Fidelity Advisor Investment Grade Bond Fund Class Z
FIKQX
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- Fidelity Advisor Investment Grade Bond Fund Class Z (FIKQX) is an open-end mutual fund managed by Fidelity Investments that seeks a high level of current income by normally investing at least 80% of assets in investment-grade debt securities of medium and high quality, including U.S. government obligations, mortgage-backed securities, corporate bonds, asset-backed securities, and repurchase agreements for those securities; it allocates across sectors and maturities while potentially including domestic and foreign issuers and a limited portion in lower-quality debt. The fund targets intermediate-term core bond strategies, benchmarking against the Bloomberg U.S. Aggregate Bond Index, with a net expense ratio of 0.36%, daily pricing, and no minimum initial investment. As of mid-2025, it manages approximately $10.6 billion in total net assets, with the Class Z share class at $2.1 billion. Recent portfolio management changes in October 2024 added Brian Day, Stacie Ware, and Celso Munoz as co-portfolio managers alongside incumbents Michael Plage (since 2016) and Sean Corcoran (since 2022), enhancing the fixed income team's depth amid evolving interest rate environments. The fund maintained a high turnover rate of 211% as of February 2025, reflecting active sector rotation and security selection; it issued monthly dividends, such as $0.024 per share in December 2024 and January 2025. Fidelity Investments, the fund's sponsor founded in 1946 and headquartered in Boston, Massachusetts, oversees operations with $5.8 trillion in discretionary assets under management as of December 2024. The fund operates primarily in the United States fixed-income market, serving individual and institutional investors seeking income and moderate interest-rate sensitivity through diversified investment-grade exposure.