Fidelity Advisor Strategic Income TFSIAX

Morningstar Rating

Fund Research and Analysis

by Miriam Sjoblom

We don't like to watch a skilled manager go, but we're not lowering our expectations for Fidelity Advisor Strategic Income.

In June 2009, comanager Derek Young stepped off this fund to lead Fidelity's asset-allocation group. We don't think this move hurts the fund's prospects, though. Read more

Kudos

The fund boasts a solid long-term record.

Good analytical resources. Read more

Risks

A combined 50%-60% stake in emerging-markets and high-yield bonds carries plenty of risk. Read more

Strategy

Management starts with a neutral asset-allocation mix as a baseline and then makes slight adjustments to that mix based on relative valuation and market outlook. The neutral mix is 30% U.S. government issues, 40% U. Read more

Management

Derek Young left the fund in June 2009 to head up Fidelity's asset-allocation team. Joanna Bewick, who has run the fund alongside Young since April 2008, remains and is joined by the returning Chris Sharpe, who previously ran the fund alongside Young from 2005 through 2007. Read more

Inside Scoop

A diversified mix of high-yield bonds, U.S. government issues, and foreign debt has fueled this fund's strong long-term returns. The no-load version of this fund is an Analyst Pick. Read more

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