FHMAX Performance — Federated Hermes Conservative Municipal Microshort Fund
Data updated: 2026-07-27
FHMAX returned +1.05% year to date and +2.69% over one year to May 2026. Over one year the fund trailed its Ultrashort Municipal Bond category average: $100 grew to $103, against $103 for the category. Volatility over the past 12 months was 0.20% a year. In the 12 months to May 2026 the fund took in a net $100.0M, and assets reached $486.34M.
FHMAX Growth of $100
What $100 invested in Federated Hermes Conservative Municipal Microshort Fund grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Ultrashort Municipal Bond category average over the same months.
| Period | FHMAX | Category average |
|---|---|---|
| 1 year (Jun 2025 – May 2026) | $103 | $103 |
| Since data start (Sep 2024 – May 2026) | $105 | $105 |
FHMAX Trailing Returns
Total returns to May 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +1.05% |
| 1 year | +2.69% |
FHMAX Annual Returns
Calendar-year total returns of Federated Hermes Conservative Municipal Microshort Fund, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–May) | +1.05% |
| 2025 | +2.87% |
| 2024 (Sep–Dec) | +0.74% |
FHMAX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +0.3% | +0.2% | +0.1% | +0.2% | +0.2% | — | — | — | — | — | — | — |
| 2025 | +0.2% | +0.2% | +0.3% | +0.3% | +0.2% | +0.2% | +0.2% | +0.3% | +0.1% | +0.2% | +0.2% | +0.2% |
| 2024 | — | — | — | — | — | — | — | — | 0.0% | +0.2% | +0.3% | +0.3% |
FHMAX Risk
Risk measures from monthly returns over Jun 2025 – May 2026.
- 1-year volatility (annualised): 0.20%
- Best month: +0.32% (Aug 2025)
- Worst month: +0.11% (Mar 2026)
FHMAX Fund Flows
Monthly money in and out of Federated Hermes Conservative Municipal Microshort Fund, from SEC Form N-PORT.
- 12-month net flow: $100.0M
- 12-month gross sales (incl. reinvestments): $484.0M
- Sales ÷ redemptions: 1.26×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| May 2026 | $85.4M | $25.3M | $60.1M |
| Apr 2026 | $23.3M | $40.2M | −$17.0M |
| Mar 2026 | $67.9M | $19.1M | $48.8M |
| Feb 2026 | $31.0M | $46.3M | −$15.3M |
| Jan 2026 | $29.8M | $27.1M | $2.7M |
| Dec 2025 | $30.4M | $46.4M | −$16.1M |
| Nov 2025 | $11.2M | $28.7M | −$17.4M |
| Oct 2025 | $10.6M | $31.1M | −$20.5M |
| Sep 2025 | $31.3M | $37.0M | −$5.7M |
| Aug 2025 | $19.9M | $29.2M | −$9.3M |
| Jul 2025 | $46.5M | $23.2M | $23.3M |
| Jun 2025 | $96.7M | $30.3M | $66.4M |
FHMAX Assets Under Management
Net assets of Federated Hermes Conservative Municipal Microshort Fund by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-05-31 | $486.34M |
| 2026-02-28 | $394.83M |
| 2025-11-30 | $423.24M |
| 2025-08-31 | $467.06M |
| 2025-05-31 | $386.36M |
| 2025-02-28 | $327.50M |
| 2024-11-30 | $256.62M |
| 2024-08-31 | $239.02M |
| 2024-05-31 | $249.87M |
| 2024-02-29 | $208.13M |
| 2023-11-30 | $179.73M |
| 2023-08-31 | $174.89M |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.