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Fidelity Strategic Bond

Elite Rated by FundCalibre

This fund aims to provide a relatively high income with the possibility of capital growth. Portfolio construction follows a multi-strategy approach that seeks to add value through a large number of sources. At times, small open currency positions may also be used to add value.

Company Description

Fidelity International is a financial services corporation established in 1969. With offices in more than 20 countries, its product range spans mutual funds, defined contribution pensions, segregated portfolios and multi-manager offerings. Awarded the Elite Equities Provider rating in 2017, it compensates managers on long-term performance, illustrating its intention to align interests with clients.


Fund Manager

Ian Spreadbury is one of the most experienced fixed income managers in the industry. He started his career in
investment management in 1978 and joined Fidelity in 1995 as a senior portfolio manager. He holds an MSc in mathematical statistics from the University of Sussex and a BSc in pure and applied mathematics from the University College of North Wales. He is a fellow of the Institute of Actuaries


The fund is run as a ‘core’ bond fund, delivering not only good returns but also a relatively stable level of income. The fund carries low risk, and provides decent diversification for those already holding equity funds.

Ian Spreadbury - Fund Manager

The Investment Process

Ian adheres to the three pillars of bond investing: income, low volatility and low correlation to equities. He believes fixed income markets offer multiple sources of returns. This means portfolio construction is not dominated by any single factor and outperformance is expected to come from a balanced mix of asset allocation, interest rate positioning, sector allocation,
credit quality and currency exposure.


The fund aims to generate returns with low volatility and will use derivatives to more efficiently manage currency, credit, duration and country risk. Ian will also keep a close eye on correlations between bonds held in the portfolio and manage weightings accordingly. The exposure to high yield strategies is normally limited to 20% of the portfolio, with around 60% in investment grade and 30% government bonds, which makes the fund quite a balanced option within its sector.

Our Opinion

Ian is a very straight-up fund manager who doesn’t shy away from discussing both the good and the bad areas of his asset class. He has the experience to navigate the complex waters of the fixed interest market and he has been able to generate returns (and an income stream) with low volatility by selecting the right asset allocations for the majority of the time.

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