Federated Hermes Total Return Bond Fund
Conservative allocation fund
As of its 2026 Q2 report, Federated Hermes Total Return Bond Fund held 962 positions with $15.14B in net assets. Its ten largest holdings made up 54.1% of the fund. The FTRFX share class costs 0.69% a year. Over the 12 months to May 2026, FTRFX returned 4.9%, with dividends reinvested. In 2026 Q2 it added 114 new positions and exited 119.
The Funds investment objective is to provide total return.
The fund actively manages a fixed-income portfolio seeking total return in excess of the Bloomberg US Aggregate Bond Index through a five-part process: duration positioning based on interest rate outlook, yield curve strategy, sector allocation, individual security selection, and currency management across government, corporate, mortgage-backed, asset-backed, high-yield and international sectors. The fund invests primarily in investment-grade U.S. dollar fixed-income securities but may allocate up to 25% to high-yield debt, up to 20% to non-U.S. dollar and emerging market securities, and holds securities directly or through other investment companies including affiliated funds. Because the fund's outperformance depends on the success of its five-part decision process and security selections, there is no assurance the fund will exceed its benchmark.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
Federated Core Trust - Federated Mortgage Core Portfolio | 20.84% | $3.16B | 376.2M | $8.39 |
Federated Core Trust III - Federated Project and Trade Finance Core Fund | 9.38% | $1.42B | 158.7M | $8.95 |
United States Treasury 4.00% · due 2035-11-15 | 6.29% | $952.02M | — | — |
United States Treasury 4.13% · due 2031-10-31 | 4.67% | $707.17M | — | — |
Federated Core Trust - High Yield Bond Portfolio | 2.86% | $433.28M | 76.4M | $5.67 |
PRUDENTIAL QMA STRAT VAL- | 2.58% | $389.91M | 42.8M | $9.11 |
United States Treasury 4.25% · due 2054-02-15 | 2.47% | $373.38M | — | — |
United States Treasury 4.13% · due 2053-08-15 | 2.33% | $352.44M | — | — |
United States Treasury 3.50% · due 2029-01-15 | 1.35% | $204.22M | — | — |
United States Treasury 4.25% · due 2034-11-15 | 1.30% | $197.08M | — | — |
Reported price is the fund's own reported value divided by its own reported shares at 2026-05-31 — not a live quote, and not what the fund paid.
The 200 largest of 962 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Bonds | 59.08% |
| Securitized | 30.29% |
| Stocks | 12.28% |
| Cash & short-term | 1.99% |
| 2 smaller | 0.26% |
Look-through blends 3 underlying funds; 12.283% of NAV was not looked through and stays direct-classified.
By sector
- Other
- 41.6%
- Government
- 29.7%
- Securitized
- 6.3%
- Financials
- 6.3%
- 12 other sectors
- 16.1%
- Other
- 41.6%
- Government
- 29.7%
- Securitized
- 6.3%
- Financials
- 6.3%
- International
- 2.2%
- Communication Services
- 2.0%
- Information Technology
- 1.9%
- Utilities
- 1.8%
- Industrials
- 1.8%
- Health Care
- 1.7%
- Real Estate
- 1.0%
- Consumer Staples
- 1.0%
- Cash
- 0.9%
- Consumer Discretionary
- 0.9%
- Energy
- 0.7%
- Materials
- 0.2%
How it has done
FTRFX share class · total returns with dividends reinvested
Volatility over the last 12 months: 3.34%. Past returns are a record, not a forecast.
The 7 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 0.69% | +4.95% | +11.88% | +0.71% | -5.38% | |
| 0.94% | +4.69% | +11.04% | -0.56% | -5.48% | |
| — | — | — | — | — | |
| 1.46% | +4.19% | +9.43% | -2.97% | -5.68% | |
| 1.13% | +4.59% | +10.44% | -1.46% | -5.54% | |
| 0.39% | +5.27% | +12.92% | +2.26% | -5.26% | |
| 0.38% | +5.39% | +12.95% | +2.29% | -5.25% |
Fees & fund details
Federated Hermes Total Return Bond Fund is a conservative allocation fund.
- Asset class
- Allocation (multi-asset)
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Equity exposure
- Conservative
- Features
- Fund of funds
- Expense ratio, by class
- 0.38% – 1.46%· FTRFX 0.69%
- Portfolio turnover
- 45.00% a year · as of 2026 Q1
Net is what a holder pays after the adviser's contractual waiver; gross is before it. A waiver can expire.
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
114 new· the largest 6
119 exited· the largest 1
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.
| Fixed rate | 90.2% |
| Floating rate | 9.5% |
| Zero-coupon or unclassified | 0.2% |
Share of the fund's debt value in each maturity band, shortest first.
| <1y | 2.1% |
| 1-3y | 11.1% |
| 3-5y | 14.4% |
| 5-10y | 39.6% |
| 10y+ | 32.6% |
| Unknown | 0.2% |
Based on what filers reported; a filer that never reported a flag also reads as none.
Risk profile
Interest-rate and credit-spread sensitivity, both in years · as of 2026Q2
Most of this fund’s sensitivity is to interest rates, with credit spreads carrying about half as much.
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.
| Interest rates | 71% |
| Credit spreads | 29% |
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.
| Investment grade | +1.82 yr |
| High yield | -0.02 yr |
Share of duration at each point, shortest first. A positive figure loses value when spreads widen; a negative one offsets — a credit hedge.
| 1 yr | 0.57 yr | 13% |
| 5 yr | 1.33 yr | 30% |
| 10 yr | 1.51 yr | 34% |
| 30 yr | 0.98 yr | 22% |
3 mo is NEGATIVE (-0.05 yr) — a deliberate hedge at that point on the curve, so it is not part of the band above.
| 3 mo | 0.01 yr | 0% |
| 1 yr | 0.15 yr | 8% |
| 5 yr | 0.48 yr | 27% |
| 10 yr | 0.73 yr | 41% |
| 30 yr | 0.42 yr | 24% |
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 | -0.05 | +0.01 | +0.00 | $10.1k | $53 |
| 1 yr | +0.57 | +0.14 | +0.00 | $217.9k | $1.9k |
| 5 yr | +1.33 | +0.51 | -0.02 | $770.8k | -$37.5k |
| 10 yr | +1.51 | +0.73 | -0.00 | $1.11m | -$665 |
| 30 yr | +0.98 | +0.42 | +0.00 | $642.7k | $0 |
Dollar change per 1bp of spread movement, as filed and sign-anchored. A blank cell was not filed; a zero was.
Understand how this fund fits with the rest.
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