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A Balanced Fund Built on a Solid Fixed-Income Foundation

Bronze-rated Fidelity Asset Manager 20% is anchored in the company's reliable fixed-income capabilities and should appeal to investors with a more conservative outlook.

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Jeff Holt: This week's medalist is Bronze-rated Fidelity Asset Manager 20% (FASIX). It is the most conservative of Fidelity's seven Asset Manager funds. The 20% in the fund's name indicates its neutral weight in stocks, which consists of both U.S. and international equity. The rest of the portfolio is invested in bonds and cash, and includes niche areas like high-yield bonds and TIPS.

Portfolio manager Geoff Stein uses the 20% as a guidepost for the fund's stock exposure, but he can take that exposure as high as 30% or as a low 10% based on his outlook. In the second half of 2015, Stein reined in the fund's modest overweight position in stocks due to concerns with the potential global ramifications of a slowdown in China.

Jeff Holt does not own (actual or beneficial) shares in any of the securities mentioned above. Find out about Morningstar’s editorial policies.