Fund info

Fidelity Asset Manager 20% Fund is a diversified target-allocation mutual fund designed to provide a high level of current income, with capital appreciation as a secondary goal. It allocates across three core asset classes—stocks, bonds, and short‑term instruments—anchored to an approximately 20% equity neutral posture to align with conservative risk objectives. The strategy blends domestic and international equities with investment‑grade and high yield fixed income, plus cash and short‑term vehicles, and can make moderate tactical shifts around its targets to respond to market conditions. Notable features include broad multi‑asset diversification, professional asset‑allocation oversight, and use of specialized underlying Fidelity vehicles to implement security selection. The fund’s income orientation and lower equity beta reflect its role as a conservative core holding within the conservative allocation category, seeking steadier return streams relative to equity‑heavier peers. Established in 1992, it has grown to several billion in assets and typically holds thousands of positions, with material exposure to U.S. Treasuries, short‑duration bonds, and cash equivalents alongside a smaller sleeve of large‑cap equities. The expense ratio is 0.49%.