Government Credit SMA

A composite of separately managed account portfolios managed to the Bloomberg US Government/Credit Index. Portfolios in this composite do not permit the use of Federated Hermes Managed Account Pools (MAPs), therefore requiring exposure to all markets via individual securities. All portfolios utilize Federated Hermes' primary institutional fixed-income approach, a benchmark-driven process designed to add value through fundamental analysis with teams focused by sector to extract value from each step of the process - analysis of sector, yield curve and security characteristics, and assessment of major long-term indicators of interest rate direction and volatility - within client-driven parameters that meet the above criteria.