Morningstar

Federated Hermes Total Return Bond Fund Service Shares FTRFX

Morningstar Medalist Rating
Medalist Rating as of | See Federated Hermes Investment Hub
  • NAV / 1-Day Return 9.38  /  0.00
  • Total Assets 15.3B
  • Adj. Expense Ratio
    0.690%
  • Expense Ratio 0.680%
  • Distribution Fee Level High
  • Share Class Type Institutional
  • Category Intermediate Core-Plus Bond
  • Credit Quality / Interest Rate Sensitivity —
  • Min. Initial Investment 1M
  • Status Open
  • TTM Yield 4.24%
  • Effective Duration 6.00 years

USD | NAV as of Jul 17, 2026 | 1-Day Return as of Jul 17, 2026, 12:11 AM GMT+0

Morningstar’s Analysis FTRFX

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

  • People Pillar

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

A conservative core-plus option built to protect first.

Principal Maciej Kowara

Maciej Kowara

Principal

Summary

Like many core-plus peers, Federated Hermes Total Return Bond ranges across a wide opportunity set: Treasuries, agency and nonagency mortgage-backed securities, investment-grade and high-yield corporates, emerging-market debt, and structured credit, spanning the quality spectrum. What sets it apart is how it uses that toolkit: It shifts exposures across spread sectors in response to macro signals and relative value, aiming to add value through security selection and sector rotation rather than directional interest rate bets. Lately, the team has leaned hard toward caution on credit.

by Maciej Kowara
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Portfolio Holdings FTRFX

More FTRFX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 60.3
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Federated Mortgage Core Portfolio

16.66 3B
—

2 Year Treasury Note Future June 26

15.35 3B
Government

Federated Project and Trade Fin Cor

7.41 1B
—

United States Treasury Notes 4%

5.42 1B
Government

United States Treasury Notes 4.125%

3.91 743M
Government

Us 5yr Note (Cbt) Jun26 Xcbt 20260630

3.53 670M
Government

High Yield Bond Portfolio

2.23 423M
—

United States Treasury Bonds 4.25%

1.99 377M
Government

Federated Emerging Markets Core

1.97 375M
—

United States Treasury Bonds 4.125%

1.88 356M
Government

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