08/27/2024 | Press release | Distributed by Public on 08/27/2024 11:15
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: 2024-12-31
Date of Reporting Period: Six months ended 2024-06-30
Item 1. | Reports to Stockholders |
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Federated Hermes MDT Market Neutral Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
(based on a hypothetical $10,000 investment)
Class Name
|
Cost of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Class A Shares
|
$110
|
2.12%
|
Net Assets
|
$457,140,909
|
Number of Investments
|
397
|
Portfolio Turnover
|
28%
|
Value
|
Value
|
Securities Sold Short
|
(72.7%)
|
Cash Equivalents
|
1.8%
|
Collateral on Deposit for Securities Sold Short
|
73.6%
|
Common Stocks
|
92.9%
|
Value
|
Value
|
Energy
|
2.4%
|
Utilities
|
2.7%
|
Consumer Staples
|
3.5%
|
Materials
|
5.0%
|
Real Estate
|
5.3%
|
Communication Services
|
6.9%
|
Industrials
|
8.8%
|
Financials
|
12.5%
|
Consumer Discretionary
|
14.1%
|
Health Care
|
14.2%
|
Information Technology
|
24.6%
|
Semi-Annual Shareholder Report
Federated Hermes MDT Market Neutral Fund
Additional information is available on the Fund's website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31423A440
Q455472-A (08/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
Semi-Annual Shareholder Report - June 30, 2024
This semi-annual shareholder report contains important information about the Federated Hermes MDT Market Neutral Fund (the "Fund") for the period of January 1, 2024 to June 30, 2024. You can find additional information at www.FederatedHermes.com/us/FundInformation. You can also request this information by contacting us at 1-800-341-7400, Option 4, or your financial advisor.
(based on a hypothetical $10,000 investment)
Class Name
|
Cost of a $10,000 investment
|
Costs paid as a percentage of a $10,000 investment
|
Institutional Shares
|
$99
|
1.91%
|
Net Assets
|
$457,140,909
|
Number of Investments
|
397
|
Portfolio Turnover
|
28%
|
Value
|
Value
|
Securities Sold Short
|
(72.7%)
|
Cash Equivalents
|
1.8%
|
Collateral on Deposit for Securities Sold Short
|
73.6%
|
Common Stocks
|
92.9%
|
Value
|
Value
|
Energy
|
2.4%
|
Utilities
|
2.7%
|
Consumer Staples
|
3.5%
|
Materials
|
5.0%
|
Real Estate
|
5.3%
|
Communication Services
|
6.9%
|
Industrials
|
8.8%
|
Financials
|
12.5%
|
Consumer Discretionary
|
14.1%
|
Health Care
|
14.2%
|
Information Technology
|
24.6%
|
Semi-Annual Shareholder Report
Federated Hermes MDT Market Neutral Fund
Additional information is available on the Fund's website at www.FederatedHermes.com/us/FundInformation, including its:
• prospectus • financial information • holdings • proxy voting information
CUSIP 31423A432
Q455472-B (08/24)
Federated Securities Corp., Distributor
www.federatedhermes.com/us
© 2024 Federated Hermes, Inc.
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 Financial Statements filed under Item 7 of this form.
(b) Not Applicable
Item 7. | Financial Statements and Financial Highlights for Open-End Management Companies |
Share Class| Ticker
|
A| QAMNX
|
Institutional| QQMNX
|
|
|
Portfolio of Investments
|
1
|
Financial Highlights
|
11
|
Statement of Assets and Liabilities
|
13
|
Statement of Operations
|
14
|
Statement of Changes in Net Assets
|
15
|
Notes to Financial Statements
|
16
|
Evaluation and Approval of Advisory Contract
|
22
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS-92.9%
|
|
|
Communication Services-5.7%
|
||
3,993
|
1
|
Alphabet, Inc., Class A
|
$ 727,325
|
129,194
|
1
|
Altice USA, Inc.
|
263,556
|
155,611
|
1
|
CarGurus, Inc.
|
4,077,008
|
15,146
|
|
Electronic Arts, Inc.
|
2,110,292
|
5,389
|
1
|
Iridium Communications, Inc.
|
143,455
|
32,381
|
1
|
Live Nation Entertainment, Inc.
|
3,035,395
|
10,275
|
1
|
Madison Square Garden Spinco
|
351,713
|
8,068
|
1
|
Match Group, Inc.
|
245,106
|
3,266
|
1
|
Pinterest, Inc.
|
143,933
|
5,957
|
|
Shutterstock, Inc.
|
230,536
|
35,714
|
1
|
Spotify Technology SA
|
11,206,696
|
7,505
|
1
|
TripAdvisor, Inc.
|
133,664
|
20,378
|
1
|
Yelp, Inc.
|
752,967
|
205,580
|
1
|
ZoomInfo Technologies, Inc.
|
2,625,257
|
|
TOTAL
|
26,046,903
|
|
|
Consumer Discretionary-11.6%
|
||
25,242
|
1
|
1-800-FLOWERS.COM, Inc.
|
240,304
|
112,907
|
|
Advance Auto Parts, Inc.
|
7,150,400
|
11,879
|
1
|
Airbnb, Inc.
|
1,801,213
|
2,018
|
1
|
Aptiv PLC
|
142,108
|
18,245
|
1
|
Carvana Co.
|
2,348,496
|
58,342
|
1
|
Cava Group, Inc.
|
5,411,220
|
25,553
|
1
|
Chegg, Inc.
|
80,747
|
30,488
|
1
|
DoorDash, Inc.
|
3,316,485
|
33,886
|
1
|
DraftKings, Inc.
|
1,293,429
|
19,976
|
1
|
Duolingo, Inc.
|
4,168,392
|
28,628
|
1
|
Expedia Group, Inc.
|
3,606,842
|
27,572
|
|
Ford Motor Co.
|
345,753
|
117,508
|
|
Gap (The), Inc.
|
2,807,266
|
20,834
|
|
General Motors Co.
|
967,948
|
765
|
|
Murphy USA, Inc.
|
359,137
|
22,998
|
|
PVH Corp.
|
2,434,798
|
61,579
|
1
|
Revolve Group, Inc.
|
979,722
|
17,914
|
1
|
Royal Caribbean Cruises, Ltd.
|
2,856,029
|
85,442
|
1
|
Stitch Fix, Inc.
|
354,584
|
3,719
|
|
Tapestry, Inc.
|
159,136
|
165,348
|
1
|
Under Armour, Inc., Class A
|
1,102,871
|
40,030
|
|
V.F. Corp.
|
540,405
|
22,278
|
|
Wingstop, Inc.
|
9,416,019
|
72,971
|
1
|
WW International, Inc.
|
85,376
|
13,360
|
|
Wynn Resorts Ltd.
|
1,195,720
|
|
TOTAL
|
53,164,400
|
|
|
Consumer Staples-4.2%
|
||
19,178
|
|
Albertsons Cos., Inc.
|
378,766
|
12,064
|
1
|
Bellring Brands, Inc.
|
689,337
|
8,148
|
|
Bunge Global S.A.
|
869,962
|
15,988
|
|
Colgate-Palmolive Co.
|
1,551,476
|
544
|
|
Costco Wholesale Corp.
|
462,395
|
6,724
|
|
Dollar General Corp.
|
889,115
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS-continued
|
|
|
Consumer Staples-continued
|
||
3,351
|
|
Estee Lauder Cos., Inc., Class A
|
$ 356,546
|
40,628
|
1
|
Hain Celestial Group, Inc.
|
280,739
|
7,480
|
|
Kimberly-Clark Corp.
|
1,033,736
|
39,168
|
|
Kroger Co.
|
1,955,658
|
118,866
|
1
|
Maplebear, Inc.
|
3,820,353
|
7,650
|
|
PepsiCo, Inc.
|
1,261,714
|
7,358
|
1
|
Post Holdings, Inc.
|
766,409
|
10,478
|
|
Spectrum Brands Holdings, Inc.
|
900,375
|
43,499
|
1
|
Sprouts Farmers Market, Inc.
|
3,639,126
|
1,179
|
|
Target Corp.
|
174,539
|
|
TOTAL
|
19,030,246
|
|
|
Energy-2.3%
|
||
27,849
|
|
CONSOL Energy, Inc.
|
2,841,433
|
15,962
|
|
Devon Energy Corp.
|
756,599
|
10,989
|
|
Marathon Petroleum Corp.
|
1,906,372
|
47,541
|
1
|
Oceaneering International, Inc.
|
1,124,820
|
29,912
|
1
|
Propetro Holding Corp.
|
259,337
|
19,139
|
|
SM Energy Co.
|
827,379
|
21,673
|
1
|
Weatherford International PLC
|
2,653,859
|
|
TOTAL
|
10,369,799
|
|
|
Financials-12.6%
|
||
18,891
|
|
Ameriprise Financial, Inc.
|
8,070,046
|
10,382
|
|
Apollo Global Management, Inc.
|
1,225,803
|
3,131
|
|
Assurant, Inc.
|
520,529
|
26,608
|
|
Bank of New York Mellon Corp.
|
1,593,553
|
2,003
|
|
Cboe Global Markets, Inc.
|
340,630
|
15,685
|
1
|
Coinbase Global, Inc.
|
3,485,678
|
106,682
|
|
Corebridge Financial, Inc.
|
3,106,580
|
7,602
|
|
Globe Life, Inc.
|
625,493
|
63,605
|
1
|
Green Dot Corp.
|
601,067
|
20,855
|
|
Interactive Brokers Group, Inc., Class A
|
2,556,823
|
149,183
|
|
Jackson Financial, Inc.
|
11,078,330
|
122,562
|
1
|
LendingClub Corp.
|
1,036,875
|
18,329
|
1
|
LendingTree, Inc.
|
762,303
|
32,943
|
|
Live Oak Bancshares, Inc.
|
1,154,982
|
24,393
|
|
Northern Trust Corp.
|
2,048,524
|
95,418
|
1
|
Open Lending
|
532,432
|
12,592
|
1
|
PayPal Holdings, Inc.
|
730,714
|
18,651
|
|
Principal Financial Group, Inc.
|
1,463,171
|
37,259
|
|
PROG Holdings, Inc.
|
1,292,142
|
4,465
|
|
Progressive Corp., OH
|
927,425
|
62,243
|
|
Prudential Financial, Inc.
|
7,294,257
|
2,511
|
1
|
Ryan Specialty Group Holdings, Inc.
|
145,412
|
15,097
|
|
State Street Corp.
|
1,117,178
|
222,055
|
1
|
StoneCo Ltd.
|
2,662,439
|
14,641
|
|
The Travelers Cos., Inc.
|
2,977,101
|
3,430
|
1
|
Triumph Financial, Inc.
|
280,402
|
|
TOTAL
|
57,629,889
|
|
|
Health Care-13.7%
|
||
69,341
|
|
AbbVie, Inc.
|
11,893,368
|
13,336
|
1
|
Agios Pharmaceuticals, Inc.
|
575,048
|
31,227
|
1
|
Alector, Inc.
|
141,771
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS-continued
|
|
|
Health Care-continued
|
||
12,402
|
1
|
Align Technology, Inc.
|
$ 2,994,215
|
6,284
|
1
|
Alkermes, Inc.
|
151,444
|
16,409
|
1
|
Biogen, Inc.
|
3,803,934
|
2,523
|
|
Cardinal Health, Inc.
|
248,061
|
34,386
|
1
|
CareDx, Inc.
|
534,015
|
15,152
|
|
Cencora, Inc.
|
3,413,746
|
34,883
|
1
|
Centene Corp.
|
2,312,743
|
52,978
|
1
|
Community Health Systems, Inc.
|
178,006
|
131,667
|
1
|
Elanco Animal Health, Inc.
|
1,899,955
|
727
|
|
Elevance Health, Inc.
|
393,932
|
40,981
|
1
|
Fulgent Genetics, Inc.
|
804,047
|
8,127
|
1
|
GE HealthCare Technologies, Inc.
|
633,256
|
67,552
|
|
Gilead Sciences, Inc.
|
4,634,743
|
2,747
|
1
|
Halozyme Therapeutics, Inc.
|
143,833
|
21,234
|
1
|
Illumina, Inc.
|
2,216,405
|
85,867
|
1
|
Incyte Genomics, Inc.
|
5,205,257
|
127,292
|
1
|
Inmode Ltd.
|
2,321,806
|
3,226
|
1
|
Insulet Corp.
|
651,007
|
5,011
|
|
Johnson & Johnson
|
732,408
|
3,048
|
|
McKesson Corp.
|
1,780,154
|
17,490
|
|
Merck & Co., Inc.
|
2,165,262
|
4,309
|
1
|
Molina Healthcare, Inc.
|
1,281,066
|
10,454
|
1
|
Myriad Genetics, Inc.
|
255,705
|
142,294
|
1
|
NeoGenomics, Inc.
|
1,973,618
|
50,035
|
1
|
Nevro Corp.
|
421,295
|
49,428
|
1
|
Novavax, Inc.
|
625,758
|
5,663
|
1
|
Novocure Ltd.
|
97,007
|
46,170
|
1
|
Omnicell, Inc.
|
1,249,822
|
74,008
|
|
Organon & Co.
|
1,531,966
|
24,401
|
1
|
Privia Health Group, Inc.
|
424,089
|
544
|
1
|
Regeneron Pharmaceuticals, Inc.
|
571,760
|
103,692
|
1
|
Teladoc Health, Inc.
|
1,014,108
|
2,688
|
|
The Cigna Group
|
888,572
|
5,426
|
1
|
Vertex Pharmaceuticals, Inc.
|
2,543,275
|
|
TOTAL
|
62,706,457
|
|
|
Industrials-8.7%
|
||
49,491
|
1
|
3D Systems Corp.
|
151,937
|
3,490
|
|
AGCO Corp.
|
341,601
|
35,303
|
|
Allison Transmission Holdings, Inc.
|
2,679,498
|
15,420
|
|
Apogee Enterprises, Inc.
|
968,916
|
34,875
|
1
|
Astronics Corp.
|
698,546
|
4,183
|
1
|
Atkore, Inc.
|
564,412
|
29,564
|
1
|
Atmus Filtration Technologies, Inc.
|
850,852
|
11,027
|
1
|
Azek Co., Inc.
|
464,567
|
19,874
|
1
|
BlueLinx Holdings, Inc.
|
1,850,071
|
2,080
|
1
|
Builders Firstsource, Inc.
|
287,893
|
3,768
|
|
Caterpillar, Inc.
|
1,255,121
|
37,720
|
1
|
Core & Main, Inc.
|
1,846,017
|
10,946
|
1
|
DXP Enterprises, Inc.
|
501,765
|
21,069
|
1
|
Fluence Energy, Inc.
|
365,336
|
8,597
|
1
|
Generac Holdings, Inc.
|
1,136,695
|
7,652
|
1
|
GMS, Inc.
|
616,828
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS-continued
|
|
|
Industrials-continued
|
||
14,332
|
|
Masco Corp.
|
$ 955,514
|
90,079
|
1
|
NEXTracker, Inc.
|
4,222,904
|
17,260
|
1
|
Parsons Corp.
|
1,412,041
|
3,705
|
|
Paychex, Inc.
|
439,265
|
44,723
|
1
|
Paycom Software, Inc.
|
6,397,178
|
61,679
|
|
Pitney Bowes, Inc.
|
313,329
|
26,617
|
1
|
Proto Labs, Inc.
|
822,199
|
1,081
|
|
Rockwell Automation, Inc.
|
297,578
|
37,079
|
1
|
SkyWest, Inc.
|
3,043,074
|
2,110
|
1
|
TransDigm, Inc.
|
2,695,757
|
51,053
|
1
|
Uber Technologies, Inc.
|
3,710,532
|
7,337
|
1
|
United Airlines Holdings, Inc.
|
357,018
|
548
|
|
United Rentals North America, Inc.
|
354,408
|
3,802
|
|
Vertiv Holdings Co.
|
329,139
|
|
TOTAL
|
39,929,991
|
|
|
Information Technology-22.9%
|
||
1,668
|
|
Applied Materials, Inc.
|
393,631
|
92,940
|
1
|
AppLovin Corp.
|
7,734,467
|
12,749
|
1
|
Arista Networks, Inc.
|
4,468,270
|
3,078
|
1
|
Bill.Com Holdings, Inc.
|
161,964
|
27,671
|
1
|
Braze, Inc.
|
1,074,742
|
49,982
|
1
|
Cerence, Inc.
|
141,449
|
21,090
|
1
|
Clear Secure, Inc.
|
394,594
|
24,434
|
1
|
Crowdstrike Holdings, Inc.
|
9,362,864
|
6,944
|
1
|
DocuSign, Inc.
|
371,504
|
10,917
|
1
|
Dynatrace Holdings LLC
|
488,427
|
26,888
|
1
|
Enphase Energy, Inc.
|
2,681,002
|
11,356
|
1
|
EPAM Systems, Inc.
|
2,136,177
|
5,284
|
1
|
F5, Inc.
|
910,063
|
5,272
|
1
|
FormFactor, Inc.
|
319,114
|
40,649
|
1
|
Fortinet, Inc.
|
2,449,915
|
34,611
|
1
|
Freshworks, Inc.
|
439,214
|
13,508
|
1
|
Gitlab, Inc.
|
671,618
|
85,982
|
1
|
GoDaddy, Inc.
|
12,012,545
|
18,433
|
|
HP, Inc.
|
645,524
|
5,530
|
1
|
HubSpot, Inc.
|
3,261,539
|
7,607
|
1
|
Intapp, Inc.
|
278,949
|
2,778
|
|
KLA Corp.
|
2,290,489
|
17,511
|
1
|
Kyndryl Holdings, Inc.
|
460,714
|
47,120
|
1
|
LiveRamp Holdings, Inc.
|
1,457,893
|
7,551
|
1
|
MaxLinear, Inc.
|
152,077
|
3,949
|
|
Microchip Technology, Inc.
|
361,334
|
7,550
|
|
Micron Technology, Inc.
|
993,051
|
1,293
|
|
Motorola Solutions, Inc.
|
499,163
|
150,650
|
1
|
Nutanix, Inc.
|
8,564,452
|
12,158
|
1
|
Okta, Inc.
|
1,138,110
|
49,989
|
1
|
ON Semiconductor Corp.
|
3,426,746
|
84,298
|
|
Pegasystems, Inc.
|
5,102,558
|
18,526
|
1
|
Procore Technologies, Inc.
|
1,228,459
|
53,642
|
1
|
Q2 Holdings, Inc.
|
3,236,222
|
11,865
|
1
|
Qorvo, Inc.
|
1,376,815
|
20,477
|
|
Qualcomm, Inc.
|
4,078,609
|
Shares
|
|
|
Value
|
|
|
COMMON STOCKS-continued
|
|
|
Information Technology-continued
|
||
7,326
|
1
|
Qualys, Inc.
|
$ 1,044,688
|
22,945
|
1
|
RingCentral, Inc.
|
647,049
|
3,422
|
1
|
Semtech Corp.
|
102,249
|
2,330
|
1
|
ServiceNow, Inc.
|
1,832,941
|
17,326
|
1
|
Synaptics, Inc.
|
1,528,153
|
18,463
|
|
TD SYNNEX Corp.
|
2,130,630
|
103,328
|
1
|
Varonis Systems, Inc.
|
4,956,644
|
46,646
|
1
|
Zoom Video Communications, Inc.
|
2,760,977
|
26,147
|
1
|
Zscaler, Inc.
|
5,025,192
|
|
TOTAL
|
104,792,787
|
|
|
Materials-5.3%
|
||
20,342
|
|
Albemarle Corp.
|
1,943,068
|
100,453
|
1
|
Axalta Coating Systems Ltd.
|
3,432,479
|
57,701
|
|
FMC Corp.
|
3,320,692
|
32,891
|
1
|
Knife River Corp.
|
2,306,975
|
4,516
|
|
Koppers Holdings, Inc.
|
167,047
|
12,534
|
|
LyondellBasell Industries N.V.
|
1,199,002
|
196,724
|
|
Mosaic Co./The
|
5,685,324
|
15,741
|
|
PPG Industries, Inc.
|
1,981,634
|
20,054
|
|
Steel Dynamics, Inc.
|
2,596,993
|
46,088
|
1
|
Summit Materials, Inc.
|
1,687,282
|
|
TOTAL
|
24,320,496
|
|
|
Real Estate-3.4%
|
||
4,756
|
1
|
CBRE Group, Inc.
|
423,807
|
169,678
|
|
Kilroy Realty Corp.
|
5,288,863
|
22,690
|
|
Macerich Co. (The)
|
350,334
|
86,712
|
1
|
Redfin Corp.
|
521,139
|
90,907
|
|
SL Green Realty Corp.
|
5,148,973
|
63,621
|
|
Vornado Realty Trust, LP
|
1,672,596
|
45,359
|
1
|
Zillow Group, Inc.
|
2,042,969
|
|
TOTAL
|
15,448,681
|
|
|
Utilities-2.5%
|
||
8,150
|
|
Constellation Energy Corp.
|
1,632,200
|
112,912
|
|
Vistra Corp.
|
9,708,174
|
|
TOTAL
|
11,340,374
|
|
|
TOTAL COMMON STOCKS
(IDENTIFIED COST $349,306,222)
|
424,780,023
|
|
|
INVESTMENT COMPANY-1.8%
|
||
8,096,336
|
|
Federated Hermes Government Obligations Fund, Premier Shares, 5.23%2
(IDENTIFIED COST $8,096,336)
|
8,096,336
|
|
TOTAL INVESTMENT IN SECURITIES-94.7%
(IDENTIFIED COST $357,402,558)3
|
432,876,359
|
|
|
OTHER ASSETS AND LIABILITIES - NET-5.3%4
|
24,264,550
|
|
|
TOTAL NET ASSETS-100%
|
$457,140,909
|
Shares
|
|
|
Value
|
|
Communication Services-(5.0)%
|
||
4,791
|
|
ATN International, Inc.
|
$ 109,235
|
10,469
|
1
|
Charter Communications, Inc.
|
3,129,812
|
38,992
|
1
|
E.W. Scripps Co.
|
122,435
|
8,612
|
1
|
Echostar Holding Corp.
|
153,380
|
Shares
|
|
|
Value
|
|
Communication Services-continued
|
||
32,928
|
1
|
Frontier Communications Parent, Inc.
|
$ 862,055
|
52,806
|
1
|
Liberty Media Corp-Liberty SiriusXM
|
1,170,181
|
169,458
|
1
|
Magnite, Inc.
|
2,252,097
|
15,369
|
|
Sinclair, Inc.
|
204,869
|
26,757
|
1
|
Take-Two Interactive Software, Inc.
|
4,160,446
|
97,655
|
1
|
TKO Group Holdings, Inc.
|
10,545,763
|
90,243
|
1
|
Vimeo Holdings, Inc.
|
336,606
|
|
TOTAL
|
23,046,879
|
|
|
Consumer Discretionary-(10.2)%
|
||
109,124
|
1
|
Caesars Entertainment Corp.
|
4,336,588
|
40,618
|
1
|
CarMax, Inc.
|
2,978,924
|
46,957
|
|
Churchill Downs, Inc.
|
6,555,197
|
55,960
|
1
|
Dave & Buster's Entertainment, Inc.
|
2,227,768
|
2,564
|
1
|
Five Below, Inc.
|
279,399
|
24,420
|
1
|
Floor & Decor Holdings, Inc.
|
2,427,592
|
22,082
|
1
|
Fox Factory Holding Corp.
|
1,064,132
|
38,255
|
|
Garmin Ltd.
|
6,232,505
|
19,377
|
1
|
G-III Apparel Group Ltd.
|
524,535
|
3,326
|
1
|
Grand Canyon Education, Inc.
|
465,341
|
5,508
|
1
|
Hilton Grand Vacations, Inc.
|
222,688
|
7,401
|
|
Lithia Motors, Inc.
|
1,868,383
|
27,095
|
|
LKQ Corp.
|
1,126,881
|
70,303
|
1
|
Peloton Interactive, Inc.
|
237,624
|
8,859
|
1
|
Planet Fitness, Inc.
|
651,934
|
755
|
1
|
RH
|
184,552
|
83,257
|
1
|
Rivian Automotive, Inc.
|
1,117,309
|
59,893
|
1
|
Tesla, Inc.
|
11,851,627
|
72,860
|
1
|
The RealReal, Inc.
|
232,423
|
1,172
|
|
Vail Resorts, Inc.
|
211,112
|
77,382
|
1
|
Victoria's Secret & Co.
|
1,367,340
|
11,712
|
1
|
Wayfair, Inc.
|
617,574
|
|
TOTAL
|
46,781,428
|
|
|
Consumer Staples-(2.6)%
|
||
136,753
|
|
Lamb Weston Holdings, Inc.
|
11,498,192
|
6,703
|
|
Reynolds Consumer Products, Inc.
|
187,550
|
|
TOTAL
|
11,685,742
|
|
|
Energy-(1.7)%
|
||
35,346
|
1
|
Antero Resources Corp.
|
1,153,340
|
7,785
|
1
|
DMC Global, Inc.
|
112,260
|
66,284
|
|
Enviva, Inc.
|
28,502
|
21,842
|
1
|
Green Plains, Inc.
|
346,414
|
215,505
|
|
New Fortress Energy, Inc.
|
4,736,800
|
63,576
|
|
Sitio Royalties Corp.
|
1,501,029
|
|
TOTAL
|
7,878,345
|
|
|
Financials-(9.1)%
|
||
4,711
|
|
Ameris Bancorp
|
237,199
|
7,246
|
|
Ares Management Corp.
|
965,747
|
21,075
|
|
Bank of America Corp.
|
838,153
|
1,590
|
1
|
Berkshire Hathaway, Inc., Class B
|
646,812
|
35,029
|
1
|
BGC Group, Inc.
|
290,741
|
87,463
|
|
Blackstone, Inc.
|
10,827,919
|
22,768
|
1
|
Cannae Holdings, Inc.
|
413,011
|
66,742
|
|
Charles Schwab Corp.
|
4,918,218
|
Shares
|
|
|
Value
|
|
Financials-continued
|
||
58,821
|
|
Citigroup, Inc.
|
$ 3,732,781
|
12,507
|
|
Comerica, Inc.
|
638,357
|
2,909
|
|
Erie Indemnity Co.
|
1,054,222
|
20,160
|
|
Fidelity National Information Services, Inc.
|
1,519,258
|
15,974
|
|
First Interstate BancSystem, Inc., Class A
|
443,598
|
24,995
|
|
Glacier Bancorp, Inc.
|
932,813
|
1,665
|
1
|
GoHealth, Inc.
|
16,184
|
15,289
|
|
JPMorgan Chase & Co.
|
3,092,353
|
1,288
|
|
KKR & Co., Inc.
|
135,549
|
16,423
|
1
|
PRA Group, Inc.
|
322,876
|
32,361
|
|
Redwood Trust, Inc.
|
210,023
|
15,793
|
|
SEI Investments Co.
|
1,021,649
|
10,042
|
1
|
StoneX Group, Inc.
|
756,263
|
23,852
|
|
U.S. Bancorp
|
946,924
|
243,364
|
1
|
Upstart Holdings, Inc.
|
5,740,957
|
17,980
|
|
Webster Financial Corp. Waterbury
|
783,732
|
6,466
|
|
Wells Fargo & Co.
|
384,016
|
11,126
|
|
Western Alliance Bancorp
|
698,935
|
|
TOTAL
|
41,568,290
|
|
|
Health Care-(10.3)%
|
||
51,813
|
1
|
10X Genomics, Inc.
|
1,007,763
|
10,277
|
1
|
Acadia Healthcare Co., Inc.
|
694,109
|
52,927
|
1
|
AdaptHealth Corp.
|
529,270
|
138,453
|
1
|
agilon health, Inc.
|
905,483
|
18,298
|
1
|
Akero Therapeutics, Inc.
|
429,271
|
86,171
|
1
|
Apellis Pharmaceuticals, Inc.
|
3,305,520
|
53,203
|
1
|
Arrowhead Pharmaceuticals, Inc.
|
1,382,746
|
44,936
|
1
|
Axsome Therapeutics, Inc.
|
3,617,348
|
10,162
|
|
Bio-Techne Corp.
|
728,107
|
23,048
|
1
|
Cryoport, Inc.
|
159,262
|
25,334
|
|
CVS Health Corp.
|
1,496,226
|
4,136
|
1
|
Cytokinetics, Inc.
|
224,088
|
6,642
|
|
Danaher Corp.
|
1,659,504
|
6,910
|
|
Eli Lilly & Co.
|
6,256,176
|
61,536
|
1
|
Guardant Health, Inc.
|
1,777,160
|
13,619
|
1
|
HealthEquity, Inc.
|
1,173,958
|
88,537
|
1
|
Heron Therapeutics, Inc.
|
309,879
|
2,518
|
|
Humana, Inc.
|
940,851
|
11,758
|
1
|
Inspire Medical Systems, Inc.
|
1,573,573
|
31,671
|
1
|
Intellia Therapeutics, Inc.
|
708,797
|
944
|
1
|
Intuitive Surgical, Inc.
|
419,938
|
7,182
|
1
|
iRhythm Technologies, Inc.
|
773,070
|
60,756
|
1
|
Karyopharm Therapeutics, Inc.
|
52,712
|
54,210
|
1
|
Kodiak Sciences, Inc.
|
127,393
|
8,922
|
1
|
Madrigal Pharmaceuticals, Inc.
|
2,499,587
|
39,563
|
1
|
Masimo Corp.
|
4,982,564
|
49,433
|
1
|
Neogen Corp.
|
772,638
|
30,675
|
1
|
Outset Medical, Inc.
|
118,099
|
8,735
|
1
|
PetIQ, Inc.
|
192,694
|
44,623
|
1
|
PTC Therapeutics, Inc.
|
1,364,571
|
237,020
|
1
|
R1 RCM, Inc.
|
2,976,971
|
13,973
|
1
|
Schrodinger, Inc.
|
270,238
|
39,200
|
1
|
Sotera Health Topco, Inc.
|
465,304
|
Shares
|
|
|
Value
|
|
Health Care-continued
|
||
15,549
|
1
|
Ultragenyx Pharmaceutical, Inc.
|
$ 639,064
|
35,414
|
1
|
Viking Therapeutics, Inc.
|
1,877,296
|
2,430
|
|
West Pharmaceutical Services, Inc.
|
800,418
|
|
TOTAL
|
47,211,648
|
|
|
Industrials-(6.4)%
|
||
3,139
|
1
|
Aerovironment, Inc.
|
571,800
|
84,477
|
|
Air Lease Corp.
|
4,015,192
|
22,399
|
1
|
Air Transport Services Group, Inc.
|
310,674
|
14,675
|
1
|
Ameresco, Inc.
|
422,787
|
53,182
|
|
Avis Budget Group, Inc.
|
5,558,583
|
2,115
|
|
Carrier Global Corp.
|
133,414
|
25,065
|
1
|
Chart Industries, Inc.
|
3,617,882
|
51,322
|
|
Concentrix Corp.
|
3,247,656
|
64,549
|
1
|
Copart, Inc.
|
3,495,974
|
160,964
|
1
|
Driven Brands Holdings, Inc.
|
2,049,072
|
3,227
|
1
|
FTI Consulting, Inc.
|
695,515
|
5,258
|
1
|
Kirby Corp.
|
629,540
|
11,078
|
1
|
Mastec, Inc.
|
1,185,235
|
18,771
|
1
|
Mercury Systems, Inc.
|
506,629
|
701
|
|
Old Dominion Freight Lines, Inc.
|
123,797
|
42,607
|
1
|
Shoals Technologies Group, Inc.
|
265,868
|
175,052
|
1
|
SunRun, Inc.
|
2,076,117
|
11,801
|
1
|
Vicor Corp.
|
391,321
|
|
TOTAL
|
29,297,056
|
|
|
Information Technology-(17.9)%
|
||
6,567
|
1
|
Advanced Micro Devices, Inc.
|
1,065,233
|
112,033
|
1
|
Allegro MicroSystems, Inc.
|
3,163,812
|
18,879
|
1
|
Appian Corp.
|
582,606
|
37,359
|
1
|
Asana, Inc.
|
522,652
|
32,393
|
1
|
Aspen Technology, Inc.
|
6,434,222
|
2,288
|
|
Broadcom, Inc.
|
3,673,453
|
45,786
|
1
|
Cleanspark, Inc.
|
730,287
|
125,313
|
1
|
Confluent, Inc.
|
3,700,493
|
7,699
|
1
|
DoubleVerify Holdings, Inc.
|
149,900
|
32,907
|
|
Entegris, Inc.
|
4,455,608
|
5,713
|
1
|
Five9, Inc.
|
251,943
|
18,034
|
1
|
Globalfoundries, Inc.
|
911,799
|
25,210
|
1
|
Impinj, Inc.
|
3,952,172
|
20,575
|
1
|
Lumentum Holdings, Inc.
|
1,047,679
|
38,896
|
1
|
Marathon Patent Group, Inc.
|
772,086
|
49,602
|
|
Marvell Technology, Inc.
|
3,467,180
|
4,208
|
|
Microsoft Corp.
|
1,880,766
|
205
|
1
|
MicroStrategy, Inc., Class A
|
282,383
|
10,693
|
|
MKS Instruments, Inc.
|
1,396,292
|
42,597
|
1
|
MongoDB, Inc.
|
10,647,546
|
70,335
|
1
|
nCino, Inc.
|
2,212,036
|
6,028
|
1
|
Palo Alto Networks, Inc.
|
2,043,552
|
22,883
|
1
|
Par Technology Corp.
|
1,077,560
|
11,855
|
1
|
PTC, Inc.
|
2,153,698
|
25,916
|
1
|
Riot Blockchain, Inc.
|
236,872
|
4,924
|
1
|
Sitime Corp.
|
612,447
|
100,802
|
1
|
Sprout Social, Inc.
|
3,596,615
|
12,941
|
1
|
Super Micro Computer, Inc.
|
10,603,208
|
Shares
|
|
|
Value
|
|
Information Technology-continued
|
||
392
|
1
|
Synopsys, Inc.
|
$ 233,263
|
19,100
|
|
Ubiquiti Networks, Inc.
|
2,782,106
|
244,738
|
1
|
Unity Software, Inc.
|
3,979,440
|
25,172
|
1
|
Veeco Instruments, Inc.
|
1,175,784
|
36,139
|
1
|
ViaSat, Inc.
|
458,965
|
56,369
|
1
|
Wolfspeed, Inc.
|
1,282,958
|
53,245
|
1
|
Yext, Inc.
|
284,861
|
|
TOTAL
|
81,821,477
|
|
|
Materials-(3.6)%
|
||
41,607
|
|
Air Products & Chemicals, Inc.
|
10,736,686
|
82,651
|
|
Alcoa Corp.
|
3,287,857
|
6,039
|
|
Carpenter Technology Corp.
|
661,754
|
77,397
|
1
|
MP Materials Corp.
|
985,264
|
5,596
|
|
Quaker Chemical Corp.
|
949,641
|
|
TOTAL
|
16,621,202
|
|
|
Real Estate-(3.9)%
|
||
8,174
|
|
Americold Realty Trust, Inc.
|
208,764
|
8,600
|
|
Digital Realty Trust, Inc.
|
1,307,630
|
72,306
|
|
Extra Space Storage, Inc.
|
11,237,075
|
188,451
|
|
Healthcare Realty Trust, Inc.
|
3,105,672
|
15,052
|
1
|
Howard Hughes Holdings, Inc.
|
975,671
|
3,585
|
|
Realty Income Corp.
|
189,360
|
13,183
|
|
Ventas, Inc.
|
675,761
|
|
TOTAL
|
17,699,933
|
|
|
Utilities-(2.0)%
|
||
9,170
|
|
Brookfield Renewable Corp.
|
260,245
|
55,456
|
|
Dominion Energy, Inc.
|
2,717,344
|
39,195
|
|
EverSource Energy
|
2,222,748
|
25,403
|
|
NextEra Energy, Inc.
|
1,798,786
|
7,069
|
|
NRG Energy, Inc.
|
550,392
|
3,892
|
|
Ormat Technologies, Inc.
|
279,056
|
4,113
|
|
Sempra Energy
|
312,835
|
8,655
|
|
Southwest Gas Holdings, Inc.
|
609,139
|
25,287
|
1
|
Sunnova Energy International, Inc.
|
141,102
|
|
TOTAL
|
8,891,647
|
|
|
Total Securities Sold Short
(PROCEEDS $324,220,496)
|
$332,503,647
|
|
Federated Hermes
Institutional
Prime Value
Obligations Fund,
Institutional Shares
|
Federated Hermes
Government
Obligations Fund,
Premier Shares
|
Total of
Affiliated
Transactions
|
Value as of 12/31/2023
|
$17,374,947
|
$-
|
$17,374,947
|
Purchases at Cost
|
$124,308,136
|
$57,227,015
|
$181,535,151
|
Proceeds from Sales
|
$(141,671,800)
|
$(49,130,679)
|
$(190,802,479)
|
Change in Unrealized Appreciation/Depreciation
|
$(2,926)
|
$-
|
$(2,926)
|
Net Realized Gain/(Loss)
|
$(8,357)
|
$-
|
$(8,357)
|
Value as of 6/30/2024
|
$-
|
$8,096,336
|
$8,096,336
|
Shares Held as of 6/30/2024
|
-
|
8,096,336
|
8,096,336
|
Dividend Income
|
$443,668
|
$117,975
|
$561,643
|
1
|
Non-income-producing security.
|
2
|
7-day net yield.
|
3
|
Also represents cost of investments for federal tax purposes.
|
4
|
Assets, other than investments in securities, less liabilities. See Statement of Assets and Liabilities.
|
|
Six Months
Ended
(unaudited)
6/30/2024
|
Year Ended December 31,
|
Period
Ended
12/31/20203 |
Year Ended January 31,
|
|||
|
2023
|
2022
|
20212
|
2020
|
2019
|
||
Net Asset Value, Beginning of Period
|
$17.05
|
$17.28
|
$17.75
|
$17.47
|
$17.94
|
$17.06
|
$19.54
|
Income From Investment Operations:
|
|||||||
Net investment income (loss)4
|
0.26
|
0.50
|
0.08
|
(0.07)
|
(0.07)
|
(0.05)
|
0.105
|
Net realized and unrealized gain (loss)
|
1.29
|
0.28
|
1.48
|
4.04
|
(0.40)
|
1.02
|
(1.24)
|
Total From Investment Operations
|
1.55
|
0.78
|
1.56
|
3.97
|
(0.47)
|
0.97
|
(1.14)
|
Less Distributions:
|
|||||||
Distributions from net investment income
|
-
|
(0.51)
|
-
|
-
|
-
|
(0.09)
|
(0.07)
|
Distributions from net realized gain
|
-
|
(0.50)
|
(2.03)
|
(3.69)
|
-
|
-
|
(1.27)
|
Total Distributions
|
-
|
(1.01)
|
(2.03)
|
(3.69)
|
-
|
(0.09)
|
(1.34)
|
Net Asset Value, End of Period
|
$18.60
|
$17.05
|
$17.28
|
$17.75
|
$17.47
|
$17.94
|
$17.06
|
Total Return6
|
9.09%
|
4.71%
|
9.24%
|
23.16%
|
(2.62)%
|
5.69%
|
(5.42)%5
|
Ratios to Average Net Assets:
|
|||||||
Net expenses7
|
2.12%8
|
2.14%
|
1.85%
|
1.26%
|
1.61%
|
1.50%
|
1.35%
|
Net expenses excluding dividends and other expenses related to
short sales
|
1.28%8
|
1.31%
|
1.33%
|
0.93%
|
1.43%
|
1.34%
|
1.22%
|
Net investment income (loss)
|
2.82%8
|
2.88%
|
0.43%
|
(0.36)%
|
(0.47)%
|
(0.28)%
|
0.51%5
|
Expense waiver/reimbursement9
|
0.00%8, 10
|
0.07%
|
0.15%
|
0.13%
|
-%
|
-%
|
-%
|
Supplemental Data:
|
|||||||
Net assets, end of period (000 omitted)
|
$16,544
|
$13,857
|
$10,276
|
$2,554
|
$2,765
|
$12,667
|
$14,875
|
Portfolio turnover11
|
28%
|
150%
|
270%
|
204%
|
74%
|
83%
|
84%
|
1
|
Hancock Horizon Quantitative Long/Short Fund (the "Predecessor Fund") was reorganized into Federated Hermes MDT Market Neutral Fund (the "Fund"), a
portfolio of the Federated Hermes Adviser Series as of the close of business on September 24, 2021. The Fund is the successor to the Predecessor Fund. The
performance information and financial information presented incorporates the operations of the Predecessor Fund, which, as a result of the reorganization, are
the Fund's operations.
|
2
|
Beginning with the year ended December 31, 2021, the Fund was audited by KPMG LLP. The previous years were audited by other independent registered public
accounting firms.
|
3
|
For the period February 1, 2020 to December 31, 2020. Effective July 31, 2020, the Predecessor Fund changed its fiscal year end to December 31.
|
4
|
Per share numbers have been calculated using the average shares method.
|
5
|
For the year ended January 31, 2019, amounts included reimbursement for payments of prior years' Shareholder Servicing fees as follows: Net Investment Income
Per Share of $0.00, Net Investment Income Ratio of 0.02%, and Total Returns of 0.02%.
|
6
|
Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of
less than one year are not annualized.
|
7
|
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
|
8
|
Computed on an annualized basis.
|
9
|
This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest.
|
10
|
Represents less than 0.01%.
|
11
|
Securities that mature are considered sales for purposes of this calculation.
|
|
Six Months
Ended
(unaudited)
6/30/2024
|
Year Ended December 31,
|
Period
Ended
12/31/20203 |
Year Ended January 31,
|
|||
|
2023
|
2022
|
20212
|
2020
|
2019
|
||
Net Asset Value, Beginning of Period
|
$17.56
|
$17.76
|
$18.16
|
$17.84
|
$18.36
|
$17.48
|
$19.97
|
Income From Investment Operations:
|
|||||||
Net investment income (loss)4
|
0.28
|
0.55
|
0.10
|
(0.11)
|
(0.04)
|
0.11
|
0.12
|
Net realized and unrealized gain (loss)
|
1.33
|
0.30
|
1.55
|
4.12
|
(0.40)
|
0.91
|
(1.24)
|
Total From Investment Operations
|
1.61
|
0.85
|
1.65
|
4.01
|
(0.44)
|
1.02
|
(1.12)
|
Less Distributions:
|
|||||||
Distributions from net investment income
|
-
|
(0.55)
|
(0.02)
|
-
|
(0.08)
|
(0.14)
|
(0.10)
|
Distributions from net realized gain
|
-
|
(0.50)
|
(2.03)
|
(3.69)
|
-
|
-
|
(1.27)
|
Total Distributions
|
-
|
(1.05)
|
(2.05)
|
(3.69)
|
(0.08)
|
(0.14)
|
(1.37)
|
Net Asset Value, End of Period
|
$19.17
|
$17.56
|
$17.76
|
$18.16
|
$17.84
|
$18.36
|
$17.48
|
Total Return5
|
9.17%
|
4.96%
|
9.52%
|
22.90%
|
(2.37)%
|
5.83%
|
(5.21)%
|
Ratios to Average Net Assets:
|
|||||||
Net expenses6
|
1.91%7
|
1.93%
|
1.60%
|
1.44%
|
1.37%
|
1.25%
|
1.20%
|
Net expenses excluding dividends and other expenses related to
short sales
|
1.07%7
|
1.08%
|
1.08%
|
1.12%
|
1.19%
|
1.08%
|
1.07%
|
Net investment income (loss)
|
3.02%7
|
3.10%
|
0.55%
|
(0.55)%
|
(0.29)%
|
0.63%
|
0.64%
|
Expense waiver/reimbursement8
|
0.00%7, 9
|
0.07%
|
0.16%
|
0.14%
|
-%
|
-%
|
-%
|
Supplemental Data:
|
|||||||
Net assets, end of period (000 omitted)
|
$440,597
|
$318,862
|
$232,152
|
$85,310
|
$79,415
|
$120,650
|
$114,494
|
Portfolio turnover10
|
28%
|
150%
|
270%
|
204%
|
74%
|
83%
|
84%
|
1
|
The Predecessor Fund was reorganized into the Fund, a portfolio of the Federated Hermes Adviser Series as of the close of business on September 24, 2021. The
Fund is the successor to the Predecessor Fund. The performance information and financial information presented incorporates the operations of the Predecessor
Fund, which, as a result of the reorganization, are the Fund's operations.
|
2
|
Beginning with the year ended December 31, 2021, the Fund was audited by KPMG LLP. The previous years were audited by other independent registered public
accounting firms.
|
3
|
For the period February 1, 2020 to December 31, 2020. Effective July 31, 2020, the Predecessor Fund changed its fiscal year end to December 31.
|
4
|
Per share numbers have been calculated using the average shares method.
|
5
|
Based on net asset value, which does not reflect the sales charge, redemption fee or contingent deferred sales charge, if applicable. Total returns for periods of
less than one year are not annualized.
|
6
|
Amount does not reflect net expenses incurred by investment companies in which the Fund may invest.
|
7
|
Computed on an annualized basis.
|
8
|
This expense decrease is reflected in both the net expense and the net investment income (loss) ratios shown above. Amount does not reflect expense waiver/
reimbursement recorded by investment companies in which the Fund may invest.
|
9
|
Represents less than 0.01%.
|
10
|
Securities that mature are considered sales for purposes of this calculation.
|
Assets:
|
|
Investment in securities, at value including $8,096,336 of investments in affiliated holdings* (identified cost $357,402,558, including $8,096,336
of identified cost in affiliated holdings)
|
$432,876,359
|
Due from broker (Note 2)
|
20,000,000
|
Deposit at broker for short sales
|
336,273,597
|
Income receivable
|
194,537
|
Income receivable from affiliated holdings
|
4,944
|
Interest receivable on short positions
|
576,204
|
Receivable for investments sold
|
3,909,394
|
Receivable for shares sold
|
1,042,439
|
Total Assets
|
794,877,474
|
Liabilities:
|
|
Securities sold short, at value (proceeds $324,220,496)
|
332,503,647
|
Dividends payable on short positions
|
55,366
|
Payable for investments purchased
|
4,615,845
|
Payable for shares redeemed
|
415,028
|
Payable for investment adviser fee (Note 5)
|
29,754
|
Payable for administrative fee (Note 5)
|
2,886
|
Payable for other service fees (Notes 2 and 5)
|
7,058
|
Accrued expenses (Note 5)
|
106,981
|
Total Liabilities
|
337,736,565
|
Net assets for 23,869,305 shares outstanding
|
$457,140,909
|
Net Assets Consist of:
|
|
Paid-in capital
|
$426,908,752
|
Total distributable earnings (loss)
|
30,232,157
|
Total Net Assets
|
$457,140,909
|
Net Asset Value, Offering Price and Redemption Proceeds Per Share:
|
|
Class A Shares:
|
|
Net asset value per share ($16,543,724 ÷ 889,542 shares outstanding), no par value, unlimited shares authorized
|
$18.60
|
Offering price per share (100/94.50 of $18.60)
|
$19.68
|
Redemption proceeds per share
|
$18.60
|
Institutional Shares:
|
|
Net asset value per share ($440,597,185 ÷ 22,979,763 shares outstanding), no par value, unlimited shares authorized
|
$19.17
|
Offering price per share
|
$19.17
|
Redemption proceeds per share
|
$19.17
|
*
|
See information listed after the Fund's Portfolio of Investments.
|
Investment Income:
|
|
Interest
|
$8,135,582
|
Dividends (including $561,643 received from affiliated holdings*)
|
2,012,268
|
TOTAL INCOME
|
10,147,850
|
Expenses:
|
|
Investment adviser fee (Note 5)
|
1,645,923
|
Administrative fee (Note 5)
|
162,506
|
Custodian fees
|
25,039
|
Transfer agent fees
|
222,957
|
Directors'/Trustees' fees (Note 5)
|
1,070
|
Auditing fees
|
22,083
|
Legal fees
|
5,781
|
Portfolio accounting fees
|
52,442
|
Other service fees (Notes 2 and 5)
|
16,189
|
Share registration costs
|
45,339
|
Printing and postage
|
16,532
|
Miscellaneous (Note 5)
|
12,685
|
Expenses related to short positions
|
1,732,929
|
TOTAL EXPENSES
|
3,961,475
|
Reimbursement of investment adviser fee (Note 5)
|
(9,655)
|
Net expenses
|
3,951,820
|
Net investment income
|
6,196,030
|
Realized and Unrealized Gain (Loss) on Investments and Short Sales:
|
|
Net realized gain on investments (including net realized loss of $(8,357) on sales of investments in affiliated holdings*)
|
18,322,804
|
Net realized loss on short sales
|
(22,899,182)
|
Net change in unrealized appreciation of investments (including net change in unrealized appreciation of $(2,926) on investments in affiliated
holdings*)
|
11,181,836
|
Net change in unrealized depreciation of securities sold short
|
19,426,791
|
Net realized and unrealized gain (loss) on investments and short sales
|
26,032,249
|
Change in net assets resulting from operations
|
$32,228,279
|
*
|
See information listed after the Fund's Portfolio of Investments.
|
|
Six Months
Ended
(unaudited)
6/30/2024
|
Year Ended
12/31/2023
|
Increase (Decrease) in Net Assets
|
||
Operations:
|
||
Net investment income
|
$6,196,030
|
$9,706,870
|
Net realized gain (loss)
|
(4,576,378)
|
(31,464,772)
|
Net change in unrealized appreciation/depreciation
|
30,608,627
|
30,735,470
|
CHANGE IN NET ASSETS RESULTING FROM OPERATIONS
|
32,228,279
|
8,977,568
|
Distributions to Shareholders:
|
||
Class A Shares
|
-
|
(807,641)
|
Institutional Shares
|
-
|
(18,261,266)
|
CHANGE IN NET ASSETS RESULTING FROM DISTRIBUTIONS TO SHAREHOLDERS
|
-
|
(19,068,907)
|
Share Transactions:
|
||
Proceeds from sale of shares
|
185,077,422
|
321,200,654
|
Net asset value of shares issued to shareholders in payment of distributions declared
|
-
|
18,424,923
|
Cost of shares redeemed
|
(92,883,873)
|
(239,242,360)
|
CHANGE IN NET ASSETS RESULTING FROM SHARE TRANSACTIONS
|
92,193,549
|
100,383,217
|
Change in net assets
|
124,421,828
|
90,291,878
|
Net Assets:
|
||
Beginning of period
|
332,719,081
|
242,427,203
|
End of period
|
$457,140,909
|
$332,719,081
|
|
Other Service
Fees Incurred
|
Class A Shares
|
$16,189
|
|
Six Months Ended
6/30/2024
|
Year Ended
12/31/2023
|
||
Class A Shares:
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares sold
|
198,151
|
$3,626,298
|
620,285
|
$10,947,466
|
Shares issued to shareholders in payment of distributions declared
|
-
|
-
|
48,074
|
801,286
|
Shares redeemed
|
(121,360)
|
(2,227,985)
|
(450,366)
|
(7,735,472)
|
NET CHANGE RESULTING FROM CLASS A SHARE TRANSACTIONS
|
76,791
|
$1,398,313
|
217,993
|
$4,013,280
|
|
Six Months Ended
6/30/2024
|
Year Ended
12/31/2023
|
||
Institutional Shares:
|
Shares
|
Amount
|
Shares
|
Amount
|
Shares sold
|
9,639,356
|
$181,451,124
|
17,189,936
|
$310,253,188
|
Shares issued to shareholders in payment of distributions declared
|
-
|
-
|
1,025,002
|
17,623,637
|
Shares redeemed
|
(4,819,234)
|
(90,655,888)
|
(13,125,536)
|
(231,506,888)
|
NET CHANGE RESULTING FROM INSTITUTIONAL SHARE TRANSACTIONS
|
4,820,122
|
$90,795,236
|
5,089,402
|
$96,369,937
|
NET CHANGE RESULTING FROM TOTAL FUND SHARE TRANSACTIONS
|
4,896,913
|
$92,193,549
|
5,307,395
|
$100,383,217
|
Short-Term
|
Long-Term
|
Total
|
$31,542,647
|
$-
|
$31,542,647
|
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
|
$211,477,113
|
Sales
|
$102,226,757
|
Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies |
Federated Hermes MDT Market Neutral Fund: Not Applicable.
Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Federated Hermes MDT Market Neutral Fund: Not Applicable.
Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Federated Hermes MDT Market Neutral Fund: The Fund's disclosure of remuneration items is included as part of the Financial Statements filed under Item 7 of this form.
Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
Federated Hermes MDT Market Neutral Fund: The Fund's Evaluation and Approval of Advisory Contract summary by fund appear in the Financial Statements filed under Item 7 of this form.
Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies |
Not Applicable
Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not Applicable
Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not Applicable
Item 15. | Submission of Matters to a Vote of Security Holders. |
No Changes to Report
Item 16. | Controls and Procedures. |
(a) The registrant's Principal Executive Officer and Principal Financial Officer 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 as of a date within 90 days 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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant's internal control over financial reporting.
Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not Applicable
Item 18. | Recovery of Erroneously Awarded Compensation |
(a) Not Applicable
(b) Not Applicable
Item 19. | Exhibits |
(a)(1) Not Applicable.
(a)(2) Certifications of Principal Executive Officer and Principal Financial Officer.
(a)(3) Not Applicable.
(a)(4) 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/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date: August 22, 2024
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: August 22, 2024
By: /s/ Jeremy D. Boughton
Jeremy D. Boughton, Principal Financial Officer
Date: August 22, 2024