United States
Securities and Exchange Commission
Washington, D.C. 20549
Form N-CSR
Certified Shareholder Report of Registered Management Investment Companies
811-23259
(Investment Company Act File Number)
Federated Hermes Adviser Series
______________________________________________________________
(Exact Name of Registrant as Specified in Charter)
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
(Address of Principal Executive Offices)
(412) 288-1900
(Registrant's Telephone Number)
Peter J. Germain, Esquire
1001 Liberty Avenue
Pittsburgh, Pennsylvania 15222-3779
(Name and Address of Agent for Service)
(Notices should be sent to the Agent for Service)
Date of Fiscal Year End: 11/30/21
Date of Reporting Period: Six months ended 05/31/21
Item 1. | Reports to Stockholders |
Share Class | Ticker | Institutional | FHGIX |
Federated Hermes Global Equity Fund
A Portfolio of Federated Hermes Adviser Series
Country | Percentage of Total Net Assets |
United States | 59.4% |
Japan | 5.6% |
Switzerland | 3.7% |
South Korea | 3.5% |
United Kingdom | 3.1% |
China | 2.9% |
Netherlands | 2.9% |
Taiwan | 2.7% |
Sweden | 2.6% |
Norway | 2.0% |
Italy | 1.3% |
Denmark | 1.2% |
Hong Kong | 1.2% |
Spain | 1.2% |
Australia | 1.0% |
Brazil | 0.9% |
Hungary | 0.9% |
Finland | 0.8% |
France | 0.8% |
Canada | 0.6% |
Austria | 0.5% |
Indonesia | 0.5% |
India | 0.4% |
Germany | 0.3% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Information Technology | 24.4% |
Financials | 14.8% |
Consumer Discretionary | 11.9% |
Health Care | 11.7% |
Industrials | 10.4% |
Communication Services | 8.5% |
Consumer Staples | 5.7% |
Real Estate | 4.0% |
Materials | 3.6% |
Energy | 2.9% |
Utilities | 2.1% |
Other Assets and Liabilities—Net2,3 | 0.0% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—100.0% | |||
Australia—1.0% | |||
7,204 | Goodman Group | $107,480 | |
Austria—0.5% | |||
913 | OMV AG | 53,044 | |
Brazil—0.9% | |||
23,600 | Magazine Luiza SA | 91,698 | |
Canada—0.6% | |||
180 | 1 | Lululemon Athletica. Inc. | 58,163 |
China—2.9% | |||
2,214 | 1 | Alibaba Group Holding Ltd. | 59,355 |
9,000 | China Mengniu Dairy Co. Ltd. | 53,193 | |
6,000 | China Resources Logic Ltd. | 37,184 | |
8,000 | Ping An Insurance (Group) Co. of China Ltd. | 87,335 | |
37,690 | Shenzhen International Holdings Ltd. | 57,368 | |
TOTAL | 294,435 | ||
Denmark—1.2% | |||
1,548 | Novo Nordisk A/S | 122,145 | |
Finland—0.8% | |||
4,513 | Stora Enso Oyj, Class R | 80,283 | |
France—0.8% | |||
433 | Gaztransport Et Technigaz | 36,026 | |
410 | Vinci SA | 46,627 | |
TOTAL | 82,653 | ||
Germany—0.3% | |||
529 | Vonovia SE | 33,191 | |
Hong Kong—1.2% | |||
9,034 | AIA Group Ltd. | 119,830 | |
Hungary—0.9% | |||
1,601 | 1 | OTP Bank RT | 87,980 |
India—0.4% | |||
600 | Dr. Reddy’s Laboratories Ltd. | 43,020 | |
Indonesia—0.5% | |||
213,100 | PT Telekomunikasi Indonesia Tbk | 48,746 | |
Italy—1.3% | |||
1,915 | Prysmian SpA | 66,081 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Italy—continued | |||
5,074 | UniCredit SpA | $64,770 | |
TOTAL | 130,851 | ||
Japan—5.6% | |||
600 | Daifuku Co. | 51,706 | |
600 | FUJIFILM Holdings Corp. | 41,278 | |
1,600 | Kurita Water Industries Ltd. | 75,861 | |
1,000 | Nitto Denko Corp. | 78,863 | |
800 | Omron Corp. | 63,336 | |
4,000 | ORIX Corp. | 70,179 | |
8,400 | Panasonic Corp. | 95,633 | |
1,000 | Sony Group Corp. | 99,360 | |
TOTAL | 576,216 | ||
Netherlands—2.9% | |||
375 | ASML Holding N.V. | 252,385 | |
681 | Philips Lighting Newco BV | 42,049 | |
TOTAL | 294,434 | ||
Norway—2.0% | |||
3,722 | Aker BP ASA | 109,735 | |
14,218 | Norsk Hydro ASA | 91,964 | |
TOTAL | 201,699 | ||
South Korea—3.5% | |||
37 | LG Household & Health Care Ltd. | 50,726 | |
2,886 | Samsung Electronics Co. Ltd. | 207,142 | |
304 | Samsung Fire & Marine Insurance | 57,189 | |
447 | SK Hynix, Inc. | 50,111 | |
TOTAL | 365,168 | ||
Spain—1.2% | |||
3,761 | Iberdrola SA | 51,841 | |
2,153 | 1 | Siemens Gamesa Renewable Energy SA | 71,038 |
TOTAL | 122,879 | ||
Sweden—2.6% | |||
2,392 | Essity Aktiebolag | 82,804 | |
4,458 | Husqvarna AB, Class B | 65,697 | |
7,246 | Svenska Cellulosa AB SCA, Class B | 121,139 | |
TOTAL | 269,640 | ||
Switzerland—3.7% | |||
285 | Lonza Group AG | 184,428 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Switzerland—continued | |||
716 | Nestle S.A. | $88,437 | |
323 | Roche Holding AG | 113,179 | |
TOTAL | 386,044 | ||
Taiwan—2.7% | |||
9,000 | Giant Manufacturing Co. Ltd. | 107,885 | |
1,480 | Taiwan Semiconductor Manufacturing Co. Ltd, ADR | 173,693 | |
TOTAL | 281,578 | ||
United Kingdom—3.1% | |||
715 | AstraZeneca PLC | 81,445 | |
18,318 | M&G PLC | 63,492 | |
3,697 | Prudential PLC | 78,846 | |
9,008 | Tate & Lyle PLC | 97,839 | |
TOTAL | 321,622 | ||
United States—59.4% | |||
1,776 | Abbott Laboratories | 207,170 | |
673 | Accenture PLC | 189,894 | |
1,142 | Activision Blizzard, Inc. | 111,059 | |
83 | 1 | Alphabet, Inc., Class A | 195,619 |
56 | 1 | Alphabet, Inc., Class C | 135,047 |
98 | 1 | Amazon.com, Inc. | 315,861 |
701 | American Tower Corp. | 179,077 | |
453 | American Water Works Co., Inc. | 70,224 | |
365 | Amgen, Inc. | 86,848 | |
466 | Analog Devices, Inc. | 76,704 | |
2,967 | Apple, Inc. | 369,718 | |
3,717 | Bank of America Corp. | 157,564 | |
271 | 1 | Berkshire Hathaway, Inc., Class B | 78,438 |
704 | Best Buy Co., Inc. | 81,833 | |
1,043 | Capital One Financial Corp. | 167,694 | |
380 | Chubb Ltd. | 64,596 | |
1,574 | Citigroup, Inc. | 123,890 | |
527 | 1 | Copart, Inc. | 67,988 |
2,543 | 1 | Delta Air Lines, Inc. | 121,250 |
1,780 | 1 | Discovery, Inc., Class A | 57,156 |
417 | FedEx Corp. | 131,276 | |
1,028 | Fortune Brands Home & Security, Inc. | 106,048 | |
1,150 | Hess Corp. | 96,393 | |
817 | 1 | Ingersoll-Rand, Inc. | 40,556 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
United States—continued | |||
722 | 1 | Keysight Technologies, Inc. | $102,798 |
703 | Kimberly-Clark Corp. | 91,833 | |
243 | Lam Research Corp. | 157,914 | |
1,224 | Microsoft Corp. | 305,608 | |
118 | MSCI, Inc., Class A | 55,239 | |
266 | NVIDIA Corp. | 172,841 | |
122 | 1 | O’Reilly Automotive, Inc. | 65,285 |
377 | 1 | PayPal Holdings, Inc. | 98,028 |
932 | Procter & Gamble Co. | 125,680 | |
980 | Prudential Financial, Inc. | 104,831 | |
416 | Robert Half International, Inc. | 36,937 | |
593 | 1 | Royal Caribbean Cruises Ltd. | 55,309 |
317 | 1 | Salesforce.com, Inc. | 75,478 |
906 | The Travelers Cos., Inc. | 144,688 | |
415 | Thermo Fisher Scientific, Inc. | 194,842 | |
1,904 | TJX Cos., Inc. | 128,596 | |
817 | Trane Technologies PLC | 152,289 | |
1,180 | UGI Corp. | 54,339 | |
233 | 1 | Veeva Systems, Inc. | 67,882 |
1,548 | Verizon Communications, Inc. | 87,447 | |
738 | Visa, Inc., Class A | 167,747 | |
1,351 | 1 | Walt Disney Co. | 241,356 |
2,284 | Weyerhaeuser Co. | 86,701 | |
590 | Zoetis, Inc. | 104,241 | |
TOTAL | 6,109,812 | ||
TOTAL COMMON STOCKS (IDENTIFIED COST $7,340,844) | 10,282,611 | ||
TOTAL INVESTMENT IN SECURITIES—100.0% (IDENTIFIED COST $7,340,844)2 | 10,282,611 | ||
OTHER ASSETS AND LIABILITIES - NET—0.0%3 | (1,579) | ||
TOTAL NET ASSETS—100% | $10,281,032 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $6,109,812 | $— | $— | $6,109,812 |
International | 323,554 | 3,849,245 | — | 4,172,799 |
TOTAL SECURITIES | $6,433,366 | $3,849,245 | $— | $10,282,611 |
ADR | —American Depositary Receipt |
Six Months Ended (unaudited) 5/31/2020 | Year Ended 11/30/2020 | Period Ended 11/30/20191 | |
Net Asset Value, Beginning of Period | $12.34 | $10.46 | $10.00 |
Income From Investment Operations: | |||
Net investment income | 0.06 | 0.08 | 0.04 |
Net realized and unrealized gain (loss) | 1.86 | 1.86 | 0.42 |
TOTAL FROM INVESTMENT OPERATIONS | 1.92 | 1.94 | 0.46 |
Less Distributions: | |||
Distributions from net investment income | (0.09) | (0.06) | — |
Net Asset Value, End of Period | $14.17 | $12.34 | $10.46 |
Total Return2 | 15.60% | 18.60% | 4.60% |
Ratios to Average Net Assets: | |||
Net expenses3 | 0.74%4,5 | 0.74%5 | 0.74%4 |
Net investment income | 0.83%4 | 0.86% | 0.86%4 |
Expense waiver/reimbursement6 | 2.81%4 | 5.03% | 5.96%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $10,281 | $8,368 | $5,167 |
Portfolio turnover | 9% | 17% | 15% |
Assets: | ||
Investment in securities, at value (identified cost $7,340,844) | $10,282,611 | |
Cash | 63,820 | |
Cash denominated in foreign currencies (identified cost $217) | 217 | |
Prepaid expenses | 39,067 | |
Income receivable | 20,368 | |
Receivable for investments sold | 231 | |
TOTAL ASSETS | 10,406,314 | |
Liabilities: | ||
Payable for investments purchased | $39,671 | |
Payable for capital gains taxes withheld | 608 | |
Payable for portfolio accounting fees | 46,961 | |
Payable for custodian fees | 16,222 | |
Payable for auditing fees | 15,779 | |
Payable for legal fees | 2,988 | |
Payable to adviser (Note 5) | 2,397 | |
Payable for transfer agent fee | 656 | |
TOTAL LIABILITIES | 125,282 | |
Net assets for 725,463 shares outstanding | $10,281,032 | |
Net Assets Consists of: | ||
Paid-in capital | $7,297,306 | |
Total distributable earnings (loss) | 2,983,726 | |
TOTAL NET ASSETS | $10,281,032 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$10,281,032 ÷ 725,463 shares outstanding no par value, unlimited shares authorized | $14.17 |
Investment Income: | |||
Dividends (net of foreign tax withheld of $7,514) | $74,833 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $30,981 | ||
Administrative fee (Note 5) | 4,172 | ||
Custodian fees | 15,686 | ||
Transfer agent fees (Note 2) | 4,013 | ||
Directors’/Trustees’ fees (Note 5) | 414 | ||
Auditing fees | 15,779 | ||
Legal fees | 5,276 | ||
Portfolio accounting fees | 67,490 | ||
Share registration costs | 12,116 | ||
Printing and postage | 9,340 | ||
Miscellaneous (Note 5) | 4,320 | ||
TOTAL EXPENSES | 169,587 | ||
Waiver Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(30,981) | ||
Reimbursement of other operating expenses (Notes 2 and 5) | (103,102) | ||
Reduction of custodian fees (Note 6) | (776) | ||
TOTAL WAIVER, REIMBURSEMENT AND REDUCTION | (134,859) | ||
Net expenses | 34,728 | ||
Net investment income | 40,105 | ||
Realized and Unrealized Gain (Loss) on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions | 121,914 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 1,193,716 | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 1,315,630 | ||
Change in net assets resulting from operations | $1,355,735 |
Six Months Ended (unaudited) 5/31/2021 | Year Ended 11/30/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $40,105 | $58,253 |
Net realized gain (loss) | 121,914 | (59,415) |
Net change in unrealized appreciation/depreciation | 1,193,716 | 1,427,800 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 1,355,735 | 1,426,638 |
Distributions to Shareholders: | (58,732) | (31,455) |
Share Transactions: | ||
Proceeds from sale of shares | 617,608 | 1,799,173 |
Net asset value of shares issued to shareholders in payment of distributions declared | 44,518 | 21,996 |
Cost of shares redeemed | (45,598) | (16,346) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 616,528 | 1,804,823 |
Change in net assets | 1,913,531 | 3,200,006 |
Net Assets: | ||
Beginning of period | 8,367,501 | 5,167,495 |
End of period | $10,281,032 | $8,367,501 |
Transfer Agent Fees Incurred | Transfer Agent Fees Reimbursed | |
Institutional Shares | $4,013 | $(2,213) |
Six Months Ended 5/31/2021 | Year Ended 11/30/2020 | |
Shares sold | 47,315 | 183,858 |
Shares issued to shareholders in payment of distributions declared | 3,464 | 2,029 |
Shares redeemed | (3,496) | (1,562) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | 47,283 | 184,325 |
Short-Term | Long-Term | Total |
$52,211 | $53,998 | $106,209 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $1,457,125 |
Sales | $886,343 |
Beginning Account Value 12/1/2020 | Ending Account Value 5/31/2021 | Expenses Paid During Period1 | |
Actual: | $1,000 | $1,156.00 | $3.98 |
Hypothetical (assuming a 5% return before expenses): | $1,000 | $1,021.24 | $3.73 |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | FHSIX |
Federated Hermes Global Small Cap Fund
A Portfolio of Federated Hermes Adviser Series
Country | Percentage of Total Net Assets |
United States | 53.9% |
Japan | 10.5% |
United Kingdom | 8.6% |
Sweden | 4.1% |
Netherlands | 4.0% |
Canada | 3.2% |
Italy | 2.6% |
Switzerland | 1.9% |
Germany | 1.9% |
Spain | 1.8% |
Other2 | 6.2% |
Other Assets and Liabilities—Net3 | 1.3% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Industrials | 19.3% |
Information Technology | 13.5% |
Consumer Discretionary | 13.3% |
Financials | 12.0% |
Materials | 11.0% |
Health Care | 10.9% |
Consumer Staples | 7.1% |
Real Estate | 4.8% |
Communication Services | 3.6% |
Energy | 2.4% |
Utilities | 0.8% |
Other Assets and Liabilities—Net3 | 1.3% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—98.7% | |||
Australia—1.4% | |||
1,596 | Ansell Ltd. | $50,052 | |
Austria—0.5% | |||
434 | 1 | Schoeller-Bleckmann Oilfield Equipment AG | 19,408 |
Canada—3.2% | |||
1,976 | 1 | CAE, Inc. | 61,224 |
347 | Cargojet Inc. | 51,427 | |
TOTAL | 112,651 | ||
Finland—1.6% | |||
1,177 | Huhtamaki Oyj | 55,548 | |
France—1.0% | |||
181 | 1 | Silicon-On-Insulator Technologies (SOITEC) | 36,543 |
Germany—1.9% | |||
1,289 | Jungheinrich AG | 66,780 | |
Ireland—1.7% | |||
3,582 | Glanbia PLC | 59,826 | |
Italy—2.6% | |||
1,685 | 1 | MARR SpA | 41,846 |
3,845 | Technogym SpA | 48,721 | |
TOTAL | 90,567 | ||
Japan—10.5% | |||
876 | Horiba Ltd. | 56,342 | |
17 | Hulic Reit, Inc. | 27,177 | |
1,694 | Kh Neochem Co. Ltd. | 43,790 | |
1,381 | NIFCO, Inc. | 47,584 | |
800 | Noritsu Koki Co. Ltd. | 17,119 | |
1,556 | Open House Co. Ltd. | 71,973 | |
3,650 | Penta Ocean Construction | 26,099 | |
1,392 | Yaoko Co. Ltd. | 81,628 | |
TOTAL | 371,712 | ||
Netherlands—4.0% | |||
1,248 | Aalberts Industries NV | 70,870 | |
441 | IMCD Group NV | 71,847 | |
TOTAL | 142,717 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Spain—1.8% | |||
11,299 | 1 | Linea Directa Aseguradora SA | $22,046 |
3,710 | Merlin Properties SOCIMI SA | 42,797 | |
TOTAL | 64,843 | ||
Sweden—4.1% | |||
1,522 | Thule Group AB/The | 71,260 | |
2,885 | Trelleborg AB, Class B | 74,077 | |
TOTAL | 145,337 | ||
Switzerland—1.9% | |||
169 | Burckhardt Compression Holdings AG | 68,713 | |
United Kingdom—8.6% | |||
4,623 | 1 | Beazley Group PLC | 19,697 |
37,334 | 1 | Breedon Group PLC | 57,202 |
13,404 | Central Asia Metals PLC | 51,728 | |
8,069 | CLS Holdings PLC | 28,275 | |
686 | Dechra Pharmaceutical PLC | 39,997 | |
12,581 | Harworth Group PLC | 25,890 | |
6,063 | Paragon Group Companies PLC | 41,765 | |
9,500 | 1 | SSP Group PLC | 39,610 |
TOTAL | 304,164 | ||
United States—53.9% | |||
736 | 1 | Altair Engineering, Inc. | 49,584 |
967 | 1 | AMN Healthcare Services, Inc. | 85,773 |
443 | Aptargroup, Inc. | 65,258 | |
256 | 1 | Axon Enterprise, Inc. | 35,991 |
86 | 1 | Bio-Rad Laboratories, Inc., Class A | 51,804 |
835 | Brooks Automation, Inc. | 85,245 | |
874 | Brown & Brown | 45,902 | |
953 | Brunswick Corp. | 97,425 | |
192 | 1 | CACI International, Inc., Class A | 48,952 |
2,157 | 1 | CarGurus, Inc. | 60,870 |
527 | 1 | Clean Harbors, Inc. | 49,064 |
446 | Columbia Sportswear Co. | 45,818 | |
830 | Community Bank System, Inc. | 67,330 | |
44,575 | 2 | Diversified Gas & Oil PLC | 66,128 |
443 | Eagle Materials, Inc. | 65,015 | |
113 | Henry Jack & Associates, Inc. | 17,419 | |
655 | 1 | Kirby Corp. | 42,791 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
United States—continued | |||
454 | 1 | Livanova PLC | $37,927 |
889 | MDU Resources Group, Inc. | 29,924 | |
1,107 | National Instruments Corp. | 45,166 | |
610 | 1 | Palomar Holdings, Inc. | 44,530 |
551 | Power Integrations, Inc. | 45,287 | |
326 | Reinsurance Group of America | 41,086 | |
2,624 | Retail Opportunity Investments Corp. | 46,865 | |
535 | RPM International, Inc. | 50,039 | |
586 | 1 | Silicon Laboratories, Inc. | 80,024 |
315 | STERIS PLC | 60,121 | |
1,215 | TCF Financial Corp. | 57,712 | |
983 | 1 | Terminix Global Holdings, Inc. | 48,501 |
280 | WD 40 Co. | 68,544 | |
169 | West Pharmaceutical Services, Inc. | 58,729 | |
309 | 1 | WEX, Inc. | 60,536 |
1,047 | Wiley (John) & Sons, Inc., Class A | 66,359 | |
1,073 | Wintrust Financial Corp. | 86,291 | |
TOTAL | 1,908,010 | ||
TOTAL INVESTMENT IN SECURITIES—98.7% (IDENTIFIED COST $2,631,672)3 | 3,496,871 | ||
OTHER ASSETS AND LIABILITIES - NET—1.3%4 | 44,349 | ||
TOTAL NET ASSETS—100% | $3,541,220 |
Valuation Inputs | ||||
Level 1— Quoted Prices | Level 2— Other Significant Observable Inputs | Level 3— Significant Unobservable Inputs | Total | |
Equity Securities: | ||||
Common Stocks | ||||
Domestic | $1,841,882 | $— | $— | $1,841,882 |
International | 112,651 | 1,542,338 | — | 1,654,989 |
TOTAL SECURITIES | $1,954,533 | $1,542,338 | $— | $3,496,871 |
REIT | —Real Estate Investment Trust |
Six Months Ended (unaudited) 5/31/2021 | Year Ended 11/30/2020 | Period Ended 11/30/20191 | |
Net Asset Value, Beginning of Period | $11.28 | $10.44 | $10.00 |
Income From Investment Operations: | |||
Net investment income | 0.04 | 0.06 | 0.05 |
Net realized and unrealized gain (loss) | 2.24 | 0.84 | 0.39 |
TOTAL FROM INVESTMENT OPERATIONS | 2.28 | 0.90 | 0.44 |
Less Distributions: | |||
Distributions from net investment income | (0.07) | (0.06) | — |
Net Asset Value, End of Period | $13.49 | $11.28 | $10.44 |
Total Return2 | 20.24% | 8.64% | 4.40% |
Ratios to Average Net Assets: | |||
Net expenses3 | 0.94%4,5 | 0.94%5 | 0.94%4 |
Net investment income | 0.57%4 | 0.61% | 0.90%4 |
Expense waiver/reimbursement6 | 7.58%4 | 11.12% | 9.36%4 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $3,541 | $2,973 | $2,740 |
Portfolio turnover | 9% | 19% | 7% |
Assets: | ||
Investment in securities, at value (identified cost $2,631,672) | $3,496,871 | |
Cash | 77,182 | |
Cash denominated in foreign currencies (identified cost $7,935) | 7,935 | |
Receivable for investments sold | 47,647 | |
Prepaid expenses | 34,248 | |
Income receivable | 5,310 | |
TOTAL ASSETS | 3,669,193 | |
Liabilities: | ||
Payable for investments purchased | $59,350 | |
Payable for portfolio accounting fees | 45,381 | |
Payable for auditing fees | 15,779 | |
Payable for legal fees | 2,988 | |
Payable for custodian fees | 2,427 | |
Payable to investment adviser (Note 5) | 2,048 | |
TOTAL LIABILITIES | 127,973 | |
Net assets for 262,464 shares outstanding | $3,541,220 | |
Net Assets Consists of: | ||
Paid-in capital | $2,614,719 | |
Total distributable earnings (loss) | 926,501 | |
TOTAL NET ASSETS | $3,541,220 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$3,541,220 ÷ 262,464 shares outstanding, no par value, unlimited shares authorized | $13.49 |
Investment Income: | |||
Dividends (net of foreign tax withheld of $1,638) | $24,907 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $14,066 | ||
Administrative fee (Note 5) | 1,584 | ||
Custodian fees | 9,415 | ||
Transfer agent fees | 1,225 | ||
Directors’/Trustees’ fees (Note 5) | 402 | ||
Auditing fees | 15,779 | ||
Legal fees | 5,276 | ||
Portfolio accounting fees | 67,577 | ||
Share registration costs | 12,379 | ||
Printing and postage | 9,251 | ||
Miscellaneous (Note 5) | 4,110 | ||
TOTAL EXPENSES | 141,064 | ||
Waiver, Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(14,066) | ||
Reimbursement of other operating expenses (Note 5) | (111,361) | ||
Reduction of custodian fees (Note 6) | (171) | ||
TOTAL WAIVER, REIMBURSEMENT AND REDUCTION | (125,598) | ||
Net expenses | 15,466 | ||
Net investment income | 9,441 | ||
Realized and Unrealized Gain on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions | 87,525 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 502,704 | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 590,229 | ||
Change in net assets resulting from operations | $599,670 |
Six Months Ended (unaudited) 5/31/2021 | Year Ended 11/30/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $9,441 | $15,558 |
Net realized gain (loss) | 87,525 | (29,615) |
Net change in unrealized appreciation/depreciation | 502,704 | 257,289 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 599,670 | 243,232 |
Distributions to Shareholders: | (17,189) | (15,300) |
Share Transactions: | ||
Proceeds from sale of shares | 3,878 | 78,038 |
Net asset value of shares issued to shareholders in payment of distributions declared | 7,409 | 6,554 |
Cost of shares redeemed | (25,705) | (79,344) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | (14,418) | 5,248 |
Change in net assets | 568,063 | 233,180 |
Net Assets: | ||
Beginning of period | 2,973,157 | 2,739,977 |
End of period | $3,541,220 | $2,973,157 |
Security | Acquisition Date | Acquisition Cost | Value |
Diversified Gas & Oil PLC | 4/23/2019 | $66,193 | $66,128 |
Six Months Ended 5/31/2021 | Year Ended 11/30/2020 | |
Shares sold | 305 | 7,624 |
Shares issued to shareholders in payment of distributions declared | 618 | 614 |
Shares redeemed | (2,097) | (7,026) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | (1,174) | 1,212 |
Short-Term | Long-Term | Total |
$— | $31,252 | $31,252 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $292,820 |
Sales | $430,000 |
Beginning Account Value 12/1/2020 | Ending Account Value 5/31/2021 | Expenses Paid During Period1 | |
Actual | $1,000 | $1,202.40 | $5.16 |
Hypothetical (assuming a 5% return before expenses) | $1,000 | $1,020.24 | $4.73 |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Share Class | Ticker | Institutional | HIEIX |
Federated Hermes International Developed Equity Fund
A Portfolio of Federated Hermes Adviser Series
Country | Percentage of Total Net Assets |
Japan | 24.5% |
United Kingdom | 11.4% |
Switzerland | 9.4% |
Netherlands | 9.2% |
Australia | 7.9% |
France | 6.0% |
Sweden | 4.8% |
Norway | 4.2% |
Germany | 3.8% |
Hong Kong | 3.1% |
Finland | 3.0% |
Spain | 3.0% |
Denmark | 3.0% |
Italy | 2.8% |
Singapore | 1.4% |
Ireland | 1.1% |
Belgium | 0.8% |
Other Assets and Liabilities—Net2 | 0.6% |
TOTAL | 100% |
Sector Classification | Percentage of Total Net Assets |
Financials | 20.6% |
Industrials | 15.5% |
Health Care | 12.5% |
Consumer Discretionary | 11.1% |
Materials | 9.5% |
Consumer Staples | 8.8% |
Information Technology | 8.8% |
Real Estate | 4.1% |
Energy | 3.8% |
Communication Services | 2.5% |
Utilities | 2.2% |
Other Assets and Liabilities—Net2 | 0.6% |
TOTAL | 100% |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—99.4% | |||
Australia—7.9% | |||
32,418 | Australia & New Zealand Banking Group, Melbourne | $721,515 | |
16,742 | BHP Billiton Ltd. | 619,815 | |
5,256 | Breville Group Ltd. | 110,053 | |
39,605 | Goodman Group | 590,885 | |
TOTAL | 2,042,268 | ||
Belgium—0.8% | |||
2,827 | Anheuser-Busch InBev NV | 214,408 | |
Denmark—3.0% | |||
7,315 | Novo Nordisk A/S | 577,191 | |
4,845 | Vestas Wind Systems A/S | 189,852 | |
TOTAL | 767,043 | ||
Finland—3.0% | |||
24,080 | Metso Outotec Oyj | 285,530 | |
9,928 | Neles Oyj | 148,216 | |
19,706 | Stora Enso Oyj, Class R | 350,555 | |
TOTAL | 784,301 | ||
France—6.0% | |||
10,028 | AXA SA | 279,089 | |
1,497 | Gaztransport Et Technigaz | 124,551 | |
4,779 | Legrand SA | 500,781 | |
805 | 1 | Silicon-On-Insulator Technologies (SOITEC) | 162,524 |
4,091 | Vinci SA | 465,250 | |
TOTAL | 1,532,195 | ||
Germany—3.8% | |||
1,232 | Adidas AG | 448,793 | |
1,275 | Allianz SE | 338,089 | |
1,182 | Fresenius Medical Care AG & Co. KGaA | 94,786 | |
1,658 | Vonovia SE | 104,027 | |
TOTAL | 985,695 | ||
Hong Kong—3.1% | |||
60,389 | AIA Group Ltd. | 801,022 | |
Ireland—1.1% | |||
5,353 | Smurfit Kappa Group PLC | 284,699 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Italy—2.8% | |||
11,414 | Prysmian SpA | $393,864 | |
25,382 | UniCredit SpA | 324,004 | |
TOTAL | 717,868 | ||
Japan—24.5% | |||
2,200 | Daifuku Co. | 189,589 | |
6,500 | Hitachi Ltd. | 342,627 | |
4,500 | Honda Motor Co., Ltd. | 140,446 | |
40,176 | Inpex Corp. | 275,437 | |
4,700 | Itochu Corp. | 142,071 | |
3,800 | Kao Corp. | 233,658 | |
6,100 | KDDI Corp. | 207,591 | |
12,100 | Kurita Water Industries Ltd. | 573,696 | |
3,577 | Kyocera Corp. | 219,999 | |
30,000 | Mitsubishi Chemical Holdings Corp. | 243,557 | |
5,200 | NEC Corporation | 242,526 | |
300 | Nintendo Co. Ltd. | 185,558 | |
1,900 | Nitto Denko Corp. | 149,839 | |
5,000 | Omron Corp. | 395,849 | |
20,700 | ORIX Corp. | 363,179 | |
37,300 | Panasonic Corp. | 424,654 | |
5,500 | Sony Group Corp. | 546,480 | |
1,700 | Square Enix Holdings Co. Ltd. | 91,162 | |
19,000 | T&D Holdings, Inc. | 259,614 | |
8,200 | Toagosei Co Ltd. | 89,499 | |
3,000 | Tokio Marine Holdings, Inc. | 141,151 | |
5,400 | Toyota Motor Corp. | 447,380 | |
3,604 | Yaoko Co. Ltd. | 211,340 | |
8,300 | Yokohama Rubber Co. Ltd./The | 169,522 | |
TOTAL | 6,286,424 | ||
Netherlands—9.2% | |||
345 | 1 | Argenx SE | 96,601 |
1,835 | ASML Holding N.V. | 1,235,004 | |
2,462 | Heineken NV | 294,474 | |
52,440 | ING Groep N.V. | 730,850 | |
TOTAL | 2,356,929 | ||
Norway—4.2% | |||
19,699 | Aker BP ASA | 580,780 |
Shares | Value in U.S. Dollars | ||
COMMON STOCKS—continued | |||
Norway—continued | |||
136,857 | Elkem ASA | $497,943 | |
TOTAL | 1,078,723 | ||
Singapore—1.4% | |||
60,300 | City Developments Ltd. | 347,487 | |
Spain—3.0% | |||
29,279 | Iberdrola SA | 403,575 | |
4,051 | Red Electrica Corporacion SA | 81,110 | |
9,022 | 1 | Siemens Gamesa Renewable Energy SA | 297,681 |
TOTAL | 782,366 | ||
Sweden—4.8% | |||
7,907 | Essity Aktiebolag | 273,717 | |
21,344 | Husqvarna AB, Class B | 314,546 | |
11,550 | Svenska Cellulosa AB SCA, Class B | 193,093 | |
17,026 | Volvo AB, Class B | 448,655 | |
TOTAL | 1,230,011 | ||
Switzerland—9.4% | |||
1,091 | Lonza Group AG | 706,002 | |
5,173 | Nestle S.A. | 638,949 | |
2,009 | Roche Holding AG | 703,951 | |
847 | Zurich Insurance Group AG | 356,408 | |
TOTAL | 2,405,310 | ||
United Kingdom—11.4% | |||
4,445 | AstraZeneca PLC | 506,328 | |
5,017 | 1 | Greggs PLC | 177,269 |
142,537 | M&G PLC | 494,045 | |
6,005 | National Grid-SP PLC | 80,347 | |
3,228 | 1 | Ocado Group PLC | 86,465 |
23,134 | Prudential PLC | 493,382 | |
23,627 | Smith & Nephew PLC | 515,412 | |
36,936 | Tate & Lyle PLC | 401,173 | |
93,320 | Vodafone Group PLC | 170,193 | |
TOTAL | 2,924,614 | ||
TOTAL INVESTMENT IN SECURITIES—99.4% (IDENTIFIED COST $19,179,181)2 | 25,541,363 | ||
OTHER ASSETS AND LIABILITIES—NET—0.6%3 | 153,485 | ||
TOTAL NET ASSETS—100% | $25,694,848 |
Six Months Ended (unaudited) 5/31/2021 | Year Ended 11/30/2020 | Period Ended 11/30/20191 | |
Net Asset Value, Beginning of Period | $11.57 | $10.29 | $10.00 |
Income From Investment Operations: | |||
Net investment income | 0.14 | 0.13 | 0.02 |
Net realized and unrealized gain (loss) | 1.68 | 1.18 | 0.27 |
TOTAL FROM INVESTMENT OPERATIONS | 1.82 | 1.31 | 0.29 |
Less Distributions: | |||
Distributions from net investment income | (0.16) | (0.03) | — |
Net Asset Value, End of Period | $13.23 | $11.57 | $10.29 |
Total Return2 | 15.84% | 12.72% | 2.90% |
Ratios to Average Net Assets: | |||
Net expenses3 | 0.74%4,5 | 0.74%4 | 0.74%5 |
Net investment income | 2.28%5 | 1.75% | 1.01%5 |
Expense waiver/reimbursement6 | 1.35%5 | 2.89% | 18.65%5 |
Supplemental Data: | |||
Net assets, end of period (000 omitted) | $25,695 | $21,504 | $2,573 |
Portfolio turnover | 11% | 48% | 1% |
Assets: | ||
Investment in securities, at value (identified cost $19,179,181) | $25,541,363 | |
Cash | 426,021 | |
Cash denominated in foreign currencies (identified cost $6,869) | 5,458 | |
Income receivable | 124,356 | |
Prepaid expenses | 1,144 | |
Receivable for investments sold | 1,249 | |
TOTAL ASSETS | 26,099,591 | |
Liabilities: | ||
Payable for investments purchased | $304,653 | |
Payable for custodian fees | 49,448 | |
Payable for portfolio accounting fees | 46,281 | |
Payable for legal fees | 2,578 | |
Payable to investment adviser (Note 5) | 1,783 | |
TOTAL LIABILITIES | 404,743 | |
Net assets for 1,942,822 shares outstanding | $25,694,848 | |
Net Assets Consists of: | ||
Paid-in capital | $19,583,655 | |
Total distributable earnings (loss) | 6,111,193 | |
TOTAL NET ASSETS | $25,694,848 | |
Net Asset Value, Offering Price and Redemption Proceeds Per Share: | ||
$25,694,848 ÷ 1,942,822 shares outstanding, no par value, unlimited shares authorized | $13.23 |
Investment Income: | |||
Dividends (net of foreign tax withheld of $43,494) | $355,122 | ||
Expenses: | |||
Investment adviser fee (Note 5) | $82,142 | ||
Administrative fee (Note 5) | 9,491 | ||
Custodian fees | 39,243 | ||
Transfer agent fees | 3,634 | ||
Directors’/Trustees’ fees (Note 5) | 446 | ||
Auditing fees | 15,779 | ||
Legal fees | 5,365 | ||
Portfolio accounting fees | 67,196 | ||
Share registration costs | 10,808 | ||
Printing and postage | 9,317 | ||
Miscellaneous (Note 5) | 2,970 | ||
TOTAL EXPENSES | 246,391 | ||
Waiver, Reimbursement and Reduction: | |||
Waiver of investment adviser fee (Note 5) | $(82,142) | ||
Reimbursement of other operating expenses (Note 5) | (76,816) | ||
Reduction of custodian fees (Note 6) | (360) | ||
TOTAL WAIVER, REIMBURSEMENT AND REDUCTION | (159,318) | ||
Net expenses | 87,073 | ||
Net investment income | 268,049 | ||
Realized and Unrealized Gain on Investments and Foreign Currency Transactions: | |||
Net realized gain on investments and foreign currency transactions | 334,758 | ||
Net change in unrealized appreciation of investments and translation of assets and liabilities in foreign currency | 2,809,976 | ||
Net realized and unrealized gain (loss) on investments and foreign currency transactions | 3,144,734 | ||
Change in net assets resulting from operations | $3,412,783 |
Six Months Ended (unaudited) 5/31/2021 | Year Ended 11/30/2020 | |
Increase (Decrease) in Net Assets | ||
Operations: | ||
Net investment income | $268,049 | $216,220 |
Net realized gain (loss) | 334,758 | (778,740) |
Net change in unrealized appreciation/depreciation | 2,809,976 | 3,485,122 |
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS | 3,412,783 | 2,922,602 |
Distributions to Shareholders: | ||
Institutional Shares | (289,525) | (6,653) |
Share Transactions: | ||
Proceeds from sale of shares | 2,692,271 | 19,091,198 |
Net asset value of shares issued to shareholders in payment of distributions declared | 25,629 | 3,993 |
Cost of shares redeemed | (1,650,024) | (3,080,512) |
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS | 1,067,876 | 16,014,679 |
Change in net assets | 4,191,134 | 18,930,628 |
Net Assets: | ||
Beginning of period | 21,503,714 | 2,573,086 |
End of period | $25,694,848 | $21,503,714 |
Six-Months Ended 05/31/2021 | Year Ended 11/30/2020 | |
Shares sold | 216,240 | 1,953,161 |
Shares issued to shareholders in payment of distributions declared | 2,125 | 373 |
Shares redeemed | (133,975) | (345,211) |
NET CHANGE RESULTING FROM FUND SHARE TRANSACTIONS | 84,390 | 1,608,323 |
Short-Term | Long-Term | Total |
$79,324 | $23,115 | $102,439 |
Administrative Fee | Average Daily Net Assets of the Investment Complex |
0.100% | on assets up to $50 billion |
0.075% | on assets over $50 billion |
Purchases | $3,360,932 |
Sales | $ 2,441,878 |
Beginning Account Value 12/1/2020 | Ending Account Value 5/31/2021 | Expenses Paid During Period1 | |
Actual | $1,000.00 | $1,158.40 | $3.98 |
Hypothetical (assuming a 5% return before expenses) | $1,000.00 | $1,021.19 | $3.73 |
Annual Evaluation of Adequacy and Effectiveness
Federated Hermes Funds
4000 Ericsson Drive
Warrendale, PA 15086-7561
or call 1-800-341-7400.
Item 2. | Code of Ethics |
Not Applicable
Item 3. | Audit Committee Financial Expert |
Not Applicable
Item 4. | Principal Accountant Fees and Services |
Not Applicable
Item 5. | Audit Committee of Listed Registrants |
Not Applicable
Item 6. | Schedule of Investments |
(a) The registrant’s Schedule of Investments is included as part of the Report to Stockholders filed under Item 1 of this form.
(b) Not Applicable; Fund had no divestments during the reporting period covered since the previous Form N-CSR filing.
Item 7. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 8. | Portfolio Managers of Closed-End Management Investment Companies |
Not Applicable
Item 9. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers |
Not Applicable
Item 10. | Submission of Matters to a Vote of Security Holders |
No Changes to Report
Item 11. | Controls and Procedures |
(a) The registrant’s President and Treasurer have concluded that the
registrant’s disclosure controls and procedures (as defined in rule 30a-3(c) under the Act) are effective in design and operation and are sufficient to form the basis of the certifications required by Rule 30a-(2) under the Act, based on their evaluation of these disclosure controls and procedures within 90 days of the filing date of this report on Form N-CSR.
(b) There were no changes in the registrant’s internal control over financial reporting (as defined in rule 30a-3(d) under the Act) during the registrant’s most recent fiscal half-year (the registrant’s second fiscal half-year in the case of an annual report) that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.
Item 12. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Exhibits |
(a)(1) Code of Ethics- Not Applicable to this Report.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(b) Certifications pursuant to 18 U.S.C. Section 1350.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Registrant Federated Hermes Adviser Series
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 23, 2021
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.
By /S/ J. Christopher Donahue
J. Christopher Donahue
Principal Executive Officer
Date July 23, 2021
By /S/ Lori A. Hensler
Lori A. Hensler
Principal Financial Officer
Date July 23, 2021