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Morningstar

Fidelity® Total Bond ETF FBND

Morningstar Medalist Rating
Medalist Rating as of | See Fidelity Investment Hub

Morningstar’s Analysis FBND

Will FBND outperform in future?

Get our overall rating based on a fundamental assessment of the pillars below.

Process Pillar

The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FBND’s performance objective and investment process is for both security selection and portfolio construction.

People Pillar

The People Pillar is our evaluation of the FBND management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

Parent Pillar

The Parent Pillar is our rating of FBND’s parent organization’s priorities and whether they’re in line with investors’ interests.

Manager Roster Changes on Fidelity Total Bond; Ratings Unchanged

null Mike Mulach

Mike Mulach

Analyst Note

On Oct. 3, 2022, Fidelity announced the appointment of Celso Munoz as co-lead portfolio manager alongside Ford O'Neil on Fidelity Total Bond. This move, which was implemented on Oct. 1, is sensible succession planning, in our view, and supports the strategy's High People rating. After working closely with O'Neil for five years as comanager on these funds, Munoz has long been the heir apparent to O'Neil. This does not indicate an imminent retirement for O'Neil, but the firm is effectively communicating a clear future succession plan to investors. In addition, Franco Castagliuolo, a senior securitized portfolio manager, has been named comanager on Fidelity Total Bond and Fidelity Total Bond ETF FBND. These appointments are more a recognition of the solid work Munoz and Castagliuolo have been contributing rather than a significant shift in responsibilities. As a result, both funds retain their Morningstar Analyst Ratings.

by Mike Mulach
Published on

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Portfolio Holdings FBND

More FBND Holdings
  • Current Portfolio Date
  • Equity Holdings 8
  • Bond Holdings 2681
  • Other Holdings 39
  • % Assets in Top 10 Holdings 25.2
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Fidelity Revere Str Tr

7.27
292,508,104
Cash and Equivalents

United States Treasury Notes 4.125%

4.11
165,338,711
Government

United States Treasury Notes 3.875%

3.92
157,807,401
Government

United States Treasury Notes 3.5%

3.11
125,054,007
Government

United States Treasury Bonds 3.625%

2.47
99,416,559
Government

United States Treasury Notes 3.625%

2.46
98,984,375
Government

United States Treasury Bonds 2%

2.06
82,990,362
Government

United States Treasury Notes 3.5%

1.87
75,233,419
Government

United States Treasury Notes 3.5%

1.81
72,953,312
Government

Federal National Mortgage Association 2%

1.81
72,738,627
Securitized