FEDERATED HERMES, INC.
"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.
13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.
We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 51 quarters, returned +2.0% per quarter — versus +2.0% per quarter from simply owning every 13F stock. It beat that baseline in only 47.1% of quarters (excess t = -0.01, not statistically significant). Its filings tell you what it bought — not what you should buy.
Quarterly compounding, invested quarters only · entry after the actual SEC deadline plus a 2-day buffer
Top 20 holdings of 2038 · 2026 Q2
| Ticker | Value | Weight | QoQ |
|---|---|---|---|
| NVDA | $1.9B | | ADD +4% |
| AAPL | $1.8B | | ADD +33% |
| GOOGL | $1.4B | | TRIM −22% |
| ABBV | $1.1B | | ADD +12% |
| MSFT | $976M | | TRIM −13% |
| GEV | $910M | | HOLD |
| VIK | $862M | | TRIM −4% |
| AMZN | $827M | | TRIM −2% |
| MU | $798M | | ADD +48% |
| GE | $732M | | ADD +37% |
| USB | $713M | | ADD +3% |
| AVGO | $711M | | TRIM −21% |
| FIX | $677M | | ADD +28% |
| PWR | $620M | | ADD +17% |
| BNY | $610M | | TRIM −3% |
| VZ | $582M | | HOLD |
| PAYX | $578M | | HOLD |
| PNC | $565M | | TRIM −21% |
| PLD | $531M | | HOLD |
| PM | $528M | | TRIM −15% |
QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.
New positions in 2026 Q2
Method & Limitations
Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry is the first trading session after the actual SEC filing deadline plus a 2-day buffer. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.