Floating rate has had over $2 billion in redemptions, halving its assets. Plus fund manager has been make wrong call after wrong call. Can you say, "INCOMPETENT" idiot. Fidelity needs to can Christina McMoron.
It appears fusfx, swysx, and most of the bond funds with exposure to sub prime have suffered. I had these funds as a safe replacement for MM funds. Big mistake. These funds managers either were not considering the risk factors, made bad assumptions, or the rating agencies suckered them in with bad info. Either way these manager get paid regardless and the investor is left holding the empty bag.
You've got it right. But this fund manager, in particular, is a complete idiot, moron, or both. She has no clue whatsoever regarding turning this ship. Plus, the few good investments she had, she squandered. All that is left is the riskiest of paper. Fire Christina tomorrow, announce it to the world, and the fund will increase 25 cents the same day.
Where are you getting your information that panic selling has caused drop? This may be true, but at least have the balls to defend your position. If demand for redemptions is outstripping cash on hand, then sale of depressed assets in order to raise cash to cover redemptions could cause precipitous drop. But I wonder, why hasn't Fidelity come out with some sort of statement? Or is it just be that a glut of bank notes flooding the market has caused drop? If you could cite your source of information, then you might be credible. Otherwise, you come across as a vindictive, emotional non-credible source of b.s. and vitriol.
One year ago the fund had $4 billion in assets. Today, the fund has less that $2 billion in assets. Most of the decline started in July and has continued through today. Go the Fidelity website and check it out yourself. Further, the fund is run by an incompetent woman who coasted for five yaers by doing nothing but buying and selling high yielding paper. Now that she has to work at improving the fund's performance, she has no clue as to how to do so. ALL of her decisions have backfired and the fund has imploded. Fidelity high level mamangement must fire this bozo fund manager and bring in a competent and knowledgable investor. Abigail put Christina into this manager position because she is a woman (old girls network) and not because she is any good. Come to think of it, Abigail made her money the old fashion way, "SHE INHERITED IT!" Maybe she should go too.
you guys are crazy if you think she has made bad calls, look at the holds w/ exception of maybe Charter, Her assets most solid! Best in class, IT's not so much as the Redemptions as it is the TIGHT CREDIT MARKET AND LARGE SPREADS AND the SPILL OVER FROM THE MORTGAGE MESS! LISTEN - THe credit market is going to ease and when it does this and other Bond fonds will EXPLODE UP! 6-9 months easily back to 9.7..