Winless Rangers lay bottom of the Barclays Premier League table having picked up just three points from nine matches, despite a heavy outlay on new players over the summer.
"You can't blame Mark for the position we're in but we're a vastly more consistent team than we were," said Fernandes.
"The team has got the makings of a great team and Mark can get the best out of them.
"I'm an old fashioned guy that believes in stability and changing things is going to achieve nothing.
"Cream eventually rises to the top. I'm fully behind Mark, as are the shareholders. We haven't had luck but we have enough quality in the squad."