The Fidelity Floating Rate High Income Fund (ticker: FFRHX) was down a penny today. This was the first down day since February 12. There were 43 consecutive days where the fund was either up or unchanged.
Many investors have been looking for a way to earn higher returns on cash balances. There was a great article in the New York Times by Floyd Norris- “Low Rates Good for Banks, but Pity the Saver” that describes how conservative savers have been harmed by the zero interest Federal Reserve policies.
FFRHX and other similar funds have been experiencing strong inflows which partially helps to explain the persistent up streak.
Full Disclosure: Long FFRHX.