VSFRX Fees and Costs — Federated Hermes Clover Small Value Fund, Class R
Data updated: 2026-08-25
The net expense ratio is 1.23%: a 0.85% management fee, a 0.50% 12b-1 fee plus 0.42% other expenses, less a 0.54% fee waiver. There are no sales loads or redemption fees. In fiscal 2024 the fund paid $439K in broker commissions, 0.2372% of average net assets, and portfolio turnover was 59%.
VSFRX Fees and Expenses
Annual operating expenses and sales charges of VSFRX. Prospectus, as of September 30, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.50% |
| Other expenses | 0.42% |
| Gross expense ratio | 1.77% |
| Fee waiver | −0.54% |
| Net expense ratio | 1.23% |
| 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 |
VSFRX Costs Over Time
On $10,000 invested in VSFRX, assuming 5% a year before costs, total costs come to $909 over 5 years, cutting the return by 1.54% 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 1.23%) | $129 | $401 | $692 |
| Trading costs (broker commissions) | $25 | $77 | $133 |
| Lost growth on money paid in costs | $0 | $24 | $84 |
| Total costs | $154 | $502 | $909 |
| Value after costs | $10,346 | $11,074 | $11,854 |
| Impact on return, per year | 1.54% | 1.54% | 1.54% |
VSFRX 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): 0.2372%
- Total broker commissions: $439K
- Bought from dealers (principal trades, not a cost): $119.7M
- Portfolio turnover (prospectus): 59%
- Securities on loan, average value: $593K
- Net income from securities lending: $1K (0.001% of average net assets)
VSFRX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Nomura Securities International, Inc. | $129K | 37.29% |
| Goldman Sachs & Co. LLC | $40K | 11.66% |
| Piper Sandler & Co. | $38K | 10.92% |
| Raymond James & Associates, Inc. | $31K | 9.06% |
| J.P. Morgan Securities LLC | $20K | 5.90% |
| State Street Global Markets, LLC | $20K | 5.86% |
| Liquidnet, Inc. | $19K | 5.35% |
| Barclays Capital Inc. | $18K | 5.10% |
| Wells Fargo Securities, LLC | $16K | 4.62% |
| UBS Securities LLC | $15K | 4.24% |
VSFRX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| State Street Bank and Trust Company | $74.7M | 62.42% |
| Federated Securities Corp. | $45.0M | 37.58% |
Federated Hermes Clover Small Value Fund Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| VSFSX | Class R6 | 0.82% | none |
| VSFIX | Institutional Shares | 0.89% | none |
| VSFAX | Class A | 1.14% | 5.50% |
| VSFRX | Class R | 1.23% | none |
| VSFCX | Class C | 1.96% | 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.