Rangers went into the international break rooted to the foot of the Premier League, having crashed to defeat at West Brom on Saturday. They have taken just two points from their opening seven games and have also been knocked out of the Capital One Cup, leading to calls from some fans for manager Hughes to be sacked and replaced with former Tottenham manager Harry Redknapp.
But Fernandes told talkSPORT on Monday morning: "Of course, we need a couple of results. But we have to be real. You could be Sir Matt Busby, Sir Alex Ferguson, or whoever the greatest manager is. But when you're suddenly playing with four centre-backs and you haven't had the stability of a defence - every game he's had to change, put people out of position - we're going to struggle a bit."
Fernandes, who helped bankroll the signing of 12 new players this summer, added: "I was looking at the table today. Nobody is panicking here, certainly not myself. We've been a bit unlucky.
"It takes time for people to gel together. There were different levels of fitnesses and, unfortunately, we were beset with injuries. But if you look at how we've played - bar the Swansea game - there hasn't been a team that really outplayed us.
"We just have to be patient, I have full faith in Mark and the team and the coaching staff."