Morningstar® Investment Profile™   Morningstar®
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Federated Hermes Managed Volatility II P
Release date as of 2025-07-31. Data on page is subject to change.
Snapshot Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2025-07-31
Out of 229
Tactical Allocation Funds
Morningstar®
Style Box™
What is this?
As of 2025-06-30
As of 2025-03-31
Total Fund Assets ($ Mil)
175.8
View Historical Morningstar Star Ratings and Definitions
  Investment Objective & Strategy  
The investment seeks high current income and moderate capital appreciation.
The fund invests in both equity and fixed-income securities that have high income potential. The analysis seeks to identify securities likely to have predictable returns based on a number of strategies such as valuation, market sentiment, profitability and capital use. It may buy or sell foreign currencies or foreign currency forwards in lieu of or in addition to non-dollar denominated fixed-income securities in order to hedge or increase or decrease its exposure to foreign interest rate and/or currency markets.
  Morningstar Category: Tactical Allocation
Tactical Allocation portfolios seek to provide capital appreciation and income by actively shifting allocations across investments. These portfolios have material shifts across equity regions, and bond sectors on a frequent basis. To qualify for the tactical allocation category, the fund must have minimum exposures of 10% in bonds and 20% in equity. Next, the fund must historically demonstrate material shifts in sector or regional allocations either through a gradual shift over three years or through a series of material shifts on a quarterly basis. Within a three-year period, typically the average quarterly changes between equity regions and bond sectors exceeds 15% or the difference between the maximum and minimum exposure to a single equity region or bond sector exceeds 50%. 
  Investment Risks
There are no additional fund specific investment risks (e.g. liquidity risk, currency risk, foreign investment risk, etc.) associated with this fund beyond the normal risks generally associated with investing in a mutual fund.
  Portfolio Profile
Asset Allocation
% of Net Assets
U.S. Stocks 44.6
Non-U.S. Stocks 2.4
Bonds 47.7
Cash 2.5
Other 2.8
Total 100.0
Asset Allocation Long/Short/Net Graph
Data through 2025-06-30
Morningstar Equity Sectors
% of Stocks
Cyclical 32.98
Basic Materials 3.00
Consumer Cyclical 7.88
Financial Services 18.54
Real Estate 3.56
Sensitive 44.18
Communication Services 7.54
Energy 5.33
Industrials 11.60
Technology 19.71
Defensive 22.83
Consumer Defensive 7.28
Healthcare 12.35
Utilities 3.20
Data through 2025-06-30
Morningstar Fixed-Income Sectors
% Fund
Government 64.41
Corporate 17.36
Securitized 14.25
Municipal 0.00
Cash & Equivalents 3.98
Derivative 0.00
Data through 2025-06-30
Credit Analysis
% Bonds
AAA 2.30
AA 66.10
A 9.00
BBB 13.80
BB 1.50
B 1.50
Below B 0.60
Not Rated 5.20
Data through 2025-03-31
Credit Analysis Graph
Holding Status
Total Number of Stock Holdings 327
Total Number of Bond Holdings 306
% of Net Assets in Top 10 Holdings 60.22
Turnover % (as of 2024-12-31) 69.00
30 Day SEC Yield % 2.33
Top Holdings
Sector Country Maturity Date Market Value ($000) % of Net Assets
2 Year Treasury Note Future Sept 25 --- USA 2025-09-30 28,499 13.97
10 Year Treasury Note Future Sept 25 --- USA 2025-09-19 -25,004 12.26
Federated Mortgage Core Portfolio --- USA --- 19,749 9.68
Future on E-mini S&P 500 Futures --- USA 2025-09-19 18,761 9.20
Us 5yr Note (Cbt) Sep25 Xcbt 20250930 --- --- 2025-09-30 9,156 4.49
Federated Project and Trade Fin Cor --- USA --- 5,753 2.82
United States Treasury Notes 4.125% --- USA 2032-03-31 4,640 2.27
United States Treasury Notes 2.75% --- USA 2027-07-31 4,068 1.99
United States Treasury Notes 2.625% --- USA 2027-05-31 3,721 1.82
United States Treasury Notes 4.625% --- USA 2035-02-15 3,508 1.72
Data through 2025-06-30
  Principal Risks   
Short Sale, Credit and Counterparty, Extension, Prepayment (Call), Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Country or Region, Quantitative Investing, Value Investing, Interest Rate, Market/Market Volatility, Equity Securities, High-Yield Securities, Other, Restricted/Illiquid Securities, Underlying Fund/Fund of Funds, Derivatives, Leverage, Management, Mid-Cap, Large Cap
Show Risk Definitions
  Other Information
Inception Date: 1994-02-10
Portfolio Manager(s)
Jerome D. Conner   (2014-04-08)
Jerome D. Conner, CFA, is a portfolio manager at Federated Investment Management Company focusing on asset allocation, interest rate strategy and security selection. He has been with Federated Investment Management Company since 2002; has worked in investment management since 1995; has managed investment portfolios since 2010. Education: B.S., U.S. Naval Academy; M.S., Boston University.
Ian L. Miller   (2017-04-30)
Mr. Miller joined Federated in January 2006 as a Quantitative Analyst. ; has worked in investment management since 2006; and has managed investment portfolios since 2012. Miller earned a B.S. in Molecular Biology from Clarion University and an M.S. in Biotechnology from The John Hopkins University.
Damian M. McIntyre   (2015-04-30)
Damian McIntyre, CFA, FRM, CAIA, Vice President, Senior Portfolio Manager, Senior Quantitative Analyst, Head of Multi-Asset Solutions Team. Responsible for portfolio management and quantitative research and analysis on the Multi-Asset Solutions and Enhanced Index Teams, as well as helping to formulate Federated Hermes’ views on the economy, the financial markets and the firm’s investment positioning strategies as a member of the Macro Economic Policy and PRISM Asset Allocation committees. B.S., M.B.A., Carnegie Mellon University. Professional Affiliation: Member, CFA Society of Pittsburgh; Certified Financial Risk Manager; Chartered Alternative Investment Analyst; Financial Risk Manager; Fundamentals of Sustainability Accounting Credential Holder. Joined Federated Hermes 2008.
Dana L. Meissner   (2020-04-30)
Dana L. Meissner, CFA, FRM and CAIA, Senior Portfolio Manager, has been the Fund’s portfolio manager since April 2020. Mr. Meissner is jointly responsible for the day-to-day management of the Fund. He has been with the Adviser or an affiliate since 2000; has worked in investment management since 2000; and has managed investment portfolios since 2009. Education: M.S.I.A., Carnegie Mellon University; M.S. and B.S., University of Toledo.
Brian Smalley   (2024-04-30)
Brian Smalley, Vice President, Portfolio Manager, Senior Investment Analyst. Responsible for portfolio management and fundamental analysis on the Alternative Equity Team. Previous associations: Associate Portfolio Manager, Fixed Income Managed Accounts, Federated Hermes; Portfolio Manager, Merus Capital Partners; Portfolio Manager, G2 Trading; Trader, Helios Partners; Portfolio Manager, First New York Securities. B.S., Carnegie Mellon University; M.B.A., Tepper School of Business, Carnegie Mellon University. FSA (Fundamentals of Sustainability Accounting) Credential Holder. Joined Federated Hermes 2014.
Investment Advisor(s)
Federated Investment Management Company
Federated Equity Mgmt Co. Of Penn
Issuer
Federated
Subadvisor(s)
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