Fidelity SAI High Income Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Fidelity SAI High Income Fund held 730 positions with $2.63B in net assets. Its ten largest holdings made up 22.5% of the fund. The FSHGX share class costs 0.68% a year. Over the 12 months to May 2026, FSHGX returned 11.6%, with dividends reinvested. In 2026 Q3 it added 79 new positions and exited 90.
Fidelity SAI High Income Fund seeks a high level of current income. Growth of capital may also be considered.
The fund invests primarily in below-investment-grade debt securities, preferred stocks, and convertible securities, using the credit quality distribution of the ICE BofAUS High Yield Constrained Index as a guide for structuring its portfolio. It may also hold non-income-producing securities including defaulted securities and common stocks. The fund applies fundamental analysis of issuers' financial condition and industry position to select investments across domestic and foreign markets. Because the fund's holdings depend on the adviser's selection decisions rather than index replication, its credit quality composition may diverge from the index it uses as a reference.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Fidelity Revere Street Trust | 10.02% | $263.55M | — | — |
Fidelity Revere Street Trust | 5.41% | $142.22M | — | — |
UST NOTES 4.00% · due 2034-02-15 | 2.06% | $54.27M | — | — |
Fidelity Private Credit Central Fund LLC | 1.60% | $42.22M | 4.5M | $9.37 |
NEW FORTRESS ENERGY INC 0.00% floating · due 2028-10-30 | 0.68% | $17.76M | — | — |
1261229 BC LTD 9.90% floating · due 2030-10-08 | 0.66% | $17.30M | — | — |
UNITED PF HOLDINGS LLC 7.92% floating · due 2026-12-30 | 0.53% | $14.01M | — | — |
PG and E CORP 5.25% · due 2030-07-01 | 0.53% | $13.99M | — | — |
ARTERA SERVICES LLC 8.50% · due 2031-02-15 | 0.53% | $13.99M | — | — |
COREWEAVE INC 9.00% · due 2031-02-01 | 0.52% | $13.76M | — | — |
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 730 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 | 84.62% |
| Cash & short-term | 11.45% |
| Loans | 7.30% |
| Stocks | 5.88% |
| Securitized | 0.18% |
Look-through blends 1 underlying fund; 1.427% of NAV was not looked through and stays direct-classified. The blend is as of 2025Q3, one or more quarters before the direct holdings (2026Q2).
By sector
- Other
- 41.4%
- International
- 14.1%
- Cash
- 10.3%
- Energy
- 4.4%
- 12 other sectors
- 29.9%
- Other
- 41.4%
- International
- 14.1%
- Cash
- 10.3%
- Energy
- 4.4%
- Information Technology
- 4.0%
- Industrials
- 3.9%
- Financials
- 3.9%
- Government
- 3.7%
- Utilities
- 3.5%
- Health Care
- 3.3%
- Consumer Discretionary
- 2.8%
- Materials
- 2.0%
- Communication Services
- 1.4%
- Real Estate
- 0.9%
- Consumer Staples
- 0.5%
- Securitized
- 0.0%
How it has done
FSHGX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.57%. 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 SAI High Income Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Intermediate duration
- Features
- Fund of funds
- Expense ratio, by class
- 0.68%· FSHGX 0.68%
- Portfolio turnover
- 90.00% a year · as of 2026 Q2
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.
79 new· the largest 8
90 exited· the largest 8
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 | 85.1% |
| Floating rate | 14.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.9% |
| 1-3y | 15.2% |
| 3-5y | 33.4% |
| 5-10y | 44.1% |
| 10y+ | 5.5% |
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 | 54% |
| Interest rates | 46% |
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 | +2.96 yr |
| Investment grade | +0.66 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 | 1% |
| 1 yr | 0.56 yr | 18% |
| 5 yr | 1.76 yr | 58% |
| 10 yr | 0.64 yr | 21% |
| 30 yr | 0.06 yr | 2% |
| 3 mo | 0.50 yr | 14% |
| 1 yr | 1.36 yr | 38% |
| 5 yr | 1.42 yr | 39% |
| 10 yr | 0.28 yr | 8% |
| 30 yr | 0.06 yr | 2% |
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 | +0.05 | +0.46 | $12.0k | $120.0k |
| 1 yr | +0.56 | +0.14 | +1.22 | $36.5k | $320.9k |
| 5 yr | +1.76 | +0.26 | +1.15 | $68.9k | $303.8k |
| 10 yr | +0.64 | +0.17 | +0.10 | $46.0k | $27.4k |
| 30 yr | +0.06 | +0.03 | +0.03 | $9.1k | $6.8k |
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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