Fidelity SAI International Credit Fund
Actively managed global bond fund
As of its 2026 Q2 report, Fidelity SAI International Credit Fund held 299 positions with $2.30B in net assets. Its ten largest holdings made up 17.3% of the fund. The FSNDX share class costs 0.41% a year. Over the 12 months to May 2026, FSNDX returned 4.7%, with dividends reinvested. In 2026 Q2 it added 61 new positions and exited 58.
Fidelity SAI International Credit Fund seeks a high level of current income.
The fund invests at least 80% of assets in debt securities issued by foreign entities, with a focus on investment-grade credit across emerging markets and developed economies, selecting securities based on credit quality, valuation, and trading opportunities. The fund may allocate up to 20% of assets to high-yield debt and uses derivatives including swaps, options, and futures to adjust risk exposure and hedge currency risk. Because security selection depends on the manager's credit analysis and valuation judgments, fund returns will diverge from any benchmark.
What you own
| Company | Weight | Value | Shares |
|---|---|---|---|
Fidelity Revere Street Trust | 4.01% | $92.09M | — |
UST NOTES 4.13% · due 2031-10-31 | 2.08% | $47.76M | — |
UST NOTES 4.25% · due 2035-05-15 | 1.72% | $39.50M | — |
UNITED STATES TREASURY BOND 5.00% · due 2045-05-15 | 1.67% | $38.39M | — |
GOLDMAN SACHS BANK USA | 1.47% | $33.78M | — |
EUROPEAN UNION 3.38% · due 2035-12-12 | 1.34% | $30.77M | — |
KREDITANSTALT FUR WIEDERAUFB 0.75% · due 2029-01-15 | 1.28% | $29.40M | — |
KREDITANSTALT FUR WIEDERAUFB 0.00% · due 2028-11-09 | 1.27% | $29.12M | — |
UST NOTES 4.00% · due 2032-04-30 | 1.24% | $28.52M | — |
UNITED STATES TREASURY BOND 4.63% · due 2045-11-15 | 1.23% | $28.33M | — |
The 200 largest of 299 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 | 91.69% |
| Cash & short-term | 4.01% |
| Derivatives | 1.73% |
| Stocks | 1.28% |
Derivatives are shown at market value, not notional exposure.
How it has done
FSNDX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.10%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is 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 International Credit Fund is an actively managed global bond fund.
- Asset class
- Bonds
- Region
- Global
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Intermediate duration
- Expense ratio, by class
- 0.41%· FSNDX 0.41%
- Portfolio turnover
- 55.00% a year · as of 2026 Q1
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.
61 new· the largest 6
58 exited· the largest 6
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-06-30
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 | 82.2% |
| Floating rate | 17.8% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.7% |
| 1-3y | 9.1% |
| 3-5y | 14.5% |
| 5-10y | 60.6% |
| 10y+ | 14.1% |
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 | 51% |
| Interest rates | 49% |
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.
| Investment grade | +5.07 yr |
| High yield | +0.25 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 | 0.01 yr | 0% |
| 1 yr | 0.33 yr | 6% |
| 5 yr | 2.46 yr | 48% |
| 10 yr | 1.88 yr | 37% |
| 30 yr | 0.46 yr | 9% |
| 3 mo | 0.23 yr | 4% |
| 1 yr | 1.03 yr | 19% |
| 5 yr | 2.40 yr | 45% |
| 10 yr | 1.32 yr | 25% |
| 30 yr | 0.33 yr | 6% |
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 | +0.01 | +0.20 | +0.03 | $46.0k | $7.0k |
| 1 yr | +0.33 | +0.94 | +0.10 | $215.0k | $22.6k |
| 5 yr | +2.46 | +2.29 | +0.11 | $527.1k | $25.4k |
| 10 yr | +1.88 | +1.32 | +0.01 | $302.7k | $1.7k |
| 30 yr | +0.46 | +0.33 | +0.00 | $75.7k | $699 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Duration contribution in years, summing to the fund's 5.13 yr.
This is where the fund's rate exposure sits, not its currency risk — most international bond funds hedge the currency back to dollars, and the size of those hedges is not in the filing. Tenors are also summed across curves, so a 5-year JPY point and a 5-year USD point are added together.
Understand how this fund fits with the rest.
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