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FFRHX Fidelity® Floating Rate High Income

  • Fund
  • FFRHX
  • Price as of: Aug 08, 2016
  • $9.46
  • - $0.00
  • - 0.00%
  • Category
  • Bank Loan

FFRHX - Profile

Vitals

  • YTD Return 3.6%
  • 3 Yr Annualized Return 2.2%
  • 5 Yr Annualized Return 3.2%
  • Net Assets $9.25 B
  • Holdings in Top 10 14.5%

52 WEEK LOW AND HIGH

$9.46
$8.90
$9.46

Expenses

OPERATING RELATED FEES

  • Expense Ratio 0.70%

SALES FEES

  • Front Load N/A
  • Deferred Load N/A

BROKERAGE FEES

  • Turnover 26.00%

TRADING FEES

  • Max Redemption Fee 1.00%

Min Investment

STANDARD (TAXABLE)

$2,500

IRA

$2,500

Investment Themes

CATEGORY

Bank Loan
  • Fund Type Open End Mutual Fund
  • Investment Style Bank Loan

Distributions

  • YTD Total Return 3.6%
  • 3 Yr Annualized Total Return 2.2%
  • 5 Yr Annualized Total Return 3.2%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 4.14%
DIVIDENDS
  • Dividend Yield 0.4%
  • Dividend Distribution Frequency Monthly

Fund Details

  • Legal Name Fidelity® Floating Rate High Income Fund
  • Fund Family Name Fidelity Investments
  • Inception Date Sep 19, 2002
  • Shares Outstanding N/A
  • Share Class No Load
  • Currency USD
  • Domiciled Country United States
  • Manager Eric Mollenhauer

Fund Description

The Fidelity Floating Rate High Income Fund (FFRHX) is an actively managed, specialized fixed-income fund. FFRHX focuses on floating-rate bank loans and debt. These bonds feature coupons that reset every 30 to 90 days and are tied to various interest rate benchmarks. The fund may also invest in money-market and investment-grade debt securities as well as repurchase agreements. Fund management engages in credit research to determine undervalued floating-rate and senior loans to create a very conservative portfolio.

FFRHX features low costs and makes an ideal satellite position in a broad fixed-income portfolio.

FFRHX - Performance

Return Ranking - Trailing

Period FFRHX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 3.6% -4.2% 5.4% 14.76% 2
1 Yr 2.4% -4.3% 4.1% 30.81% 2
3 Yr 2.2% * -0.7% 5.6% 52.66% 3
5 Yr 3.2% * 0.7% 5.6% 67.70% 4
10 Yr 3.9% * 0.0% 6.0% 22.99% 2

* Annualized


Return Ranking - Calendar

Period FFRHX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -5.1% -12.2% 2.7% 38.76% 3
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

Total Return Ranking - Trailing

Period FFRHX Return Category Return Low Category Return High Rank in Category (%) Quintile
YTD 3.6% -4.2% 5.4% 14.76% 2
1 Yr 2.4% -8.1% 4.1% 23.22% 2
3 Yr 2.2% * -0.8% 5.6% 39.36% 2
5 Yr 3.2% * 0.7% 5.6% 58.39% 3
10 Yr 3.9% * 0.0% 6.0% 19.54% 1

* Annualized


Total Return Ranking - Calendar

Period FFRHX Return Category Return Low Category Return High Rank in Category (%) Quintile
2015 -5.1% -12.2% 2.7% 38.76% 3
2014 N/A N/A N/A N/A N/A
2013 N/A N/A N/A N/A N/A
2012 N/A N/A N/A N/A N/A
2011 N/A N/A N/A N/A N/A

NAV & Total Return History

FFRHX - Holdings

Filings data as of: Apr 30, 2016

Concentration Analysis

FFRHX Category Low Category High FFRHX % Rank Quintile
Net Assets 9.25 B 15.8 M 11.8 B 0.95% 1
Number of Holdings 385 49 1079 9.95% 3
Net Assets in Top 10 1.32 B -331 M 1.42 B 1.42% 1
Weighting of Top 10 14.5% 6.6% 224.2% 6.64% 2

Top 10 Holdings

  1. Albertsons Term B-4 08/25/21 1.99%
  2. Dell Term B2 04/29/20 1.85%
  3. Community Health Term H 01/21 1.72%
  4. Caesars Growth Term 1ln 5/21 1.66%
  5. Altice Financing Trm B 6/24/19 1.57%
  6. Laureate Edu Term B 06/16/18 1.50%
  7. Intelsat Jackson Term B-2 6/19 1.12%
  8. Caesars Prop Tm B 1ln 10/11/20 1.05%
  9. Hilton Worldwid Trm B 10/25/20 1.05%
  10. Jc Penney Re Term B 05/22/18 1.00%

Asset Allocation

Weighting Category Low Category High FFRHX % Rank Quintile
Bonds
89.99% 5.65% 100.19% 12.32% 3
Cash
9.64% -0.76% 87.26% 6.64% 2
Stocks
0.36% -0.06% 7.11% 5.69% 2
Convertible Bonds
0.00% 0.00% 1.38% 4.27% 4
Preferred Stocks
0.00% 0.00% 0.70% 4.74% 5
Other
0.00% -1.32% 10.05% 21.80% 5

Stock Sector Breakdown

Weighting Category Low Category High FFRHX % Rank Quintile
Basic Materials
0.22% 0.00% 0.85% 1.91% 1
Consumer Cyclical
0.02% -0.01% 1.05% 7.64% 3
Financial Services
0.00% -0.01% 0.00% 0.64% 4
Industrials
0.00% -0.01% 0.02% 1.27% 4
Healthcare
0.00% -0.01% 0.08% 1.27% 4
Real Estate
0.00% 0.00% 0.61% 1.27% 4
Energy
0.00% 0.00% 1.33% 3.82% 4
Communication Services
0.00% 0.00% 0.12% 2.55% 4
Consumer Defense
0.00% -0.01% 0.26% 3.82% 4
Technology
0.00% -0.01% 0.00% 0.64% 4
Utilities
0.00% 0.00% 0.15% 1.91% 4

Stock Geographic Breakdown

Weighting Category Low Category High FFRHX % Rank Quintile
US
0.36% -0.06% 7.11% 5.21% 2
Non US
0.00% 0.00% 0.22% 3.79% 4

Bond Sector Breakdown

Weighting Category Low Category High FFRHX % Rank Quintile
Corporate
89.99% 0.00% 99.67% 9.00% 2
Cash & Equivalents
9.63% -0.76% 164.55% 6.16% 1
Securitized
0.00% 0.00% 23.73% 14.69% 5
Derivative
0.00% -33.31% 3.34% 2.84% 4
Municipal
0.00% 0.00% 1.96% 1.42% 4
Government
0.00% -115.02% 9.57% 9.00% 4

Bond Geographic Breakdown

Weighting Category Low Category High FFRHX % Rank Quintile
US
63.80% -54.19% 94.29% 20.85% 4
Non US
26.19% 0.00% 84.96% 4.74% 1

FFRHX - Expenses

Operational Fees

FFRHX Fees (% of AUM) Category Low Category High Rank in Category (%) Quintile
Expense Ratio 0.70% 0.56% 3.17% 41.71% 1
Management Fee 0.56% 0.15% 1.02% 8.06% 2
12b-1 Fee N/A 0.00% 1.00% N/A N/A
Administrative Fee N/A 0.01% 0.40% N/A N/A

Sales Fees

FFRHX Fees (% of AUM) Category Low Category High FFRHX Rank Quintile
Front Load N/A 0.75% 5.75% N/A N/A
Deferred Load N/A 1.00% 5.00% N/A N/A

Trading Fees

FFRHX Fees (% of AUM) Category Low Category High FFRHX Rank Quintile
Max Redemption Fee 1.00% 1.00% 2.00% 4.44% 2

Turnover Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

FFRHX Fees (% of AUM) Category Low Category High FFRHX Rank Quintile
Turnover 26.00% 5.00% 196.00% 18.01% 1

FFRHX - Distributions

Dividend Yield Analysis

FFRHX Category Low Category High FFRHX % Rank Quintile
Dividend Yield 0.4% 0.14% 1.25% 36.36% 3

Dividend Distribution Analysis

FFRHX Category Low Category High Category Mode
Dividend Distribution Frequency Monthly Semi-Annually Monthly Annually

Dividend Payout History


Net Income Ratio Analysis

FFRHX Category Low Category High FFRHX % Rank Quintile
Net Income Ratio 4.14% 1.33% 5.69% 27.49% 2

Capital Gain Distribution Analysis

FFRHX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Semi-Annually Annually

FFRHX - Managers

Eric Mollenhauer

Manager

Start Date

Apr 01, 2013

Tenure

3.33

Tenure Rank

10.4%

Eric Mollenhauer is a portfolio manager and director of High Yield Research for Fidelity Investments. He is responsible for overseeing Fidelity's high-yield research professionals and resources and portfolio management for the high-yield portion of Fidelity Canadian Funds. Mr. Mollenhauer joined Fidelity in 1993. He transitioned to the High Yield group within Fidelity in 1995. He assumed his current role in July 2003. Mr. Mollenhauer received a Bachelor of Arts degree in business administration from Gordon College. He is a Chartered Financial Analyst.


Tenure Analysis

Category Low

0.1

Category High

19.9

Category Average

5.69

Category Mode

1.6