Strategic Advisers 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 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
Fund profile
As filed in the prospectus · 2025 Q3
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.
| Share class | Gross | Net |
|---|---|---|
| FAUDX | 0.45% | 0.20% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 86.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: UST NOTES ×6, DOUBLELINE FDS TR, Fidelity Revere Street Trust
Largest exited: UST NOTES ×4, The WESTERN UNION CO, MPLX LP, AMSR 2021-SFR2 TR, BRUNSWICK CORP
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 | 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.
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 |
|---|---|---|---|---|---|
| — | BAIRD FDS INC | 9.25% | $9.49 | $438.95M | 46.3M |
| — | PIMCO FDS PAC INVT MGMT SER | 7.12% | $9.71 | $337.96M | 34.8M |
| — | ISHARES TR | 6.75% | $117.74 | $320.21M | 2.7M |
| — | J P MORGAN EXCHANGE-TRADED FD TR | 5.65% | $50.62 | $268.34M | 5.3M |
| — | ROWE T PRICE SHORT TERM BD FD INC | 5.35% | $5.08 | $254.04M | 50.0M |
| — | UST NOTES3.75% · due 2028-04-30 | 5.14% | — | $243.95M | — |
| — | PIMCO ETF TR | 5.04% | $95.59 | $239.02M | 2.5M |
| — | DOUBLELINE FDS TR | 4.63% | $9.59 | $219.90M | 22.9M |
| — | ISHARES U S ETF TR | 4.53% | $50.80 | $214.81M | 4.2M |
| — | Fidelity Colchester Street Trust | 2.61% | $1.0000 | $123.90M | 123.9M |
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 56.07% of net assets, top 25 70.79%, across 742 issuers.
See more of this fund's book
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