Strategic Advisers Fidelity Short Duration Fund
Fidelity Rutland Square Trust II · 1 share class
Fund classification
Classified from what the fund holds · as of 2026 Q2
Strategic Advisers Fidelity Short Duration Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Features
- Fund of funds
Fund profile
As filed in the prospectus · 2025 Q4
Strategic Advisers Fidelity Short Duration Fund seeks to obtain a high level of current income consistent with preservation of capital.
The fund allocates assets to sub-advisers and to Fidelity and non-Fidelity mutual funds and ETFs, which hold the underlying securities directly, targeting interest rate risk similar to the Bloomberg U.S. 1-3 Year Government/Credit Bond Index through a mix of investment-grade debt across sectors and maturities. Sub-advisers and underlying funds are selected using proprietary research that evaluates manager performance, style, and costs. Because the fund invests indirectly through other funds and sub-advisers rather than holding securities directly, its returns depend on the performance of those intermediaries.
| Share class | Gross | Net |
|---|---|---|
| FFPLX | 0.38% | 0.13% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 76.31% |
| Securitized | 11.94% |
| Stocks | 10.40% |
| Cash & short-term | 1.47% |
| Loans | 0.10% |
| Derivatives | -0.01% |
Look-through blends 3 underlying funds; 10.226% of NAV was not looked through and stays direct-classified.
The outer band is exposure held short — written against the portfolio rather than part of it, which is why it sits outside the ring and why the two are never netted into one figure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 35.3% |
| Government | 31.6% |
| Financials | 9.7% |
| Securitized | 9.5% |
| 12 smaller | 13.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: UST NOTES ×6, Fidelity Salem Street Trust, Fidelity Merrimack Street Trust
Largest exited: Fidelity Salem Street Trust, SONIC CAP LLC / SONIC INDS LLC / SRI REAL ESTATE HLDG LLC / AMERS, ROGERS COMMUNICATIONS INC/ONTARIO, SOUTHERN CALIFORNIA EDISON CO, MPLX LP, BACARDI MARTINI BV, HARLEY DAVIDSON FINANCIAL SERVICES INC, HCA INC
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 | 74.7% |
| Floating rate | 25.3% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 3.6% |
| 1-3y | 76.5% |
| 3-5y | 9.1% |
| 5-10y | 5.3% |
| 10y+ | 5.5% |
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
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.
| Investment grade | +1.46 yr |
| High yield | +0.01 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 | 0.02 yr | 1% |
| 1 yr | 0.83 yr | 67% |
| 5 yr | 0.39 yr | 31% |
| 10 yr | 0.01 yr | 0% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.09 yr | 6% |
| 1 yr | 0.90 yr | 62% |
| 5 yr | 0.47 yr | 32% |
| 10 yr | 0.01 yr | 0% |
| 30 yr | 0.00 yr | 0% |
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 | +0.02 | +0.09 | +0.00 | $73.8k | $1.1k |
| 1 yr | +0.83 | +0.90 | +0.00 | $778.8k | $4.1k |
| 5 yr | +0.39 | +0.46 | +0.00 | $401.1k | $3.0k |
| 10 yr | +0.01 | +0.01 | +0.00 | $5.8k | $52 |
| 30 yr | +0.00 | +0.00 | +0.00 | $1.9k | $0 |
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 1.24 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 | Reported price | Value | Shares |
|---|---|---|---|---|---|
| FIKRX | Fidelity Advisor Series IIFIKRX | 6.99% | $11.55 | $605.79M | 52.4M |
| FZOLX | Fidelity Salem Street TrustFZOLX | 6.94% | $10.02 | $601.45M | 60.0M |
| — | UST NOTES3.88% · due 2028-03-31 | 6.10% | — | $528.02M | — |
| — | UST NOTES3.50% · due 2029-02-15 | 5.02% | — | $434.75M | — |
| — | UST NOTES3.75% · due 2028-04-30 | 4.99% | — | $432.16M | — |
| FSSWX | Fidelity Salem Street TrustFSSWX | 4.21% | $10.00 | $364.33M | 36.4M |
| — | UST NOTES3.63% · due 2028-08-15 | 3.60% | — | $311.80M | — |
| — | Fidelity Salem Street Trust | 3.47% | $10.04 | $300.23M | 29.9M |
| — | UST NOTES3.88% · due 2029-04-15 | 2.67% | — | $231.22M | — |
| — | UST NOTES3.50% · due 2028-12-15 | 2.62% | — | $227.30M | — |
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 46.61% of net assets, top 25 61.12%, across 733 issuers.
See more of this fund's book
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