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, 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
8
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.
9
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
10
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.
11