Despite clear headwinds, Federated Hermes' investment approach, which seeks a diverse range of companies that look attractive from multiple perspectives, ensured the fund kept pace with the benchmark index.
This diversification results in a fund that avoids excessive factor or macro exposures, is broadly neutral from a sector and regional perspective, and is populated by companies with good or improving ESG characteristics across the style spectrum.
Going forward, investors are looking through any dampening of activity caused by the delta variant and are focused on the seemingly irreversible trend towards reopening. Global earnings are still being upgraded and, while multiples may be peaking, earnings growth can lead markets higher.
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