Fidelity American High Yield Currency Neutral Fund

Investment Strategy

Fidelity American High Yield Currency Neutral Fund aims to hedge foreign currency exposure back to Canadian dollars, thus providing the benefit of the U.S market while reducing currency risk.

Currency Neutral Funds use derivatives to mitigate the Fund's exposure to changes in exchange rates between the U.S. dollar and the Canadian dollar. The investment approach used by the Funds, while effective in reducing exchange rate risk, will not completely eliminate the impact of currency fluctuations. The Fund's returns will differ from the local currency returns of its underlying fund.


Performance for this series is not available at this time.


Annual compound performance – as at 31-Mar-2016

1 month 3.20% 2
3 month 1.18% 2
6 month -0.50% 3
1 year -5.29% 3
2 year -1.36% 3
3 year 0.78% 4
5 year 3.30% 3
7 year 9.30%
10 year
YTD 1.18% 2
Since Inception 4.66%

Calendar year performance – as at 31-Mar-2016

Calendar year performance – as at 31-Mar-2016

Growth of $10,000 since inception³ – as at 29-Feb-2016

Growth of $10,000 since inception³ – as at 29-Feb-2016
Fund risk measures – as at 31-Mar-2016
Annual Standard Deviation 5.58
Beta 0.93

Risk measures are based on 3-year net returns (series B). (All returns are calculated in Canadian currency.) 

Volatility meter

Low to Medium

A fund’s volatility is determined using a statistical measure called “standard deviation". Standard deviation measures the amount of variability of returns that has historically occurred relative to the average return. The higher the standard deviation of a fund, the greater the range of returns it has experienced in the past. Other types of risk, both measurable and non-measurable, exist. In addition, just as historical performance may not be indicative of future returns, a fund’s historical volatility may not be indicative of its future volatility.

Fund facts

NAVPU – Series B

$8.65 – as at 27-Apr-2016

Series inception date


Fund benchmark

Bank of America/Merrill Lynch U.S. High Yield Master II Constrained Index – Hedged CAD

Fund aggregate assets (all series)

$773.6 million
as at 31-Mar-2016

Management expense ratio - Series B

1.98% – as at 31-Dec-2015

Quarterly Top Five Issuers
Ally Financial  
International Lease Finance Corp.  
APX Group  
Total Number of Issuers 406
Aggregate of top issuers 13.4%
Allocation to funds

Asset Mix
as at 29-Feb-2016

  Current monthLast monthTwo months ago
High Yield Bonds 71.6%72.0%72.3%
Foreign Bonds 18.3%18.6%19.0%
Foreign Equities 2.3%2.3%2.5%
Other Investments 0.6%0.6%0.6%
Cash & Other 7.3%6.6%5.5%

Top historical sector mix (%)
as at 29-Feb-2016

Health Care 12.6%12.5%12.1%
Telecommunications 12.1%12.2%12.4%
Energy 9.4%10.0%10.3%
Banks & Thrifts 8.5%7.8%7.8%
Diversified Financial Services 7.9%8.8%9.0%
Cable TV 5.0%4.9%4.8%
Electric Utilities 4.9%5.0%5.0%
Technology 4.8%4.6%4.8%
Services 3.8%3.9%4.0%
Gaming 2.4%
Homebuilding/Real Estate 2.8%3.0%