Federated Hermes Institutional High Yield Bond Fund
Federated Hermes Institutional Trust · 4 share classes
Fund classification
Classified from what the fund holds · as of 2026 Q2
Federated Hermes Institutional High Yield Bond Fund is an actively managed U.S. bond fund.
- Asset class
- Bonds
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Credit quality
- High yield
- Rate sensitivity
- Short duration
- Features
- Fund of funds
Fund profile
As filed in the prospectus · 2025 Q4
The Funds investment objective is to seek high current income.
The fund invests in a diversified portfolio of high-yield corporate bonds rated below investment grade, with the adviser selecting securities based on analysis of issuers' financial condition, business strength, competitive position, and management. At least 80% of net assets are committed to below-investment-grade debt. Because security selection depends on the adviser's assessment of individual issuers, fund performance will diverge from any benchmark.
| Share class | Gross | Net |
|---|---|---|
| FIHBX | 0.55% | 0.50% |
| FIHLX | 0.51% | 0.49% |
| FIHAX | 0.81% | 0.75% |
| FIHCX | 1.60% | 1.54% |
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Portfolio turnover 21.00% · as of 2025 Q4
Allocation
Asset groups · long / short shown separately, never netted · 2026 Q2
| Bonds | 96.98% |
| Cash & short-term | 2.26% |
| Stocks | 0.18% |
Derivatives are shown at market value, not notional exposure.
Sector allocation
The same holdings as Allocation above, grouped by market sector instead of asset type · as of 2026 Q2
| Other | 56.8% |
| International | 16.7% |
| Information Technology | 4.9% |
| Consumer Discretionary | 4.7% |
| 9 smaller | 16.9% |
Government, Securitized and Cash are non-corporate buckets; International is foreign holdings we don’t sector-classify, and Other is the residual (held funds, unresolved names).
Latest quarter
What changed since the fund's previous filing
Largest new: DEXKO GLOBAL INC, TREEHOUSE FOODS INC, OAK-EAGLE ACQUIRECO INC, PR RNO PROPERTY OWNER 1, SWORD PURCHASER LLC ×2, MERIDIAN ARC HOLDCO LLC, SV RNO PROPERTY OWNER 1 LLC
Largest exited: SPX FLOW INC, VISTRA OPERATIONS CO LLC, ARCHROCK PARTNERS LP/FIN, DORNOCH DEBT MERGER SUB, KODIAK GAS SERVICES LLC, ALBERTSONS COS/SAFEWAY, MILLENNIUM ESCROW CORP, UNIVISION COMMUNICATIONS
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 |
|---|---|---|---|---|---|
| +7.64% | +25.71% | +20.07% | 2.75% | -2.62% | |
| +7.65% | +25.59% | +20.00% | 2.71% | -2.74% | |
| +7.37% | +24.79% | — | 2.70% | -2.66% | |
| +6.57% | +21.85% | — | 2.68% | -2.92% |
These classes hold the same portfolio, so the 3.85pp spread over 3 years is the cost difference between them — roughly 1.28pp a year — not a difference in what they own.
Debt profile
What this fund holds — value-weighted across its bond and securitized long positions · as of 2026-04-30
Share of the fund's debt by how its coupon behaves — the fact that decides whether a rate move reaches this portfolio at all.
| Fixed rate | 100.0% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 1.1% |
| 1-3y | 18.2% |
| 3-5y | 34.2% |
| 5-10y | 45.6% |
| 10y+ | 0.9% |
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 | 50% |
| Interest rates | 50% |
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 | +2.80 yr |
| Investment grade | +0.05 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 | 0.04 yr | 1% |
| 1 yr | 0.83 yr | 29% |
| 5 yr | 1.63 yr | 57% |
| 10 yr | 0.31 yr | 11% |
| 30 yr | 0.03 yr | 1% |
| 3 mo | 0.04 yr | 1% |
| 1 yr | 0.83 yr | 29% |
| 5 yr | 1.63 yr | 57% |
| 10 yr | 0.34 yr | 12% |
| 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 | +0.04 | +0.00 | +0.04 | $1.3k | $18.8k |
| 1 yr | +0.83 | +0.02 | +0.81 | $9.3k | $391.2k |
| 5 yr | +1.63 | +0.03 | +1.60 | $13.7k | $770.2k |
| 10 yr | +0.31 | +0.00 | +0.34 | $729 | $163.4k |
| 30 yr | +0.03 | +0.00 | +0.01 | $0 | $7.1k |
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 |
|---|---|---|---|---|
| — | FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST | 2.26% | $109.15M | — |
| — | ARDONAGH GROUP FINANCE8.88% · due 2032-02-15 | 1.23% | $59.12M | — |
| — | HUB INTERNATIONAL LTD7.38% · due 2032-01-31 | 1.06% | $51.04M | — |
| — | MEDLINE BORROWER LP5.25% · due 2029-10-01 | 0.91% | $43.81M | — |
| — | MCAFEE CORP7.38% · due 2030-02-15 | 0.89% | $43.04M | — |
| — | MADISON IAQ LLC5.88% · due 2029-06-30 | 0.84% | $40.75M | — |
| — | USI INC7.50% · due 2032-01-15 | 0.84% | $40.42M | — |
| — | TALLGRASS NRG PRTNR/FIN6.75% · due 2034-03-15 | 0.79% | $38.00M | — |
| — | UKG INC6.88% · due 2031-02-01 | 0.78% | $37.50M | — |
| — | PANTHER ESCROW ISSUER7.13% · due 2031-06-01 | 0.76% | $36.57M | — |
Top 10 positions are 10.36% of net assets, top 25 19.89%, across 263 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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