% | -0.4% | -0.2% | -0.4% | 1.6% | -0.6% | na | na | na | na | na |
| Short-Term Bond Avg | 0.9% | 5.9% | 4.9% | 5.6% | -5.0% | -0.0% | 4.2% | 4.8% | 0.7% | 1.8% | 2.5% |
| Risk Measures | |
| Standard Deviation: | 1.5% |
| Total Risk Index: | 0.12 - Low |
| Category Risk Index: | 0.75 - Low |
| Category Risk Grade: | A (6% Rank) |
| Beta: | 0.23 |
| R-Squared: | 80% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | na |
| Bond Investment Style: | High Quality Limited Sensitivity |
| Yield: | 4.5% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $706 Mil |
| Fund Total Assets: | $ 706 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 87% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 5.8 years | |||
| Average Tenure: 4.4 years | |||
| Managers (Year): Galusza Robert (2020), DeBiase David (2020), Mistovich John (2024) | |||
Portfolio Composition (as of 5/31/26)
| # of Holdings: | 404 |
| % in Top 10 Holdings: | 46.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 16.6% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | 82.6% |
| Foreign Bond: | 16.6% |
| Convertible Bond: | 0.0% |
| Other: | 0.0% |
| Cash: | 0.8% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 800-544-3455 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | September 15, 2020 |
| 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 (%): | 0.21% ( Rating : Below Avg ) |
| Category Average Expense Ratio (%): | 0.66% |
| Share Class: | Fidelity SAI Short-Term Bond |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
