Income meets opportunity

The flexible approach of the Fidelity® Capital & Income Fund might be a strategy to consider.

5 starsOverall Morningstar Rating—out of 625 High Yield Bond Funds*

Rating as of 12/31/22

Recent market activity has resulted in negative fund performance. Please see the fund page for additional performance information.

The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its 3-, 5-, and 10-year (if applicable) Morningstar Rating metrics, which are based on risk-adjusted returns. Past performance is no guarantee of future results.

Fidelity Capital & Income Fund ()

The fund invests primarily in bonds issued by non-investment grade companies. However, in the search for income and total return, fund management also has the flexibility to invest in stocks and other types of income-generating securities based on market outlook, becoming more defensive or opportunistic as conditions warrant.

  • Flexible yet disciplined investment approach, backed by Fidelity's in-depth research, allows the fund to take advantage of a wide range of opportunities.
  • Exposure to stocks offers the potential for capital appreciation and diversification when compared to holding bonds exclusively.
  • Potential for higher income and lower interest rate risk may be an advantage over conventional investment grade bond funds, although volatility may be higher.

Fidelity fund manager insights

cap-income-mgr-insights-video Hear Portfolio Manager Mark Notkin discuss the Fidelity Capital & Income Fund, and his investment philosophy.

Watch the video (4:01)