Morningstar

Federated Hermes Ultrashort Bond Fund Class A Shares FULAX

Morningstar Medalist Rating
Medalist Rating as of | See Federated Hermes Investment Hub
  • NAV / 1-Day Return 9.22  /  −0.11 %
  • Total Assets 4.4B
  • Adj. Expense Ratio
    0.520%
  • Expense Ratio 0.510%
  • Distribution Fee Level Above Average
  • Share Class Type No Load
  • Category Ultrashort Bond
  • Credit Quality / Interest Rate Sensitivity Medium/Limited
  • Min. Initial Investment 1,500
  • Status Open
  • TTM Yield 4.41%
  • Effective Duration 0.90 years

USD | NAV as of Oct 03, 2026 | 1-Day Return as of Oct 03, 2026, 12:11 AM GMT+0

Morningstar’s Analysis FULAX

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

  • People Pillar

    The People Pillar is our evaluation of the FULAX 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 FULAX’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
Rated on Published on

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Portfolio Holdings FULAX

More FULAX 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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