FKAIX Fees and Costs — Federated Hermes Kaufmann Small Cap Fund, Institutional Shares
Data updated: 2026-09-23
The net expense ratio is 0.90%: a 0.80% management fee plus 0.22% other expenses, less a 0.12% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $3.1M in broker commissions, 0.0899% of average net assets, and portfolio turnover was 38%.
FKAIX Fees and Expenses
Annual operating expenses and sales charges of FKAIX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.80% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.22% |
| Gross expense ratio | 1.02% |
| Fee waiver | −0.12% |
| Net expense ratio | 0.90% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | 0.00% |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
FKAIX Costs Over Time
On $10,000 invested in FKAIX, assuming 5% a year before costs, total costs come to $619 over 5 years, cutting the return by 1.04% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 0.90%) | $94 | $295 | $511 |
| Trading costs (broker commissions) | $9 | $29 | $51 |
| Lost growth on money paid in costs | $0 | $16 | $57 |
| Total costs | $104 | $340 | $619 |
| Value after costs | $10,396 | $11,236 | $12,144 |
| Impact on return, per year | 1.04% | 1.04% | 1.04% |
FKAIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0899%
- Total broker commissions: $3.1M
- Bought from dealers (principal trades, not a cost): $2.1B
- Portfolio turnover (prospectus): 38%
- Securities on loan, average value: $95.3M
- Net income from securities lending: $1.5M (0.043% of average net assets)
FKAIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Nomura Securities International, Inc. | $543K | 27.31% |
| JonesTrading | $300K | 15.08% |
| TD Securities (USA) LLC | $199K | 10.01% |
| Piper Sandler & Co. | $196K | 9.86% |
| Goldman Sachs & Co. LLC | $188K | 9.49% |
| State Street Global Markets, LLC | $132K | 6.63% |
| Morgan Stanley & Co. LLC | $119K | 5.97% |
| BofA Securities, Inc. | $118K | 5.95% |
| Citigroup Global Markets Inc. | $96K | 4.85% |
| UBS Securities LLC | $96K | 4.84% |
FKAIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Federated Securities Corp. | $1.8B | 87.25% |
| J.P. Morgan Securities LLC | $61.6M | 2.97% |
| Jefferies LLC | $59.3M | 2.85% |
| Morgan Stanley & Co. LLC | $58.1M | 2.80% |
| Goldman Sachs & Co. LLC | $39.6M | 1.91% |
| BofA Securities, Inc. | $18.5M | 0.89% |
| Citigroup Global Markets Inc. | $10.8M | 0.52% |
| Piper Sandler & Co. | $8.9M | 0.43% |
| Keefe, Bruyette & Woods, Inc. | $4.0M | 0.19% |
| TD Securities (USA) LLC | $4.0M | 0.19% |
Federated Hermes Kaufmann Small Cap Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FKALX | Class R6 | 0.89% | none |
| FKAIX | Institutional Shares | 0.90% | none |
| FKASX | Class A | 1.36% | 5.50% |
| FKKSX | Class R | 1.36% | none |
| FKCSX | Class C | 2.02% | none |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.