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Federated Hermes Muni and Stock Adv B FMNBX

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Morningstar’s Analysis

Will FMNBX outperform in future?

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Federated Hermes Muni Stock Advantage Adds New Manager; Rating Unchanged

Senior Analyst

Analyst Note

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In Federated Hermes Muni and Stock Advantage's latest prospectus, dated Dec. 31, 2020, Michael Jura was added as a listed portfolio manager. He has been a member of the equity team since September 2014 and has nine years of investment experience. He effectively became second-in-command on the equity side when long-standing manager John Nichol left the firm unexpectedly in November 2019. The lead equity manager will continue to be Linda Bakhshian, who has been a listed manager since November 2009. The group has had some turnover and merged with another investment team in 2020. We are maintaining our Below Average People Pillar rating and Morningstar Analyst Rating of Neutral for the cheapest share class, and Negative for the remaining share classes.

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