Fidelity Capital and Income Fund
Conservative allocation fund
As of its 2026 Q2 report, Fidelity Capital and Income Fund held 709 positions with $15.64B in net assets. Its ten largest holdings made up 29.1% of the fund. The FAGIX share class costs 0.86% a year. Over the 12 months to May 2026, FAGIX returned 18.6%, with dividends reinvested. In 2026 Q3 it added 41 new positions and exited 50.
Fidelity Capital & Income Fund seeks to provide a combination of income and capital growth.
The fund invests at least 80% of assets in a combination of debt and income-producing equity securities, with an emphasis on lower-quality debt securities and companies in troubled or uncertain financial condition. The manager uses fundamental analysis of each issuer's financial condition, industry position, and market conditions to select investments across domestic and foreign issuers. Because the fund concentrates on high-yield and distressed securities, performance depends heavily on the credit quality and financial stability of its holdings.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Fidelity Revere Street Trust | 16.08% | $2.51B | — | — |
Fidelity Private Credit Central Fund LLC | 2.28% | $356.24M | 38.0M | $9.37 |
1.93% | $301.80M | 164.0K | $1,840.25 | |
NVDANVIDIA CORP | 1.83% | $286.44M | 1.4M | $199.57 |
GOOGLALPHABET INC | 1.47% | $229.88M | 597.4K | $384.80 |
TSMTAIWAN SEMICONDUCTOR MFG CO LTD | 1.45% | $226.15M | 571.0K | $396.06 |
1.04% | $163.14M | 266.6K | $611.91 | |
ECHOSTAR CORP 10.75% · due 2029-11-30 | 1.04% | $162.76M | — | — |
ALLY FINANCIAL INC 8.00% · due 2031-11-01 | 1.03% | $161.40M | — | — |
ECHOSTAR CORP 3.88% floating · due 2030-11-30 | 0.98% | $153.55M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-04-30 — not a live quote, and not what the fund paid.
The 200 largest of 709 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 44.55% |
| Stocks | 30.98% |
| Cash & short-term | 16.80% |
| Loans | 8.09% |
| Securitized | 0.24% |
By sector
- Other
- 33.5%
- Cash
- 19.9%
- International
- 9.2%
- Information Technology
- 9.0%
- 11 other sectors
- 28.4%
- Other
- 33.5%
- Cash
- 19.9%
- International
- 9.2%
- Information Technology
- 9.0%
- Financials
- 7.0%
- Industrials
- 6.8%
- Communication Services
- 4.2%
- Utilities
- 3.1%
- Consumer Discretionary
- 2.0%
- Energy
- 1.7%
- Health Care
- 1.6%
- Consumer Staples
- 1.0%
- Materials
- 0.8%
- Securitized
- 0.2%
- Real Estate
- 0.2%
How it has done
FAGIX share class · total returns with dividends reinvested
Volatility over the last 12 months: 5.67%. Past returns are a record, not a forecast.
Jun 2026 and Jul 2026 have been filed since the trailing figures were struck, so they are not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Fees & fund details
Fidelity Capital and Income Fund is a conservative allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Conservative
- Features
- Fund of funds
- Expense ratio, by class
- 0.86%· FAGIX 0.86%
- Portfolio turnover
- 26.00% a year · as of 2026 Q2
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
41 new· the largest 7
50 exited· the largest 7
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 81.5% |
| Floating rate | 18.5% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.3% |
| 1-3y | 28.8% |
| 3-5y | 38.2% |
| 5-10y | 30.5% |
| 10y+ | 1.3% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 57% |
| Interest rates | 43% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +1.43 yr |
| Investment grade | +0.30 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.03 yr | 2% |
| 1 yr | 0.35 yr | 27% |
| 5 yr | 0.76 yr | 57% |
| 10 yr | 0.14 yr | 11% |
| 30 yr | 0.04 yr | 3% |
| 3 mo | 0.29 yr | 16% |
| 1 yr | 0.68 yr | 39% |
| 5 yr | 0.65 yr | 37% |
| 10 yr | 0.08 yr | 4% |
| 30 yr | 0.04 yr | 3% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.03 | +0.03 | +0.25 | $48.6k | $397.7k |
| 1 yr | +0.35 | +0.08 | +0.60 | $125.1k | $934.5k |
| 5 yr | +0.76 | +0.14 | +0.51 | $212.5k | $797.6k |
| 10 yr | +0.14 | +0.03 | +0.04 | $51.1k | $69.2k |
| 30 yr | +0.04 | +0.02 | +0.02 | $33.3k | $37.0k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
A newer credit-spread reading (2026Q3) is on file. This page holds one quarter across every figure on it, so that one appears here next quarter.
Understand how this fund fits with the rest.
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