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A Core Bond Fund With a Contrarian Flavor

Silver-rated Fidelity Investment Grade Bond stays closest to the benchmark among its Fidelity peers, but it's no closet-indexer.

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Sarah Bush: Fidelity has made impressive investments in its taxable-bond resources over the years, and this fund, Fidelity Investment Grade Bond (FBNDX), is a clear beneficiary. Fidelity has several entrants in the intermediate-term bond category, and this fund is the one that stays closest to the Barclays U.S. Aggregate Bond Index.

Although it does have some flexibility to invest in high yield and has done so recently, this is generally an investment-grade fund. Longtime manager Jeffrey Moore doesn't make big interest-rate bets and keeps duration close to that of the fund's index.

Sarah Bush has a position in the following securities mentioned above: FBNDX. Find out about Morningstar’s editorial policies.