Morningstar® Investment Profile™   Morningstar®
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Fidelity VIP High Income Initial
Release date as of 2024-03-31. Data on page is subject to change.
Snapshot Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2024-03-31
Out of 606
High Yield Bond Funds
Morningstar®
Style Box™
What is this?
As of 2024-01-31
Total Fund Assets ($ Mil)
775.63
View Historical Morningstar Star Ratings and Definitions
  Investment Objective & Strategy  
The investment seeks a high level of current income, while also considering growth of capital.
The fund primarily invests in income-producing debt securities, preferred stocks, and convertible securities, with an emphasis on lower-quality debt securities. It potentially invests in non-income producing securities, including defaulted securities and common stocks. The fund invests in companies in troubled or uncertain financial condition. It invests in domestic and foreign issuers. The fund uses fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.
  Morningstar Category: High Yield Bond
High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets 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. 
  Investment Risks
High-Yield Bond Funds: Funds that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risk because of the lower credit quality of the securities in the portfolio. There are risks associated with the possibility of a higher level of volatility and increased risk of default.
  Portfolio Profile
Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 2.5
Bullet Non-U.S. Stocks Non-U.S. Stocks 0.9
Bullet Bonds Bonds 89.5
Bullet Cash Cash 4.4
Bullet Other Other 2.7
Asset Allocation Rescaled Graph
Data through 2024-01-31
Morningstar Fixed-Income Sectors
% Fund
Government 0.00
Corporate 95.02
Securitized 0.42
Municipal 0.00
Cash & Equivalents 4.57
Derivative 0.00
Data through 2024-01-31
Credit Analysis
% Bonds
AAA 0.00
AA 0.00
A 0.00
BBB 6.55
BB 33.91
B 43.71
Below B 13.50
Not Rated 2.33
Data through 2024-01-31
Credit Analysis Graph
Holding Status
Total Number of Stock Holdings 13
Total Number of Bond Holdings 699
% of Net Assets in Top 10 Holdings 9.99
Turnover % (as of 2023-12-31) 48.00
30 Day SEC Yield % 7.02
Top Holdings
Maturity
Date 		Shares
 Value
$000 		% of Net
Assets
Fidelity Cash Central Fund --- 28,776 28,782 3.75
Fidelity Direct Lending Fd (Unit) --- 1,069 10,902 1.42
Mesquite Engy --- 83 6,650 0.87
DISH Network Corporation 3.375% 2026-08-15 8,064 4,677 0.61
MPT Operating Partnership LP / MPT Finance Corporation 5% 2027-10-15 5,847 4,426 0.58
Icahn Enterprises, L.P. / Icahn Enterprises Finance Corporation 6.25% 2026-05-15 4,517 4,328 0.56
Uniti Group LP/Uniti Fiber Holdings Inc/Uniti Group Finance 2019 Inc/CSL Ca 2028-04-15 5,020 4,278 0.56
Uber Technologies Inc 4.5% 2029-08-15 4,462 4,223 0.55
Energy Transfer LP 5.625% 2027-05-01 4,198 4,190 0.55
Alliant Holdings Intermediate LLC/Alliant Holdings Co-Issuer Inc 6.75% 2027-10-15 4,250 4,149 0.54
Data through 2024-01-31
  Principal Risks   
Foreign Securities, Loss of Money, Not FDIC Insured, Issuer, Interest Rate, Market/Market Volatility, Equity Securities
Show Risk Definitions
  Other Information
Inception Date: 1985-09-19
Portfolio Manager(s)
Alexandre Karam   (2018-12-01)
Alexandre Karam is a portfolio manager in the High Income 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 more than 26 million individuals, institutions, and financial intermediaries.
Benjamin Harrison   (2022-01-03)
Benjamin Harrison 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. Harrison co-manages Fidelity Focused High Income Fund, Fidelity and Fidelity Advisor High Income Fund, Fidelity and Fidelity Advisor Short Duration High Income Fund, Fidelity High Yield Factor ETF, Fidelity Sustainable High Yield ETF, Fidelity VIP High Income Portfolio, and various institutional portfolios. Prior to assuming his current portfolio management responsibilities, Mr. Harrison was a Managing Director of Research and Business Development, where he had oversight of the high income, emerging market debt, and real estate research teams. He also served as a research analyst covering chemical, services, forest products, and technology credits. He has been in the financial industry since joining Fidelity in 2009. Mr. Harrison earned his bachelor of arts degree in 20th century history from Brown University and his master of science in management research from the University of Oxford Saïd Business School. He is also a CFA® charterholder.
Jared Beckerman   (2024-01-01)
Jared Beckerman 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. Beckerman evaluates investment opportunities across multiple asset classes, including stocks, high yield bonds, and leveraged loans. He currently covers companies in the healthcare industry. His prior research coverage included energy services, midstream and refining, casinos and gaming, shipping, aerospace & defense, capital goods, and railroad companies. Prior to joining Fidelity in 2012, Mr. Beckerman was a research analyst at Sugarloaf Rock Capital where he focused on evaluating public investment opportunities across the media & telecommunications industry. He also was an investment banking analyst at Deutsche Bank. He has been in the financial industry since 2006. Mr. Beckerman earned his bachelor of science in applied economics and management from Cornell University and his master of business administration from Columbia Business School.
Investment Advisor(s)
Fidelity Management & Research Company LLC
Issuer
Fidelity Investments
Subadvisor(s)
FMR Investment Management (U.K.) Limited
Fidelity Management & Research (Japan) Limited
Fidelity Management & Research (HK) Ltd
Show Data Definitions

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