We are pleased to announce an A rating on the Fidelity Short Dated Corporate Bond fund. This fund leverages on Fidelity's existing resources across the sterling corporate bond market with strategies like Moneybuilder Income fund, although providing a different output. Following the same philosophy and principles, the Fidelity Short Dated Corporate Bond fund is designed with the idea to deliver capital growth and income in a low risk manner, with a focus on high quality short dated bonds. The fund can be considered as cash substitute for investors who are willing to tolerate a higher level of volatility than cash, but can be rewarded with a higher income over time.

We like the relatively simple nature of the fund and the consistent process which the manager employs. Whilst this is not a strategy that will keep pace with wider credit markets in an up trend, it is also unlikely to produce any nasty surprises for investors.