Strategic Advisers Short Duration Fund
Moderate allocation fund
As of its 2026 Q2 report, Strategic Advisers Short Duration Fund held 1,339 positions with $4.75B in net assets. Its ten largest holdings made up 56.1% of the fund. The FAUDX share class costs 0.2% a year. Over the 12 months to May 2026, FAUDX returned 3.9%, with dividends reinvested. In 2026 Q2 it added 284 new positions and exited 109.
Strategic Advisers Short Duration Fund seeks to obtain a high level of current income consistent with preservation of capital.
The fund allocates assets among underlying funds and sub-advisers to track the interest rate risk profile of the Bloomberg U.S. 1-3 Year Government/Credit Bond Index, with day-to-day management delegated to those sub-advisers. It normally holds investment-grade debt securities and may use derivatives and leverage to adjust risk exposure. Because the fund invests through underlying funds rather than holding securities directly, its returns depend on the performance and decisions of those underlying funds and sub-advisers.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
BAIRD FDS INC | 9.25% | $438.95M | 46.3M | $9.49 |
PIMCO FDS PAC INVT MGMT SER | 7.12% | $337.96M | 34.8M | $9.71 |
ISHARES TR | 6.75% | $320.21M | 2.7M | $117.74 |
J P MORGAN EXCHANGE-TRADED FD TR | 5.65% | $268.34M | 5.3M | $50.62 |
ROWE T PRICE SHORT TERM BD FD INC | 5.35% | $254.04M | 50.0M | $5.08 |
UST NOTES 3.75% · due 2028-04-30 | 5.14% | $243.95M | — | — |
PIMCO ETF TR | 5.04% | $239.02M | 2.5M | $95.59 |
DOUBLELINE FDS TR | 4.63% | $219.90M | 22.9M | $9.59 |
ISHARES U S ETF TR | 4.53% | $214.81M | 4.2M | $50.80 |
Fidelity Colchester Street Trust | 2.61% | $123.90M | 123.9M | $1.0000 |
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 1,339 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 | 53.46% |
| Securitized | 25.30% |
| Stocks | 22.55% |
| Cash & short-term | 2.71% |
| 2 smaller | 0.25% |
Look-through blends 7 underlying funds; 13.598% of NAV was not looked through and stays direct-classified.
How it has done
FAUDX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.95%. Past returns are a record, not a forecast.
Fees & fund details
Strategic Advisers Short Duration Fund is a moderate allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Moderate
- Features
- Fund of funds
- Expense ratio, by class
- 0.20%· FAUDX 0.20%
- Portfolio turnover
- 86.00% a year · as of 2025 Q3
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.
284 new· the largest 3
109 exited· the largest 5
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 | 75.1% |
| Floating rate | 24.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 6.3% |
| 1-3y | 62.9% |
| 3-5y | 8.4% |
| 5-10y | 8.3% |
| 10y+ | 14.1% |
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 | +0.92 yr |
| High yield | +0.00 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 | 2% |
| 1 yr | 0.45 yr | 58% |
| 5 yr | 0.26 yr | 34% |
| 10 yr | 0.03 yr | 4% |
| 30 yr | 0.01 yr | 2% |
| 3 mo | 0.07 yr | 7% |
| 1 yr | 0.50 yr | 54% |
| 5 yr | 0.31 yr | 34% |
| 10 yr | 0.04 yr | 4% |
| 30 yr | 0.01 yr | 1% |
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 | +0.07 | +0.00 | $31.3k | $51 |
| 1 yr | +0.45 | +0.49 | +0.00 | $234.8k | $576 |
| 5 yr | +0.26 | +0.31 | +0.00 | $148.1k | $421 |
| 10 yr | +0.03 | +0.04 | +0.00 | $18.1k | $0 |
| 30 yr | +0.01 | +0.01 | +0.00 | $4.5k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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