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Fidelity's Multi-Asset fund - buy or skip?

I have been watching this Fidelity fund when it was launched in the Adviser class of products a couple years ago. Now Fidelity opened it to regular customers. It is a balanced fund with one-stop shop for investing in stocks and bonds. The “multi-asset” descriptor is very misleading, as the fund invests in just two asset types: Stocks and Bonds. As of April 30, it allocated 40.3% to stocks and 57.9% to bonds, and the remainder in cash. The net expense ratio is a bit high at 0.86%.
FMSDX - Fidelity ® Multi-Asset Income Fund | Fidelity Investments
I'm thinking, how is this different than Target Date funds Fidelity already sells? Could you throw in the towel, convert you portfolio to FMSDX and live happily ever after? What are your thoughts or comments?
For multi-asset funds with 30%-50% stock allocation, TAIFX seems cheaper @ 0.73% and with better performance (YTD and 1 year, since that's all FMSDX has for comparison). It's also NTF through Fidelity.    
As an investor with 90% of our assets in stocks, I dislike target date funds and multi-asset funds. I never recommend them to those I help especially if they have at least ten more years to invest for the future. Bonds have a place in some portfolios, but the mix in most products I have seen is higher risk when inflation and other factors are considered.
I manage my 84-year-old mother-in-law's IRA and brokerage account. I have very few bond or cash investments in her account. In spite of regular required RMD withdrawals, she still has more wealth and cash flow than when I started helping her. Her previous (paid) advisers did not fare so well. None of her current investments has an expense ratio anywhere close to 0.86%. That is just too expensive, in my opinion, for what you would get.
This table from a recent AAII article helps explain my reasons for my approach (subtract inflation for REAL returns):

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