Fidelity SAI Inflation-Focused Fund
Actively managed U.S. alternative fund
As of its 2026 Q2 report, Fidelity SAI Inflation-Focused Fund held 58 positions with $6.30B in net assets. Its ten largest holdings made up 110.4% of the fund. The FIFGX share class costs 0.39% a year. Over the 12 months to May 2026, FIFGX returned 57.8%, with dividends reinvested. In 2026 Q3 it added 30 new positions and exited 37.
Fidelity SAI Inflation-Focused Fund seeks total return.
The fund normally invests in commodity-linked derivative instruments, cash, and cash equivalents, with up to 25% of assets held through a wholly-owned Cayman Islands subsidiary that invests in commodity-linked notes, total return swaps, options, forward contracts, and commodity futures. The fund may also hold inflation-protected debt securities and other investment-grade debt, and engages in leveraging transactions including swaps and futures to adjust risk exposure. Because the fund's returns depend on the performance of commodity derivatives and debt securities it selects, divergence from inflation outcomes is possible.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Fidelity Revere Street Trust | 89.40% | $5.64B | — |
UST BILLS 0.00% · due 2026-07-16 | 4.88% | $307.65M | — |
ICE-ICE FUTURES LTD | 3.98% | $250.69M | — |
NEW YORK MERCANTILE EXCHANGE | 2.94% | $185.53M | — |
ICE-ICE FUTURES LTD | 1.96% | $123.53M | — |
UST BILLS 0.00% · due 2026-06-11 | 1.90% | $119.51M | — |
ICE-ICE FUTURES LTD | 1.69% | $106.78M | — |
UST BILLS 0.00% · due 2026-06-04 | 1.42% | $89.69M | — |
NEW YORK MERCANTILE EXCHANGE | 1.20% | $75.53M | — |
NEW YORK MERCANTILE EXCHANGE | 1.05% | $66.00M | — |
All 58 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%.
| Cash & short-term | 89.40% |
| Derivatives | 15.29% |
| Bonds | 8.99% |
These positions come to 113.68% of the fund's net assets. This counts only what the fund reported holding — the holdings disclosure covers assets, not liabilities such as borrowings — so it is not expected to reconcile to 100%.
Derivatives are shown at market value, not notional exposure.
How it has done
FIFGX share class · total returns with dividends reinvested
Volatility over the last 12 months: 22.59%. 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 Inflation-Focused Fund is an actively managed U.S. alternative fund.
- Asset class
- Alternative
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 0.39%· FIFGX 0.39%
- Portfolio turnover
- 0.00% a year · as of 2025 Q3
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.
30 new· the largest 3
37 exited· the largest 3
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 | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 100.0% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Understand how this fund fits with the rest.
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