Investment objective & strategy
As of Sept. 24, 2025 · prospectusObjective. Fidelity SAI Inflation-Focused Fund seeks total return.
Strategy. Normally investing in commodity-linked derivative instruments, cash, and cash equivalents. Investing up to 25% of assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands that invests in commodity-linked derivative instruments including commodity-linked notes; total return swaps, options, and forward contracts based on the value of commodities or commodities indexes; and commodity futures. Investing in domestic and foreign issuers. Engaging in commodity-linked derivatives transactions that have a leveraging effect on the fund. The fund may invest in inflation-protected debt securities issued by the U.S. Treasury, U.S. Government agencies and instrumentalities other than the U.S. Treasury, and by other entities such as corporations and foreign governments, and/or other types of investment-grade debt securities that are not inflation protected. … Normally investing in commodity-linked derivative instruments, cash, and cash equivalents. Investing up to 25% of assets in a wholly-owned subsidiary organized under the laws of the Cayman Islands that invests in commodity-linked derivative instruments including commodity-linked notes; total return swaps, options, and forward contracts based on the value of commodities or commodities indexes; and commodity futures. Investing in domestic and foreign issuers. Engaging in commodity-linked derivatives transactions that have a leveraging effect on the fund. The fund may invest in inflation-protected debt securities issued by the U.S. Treasury, U.S. Government agencies and instrumentalities other than the U.S. Treasury, and by other entities such as corporations and foreign governments, and/or other types of investment-grade debt securities that are not inflation protected. Allocating assets across different market sectors and maturities. Analyzing the credit quality of the issuer, security-specific features, current and potential future valuation, and trading opportunities to select investments. Engaging in transactions that have a leveraging effect on the fund, including investments in derivatives - such as swaps (interest rate, total return, and credit default) and futures contracts - and forward-settling securities, to adjust the fund's risk exposure. Investing in Fidelity's Central funds (specialized investment vehicles used by Fidelity funds to invest in particular security types or investment disciplines) consistent with the asset classes discussed above.
Top holdings
As of Jan. 31, 2026 · N-PORT| Security | Ticker | Value | % of fund |
|---|---|---|---|
| Fidelity Cash Central Fund | — | $4.54B | 93.01% |
| U.S. Treasury Bills | B | $297.82M | 6.10% |
| U.S. Treasury Bills | B | $79.75M | 1.63% |
| Brent Crude Future | COK6 | $59.54M | 1.22% |
| WTI CRUDE SEP 26 | XBN6 | $46.52M | 0.95% |
| WTI CRUDE SEP 26 | XBN6 | $44.22M | 0.91% |
| Brent Crude Future | CON6 | $40.48M | 0.83% |
| WTI CRUDE SEP 26 | XBN6 | $28.01M | 0.57% |
| Low Su Gasoil G May26 | QSK6 | $23.18M | 0.47% |
| Low Sulphur Gasoil | QSH6 | $21.41M | 0.44% |
Portfolio moves
Oct 31, 2025 → Jan 31, 2026How many positions this fund opened, exited, grew, trimmed, or left unchanged between its two most recent N-PORT snapshots — net changes between point-in-time reports, not a trade log.
Similar funds
Funds whose portfolios most overlap this one, by weight| Fund | Overlap | Net exp. |
|---|---|---|
| Fidelity Commodity Strategy Central Fund | 92% | — |
| Fidelity Commodity Strategy Fund · FYHTX | 91% | 0.63% |
| Fidelity Series Commodity Strategy Fund · FCSSX | 87% | 0.00% |
Advisers
| Firm | Role |
|---|---|
| Geode Capital Management, LLC | Adviser |
Footnotes
- Expense ratio as of September 24, 2025, from the fund's prospectus.
- Net assets and holdings count as of January 31, 2026, from the fund's N-PORT filing.
- Total return for calendar year 2025, before tax and after fund expenses. Computed by compounding the twelve monthly total returns the fund reported in its SEC N-PORT filings for 2025 (the latest prospectus does not yet chart this year).
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