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Fixed Income Monthly - September 2021

The Fixed Income Monthly provides a forward-looking summary of the medium-term views from the Fidelity Fixed Income team.

Strategy summary
Summary of returns as at 31 August 2021 (%)
Macro and Rates Overview
Inflation linked bonds
Investment grade credit
High yield
Emerging markets

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Fidelity only offers information on products and services and does not provide investment advice based on individual circumstances, other than when specifically stipulated by an appropriately authorised firm, in a formal communication with the client.

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Unless otherwise stated all products are provided by Fidelity International, and all views expressed are those of Fidelity International. Fidelity, Fidelity International, the Fidelity International logo and F symbol are registered trademarks of FIL Limited.

Luxembourg: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English, French and German) and KIID (key investor information document), available in English, French and German, which is available along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, or from our distributors and from our European Service Centre in Luxembourg , FIL (Luxembourg) S.A. 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg. Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.lu in English.

Austria: We recommend that you obtain detailed information before taking any investment decision on the basis of the current prospectus (in English and German) and KIID (key investor information document), available in English and German along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from our distributors and from our European Service Centre in Luxembourg, FIL (Luxembourg) S.A. 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg as well as from the paying agent in Austria, UniCredit Bank Austria AG, Schottengasse 6-8, 1010 Vienna.

Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.at  in German.

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Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.fi  in English.

Sweden: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English)/Key Investor Information Document (KIID) available in Swedish, along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from your financial advisor or from the branch of your bank, from our European Service Centre in Luxembourg, FIL (Luxembourg) S.A. 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg.

Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.se  in Swedish.

Norway: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English)/Key Investor Information Document (KIID),  available in English and Norwegian along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from your financial advisor or from the branch of your bank.

Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.no  in English.

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Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.dk  in English.

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We recommend that you obtain detailed information before taking any investment decision.  Investments should be made on the basis of the current prospectus (in English and Polish), the Key Investor Information Document and the Additional Information for Investors,  available in English and Polish along with the current annual and semi-annual reports free of charge through  https://www.fidelityinternational.com, from our distributors, from our European Service Centre in Luxembourg, and from the fund’s representative office in Poland.

Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.pl  in Polish.

Belgium: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English, French and Flemish) and KIID (key investor information document),available in English  French and Flemish along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from our distributors, from FIL (Luxembourg) S.A. and CACEIS België NV, with head office at Havenlaan 86C, B320, 1000 - Brussels, the financial service provider in Belgium.

Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.be  in French and Flemish.

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We recommend that you obtain detailed information before taking any investment decision.Investments should be made on the basis of the current prospectus (in English, German and French) and KIID (key investor information document), available in English, German and French  along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from our distributors, from our European Service Center in Luxembourg FIL (Luxembourg) S.A. 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg and from the representative and paying agent in Switzerland, BNP Paribas Securities Services, Paris, succursale de Zurich, Selnaustrasse 16, 8002 Zurich. Issued by FIL Investment Switzerland AG.

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.ch  in German and English.

Netherlands: We recommend that you obtain detailed information before taking any investment decision.Investments should be made on the basis of the current prospectus (in English and Dutch)Key Investor Information Document (KIID), available in Dutch along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from FIL (Luxembourg) S.A., Netherlands Branch (registered with the AFM), World Trade Centre, Tower H, 6th Floor, Zuidplein 52, 1077 XV Amsterdam (tel. 0031 20 79 77 100) or from www.fidelity.nl. FAST is authorised to offer participation rights in The Netherlands pursuant to article 2:66 (3) in conjunction with article 2:71 and 2:72 Financial Supervision Act.

Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.nl  in Dutch.

Italy: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in Italian and English(Key Investor Information Document (KIID), available in Italian along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from your financial advisor or from the branch of your bank. Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link:  https://www.fidelity.italia.it in Italian.

Spain: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in Spanish and English)/Key Investor Information Document (KIID), available in Spanish along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com.  Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.es  in Spanish.

Slovakia: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English)/Key Investor Information Document (KIID), available in English and Slovakian along with the current annual and semi-annual reports free of charge through  https://www.fidelityinternational.com,  from our paying agent UniCredit Bank Slovakia, a.s., Sancova 1/A 81333, Slovakia.. Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.sk  in Slovakian.

Czech Republic: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English and Czech)/Key Investor Information Document (KIID),  available in English and Czech  along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com from our paying agent UniCredit Bank Czech Republic a.s., Zeletavska 1525/1, 14092 Prag 4 - Michle, Czech Republic.  Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.cz  in Czech.

Portugal: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English)/Key Investor Information Document (KIID),  available in Portuguese along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com.  Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).
Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.pt  in Portuguese.

Romania: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English) and KIID (key investor information document), available in English and Romanian along with the current annual and semi-annual reports free of charge through  https://www.fidelityinternational.com, from our distributors and from our European Service Centre in Luxembourg, FIL (Luxembourg) S.A. 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.ro in Romanian.

France: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus(in French)/Key Investor Information Document (KIID), available in French along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from your financial advisor or from the branch of your bank.

The document is available in French upon request. If you do not wish to receive documents in English dedicated to Professional, please contact your Fidelity contact.

Issued by FIL Gestion, authorised and supervised by the AMF (Autorité des Marchés Financiers) N°GP03-004, 21 Avenue Kléber, 75016 Paris.

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.fr.  in French.

Germany: Any performance disclosure is not compliant with German regulations regarding retail clients and must therefore not be handed out to these. Investments should be made on the basis of the current prospectus in German/Key Investor Information Document (KIID), which is available in German along with the current annual and semi-annual reports free of charge through  https://www.fidelityinternational.com, from FIL Investment Services GmbH, Postfach 200237, 60606 Frankfurt/Main For German Wholesale clients issued by FIL Investments Services GmbH, Kastanienhöhe 1, 61476 Kronberg im Taunus.

For German Institutional clients issued by FIL (Luxembourg) S.A., 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg. For German Pension clients issued by FIL Finance Services GmbH,  Kastanienhöhe 1, 61476 Kronberg im Taunus.

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link:  https://www.fidelity.lu/complaints-handling-policy in English.

The information above includes disclosure requirements of the fund’s management company according to Regulation (EU) 2019/1156.

Hungary: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English)/Key Investor Information Document (KIID),  available in English and Hungarian along with the current annual and semi-annual reports free of charge through  https://www.fidelityinternational.com, from our distributor Raifeisenbank Zentralbank Österreich AG, Akademia u. 6, 1054 Budapest. Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.co.hu  in Hungarian.

Liechtenstein: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (In German and English)/Key Investor Information Document (KIID),  available in German and English along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from our distributors, from our European Service Center in Luxembourg, FIL (Luxembourg) S.A. 2a, rue Albert Borschette, BP 2174, 1021 Luxembourg as well as from the Liechtenstein paying agent VP Bank AG, Äulestrasse 6, 9490 Vaduz. . Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.li.  in German and English.

Croatia: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the current prospectus (in English) and KIID (key investor information document),  available in Croatian along with the current annual and semi-annual reports free of charge through https://www.fidelityinternational.com, from our distributors, from our European Service Centre in Luxembourg, FIL (Luxembourg) S.A. 2a, rue Albert Borschette BP 2174 L-1021 Luxembourg and from our paying agent Zagrebacka banka d.d., Trg bana Josipa Jelacica 10, 10000 Zagreb. . Issued by FIL (Luxembourg) S.A., authorised and supervised by the CSSF (Commission de Surveillance du Secteur Financier).

Investors/ potential investors can obtain information on their respective rights regarding complaints and litigation on the following link: https://www.fidelity.hr  in Croatian.

Ireland: We recommend that you obtain detailed information before taking any investment decision. Investments should be made on the basis of the prospectus and KIID (key investor information document), which are available free of charge in English along with the current annual and semi-annual reports at www.fidelity.ie. Issued by FIL Fund Management (Ireland) Limited, which is authorised and regulated by the Central Bank of Ireland (the “Central Bank”) as a management company pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, 2011 (S.I. 352 of 2011), as amended. The Company is also authorised by the Central Bank as an Alternative Investment Fund Manager pursuant to the European Union (Alternative Investment Fund Managers) Regulations 2013, as amended (S.I. 257 of 2013). Registered office of FIL Fund Management (Ireland) Limited is Georges Quay House, 43 Townsend Street, Dublin 2, DO2 VK65.

China: Institutional clients - This material has been requested by you in China and has been prepared by Fidelity to you in China only for informational purposes to institutional investors. Fidelity is not authorised to manage or distribute investment funds or products in, or to provide investment management or advisory services to persons resident in, the mainland China.

Qualified Domestic Institutional Investors (QDII) business - This material has been requested by you in China and has been prepared by Fidelity to you in China only for informational purposes in relation to Qualified Domestic Institutional Investors (""QDII""). Investors should refer to the relevant offering document for full details before investing in any investment funds mentioned herein and to seek professional advice through commercial bankers in the PRC under regulations by the CBRC, where appropriate. Fidelity is not authorised to manage or distribute investment funds or products in, or to provide investment management or advisory services to persons resident in, the mainland China.

Hong Kong: Please refer to the relevant offering documents for further information including the risk factors. If Investment returns are not denominated in HKD/ USD, US/HK dollar-based investors are exposed to exchange rate fluctuations. The material is issued by FIL Investment Management (Hong Kong) Limited and it has not been reviewed by the Securities and Futures Commission (“SFC”).

Korea: This document is for intermediaries’ internal use only (or institutional investor) and not for external distribution or fund promotion. All external distribution, amendment and variation of this information require prior written approval from Fidelity International. Fidelity International is not responsible for any errors or omissions relating to specific information provided by third parties. All views may have changed due to market movements or other circumstances thereafter.

Please read the (simplified) prospectus thoroughly before you subscribe to any specific fund. Profit or loss that can be incurred in accordance to outcome of management and currency exchange fluctuation is reverted to investors. Past performance is no guarantee of future returns. The investment is not protected by Korea Deposit Insurance Corporation under Investor Protection Act. Investment involves risks. Funds investing in foreign markets are open to risks related to country’s market, political and economic conditions which may cause loss on asset value. Fidelity, Fidelity International, the Fidelity International logo and F symbol are trademarks of FIL Limited.

Singapore: FIL Investment Management (Singapore) Limited [“FIMSL”] (Co. Reg. No.: 199006300E) is the representative for the fund(s) offered in Singapore. Potential investors should read the prospectus, available from FIMSL, before investing in the fund(s). 

FIPM 5627 MK12939