Strategic Advisers Tax-Sensitive Short Duration Fund
Actively managed U.S. bond fund
As of its 2026 Q2 report, Strategic Advisers Tax-Sensitive Short Duration Fund held 1,170 positions with $2.97B in net assets. Its ten largest holdings made up 19.7% of the fund. The FGNSX share class costs 0.09% a year. Over the 12 months to May 2026, FGNSX returned 3.3%, with dividends reinvested. In 2026 Q2 it added 155 new positions and exited 150.
Strategic Advisers Tax-Sensitive Short Duration Fund seeks to provide a high level of after-tax income consistent with preservation of capital.
The fund allocates assets among sub-advisers and underlying funds—which may include affiliated Fidelity funds, non-affiliated funds, and ETFs—using proprietary research that references the Bloomberg Municipal Bond 1 Year Index (25% weight) and the iMoneyNet All Tax-Free National Retail Money Market Funds Average (75% weight), alongside factors such as manager performance and investment style. The fund normally invests primarily in municipal securities whose interest is exempt from federal income tax, with a dollar-weighted average maturity of three years or less, and may shift into taxable money market securities when after-tax yields appear advantageous. Because day-to-day investment decisions are delegated to sub-advisers and the fund invests indirectly through underlying funds rather than holding securities directly, performance will depend on the selection and execution of those managers and funds.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
VANGUARD MUN BD FD INC | 6.88% | $204.49M | 12.9M | $15.86 |
J P MORGAN EXCHANGE-TRADED FD TR | 2.36% | $70.26M | 1.4M | $50.96 |
FMUSXFEDERATED FIXED INC SECS INC | 2.19% | $65.21M | 6.5M | $10.03 |
Fidelity Colchester Street Trust | 1.73% | $51.27M | 51.3M | $1.0000 |
FMQXXFidelity Salem Street Trust | 1.51% | $44.92M | 44.9M | $1.00 |
PORT PORT ARTHUR TX NAV DIST E 0.03% floating · due 2027-12-01 | 1.37% | $40.62M | — | — |
PHOENIX ARIZ INDL DEV AUTH SOLID WASTE DISP REV 2.95% floating · due 2035-12-01 | 1.22% | $36.20M | — | — |
Fidelity Revere Street Trust | 1.10% | $32.61M | — | — |
WHITING IND ENVIRONMENTAL FACS 5.00% floating · due 2044-12-01 | 0.71% | $20.99M | — | — |
FLORIDA INS ASSISTANCE INTERLOCAL AGY FLA INS ASSMT REV 3.83% floating · due 2032-09-01 | 0.67% | $19.80M | — | — |
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 1,170 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 | 92.33% |
| Stocks | 6.17% |
| Cash & short-term | 1.30% |
| Securitized | 0.52% |
| Derivatives | 0.00% |
Look-through blends 2 underlying funds; 5.663% of NAV was not looked through and stays direct-classified.
How it has done
FGNSX share class · total returns with dividends reinvested
Volatility over the last 12 months: 0.65%. Past returns are a record, not a forecast.
Fees & fund details
Strategic Advisers Tax-Sensitive Short Duration Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- Investment grade
- Rate sensitivity
- Short duration
- Features
- Fund of funds
- Expense ratio, by class
- 0.09%· FGNSX 0.09%
- Portfolio turnover
- 70.00% 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.
155 new· the largest 8
150 exited· the largest 7
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.
| Floating rate | 56.1% |
| Fixed rate | 43.9% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 20.6% |
| 1-3y | 22.5% |
| 3-5y | 6.4% |
| 5-10y | 7.3% |
| 10y+ | 43.2% |
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 | 52% |
| Interest rates | 48% |
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 | +0.68 yr |
| High yield | +0.02 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 | 0.04 yr | 5% |
| 1 yr | 0.38 yr | 59% |
| 5 yr | 0.22 yr | 34% |
| 10 yr | 0.01 yr | 1% |
| 30 yr | 0.00 yr | 0% |
| 3 mo | 0.10 yr | 14% |
| 1 yr | 0.39 yr | 55% |
| 5 yr | 0.21 yr | 30% |
| 10 yr | 0.00 yr | 1% |
| 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 | +0.04 | +0.10 | +0.00 | $28.6k | $448 |
| 1 yr | +0.38 | +0.38 | +0.01 | $112.4k | $2.3k |
| 5 yr | +0.22 | +0.20 | +0.01 | $59.0k | $2.8k |
| 10 yr | +0.01 | +0.00 | +0.00 | $1.0k | $380 |
| 30 yr | +0.00 | +0.00 | +0.00 | $0 | $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.
Explore shared holdings, compare funds and follow their businesses with your connected AI:
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