One big difference between the firms is that PIMCO makes big macroeconomic calls, whereas Fidelity's bond funds won't. Although Plage is lead manager of FCOR, Prothro is lead of the mutual fund Fidelity Corporate Bond (MUTF:FCBFX). All six funds charge 0.45%.
Aggregate Float Adjusted Index, Federal National Mortgage Association 2.5%, Federal National Mortgage Association 2.45%.
BND has a lower 5-year return than EDV (4.38% vs 11.12%). Fixed Income: U.S. - Broad Market Investment Grade, Bloomberg Barclays U.S. Disclosure: Morningstar, Inc. licenses its indexes to institutions for a variety of reasons, including the creation of investment products and the benchmarking of existing products.
FBND has a higher expense ratio than BND (0.36% vs 0.04%). The fund gets its bank-loan and mortgage exposure from internally run Fidelity "central" funds run by other managers; bank loans are relatively illiquid, so the central-fund approach helps control cash flows, while O'Neil argues that there are significant advantages of scale in the mortgage portfolios. The table below shows the lead managers of each fund as well as their mutual fund analogs. The next chart shows PIMCO Total Return's cumulative wealth ratio versus the benchmark juxtaposed with Fidelity Total Bond's cumulative wealth ratio. The only sensible way to assess investments is through the lens of opportunity cost. The result is the fund that took a beating during the crisis but has steadily earned excess returns as credit exposure has done well. 7-day free trial: Get unlimited comparisons, and stock, ETF and mutual fund analyses for just $14.95 a month, without ads. There is no other actively managed bond ETF also benchmarked to a similar index or in the corporate-bond category. Or passive funds? As at other Fidelity bond funds, duration (a measure of interest-rate sensitivity) is kept close to that of the fund's bogy, the Barclays U.S. Go ad free! PIMCO is synonymous with fixed income, and analyst Eric Jacobson writes that the firm "[boasts] world-class practitioners and intellects across the board." The Fund seeks to track the performance of a broad, market-weighted bond index. Aggregate Bond Index.
Plage joined Fidelity in 2005 as a fixed-income trader before switching to a portfolio-management role in 2010. As of Sept. 30, 2012, AlphaPro Management, BlackRock Asset Management, First Asset, First Trust, Invesco, Merrill Lynch, Northern Trust, Nuveen, and Van Eck license one or more Morningstar indexes for this purpose. Morningstar, Inc. licenses its indexes to institutions for a variety of reasons, including the creation of investment products and the benchmarking of existing products. Download a complimentary copy of ETFInvestor here. You may also want to check out the following EDV comparisons that investors often look for on Finny. Fidelity Total Bond Ford O'Neil is lead manager of both FBND and its mutual fund counterpart, Fidelity Total Bond (MUTF:FTBFX). Learn everything you need to know about Fidelity® Total Bond ETF (FBND) and how it ranks compared to other funds. FBND vs BOND; FBND vs FBNDX; FBND vs FTBFX; BND vs EDV; BND vs USD; Or use Finny Compare Wizard to create a comparison you’d like to see. FBND vs BOND; FBND vs FTBFX; FBND vs FBNDX; BND vs USD; BND vs VCSH; BND vs VCSH; Or use Finny Compare Wizard to create a comparison you’d like to see. As a consequence, some of Fidelity's bond funds failed to sidestep the subprime crisis and the financial crisis and suffered sharp losses relative to their benchmarks. Here's how Bush describes Fidelity Total Bond's process: This wide-ranging fund has a variety of tools at its disposal.
EDV description. Most Fidelity bond funds keep their durations close to their benchmarks and focus on making security- and sector-level credit bets. However, Andrew Dudley managed the fund until Feb. 21, 2008. BND has a lower expense ratio than FBND (0.04% vs 0.36%). When compared against Vanguard Total Bond Market Index (MUTF:VBMFX), O'Neil looks a bit better, extending his edge to 0.61% annualized. As of Sept. 30, 2012, AlphaPro Management, BlackRock Asset Management, First Asset, First Trust, Invesco, Merrill Lynch, Northern Trust, Nuveen, and Van Eck license one or more Morningstar indexes for this purpose. Aggregate Float Adjusted Index, Bloomberg Barclays U.S. Treasury STRIPS 20-30 Year Equal Par Bond Index, Federal National Mortgage Association 2.5%, Federal National Mortgage Association 2.45%, U.S. Treasury Bond Stripped Principal Payment 0%, U.S. Treasury Security Stripped Interest Security 0%. Naturally, the ETF itself can't be assessed with confidence, but we can make reasonable inferences about its prospective behavior by looking at the mutual fund version of the strategy. Research Analyst, Long/Short Equity, Dividend Investing, ETF investing. A closer look reveals that Fidelity Limited Term Bond until very recently was the Fidelity Advisor Intermediate Bond Fund, which was benchmarked to the Barclays U.S. Intermediate Government/Credit Bond Index. A more relevant mutual fund equivalent for Fidelity Limited Term Bond is Fidelity Short-Term Bond (MUTF:FSBFX), which Galusza joined on July 12, 2007.
AGG vs. BND: Head-To-Head ETF Comparison The table below compares many ETF metrics between AGG and BND. Of all three funds, this one is the least appealing from a historical risk/return perspective.
Neither Plage nor Prothro have O'Neil's long track record. So far it seems as if Plage and Prothro have what it takes. No ETF offers anywhere near as favorable a risk/reward trade-off.
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