Severe pandemic-panic market stress has laid bare some of the risks in Fidelity’s high-yield mutual fund lineup, but this underperformance isn’t surprising given the portfolios’ profiles. We are not changing any of the funds' Morningstar Analyst Ratings as a result.
Will SPHIX outperform in future?
Get our overall rating based on a fundamental assessment of the pillar’s below.
The Process Pillar is our assessment of how sensible, clearly defined, and repeatable SPHIX’s performance objective and investment process is for both security selection and portfolio construction.
The People Pillar is our evaluation of the SPHIX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.
The Parent Pillar is our rating of SPHIX’s parent organization’s priorities and whether they’re in line with investors’ interests.