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Federated Hermes Kaufmann R KAUFX

Medalist Rating as of | See Federated Hermes Investment Hub
  • NAV / 1-Day Return 5.60  /  −1.06 %
  • Total Assets 4.9 Bil
  • Adj. Expense Ratio
    1.970%
  • Expense Ratio 1.970%
  • Distribution Fee Level High
  • Share Class Type Retirement, Medium
  • Category Mid-Cap Growth
  • Investment Style Mid Growth
  • Min. Initial Investment
  • Status Open
  • TTM Yield
  • Turnover 57%

USD | NAV as of May 23, 2024 | 1-Day Return as of May 23, 2024, 10:17 PM GMT+0

Morningstar’s Analysis KAUFX

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Longtime Lead Manager at Federated Hermes Kaufmann to Take on New Role; Ratings Unchanged

null David Carey

David Carey

Analyst Note

Federated Hermes announced on Dec. 27, 2023, that longtime co-lead manager Hans Utsch will step down from that role on the Kaufmann Large Cap and Kaufmann Fund effective Dec. 28, 2023. Utsch will remain a listed portfolio manager, but Barbara Miller will join John Ettinger as co-lead manager on the large-cap fund, and Ettinger and Tom Brakel will assume co-lead duties on the all-cap Kaufmann Fund. The change does not affect Federated Hermes Kaufmann and Federated Hermes Kaufmann Large Cap's Average People ratings or their Morningstar Analyst Ratings of Neutral or Negative, depending on share class fees. The changes are likely positive moves for the long-term leadership of the funds. Utsch, who is in his mid-80s, has been at the helm of the Kaufmann Fund since its 1986 inception and has been a portfolio manager on the large-cap fund since its 2007 inception. Some succession concerns still remain, especially following the abrupt retirements of managers Jonathan Art and Vivian Wohl in September 2021 and March 2022, respectively, but the changes are a step in the right direction, and the team will still be able to leverage Utsch’s 61 years of industry experience in his new role. The new leadership pairings are well suited to take over. Healthcare-focused manager Brakel has more than 25 years of industry experience and became a portfolio manager on the large-cap fund in 2009 and then joined the all-cap fund in 2012. Ettinger and Miller became portfolio managers on both strategies at the end of 2013 and have 29 and 31 years of industry experience, respectively. The managers plan on implementing the same high-growth approach, but it’s possible the all-cap fund’s cash stake—which has often been above 10% because of Utsch's macroeconomic views—will shrink in the coming quarters. Ettinger has preferred to limit the large-cap fund’s cash to just 5% of assets.

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Portfolio Holdings KAUFX

  • Current Portfolio Date
  • Equity Holdings
  • Bond Holdings
  • Other Holdings
  • % Assets in Top 10 Holdings 23.9
Top 10 Holdings
% Portfolio Weight
Market Value USD
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