Strategic Advisers Fidelity Short Duration Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Strategic Advisers Fidelity Short Duration Fund held 1,318 positions with $8.66B in net assets. Its ten largest holdings made up 46.6% of the fund. The FFPLX share class costs 0.13% a year. In 2026 Q2 it added 1,009 new positions and exited 45.
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.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
FIKRXFidelity Advisor Series II | 6.99% | $605.79M | 52.4M | $11.55 |
FZOLXFidelity Salem Street Trust | 6.94% | $601.45M | 60.0M | $10.02 |
UST NOTES 3.88% · due 2028-03-31 | 6.10% | $528.02M | — | — |
UST NOTES 3.50% · due 2029-02-15 | 5.02% | $434.75M | — | — |
UST NOTES 3.75% · due 2028-04-30 | 4.99% | $432.16M | — | — |
FSSWXFidelity Salem Street Trust | 4.21% | $364.33M | 36.4M | $10.00 |
UST NOTES 3.63% · due 2028-08-15 | 3.60% | $311.80M | — | — |
Fidelity Salem Street Trust | 3.47% | $300.23M | 29.9M | $10.04 |
UST NOTES 3.88% · due 2029-04-15 | 2.67% | $231.22M | — | — |
UST NOTES 3.50% · 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.
The 200 largest of 1,318 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 | 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.
By sector
- Other
- 36.0%
- Government
- 31.6%
- Securitized
- 9.5%
- International
- 9.4%
- 12 other sectors
- 13.5%
- Other
- 36.0%
- Government
- 31.6%
- Securitized
- 9.5%
- International
- 9.4%
- Financials
- 8.7%
- Utilities
- 1.1%
- Cash
- 1.0%
- Energy
- 0.5%
- Industrials
- 0.5%
- Information Technology
- 0.5%
- Health Care
- 0.4%
- Real Estate
- 0.3%
- Consumer Staples
- 0.1%
- Communication Services
- 0.1%
- Materials
- 0.1%
- Consumer Discretionary
- 0.0%
How it has done
FFPLX share class · total returns with dividends reinvested
Past returns are a record, not a forecast.
Fees & fund details
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
- Expense ratio, by class
- 0.13%· FFPLX 0.13%
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
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.
1009 new· the largest 3
45 exited· the largest 8
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.
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