PIEFX Fees and Costs — Federated Hermes Emerging Markets Equity Fund, Institutional Shares
Data updated: 2026-08-11
The net expense ratio is 0.99%: a 0.90% management fee plus 0.86% other expenses, less a 0.77% fee waiver. There are no sales loads or redemption fees. In fiscal 2026 the fund paid $56K in broker commissions, 0.1099% of average net assets, and portfolio turnover was 26%.
PIEFX Fees and Expenses
Annual operating expenses and sales charges of PIEFX. Prospectus, as of May 31, 2026.
| Annual operating expenses | |
|---|---|
| Management fee | 0.90% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.86% |
| Gross expense ratio | 1.76% |
| Fee waiver | −0.77% |
| Net expense ratio | 0.99% |
| 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 |
PIEFX Costs Over Time
On $10,000 invested in PIEFX, assuming 5% a year before costs, total costs come to $687 over 5 years, cutting the return by 1.15% 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 0.99%) | $104 | $324 | $561 |
| Trading costs (broker commissions) | $12 | $36 | $62 |
| Lost growth on money paid in costs | $0 | $18 | $63 |
| Total costs | $115 | $378 | $687 |
| Value after costs | $10,385 | $11,198 | $12,076 |
| Impact on return, per year | 1.15% | 1.15% | 1.15% |
PIEFX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending May 31, 2026.
- Explicit cost rate (commissions ÷ average net assets): 0.1099%
- Total broker commissions: $56K
- Bought from dealers (principal trades, not a cost): $39.9M
- Portfolio turnover (prospectus): 26%
- Securities on loan, average value: $22K
- Net income from securities lending: $124 (0.000% of average net assets)
PIEFX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Instinet, LLC | $28K | 53.71% |
| Citigroup Global Markets Inc | $6K | 11.61% |
| Goldman Sachs & Co. LLC | $5K | 9.47% |
| Korea Investment Management Co., LTD | $3K | 5.39% |
| Standard Chartered Securities (North America) LLC | $3K | 4.97% |
| J.P. Morgan Securities LLC | $2K | 4.49% |
| Barclays Capital Inc. | $2K | 3.42% |
| UBS Securities LLC | $2K | 3.03% |
| Merrill Lynch, Pierce, Fenner, & Smith Incorporated | $1K | 2.07% |
| BNY Mellon Capital Markets, LLC | $967 | 1.84% |
PIEFX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| Federated Securities Corp | $39.8M | 99.80% |
| BNY Mellon Capital Markets, LLC | $79K | 0.20% |
Federated Hermes Emerging Markets Equity Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| FRIEX | Class R6 | 0.93% | none |
| PIEFX | Institutional Shares | 0.99% | 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.