Federated Hermes MDT Market Neutral Fund
Portfolio of Investments
March 31, 2024 (unaudited)
Shares | Value | ||
COMMON STOCKS—90.0% | |||
Communication Services—5.9% | |||
118,397 | 1 | Altice USA, Inc. | $ 309,016 |
142,806 | 1 | CarGurus, Inc. | 3,295,963 |
13,835 | Electronic Arts, Inc. | 1,835,489 | |
22,908 | 1 | Live Nation Entertainment, Inc. | 2,422,979 |
3,248 | 1 | Madison Square Garden Spinco | 127,354 |
7,392 | 1 | Match Group, Inc. | 268,182 |
2,712 | 1 | Meta Platforms, Inc. | 1,316,893 |
20,092 | 1 | Pinterest, Inc. | 696,590 |
5,461 | Shutterstock, Inc. | 250,168 | |
40,554 | 1 | Spotify Technology S.A. | 10,702,201 |
18,727 | 1 | Yelp, Inc. | 737,844 |
188,431 | 1 | ZoomInfo Technologies, Inc. | 3,020,549 |
TOTAL | 24,983,228 | ||
Consumer Discretionary—12.0% | |||
23,127 | 1 | 1-800-FLOWERS.COM, Inc. | 250,465 |
110,908 | Advance Auto Parts, Inc. | 9,437,162 | |
10,942 | 1 | Airbnb, Inc. | 1,804,992 |
16,679 | 1 | Carvana Co. | 1,466,251 |
32,383 | 1 | Cava Group, Inc. | 2,268,429 |
23,426 | 1 | Chegg, Inc. | 177,335 |
24,186 | 1 | DoorDash, Inc. | 3,330,896 |
37,185 | 1 | DraftKings, Inc. | 1,688,571 |
18,292 | 1 | Duolingo, Inc. | 4,034,849 |
27,374 | 1 | Expedia Group, Inc. | 3,770,768 |
25,289 | Ford Motor Co. | 335,838 | |
107,599 | Gap (The), Inc. | 2,964,352 | |
13,202 | General Motors Co. | 598,711 | |
3,423 | 1 | Lululemon Athletica, Inc. | 1,337,195 |
702 | Murphy USA, Inc. | 294,278 | |
27,613 | 1 | PlayAGS, Inc. | 247,965 |
26,694 | PVH Corp. | 3,753,443 | |
56,327 | 1 | Revolve Group, Inc. | 1,192,443 |
18,019 | 1 | Royal Caribbean Cruises, Ltd. | 2,504,821 |
78,117 | 1 | Stitch Fix, Inc. | 206,229 |
3,409 | Tapestry, Inc. | 161,859 | |
151,665 | 1 | Under Armour, Inc., Class A | 1,119,288 |
36,552 | V.F. Corp. | 560,708 | |
20,420 | Wingstop, Inc. | 7,481,888 | |
66,870 | 1 | WW International, Inc. | 123,710 |
TOTAL | 51,112,446 | ||
Consumer Staples—3.6% | |||
17,594 | Albertsons Cos., Inc. | 377,215 | |
8,862 | 1 | Bellring Brands, Inc. | 523,124 |
8,618 | Bunge Global S.A. | 883,517 | |
14,685 | Colgate-Palmolive Co. | 1,322,384 | |
499 | Costco Wholesale Corp. | 365,582 | |
16,751 | 1 | elf Beauty, Inc. | 3,283,699 |
1
Shares | Value | ||
COMMON STOCKS—continued | |||
Consumer Staples—continued | |||
37,240 | 1 | Hain Celestial Group, Inc. | $ 292,706 |
35,988 | Kroger Co. | 2,055,995 | |
5,430 | Lamb Weston Holdings, Inc. | 578,458 | |
36,382 | 1 | Maplebear, Inc. | 1,356,685 |
18,485 | PepsiCo, Inc. | 3,235,060 | |
9,618 | Spectrum Brands Holdings, Inc. | 856,098 | |
TOTAL | 15,130,523 | ||
Energy—2.2% | |||
25,582 | CONSOL Energy, Inc. | 2,142,748 | |
15,267 | Devon Energy Corp. | 766,098 | |
10,101 | Marathon Petroleum Corp. | 2,035,352 | |
43,733 | 1 | Oceaneering International, Inc. | 1,023,352 |
27,466 | 1 | Propetro Holding Corp. | 221,925 |
17,568 | SM Energy Co. | 875,765 | |
19,925 | 1 | Weatherford International PLC | 2,299,744 |
TOTAL | 9,364,984 | ||
Financials—11.5% | |||
16,096 | Ameriprise Financial, Inc. | 7,057,130 | |
11,416 | Apollo Global Management, Inc. | 1,283,729 | |
2,876 | Assurant, Inc. | 541,378 | |
24,444 | Bank of New York Mellon Corp. | 1,408,463 | |
2,589 | Cboe Global Markets, Inc. | 475,677 | |
17,067 | 1 | Coinbase Global, Inc. | 4,524,803 |
13,780 | Corebridge Financial, Inc. | 395,900 | |
58,340 | 1 | Green Dot Corp. | 544,312 |
19,162 | Interactive Brokers Group, Inc., Class A | 2,140,587 | |
110,362 | Jackson Financial, Inc. | 7,299,343 | |
112,546 | 1 | LendingClub Corp. | 989,279 |
16,767 | 1 | LendingTree, Inc. | 709,915 |
30,260 | Live Oak Bancshares, Inc. | 1,256,093 | |
1,525 | MSCI, Inc., Class A | 854,686 | |
6,828 | Northern Trust Corp. | 607,146 | |
87,408 | 1 | Open Lending | 547,174 |
23,265 | 1 | PayPal Holdings, Inc. | 1,558,522 |
17,128 | Principal Financial Group, Inc. | 1,478,318 | |
34,176 | PROG Holdings, Inc. | 1,177,022 | |
57,158 | Prudential Financial, Inc. | 6,710,349 | |
2,306 | 1 | Ryan Specialty Group Holdings, Inc. | 127,983 |
7,365 | State Street Corp. | 569,462 | |
203,638 | 1 | StoneCo Ltd. | 3,382,427 |
13,453 | The Travelers Cos., Inc. | 3,096,074 | |
3,145 | 1 | Triumph Financial, Inc. | 249,461 |
TOTAL | 48,985,233 | ||
Health Care—13.6% | |||
60,394 | AbbVie, Inc. | 10,997,747 | |
126,801 | 1 | Adaptive Biotechnologies Corp. | 407,031 |
12,228 | 1 | Agios Pharmaceuticals, Inc. | 357,547 |
28,560 | 1 | Alector, Inc. | 171,931 |
10,831 | 1 | Align Technology, Inc. | 3,551,702 |
5,765 | 1 | Alkermes, Inc. | 156,059 |
8,870 | Amgen, Inc. | 2,521,918 | |
8,832 | Baxter International, Inc. | 377,480 |
2
Shares | Value | ||
COMMON STOCKS—continued | |||
Health Care—continued | |||
15,041 | 1 | Biogen, Inc. | $ 3,243,291 |
31,476 | 1 | CareDx, Inc. | 333,331 |
31,944 | 1 | Centene Corp. | 2,506,965 |
48,606 | 1 | Community Health Systems, Inc. | 170,121 |
120,477 | 1 | Elanco Animal Health, Inc. | 1,961,366 |
2,458 | Eli Lilly & Co. | 1,912,226 | |
37,593 | 1 | Fulgent Genetics, Inc. | 815,768 |
9,235 | 1 | GE HealthCare Technologies, Inc. | 839,554 |
65,905 | Gilead Sciences, Inc. | 4,827,541 | |
6,361 | 1 | Illumina, Inc. | 873,493 |
78,725 | 1 | Incyte Genomics, Inc. | 4,484,963 |
88,848 | 1 | Inmode Ltd. | 1,920,005 |
6,354 | Johnson & Johnson | 1,005,139 | |
3,397 | McKesson Corp. | 1,823,679 | |
16,310 | Merck & Co., Inc. | 2,152,104 | |
3,950 | 1 | Molina Healthcare, Inc. | 1,622,778 |
9,551 | 1 | Myriad Genetics, Inc. | 203,627 |
130,247 | 1 | NeoGenomics, Inc. | 2,047,483 |
45,850 | 1 | Nevro Corp. | 662,074 |
45,383 | 1 | Novavax, Inc. | 216,931 |
42,366 | 1 | Omnicell, Inc. | 1,238,358 |
22,385 | 1 | Privia Health Group, Inc. | 438,522 |
499 | 1 | Regeneron Pharmaceuticals, Inc. | 480,283 |
94,932 | 1 | Teladoc Health, Inc. | 1,433,473 |
4,673 | 1 | Vertex Pharmaceuticals, Inc. | 1,953,361 |
TOTAL | 57,707,851 | ||
Industrials—9.6% | |||
45,320 | 1 | 3D Systems Corp. | 201,221 |
3,207 | AGCO Corp. | 394,525 | |
32,402 | Allison Transmission Holdings, Inc. | 2,629,746 | |
14,133 | Apogee Enterprises, Inc. | 836,674 | |
31,969 | 1 | Astronics Corp. | 608,690 |
3,831 | 1 | Atkore, Inc. | 729,269 |
18,204 | 1 | BlueLinx Holdings, Inc. | 2,370,889 |
3,518 | 1 | Builders Firstsource, Inc. | 733,679 |
3,916 | Caterpillar, Inc. | 1,434,940 | |
47,840 | 1 | Core & Main, Inc. | 2,738,840 |
15,718 | 1 | Dayforce, Inc. | 1,040,689 |
10,042 | 1 | DXP Enterprises, Inc. | 539,557 |
19,218 | 1 | Fluence Energy, Inc. | 333,240 |
7,889 | 1 | Generac Holdings, Inc. | 995,118 |
7,023 | 1 | GMS, Inc. | 683,619 |
13,157 | Masco Corp. | 1,037,824 | |
100,863 | 1 | NEXTracker, Inc. | 5,675,561 |
15,842 | 1 | Parsons Corp. | 1,314,094 |
8,398 | Paychex, Inc. | 1,031,274 | |
56,606 | Pitney Bowes, Inc. | 245,104 | |
24,438 | 1 | Proto Labs, Inc. | 873,658 |
991 | Rockwell Automation, Inc. | 288,708 | |
34,037 | 1 | SkyWest, Inc. | 2,351,276 |
1,065 | Trane Technologies PLC | 319,713 | |
1,935 | 1 | Transdigm Group, Inc. | 2,383,146 |
3
Shares | Value | ||
COMMON STOCKS—continued | |||
Industrials—continued | |||
70,777 | 1 | Uber Technologies, Inc. | $ 5,449,121 |
502 | United Rentals, Inc. | 361,997 | |
3,480 | Vertiv Holdings Co. | 284,212 | |
23,724 | 1 | XPO, Inc. | 2,895,040 |
TOTAL | 40,781,424 | ||
Information Technology—20.7% | |||
90,148 | 1 | AppLovin Corp. | 6,240,045 |
11,635 | 1 | Arista Networks, Inc. | 3,373,917 |
25,379 | 1 | Braze, Inc. | 1,124,290 |
45,798 | 1 | Cerence, Inc. | 721,319 |
19,281 | 1 | Clear Secure, Inc. | 410,107 |
24,781 | 1 | Crowdstrike Holdings, Inc. | 7,944,541 |
6,373 | 1 | DocuSign, Inc. | 379,512 |
25,214 | 1 | Dynatrace Holdings LLC | 1,170,938 |
24,592 | 1 | Enphase Energy, Inc. | 2,975,140 |
4,846 | 1 | F5, Inc. | 918,753 |
4,827 | 1 | FormFactor, Inc. | 220,256 |
31,729 | 1 | Freshworks, Inc. | 577,785 |
12,384 | 1 | Gitlab, Inc. | 722,235 |
45,298 | 1 | GoDaddy, Inc. | 5,375,967 |
1,757 | 1 | Guidewire Software, Inc. | 205,059 |
5,245 | 1 | HubSpot, Inc. | 3,286,307 |
6,973 | 1 | Intapp, Inc. | 239,174 |
2,544 | KLA Corp. | 1,777,162 | |
16,057 | 1 | Kyndryl Holdings, Inc. | 349,400 |
43,236 | 1 | LiveRamp Holdings, Inc. | 1,491,642 |
6,940 | 1 | MaxLinear, Inc. | 129,570 |
12,913 | Microchip Technology, Inc. | 1,158,425 | |
140,301 | 1 | Nutanix, Inc. | 8,659,378 |
19,679 | 1 | ON Semiconductor Corp. | 1,447,390 |
96,754 | Pegasystems, Inc. | 6,254,179 | |
16,973 | 1 | Procore Technologies, Inc. | 1,394,671 |
5,774 | 1 | Pure Storage, Inc. | 300,190 |
49,196 | 1 | Q2 Holdings, Inc. | 2,585,742 |
10,931 | 1 | Qorvo, Inc. | 1,255,207 |
20,960 | Qualcomm, Inc. | 3,548,528 | |
6,725 | 1 | Qualys, Inc. | 1,122,201 |
21,034 | 1 | RingCentral, Inc. | 730,721 |
2,298 | 1 | ServiceNow, Inc. | 1,751,995 |
4,880 | Skyworks Solutions, Inc. | 528,602 | |
13,173 | 1 | Squarespace, Inc. | 480,024 |
15,878 | 1 | Synaptics, Inc. | 1,549,058 |
12,241 | TD SYNNEX Corp. | 1,384,457 | |
94,697 | 1 | Varonis Systems, Inc. | 4,466,857 |
6,914 | 1 | Workday, Inc. | 1,885,794 |
42,777 | 1 | Zoom Video Communications, Inc. | 2,796,332 |
25,661 | 1 | Zscaler, Inc. | 4,943,078 |
TOTAL | 87,875,948 | ||
Materials—4.5% | |||
91,967 | 1 | Axalta Coating Systems Ltd. | 3,162,745 |
30,178 | 1 | Knife River Corp. | 2,446,832 |
4,143 | Koppers Holdings, Inc. | 228,569 |
4
Shares | Value | ||
COMMON STOCKS—continued | |||
Materials—continued | |||
12,692 | LyondellBasell Industries NV | $ 1,298,138 | |
196,095 | Mosaic Co./The | 6,365,244 | |
10,355 | PPG Industries, Inc. | 1,500,439 | |
18,394 | Steel Dynamics, Inc. | 2,726,543 | |
28,945 | 1 | Summit Materials, Inc. | 1,290,079 |
TOTAL | 19,018,589 | ||
Real Estate—3.6% | |||
155,706 | Kilroy Realty Corp. | 5,672,369 | |
20,808 | Macerich Co. (The) | 358,522 | |
79,278 | 1 | Redfin Corp. | 527,199 |
83,336 | SL Green Realty Corp. | 4,594,314 | |
58,282 | Vornado Realty Trust, LP | 1,676,773 | |
46,820 | 1 | Zillow Group, Inc. | 2,240,805 |
TOTAL | 15,069,982 | ||
Utilities—2.8% | |||
7,481 | Constellation Energy Corp. | 1,382,863 | |
149,006 | Vistra Corp. | 10,378,268 | |
TOTAL | 11,761,131 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $289,097,879) | 381,791,339 | ||
INVESTMENT COMPANY—6.0% | |||
25,493,993 | Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 5.37%2 (IDENTIFIED COST $25,498,236) | $25,496,542 | |
TOTAL INVESTMENT IN SECURITIES—96.0% (IDENTIFIED COST $314,596,115) | 407,287,881 | ||
OTHER ASSETS AND LIABILITIES - NET—4.0%3 | 16,857,956 | ||
TOTAL NET ASSETS—100% | $424,145,837 |
SECURITIES SOLD SHORT—(78.7)%
Shares | Value | ||
Communication Services—(6.0)% | |||
4,396 | ATN International, Inc. | $ 138,496 | |
9,603 | 1 | Charter Communications, Inc. | 2,790,920 |
35,672 | 1 | E.W. Scripps Co. | 140,191 |
35,009 | 1 | Frontier Communications Parent, Inc. | 857,721 |
48,392 | 1 | Liberty Media Corp-Liberty SiriusXM | 1,437,726 |
155,066 | 1 | Magnite, Inc. | 1,666,960 |
14,101 | Sinclair, Inc. | 189,940 | |
20,241 | 1 | Take-Two Interactive Software, Inc. | 3,005,586 |
84,802 | 1 | TKO Group Holdings, Inc. | 7,327,741 |
43,615 | 1 | Trade Desk, Inc./The | 3,812,823 |
82,689 | 1 | Vimeo Holdings, Inc. | 338,198 |
30,851 | Walt Disney Co. | 3,774,928 | |
TOTAL | 25,481,230 | ||
Consumer Discretionary—(10.3)% | |||
33,820 | 1 | CarMax, Inc. | 2,946,060 |
43,067 | Churchill Downs, Inc. | 5,329,541 | |
9,681 | 1 | Crocs, Inc. | 1,392,128 |
51,143 | 1 | Dave & Buster’s Entertainment, Inc. | 3,201,552 |
3,625 | 1 | Etsy, Inc. | 249,110 |
22,361 | 1 | Floor & Decor Holdings, Inc. | 2,898,433 |
20,235 | 1 | Fox Factory Holding Corp. | 1,053,636 |
5
Shares | Value | ||
Consumer Discretionary—continued | |||
30,307 | Garmin Ltd. | $ 4,511,803 | |
17,760 | 1 | G-III Apparel Group Ltd. | 515,218 |
3,048 | 1 | Grand Canyon Education, Inc. | 415,168 |
7,707 | 1 | Hilton Grand Vacations, Inc. | 363,848 |
3,361 | Home Depot, Inc. | 1,289,280 | |
6,785 | Lithia Motors, Inc. | 2,041,335 | |
24,869 | LKQ Corp. | 1,328,253 | |
64,310 | 1 | Peloton Interactive, Inc. | 275,568 |
8,125 | 1 | Planet Fitness, Inc. | 508,869 |
689 | 1 | RH | 239,951 |
76,086 | 1 | Rivian Automotive, Inc. | 833,142 |
59,973 | 1 | Tesla, Inc. | 10,542,654 |
66,510 | 1 | The RealReal, Inc. | 260,054 |
4,510 | Tractor Supply Co. | 1,180,357 | |
1,074 | Vail Resorts, Inc. | 239,319 | |
70,748 | 1 | Victoria’s Secret & Co. | 1,371,096 |
10,716 | 1 | Wayfair, Inc. | 727,402 |
TOTAL | 43,713,777 | ||
Consumer Staples—(2.0)% | |||
2,710 | 1 | Dollar Tree, Inc. | 360,837 |
21,918 | 1 | Freshpet, Inc. | 2,539,419 |
25,628 | Reynolds Consumer Products, Inc. | 731,936 | |
79,329 | Tyson Foods, Inc., Class A | 4,658,992 | |
TOTAL | 8,291,184 | ||
Energy—(2.2)% | |||
32,462 | 1 | Antero Resources Corp. | 941,398 |
7,148 | 1 | DMC Global, Inc. | 139,315 |
66,284 | Enviva, Inc. | 29,172 | |
20,093 | 1 | Green Plains, Inc. | 464,550 |
134,089 | New Fortress Energy, Inc. | 4,101,782 | |
58,447 | Sitio Royalties Corp. | 1,444,810 | |
21,596 | Targa Resources, Inc. | 2,418,536 | |
TOTAL | 9,539,563 | ||
Financials—(9.0)% | |||
4,326 | Ameris Bancorp | 209,292 | |
19,356 | Bank of America Corp. | 733,980 | |
32,185 | 1 | BGC Group, Inc. | 250,077 |
74,521 | Blackstone, Inc. | 9,789,824 | |
20,899 | 1 | Cannae Holdings, Inc. | 464,794 |
82,577 | Charles Schwab Corp. | 5,973,620 | |
46,571 | Citigroup, Inc. | 2,945,150 | |
16,523 | Citizens Financial Group, Inc. | 599,620 | |
36,950 | Comerica, Inc. | 2,031,881 | |
2,671 | Erie Indemnity Co. | 1,072,593 | |
27,918 | Fidelity National Information Services, Inc. | 2,070,957 | |
14,666 | First Interstate BancSystem, Inc., Class A | 399,062 | |
22,962 | Glacier Bancorp, Inc. | 924,909 | |
1,712 | 1 | GoHealth, Inc. | 17,993 |
15,075 | 1 | PRA Group, Inc. | 393,156 |
29,668 | Redwood Trust, Inc. | 188,985 | |
14,490 | SEI Investments Co. | 1,041,831 | |
9,222 | 1 | StoneX Group, Inc. | 647,938 |
38,886 | Truist Financial Corp. | 1,515,776 |
6
Shares | Value | ||
Financials—continued | |||
35,598 | U.S. Bancorp | $ 1,591,231 | |
125,303 | 1 | Upstart Holdings, Inc. | 3,369,398 |
16,504 | Webster Financial Corp. Waterbury | 837,889 | |
5,941 | Wells Fargo & Co. | 344,340 | |
10,213 | Western Alliance Bancorp | 655,572 | |
TOTAL | 38,069,868 | ||
Health Care—(11.3)% | |||
47,384 | 1 | 10X Genomics, Inc. | 1,778,322 |
48,493 | 1 | AdaptHealth Corp. | 558,154 |
126,067 | 1 | agilon health, Inc. | 769,009 |
16,799 | 1 | Akero Therapeutics, Inc. | 424,343 |
76,516 | 1 | Apellis Pharmaceuticals, Inc. | 4,497,610 |
48,618 | 1 | Arrowhead Pharmaceuticals, Inc. | 1,390,475 |
41,194 | 1 | Axsome Therapeutics, Inc. | 3,287,281 |
9,317 | Bio-Techne Corp. | 655,824 | |
21,113 | 1 | Cryoport, Inc. | 373,700 |
11,174 | 1 | Cytokinetics, Inc. | 783,409 |
1,949 | Danaher Corp. | 486,704 | |
36,799 | 1 | Evolent Health, Inc. | 1,206,639 |
56,454 | 1 | Guardant Health, Inc. | 1,164,646 |
14,073 | 1 | HealthEquity, Inc. | 1,148,779 |
80,986 | 1 | Heron Therapeutics, Inc. | 224,331 |
1,100 | Humana, Inc. | 381,392 | |
10,770 | 1 | Inspire Medical Systems, Inc. | 2,313,288 |
28,966 | 1 | Intellia Therapeutics, Inc. | 796,855 |
5,786 | 1 | Intuitive Surgical, Inc. | 2,309,135 |
6,576 | 1 | iRhythm Technologies, Inc. | 762,816 |
62,469 | 1 | Karyopharm Therapeutics, Inc. | 94,328 |
49,645 | 1 | Kodiak Sciences, Inc. | 261,133 |
4,685 | 1 | Lantheus Holdings, Inc. | 291,594 |
8,155 | 1 | Madrigal Pharmaceuticals, Inc. | 2,177,711 |
36,227 | 1 | Masimo Corp. | 5,319,935 |
30,603 | 1 | Moderna, Inc. | 3,261,056 |
45,200 | 1 | Neogen Corp. | 713,256 |
31,540 | 1 | Outset Medical, Inc. | 70,019 |
8,003 | 1 | PetIQ, Inc. | 146,295 |
40,944 | 1 | PTC Therapeutics, Inc. | 1,191,061 |
217,467 | 1 | R1 RCM, Inc. | 2,800,975 |
12,788 | 1 | Schrodinger, Inc. | 345,276 |
1,844 | 1 | Shockwave Medical, Inc. | 600,462 |
18,427 | 1 | Silk Road Medical, Inc. | 337,583 |
35,953 | 1 | Sotera Health Topco, Inc. | 431,796 |
1,330 | Thermo Fisher Scientific, Inc. | 773,009 | |
30,742 | 1 | TransMedics Group, Inc. | 2,273,063 |
14,218 | 1 | Ultragenyx Pharmaceutical, Inc. | 663,838 |
1,905 | West Pharmaceutical Services, Inc. | 753,828 | |
TOTAL | 47,818,930 | ||
Industrials—(7.7)% | |||
2,882 | 1 | Aerovironment, Inc. | 441,753 |
77,492 | Air Lease Corp. | 3,986,188 | |
20,533 | 1 | Air Transport Services Group, Inc. | 282,534 |
13,415 | 1 | Ameresco, Inc. | 323,704 |
44,102 | Avis Budget Group, Inc. | 5,400,731 |
7
Shares | Value | ||
Industrials—continued | |||
6,128 | 1 | Boeing Co. | $ 1,182,643 |
22,991 | 1 | Chart Industries, Inc. | 3,787,078 |
17,902 | Concentrix Corp. | 1,185,470 | |
64,315 | 1 | Copart, Inc. | 3,725,125 |
147,370 | 1 | Driven Brands Holdings, Inc. | 2,326,972 |
19,570 | Fastenal Co. | 1,509,630 | |
2,965 | 1 | FTI Consulting, Inc. | 623,510 |
4,827 | 1 | Kirby Corp. | 460,110 |
10,154 | 1 | Mastec, Inc. | 946,860 |
17,205 | 1 | Mercury Systems, Inc. | 507,548 |
644 | Old Dominion Freight Lines, Inc. | 141,236 | |
13,642 | 1 | Paycom Software, Inc. | 2,714,894 |
38,960 | 1 | Shoals Technologies Group, Inc. | 435,573 |
160,158 | 1 | SunRun, Inc. | 2,110,882 |
10,804 | 1 | Vicor Corp. | 413,145 |
TOTAL | 32,505,586 | ||
Information Technology—(17.7)% | |||
5,337 | 1 | Adobe, Inc. | 2,693,050 |
45,338 | 1 | Advanced Micro Devices, Inc. | 8,183,056 |
102,455 | 1 | Allegro MicroSystems, Inc. | 2,762,187 |
17,303 | 1 | Appian Corp. | 691,255 |
34,219 | 1 | Asana, Inc. | 530,052 |
32,253 | 1 | Aspen Technology, Inc. | 6,878,920 |
42,478 | 1 | Bill.Com Holdings, Inc. | 2,919,088 |
1,304 | Broadcom, Inc. | 1,728,335 | |
123,811 | 1 | Confluent, Inc. | 3,778,712 |
40,885 | Entegris, Inc. | 5,745,978 | |
5,240 | 1 | Five9, Inc. | 325,456 |
16,521 | 1 | Globalfoundries, Inc. | 860,909 |
26,434 | 1 | Impinj, Inc. | 3,394,390 |
30,699 | Intel Corp. | 1,355,975 | |
5,563 | 1 | Lattice Semiconductor Corp. | 435,193 |
10,728 | 1 | Lumentum Holdings, Inc. | 507,971 |
36,370 | Marvell Technology, Inc. | 2,577,906 | |
16,693 | MKS Instruments, Inc. | 2,220,169 | |
697 | 1 | MongoDB, Inc. | 249,972 |
64,427 | 1 | nCino, Inc. | 2,408,281 |
21,581 | 1 | Palo Alto Networks, Inc. | 6,131,810 |
20,981 | 1 | Par Technology Corp. | 951,698 |
13,558 | 1 | PTC, Inc. | 2,561,648 |
23,724 | 1 | Riot Blockchain, Inc. | 290,382 |
4,498 | 1 | Sitime Corp. | 419,349 |
2,467 | 1 | Super Micro Computer, Inc. | 2,491,744 |
360 | 1 | Synopsys, Inc. | 205,740 |
8,988 | 1 | Trimble, Inc. | 578,468 |
2,530 | 1 | Twilio, Inc. | 154,709 |
17,493 | Ubiquiti Networks, Inc. | 2,026,564 | |
224,205 | 1 | Unity Software, Inc. | 5,986,273 |
23,036 | 1 | Veeco Instruments, Inc. | 810,176 |
33,051 | 1 | ViaSat, Inc. | 597,893 |
51,373 | 1 | Wolfspeed, Inc. | 1,515,503 |
48,865 | 1 | Yext, Inc. | 294,656 |
TOTAL | 75,263,468 |
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Shares | Value | ||
Materials—(5.4)% | |||
35,773 | Air Products & Chemicals, Inc. | $ 8,666,725 | |
141,277 | Alcoa Corp. | 4,773,750 | |
5,537 | Carpenter Technology Corp. | 395,452 | |
7,981 | Celanese Corp. | 1,371,615 | |
41,963 | Corteva, Inc. | 2,420,006 | |
40,303 | Dow, Inc. | 2,334,753 | |
70,919 | 1 | MP Materials Corp. | 1,014,142 |
5,136 | Quaker Chemical Corp. | 1,054,164 | |
23,092 | Sealed Air Corp. | 859,022 | |
TOTAL | 22,889,629 | ||
Real Estate—(4.3)% | |||
7,491 | Americold Realty Trust, Inc. | 186,676 | |
20,441 | 1 | CoStar Group, Inc. | 1,974,601 |
8,739 | Digital Realty Trust, Inc. | 1,258,765 | |
66,304 | Extra Space Storage, Inc. | 9,746,688 | |
173,008 | Healthcare Realty Trust, Inc. | 2,448,063 | |
13,795 | 1 | Howard Hughes Holdings, Inc. | 1,001,793 |
7,551 | Realty Income Corp. | 408,509 | |
20,478 | Ventas, Inc. | 891,612 | |
4,568 | WP Carey, Inc. | 257,818 | |
TOTAL | 18,174,525 | ||
Utilities—(2.8)% | |||
8,418 | Brookfield Renewable Corp. | 206,830 | |
50,947 | Dominion Energy, Inc. | 2,506,083 | |
36,007 | EverSource Energy | 2,152,138 | |
79,577 | NextEra Energy, Inc. | 5,085,766 | |
14,526 | NRG Energy, Inc. | 983,265 | |
2,319 | Sempra Energy | 166,574 | |
7,951 | Southwest Gas Holdings, Inc. | 605,310 | |
23,810 | 1 | Sunnova Energy International, Inc. | 145,955 |
TOTAL | 11,851,921 | ||
Total Securities Sold Short (PROCEEDS $306,683,988) | $333,599,681 |
The Value of Securities Sold Short is included in “Other Assets and Liabilities—Net”.
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended March 31, 2024, were as follows:
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares | |
Value as of 12/31/2023 | $17,374,947 |
Purchases at Cost | $76,617,426 |
Proceeds from Sales | $(68,486,904) |
Change in Unrealized Appreciation/Depreciation | $(4,620) |
Net Realized Gain/(Loss) | $(4,307) |
Value as of 3/31/2024 | $25,496,542 |
Shares Held as of 3/31/2024 | 25,493,993 |
Dividend Income | $293,738 |
1 | Non-income-producing security. |
2 | 7-day net yield. |
3 | Assets, other than investments in securities, less liabilities. |
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Note: The categories of investments are shown as a percentage of total net assets at March 31, 2024.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
◾ Equity securities including shares of exchange-traded funds listed on an exchange or traded through a regulated market system are valued at their last reported sale price or official closing price in their principal exchange or market.
◾ Fixed-income securities are fair valued using price evaluations provided by a pricing service approved by Federated MDTA LLC (the “Adviser”).
◾ Shares of other mutual funds or non-exchange-traded investment companies are valued based upon their reported NAVs, or NAV per share practical expedient, as applicable.
◾ Derivative contracts listed on exchanges are valued at their reported settlement or closing price, except that options are valued at the mean of closing bid and ask quotations.
◾ Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Adviser.
◾ For securities that are fair valued in accordance with procedures established by and under the general supervision of the Adviser, certain factors may be considered such as: the last traded or purchase price of the security, information obtained by contacting the issuer or dealers, analysis of the issuer’s financial statements or other available documents, fundamental analytical data, the nature and duration of restrictions on disposition, the movement of the market in which the security is normally traded, public trading in similar securities or derivative contracts of the issuer or comparable issuers, movement of a relevant index, or other factors including but not limited to industry changes and relevant government actions.
If any price, quotation, price evaluation or other pricing source is not readily available when the NAV is calculated, if the Fund cannot obtain price evaluations from a pricing service or from more than one dealer for an investment within a reasonable period of time as set forth in the Adviser’s valuation policies and procedures for the Fund, or if information furnished by a pricing service, in the opinion of the Adviser’s valuation committee (“Valuation Committee”), is deemed not representative of the fair value of such security, the Fund uses the fair value of the investment determined in accordance with the procedures described below. There can be no assurance that the Fund could obtain the fair value assigned to an investment if it sold the investment at approximately the time at which the Fund determines its NAV per share, and the actual value obtained could be materially different.
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act of 1940, the Fund’s Board of Trustees (the “Trustees”) has designated the Adviser as the Fund’s valuation designee to perform any fair value determinations for securities and other assets held by the Fund. The Adviser is subject to the Trustees’ oversight and certain reporting and other requirements intended to provide the Trustees the information needed to oversee the Adviser’s fair value determinations.
The Adviser, acting through its Valuation Committee, is responsible for determining the fair value of investments for which market quotations are not readily available. The Valuation Committee is comprised of officers of the Adviser and certain of the Adviser’s affiliated companies and determines fair value and oversees the calculation of the NAV. The Valuation Committee is also authorized to use pricing services to provide fair value evaluations of the current value of certain investments for purposes of calculating the NAV. The Valuation Committee employs various methods for reviewing third-party pricing-service evaluations including periodic reviews of third-party pricing services’ policies, procedures and valuation methods (including key inputs, methods, models and assumptions), transactional back-testing, comparisons of evaluations of different pricing services, and review of price challenges by the Adviser based on recent market activity. In the event that market quotations and price evaluations are not available for an investment, the Valuation Committee determines the fair value of the investment in accordance with procedures adopted by the Adviser. The Trustees periodically review the fair valuations made by the Valuation Committee. The Trustees have also approved the Adviser’s fair valuation and significant events procedures as part of the Fund’s compliance program and will review any changes made to the procedures.
Factors considered by pricing services in evaluating an investment include the yields or prices of investments of comparable quality, coupon, maturity, call rights and other potential prepayments, terms and type, reported transactions, indications as to values from dealers and general market conditions. Some pricing services provide a single price evaluation reflecting the bid-side of the market for an investment (a “bid” evaluation). Other pricing services offer both bid evaluations and price evaluations indicative of a price between the prices bid and ask for the investment (a “mid” evaluation). The Fund normally uses bid evaluations for any U.S. Treasury and Agency securities, mortgage-backed securities and municipal securities. The Fund normally uses mid evaluations for any other types of fixed-income securities and any OTC derivative contracts. In the event that market quotations and price evaluations are not available for an investment, the fair value of the investment is determined in accordance with procedures adopted by the Adviser.
The Adviser has also adopted procedures requiring an investment to be priced at its fair value whenever the Valuation Committee determines that a significant event affecting the value of the investment has occurred between the time as of which the price of the investment would otherwise be determined and the time as of which the NAV is computed. An event is considered significant if there is both an affirmative expectation that the investment’s value will change in response to the event and a reasonable basis for quantifying the resulting change in value. Examples of significant events that may occur after the close of the principal market on which a security is traded, or after the time of a price evaluation provided by a pricing service or a dealer, include:
◾ With respect to securities traded principally in foreign markets, significant trends in U.S. equity markets or in the trading of foreign securities index futures contracts;
◾ Political or other developments affecting the economy or markets in which an issuer conducts its operations or its securities are traded;
◾ Announcements concerning matters such as acquisitions, recapitalizations, litigation developments, or a natural disaster affecting the issuer’s operations or regulatory changes or market developments affecting the issuer’s industry.
The Adviser has adopted procedures whereby the Valuation Committee uses a pricing service to provide factors to update the fair value of equity securities traded principally in foreign markets from the time of the close of their respective foreign stock exchanges to the
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pricing time of the Fund. For other significant events, the Fund may seek to obtain more current quotations or price evaluations from alternative pricing sources. If a reliable alternative pricing source is not available, the Valuation Committee will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Adviser. The Trustees periodically review fair valuations made in response to significant events.
Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below:
Level 1—quoted prices in active markets for identical securities.
Level 2—other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3—significant unobservable inputs (including the Fund’s own assumptions in determining the fair value of investments).
The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.
At March 31, 2024, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.
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