It looks like they have more than 10% of their fund in Fnma and Fdmc securities. I wonder if the problems that those organizations are having are finding their way into our returns.
And I bought this fund more than a year ago for safety.
So we had realtors pushing up the value of real estate to increase their revenues. We had mortgage companies selling anything to anyone and unloading those mortgages on FNMA, FDMC and any banks they could. And then those banks distributed the risk to any bank in the world stupid enough to buy them.
Fnma, Fdmc and some banks are failing. They have giant craters in their portfolios. Makes you wonder if retirement is ever going to be possible.
Morning Star is wrong. They must be quoting the figures that Fidelity puts out. The price per share was $10.41 on 12/27/07 and $10.11 on this date. Even with the divy, that would put someone investing around 60 or 70 grand in that particular fund around a 2 to 3,000 dollar loss. Most of fidelity's other funds are 5 to ten times worse. Take a three year chart peak at FDVLX for instance.
FSICX, according to Morningstar, still is beating its category and index and still has a postive YTD return. I recently bought top rated HABDX and it's getting battered. Look at how commodities have recently collapsed. There's just no good place to put money right now.
If I had FSICX in a 401 or similar, I'd continue to buy it and lower my average cost. Think "long-term" and "total return" with FSICX and bonds.
I got out of this complete piece of dung in June, as well as most of the others. On this one, it doesn't matter if the market goes up or down, this one just keeps on sliding down in value. I still watch this one and the others, just to see what might have been and they are all doing terrible.
I have just about had it with all these Fidelity funds. Their present managers must have learned their trade in kindergarden. This particular one FSICX is a joke, but there are plenty of others. I don't trust this company any longer and am getting ready to ship my entire IRA out to another company.
Do you ever feel like your sitting at slots watching your tokens diminish while other peoples slots are paying?
Well that's investing for you. I can't find a happy message board no matter what investment vehicle or sector I search.
Sandpapered to death over divis. Seems like they're all a return of capital scheme with a lower POS or NAV, they make money from your money and give you a divi and deduct that from your principle you entrusted to them. Show me a decent yield that has a flat to higher POS or NAV over the last 10 years,(adj for inflation)!.
I think I may have found the answer. The WSJ said that Fidelity funds sometimes buy an internal "central" fund as a place to "park" funds. If the central funds hold garbage and need proping up, well than they would siphon money from other funds and lower their returns. The funny part the WSJ reported, is tat this activity is not easily seen or reported.
Screwed again ? little suckers,er , investers