Morningstar

Federated Hermes Total Return Bond Fund Class A Shares TLRAX

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  • NAV / 1-Day Return $9.16  /  +0.77 %
  • Fund Size $14.3B
  • Adjusted Expense Ratio 0.940%
  • Net Expense Ratio 0.930%
  • Fee Level: Distribution High
  • Share Class Type Front Load
  • Morningstar Category Intermediate Core-Plus Bond
  • Fixed-Income Style Box (Funds) Medium/Moderate
  • Minimum Initial Investment $1,500
  • Investment Status Open
  • TTM Yield 4.13%
  • Average Effective Duration 5.50 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis TLRAX

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

  • People Pillar

    The People Pillar is our evaluation of the TLRAX 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 TLRAX’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 TLRAX

More TLRAX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 59.0
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Federated Mortgage Core Portfolio

17.95 3B
—

2 Year Treasury Note Future Sept 26

12.99 2B
Government

Federated Project and Trade Fin Cor

8.18 1B
—

United States Treasury Notes 4%

5.43 952M
Government

United States Treasury Notes 4.125%

3.80 667M
Government

Federated Emerging Markets Core

2.26 397M
—

United States Treasury Bonds 4.25%

2.14 376M
Government

High Yield Bond Portfolio

2.11 370M
—

United States Treasury Notes 4.125%

2.08 364M
Government

United States Treasury Bonds 4.125%

2.02 355M
Government

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