Fund Evaluator:
Fidelity Advisor Floating Rate Hi Inc Z (FIQSX)
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Best Performing in Bank Loan Over the Last Year
| 5.0% | Fidelity Advisor Floating Rate Hi Inc Z (FIQSX) |
| 5.0% | Aristotle Floating Rate Income I-2 (PLFDX) |
| 5.0% | American Beacon DoubleLine Fltng Rt Inv (ADLPX) |
| 5.0% | Fidelity Floating Rate High Income (FFRHX) |
| 4.9% | Artisan Floating Rate Investor (ARTUX) |
Fund Details
Fidelity Advisor Floating Rate Hi Inc Z Overview
Fidelity Advisor Floating Rate Hi Inc Z (FIQSX) is an actively managed Taxable Bond Bank Loan fund. Fidelity Investments launched the fund in 2018.
The investment seeks a high level of current income. The fund invests atleast 80% of assets in floating rate loans, which are often lower-quality debt securities and other floating rate securities. It invests in companies in troubled or uncertain financial condition. The fund invests in money market and investment-grade debt securities and repurchase agreements. It invests in domestic and foreign issuers. The adviser uses fundamental analysis of each issuer's financial condition and industry position and market and economic conditions to select investments.
About Fidelity Advisor Floating Rate Hi Inc Z (FIQSX)
There are 3 members of the management team with an average tenure of 8.20 years: Eric Mollenhauer (2013), Kevin Nielsen (2018), Chandler Perine (2022). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg US Agg Bond TR USD index with a weighting of 100% and Morningstar LSTA US Perf Loans TR USD index with a weighting of 100%. Fidelity Advisor Floating Rate Hi Inc Z has 585 securities in its portfolio. The top 10 holdings constitute 14.1% of the fund’s assets. The fund meets the SEC requirement of being classified as a diversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Fidelity Advisor Floating Rate Hi Inc Z is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Fidelity Advisor Floating Rate Hi Inc Z has 7.3% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 2.1%. There is 0.1% allocated to foreign stock, and 0.4% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 94.0% (86.9% domestic bond, 7.1% foreign bond and 0.7% convertible bond). Fidelity Advisor Floating Rate Hi Inc Z has 2.1% of the portfolio in cash.
Assets Under Management
The fund has $3 billion in total assets, which is above the $343 million average for the Bank Loan category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FIQSX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Fidelity Advisor Floating Rate Hi Inc Z expense ratio is above average compared to funds in the Bank Loan category. Fidelity Advisor Floating Rate Hi Inc Z has an expense ratio of 0.67%, which is 36% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Fidelity Advisor Floating Rate Hi Inc Z has a portfolio turnover rate of 58%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 64% for the Bank Loan category.
Recently, in the month of June 2026, Fidelity Advisor Floating Rate Hi Inc Z returned -0.2%, which earned it a grade of F, as the Bank Loan category had an average return of 0.1%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Fidelity Advisor Floating Rate Hi Inc Z has a trailing yield of 7.11%, which is above the 6.80% category average. The fund normally distributes its income monthly.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Fidelity Advisor Floating Rate Hi Inc Z Grades
Year to date, the fund has returned 1.8%, 0.5 percentage points better than the category, which translates into a grade of A. The fund has returned 5.0% over the past year (grade of A), 7.3% over the past three years (grade of B) and 6.0% per year over the past five years (grade of A) and 5.2% per year over the past 10 years (grade of A).
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FIQSX Trailing NAV Total Returns Data as of 6/30/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FIQSX Return (NAV) | -0.2% | 1.9% | 5.0% | 7.3% | 6.0% | 5.2% |
| FIQSX Grade | F | B | A | B | A | A |
| +/- Category | -0.3% | 0.0% | 1.1% | 0.5% | 0.9% | 0.7% |
| Bank Loan Avg | 0.1% | 1.9% | 4.0% | 6.9% | 5.0% | 4.5% |
| FIQSX Tax Cost Ratio | na | na | 2.3% | 2.3% | 1.9% | na |
FIQSX Annual NAV Total ReturnsData as of 6/30/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIQSX Return (NAV) | 1.8% | 5.5% | 8.7% | 12.5% | -0.2% | 5.6% | 1.8% | 8.5% | -0.2% | 3.6% | 9.5% |
| FIQSX Grade | A | B | B | B | A | A | C | B | C | C | C |
| +/- Category | 0.5% | 0.4% | 0.5% | 0.4% | 2.1% | 0.9% | 0.6% | 1.0% | 0.2% | -0.1% | 0.3% |
| Bank Loan Avg | 1.4% | 5.1% | 8.2% | 12.1% | -2.3% | 4.7% | 1.3% | 7.6% | -0.4% | 3.7% | 9.2% |
| Risk Measures | |
| Standard Deviation: | 2.0% |
| Total Risk Index: | 0.16 - Low |
| Category Risk Index: | 0.98 - Average |
| Category Risk Grade: | C (53% Rank) |
| Beta: | 0.03 |
| R-Squared: | 1% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Mid-Cap Value |
| Bond Investment Style: | na |
| Yield: | 7.1% |
| Dividend Distribution: | Monthly |
| Cap Gains Distribution: | |
| Total Assets: | $14436 Mil |
| Fund Total Assets: | $3,300 Mil |
| Share Class Type: | Inst |
| Portfolio Turnover: | 58% |
Management Team
| Number of Managers: 3 | |||
| Longest Tenure: 13.3 years | |||
| Average Tenure: 8.2 years | |||
| Managers (Year): Mollenhauer Eric (2013), Nielsen Kevin (2018), Perine Chandler (2022) | |||
Portfolio Composition (as of 4/30/26)
| # of Holdings: | 585 |
| % in Top 10 Holdings: | 14.1% |
| Fund is Non-Diversified: | No |
| % in Foreign Issues: | 7.3% |
Portfolio Allocation |
|
| Domestic Stock: | 2.1% |
| Foreign Stock: | 0.1% |
| Preferred Stock: | 0.4% |
| Domestic Bond: | 86.9% |
| Foreign Bond: | 7.1% |
| Convertible Bond: | 0.7% |
| Other: | 0.6% |
| Cash: | 2.1% |
Purchase Information
| Fund Family: | Fidelity Investments |
| Phone Number: | 877-208-0098 |
| Website: | www.institutional.fidelity.com |
| Status: | Open |
| Inception Date: | October 2, 2018 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.67% ( Rating : Above Avg ) |
| Category Average Expense Ratio (%): | 1.05% |
| Share Class: | Fidelity Advisor Floating Rate Hi Inc M |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
