Federated Hermes MDT Market Neutral Fund
Actively managed U.S. stock fund
As of its 2026 Q2 report, Federated Hermes MDT Market Neutral Fund held 398 positions with $2.35B in net assets. Its ten largest holdings made up 27.9% of the fund. The QQMNX share class costs 2.11% a year. Over the 12 months to May 2026, QQMNX returned 3.8%, with dividends reinvested. In 2026 Q2 it added 42 new positions and exited 52.
The Funds investment objective is to seek to provide long-term capital appreciation while limiting exposure to general stock market risk.
The fund uses a quantitative model to select long positions in stocks predicted to outperform and short positions predicted to underperform, drawn from the Russell 3000 Index, seeking to neutralize market volatility through balanced long and short exposure. Because performance depends on the net result of both long and short positions, the fund can experience losses even if individual selections are sound. The fund's market-neutral approach aims for returns independent of overall market direction.
What you own
| Company | Weight | Value | Shares | Reported price |
|---|---|---|---|---|
FEDERATED HERMES MONEY MARKET OBLIGATIONS TRUST | 5.51% | $129.63M | — | — |
VIKING HOLDINGS LTD | 2.71% | $63.83M | 609.8K | $104.67 |
2.70% | $63.62M | 192.7K | $330.12 | |
2.60% | $61.11M | 52.0K | $1,174.86 | |
ABBVABBVIE INC | 2.57% | $60.39M | 240.0K | $251.64 |
FISVFISERV INC | 2.56% | $60.25M | 1.2M | $49.05 |
2.46% | $57.83M | 75.8K | $763.14 | |
2.44% | $57.55M | 154.0K | $373.73 | |
INTUINTUIT INC | 2.36% | $55.56M | 212.9K | $261.00 |
MRNAMODERNA INC | 1.96% | $46.13M | 658.7K | $70.03 |
Reported price is the fund's own reported value divided by its own reported shares at 2026-06-30 — not a live quote, and not what the fund paid.
The 200 largest of 398 holdings, with the share counts as filed, open with a free account.
What the fund is made of
Percentages are of fund net assets. Rounding, liabilities and short positions can make totals differ from 100%.
| Stocks | 19.91% |
| Cash & short-term | 5.51% |
These positions come to 25.41% of net assets. Not everything a fund owns is reported as a holding — uninvested cash is collected at fund level instead — so the total is not expected to reach 100%.
By sector
- Information Technology
- 20.1%
- Financials
- 15.8%
- Health Care
- 14.3%
- Industrials
- 12.8%
- 9 other sectors
- 36.9%
- Information Technology
- 20.1%
- Financials
- 15.8%
- Health Care
- 14.3%
- Industrials
- 12.8%
- Consumer Discretionary
- 10.2%
- Cash
- 5.6%
- Communication Services
- 5.3%
- International
- 5.3%
- Consumer Staples
- 3.4%
- Materials
- 2.6%
- Energy
- 2.5%
- Real Estate
- 1.3%
- Utilities
- 0.6%
How it has done
QQMNX share class · total returns with dividends reinvested
Volatility over the last 12 months: 4.63%. Past returns are a record, not a forecast.
Jun 2026 has been filed since the trailing figures were struck, so it is not in the table above or the curve — every figure here shares one cut-off, which is what makes them comparable with other funds.
The 2 share classes hold the same portfolio
| Share class | Expense ratio | 1 year | 3 years | 5 years | Worst fall |
|---|---|---|---|---|---|
| 2.11% | +3.82% | +39.01% | — | -2.74% | |
| 2.36% | +3.58% | +38.09% | — | -2.78% |
These classes hold the same portfolio, so the 0.92pp spread over 3 years is the cost difference between them — roughly 0.31pp a year — not a difference in what they own.
Fees & fund details
Federated Hermes MDT Market Neutral Fund is an actively managed U.S. equity fund. 26% of QQMNX’s stock holdings are in companies whose revenue grew in the top quartile of U.S. companies over the last five fiscal years (covering 94% of the fund’s equity).
- Asset class
- Equity
- Region
- United States
- Management
- Actively managed
- Fund type
- Open-end fund
- Expense ratio, by class
- 2.11% – 2.36%· QQMNX 2.11%
- Portfolio turnover
- 62.00% a year · as of 2026 Q1
Turnover is how much of the portfolio was replaced in a year.
Classified from what the fund holds, not from its name · 2026 Q2. The summary is a paraphrase of the prospectus; the objective is verbatim.
What changed this quarter
Positions that entered or left the fund since its previous filing. Positions that were only resized are not listed.
42 new· the largest 8
52 exited· the largest 8
Understand how this fund fits with the rest.
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