Fidelity Michigan Municipal Income Fund (FMHTX) Fund Overview
Educational signal · not a buy or sell recommendation · How to read this
Beta 0.96: the stock has moved about 4% less than the S&P 500.
For informational purposes only. Not financial advice. Machine-generated analysis by Stock Expert AI — model gemini-2.0-flash, generated Mar 17, 2026. Editorial oversight is systemic, not page-by-page. Editorially accountable: Sedat ANAK, Founder and Editor-in-Chief. Data sources: Financial Modeling Prep, Yahoo Finance, SEC EDGAR
Quick AnswerFidelity Michigan Municipal Income Fund (FMHTX) trades at $10.99. Fidelity Michigan Municipal Income Fund invests primarily in investment-grade municipal securities exempt from federal and Michigan personal income taxes. Sector: Financials.
Price as of · Last analyzed: Mar 17, 2026Analyst Coverage for FMHTX: FMHTX does not currently have published analyst price targets in our coverage universe. This is common for smaller-cap names with limited Wall Street coverage.
Fidelity Michigan Municipal Income Fund (FMHTX) Financial Services Profile
Fidelity Michigan Municipal Income Fund specializes in Michigan municipal bonds, offering tax-exempt income to state residents. The fund strategically allocates assets across different sectors and maturities within the Michigan municipal market, focusing on investment-grade securities and aiming to provide stable, tax-advantaged returns.
What Is the Investment Thesis for FMHTX?
Fidelity Michigan Municipal Income Fund presents a focused investment opportunity for Michigan residents seeking tax-exempt income. As of 2026, the fund's $0.50 billion market cap reflects its established presence in the state's municipal bond market. Key value drivers include the fund's ability to generate consistent tax-advantaged income and its active management approach to navigating the Michigan municipal bond landscape. The fund's beta of 0.96 indicates a moderate level of volatility relative to the broader market. A potential catalyst is the ongoing infrastructure development in Michigan, which could lead to the issuance of new municipal bonds and increased investment opportunities for the fund. However, potential risks include economic downturns in Michigan, which could negatively impact the creditworthiness of municipal issuers and the fund's overall performance.
Based on FMP financials and quantitative analysis
FMHTX Key Highlights
The fund invests at least 80% of its assets in investment-grade municipal securities, ensuring a focus on credit quality.
- The fund's objective is to provide income exempt from federal and Michigan personal income taxes, appealing to state residents.
- The fund allocates assets across different market sectors and maturities within the Michigan municipal bond market, actively managing risk and return.
- The fund invests more than 25% of its total assets in municipal securities that finance similar types of projects, indicating a concentrated investment approach.
- The fund's market capitalization is $0.50 billion, reflecting its established presence in the Michigan municipal bond market.
Who Are FMHTX's Competitors?
FMHTX is benchmarked below against 6 industry peers on price, market cap, and our AI MoonshotScore.
| Company | Price | Change | Market Cap | MoonshotScore |
|---|---|---|---|---|
| BUFBX Buffalo Flexible Income Fund | $23.84 | +0.80% | $468M | — |
| FIMIX Fidelity Minnesota Municipal Income Fund | $10.51 | -0.10% | $570M | — |
| FNJHX Fidelity New Jersey Municipal Income Fund | $11.04 | 0.00% | $708M | — |
| FOHFX Fidelity Ohio Municipal Income Fund | $10.92 | -0.09% | $500M | — |
| FPXTX Fidelity Pennsylvania Municipal Income Fund | $9.90 | -0.10% | $429M | — |
| EICA Eagle Point Income Company Inc. | $24.99 | -0.04% | $234M | 36 5-pillar |
AI Score by Stock Expert AI · Price data: FMP / Yahoo Finance
What Are FMHTX's Key Strengths?
Tax-exempt income for Michigan residents.
- Focus on investment-grade municipal securities.
- Experienced management team within Fidelity Investments.
- Established presence in the Michigan market.
What Are FMHTX's Weaknesses?
Concentrated investment in Michigan municipal bonds.
- Non-diversified fund, increasing risk.
- Sensitivity to Michigan's economic conditions.
- Lack of dividend payments.
What Are the Key Risks for FMHTX?
Economic recession in Michigan impacting municipal creditworthiness.
- Rising interest rates decreasing the value of existing bond holdings.
- Changes in tax laws reducing the benefit of tax-exempt income.
- Concentration risk due to focus on Michigan municipal bonds.
What Threats Does FMHTX Face?
- Economic downturn in Michigan.
- Changes in tax laws reducing the attractiveness of municipal bonds.
- Increased competition from other municipal bond funds.
- Credit rating downgrades of Michigan municipalities.
What Are FMHTX's Competitive Advantages?
- Tax-exempt status for Michigan residents.
- Expertise in the Michigan municipal bond market.
- Established presence and reputation within Fidelity Investments.
What Does FMHTX Do?
Fidelity Michigan Municipal Income Fund is designed to provide investors with income that is exempt from both federal and Michigan state income taxes. The fund achieves this by investing primarily in investment-grade municipal securities issued by the state of Michigan and its various municipalities. Established as part of Fidelity Investments' suite of municipal bond funds, FMHTX caters specifically to Michigan residents seeking tax-efficient investment options. The fund typically invests at least 80% of its assets in municipal securities that qualify for this tax exemption. A significant portion, exceeding 25% of total assets, is allocated to municipal securities financing similar types of projects, allowing for focused exposure to specific sectors within the Michigan economy. The fund's investment strategy involves actively managing its portfolio by allocating assets across different market sectors and maturities, seeking to optimize returns while managing risk. Unlike some funds, Fidelity Michigan Municipal Income Fund is classified as non-diversified, meaning it can invest a larger percentage of its assets in a smaller number of issuers. This approach can potentially lead to higher returns but also carries increased risk compared to diversified funds. The fund's performance is closely tied to the economic health of Michigan and the creditworthiness of its municipalities.
What Products and Services Does FMHTX Offer?
- Invests primarily in investment-grade municipal securities.
- Focuses on securities exempt from federal and Michigan personal income taxes.
- Allocates assets across different market sectors within Michigan.
- Manages portfolio maturities to optimize returns.
- Concentrates investments in similar types of municipal projects.
- Provides tax-advantaged income to Michigan residents.
How Does FMHTX Make Money?
- Generates income from interest payments on municipal bonds.
- Manages a portfolio of Michigan municipal securities.
- Provides a tax-efficient investment vehicle for Michigan residents.
What Industry Does FMHTX Operate In?
Fidelity Michigan Municipal Income Fund operates within the asset management industry, specifically focusing on the municipal bond market. This market is influenced by factors such as interest rates, credit ratings, and the overall economic health of the issuing municipalities. The municipal bond market is generally considered less volatile than other fixed-income markets, but it is still subject to risks such as credit risk and interest rate risk. Competitors like BUFBX, FIMIX, FNJHX, FOHFX, and FPXTX also offer municipal bond funds, but FMHTX distinguishes itself by focusing exclusively on Michigan municipal securities, providing a tax-advantaged investment option for Michigan residents.
Who Are FMHTX's Key Customers?
- Michigan residents seeking tax-exempt income.
- Investors looking for stable, fixed-income investments.
- Individuals and families saving for retirement or other long-term goals.
Research confidence
Thin evidence — scoring coverage unknown. Treat this as a starting point, not a conclusion.
- ● Scoring coverage unknown
- ● Price is current
- ● No filing on record
- ● No analyst coverage
- ● This is a fund, not an operating company
MoonshotScore History
Recorded daily since 2026-08-23 · 42 snapshots
| 2026-08-23 | 49 |
| 2026-08-31 | 49 |
| 2026-09-08 | 49 |
| 2026-09-16 | 49 |
| 2026-09-24 | 49 |
| 2026-10-04 | 49 |
| 2026-10-05 | 49 |
What changed?
The score has stayed at 49.
Over the same 30 days the stock moved -3.1%.
FMHTX Financials
Bull Case vs Bear Case
Bull Case
- Tax-exempt income for Michigan residents.
- Focus on investment-grade municipal securities.
- Experienced management team within Fidelity Investments.
- Established presence in the Michigan market.
Bear Case
- Concentrated investment in Michigan municipal bonds.
- Non-diversified fund, increasing risk.
- Sensitivity to Michigan's economic conditions.
- Lack of dividend payments.
AI-generated arguments based on insider flow, news sentiment and technicals — not financial advice · March 2026
FMHTX Latest News
No recent news available for FMHTX.
FMHTX Analyst Consensus
Consensus Rating
Aggregated Buy/Hold/Sell recommendations collected by Financial Modeling Prep for FMHTX.
Price Targets
Wall Street price target analysis for FMHTX.
FMHTX MoonshotScore
MoonshotScore is Stock Expert AI's proprietary 0-100 research rating, not a buy or sell recommendation. No MoonshotScore is published for FMHTX; grades run from A+ (80-100) to F (below 30).
What Investors Ask About Fidelity Michigan Municipal Income Fund (FMHTX) — Financials
What do analysts say about FMHTX stock?
Generally, municipal bond funds are evaluated based on factors such as credit quality, yield, expense ratio, and tax efficiency. Key valuation metrics include the fund's net asset value (NAV) and its yield to maturity.
Disclaimer: This content is for informational purposes only and does not constitute investment advice. Always do your own research and consult a financial advisor.
Official Resources
MoonshotScore is not published for this security.
Data provided for informational purposes only.
- The information provided is based on available data and may not be exhaustive.