Unique investment style which is tactical, nimble, and high conviction and seeks alpha across active duration, yield curve management and credit exposure
Benefits from the collective investment expertise of our large global fixed income, equity, macro, ESG, and quant research teams
A focus on risk management to ensure the fund is efficiently diversified to ensure no single risk dominates
A broad and diversified portfolio of high-quality fixed-income assets selected from around 30,000 opportunities around the world.
A dedicated fixed income team with long tenure and experience. Globally, we've been managing global aggregate bonds for 30+ years.
A clear and repeatable team-based investment process which leverages insights from our network of fixed income and equity analysts worldwide.
Discover why utilising duration in fixed income assets might be the key to enhancing your portfolio's resilience in today's economic climate.
Lukasz de Pourbaix, Head of Strategic Sales and Solutions, explores the crucial role of duration assets and why now could be the perfect time to reconsider bonds.
Chart as at: 31 July 2025
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. Returns of more than one year are annualised. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.
Net returns as at 31 July 2025
| Timeframe | 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (28/02/24) % pa |
|---|---|---|---|---|
| Fund | 3.26 | - | - | 4.22 |
| Benchmark | 3.34 | - | - | 4.28 |
| Active return | -0.08 | - | - | -0.06 |
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. Returns of more than one year are annualised. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.
Net as at 31 July 2025
| 1 yr % |
3 yr % pa |
5 yr % pa |
Since inception (28/02/24) % pa |
|
|---|---|---|---|---|
| Total return | 3.26 | - | - | 4.22 |
| Growth | 0.39 | - | - | 2.17 |
| Income | 2.87 | - | - | 2.05 |
Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.
Total net returns represent past performance only. Past performance is not a reliable indicator of future performance. Total returns (net) have been calculated using exit prices and take into account the applicable buy/sell spread and are net of Fidelity’s management costs, transactional and operational costs and assumes reinvestment of distributions. No allowance has been made for taxation or for any fees charged by operators of master trusts or wrap accounts through which the products are offered. Returns of more than one year are annualised. Returns of the Fund can be volatile and in some periods may be negative. The return of capital is not guaranteed. Growth return is the unit price movement on exit to exit basis. Income is expressed as Total Return less growth component.
| Distribution | Distribution (CPU) | Reinvestment price | Ex-distribution exit price |
|---|---|---|---|
| 30-Jun-2025 | 7.1806 | $10.3234 | $10.3234 |
CPU = cents per unit. The above cash CPU excludes foreign income tax offsets which are non-cash components and are reported in the end of year tax statement. If the Distribution CPU column is 0.0000 it means that nothing was distributed.
As at 31 July 2025
As at 31 July 2025
As at 31 July 2025
| % total net assets | |
|---|---|
| GERMANY GOVT 2.6% 08/15/34 RGS | 6.0% |
| USTN 4.25% 01/31/30 | 5.9% |
| USTN 4.25% 11/15/34 | 5.4% |
| USTN 4.875% 10/31/28 | 4.8% |
| UK GILT 0.875% 07/31/33 RGS | 4.2% |
| USTN 4.625% 02/15/35 | 3.5% |
| GERMANY GOVT 2.2% 02/15/34 RGS | 3.3% |
| GERMANY GOVT 2.5% 10/11/29 RGS | 3.0% |
| USTB 4.5% 11/15/54 | 3.0% |
| USTN 4.375% 01/31/32 | 2.9% |
| Organisation | Rating / Recommendation |
|---|---|
| Morningstar | Neutral4 |
| Lonsec |
Recommended5 |
| Zenith |
Approved6 |
This Fund is subject to the risk of stock market fluctuations. Investors accessing the Fund through a master trust or wrap account will also bear any fees charged by the operator of such master trust or wrap account. Any apparent discrepancies in the numbers are due to rounding.
1 Management fees and costs are current as at the date shown above but may be subject to change in the future. Management fees and costs include management fees, estimated indirect costs, the net effect of GST and exclude abnormal expenses, transaction costs and any performance fee payable.
2The Fund gains its exposure to global fixed income by investing in an offshore fund managed by one of our related entities (Underlying Fund). The holdings of the Underlying Fund are not selected, managed or measured with reference to any benchmark.
