Federated Hermes (FHI) 2026年第三季度业绩电话会议：MDT资金流入推动股票资产管理规模提升

核心要点

• Federated Hermes在2026年第三季度末的股票资产管理规模达到创纪录的1105亿美元。19亿美元的正净流入被市场估值下降部分抵消。
• MDT策略的总销售额达到创纪录的60亿美元，净销售额为32亿美元。过去三年中，九种MDT基金策略中有七种在晨星同类排名中位于前四分之一。
• 固定收益资产在季度末达到990亿美元。净销售额总计7亿美元，但市场价值下降使资产减少了18亿美元。
• 货币市场总资产环比第二季度减少270亿美元，降幅为4%。管理层将这一减少归因于9月份的企业税款缴纳、美联储9月中旬的利率变动以及大型州资金池的季节性流动性变化。
• 第三季度营收环比增加460万美元，增幅为1%；而营业费用减少1590万美元，降幅为4%，主要原因是第二季度包含了1120万美元的FCP收购成本。
• Federated Hermes在进入第四季度时，已赢得但尚未注资的机构净委托规模约为65亿美元。管理层预计，以MDT为主的股票资金增加和私募市场资金流入，将超过预期的固定收益赎回。

核心财务数据

业务与运营表现

股票与MDT

MDT是主要增长驱动力。其股票和市场中性策略的总销售额为60亿美元，净销售额为32亿美元。包括子顾问委托在内的机构独立账户在第三季度增加了15亿美元的净销售额，几乎全部集中于MDT策略。

Federated Hermes报告了33种股票基金和SMA策略的净销售额。根据过去三年的晨星数据，其56%的股票基金表现优于同行，33%在其分类中排名居前四分之一。从第四季度初至10月23日，股票基金与SMA合并净销售额达到2.42亿美元。

管理层表示，机构需求广泛分布于全市值核心、大盘价值、小盘成长、大盘核心及大盘成长策略。MDT ETF和集合投资信托产品也录得净流入。

固定收益

第三季度共有22种固定收益基金和SMA实现净销售。领跑产品包括英镑现金加收益基金（Sterling Cash Plus Fund）、超短期债券基金（Ultrashort Bond Funds）、总回报债券ETF（Total Return Bond ETF）、保守型超短债基金（Conservative Microshort Fund）以及C.W. Henderson短期市政债SMA（C.W. Henderson Short-Term Muni SMA）。

机构固定收益独立账户产生了9.24亿美元的净销售额，主要受到一家具有经常性大额资金进出的大型公共实体的驱动。过去三年中，49%的固定收益基金表现优于同行，21%在晨星同类排名中位于前四分之一。

截至10月23日，固定收益基金与SMA合计录得20亿美元的净赎回。其中包括某总回报债券策略客户赎回的17亿美元，该客户选择在数十亿美元规模的委托中承担更高风险。

货币市场

货币市场基金资产环比下降3%，而独立账户资产下降8%。公司预估的货币市场共同基金份额（包含子顾问基金）从第二季度的6.7%降至约6.6%。

管理层表示，Federated Hermes坚持注重按面值保持日度流动性，而不是通过超出舒适区延长到期期限来获取超额收益。公司表示，截至10月28日，其货币市场基金资产随后增加了37亿美元。

在业绩电话会议召开前几天，管理的总资产约为8900亿美元，其中包括6540亿美元的货币市场资产、1120亿美元的股票资产、980亿美元的固定收益资产、230亿美元的另类/私募市场资产以及30亿美元的多资产策略。货币市场共同基金资产为4890亿美元，10月份的平均水平也与此相当。

私募市场与数字资产

MDT市场中性基金和ETF合计实现1.8亿美元净销售额。Federated Hermes还在推广其第六只全球私募股权跟投基金以及一只专注于优先贷款和整笔贷款的新欧洲房地产债权基金。

在数字资产方面，该公司正与Prometheum合作，通过其在美国证监会（SEC）注册且为美国金融业监管局（FINRA）成员的经纪交易商基础设施分销代币化证券。其他项目涉及纽约梅隆银行（BNY）、高盛（Goldman）、Archax及Conduit Digital Holdings。管理层强调，当前优先事项是代币化流动性产品，这些努力旨在为未来的需求准备基础设施，而非回应目前强劲的客户需求。

管理层业绩指引

• Federated Hermes预计2026全年有效税率将在25%至28%之间。
• 管理层预计机构意向管道中的股票委托将在未来两个季度到位注资。公司在进入第四季度时，拥有约65亿美元已赢得但尚未注资的机构净委托。
• 预期管道包括约70亿美元的MDT股票新增资金，以及涵盖直接贷款、私募股权和贸易融资的约12亿美元私募市场净流入。预计固定收益净赎回约为17亿美元。
• 首席财务官（CFO）预计，随着业务增长，第四季度的薪酬费用将有所上升。分销费用将主要取决于货币市场资产水平，而系统与通讯支出预计将保持在较高水平。
• 管理层强调营业利润率保持在30%以上，并表达了维持该水平的目标，但未提供2027年的费用预测。

风险与关注领域

• 市场估值下降抵消了第三季度股票和固定收益领域的正净销售额。
• 当竞争对手通过延长到期期限来获取超额收益时，Federated Hermes在货币市场基金中的保守流动性定位可能会带来暂时的业绩和资金流出差距。
• 大型机构委托可能会产生巨额资金流入或赎回，总回报债券策略17亿美元的赎回以及某大型公共实体的经常性资金变动就证明了这一点。
• 机构独立账户和子顾问委托的费率低于传统《1940年投资公司法》（40 Act）共同基金。管理层承认，意向管道注资可能会稀释综合费率。
• 管理层表示，代币化产品仍属于基础设施投资，而非由需求驱动的实质性增长引擎。

分析师问答亮点

货币市场资金流差距：管理层将第三季度相对于部分竞争对手较弱的资金流归因于其拒绝为了获取超额收益而将到期期限延长至内部流动性和信用限制之外。管理层表示，10月份资金流已开始趋于正常。

SMA增长势头：公司将强劲的SMA销售归功于MDT的长期业绩表现、广泛的分销渠道以及多元化的机构意向管道，而非单一产品或渠道举措。

税务优化策略：管理层证实，Federated Hermes正与相关公司合作开发可能附加至现有委托之上的税务优化结构。管理层还强调，MDT市场中性策略是现有的多空产品，且拥有持续的净流入。

固定收益需求：管理层预计，随着投资者沿着收益率曲线适度移动，超短期（Ultrashort）和微短期（Microshort）策略等较短久期产品将引领需求。管理层还指出，尽管随后发生了大额赎回，但总回报债券基金（Total Return Bond Fund）在第三季度仍是其总销售额最高的固定收益产品。

业绩电话会议完整文字记录

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完整财报电话会议逐字稿

管理层陈述

Operator

Greetings, and welcome to the Federated Hermes Third Quarter 2026 Analyst Call and Webcast.

[Operator Instructions] And please note, this conference is being recorded. I will now turn the conference over to your host, Mr. Ray Hanley, President, Federated Investors Management Company. Sir, the floor is yours.

Raymond Hanley

Thank you, and welcome to our call. Leading today's call will be Chris Donahue, CEO and President of Federated Hermes; and Tom Donahue, Chief Financial Officer. Joining us for the Q&A are Saker Nusseibeh, who is the CEO of Federated Hermes Limited; and Debbie Cunningham, the Chief Investment Officer for Money Markets.

During today's call, we may make forward-looking statements, and we want to note that Federated Hermes' actual results may be materially different than the results implied by such statements. Please review the risk disclosures in our SEC filings. No assurance can be given as to future results, and Federated Hermes assumes no duty to update any of these forward-looking statements.

Chris?

John Donahue

Thanks, Ray. Good morning, all. I will review Federated Hermes' business performance. Tom will comment on our financial results. We ended the third quarter with record equity assets under management of $110.5 billion, up $949 million from Q2 as positive net inflows of $1.9 billion were partially offset by lower market valuations. Equity sales results were led by MDT fundamental quant strategies. MDT equity and market-neutral strategies had a record $6 billion in gross sales and $3.2 billion in net sales in the third quarter.

Now looking at fund performance rankings at the end of Q3, 7 of 9 MDT fund strategies were in the top performance quartile of their Morningstar categories for the trailing 3 years. We had net sales in 33 equity fund and SMA strategies during Q3, including a variety of MDT offerings. Institutional separate accounts, including sub-advisory mandates, added $1.5 billion in Q3 net sales, nearly all in MDT strategies.

Now looking at our equity fund performance at the end of the third quarter and using Morningstar data once again for the trailing 3 years, 56% of our equity funds were beating peers and 33% were in the top quartile of their category. Now for the fourth quarter through October 23, combined equity funds and SMAs had net sales of $242 million.

Now turning to fixed income. Assets ended Q3 at $99 billion. Net positive sales of $700 million were offset by a decrease of $1.8 billion due to lower market values. We had 22 fixed income funds and SMAs with net sales in the third quarter, led by the Sterling Cash Plus Fund, our Ultrashort Bond Funds, Total Return Bond ETF, Conservative Microshort Fund and the C.W. Henderson Short-Term Muni SMA. Fixed income institutional separate accounts had Q3 net sales of $924 million, driven by a large public entity that has regular sizable inflows and outflows. Regarding performance at the end of the third quarter and using Morningstar data for the trailing 3 years, 49% of our fixed income funds were beating peers and 21% were in the top quartile of their category.

For Q4 through October 23, combined fixed income funds and SMAs had net redemptions of $2 billion, which includes $1.7 billion in redemptions from a client in the total return bond strategy, who went in the direction of taking additional risk for this part of their multibillion-dollar mandate. On September 30, this fund, Total Return Bond Fund, ranked in the top third of its category for the trailing 10 years, 66th percentile for 3 years, top 28% for 1 year and top 18% for the trailing 3 months.

Now in the alternative/private markets category, assets were up slightly, reaching $21.7 billion. The MDT Market Neutral Fund and ETF combined for $180 million net sales. We are in the market with the global private equity co-invest fund, the sixth vintage of our PEC series and the European Real Estate Debt Fund, a new pooled European debt fund that will invest in senior and whole loans. Across our long-term investment platform, we began the fourth quarter with about $6.5 billion in net institutional wins yet to fund into both funds and separate accounts. Equity strategies are expected to have net sales of about $7 billion in MDT additions. Approximately $1.2 billion on a net basis is expected to come into private markets, including direct lending, private equity and trade finance. Fixed income is expected to have net redemptions of about $1.7 billion, which includes the aforementioned redemption in the multi-sector field.

Moving on to money markets. Total money market assets decreased by $27 billion or 4% from the second quarter as funds decreased by $13.6 billion or 3% and separate accounts decreased by about $13.4 billion or 8%. Money market fund assets were impacted by the mid-September increase in interest rates by the Fed and by September's corporate tax payments. Money market separate account assets were impacted by the liquidity levels of large state pools that we manage and typically peak with tax collections at the end of the year through April before decreasing in Q2 and Q3. Our estimate of money market mutual fund market share, including sub-advised funds, was about 6.6% at the end of Q3, down from 6.7% at the end of Q2.

Turning to digital assets. We continue active collaboration with financial institutions and technology providers to explore digital distribution. Our focus is liquidity, where our efforts are designed to enhance flexibility and accessibility while preserving the core structure and utility of money market funds. During the third quarter, our arrangement with Prometheum Inc. was announced. We are working with Prometheum, a market infrastructure provider for crypto assets, to expand the reach of tokenized securities through their SEC-registered, FINRA-member broker-dealer market infrastructure. Prometheum will make our tokenized products available to broker-dealers and RIAs through its correspondent clearing platform.

This follows the launch of our Money Market Management Digital Treasury Fund, which is expected to support both traditional and on-chain distribution. We have also selectively engaged with regulated digital asset intermediaries, including participation in the BNY, Goldman domestic initiative involving mirrored tokenization. Also the Archax initiative to offer tokenized access to a UCITS money fund in the U.K., our arrangement with Conduit Digital Holdings to support the launch of Conduit's tokenized money market fund in the APAC region with the Conduit fund investing in one of our offshore money market funds. We are engaged in digital asset development discussions with other intermediaries as well.

Now looking at recent asset totals that was a few days ago, managed assets were approximately $890 billion, including $654 billion in money markets, $112 billion in equities, $98 billion in fixed income, $23 billion in alternative/private markets and $3 billion in multi-asset. Money market mutual fund assets were $489 billion. Money market fund assets have ranged from $485 to $493 billion during October with average asset levels of $489 billion.

Tom?

Thomas Donahue

Thanks, Chris. For Q3 compared to the prior quarter, total revenue increased $4.6 million or 1%. Equity asset growth added $8 million of revenues and an additional day added $5.3 million of revenues. These increases were partially offset by lower Q3 money market average assets resulting in $4 million of lower revenues. In addition, Q2 included a $2.9 million gain on the sale of a renewable energy property by Rivington, and the U.K. real estate business had a $2 million real estate development fee for a project that did not advance into construction.

Total Q3 carried interest and performance fees were $726,000 compared to $1.4 million in the prior quarter. Approximately $428,000 of the Q3 fees were offset by compensation expense. Q3 operating expenses decreased by $15.9 million or 4% from the prior quarter due mainly to Q2 included approximately $11.2 million in transaction costs from the FCP acquisition in certain line items, also approximately $3.3 million of lower compensation and related expense, lower advertising and promotional activity, intangible asset expense decreased $1.5 million, primarily due to most of the intangible assets from the Hermes acquisition being fully amortized.

These expense decreases were partially offset by a withholding tax-related expense of $1.9 million recorded in the other expense line item. $1.7 million expense for an adjustment to the FCP contingent payment, also recorded in the other expense line item. The Q3 effective tax rate was 27.1%. We estimate the full year tax rate to be in the 25% to 28% range for 2026. At the end of Q3, cash and investments were $580 million. Cash and investments, excluding the portion attributable to noncontrolling interest, were $483 million.

Oli, we would like to open the call up for questions now.

Operator

[Operator Instructions] Our first question is coming from Patrick Davitt with Autonomous Research.

分析师问答

Patrick Davitt

On the money fund flows, I understand that 3Q is always a seasonally weaker fund flow quarter for you, but there was a pretty big gap with many of your largest competitors like BlackRock had big inflows, JPMorgan had big inflows, Invesco had big inflows. So I'd like to get a little bit more color on what you think explains that big gap with some of those big competitors? And to what extent you're seeing more pricing competition, people trying to compete more aggressively on fees?

John Donahue

Patrick, I'll go first, and then we'll have Debbie give you the report from the field. So overall, there's nothing new about people periodically doing things either with fees or with portfolio construction that cause intermediate short-term alterations in the flows. And that's what was going on in this past quarter. And if you look at it over the 50-year period that we've been involved in this, this is like a routine deal.

Debbie will give you more details.

Deborah Cunningham

Thanks, Chris. So Patrick, as you know, we manage our money funds with a bias to daily liquidity at par. And as part of that process, on a daily basis, we identify maturity restrictions for different security types that we use as well as for each of the approved issuers from our database that we use. And these restrictions, for the most part, are based on liquidity in the marketplace for those different security types for those different issuers as they go out the curve, in addition to our own internal credit rating, which ranges from 1 to 5 for the various issuers. And this process really involves all 3 members of our team. It's our portfolio managers that are looking at the structure of the fund. It's our analysts that are reviewing the issuers, and it's the traders that are looking at the security types and the selections on a daily basis.

And what we've determined is that historically, and in this particular case, we haven't been willing to extend our maturities beyond what I would traditionally call our comfort zone just because there's maybe some inordinate value and pursue that incremental yield out the curve. While in our minds, that would mean sacrificing some of that true daily liquidity. So it's basically a performance issue based on our choice of what I'll call the most liquid and highly rated sectors in the marketplace at this time.

The other thing that I would note is that the FOMC did move rates in September, and we, as well as others, were lagging the direct market, but that's across the board.

John Donahue

And to elaborate on that, so basically, we've caught up. And if you look at the recent stats for October 28, our money market fund assets are up $3.7 billion so far. And if you look at some of those other competitors you mentioned, some of their assets have walked out the door a little bit on them. So things are coming back to normal.

Patrick Davitt

Okay. Interesting. My follow-up is on expenses. Good control again in 3Q, which is nice to see. Could you maybe expand on how sustainable that is, what you're seeing heading into 4Q? And if you have any early view on how things are tracking in '27?

Thomas Donahue

I don't have a comment on '27, except you see our margin, which we are happy to see that go over 30%, maintaining that. And we've had a long-term goal of trying to get to the industry, but that's a longer process. I expect comp here in the fourth quarter to go up as we continue to grow. Distribution will follow primarily how the money market assets go. And we're still spending some more in the systems and communications line item. And the rest of them, I don't see big changes for next quarter. Another is lots of other things that go lots of different ways, which we don't really forecast that.

Operator

Our next question, sorry, is coming from Bill Katz with TD Cowen.

Robin Holby

This is Robin Holby on for Bill Katz. Could you speak to the success you saw in the SMA side of the business during the quarter in equity and fixed income? Is there anything specific you've done in those channels that's resonating with investors, and that might have driven the acceleration there?

John Donahue

That's a case of successfully repeating the sounding joy, standard blocking and tackling, making the calls and doing it for a long time. If you look at the long-term records, especially in the MDT field, you see consistent outperformance with their methodologies. And especially in the SMAs, it takes a little longer to make the sales, and it takes a little longer for redemption as well. So there was no magic. There was no silver bullet. It is just the power of a large distribution force with good long-term records that makes that happen.

Raymond Hanley

Rob, we commented on the performance, which is obviously outstanding, especially long term for the MDT strategies. And I would just emphasize that the success we've had in the institutional accounts is diversified within several of the SMA strategies. So we've had nice wins and good pipeline composition from a variety of those strategies, all-cap core, large-cap value, small-cap growth, large-cap core, large-cap growth. And so even in a quarter where with some equity market choppiness, which reflected itself in lower mutual fund flows, we were able to have strong inflows and strong pipeline by the strength of the institutional part of the business. So I would also note that our MDT ETF and CIT products also had net inflows.

Robin Holby

Great. That's helpful. And for a follow-up, we thought the Prometheum announcement was an interesting development. Aside from your current digital products, where do you see this going? Does this accelerate the tokenization of some of your other non-tokenized funds, for example, MDT?

John Donahue

I don't think it actually accelerates anything. It is just steady as we go in exploring this new field. As I've said to this audience before, the clients aren't beating down the doors to get these products. This is really getting the infrastructure ready for tomorrow. No different than a lot of other examples of where the infrastructure has to change for the future. And so we are excited about our deal with Prometheum, with BNY, with Archax and with Conduit, all of them, but it's hard to say, "Oh, this accelerates other things." We are focused, as I said in my remarks, on the liquidity portion, and I would say the other securities are behind that from our point of view, but we'll be ready for that as well.

Operator

Next question is coming from Michael Cho with JPMorgan.

Y. Cho

I just wanted to touch on the money funds discussion that we were having before. I mean you shared the AUM data, which is very helpful. But I was actually wondering how the relative revenue capture share might compare to some of the stats you provide on the AUM share? And if there's any bifurcation between the 2 that you might envision and any implications you might be able to help us frame there? I know you gave some discussion on the yields and performance, which makes sense, but also thinking about how the revenue share might compare relative to those statistics?

John Donahue

So you're touching on something that we don't have great information on, which is market share of revenue. And this has been one of Chris' crusades for a long time that to an owner operator, that's a very important statistic. But we can't get it. So we don't know. So we only do it by inference. But it's what's behind the curtain in not doing the things that others do to periodically jump their yield, jump a bunch of assets and then get back to regular.

And I'll let Ray comment on the specifics of our revenue picture as much as we know.

Raymond Hanley

Yes. And I would just echo that, Chris. We can't really do comparable revenue. I would stress that -- we have a lot of different pricing options across our money market franchise, reflecting our reach in the different portions of the intermediary channels, but a lot of the attention, of course, are in the most institutional products, which tend to have a lower fee rate. Among the products that are more geared to retail applications, which for us is not direct retail, it's still through intermediaries, but to the end client of the intermediary, we have tended to traditionally do better if you bifurcate the asset market share in that retail channel, which would be a positive influence to the blended fee rate overall for money markets.

Y. Cho

Great. If I could just switch gears to MDT. You've had quite a bit of success there, and you continue to make progress across a number of different channels. Just broadly from an industry perspective, there's been a lot made about tax-aware long-short products, the demand and the penetration that's having in terms of those products in market. I was wondering, given the success you've had with MDT, is tax-aware long-short is something you are or you may consider in the future just given the demand appetite there in the market today?

John Donahue

Yes. We are working with various firms on those types of products that basically get added to by the adviser or put on top of the existing mandates. And I can't get into the details on any of those. But yes, we're looking at that. But as soon as you say tax-aware, I think C.W. Henderson. I know that wasn't your question, but that's on the muni side and on managing the gains and the tax situation. And that was what I mentioned in my remarks is doing quite well. Overall, the message is that tax-aware is very important. But what we tell everybody is don't let taxes drive the truck. Underneath that, you've got to have good projects that are heading in the right direction for you and not just having taxes control the outcome.

Raymond Hanley

And I would just add to that, the MDT market-neutral strategy is a long-short strategy, and we've done well with that in terms of both performance and picking up consistent net inflows.

Operator

Our next question is coming from John Dunn with Evercore ISI.

John Dunn

Maybe just a little more on the institutional pipeline. Can you talk about any client concentrations? How quickly do you think mandates will fund and maybe the impact on the firm-wide fee rate? And then on the other end, any chunky redemptions you wanted to call out that you might see on the horizon?

John Donahue

Well, I'm going to let Ray give you those details. But first of all, we're going to stop and cheer on the number of $6.5 billion, one of the highest pipelines we've had.

Ray?

Raymond Hanley

Sure. When we're talking about funding, John, the equity portion we expect to fund over the next 2 quarters. And that, as I mentioned, coming from several directions. There are some large sub-advised mandates in there as well as some more regular institutional separate accounts. As you know, the fee rates on each of those kind of applications would be less than what we would realize in regular 40 Act mutual funds. We are, nonetheless, of course, happy to add as much of this as we can even if it would have the impact of diluting the blended fee rate.

John Dunn

Got it. And then maybe just on fixed income, given where we are with rates and where they're going, could you kind of frame where you expect demand for your suite to go from here? And which products do you think are going to catch a bid?

John Donahue

It's going to be on the short end is going to drive the truck, but we're never going to really be behind on Total Return Bond Fund, which was basically our highest gross selling product during the third quarter. So -- but the answer specifically your question will be on the short side. And we have a beautiful array of products with Ultrashort, Microshort, et cetera, for people who are wanting to step out the yield curve just a little bit.

Operator

Ladies and gentlemen, we have reached the end of our question-and-answer session. So I would like to turn the call back over to Mr. Hanley for closing remarks.

Raymond Hanley

Thank you. That concludes our call, and thank you for joining us today.

Operator

Thank you. Ladies and gentlemen, this does conclude today's call. You may disconnect your lines at this time, and we thank you for your participation.