Federated Hermes Government Ultrashort Fund
Federated Hermes Institutional Trust · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Federated Hermes Government Ultrashort Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
Fund profile
As filed in the prospectus · 2025 Q3
The Funds investment objective is current income.
The fund invests in U.S. government securities and government-sponsored enterprise mortgage-backed securities with a dollar-weighted average duration of one year or less, selecting securities based on relative yield and risk within comparable duration bands. The adviser adjusts portfolio duration based on its interest rate outlook. Because the fund's adviser makes active security selection decisions rather than tracking a fixed index, portfolio composition and performance may diverge from the six-month Treasury bill benchmark used to evaluate the strategy.
| Share class | Gross | Net |
|---|---|---|
| FGUAX | 0.57% | 0.41% |
| FEUSX | 0.68% | 0.36% |
| FGUSX | 0.42% | 0.26% |
| FGULX | 0.38% | 0.24% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 22.00% · as of 2025 Q3
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Securitized | 59.60% |
| Cash & short-term | 31.90% |
| Bonds | 9.07% |
Latest quarter
What changed since the fund's previous filing
Largest new: JPMorgan Chase Bank NA, BMO Capital Markets Corp., FHLMC Multifamily Structured Pass Through Certs., United States Treasury ×5
Largest exited: Bank of Montreal, Fannie Mae, Freddie Mac, United States Treasury ×5
Return profile
Total return as filed — price change plus distributions reinvested · trailing figures to Apr 2026
| Share class | 1-year | 3-year | 5-year | Vol | Worst fall |
|---|---|---|---|---|---|
| +4.58% | +15.62% | +17.76% | 0.50% | 0.00% | |
| +4.72% | +15.90% | +18.01% | 0.44% | 0.00% | |
| +4.83% | +16.28% | +18.65% | 0.48% | 0.00% | |
| +4.74% | +16.22% | +18.62% | 0.44% | 0.00% |
These classes hold the same portfolio, so the 0.88pp spread over 5 years is the cost difference between them — roughly 0.18pp a year — not a difference in what they own.
May 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-05-31
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Floating rate | 71.9% |
| Fixed rate | 18.0% |
| Zero-coupon or unclassified | 10.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 12.5% |
| 1-3y | 0.7% |
| 3-5y | 1.1% |
| 5-10y | 18.5% |
| 10y+ | 67.2% |
These three overlap — one holding can be in arrears and paying in kind at once — so they are shown separately and never summed.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
More of this fund’s sensitivity sits in credit spreads than in interest rates — a rate rally that comes with a credit selloff works against it.
Where the loss would come from. The two shocks are the same size, so this is the balance of the fund's two sensitivities rather than a bet on one moving more.
| Credit spreads | 58% |
| Interest rates | 42% |
Filers report the impact of a 0.01% move only, so the total is our own scaling of that one number and overstates the loss on most bonds — read it as approximate, never as precise. The two sensitivities overlap rather than add up: they measure the same positions against different shocks, which is why the durations above are shown side by side and never summed.
Share of the fund's spread duration carried by each credit tier.
| High yield | +0.83 yr |
| Investment grade | +0.01 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 3 mo | 0.06 yr | 10% |
| 1 yr | 0.12 yr | 20% |
| 5 yr | 0.22 yr | 35% |
| 10 yr | 0.15 yr | 25% |
| 30 yr | 0.06 yr | 10% |
| 3 mo | 0.00 yr | 0% |
| 1 yr | 0.08 yr | 9% |
| 5 yr | 0.51 yr | 61% |
| 10 yr | 0.24 yr | 29% |
| 30 yr | 0.01 yr | 1% |
The two bands measure the same positions against different shocks and do not add — a Treasury carries rate duration and no spread duration, a floating-rate credit the reverse. Rate tenors are also summed across every currency the fund discloses.
Show the numbers
| Tenor | Rate yrs | IG yrs | HY yrs | IG $/bp | HY $/bp |
|---|---|---|---|---|---|
| 3 mo | +0.06 | +0.00 | +0.00 | $439 | $512 |
| 1 yr | +0.12 | +0.01 | +0.07 | $2.1k | $16.0k |
| 5 yr | +0.22 | +0.00 | +0.51 | $248 | $118.8k |
| 10 yr | +0.15 | +0.00 | +0.24 | $0 | $56.8k |
| 30 yr | +0.06 | +0.00 | +0.01 | $0 | $1.7k |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Holdings
By % of NAV · equity positions carry filed share counts · every resolvable issuer links to its company page
| Ticker | Issuer | %NAV | Value | Shares |
|---|---|---|---|---|
| — | JPMorgan Chase Bank NA | 8.59% | $200.00M | — |
| — | BMO Capital Markets Corp. | 8.59% | $200.00M | — |
| — | BofA Securities, Inc. | 8.59% | $200.00M | — |
| — | BofA Securities, Inc. | 5.32% | $123.84M | — |
| — | Government National Mortgage Association4.33% floating · due 2056-01-20 | 2.95% | $68.70M | — |
| — | FHLMC Multifamily Structured Pass Through Certs.4.31% floating · due 2033-04-25 | 1.86% | $43.21M | — |
| — | Freddie Mac5.00% · due 2055-09-01 | 1.81% | $42.14M | — |
| — | Freddie Mac4.71% floating · due 2055-08-25 | 1.78% | $41.50M | — |
| — | FHLMC Multifamily Structured Pass Through Certs.4.21% floating · due 2035-01-25 | 1.65% | $38.47M | — |
| — | FHLMC Multifamily Structured Pass Through Certs.4.15% floating · due 2035-11-25 | 1.64% | $38.18M | — |
Top 10 positions are 42.78% of net assets, top 25 60.11%, across 15 issuers.
See more of this fund's book
More positions with filed share counts, and the quarter-over-quarter change list rather than the largest few — free with an account, no card required.
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