| Fidelity VIP Strategic Income Initial |
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| Release date as of 2024-10-31. Data on page is subject to change. |
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Overall Morningstar
Rating™
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| What is this?
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| As of 2024-10-31 |
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Out of 325
Multisector Bond Funds
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| Total Fund Assets ($ Mil) |
| 1,510.69 |
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| Investment Objective & Strategy |
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| The investment seeks a high level of current income and may also seek capital appreciation.
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| The fund invests primarily in debt securities, including lower-quality debt securities (those of less than investment-grade quality, also referred to as high yield debt securities or junk bonds). The adviser uses a neutral mix of approximately 45% high yield, 30% U.S. government and investment-grade, 15% emerging markets, and 10% foreign developed markets. |
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| Morningstar Category: Multisector Bond |
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| Multisector-bond portfolios seek income by diversifying their assets among several fixed-income sectors, usually U.S. government obligations, U.S. corporate bonds, foreign bonds, and high-yield U.S. debt securities. These portfolios typically hold 35% to 65% of bond assets in securities that are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.
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| There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund. |
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% of Net Assets |
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| U.S. Stocks |
6.3 |
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| Non-U.S. Stocks |
0.5 |
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| Bonds |
82.8 |
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| Cash |
8.1 |
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| Other |
2.3 |
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| Total |
100.0 |
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Data through
2024-08-31 |
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| Morningstar Fixed-Income Sectors |
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| % Fund |
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Government |
36.93 |
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Corporate |
42.19 |
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Securitized |
5.49 |
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Municipal |
0.00 |
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Cash & Equivalents |
15.39 |
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Derivative |
0.00 |
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% Bonds |
| AAA |
32.02 |
| AA |
1.17 |
| A |
3.29 |
| BBB |
10.50 |
| BB |
16.77 |
| B |
20.29 |
| Below B |
0.00 |
| Not Rated |
15.97 |
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| Total Number of Stock Holdings |
108 |
| Total Number of Bond Holdings |
1765 |
| % of Net Assets in Top 10 Holdings |
21.43 |
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| Turnover % |
(as of 2023-12-31) |
78.00 |
| 30 Day SEC Yield % |
4.75 |
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Maturity
Date
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Shares
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Value
$000
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% of Net
Assets
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Fidelity Cash Central Fund |
--- |
139,214 |
102,262 |
6.84 |
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10 Year Treasury Note Future Dec 24 |
2024-12-19 |
--- |
57,236 |
3.83 |
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United States Treasury Notes 1.125% |
2028-08-31 |
40,242 |
36,342 |
2.43 |
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Germany (Federal Republic Of) 2.6% |
2033-08-15 |
26,230 |
29,816 |
2.00 |
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United States Treasury Notes 1.875% |
2027-02-28 |
27,200 |
25,940 |
1.74 |
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United States Treasury Bonds 3.625% |
2053-02-15 |
19,112 |
17,143 |
1.15 |
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United States Treasury Notes 0.75% |
2026-08-31 |
15,467 |
14,531 |
0.97 |
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United States Treasury Bonds 2.5% |
2045-02-15 |
17,524 |
13,161 |
0.88 |
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United States Treasury Notes 4.125% |
2027-02-15 |
12,610 |
12,688 |
0.85 |
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United States Treasury Bonds 3% |
2049-02-15 |
13,991 |
11,130 |
0.74 |
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| Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Issuer, Interest Rate, Market/Market Volatility, Equity Securities, Leverage |
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| Show Risk Definitions |
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| Inception Date: 2003-12-23 |
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| Adam Kramer (2017-07-31) |
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| Adam Kramer is a portfolio manager in the High Income and Alternatives division at Fidelity Investments (“Fidelity”). In this role, he manages several multi-asset income funds and manages opportunistic high-yield bond strategies for institutional investors as well as a high-income fund available exclusively to Canadian investors. Mr. Kramer began working full time at Fidelity in 2000 as a research analyst and has since covered a variety of industries. |
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| Ford E. O'Neil (2012-06-15) |
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| Ford O’Neil, Portfolio Manager, manages retail and institutional assets. Mr. O’Neil joined Fidelity as an analyst in 1989 and has been a portfolio manager since 1992. Prior to joining Fidelity, he worked for Advest, Inc. as an associate in investment banking from 1985 to 1989. Mr. O’Neil received a Bachelor of Arts degree in government from Harvard College and a Master of Business Administration from The Wharton School at the University of Pennsylvania. |
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| Rick Patel (2020-04-28) |
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| Rick Patel is a fixed income portfolio manager in Fidelity’s London office. He specialises in global and regional fixed income products, and was a quantitative analyst and key member within the fixed income team for five years prior to moving into an associated portfolio manager role in 2005. After two years, he was promoted to portfolio manager at FIA(UK). |
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| Franco Castagliuolo (2009-12-31) |
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| Franco Castagliuolo joined Fidelity Investments in 1996, since then Mr. Castagliuolo has worked as a research associate and portfolio manager. |
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| Timothy Gill (2018-12-31) |
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| Timothy Gill is a portfolio manager in the High Income and Alternatives division at Fidelity Investments. Fidelity
Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage,
benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and
individuals.
In this role, Mr. Gill co-manages Fidelity and Fidelity Advisor Global High Income Funds, Fidelity and Fidelity Advisor
Total Emerging Markets Funds, Fidelity and Fidelity Advisor New Markets Income Funds, Fidelity and Fidelity
Advisor Strategic Income Funds, Fidelity VIP Strategic Income Portfolio, Fidelity Series Emerging Markets Debt
Fund, Fidelity Emerging Markets Debt Central Fund, and various institutional portfolios for U.S. and non-U.S.
investors.
Prior to assuming his current portfolio management responsibilities, Mr. Gill was an assistant portfolio manager and
research analyst on the emerging markets debt team, where he covered a variety of sovereign credits. Additionally,
he was also a trader within the High Income division covering emerging market sovereign debt. He has been in the
financial industry since joining Fidelity in 2000 in the foreign trade operations group.
Mr. Gill earned his bachelor of science degree in business administration from the University of Vermont. He is also a
CFA charterholder and a member of CFA Society Boston. |
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| Brian Chang (2019-10-31) |
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| Brian Chang is a portfolio manager in the High Income and Alternatives division at Fidelity. In this role, Mr. Chang is the lead portfolio manager for the Fidelity Sustainable High Yield ETF. He also co-manages Fidelity Capital & Income Fund, Fidelity Advisor High Income Advantage Fund, Fidelity and Fidelity Advisor Leveraged Company Stock Funds, Fidelity Preferred Securities & Income ETF, and the U.S. high-yield sub-portfolios of Fidelity and Fidelity Advisor Strategic Income Funds and Fidelity VIP Strategic Income Portfolio. He is also the co-manager on the preferred sleeve of Fidelity Strategic Dividend and Income Fund and the State of Massachusetts Pension HY account. He has been in the financial industry since 2002. Prior to assuming his current responsibilities, Mr. Chang was a research analyst in the High Income division. In this capacity, he covered sectors including aerospace and defense, airlines, cable, services, technology, telecom and trucking. Mr. Chang earned his Bachelor of Arts degree in mathematical methods in the social sciences and Bachelor of Arts degree in economics from Northwestern University. He also earned his Master of Business Administration from Columbia Business School. |
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| Sean Corcoran (2017-12-08) |
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| Since joined Fidelity Investments in 2001 and has worked as a research analyst and portfolio manager. |
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| Ario Emami Nejad (2019-03-31) |
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| Ario Emami Nejad joined Fidelity International in 2010, since then he has worked as a Fixed Income Graduate, Fixed Income Trader, and a portfolio manager. |
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| Nader Nazmi (2020-09-18) |
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| Nader Nazmi is a research analyst in the High Income and Alternatives division at Fidelity Investments. Fidelity Investments is a leading provider of investment management, retirement planning, portfolio guidance, brokerage, benefits outsourcing, and other financial products and services to institutions, financial intermediaries, and individuals.
In this role, Mr. Nazmi is responsible for sovereign debt research covering Brazil, Mexico, Argentina, and 18 other Latin American countries that the Emerging Markets Debt team invests in.
Prior to joining Fidelity, Mr. Nazmi was managing director, sovereign analyst, and macro strategist on the Emerging Markets Debt team at Wellington Management. Additionally, he has had an extensive career in the financial industry, including positions at: BNP Paribas as director and economist for Latin America, Capital Markets group; Institute of International Finance as deputy director and senior economist, Latin America department; Bank One as director of economic research, Latin America, Banc One Capital Markets; and Central Bank of Ecuador as an international advisor in the research department. Mr. Nazmi has also held several positions in academia, including: senior fellow and visiting professor in the Center for Latin America Studies at Georgetown University; Hollender professor and chairperson of the economics department at Lake Forest College; visiting scholar at the Center for Research on Economic Development at the University of Michigan; and Fulbright Scholar at the University of Sao Paulo. He has been in the financial industry since 1998.
Mr. Nazmi earned his bachelor of science degree in economics, summa cum laude, Phi Beta Kappa, from Iowa State University, and both his master's and doctorate degrees in economics from the University of Illinois. He also holds the Financial Industry Regulatory Authority (FINRA) Series 2, 7, 24, and 65 licenses. Additionally, his extensive research in economics and international finance have been published in academic journals, editorial contributions, and a book. |
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| Daniel Ushakov (2022-10-21) |
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| Daniel Ushakov has worked as a Fixed Income Trader and assistant portfolio manager since joining Fidelity Investments in 2017. |
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| Mark Notkin (2003-12-23) |
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| Mr. Notkin is a vice president and co-manager of Fidelity Investments. Since joining Fidelity in 1994, he has worked as a research analyst and portfolio manager. |
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| Fidelity Management & Research Company LLC |
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| FMR Investment Management (U.K.) Limited |
| Fidelity Management & Research (Japan) Limited |
| Fil Investment Advisors |
| FIL Investment Advisors (UK) Ltd |
| Fidelity Management & Research (HK) Ltd |
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Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
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