Fidelity Institutional Liquidity Fund - USD(IE000ZUFOUS3)
- Cash management
- Global
- USD Cash
- Accumulating
The Fund seeks to invest in a diversified range of short-term instruments with the aim of maintaining capital value and liquidity whilst producing a return to the investor in line with money market rates.
The fund has been running since 1995 and is one of the longest-running strategies within Fidelity's fixed income platform. A USD-denominated LVNAV money market strategy that aims to maintain capital value and generate returns in line with money market rates, while focusing on safety, liquidity and diversification. Invests in a diversified range of high-quality short-term instruments, including money market paper and deposits, spread across many issuers.
The Money Market investment team sits within the broader Fixed Income team and comprises two PMs, Tim Foster, who has managed the fund since 2008, and Ravin Seeneevassen, who brings nearly 20 years of industry experience. The PMs are supported by a dedicated trader, and 12 money market credit analysts providing specialised issuer and credit research.
The fund aims to deliver returns in line with prevailing money market rates. Historically, its net yield has closely tracked the Fed Funds Effective Rate across different interest rate cycles, including the 2020 rate collapse.
The team maintains sufficient liquidity buffers and adjusts liquidity levels based on market conditions and redemption needs. Actively manages the portfolio's weighted average maturity (how quickly its holdings reset to new interest rates) and weighted average life (the average time until the money lent is repaid) across interest rate cycles, to balance yield, liquidity and credit exposure. Applies a rigorous credit assessment process combining quantitative and qualitative analysis, with minimum rating requirements and ongoing monitoring of approved issuers.
Access to clean retail share class with no trailer fees to achieve the lowest possible fees.
It serves as a short-term liquidity management tool, aiming to preserve capital and maintain daily liquidity. The Fund is suitable for investors seeking a conservative USD cash allocation with short-term liquidity and returns broadly aligned with the Fed Funds Effective Rate. Please note that while capital preservation is a key objective, the Fund does not provide a capital guarantee.
Daily data. Returns as of 31 Oct 2026.
| Year | Total | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
| 2026 | - | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | 0.3% | - | - |
| 2025 | 4.4% | 0.4% | 0.3% | 0.3% | 0.4% | 0.4% | 0.3% | 0.4% | 0.4% | 0.3% | 0.4% | 0.3% | 0.3% |
| 2024 | 5.3% | 0.4% | 0.4% | 0.5% | 0.4% | 0.5% | 0.4% | 0.5% | 0.5% | 0.4% | 0.4% | 0.4% | 0.4% |
| 2023 | - | - | - | - | - | - | - | - | 0.5% | 0.5% | 0.4% | 0.5% | 0.5% |
| BNP PARIBAS NY RP 3.62% 01/09/2026 (2026-09-01 Maturity) | 3.41% |
| MUFG BANK TD 3.65% 01/09/2026 (2026-09-01 Maturity) | 2.79% |
| Chesham Finance Ltd Series IV 3.68% (2026-09-01 Maturity) | 2.73% |
| SG Issuer S.A. 0% (2027-06-25 Maturity) | 2.56% |
| BRED BANQUE TD 3.63% 01/09/2026 (2026-09-01 Maturity) | 2.35% |
| Great Bear Funding Designated Activity Co. 3.7% (2026-09-01 Maturity) | 2.22% |
| HESSEN-THURINGEN (UGTD) TD 3.6% 01/09/2026 (2026-09-01 Maturity) | 2.13% |
| SGPR G RP 3.6% 01/09/2026 (2026-09-01 Maturity) | 2.13% |
| Mainbeach Funding DAC 3.7% (2026-09-01 Maturity) | 2.01% |
| St. Lawrence Funding Designated Activity Co. 3.7% (2026-09-01 Maturity) | 2.01% |
| Ensemble Investment Corp SA 3.85% (2026-10-13 Maturity) | 1.79% |
| Natixis Corporate & Investment Banking Luxembourg SA 0% (2026-10-09 Maturity) | 1.71% |
| GOLDMANSACHSCO RP 3.61% 01/09/2026 (2026-09-01 Maturity) | 1.71% |
| MIZUHO LDN TD 3.6% 01/09/2026 (2026-09-01 Maturity) | 1.71% |
| BNP Paribas Issuance BV 3.77019% (2027-05-28 Maturity) | 1.45% |
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