NPORT-EX 2 poi_fhmdtmrktntrlfund.htm POI - FEDERATED HERMES MDT MARKET NEUTRAL FUND EDGAR HTML
Federated Hermes MDT Market Neutral Fund
Portfolio of Investments
March 31, 2023 (unaudited)  
Shares
 
 
Value
 
COMMON STOCKS—85.7%
1
Communication Services—4.3%
144,727
 
Altice USA, Inc.
$494,966
132,753
 
CarGurus, Inc.
2,479,826
71,534
 
DISH Network Corp., Class A
667,412
8,201
 
EverQuote, Inc.
113,994
2,662
 
IAC, Inc.
137,359
62,076
 
Match Group, Inc.
2,383,098
57,356
 
Spotify Technology SA
7,663,909
23,151
 
Yelp, Inc.
710,736
 
TOTAL
14,651,300
 
Consumer Discretionary—12.7%
28,415
1
1-800-FLOWERS.COM, Inc.
326,772
22,050
1
2U, Inc.
151,043
6,639
 
Academy Sports and Outdoors, Inc.
433,195
41,736
1
Airbnb, Inc.
5,191,958
22,784
1
Bright Horizons Family Solutions, Inc.
1,754,140
57,067
1
Carvana Co.
558,686
16,225
1
Chegg, Inc.
264,468
6,275
1
Children’s Place, Inc./The
252,569
4,878
1
Crocs, Inc.
616,774
8,933
1
Duolingo, Inc.
1,273,756
14,996
1
Etsy, Inc.
1,669,505
92,491
1
Expedia Group, Inc.
8,974,402
31,246
 
Ford Motor Co.
393,700
132,689
 
Gap (The), Inc.
1,332,198
38,873
1
Groupon, Inc.
163,655
4,863
 
Hasbro, Inc.
261,094
53,525
 
International Game Technology PLC
1,434,470
763
1
Lululemon Athletica, Inc.
277,877
869
 
Murphy USA, Inc.
224,245
27,245
1
Overstock.com, Inc.
552,256
34,076
1
PlayAGS, Inc.
243,643
38,237
 
PVH Corp.
3,409,211
85,956
1
Revolve Group, Inc.
2,260,643
63,062
1
Rocket Companies, Inc.
571,342
34,606
1
Sonos, Inc.
678,970
95,899
1
Stitch Fix, Inc.
490,044
9,275
 
Tractor Supply Co.
2,179,996
5,252
1
Ulta Beauty, Inc.
2,865,859
187,505
1
Under Armour, Inc., Class A
1,779,422
6,088
1
Wayfair, Inc.
209,062
10,883
 
Wingstop, Inc.
1,997,901
32,115
1
WW International, Inc.
132,314
12,356
1
YETI Holdings, Inc.
494,240
 
TOTAL
43,419,410
 
Consumer Staples—2.5%
21,765
 
Albertsons Cos., Inc.
452,277
3,228
 
Archer-Daniels-Midland Co.
257,142
1
Shares
 
 
Value
 
COMMON STOCKS—continued
 
Consumer Staples—continued
46,892
1
Beyond Meat, Inc.
$761,057
28,550
1
elf Beauty, Inc.
2,351,093
45,961
1
Hain Celestial Group, Inc.
788,231
2,234
 
Hershey Foods Corp.
568,352
20,700
 
Kroger Co.
1,021,959
17,074
 
Lamb Weston Holdings, Inc.
1,784,574
2,944
 
PepsiCo, Inc.
536,691
 
TOTAL
8,521,376
 
Energy—3.4%
31,756
 
CONSOL Energy, Inc.
1,850,422
39,010
 
Marathon Petroleum Corp.
5,259,718
2,111
1
Nabors Industries Ltd.
257,352
54,248
1
Oceaneering International, Inc.
956,392
13,756
 
PBF Energy, Inc.
596,460
33,993
1
Propetro Holding Corp.
244,410
19,751
 
Ranger Oil Corp.
806,631
24,724
1
Weatherford International PLC
1,467,370
 
TOTAL
11,438,755
 
Financials—10.3%
12,641
 
Ameriprise Financial, Inc.
3,874,466
6,845
 
Assured Guaranty Ltd.
344,098
30,218
 
Bank of New York Mellon Corp.
1,373,106
13,770
 
Berkley, W. R. Corp.
857,320
45,625
 
Carlyle Group LP/The
1,417,112
8,108
 
Cboe Global Markets, Inc.
1,088,418
28,416
1
Coinbase Global, Inc.
1,920,069
28,848
 
Comerica, Inc.
1,252,580
13,735
1
eHealth, Inc.
128,560
52,410
 
First Republic Bank
733,216
1,438
 
Gallagher (Arthur J.) & Co.
275,104
99,943
1
Green Dot Corp.
1,717,021
12,564
 
Interactive Brokers Group, Inc., Class A
1,037,284
68,609
 
Jackson Financial, Inc.
2,566,663
175,677
1
LendingClub Corp.
1,266,631
20,677
1
LendingTree, Inc.
551,249
37,285
 
Live Oak Bancshares, Inc.
908,635
437
 
Marketaxess Holdings, Inc.
170,994
1,054
 
MSCI, Inc., Class A
589,913
26,661
 
NASDAQ, Inc.
1,457,557
107,998
1
Open Lending
760,306
49,593
1
PayPal Holdings, Inc.
3,766,092
14,429
 
ProAssurance Corp.
266,648
40,177
1
PROG Holdings, Inc.
955,811
11,767
 
Progressive Corp., OH
1,683,387
1,650
 
Prudential Financial, Inc.
136,521
22,478
 
Signature Bank
4,113
4,017
 
State Street Corp.
304,047
252,417
1
StoneCo Ltd.
2,408,058
3,132
 
Tradeweb Markets, Inc.
247,491
3,887
1
Triumph Financial, Inc.
225,679
17,683
 
Western Alliance Bancorp
628,454
2
Shares
 
 
Value
 
COMMON STOCKS—continued
 
Financials—continued
11,648
 
Zions Bancorporation, N.A.
$348,625
 
TOTAL
35,265,228
 
Health Care—13.6%
10,631
1
10X Genomics, Inc.
593,103
154,438
1
Adaptive Biotechnologies Corp.
1,363,688
15,206
1
Agios Pharmaceuticals, Inc.
349,282
20,374
1
Alector, Inc.
126,115
27,929
1
Amedisys, Inc.
2,054,178
432
1
Biogen, Inc.
120,109
71,828
1
CareDx, Inc.
656,508
17,245
1
Centene Corp.
1,090,056
58,682
1
Community Health Systems, Inc.
287,542
148,872
1
Elanco Animal Health, Inc.
1,399,397
1,141
 
Elevance Health, Inc.
524,643
15,199
1
Emergent BioSolutions, Inc.
157,462
57,043
1
Fulgent Genetics, Inc.
1,780,882
1,366
1
Heska Corp.
133,349
8,056
 
Humana, Inc.
3,910,866
8,750
1
iTeos Therapeutics, Inc.
119,088
5,087
 
Johnson & Johnson
788,485
9,464
1
Lantheus Holdings, Inc.
781,348
26,093
1
Maravai LifeSciences Holdings, Inc.
365,563
4,882
1
Molina Healthcare, Inc.
1,305,886
11,762
1
Myriad Genetics, Inc.
273,231
47,874
1
NanoString Technologies, Inc.
473,953
162,654
1
NeoGenomics, Inc.
2,831,806
90,479
1
Nevro Corp.
3,270,816
56,351
1
Novavax, Inc.
390,512
67,924
1
Omnicell, Inc.
3,985,101
17,160
1
Phreesia, Inc.
554,096
27,669
1
Privia Health Group, Inc.
763,941
14,276
1
Prometheus Biosciences, Inc.
1,532,100
11,182
1
Rocket Pharmaceuticals, Inc.
191,548
2,829
1
Sarepta Therapeutics, Inc.
389,921
75,156
1
Syneos Health, Inc.
2,677,057
339,588
1
Teladoc Health, Inc.
8,795,329
18,889
1
The Joint Corp.
317,902
4,850
1
TransMedics Group, Inc.
367,291
5,591
1
Vertex Pharmaceuticals, Inc.
1,761,556
 
TOTAL
46,483,710
 
Industrials—6.7%
27,410
1
3D Systems Corp.
293,835
17,443
 
Apogee Enterprises, Inc.
754,410
39,414
1
Astronics Corp.
526,571
4,733
1
Atkore, Inc.
664,892
5,083
 
Automatic Data Processing, Inc.
1,131,628
22,340
1
BlueLinx Holdings, Inc.
1,518,226
3,566
1
Builders Firstsource, Inc.
316,589
32,531
1
CIRCOR International, Inc.
1,012,365
12,383
1
DXP Enterprises, Inc.
333,350
7,152
 
Ennis, Inc.
150,836
23,623
1
Fluence Energy, Inc.
478,366
3
Shares
 
 
Value
 
COMMON STOCKS—continued
 
Industrials—continued
9,678
1
Generac Holdings, Inc.
$1,045,321
67,565
1
Lyft, Inc.
626,328
7,436
 
Paychex, Inc.
852,091
36,268
 
Pitney Bowes, Inc.
141,082
30,185
1
Proto Labs, Inc.
1,000,633
3,876
 
Robert Half International, Inc.
312,289
46,513
1
SkyWest, Inc.
1,031,193
19,491
 
Stanley Black & Decker, Inc.
1,570,585
86,368
1
Trex Co., Inc.
4,203,531
34,391
1
Uber Technologies, Inc.
1,090,195
12,836
1
United Airlines Holdings, Inc.
567,993
3,259
1
United Rentals, Inc.
1,289,782
62,617
1
XPO Logistics, Inc.
1,997,482
 
TOTAL
22,909,573
 
Information Technology—24.3%
7,937
1
Allegro MicroSystems, Inc.
380,897
9,081
1
Alteryx, Inc.
534,326
21,687
1
Ambarella, Inc.
1,679,008
135,375
1
AppLovin Corp.
2,132,156
34,661
1
Arista Networks, Inc.
5,818,195
3,720
 
Broadcom, Inc.
2,386,529
52,914
1
C3.AI, Inc.
1,776,323
22,004
1
Cadence Design Systems, Inc.
4,622,820
56,521
1
Cerence, Inc.
1,587,675
70,626
1
Ceridian HCM Holding, Inc.
5,171,236
23,847
1
Clear Secure, Inc.
624,076
3,170
 
Cognex Corp.
157,073
9,611
 
Cognizant Technology Solutions Corp.
585,598
132,424
1
Digital Turbine, Inc.
1,636,761
9,084
1
DocuSign, Inc.
529,597
31,242
1
Dynatrace Holdings LLC
1,321,537
543
1
Enphase Energy, Inc.
114,182
712
1
EPAM Systems, Inc.
212,888
38,331
1
Everbridge, Inc.
1,328,936
27,141
1
F5, Inc.
3,954,172
1,130
1
First Solar, Inc.
245,775
5,963
1
FormFactor, Inc.
189,922
37,961
1
Fortinet, Inc.
2,522,888
2,176
1
Guidewire Software, Inc.
178,541
8,184
1
Impinj, Inc.
1,109,096
7,967
1
Intapp, Inc.
357,240
6,736
 
Jabil, Inc.
593,846
19,825
1
Kyndryl Holdings, Inc.
292,617
53,418
1
LiveRamp Holdings, Inc.
1,171,457
47,941
1
MaxLinear, Inc.
1,688,003
6,590
 
Microchip Technology, Inc.
552,110
21,072
1
New Relic, Inc.
1,586,511
37,302
1
Nutanix, Inc.
969,479
9,423
1
Okta, Inc.
812,639
4,760
1
Palo Alto Networks, Inc.
950,762
162,114
 
Pegasystems, Inc.
7,859,287
2,324
1
Procore Technologies, Inc.
145,552
4
Shares
 
 
Value
 
COMMON STOCKS—continued
 
Information Technology—continued
63,400
1
Pure Storage, Inc.
$1,617,334
60,622
1
Q2 Holdings, Inc.
1,492,514
1,468
1
Qorvo, Inc.
149,105
8,311
1
Qualys, Inc.
1,080,596
12,120
1
RingCentral, Inc.
371,720
277,697
1
Semtech Corp.
6,703,606
1,093
 
Skyworks Solutions, Inc.
128,952
9,389
1
Splunk, Inc.
900,217
18,303
1
Synaptics, Inc.
2,034,378
8,647
1
Synopsys, Inc.
3,339,904
45,185
1
Telos Corp.
114,318
3,770
1
Twilio, Inc.
251,195
40,437
1
Varonis Systems, Inc.
1,051,766
78,024
1
Zoom Video Communications, Inc.
5,761,292
 
TOTAL
82,776,607
 
Materials—2.5%
1,198
 
Albemarle Corp.
264,806
14,274
 
CF Industries Holdings, Inc.
1,034,722
5,125
 
Koppers Holdings, Inc.
179,221
57,706
 
Mosaic Co./The
2,647,552
80,861
 
Newmont Corp.
3,963,806
19,841
 
United States Steel Corp.
517,850
 
TOTAL
8,607,957
 
Real Estate—5.4%
40,989
 
Boston Properties, Inc.
2,218,325
2,298
 
Crown Castle, Inc.
307,564
545
 
Essex Property Trust, Inc.
113,981
246,717
 
Kilroy Realty Corp.
7,993,631
25,700
 
Macerich Co. (The)
272,420
2,579
 
Public Storage
779,219
98,076
1
Redfin Corp.
888,569
94,864
 
SL Green Realty Corp.
2,231,201
72,165
 
Vornado Realty Trust L.P.
1,109,176
60,256
1
Zillow Group, Inc.
2,633,187
 
TOTAL
18,547,273
 
TOTAL COMMON STOCKS
(IDENTIFIED COST $282,992,763)
292,621,189
 
INVESTMENT COMPANY—7.4%
25,143,078
 
Federated Hermes Institutional Prime Value Obligations Fund, Institutional Shares, 4.82%2
(IDENTIFIED COST $25,137,472)
$25,138,049
 
TOTAL INVESTMENT IN SECURITIES—93.1%
(IDENTIFIED COST $308,130,235)
317,759,238
 
OTHER ASSETS AND LIABILITIES - NET—6.9%3
23,556,964
 
TOTAL NET ASSETS—100%
$341,316,202
SECURITIES SOLD SHORT—(82.6)%  
Shares
 
 
Value
 
Communication Services—(5.0)%
26,349
1
Alphabet, Inc., Class A
$2,733,182
3,667
 
ATN International, Inc.
150,054
43,796
1
E.W. Scripps Co.
412,120
12,933
1
Frontier Communications Parent, Inc.
294,484
5
Shares
 
 
Value
 
Communication Services—continued
191,388
1
Magnite, Inc.
$1,772,253
27,310
1
Roku, Inc.
1,797,544
15,888
 
Sinclair Broadcast Group, Inc.
272,638
3,185
1
Sphere Entertainment Co.
188,138
31,681
1
Take-Two Interactive Software, Inc.
3,779,543
86,234
1
Trade Desk, Inc./The
5,252,513
102,790
1
Vimeo Holdings, Inc.
393,686
 
TOTAL
17,046,155
 
Consumer Discretionary—(11.5)%
63,861
1
Amazon.com, Inc.
6,596,203
12,541
1
Bally’s Corp.
244,800
7,492
1
Boot Barn Holdings, Inc.
574,187
36,388
1
CarMax, Inc.
2,339,021
1,488
 
Churchill Downs, Inc.
382,490
53,346
 
D. R. Horton, Inc.
5,211,371
62,681
1
Dave & Buster’s Entertainment, Inc.
2,306,034
6,934
1
DoorDash, Inc.
440,725
27,686
1
Floor & Decor Holdings, Inc.
2,719,319
27,481
 
Franchise Group, Inc.
748,857
30,361
1
G-III Apparel Group Ltd.
472,113
3,769
1
Grand Canyon Education, Inc.
429,289
9,520
1
Hilton Grand Vacations, Inc.
422,973
1,835
 
Lear Corp.
255,964
1,322
1
LGI Homes, Inc.
150,748
8,362
 
Lithia Motors, Inc.
1,914,313
35,970
1
Ollie’s Bargain Outlet Holding, Inc.
2,084,102
78,327
1
Peloton Interactive, Inc.
888,228
17,871
 
Polaris, Inc., Class A
1,977,069
3,309
1
RH
805,907
207,404
1
Rivian Automotive, Inc.
3,210,614
33,190
1
Skechers USA, Inc., Class A
1,577,189
15,512
1
Tesla, Inc.
3,218,119
50,753
1
The RealReal, Inc.
63,949
714
1
TopBuild Corp.
148,612
813
 
Vail Resorts, Inc.
189,982
33,291
1
Vroom, Inc.
29,919
 
TOTAL
39,402,097
 
Consumer Staples—(2.7)%
2,500
1
Celsius Holdings, Inc.
232,350
6,425
1
Darling Ingredients, Inc.
375,220
31,811
1
Freshpet, Inc.
2,105,570
9,549
 
Hormel Foods Corp.
380,814
11,697
 
Reynolds Consumer Products, Inc.
321,668
26,414
 
Target Corp.
4,374,951
23,045
 
Tyson Foods, Inc., Class A
1,367,029
 
TOTAL
9,157,602
 
Energy—(2.8)%
15,813
1
CNX Resources Corp.
253,324
5,232
1
DMC Global, Inc.
114,947
99,007
 
Enviva, Inc.
2,859,322
56,701
 
Equitrans Midstream Corp.
327,732
12,445
1
Expro Group Holdings NV
228,490
7,517
 
Exxon Mobil Corp.
824,314
6
Shares
 
 
Value
 
Energy—continued
24,861
1
Green Plains, Inc.
$770,442
21,452
 
Hess Corp.
2,838,958
51,384
 
Liberty Energy, Inc.
658,229
9,306
 
New Fortress Energy, Inc.
273,876
8,165
1
Noble Corp. PLC
322,272
9,876
1
Peabody Energy Corp.
252,826
 
TOTAL
9,724,732
 
Financials—(11.2)%
97,930
1
Affirm Holdings, Inc.
1,103,671
5,330
 
Ameris Bancorp
194,971
20,093
 
Bank of America Corp.
574,660
23,700
1
Berkshire Hathaway, Inc., Class B
7,317,849
39,504
 
BGC Partners, Inc., Class A
206,606
90,767
1
Block, Inc.
6,231,154
11,705
1
Cannae Holdings, Inc.
236,207
20,012
 
Capital One Financial Corp.
1,924,354
47,928
 
Citigroup, Inc.
2,247,344
42,984
 
Equitable Holdings, Inc.
1,091,364
3,299
 
Erie Indemnity Co.
764,246
543
1
GoHealth, Inc.
8,840
5,695
 
Goldman Sachs Group, Inc.
1,862,891
4,043
1
Goosehead Insurance, Inc.
211,045
36,403
 
Morgan Stanley
3,196,183
36,481
 
Redwood Trust, Inc.
245,882
22,415
1
Ryan Specialty Group Holdings, Inc.
901,980
21,819
 
S&P Global, Inc.
7,522,537
12,781
 
SEI Investments Co.
735,547
7,523
1
StoneX Group, Inc.
778,856
3,512
1
Trupanion, Inc.
150,630
14,665
 
Webster Financial Corp. Waterbury
578,119
 
TOTAL
38,084,936
 
Health Care—(11.9)%
42,110
1
AdaptHealth Corp.
523,427
4,465
1
Apellis Pharmaceuticals, Inc.
294,511
7,701
1
Arcturus Therapeutics Holdings, Inc.
184,593
60,139
1
Arrowhead Pharmaceuticals, Inc.
1,527,531
2,819
1
BioAtla, Inc.
7,555
33,855
1
Catalent, Inc.
2,224,612
19,410
1
Cerevel Therapeutics Holdings
473,410
26,037
1
Cryoport, Inc.
624,888
14,449
1
Davita, Inc.
1,171,958
22,563
1
Evolent Health, Inc.
732,169
6,691
1
Exact Sciences Corp.
453,717
9,073
1
Glaukos Corp.
454,557
39,529
1
Guardant Health, Inc.
926,560
4,229
 
HCA Healthcare, Inc.
1,115,103
22,280
1
HealthEquity, Inc.
1,308,059
51,017
1
Heron Therapeutics, Inc.
77,036
12,976
1
ICU Medical, Inc.
2,140,521
2,822
1
Illumina, Inc.
656,256
19,768
1
Inari Medical, Inc.
1,220,476
8,633
1
Insulet Corp.
2,753,582
30,711
1
Intellia Therapeutics, Inc.
1,144,599
7
Shares
 
 
Value
 
Health Care—continued
5,877
1
iRhythm Technologies, Inc.
$728,924
35,454
1
Karyopharm Therapeutics, Inc.
137,916
3,446
1
Kodiak Sciences, Inc.
21,365
8,568
1
Mirati Therapeutics, Inc.
318,558
60,892
1
Novocure Ltd.
3,662,045
18,719
1
Outset Medical, Inc.
344,430
3,222
1
Penumbra, Inc.
897,939
9,870
1
PetIQ, Inc.
112,913
48,999
1
Progyny, Inc.
1,573,848
8,295
1
Pulmonx Corp.
92,738
15,856
1
QuidelOrtho Corp.
1,412,611
242,083
1
R1 RCM, Inc.
3,631,245
6,965
1
Reata Pharmaceuticals, Inc.
633,258
11,399
1
REGENXBIO, Inc.
215,555
1,016
1
Repligen Corp.
171,054
17,837
1
Schrodinger, Inc.
469,648
460
1
Shockwave Medical, Inc.
99,742
5,406
 
Stryker Corp.
1,543,251
9,899
1
Surgery Partners, Inc.
341,219
47,282
1
Tenet Healthcare Corp.
2,809,496
51,064
1
Twist Bioscience Corp.
770,045
10,521
1
Ultragenyx Pharmaceutical, Inc.
421,892
5,300
1
Zentalis Pharmaceuticals LLC
91,160
 
TOTAL
40,515,972
 
Industrials—(5.8)%
9,317
 
Advanced Drainage System, Inc.
784,585
8,533
1
Aerovironment, Inc.
782,135
95,545
 
Air Lease Corp.
3,761,607
5,363
1
Ameresco, Inc.
263,967
16,474
1
Boeing Co.
3,499,572
3,669
1
FTI Consulting, Inc.
724,077
35,323
 
General Electric Co.
3,376,879
4,007
1
GXO Logistics, Inc.
202,193
6,732
1
Hydrofarm Holdings Group, Inc.
11,646
5,972
1
Kirby Corp.
416,248
7,182
1
Mastec, Inc.
678,268
123,446
1
SunRun, Inc.
2,487,437
38,010
 
TransUnion
2,361,941
54,489
1
Upwork, Inc.
616,815
 
TOTAL
19,967,370
 
Information Technology—(23.1)%
83,026
1
Advanced Micro Devices, Inc.
8,137,378
8,136
1
Appian Corp.
361,076
2,317
 
Apple, Inc.
382,073
36,595
1
Asana, Inc.
773,252
31,737
1
Atlassian Corp. PLC
5,432,422
58,818
 
Bentley Systems, Inc.
2,528,586
19,049
1
BigCommerce Holdings, Inc.
170,298
88,333
1
CloudFlare, Inc.
5,446,613
67,413
1
Confluent, Inc.
1,622,631
9,704
1
Datadog, Inc.
705,093
97,837
 
Entegris, Inc.
8,023,612
30,147
1
Five9, Inc.
2,179,327
8
Shares
 
 
Value
 
Information Technology—continued
11,902
 
Intuit, Inc.
$5,306,269
10,332
 
Micron Technology, Inc.
623,433
7,574
 
Microsoft Corp.
2,183,584
22,521
 
MKS Instruments, Inc.
1,995,811
23,181
1
MongoDB, Inc.
5,403,955
79,439
1
nCino, Inc.
1,968,498
6,863
1
ON Semiconductor Corp.
564,962
25,905
1
Par Technology Corp.
879,734
18,825
1
PTC, Inc.
2,413,930
13,772
1
Rapid7, Inc.
632,272
46,303
1
Rogers Corp.
7,567,299
27,642
1
SentinelOne, Inc.
452,223
5,429
1
Sitime Corp.
772,167
125,672
1
Unity Software, Inc.
4,076,800
73,606
1
Veeco Instruments, Inc.
1,555,295
21,746
1
ViaSat, Inc.
735,885
63,264
1
Wolfspeed, Inc.
4,108,997
60,291
1
Yext, Inc.
579,396
10,163
1
Zscaler, Inc.
1,187,343
 
TOTAL
78,770,214
 
Materials—(3.3)%
25,031
1
Arconic Corp.
656,563
6,828
 
Carpenter Technology Corp.
305,621
14,054
 
Celanese Corp.
1,530,340
28,022
 
Dow, Inc.
1,536,166
35,695
 
DuPont de Nemours, Inc.
2,561,830
47,595
 
Freeport-McMoRan, Inc.
1,947,111
6,348
 
Quaker Chemical Corp.
1,256,587
18,666
 
Southern Copper Corp.
1,423,283
 
TOTAL
11,217,501
 
Real Estate—(4.3)%
28,711
 
Americold Realty Trust, Inc.
816,828
120,571
 
Healthcare Realty Trust, Inc.
2,330,637
17,072
1
Howard Hughes Corp.
1,365,760
34,312
 
ProLogis, Inc.
4,281,108
5,956
 
Realty Income Corp.
377,134
25,387
 
Ventas, Inc.
1,100,527
60,110
 
Welltower, Inc.
4,309,286
 
TOTAL
14,581,280
 
Utilities—(1.0)%
5,487
 
Brookfield Renewable Corp.
191,771
37,541
 
Dominion Energy, Inc.
2,098,917
9,817
 
Southwest Gas Holdings, Inc.
613,072
29,213
1
Sunnova Energy International, Inc.
456,307
 
TOTAL
3,360,067
 
Total Securities Sold Short
(PROCEEDS $278,996,765)
$281,827,926
The Value of Securities Sold Short is included in “Other Assets and Liabilities—Net”.
9
An affiliated company is a company in which the Fund, alone or in combination with other Federated Hermes funds, has ownership of at least 5% of the voting shares. Transactions with affiliated companies during the period ended March 31, 2023, were as follows:  
Affiliated
Value as of
12/31/2022
Purchases
at Cost
Proceeds
from Sales
Change in
Unrealized
Appreciation/
Depreciation
Net
Realized Gain/
(Loss)
Value as of
3/31/2023
Shares
Held as of
3/31/2023
Dividend
Income
Health Care:
Alector, Inc.*
$153,449
$28,059
$—
$(55,393)
$—
$126,115
20,374
$—
TOTAL OF AFFILIATED COMPANIES
TRANSACTIONS
$153,449
$28,059
$—
$(55,393)
$—
$126,115
20,374
$—
Transactions with affiliated investment companies, which are funds managed by the Adviser or an affiliate of the Adviser, during the period ended March 31, 2023, were as follows:  
 
Federated Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
Value as of 12/31/2022
$13,811,929
Purchases at Cost
$109,352,531
Proceeds from Sales
$(98,029,965)
Change in Unrealized Appreciation/Depreciation
$(1,123)
Net Realized Gain/(Loss)
$4,677
Value as of 3/31/2023
$25,138,049
Shares Held as of 3/31/2023
25,143,078
Dividend Income
$270,306
 
*
At March 31, 2023, the Fund no longer has ownership of at least 5% of the voting shares.
1
Non-income-producing security.
2
7-day net yield.
3
Assets, other than investments in securities, less liabilities.
Note: The categories of investments are shown as a percentage of total net assets at March 31, 2023.
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.
10
Fair Valuation and Significant Events Procedures
Pursuant to Rule 2a-5 under the Investment Company Act, 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 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, 2023, all investments of the Fund utilized Level 1 inputs in valuing the Fund’s assets carried at fair value.
11