Morningstar

Federated Hermes UltraShort Bond Fund Class R6 Shares FULLX

Morningstar Medalist Rating
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  • NAV / 1-Day Return $9.22  /  0.00
  • Fund Size $4.3B
  • Adjusted Expense Ratio 0.360%
  • Net Expense Ratio 0.350%
  • Fee Level: Distribution High
  • Share Class Type Retirement, Large
  • Morningstar Category Ultrashort Bond
  • Fixed-Income Style Box (Funds) Medium/Limited
  • Minimum Initial Investment $0
  • Investment Status Open
  • TTM Yield 4.58%
  • Average Effective Duration 0.90 yrs
NAV and 1-Day Return as of

Morningstar’s Analysis FULLX

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

  • People Pillar

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

Structured credit edge in an ultrashort strategy, but it's not a cash substitute.

Principal Maciej Kowara

Maciej Kowara

Principal

Summary

Federated Hermes Ultrashort Bond combines a structured-credit-heavy approach with selective corporate risk-taking, distinguishing it from more conservative ultrashort peers. Its design prioritizes incremental yield over active interest rate positioning (though the latter is not absent), a trade-off that can introduce episodic drawdowns during market stress.

by Maciej Kowara
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Portfolio Holdings FULLX

More FULLX Holdings
  • Current Portfolio Date
  • Equity Holdings —
  • Bond Holdings —
  • Other Holdings —
  • % Assets in Top 10 Holdings 13.5
Top 10 Holdings
% Portfolio Weight
Market Value USD
Sector

Federated Govt Oblg Pr Shares

4.05 169M
—

Bank Loan Core

3.60 150M
—

Federated Project and Trade Fin Cor

2.57 107M
—

United States Treasury Notes 3.8787%

2.40 100M
Government

Federated Emerging Markets Core

1.03 43M
—

Government National Mortgage Association 4.60872%

0.79 33M
Securitized

Government National Mortgage Association 4.55872%

0.67 28M
Securitized

Government National Mortgage Association 4.60872%

0.66 27M
Securitized

Federal National Mortgage Association 4.02776%

0.63 26M
Securitized

Federal National Mortgage Association 4.57776%

0.60 25M
Securitized

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