Rangers have yet to win in the league this season and have taken just two points from their opening seven games.
The run of form has led to speculation over Hughes' future at Loftus Road, but Fernandes has backed the Welshman to turn things around.
"If the team was playing badly, if the dressing room was dispirited then you would have to say something's not right, but the team is playing well," Fernandes told Sky Sports News. "We have given away goals and we have critical injuries in critical places.
"Unfortunately or fortunately we are a higher profile club, we are five points away from being in the middle and you don't see the other clubs getting the kind of pressure we're getting but that comes with the territory.
"So no panic. Mark's done it in Fulham, he's done it in Blackburn and I have got to say even at Man City the core championship side were players Mark brought in.
"So he has my full confidence and I hope I am proven right in a big way that I can answer all these critics and armchair critics."