The Fidelity Advisor Dynamic Strategies Fund [see profile] is changing its face. The MFWire has learned that the Boston-based mutual fund giant is re-branding the large cap blend fund as the Fidelity Global Strategies Fund and switching its benchmarks, effective June 1. Yet the PM team is staying put and the fees probably aren't changing much.

"The fund will be renamed the Fidelity Global Strategies Fund to better reflect its global allocation," Fidelity spokeswoman Sophie Launay told The MFWire. "It will emphasize allocations between stocks and bonds of all types, based anywhere in the world."

"We do expect that the fund will invest a greater percentage of its assets outside of the U.S.," Launay added. "The fund has always had this highly flexible global mandate."

Senior research analyst Andrew Dierdorf and technical research analyst Jurrien Timmer will continue to PM the fund, as they have since it launched in October 2007. The fund boasted more than $420 million in assets under management as of March 31.

The fund uses a composite benchmark. Currently, 50 percent of that composite is the S&P 500 Index (for equities), 40 percent is the Barclays Capital U.S. Aggregate Bond Index (bonds) and 10 percent is the Barclays Capital US-3 Month Treasury Bellweather Index (short-term/money market). The new composite benchmark will increase the equity component and eliminate the money market one, combining 60 percent MSCI All Country World Index net MA tax (equities), 30 percent the same Barclays bond index (bonds) and 10 percent Citigroup Non-U.S. Group of 7 Index (also bonds).

The fund's SEC (i.e. primary) benchmark will switch from the S&P 500 to MSCI All Country World.

As for fees, the two-star fund charges 125 basis-points for A shares, according to Morningstar. Don't expect a big shift.

"We don't expect to see a significant impact to the fund expenses as a result of the changes," Launay added in a follow-up, e-mailed statement. "Expenses on the fund will vary generally because of its tactical nature and its flexibility to invest in both mutual funds and ETFs." 

Edited by: Neil Anderson, Managing Editor


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