Strategic Advisers Tax-Sensitive 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 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
Fund profile
As filed in the prospectus · 2025 Q3
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.
| Share class | Gross | Net |
|---|---|---|
| FGNSX | 0.34% | 0.09% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 70.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| 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.
Latest quarter
What changed since the fund's previous filing
Largest new: NEW YORK STATE HOUSING FINANCE AGENCY, MISSOURI ST PUB UTILS COMMN REV, DISTRICT COLUMBIA, BLACK BELT ENERGY GAS DIST ALAGAS PROJ REV, SOUTH CAROLINA ST SVC AUTH REV, COUNTY OF MERCER ND, RHODE ISLAND HEALTH and EDL BLDG CORP REV, VIRGINIA SMALL BUSINESS FING AUTH REV
Largest exited: RIB FLOATER TRUST VARIOUS STS, KING CNTY WA SWR REV, TARRANT CNTY TX CULTURAL ED FACS FIN CORP HOSP REV ×2, ALBANY NY, PHILADELPHIA PA AUTH FOR INDL DEV HOSP REV, MISSISSIPPI BUSINESS FIN CORP MISS GULF OPPORTUNITY ZONE INDL DEV REV, LEE COUNTY INDUSTRIAL DEVELOPMENT AUTHORITY
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.
| 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.
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 |
|---|---|---|---|---|---|
| — | VANGUARD MUN BD FD INC | 6.88% | $15.86 | $204.49M | 12.9M |
| — | J P MORGAN EXCHANGE-TRADED FD TR | 2.36% | $50.96 | $70.26M | 1.4M |
| FMUSX | FEDERATED FIXED INC SECS INCFMUSX | 2.19% | $10.03 | $65.21M | 6.5M |
| — | Fidelity Colchester Street Trust | 1.73% | $1.0000 | $51.27M | 51.3M |
| FMQXX | Fidelity Salem Street TrustFMQXX | 1.51% | $1.00 | $44.92M | 44.9M |
| — | PORT PORT ARTHUR TX NAV DIST E0.03% floating · due 2027-12-01 | 1.37% | — | $40.62M | — |
| — | PHOENIX ARIZ INDL DEV AUTH SOLID WASTE DISP REV2.95% floating · due 2035-12-01 | 1.22% | — | $36.20M | — |
| — | Fidelity Revere Street Trust | 1.10% | — | $32.61M | — |
| — | WHITING IND ENVIRONMENTAL FACS5.00% floating · due 2044-12-01 | 0.71% | — | $20.99M | — |
| — | FLORIDA INS ASSISTANCE INTERLOCAL AGY FLA INS ASSMT REV3.83% 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.
Top 10 positions are 19.73% of net assets, top 25 25.86%, across 577 issuers.
See more of this fund's book
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