Morningstar

Federated Hermes Conservative Municipal Microshort Fund Class A Shares FHMAX

Morningstar Medalist Rating
Medalist Rating as of | See Federated Hermes Investment Hub
  • NAV / 1-Day Return 10.00  /  0.00
  • Total Assets 605.5M
  • Adj. Expense Ratio
    0.400%
  • Expense Ratio 0.400%
  • Distribution Fee Level Below Average
  • Share Class Type No Load
  • Category Muni National Short
  • Credit Quality / Interest Rate Sensitivity Medium/Limited
  • Min. Initial Investment 1,500
  • Status Open
  • TTM Yield 2.63%
  • Effective Duration 0.23 years

USD | NAV as of Jul 21, 2026 | 1-Day Return as of Jul 21, 2026, 10:46 PM GMT+0

Morningstar’s Analysis FHMAX

Will FHMAX 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 FHMAX’s performance objective and investment process is for both security selection and portfolio construction.

  • People Pillar

    The People Pillar is our evaluation of the FHMAX 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 FHMAX’s parent organization’s priorities and whether they’re in line with investors’ interests.

null Morningstar Automated Analysis

Morningstar Automated Analysis

Summary

Federated Hermes Cnsrvtv Mncpl Mcsht A holds a quantitatively derived Negative Morningstar Medalist Rating. The rating indicates the model sees limited potential for the strategy to outperform peers on a risk-adjusted basis over a full market cycle.

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Portfolio Holdings FHMAX

More FHMAX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 25.1
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

METROPOLITAN TRANSN AUTH N Y REV 2.65%

4.38 20M
municipal

PENNSYLVANIA ST HIGHER EDL FACS AUTH REV 2.9%

2.96 13M
municipal

J P MORGAN CHASE PUTTERS / DRIVERS TR VAR STS 3.07%

2.79 12M
municipal

KENTUCKY ECONOMIC DEV FIN AUTH REV 2.52%

2.70 12M
municipal

NUVEEN NEW YORK AMT-FREE MUN INCOME FD 2.87%

2.22 10M
municipal

NUVEEN CALIF AMT FREE MUNICIPAL INCOME FD 2.87%

2.20 10M
municipal

NUVEEN INSD TAX-FREE ADVANTAGE MUN FD 2.87%

2.09 9M
municipal

MIZUHO FLOATER / RESIDUAL TR VAR STS 2.6%

2.02 9M
municipal

CHATTANOOGA TENN HEALTH EDL & HSG FAC BRD REV 2.63%

1.90 8M
municipal

GULF COAST INDL DEV AUTH TEX REV 2.7%

1.86 8M
municipal

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