Fund Evaluator:
Federated Hermes Intl Bond Strategy (FIBPX)
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Best Performing in Global Bond Over the Last Year
| 5.4% | Destinations Global Fixed Income Opps Z (DGFZX) |
| 3.8% | Invesco International Bond Y (OIBYX) |
| 2.3% | Amana Participation Investor (AMAPX) |
| 1.8% | Invesco Global Strategic Income Y (OSIYX) |
| 1.3% | PGIM Global Total Return Z (PZTRX) |
Fund Details
Federated Hermes Intl Bond Strategy Overview
Federated Hermes Intl Bond Strategy (FIBPX) is an actively managed Taxable Bond Global Bond fund. Federated launched the fund in 2008.
The investment seeks to achieve total return. The fund invests primarily in emerging markets fixed-income investments and non-dollar and dollar denominated fixed-income securities of foreign governments and their agencies or foreign corporations. It does not limit its investment to securities of issuers in a particular market capitalization or maturity range or rating category, and can hold rated and unrated securities, including securities rated below investment grade. It is non-diversified.
About Federated Hermes Intl Bond Strategy (FIBPX)
There are 2 members of the management team with an average tenure of 15.15 years: John Sidawi (2014), Ihab Salib (2008). Management tenure is more important for actively managed funds than passive index funds.
The fund has 2 primary benchmarks: Bloomberg EM Seasoned ex Agg/Eur$ TR USD index with a weighting of 100% and JPM GBI Global Ex US TR USD index with a weighting of 100%. Federated Hermes Intl Bond Strategy has 58 securities in its portfolio. The top 10 holdings constitute 67.3% of the fund’s assets. The fund meets the SEC requirement of being classified as a nondiversified fund. The fund is not considered to have an ESG focus with its investment selection and management.
Federated Hermes Intl Bond Strategy is part of the Fixed Income global asset class and is within the Taxable Bond fund group. Federated Hermes Intl Bond Strategy has 93.5% of its portfolio invested in foreign issues. The overall assets allocated to domestic stock is 0.0%. There is 0.0% allocated to foreign stock, and 0.0% is allocated to preferred stocks. The bond allocation as a percentage of total assets is 93.1% (-0.4% domestic bond, 93.5% foreign bond and 3.7% convertible bond). Federated Hermes Intl Bond Strategy has 2.5% of the portfolio in cash.
Assets Under Management
The fund has $157 million in total assets, which is below the $439 million average for the Global Bond category. Normally, lower assets under management translates to higher average expense ratios, and greater total assets are desired. However, for some investment categories, such as small-cap investing, it may be difficult for the manager to fully employ the desired active strategy if assets grow too large or too quickly.
FIBPX Performance and Fees
The expense ratio measures how much of a fund’s assets are used for administrative expenses and operating expenses, including adviser fees and fees for the transfer agent and custodial services. The Federated Hermes Intl Bond Strategy expense ratio is low compared to funds in the Global Bond category. Federated Hermes Intl Bond Strategy has an expense ratio of 0.03%, which is 97% lower than its category average, making the fund expense ratio grade a A. While it is difficult to predict returns, it is known that high annual expense ratios reduce your rate of return, and excessive fees are difficult to overcome. Active management normally comes with higher expense ratios than passive index management. Certain investment categories such as small company and foreign also normally have higher expense ratios. It is best to compare fund expense ratios against the category averages for meaningful assessments.
High portfolio turnover can translate to higher expenses and lower aftertax returns. Federated Hermes Intl Bond Strategy has a portfolio turnover rate of 29%, indicating that holds its assets around 0.0 years. By way of comparison, the average portfolio turnover is 148% for the Global Bond category.
Recently, in the month of August 2026, Federated Hermes Intl Bond Strategy returned 0.5%, which earned it a grade of B, as the Global Bond category had an average return of 0.4%. The letter grades of A, B, C, D and F are based upon relative rankings within the investment category. A grade of A, for example, would indicate that the return is in the highest 20% for that time period compared to all funds in that category.
Federated Hermes Intl Bond Strategy has a trailing yield of 5.21%, which is above the 4.15% category average. The fund normally distributes its income annually and its capital gains annually.
It’s natural to seek the best-performing investments, but you must consider the relationship between risk and return and the impact of costs and taxes on your realized returns.
Federated Hermes Intl Bond Strategy Grades
Year to date, the fund has returned 0.9%, 0.8 percentage points better than the category, which translates into a grade of B. The fund has returned 2.9% over the past year (grade of B), 7.3% over the past three years (grade of A) and -0.1% per year over the past five years (grade of C) and 1.9% per year over the past 10 years (grade of B).
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FIBPX Trailing NAV Total Returns Data as of 8/31/26
| Last Month |
Last Quarter |
Ann'l. 1Yr |
Ann'l. 3Yr |
Ann'l. 5Yr |
Ann'l. 10Yr |
|
| FIBPX Return (NAV) | 0.5% | -0.1% | 2.9% | 7.3% | -0.1% | 1.9% |
| FIBPX Grade | B | A | B | A | C | B |
| +/- Category | 0.1% | 0.3% | 1.4% | 2.8% | 0.6% | 0.9% |
| Global Bond Avg | 0.4% | -0.4% | 1.5% | 4.5% | -0.6% | 1.0% |
| FIBPX Tax Cost Ratio | na | na | 2.0% | 1.9% | 1.5% | 1.5% |
FIBPX Annual NAV Total ReturnsData as of 8/31/26
| 2026 | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
| FIBPX Return (NAV) | 0.9% | 11.2% | 2.9% | 8.3% | -16.9% | -5.2% | 10.9% | 9.6% | -2.9% | 9.3% | 5.6% |
| FIBPX Grade | B | B | B | A | D | C | B | A | D | B | B |
| +/- Category | 0.8% | 1.6% | 4.0% | 1.7% | -3.0% | -0.9% | 3.1% | 2.5% | -0.8% | 1.4% | 1.9% |
| Global Bond Avg | 0.2% | 9.6% | -1.1% | 6.6% | -13.9% | -4.4% | 7.9% | 7.1% | -2.1% | 7.9% | 3.7% |
| Risk Measures | |
| Standard Deviation: | 7.2% |
| Total Risk Index: | 0.59 - Below Average |
| Category Risk Index: | 1.04 - Average |
| Category Risk Grade: | C (48% Rank) |
| Beta: | 1.09 |
| R-Squared: | 73% |
| Leveraged Fund: | No |
| Inverse Fund: | No |
| Portfolio Characteristics | |
| Equity Investment Style: | Small-Cap Value |
| Bond Investment Style: | na Moderate Sensitivity |
| Yield: | 5.2% |
| Dividend Distribution: | Annually |
| Cap Gains Distribution: | Annually |
| Total Assets: | $157 Mil |
| Fund Total Assets: | $ 157 Mil |
| Share Class Type: | Other |
| Portfolio Turnover: | 29% |
Management Team
| Number of Managers: 2 | |||
| Longest Tenure: 17.7 years | |||
| Average Tenure: 15.1 years | |||
| Managers (Year): Salib Ihab (2008), Sidawi John (2014) | |||
Portfolio Composition (as of 6/30/26)
| # of Holdings: | 58 |
| % in Top 10 Holdings: | 67.3% |
| Fund is Non-Diversified: | Yes |
| % in Foreign Issues: | 93.5% |
Portfolio Allocation |
|
| Domestic Stock: | 0.0% |
| Foreign Stock: | 0.0% |
| Preferred Stock: | 0.0% |
| Domestic Bond: | -0.4% |
| Foreign Bond: | 93.5% |
| Convertible Bond: | 3.7% |
| Other: | 0.7% |
| Cash: | 2.5% |
Purchase Information
| Fund Family: | Federated |
| Phone Number: | 800-341-7400 |
| Website: |
| Status: | Open |
| Inception Date: | December 24, 2008 |
| Min. Initial Purchase: | $ 0 |
| Min. Initial IRA Purchase: | $ 0 |
| True No-Load: | Yes |
| Front Load Maximum: | 0.00% |
| Deferred Charge Maximum: | 0.00% |
| Redemption Charge Maximum: | 0.00% |
| 12b-1 Fee: | na |
Expenses and Fees | |
| Expense Ratio (%): | 0.03% ( Rating : Low ) |
| Category Average Expense Ratio (%): | 0.95% |
| Share Class: | Federated Hermes Intl Bond Strategy |
| Min. Subsequent Purchase: | $ 0 |
| Min. Subsequent IRA Purchase: | $ 0 |
