Federated Hermes MDT Large Cap Value Fund
FMSTX
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- Federated Hermes MDT Large Cap Value Fund (FMSTX) is an open-end mutual fund that seeks growth of income and capital by investing primarily in the common stocks of large-cap U.S. companies undervalued relative to the market; its investment adviser employs a large-cap value strategy, selecting most investments from companies in the Russell 1000 Value Index, with at least 80% of net assets (plus borrowings for investment purposes) normally allocated to such large-cap value securities defined by market capitalizations within the Russell 1000 Index range and value characteristics aligned with the Russell 3000 Value Index parameters. The fund offers Institutional Shares (FMSTX) with a net expense ratio of 0.77% and a minimum initial investment of $1,000,000, alongside other share classes including A Shares (FSTRX) and R6 Shares (FSTLX), targeting institutional and retail investors in the large value equity segment. Assets under management total approximately $842 million, with a portfolio heavily weighted toward U.S. stocks (96.53%), cash (2.29%), and minor non-U.S. stock exposure (1.18%). Managed by Federated Hermes, Inc., headquartered in Pittsburgh, Pennsylvania and founded in 1955, the fund operates within the U.S. mutual fund market with availability limited to United States investors. Institutional Shares commenced operations on January 29, 2010, building on the predecessor fund's Service Shares history. The fund underwent a significant reorganization on December 8, 2017, becoming the successor to the original Federated MDT Large Cap Value Fund, with the predecessor serving as the tax and accounting survivor, preserving historical performance data prior to that date. In 2025, the Board of Trustees approved a non-fundamental investment policy update to align with SEC amendments to Rule 35d-1, refining the definition of large-cap value investments for the related Federated Hermes MDT Large Cap Value ETF and maintaining the 80% policy threshold, effective no earlier than April 28, 2026. No recent partnerships, funding rounds, acquisitions, or new product launches specific to FMSTX are reported, with quarterly performance for Institutional Shares showing a 4.57% return in Q3 2025, underperforming the benchmark's 5.33%.