0001145549-22-016756.txt : 20220323 0001145549-22-016756.hdr.sgml : 20220323 20220323115239 ACCESSION NUMBER: 0001145549-22-016756 CONFORMED SUBMISSION TYPE: NPORT-P PUBLIC DOCUMENT COUNT: 2 CONFORMED PERIOD OF REPORT: 20220131 FILED AS OF DATE: 20220323 PERIOD START: 20221031 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Federated Hermes Adviser Series CENTRAL INDEX KEY: 0001707560 IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1031 FILING VALUES: FORM TYPE: NPORT-P SEC ACT: 1940 Act SEC FILE NUMBER: 811-23259 FILM NUMBER: 22762389 BUSINESS ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 BUSINESS PHONE: 1-800-341-7400 MAIL ADDRESS: STREET 1: 4000 ERICSSON DRIVE CITY: WARRENDALE STATE: PA ZIP: 15086-7561 FORMER COMPANY: FORMER CONFORMED NAME: Federated Adviser Series DATE OF NAME CHANGE: 20200616 FORMER COMPANY: FORMER CONFORMED NAME: Federated Hermes Adviser Series DATE OF NAME CHANGE: 20200615 FORMER COMPANY: FORMER CONFORMED NAME: Federated Adviser Series DATE OF NAME CHANGE: 20180820 0001707560 S000063461 Federated Hermes SDG Engagement Equity Fund C000205625 Institutional Shares FHESX C000205626 Class A Shares FHEQX C000205627 Class C Shares C000205628 Class R6 Shares FHERX NPORT-P 1 primary_doc.xml NPORT-P false 0001707560 XXXXXXXX S000063461 C000205626 C000205627 C000205628 C000205625 Federated Hermes Adviser Series 811-23259 0001707560 2549001OZ5PPTI84LJ34 Federated Hermes Funds 4000 Ericsson Drive Warrendale 15086-7561 8003417400 Federated Hermes SDG Engagement Equity Fund S000063461 254900GR0ZK60M93XJ38 2022-10-31 2022-01-31 N 66178487.380000000000 164920.050000000000 66013567.330000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 0.000000000000 1566708.890000000000 N STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 CURRENCY CONTRACT - HKD 000000000 1 NC USD -21.88 -0.0000331447 N/A DFE CORP US N 2 STATE STREET BANK AND TRUST COMPANY 571474TGEMMWANRLN572 -33154.81 USD 258339.15 HKD 2022-02-04 -21.88 N N N Alliant Energy Corp 5493009ML300G373MZ12 Alliant Energy Corp 018802108 24372 NS USD 1458907.92 2.2100122429 Long EC CORP US N 1 N N N Breedon Group PLC 213800ZQKCIVCPN9H229 Breedon Group PLC 000000000 664629 NS 769042.22 1.1649760058 Long EC CORP JE N 2 N N N Trelleborg AB 213800XY16PAWG2PAD14 Trelleborg AB 000000000 55079 NS 1387269.15 2.1014909603 Long EC CORP SE N 2 N N N Merlin Properties Socimi SA 959800L8KD863DP30X04 Merlin Properties Socimi SA 000000000 66645 NS 756239.46 1.1455818714 Long EC CORP ES N 2 N N N Simpson Manufacturing Co Inc 529900EJUNNL15LZ8056 Simpson Manufacturing Co Inc 829073105 14377 NS USD 1621581.83 2.4564372077 Long EC CORP US N 1 N N N SSP Group Plc 213800QGNIWTXFMENJ24 SSP Group Plc 000000000 256689 NS 946333.93 1.4335446004 Long EC CORP GB N 2 N N N Central Asia Metals PLC 213800EYQBJZIT64NH43 Central Asia Metals PLC 000000000 278008 NS 835912.1 1.2662731826 Long EC CORP GB N 2 N N N Aalberts NV 549300EMP9DT6Q35HZ31 Aalberts Industries NV 000000000 26189 NS 1611755.97 2.4415526008 Long EC CORP NL N 2 N N N Clean Harbors Inc 5493000SJVZVZJKHJF48 CLEAN HARBORS INC 184496107 16458 NS USD 1523187.9 2.3073861353 Long EC CORP US N 1 N N N John Wiley & Sons Inc 5493003XM719UN7E8P64 JOHN WILEY & SONS INC 968223206 23062 NS USD 1170396.5 1.7729635700 Long EC CORP US N 1 N N N SHENZHEN INT'L 5493002NKD14ZZMEJF98 Shenzhen International Holdings Ltd 000000000 520500 NS 528635.35 0.8007980350 Long EC CORP HK N 2 N N N Mapletree Industrial Trust 549300R7WZFHXNKDJF41 MAPLETREE INDUSTRIAL TRUS 000000000 606575 NS 1128561.52 1.7095902640 Long EC CORP SG N 2 N N N National Instruments Corp 549300TP4OOPCYWDUP86 National Instruments Corp 636518102 19456 NS USD 801976.32 1.2148659017 Long EC CORP US N 1 N N N Varun Beverages Ltd 33580058NWEMWBDNMD48 Varun Beverages Ltd 000000000 40086 NS 487580.03 0.7386057893 Long EC CORP IN N 2 N N N Horiba Ltd 529900OOTWPYSNW0EC84 HORIBA LTD 000000000 20442 NS 1102942.86 1.6707820901 Long EC CORP JP N 2 N N N Eagle Materials Inc 529900KRXRGXL61SG039 EAGLE MATERIALS INC 26969P108 9652 NS USD 1407744.2 2.1325073874 Long EC CORP US N 1 N N N Technogym SpA 815600B9149F66E77F76 Technogym SpA 000000000 70254 NS 597714.81 0.9054423722 Long EC CORP IT Y 2 N N N Nissan Chemical Corp 3538002E4L1CUGJFFU25 Nissan Chemical Corp 000000000 21941 NS 1194110.09 1.8088858674 Long EC CORP JP N 2 N N N Vistry Group PLC 2138001KOWN7CG9SLK53 Vistry Group PLC 000000000 63707 NS 886281.88 1.3425753460 Long EC CORP GB N 2 N N N Reinsurance Group of America I LORM1GNEU1DKEW527V90 Reinsurance Group of America Inc 759351604 9195 NS USD 1055861.85 1.5994618875 Long EC CORP US N 1 N N N Silicon Laboratories Inc 4PRDF8Q9TDHRVZKZSZ47 Silicon Laboratories Inc 826919102 10419 NS USD 1721114.61 2.6072134557 Long EC CORP US N 1 N N N DCC PLC 213800UPS1QEE4TD3T45 DCC PLC 000000000 14888 NS 1249685.67 1.8930739855 Long EC CORP IE N 2 N N N Samsonite International SA 549300UULS5HYFJSEL12 SAMSONITE INTERNATIONAL SA 000000000 781588 NS 1633089.05 2.4738688061 Long EC CORP US Y 2 N N N SOITEC 969500ZR92SQCU9TST26 SOITEC 000000000 3393 NS 617543.85 0.9354801974 Long EC CORP FR N 2 N N N MARR SpA 815600576D5536AC7B34 MARR SpA 000000000 25648 NS 546138.39 0.8273123421 Long EC CORP IT N 2 N N N Brunswick Corp/DE YM4O38W15AX4YLLQKU27 Brunswick Corp/DE 117043109 18235 NS USD 1655555.65 2.5079021131 Long EC CORP US N 1 N N N Huhtamaki Oyj 5493007050SJVMXN6L29 Huhtamaki OYJ 000000000 31256 NS 1231877.06 1.8660967886 Long EC CORP FI N 2 N N N WEX Inc T9M5IGROL1TL1G5OV478 WEX Inc 96208T104 7135 NS USD 1148592.3 1.7399336931 Long EC CORP US N 1 N N N Harworth Group PLC 213800R8JSSGK2KPFG21 Harworth Group PLC 000000000 342250 NS 852994.34 1.2921500451 Long EC CORP GB N 2 N N N Huntington Bancshares Inc/OH 549300XTVCVV9I7B5T19 Huntington Bancshares Inc/OH 446150104 74955 NS USD 1128822.3 1.7099853040 Long EC CORP US N 1 N N N Ansell Ltd 549300NEGJ5G23VCJM45 Ansell Ltd 000000000 42800 NS 812582.57 1.2309326747 Long EC CORP AU N 2 N N N Fortune Brands Home & Security 54930032LHW54PQUJD44 Fortune Brands Home & Security Inc 34964C106 17848 NS USD 1680746.16 2.5460617082 Long EC CORP US N 1 N N N Glanbia PLC 635400SRMCBHVMSKJS84 Glanbia PLC 000000000 69568 NS 959607.6 1.4536520882 Long EC CORP IE N 2 N N N AptarGroup Inc VNPEQDQFAA7IY1T2PX43 AptarGroup Inc 038336103 12251 NS USD 1437042.3 2.1768893246 Long EC CORP US N 1 N N N Burckhardt Compression Holding 5067004N56DLX7GY3E95 Burckhardt Compression Holding AG 000000000 3346 NS 1580685.94 2.3944864729 Long EC CORP CH N 2 N N N Woodward Inc YPYKXXTR8TFDH54ZMB45 Woodward Inc 980745103 11219 NS USD 1237119.13 1.8740376865 Long EC CORP US N 1 N N N Retail Opportunity Investments N/A Retail Opportunity Investments Corp 76131N101 52206 NS USD 967377.18 1.4654217597 Long EC CORP US N 1 N N N Nifco Inc/Japan 353800JMDOH68J9I5140 Nifco Inc/Japan 654101104 41005 NS 1196399.15 1.8123534273 Long EC CORP JP N 2 N N N RPM International Inc 549300TJCKW4BRXPJ474 RPM International Inc 749685103 17788 NS USD 1576194.68 2.3876829321 Long EC CORP US N 1 N N N Yaoko Co Ltd 353800Y2SZOLTECIV233 Yaoko Co Ltd 000000000 30730 NS 1776996.49 2.6918655693 Long EC CORP JP N 2 N N N Diversified Energy Co PLC 213800YR9TFRVHPGOS67 Diversified Gas & Oil PLC 000000000 649694 NS 931562.33 1.4111679882 Long EC CORP US Y 2 N N N Wintrust Financial Corp Q774KI4AW80FHFW33O61 Wintrust Financial Corp 97650W108 19894 NS USD 1951004.58 2.9554600045 Long EC CORP US N 1 N N N AMN Healthcare Services Inc 529900W3ARRTCNFH2I39 AMN Healthcare Services Inc 001744101 17379 NS USD 1761187.86 2.6679180224 Long EC CORP US N 1 N N N LKQ Corp DS830JTTZQN6GK0I2E41 LKQ Corp 501889208 26876 NS USD 1475223.64 2.2347279501 Long EC CORP US N 1 N N N Open House Group Co Ltd 529900WQOGPBIJEHW865 Open House Co Ltd 000000000 25201 NS 1299380.83 1.9683542074 Long EC CORP JP N 2 N N N STERIS PLC N/A STERIS PLC 000000000 8014 NS USD 1798341.6 2.7241999982 Long EC CORP US N 1 N N N Kirby Corp I7NO6FZO5GUCG585T325 KIRBY CORP 497266106 16570 NS USD 1080032.6 1.6360767092 Long EC CORP US N 1 N N N Molten Ventures PLC 213800IPCR3SAYJWSW10 Draper Esprit PLC 000000000 66755 NS 697467.34 1.0565515063 Long EC CORP GB N 2 N N N Cooper Cos Inc/The QJKMVPIGLH7530PCUE20 Cooper Cos Inc/The 216648402 4231 NS USD 1685207.3 2.5528196220 Long EC CORP US N 1 N N N Credicorp Ltd 529900UYAEYQCQ2BKB17 Credicorp Ltd 000000000 8033 NS USD 1150486.26 1.7428027397 Long EC CORP PE N 1 N N N West Pharmaceutical Services I 5493007NKRGM1RJQ1P16 West Pharmaceutical Services Inc 955306105 3595 NS USD 1413625.9 2.1414172225 Long EC CORP US N 1 N N N Techtronic Industries Co Ltd 549300HZW2SBE758OK89 TECHTRONIC INDUSTRIES CO LTD 000000000 102500 NS 1685132.63 2.5527065089 Long EC CORP HK N 2 N N N IMCD NV 724500NSJPNFJPDAUP02 IMCD NV 000000000 7778 NS 1341656.25 2.0323947095 Long EC CORP NL N 2 N N N 2022-03-23 Federated Hermes Adviser Series Stephen Van Meter Federated Hermes Adviser Series Chief Compliance Officer XXXX NPORT-EX 2 poi_fhsdgengageequityfund.htm POI - FEDERATED HERMES SDG ENGAGEMENT EQUITY FUND EDGAR HTML
Federated Hermes SDG Engagement Equity Fund
Portfolio of Investments
January 31, 2022 (unaudited)
Shares
 
 
Value in
U.S. Dollars
 
 
COMMON STOCKS—98.1%
 
 
 
Australia—1.2%
 
42,800
 
Ansell Ltd.
$812,583
 
 
China—0.8%
 
520,500
 
Shenzhen International Holdings Ltd.
528,635
 
 
Finland—1.9%
 
31,256
 
Huhtamaki Oyj
1,231,877
 
 
France—0.9%
 
3,393
1
Silicon-On-Insulator Technologies (SOITEC)
617,544
 
 
Hong Kong—2.6%
 
102,500
 
Techtronic Industries Co.
1,685,133
 
 
India—0.7%
 
40,086
 
Varun Beverages Ltd.
487,580
 
 
Ireland—1.5%
 
69,568
 
Glanbia PLC
959,608
 
 
Italy—1.7%
 
25,648
 
Marr SpA
546,138
70,254
 
Technogym S.P.A.
597,715
 
 
TOTAL
1,143,853
 
 
Japan—9.9%
 
20,442
 
Horiba Ltd.
1,102,943
41,005
 
NIFCO, Inc.
1,196,399
21,941
 
Nissan Chemical Industries
1,194,110
25,201
 
Open House Co. Ltd.
1,299,381
30,730
 
Yaoko Co. Ltd.
1,776,996
 
 
TOTAL
6,569,829
 
 
Netherlands—4.5%
 
26,189
 
Aalberts N.V.
1,611,756
7,778
 
IMCD Group NV
1,341,656
 
 
TOTAL
2,953,412
 
 
Peru—1.7%
 
8,033
 
Credicorp Ltd.
1,150,486
 
 
Singapore—1.7%
 
606,575
 
Mapletree Industrial Trust
1,128,562
 
 
Spain—1.2%
 
66,645
 
Merlin Properties SOCIMI SA
756,239
 
 
Sweden—2.1%
 
55,079
 
Trelleborg AB, Class B
1,387,269
 
 
Switzerland—2.4%
 
3,346
 
Burckhardt Compression Holdings AG
1,580,686
 
 
United Kingdom—9.4%
 
63,707
 
Bovis Homes Group PLC
886,282
664,629
 
Breedon Group PLC
769,042
278,008
 
Central Asia Metals PLC
835,912
14,888
 
DCC PLC
1,249,686
66,755
1
Draper Esprit PLC
697,467
342,250
 
Harworth Group PLC
852,994
1

Shares
 
 
Value in
U.S. Dollars
 
 
COMMON STOCKS—continued
 
 
 
United Kingdom—continued
 
256,689
1
SSP Group PLC
$946,334
 
 
TOTAL
6,237,717
 
 
United States—53.9%
 
24,372
 
Alliant Energy Corp.
1,458,908
17,379
1
AMN Healthcare Services, Inc.
1,761,188
12,251
 
Aptargroup, Inc.
1,437,042
19,482
 
Brunswick Corp.
1,768,771
16,458
1
Clean Harbors, Inc.
1,523,188
4,231
 
Cooper Cos., Inc.
1,685,208
649,694
2
Diversified Gas & Oil PLC
931,562
9,652
 
Eagle Materials, Inc.
1,407,744
17,848
 
Fortune Brands Home & Security, Inc.
1,680,746
74,955
 
Huntington Bancshares, Inc.
1,128,822
16,570
1
Kirby Corp.
1,080,033
30,064
 
LKQ Corp.
1,650,213
19,456
 
National Instruments Corp.
801,976
9,195
 
Reinsurance Group of America
1,055,862
52,206
 
Retail Opportunity Investments Corp.
967,377
17,788
 
RPM International, Inc.
1,576,195
781,588
1
Samsonite International SA
1,633,089
10,419
1
Silicon Laboratories, Inc.
1,721,115
14,377
 
Simpson Manufacturing Co., Inc.
1,621,582
8,014
 
STERIS PLC
1,798,342
3,595
 
West Pharmaceutical Services, Inc.
1,413,626
7,135
1
WEX, Inc.
1,148,592
23,062
 
Wiley (John) & Sons, Inc., Class A
1,170,396
19,894
 
Wintrust Financial Corp.
1,951,005
11,219
 
Woodward, Inc.
1,237,119
 
 
TOTAL
35,609,701
 
 
TOTAL INVESTMENT IN SECURITIES98.1%
(IDENTIFIED COST $48,568,871)
64,840,714
 
 
OTHER ASSETS AND LIABILITIESNET1.9%3
1,258,318
 
 
TOTAL NET ASSETS100%
$66,099,032
1
Non-income-producing security.
2
Denotes a restricted security that either: (a) cannot be offered for public sale without first being registered, or availing of an exemption from registration, under the Securities Act of 1933; or (b) is subject to a contractual restriction on public sales. At January 31, 2022, these restricted securities amounted to $931,562, which represented 1.4% of total net assets.
Additional information on restricted securities held at January 31, 2022, is as follows:
Security
Acquisition
Date
Acquisition
Cost
Value
Diversified Gas & Oil PLC
7/24/2020 10/25/2021
$927,354
$931,562
3
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at January 31, 2022.
Investment Valuation
In calculating its net asset value (NAV), the Fund generally values investments as follows:
Equity securities 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 the Fund’s Board of Trustees (the “Trustees”).
2

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 asked quotations.
Over-the-counter (OTC) derivative contracts are fair valued using price evaluations provided by a pricing service approved by the Trustees.
For securities that are fair valued in accordance with procedures established by and under the general supervision of the Trustees, 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 Fund's valuation policies and procedures, or if information furnished by a pricing service, in the opinion of the valuation committee (“Valuation Committee”) is deemed not representative of 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
The Trustees have ultimate responsibility for determining the fair value of investments for which market quotations are not readily available. The Trustees have appointed a Valuation Committee comprised of officers of the Fund, Federated Global Investment Management Corporation (the “Adviser”) and certain of the Adviser's affiliated companies to assist in determining fair value and in overseeing the calculation of the NAV. The Trustees have also authorized the use of pricing services recommended by the Valuation Committee 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 Trustees. The Trustees periodically review and approve the fair valuations made by the Valuation Committee and 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 asked 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 Trustees.
The Trustees also have adopted procedures requiring an investment to be priced at its fair value whenever the Adviser 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 Trustees have 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 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 Fund will determine the fair value of the investment in accordance with the fair valuation procedures approved by the Trustees. The Trustees have ultimate responsibility for any fair valuations made in response to a significant event.
3

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 1quoted prices in active markets for identical securities.
Level 2other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.). Also includes securities valued at amortized cost.
Level 3significant 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.
The following is a summary of the inputs used, as of January 31, 2022, in valuing the Fund's assets carried at fair value:
Valuation Inputs
 
 
 
 
 
Level 1
Quoted
Prices
Level 2
Other
Significant
Observable
Inputs
Level 3
Significant
Unobservable
Inputs
Total
Equity Securities:
 
 
 
 
Common Stocks
 
 
 
 
 Domestic
$33,045,050
$2,564,651
$
$35,609,701
 International
1,150,486
28,080,527
29,231,013
TOTAL SECURITIES
$34,195,536
$30,645,178
$
$64,840,714
4