Fidelity SAI International Credit Fund
Fidelity Salem Street Trust · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
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
Fund profile
As filed in the prospectus · 2026 Q1
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.
| Share class | Gross | Net |
|---|---|---|
| FSNDX | 0.42% | 0.41% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 55.00% · as of 2026 Q1
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 91.69% |
| Cash & short-term | 4.01% |
| Derivatives | 1.73% |
| Stocks | 1.28% |
Derivatives are shown at market value, not notional exposure.
Latest quarter
What changed since the fund's previous filing
Largest new: BNP PARIBAS, KREDITANSTALT FUR WIEDERAUFB, JAPAN GOVERNMENT OF, UST NOTES ×3, DAVIDE CAMPARI MILANO NV, CAIXABANK SA
Largest exited: BNP PARIBAS, JAPAN GOVERNMENT OF ×3, BANCO BILBAO VIZCAYA ARGENTARIA S.A, GOLDMAN SACHS BANK USA, JAPAN TOBACCO INC, BLACKSTONE PROPERTY PARTNERS EUROPE HOLDINGS SARL
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 2026 and Jun 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.
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.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | Fidelity Revere Street Trust | 4.01% | $92.09M | — |
| — | UST NOTES4.13% · due 2031-10-31 | 2.08% | $47.76M | — |
| — | UST NOTES4.25% · due 2035-05-15 | 1.72% | $39.50M | — |
| — | UNITED STATES TREASURY BOND5.00% · due 2045-05-15 | 1.67% | $38.39M | — |
| — | BNP PARIBAS | 1.47% | $33.78M | — |
| — | EUROPEAN UNION3.38% · due 2035-12-12 | 1.34% | $30.77M | — |
| — | KREDITANSTALT FUR WIEDERAUFB0.75% · due 2029-01-15 | 1.28% | $29.40M | — |
| — | KREDITANSTALT FUR WIEDERAUFB0.00% · due 2028-11-09 | 1.27% | $29.12M | — |
| — | UST NOTES4.00% · due 2032-04-30 | 1.24% | $28.52M | — |
| — | UNITED STATES TREASURY BOND4.63% · due 2045-11-15 | 1.23% | $28.33M | — |
Top 10 positions are 17.30% of net assets, top 25 29.77%, across 157 issuers.
See more of this fund's book
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