Bestinvest says
The fund is run by one of the most respected fund managers in the peer group with a proven track record across market cycles. The fund is managed with a view to delivering outperformance relative to the peer group, consequently the broader performance characteristics of the fund are unlikely to deviate substantially from those of the broader asset class.
The investment process is driven by a team effort at Fidelity including credit and quantitative analysts and led by the portfolio manager Ian Spreadbury. In-house research includes fundamental credit analysis, quantitative modelling and macroeconomic research. The investment process generates returns by focusing on five fixed income strategies, adding value through asset allocation (gilt or non-gilt), sector and quality allocation (industry and credit rating), yield curve strategy and individual stock selection. Derivative instruments including interest rate and inflation swaps, credit default swaps and currency forwards are used to enable hedging of unwanted risk.