Fidelity Summer Street Trust - Fidelity Global High Income Fund
FGHNX
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- Fidelity Global High Income Fund (FGHNX) is a diversified high-yield bond mutual fund managed by Fidelity Investments that seeks a high level of current income by investing primarily in income-producing debt securities, preferred stocks, convertible securities, and bank loans of non-investment-grade issuers; its portfolio emphasizes lower-quality debt securities across U.S. high-yield bonds (approximately 61%), European high-yield bonds (approximately 12%), emerging-markets debt (approximately 18%), and Asian high-yield bonds (approximately 9%), with allocations strategically adjusted based on regional outlooks and bottom-up credit analysis focusing on issuers with strong balance sheets, improving fundamentals, and solid management teams. The fund employs a team of co-managers, including Harley Lank, Nader Nazmi, and Alexandre Karam, who oversee subportfolios in U.S., emerging markets, Europe, and Asia, drawing on Fidelity's global research for security selection in sectors such as energy, basic industry, telecommunications, and utilities; it targets retail and institutional investors seeking risk-adjusted high-income returns from global fixed-income markets. Operations span issuers in the United States, United Kingdom, Germany, China, Canada, Mexico, India, Indonesia, Brazil, and other countries across developed and emerging regions. Launched on May 11, 2011, with assets under management of approximately $74 million as of April 30, 2024, the fund is part of Fidelity Summer Street Trust and headquartered in Boston, Massachusetts, the base for Fidelity Investments. In a significant recent development, the Board of Trustees approved a tax-free reorganization in March 2024, merging Fidelity Global High Income Fund into Fidelity High Income Fund (SPHIX), expected to complete on or about September 13, 2024, without requiring shareholder approval; effective May 20, 2024, the fund closed to new investments except reinvestment of distributions, reflecting Fidelity's strategic consolidation of high-income fund lineups amid healthy global high-yield market fundamentals.