Federated Hermes Emerging Markets Equity Fund Class IS
PIEFX
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- Federated Hermes Emerging Markets Equity Fund Class IS (PIEFX) is an open-end mutual fund that seeks long-term capital appreciation by investing primarily in equity securities of issuers located or doing business in emerging market countries. The fund normally invests at least 80% of its net assets (plus any borrowing for investment purposes) in such emerging markets equities, including common stocks, preferred stocks, rights, warrants, depositary receipts, and other equity securities of issuers in emerging markets; it may also employ derivatives, small- and mid-capitalization stocks, and quantitative models to support its growth-oriented investment process. Key holdings as of recent data include Taiwan Semiconductor Manufacturing Co. Ltd., Tencent Holdings Ltd., MercadoLibre Inc., Alibaba Group Holding Ltd., and SK Hynix Inc., representing technology, consumer cyclical, financial services, and communication services sectors across emerging Asia, developed Asia, Latin America, and Africa; the fund maintains diversification with approximately 94% in non-US stocks, 3.5% cash, and minimal US equities. Launched on March 31, 2017, and domiciled in the United States, PIEFX is managed by a team led by Martin Schulz and Calvin Zhang since inception, with Michael Czekaj joining on July 31, 2024; it is offered through Federated Hermes, Inc., headquartered in Pittsburgh, Pennsylvania, with a minimum initial investment of $1,000,000 for institutional shares and a net expense ratio of 0.99%. The fund succeeded the PNC Emerging Markets Equity Fund via a reorganization on November 15, 2019, adopting the predecessor's identical investment objective, strategies, policies, and portfolio management team while inheriting its historical performance record. Geographically, it targets diversified emerging markets exposure, with top regional allocations in emerging Asia (51%), developed Asia (27%), Latin America (9%), and Africa (4%), serving institutional investors seeking growth in volatile, high-potential markets.