Strategic Advisers Fidelity Core Income Fund
Fidelity Rutland Square Trust II · Series S000062265 · 1 share classes
data updated 2026-09-08
Fund profile
As filed in the prospectus · 2025 Q3
Strategic Advisers Fidelity Core Income Fund seeks a high level of current income.
The fund allocates assets among sub-advisers and underlying funds—including affiliated Fidelity fixed-income funds and non-affiliated ETFs—using proprietary research and the Bloomberg U.S. Aggregate Bond Index as a guide, with day-to-day management delegated to those sub-advisers and underlying funds rather than executed directly by the adviser. The fund normally invests at least 80% of assets in debt securities and shares of other debt funds, and may hold up to 30% in high-yield and emerging-markets debt. Because the fund's returns depend on the selection and performance of its sub-advisers and underlying funds, divergence from the index is possible.
| Share class | Gross | Net |
|---|---|---|
| FIWGX | 0.41% | 0.16% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 206.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 60.82% |
| Securitized | 35.52% |
| Stocks | 5.68% |
| Cash & short-term | 3.31% |
| 2 smaller | 1.35% |
Look-through blends 14 underlying funds; 4.587% of NAV was not looked through and stays direct-classified.
Latest quarter
What changed since the fund's previous filing
Largest new: Fidelity Securities Fund, FNMA/FHLG TBA ISSUER ×2, GNMA II GTD PASS THRU CTF MULTIPLE ISSUER ×4, UST NOTES
Largest exited: Fidelity Summer Street Trust, Fidelity Securities Fund, GNMA II GTD PASS THRU CTF MULTIPLE ISSUER ×2, FNMA/FHLG TBA ISSUER ×4
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
May 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.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
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 | 84.7% |
| Floating rate | 15.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 0.8% |
| 1-3y | 6.2% |
| 3-5y | 12.3% |
| 5-10y | 25.1% |
| 10y+ | 55.7% |
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 | 50% |
| Interest rates | 50% |
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 | +2.86 yr |
| High yield | +0.09 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 | 0.22 yr | 7% |
| 5 yr | 0.91 yr | 31% |
| 10 yr | 0.99 yr | 34% |
| 30 yr | 0.79 yr | 27% |
| 3 mo | 0.07 yr | 2% |
| 1 yr | 0.43 yr | 15% |
| 5 yr | 1.06 yr | 36% |
| 10 yr | 0.94 yr | 32% |
| 30 yr | 0.44 yr | 15% |
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 | +0.06 | +0.01 | $600.4k | $48.1k |
| 1 yr | +0.22 | +0.41 | +0.02 | $3.83m | $181.6k |
| 5 yr | +0.91 | +1.03 | +0.03 | $9.61m | $279.9k |
| 10 yr | +0.99 | +0.92 | +0.02 | $8.56m | $230.5k |
| 30 yr | +0.79 | +0.43 | +0.01 | $4.01m | $77.1k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Reported price | Value | Shares |
|---|---|---|---|---|---|
| FSMTX | Fidelity Salem Street TrustFSMTX | 20.97% | $9.06 | $19.54B | 2.2B |
| FUTBX | Fidelity Salem Street TrustFUTBX | 6.79% | $8.76 | $6.33B | 722.3M |
| FBLTX | Fidelity Salem Street TrustFBLTX | 2.85% | $6.60 | $2.65B | 401.8M |
| FECBX | Fidelity Salem Street TrustFECBX | 2.75% | $9.99 | $2.56B | 256.6M |
| FSNDX | Fidelity Salem Street TrustFSNDX | 2.45% | $10.72 | $2.28B | 213.1M |
| FHLPX | Fidelity Securities FundFHLPX | 2.29% | $9.98 | $2.13B | 213.5M |
| — | Fidelity Advisor Series I | 1.85% | $9.04 | $1.72B | 190.6M |
| — | Fidelity Revere Street Trust | 1.78% | — | $1.66B | — |
| — | FNMA/FHLG TBA ISSUER2.00% · due 2056-06-01 | 1.76% | — | $1.64B | — |
| FSIWX | Fidelity Salem Street TrustFSIWX | 1.60% | $9.77 | $1.49B | 152.9M |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
Top 10 positions are 45.09% of net assets, top 25 58.49%, across 1.7K issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
Sign in free