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Federated Hermes Floating Rate Strategic Income Fund
mutual fund
FRSAX
Payout Change
Pending
Price as of:
$8.65
+0.0
+0.0%
primary theme
Bank Loan
share class
FRSAX (Mutual Fund)
Federated Hermes Floating Rate Strategic Income Fund
Payout Change
Pending
Price as of:
$8.65
+0.0
+0.0%
primary theme
Bank Loan
share class
FRSAX (Mutual Fund)
Federated Hermes Floating Rate Strategic Income Fund
Payout Change
Pending
Price as of:
$8.65
+0.0
+0.0%
primary theme
Bank Loan
share class
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
Vitals
YTD Return
7.0%
1 yr return
7.0%
3 Yr Avg Return
3.5%
5 Yr Avg Return
2.9%
Net Assets
$457 M
Holdings in Top 10
94.3%
52 WEEK LOW AND HIGH
$8.7
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 1.15%
SALES FEES
Front Load 1.00%
Deferred Load N/A
TRADING FEES
Turnover 4.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$1,500
IRA
$250
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 12/24/2024Price
Aum/Mkt Cap
YIELD
Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.
Exp Ratio
Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.
Watchlist
FRSAX - Profile
Distributions
- YTD Total Return 7.0%
- 3 Yr Annualized Total Return 3.5%
- 5 Yr Annualized Total Return 2.9%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 3.48%
- Dividend Yield 6.8%
- Dividend Distribution Frequency None
Fund Details
-
Legal NameFederated Hermes Floating Rate Strategic Income Fund
-
Fund Family NameFederated Hermes Funds
-
Inception DateFeb 23, 2011
-
Shares OutstandingN/A
-
Share ClassA
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerSteven Wagner
Fund Description
The Fund pursues its investment objective by allocating its portfolio of investments among the following three categories of the fixed-income market: domestic noninvestment-grade (also known as “junk bonds”); domestic investment-grade; and foreign (both emerging and developed markets). The Fund’s investment adviser, Federated Investment Management Company (“Adviser”) will determine whether a security is investment-grade based upon the credit ratings given by one or more nationally recognized statistical rating organizations (NRSROs). If a security has not received a rating, the Fund must rely entirely upon the Adviser’s credit assessment that the security is comparable to investment-grade. While the Fund’s portfolio usually includes investments from all three categories, the Fund limits the amount that it may invest in a single category to 75% of its assets. From time to time, the Fund may receive equity securities in connection with the restructuring of defaulted corporate bonds, in general, and high-yield bonds, in particular.Under normal market conditions the Fund will endeavor to maintain an average effective portfolio duration within a range of negative two (-2) to positive three (+3) years, in order to manage Share price volatility due to interest rate risk. The Fund does not limit the effective duration with respect to its investment in any individual holding. Duration measures the price sensitivity of a fixed-income security to changes in interest rates. Duration may be based on maturity date, call date or interest rate reset date.The Fund expects that it will primarily hold fixed-income investments that pay interest at rates that increase or decrease in response to changes in market interest rates (so-called “floating-rate investments”). The Fund may also invest in fixed-income investments that pay interest at a fixed rate (so-called “fixed-rate investments”) that the Adviser believes have low interest rate sensitivity.The Fund will primarily invest in loans made to domestic noninvestment-grade borrowers (i.e., leveraged loans) in the domestic noninvestment-grade category, and loan instruments (including trade finance) and debt securities in the foreign category. In the domestic investment-grade category, the Fund will invest primarily in asset-backed securities such as adjustable-rate mortgages, floating-rate collateralized mortgage obligations, and collateralized loan obligations. Within each category, the Fund may also invest in fixed- and floating-rate debt securities (including callable securities), as well as bank loans, that the Adviser believes will have relatively low sensitivity to changes in interest rates.The selection of individual portfolio investments involves an approach that is specific to each category of fixed-income investment and that relates, in part, to the risks inherent in the underlying sectors represented in each category. The investment process is designed to capture the depth of experience and focus of the Adviser’s fixed-income sector teams–mortgage-backed, investment-grade corporate, high-yield corporate and international (both emerging and developed markets).Certain of the government securities in which the Fund invests are not backed by the full faith and credit of the U.S. government, such as those issued by the Federal Home Loan Mortgage Corporation (“Freddie Mac”), the Federal National Mortgage Association (“Fannie Mae”) and the Federal Home Loan Bank System. These entities are, however, supported through federal subsidies, loans or other benefits. The Fund may also invest in government securities that are supported by the full faith and credit of the U.S. government, such as those issued by the Government National Mortgage Association (“Ginnie Mae”). Finally, to a lesser extent, the Fund may invest in certain government securities that have no explicit financial support but which are regarded as having implied support because the federal government sponsors their activities.The Fund may also invest in derivative contracts or hybrid instruments (such as, for example, futures contracts, option contracts and swap contracts) to implement its investment strategies. For example, the Fund may use derivative contracts or hybrid instruments to increase or decrease the portfolio’s exposure to the investment(s) underlying the derivative contract or hybrid instrument in an attempt to benefit from changes in the value of the underlying investment(s). There can be no assurance that the Fund’s use of derivative contracts or hybrid instruments will work as intended. Derivative investments made by the Fund are included within the Fund’s 80% policy (as described below) and are calculated at market value.The Fund may also invest its assets in securities of other investment companies, including the securities of affiliated funds and affiliated money market funds (“Underlying Funds”), as well as exchange-traded funds, as an efficient means of implementing its investment strategies and managing its uninvested cash and/or for other investment reasons consistent with the Fund’s objective and investment strategies. At times, the Fund’s investment in Underlying Funds may be a substantial portion of the Fund’s portfolio. The Fund may also invest in loan instruments, including trade finance loan instruments, primarily by investing in other investment companies (which are not available for general investment by the public) that own those securities and are advised by an affiliate of the Adviser. The Fund may also invest in such securities directly.The Fund will invest its assets so that at least 80% of its net assets (plus any borrowings for investment purposes) are invested in floating-rate fixed-income investments. The Fund will notify shareholders at least 60 days in advance of any change in its investment policy that would enable the Fund to invest, under normal circumstances, less than 80% of its net assets (plus any borrowings for investment purposes) in floating-rate fixed-income investments. For purposes of this limitation, a floating-rate investment includes any fixed-income investment that requires periodic changes in its interest rate based upon changes in a recognized index interest rate or another method of determining prevailing interest rates, including loan instruments subject to a floor and money market funds. The Fund may count the value of certain derivatives with floating-rate fixed-income characteristics towards its policy to invest in floating-rate fixed-income investments.
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FRSAX - Performance
Return Ranking - Trailing
| Period | FRSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.0% | -4.6% | 10.5% | 84.91% |
| 1 Yr | 7.0% | -4.4% | 11.0% | 85.28% |
| 3 Yr | 3.5%* | -6.8% | 8.3% | 87.75% |
| 5 Yr | 2.9%* | -4.7% | 38.1% | 88.38% |
| 10 Yr | 3.1%* | -0.3% | 20.0% | 82.42% |
* Annualized
Return Ranking - Calendar
| Period | FRSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 0.8% | -12.0% | 11.1% | 93.96% |
| 2022 | -9.5% | -22.9% | 5.1% | 76.74% |
| 2021 | 0.7% | -12.2% | 11.1% | 66.27% |
| 2020 | -3.0% | -14.1% | 289.8% | 66.53% |
| 2019 | 1.9% | -8.1% | 7.5% | 64.68% |
Total Return Ranking - Trailing
| Period | FRSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 7.0% | -4.6% | 10.5% | 84.91% |
| 1 Yr | 7.0% | -4.4% | 11.0% | 85.28% |
| 3 Yr | 3.5%* | -6.8% | 8.3% | 87.75% |
| 5 Yr | 2.9%* | -4.7% | 38.1% | 88.38% |
| 10 Yr | 3.1%* | -0.3% | 20.0% | 82.42% |
* Annualized
Total Return Ranking - Calendar
| Period | FRSAX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2023 | 9.2% | -12.0% | 22.1% | 92.83% |
| 2022 | -5.1% | -22.9% | 5.1% | 83.72% |
| 2021 | 4.3% | -10.2% | 11.1% | 68.25% |
| 2020 | 0.5% | -8.8% | 306.9% | 76.03% |
| 2019 | 6.4% | -3.6% | 12.1% | 77.45% |
NAV & Total Return History
FRSAX - Holdings
Concentration Analysis
| FRSAX | Category Low | Category High | FRSAX % Rank | |
|---|---|---|---|---|
| Net Assets | 457 M | 29.9 M | 13.5 B | 57.53% |
| Number of Holdings | 65 | 2 | 2051 | 95.33% |
| Net Assets in Top 10 | 385 M | -191 M | 2.37 B | 20.23% |
| Weighting of Top 10 | 94.32% | 5.2% | 100.7% | 3.91% |
Top 10 Holdings
- FEDERATED CORE TR FEDERATED BANK LOAN CORE FUND 75.07%
- FEDERATED CORE TR III FEDERATED PROJ+TRADE FIN CORE 11.09%
- Freddie Mac REMICS 1.37%
- Government National Mortgage Association 1.20%
- Government National Mortgage Association 1.19%
- Freddie Mac REMICS 1.15%
- Fannie Mae REMICS 1.13%
- Federated Hermes Government Obligations Fund 0.95%
- Fannie Mae REMICS 0.65%
- Fannie Mae REMICS 0.52%
Asset Allocation
| Weighting | Return Low | Return High | FRSAX % Rank | |
|---|---|---|---|---|
| Stocks | 86.16% | 0.00% | 100.70% | 3.89% |
| Bonds | 10.85% | 0.00% | 161.82% | 96.50% |
| Other | 2.06% | -52.39% | 26.58% | 16.34% |
| Cash | 0.95% | -61.90% | 16.36% | 72.37% |
| Convertible Bonds | 0.15% | 0.00% | 5.51% | 22.35% |
| Preferred Stocks | 0.00% | -3.99% | 7.54% | 56.42% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | FRSAX % Rank | |
|---|---|---|---|---|
| Energy | 100.00% | 0.00% | 100.00% | 1.74% |
| Utilities | 0.00% | 0.00% | 100.00% | 45.22% |
| Technology | 0.00% | 0.00% | 100.00% | 43.48% |
| Real Estate | 0.00% | 0.00% | 48.61% | 33.04% |
| Industrials | 0.00% | 0.00% | 100.00% | 61.74% |
| Healthcare | 0.00% | 0.00% | 100.00% | 31.30% |
| Financial Services | 0.00% | 0.00% | 89.61% | 34.78% |
| Communication Services | 0.00% | 0.00% | 100.00% | 69.57% |
| Consumer Defense | 0.00% | 0.00% | 100.00% | 45.22% |
| Consumer Cyclical | 0.00% | 0.00% | 97.66% | 53.91% |
| Basic Materials | 0.00% | 0.00% | 1.36% | 32.17% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | FRSAX % Rank | |
|---|---|---|---|---|
| US | 86.16% | -0.01% | 100.70% | 3.89% |
| Non US | 0.00% | 0.00% | 0.68% | 45.14% |
Bond Sector Breakdown
| Weighting | Return Low | Return High | FRSAX % Rank | |
|---|---|---|---|---|
| Corporate | 85.70% | 0.00% | 99.80% | 72.55% |
| Securitized | 10.03% | 0.00% | 91.68% | 5.49% |
| Cash & Equivalents | 0.95% | 0.00% | 25.03% | 63.42% |
| Derivative | 0.00% | -11.46% | 0.67% | 47.47% |
| Municipal | 0.00% | 0.00% | 0.47% | 35.69% |
| Government | 0.00% | 0.00% | 3.18% | 45.49% |
Bond Geographic Breakdown
| Weighting | Return Low | Return High | FRSAX % Rank | |
|---|---|---|---|---|
| US | 10.85% | 0.00% | 124.50% | 96.50% |
| Non US | 0.00% | 0.00% | 63.23% | 57.98% |
FRSAX - Expenses
Operational Fees
| FRSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 1.15% | 0.03% | 5.51% | 47.35% |
| Management Fee | 0.60% | 0.00% | 1.89% | 38.64% |
| 12b-1 Fee | 0.00% | 0.00% | 1.00% | 6.02% |
| Administrative Fee | 0.10% | 0.02% | 0.27% | 42.22% |
Sales Fees
| FRSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Front Load | 1.00% | 1.00% | 5.75% | 100.00% |
| Deferred Load | N/A | 1.00% | 1.00% | N/A |
Trading Fees
| FRSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | N/A |
Related Fees
Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.
| FRSAX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 4.00% | 4.00% | 180.00% | 0.83% |
FRSAX - Distributions
Dividend Yield Analysis
| FRSAX | Category Low | Category High | FRSAX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 6.83% | 0.00% | 11.13% | 73.96% |
Dividend Distribution Analysis
| FRSAX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | None | Monthly | Monthly | Monthly |
Net Income Ratio Analysis
| FRSAX | Category Low | Category High | FRSAX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 3.48% | 1.77% | 9.82% | 56.13% |
Capital Gain Distribution Analysis
| FRSAX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Annually | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Nov 30, 2024 | $0.049 | OrdinaryDividend |
| Oct 31, 2024 | $0.049 | OrdinaryDividend |
| Sep 30, 2024 | $0.050 | OrdinaryDividend |
| Aug 31, 2024 | $0.052 | OrdinaryDividend |
| Jul 31, 2024 | $0.053 | OrdinaryDividend |
| Jun 30, 2024 | $0.055 | OrdinaryDividend |
| Apr 30, 2024 | $0.050 | OrdinaryDividend |
| Mar 31, 2024 | $0.050 | OrdinaryDividend |
| Feb 29, 2024 | $0.049 | OrdinaryDividend |
| Jan 31, 2024 | $0.055 | OrdinaryDividend |
| Dec 31, 2023 | $0.061 | OrdinaryDividend |
| Nov 30, 2023 | $0.058 | OrdinaryDividend |
| Oct 31, 2023 | $0.061 | OrdinaryDividend |
| Sep 30, 2023 | $0.059 | OrdinaryDividend |
| Aug 31, 2023 | $0.062 | OrdinaryDividend |
| Jul 31, 2023 | $0.061 | OrdinaryDividend |
| Jun 30, 2023 | $0.058 | OrdinaryDividend |
| May 31, 2023 | $0.058 | OrdinaryDividend |
| Apr 28, 2023 | $0.059 | OrdinaryDividend |
| Mar 31, 2023 | $0.057 | OrdinaryDividend |
| Feb 28, 2023 | $0.050 | OrdinaryDividend |
| Jan 31, 2023 | $0.055 | OrdinaryDividend |
| Dec 31, 2022 | $0.054 | OrdinaryDividend |
| Nov 30, 2022 | $0.051 | OrdinaryDividend |
| Oct 31, 2022 | $0.047 | OrdinaryDividend |
| Sep 30, 2022 | $0.042 | OrdinaryDividend |
| Aug 31, 2022 | $0.042 | OrdinaryDividend |
| Jul 31, 2022 | $0.036 | OrdinaryDividend |
| Jun 30, 2022 | $0.029 | OrdinaryDividend |
| May 31, 2022 | $0.030 | OrdinaryDividend |
| Apr 30, 2022 | $0.029 | OrdinaryDividend |
| Mar 31, 2022 | $0.030 | OrdinaryDividend |
| Feb 28, 2022 | $0.029 | OrdinaryDividend |
| Jan 31, 2022 | $0.031 | OrdinaryDividend |
| Dec 31, 2021 | $0.033 | OrdinaryDividend |
| Nov 30, 2021 | $0.030 | OrdinaryDividend |
| Oct 31, 2021 | $0.028 | OrdinaryDividend |
| Sep 30, 2021 | $0.026 | OrdinaryDividend |
| Aug 31, 2021 | $0.026 | OrdinaryDividend |
| Jul 30, 2021 | $0.024 | OrdinaryDividend |
| Jun 30, 2021 | $0.023 | OrdinaryDividend |
| May 28, 2021 | $0.023 | OrdinaryDividend |
| Apr 30, 2021 | $0.023 | OrdinaryDividend |
| Mar 31, 2021 | $0.021 | OrdinaryDividend |
| Feb 26, 2021 | $0.019 | OrdinaryDividend |
| Jan 31, 2021 | $0.025 | OrdinaryDividend |
| Dec 31, 2020 | $0.030 | OrdinaryDividend |
| Nov 30, 2020 | $0.020 | OrdinaryDividend |
| Oct 30, 2020 | $0.022 | OrdinaryDividend |
| Sep 30, 2020 | $0.020 | OrdinaryDividend |
| Aug 31, 2020 | $0.018 | OrdinaryDividend |
| Jul 31, 2020 | $0.018 | OrdinaryDividend |
| Jun 30, 2020 | $0.019 | OrdinaryDividend |
| May 29, 2020 | $0.025 | OrdinaryDividend |
| Apr 30, 2020 | $0.028 | OrdinaryDividend |
| Mar 31, 2020 | $0.033 | OrdinaryDividend |
| Feb 28, 2020 | $0.029 | OrdinaryDividend |
| Jan 31, 2020 | $0.032 | OrdinaryDividend |
| Dec 31, 2019 | $0.032 | OrdinaryDividend |
| Nov 29, 2019 | $0.031 | OrdinaryDividend |
| Oct 31, 2019 | $0.032 | OrdinaryDividend |
| Sep 30, 2019 | $0.033 | OrdinaryDividend |
| Aug 30, 2019 | $0.034 | OrdinaryDividend |
| Jul 31, 2019 | $0.035 | OrdinaryDividend |
| Dec 04, 2014 | $0.003 | CapitalGainLongTerm |
FRSAX - Fund Manager Analysis
Managers
Steven Wagner
Start Date
Tenure
Tenure Rank
Dec 03, 2010
11.5
11.5%
Mr. Wagner joined Federated in 1997 as an analyst in the high yield area and has been Senior Investment Analyst and Vice President of Federated Investment Management Company since 2003. Mr. Wagner received his B.S. from Boston College and his M.B.A. in Finance from the University of Pittsburgh.
Todd Abraham
Start Date
Tenure
Tenure Rank
Dec 03, 2010
11.5
11.5%
Todd A. Abraham is a Senior Portfolio Manager and Head of the Government/Mortgage-Backed Fixed Income Group. Mr. Abraham has been a Senior Portfolio Manager from 2007, Portfolio Manager from 1995 to 2006, a Senior Vice President since 2007 and a Vice President of Federated from 1997 to 2006. Mr. Abraham joined Federated in 1993 as an Investment Analyst and served as Assistant Vice President from 1995 to 1997. Mr. Abraham served as a Portfolio Analyst at Ryland Mortgage Co. from 1992 to 1993. Mr. Abraham has received the Chartered Financial Analyst designation and an M.B.A. in Finance from Loyola College.
Mark Durbiano
Start Date
Tenure
Tenure Rank
Dec 03, 2010
11.5
11.5%
Mr. Durbiano joined Federated in 1982 and has been a Senior Portfolio Manager and a Senior Vice President of Federated Investment Management Company since 1996. From 1988 through 1995, Mr. Durbiano was a Portfolio Manager and a Vice President of Federated. Mr. Durbiano has received the Chartered Financial Analyst designation and an M.B.A. in Finance from the University of Pittsburgh.
B. Anthony DelSerone
Start Date
Tenure
Tenure Rank
May 31, 2015
7.01
7.0%
B. Anthony Delserone, CFA, Senior Portfolio Manager, has been the Fund's portfolio manager since May of 2015 and the Bank Loan Affiliated Fund portfolio manager since its inception August of 2010. Mr. Delserone is a Senior Portfolio Manager and is responsible for day to day management of the Fund focusing on asset allocation, interest rate strategy and security selection. From 1998 through 1999, Mr. Delserone was a Senior Investment Analyst and an Assistant Vice President of Federated. He has been with the Federated since 1998; has worked in investment management since 1984; has managed investment portfolios since 1999. Education: B.B.A., The College of William and Mary in Virginia; M.B.A., Sellinger School of Business, Loyola College of Maryland.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 21.18 | 6.08 | 3.25 |
