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A Gold-Rated Intermediate-Term Bond Fund With an Edge

Fidelity Total Bond brings experienced leadership, deep resources, thoughtful positioning, and attractive fees.


Emory Zink: In the case of Fidelity Total Bond, an experienced portfolio management roster benefits from a wealth of support--including dozens of sector specialists, cutting-edge quantitative tools, and a robust cohort of analysts--all critical components to this team-managed offering that derives an edge from deep research and nimble implementation.

Besides investing in the typical investment-grade credit, mortgages, and U.S. Treasuries in the fund's Bloomberg Barclays U.S. Aggregate Bond Index benchmark, lead portfolio manager Ford O'Neil and his comanagers may allocate up to 20% in noninvestment-grade bonds, including high-yield and emerging-markets debt, when the team finds market valuations compelling. This gives the fund an edge versus more conservative benchmarklike intermediate-bond peers, but it may also invite more volatility.

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Emory Zink does not own shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.