Fidelity launches short-duration version of MoneyBuilder Income fund for Spreadbury

Fidelity is launching a short-duration version of bond manager Ian Spreadbury's £3.3bn MoneyBuilder Income fund.

The new portfolio – called Fidelity MoneyBuilder Reduced Duration – will be similar to Spreadbury’s flagship MoneyBuilder Income fund, but with an additional overlay strategy to reduce duration. The overlay will provide protection against interest rate rises, while allowing the fund to offer a wider spectrum of credits than is currently available through existing short-dated products. Launching later this month, the onshore OEIC will use the master feeder structure allowed under UCITS IV. This will enable it to invest solely in the flagship MoneyBuilder Income fund, but with an ove...