PBRIX Fees and Costs — Federated Hermes Prudent Bear Fund, Institutional Shares
Data updated: 2026-08-25
The net expense ratio is 2.43% (2.67% before fee waivers). There are no sales loads or redemption fees. In fiscal 2024 the fund paid $744K in broker commissions, 0.3616% of average net assets, and portfolio turnover was 249%.
PBRIX Fees and Expenses
Annual operating expenses and sales charges of PBRIX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.25% |
| 12b-1 fee | 0.00% |
| Other expenses | 1.39% |
| Gross expense ratio | 2.67% |
| Fee waiver | −0.24% |
| Net expense ratio | 2.43% |
| 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 |
PBRIX Costs Over Time
On $10,000 invested in PBRIX, assuming 5% a year before costs, total costs come to $1,685 over 5 years, cutting the return by 2.93% 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 2.43%) | $255 | $781 | $1,330 |
| Trading costs (broker commissions) | $38 | $116 | $198 |
| Lost growth on money paid in costs | $0 | $45 | $157 |
| Total costs | $293 | $943 | $1,685 |
| Value after costs | $10,207 | $10,634 | $11,078 |
| Impact on return, per year | 2.93% | 2.93% | 2.93% |
PBRIX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending September 30, 2024.
- Explicit cost rate (commissions ÷ average net assets): 0.3616%
- Total broker commissions: $744K
- Bought from dealers (principal trades, not a cost): $1.7B
- Portfolio turnover (prospectus): 249%
- Securities lending: none during the year
PBRIX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| BofA Securities, Inc. | $399K | 54.25% |
| Nomura Securities International, Inc. | $284K | 38.56% |
| J.P. Morgan Securities LLC | $22K | 2.93% |
| Liquidnet, Inc. | $10K | 1.41% |
| JonesTrading Institutional Services LLC | $7K | 1.00% |
| Goldman Sachs & Co. LLC | $5K | 0.74% |
| State Street Global Markets, LLC | $4K | 0.59% |
| Evercore Group L.L.C. | $1K | 0.20% |
| Piper Sandler & Co. | $1K | 0.16% |
| Raymond James & Associates, Inc. | $1K | 0.16% |
PBRIX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Federated Securities Corp. | $726.8M | 43.79% |
| Barclays Capital Inc. | $506.5M | 30.52% |
| J.P. Morgan Securities LLC | $416.5M | 25.10% |
| Morgan Stanley & Co. LLC | $2.7M | 0.16% |
| Goldman Sachs & Co. LLC | $2.3M | 0.14% |
| Jefferies LLC | $1.5M | 0.09% |
| BofA Securities, Inc. | $1.4M | 0.08% |
| Stifel, Nicolaus & Company, Incorporated | $852K | 0.05% |
| Raymond James & Associates, Inc. | $560K | 0.03% |
| Mizuho Securities USA LLC | $515K | 0.03% |
Federated Hermes Prudent Bear Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| PBRIX | Institutional Shares | 2.43% | none |
| BEARX | Class A | 2.70% | 5.50% |
| PBRCX | Class C | 3.45% | 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.