Morningstar

Federated Hermes Adjustable Rate Fund Institutional Shares FEUNX

Morningstar Medalist Rating
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  • NAV / 1-Day Return $9.30  /  +0.11 %
  • Fund Size $447.5M
  • Adjusted Expense Ratio 0.310%
  • Net Expense Ratio 0.300%
  • Fee Level: Distribution Average
  • Share Class Type Institutional
  • Morningstar Category Short Government
  • Fixed-Income Style Box (Funds) High/Limited
  • Minimum Initial Investment $1M
  • Investment Status Open
  • TTM Yield 4.41%
  • Average Effective Duration 0.80 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis FEUNX

Will FEUNX outperform in the future?

Get our overall rating based on a fundamental assessment of the pillars below.

  • Process Pillar

    The Process Pillar is our assessment of how sensible, clearly defined, and repeatable FEUNX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the FEUNX management team’s experience and ability. We find that high-quality management teams deliver superior performance relative to their benchmarks and/or peers.

  • Parent Pillar

    The Parent Pillar is our rating of FEUNX’s parent organization’s priorities and whether they’re in line with investors’ interests.

Short-rate winds drive a conservative mandate.

Principal Maciej Kowara

Maciej Kowara

Principal

Summary

Federated Hermes Adjustable Rate remains a conservative, government-mortgage-focused offering with a narrow and unusual—these days at least—government floating-rate mandate. Its experienced team and disciplined guardrails are positives, but the strategy has not shown a durable peer-relative edge.

by Maciej Kowara
Rated on Published on

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Portfolio Holdings FEUNX

More FEUNX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 24.3
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Ginnie Mae (Ze) 4.35872%

4.29 19M
Securitized

Federated Hermes Govt Obl Premier

3.77 17M
Cash and Equivalents

Government National Mortgage Association 4.35872%

3.37 15M
Securitized

Government National Mortgage Association 4.65872%

2.82 12M
Securitized

FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD 4.09167%

2.71 12M
Securitized

Ginnie Mae (Ze) 4.40872%

2.16 10M
Securitized

Federal National Mortgage Association 4.19224%

1.95 9M
Securitized

Federal Home Loan Mortgage Corp. 4.14224%

1.91 8M
Securitized

FEDERAL HOME LN MTG CORP MULTICLASS MTG PARTN CTFS GTD 4.37776%

1.84 8M
Securitized

GINNIE MAE (H) 23-85 4.36872%

1.66 7M
Securitized

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