Fidelity High Income Fund Beat Its Benchmark by 86 bps in Q1

The Fidelity High Income Fund’s Retail Class shares returned 0.31% in the first quarter of 2026. The benchmark, the ICE BofA US High Yield Constrained Index, dropped 0.55%. That 86-basis-point outperformance is the headline from the fund’s quarterly commentary.

The quarter was tough for high-yield. Credit spreads widened and rate volatility kept returns negative for the asset class as a whole. The fund’s positive number, against a negative index, is the key data point for active managers.

ICE, which owns and operates the index family the fund tracks against, faced its own market pressures. The exchange operator carries an AlphaScala Alpha Score of 36 out of 100, labeled Mixed. That score reflects the market’s view of its data and listings business.

The fund’s commentary does not break down the specific positions that drove the beat. The 86 bps gap is the single result for anyone tracking active high-yield mandates.