Hughes has come under pressure after failing to lead his side to a league win so far this season, with poor results leaving them rock-bottom of the table.
Rangers' 1-0 defeat at Arsenal on Saturday marked their latest setback but the manager insists Fernandes remains satisfied with the displays QPR are producing.
Hughes told the Daily Mirror: "I'm sure he has the same view we all have, that in terms of performance and what we're producing football-wise, he feels more than happy."
The Welsh boss, who succeeded Neil Warnock at the helm in January, is confident wins will come for his side.
He added: "I've got a better team than I had last year, and I won Premier League games last year with a squad that wasn't at the level we have now.
"I know that at some point in the future we will start winning games. We will go up against a lesser team than Arsenal at the Emirates and we will get points.
"We're playing good foo tball. And it's not just against teams in and around us, it's against the top teams in the country, the top teams in Europe.
"It's hard to win these games, everybody understands that. But we need to get maximum points and I hope in the games coming up that's what will happen."
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