Content analysis
?Positive | ||
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Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Bad
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New words:
acknowledge, Africa, assigning, ASU, attestation, Bitcoin, broker, bundled, caption, Cayman, Chamber, CIMA, Circuit, civil, cliff, cohort, Commerce, concise, constituent, CSDDD, CSSF, curve, defense, depositary, diligence, DSS, du, education, employed, extraordinary, FASB, franchisee, franchisor, friendly, Handbook, Hanlon, harbor, heard, India, Indonesia, Island, Japan, journal, judicial, Karen, Korea, landing, ledger, lengthy, lessen, Luxembourg, migrate, Modification, notified, overhead, Pillar, PTE, recalibrated, retrospective, reverting, rollover, safe, sandbox, Secteur, soft, South, stay, stayed, sudden, supply, Surveillance, susceptible, Switzerland, systematically, timeframe, TMPR, tokenization, transformation, transmit, unaudited, unbacked, uneven, vacated, vacatur, valuable, visibility, visually, worldwide, XML
Removed:
achieved, adjusted, Administration, advisor, agency, Agenda, aggressive, ahead, alongside, amortized, analytic, analytical, Andrew, antitrust, argued, assembled, Assent, assimilated, assumed, attention, August, Australia, Australian, avoid, award, background, Bailey, banned, begun, beneficial, bill, block, body, bolstered, boycott, bring, broad, broadening, broader, budget, buffer, burdensome, calendar, category, Chairman, challenged, character, charge, clarified, clarify, clarity, classify, clearing, client, close, closely, Code, collateralized, commenting, committee, commonly, concept, conducted, conducting, consistent, consumer, contemplate, costly, create, criteria, criticism, crypto, CWH, cybersecurity, debate, decided, Declaratory, deconsolidated, defer, deference, define, deliver, democratic, depart, deposit, depositor, designate, designating, designed, desire, desired, detailed, detrimental, deviate, dialogue, dilution, disrupted, distribute, divergence, diversification, diversity, divestment, doctrine, domestically, draft, duty, earn, easing, EBA, EBSA, effort, eliminate, eliminated, eliminating, elimination, emerged, emphasize, enact, endeavor, enforcement, enhanced, environmental, environmentally, erosion, ESRB, essentially, established, establishing, ETF, Europe, evidence, exact, exam, examination, examining, exclude, excluding, exercising, expand, expanded, expedited, expend, expressly, extremely, faith, fallback, Fed, feedback, FINRA, fire, Flex, floating, focused, FOMC, force, framework, France, FRF, FSM, FTT, full, governed, governor, gradual, grant, greenwashing, hard, heighten, Henderson, high, HLIM, HM, horizon, House, hugely, ICI, identification, IFD, IFPR, IFR, illiquid, illustrate, IMF, inability, incident, inclusion, incurring, influence, initial, input, insured, integrate, internationally, interpret, interpretation, interpretative, invited, IOSCO, IRA, Irish, issuing, Italy, Kingdom, lack, language, Lease, led, legacy, lending, life, likelihood, lingering, low, loyalty, Majesty, managing, mandatorily, manner, manual, marketed, mechanism, media, memorandum, MiFID, mini, misleading, MMF, modify, moving, negotiate, negotiated, nonbank, Office, oil, opening, operated, opposed, opposing, orderly, originally, outbreak, outlined, overly, override, PAI, pandemic, par, participant, passed, perform, permission, popular, posture, power, PRA, premature, prescriptive, present, preserving, principle, privacy, proactively, procedural, procedure, prohibiting, prohibition, promulgate, proportion, propose, proposing, protect, Protocol, proven, proxy, prudence, prudential, publish, purpose, pursued, putting, QPAM, qualified, quantify, quickly, quotation, range, ranging, rapid, rationalize, RDM, reach, readily, realistic, receivable, receiving, recently, recommending, recordkeeping, recovery, reflected, Reg, registered, release, reliable, relying, remained, removing, renegotiation, renewed, reopened, replace, replaced, Republican, requested, Reserve, resource, restrict, reverse, reversed, reviewing, revoked, robust, role, routine, Royal, RTS, rulemaking, Russia, safeguarding, safer, Senate, served, SFDR, shape, shared, short, SIFMA, social, soliciting, solid, sought, source, specific, spring, stable, standardized, statutory, stepped, Street, stressed, strongly, structural, structured, subjecting, submitted, submitting, substantial, substantive, suggested, supported, Supreme, surge, survey, sweep, sweeping, synthetic, target, targeted, Task, TCFD, tenor, timely, titled, traditional, transparency, treatment, unadjusted, uncertainty, unclear, understand, understanding, undertaken, underweighting, undeserving, Unified, uninsured, unintended, unlawful, unnecessary, unwarranted, upfront, uphold, usage, varying, vehicle, violation, Virginia, vocabulary, Wall, weakened, website, west, window, workforce, written
Financial report summary
?Management Discussion
- For an explanation of changes for 2022 as compared to 2021, see Federated Hermes’ Annual Report on Form 10-K for the year ended December 31, 2022, Item 7 - Management’s Discussion and Analysis of Financial Condition and Results of Operations - Results of Operations.
- Revenue. Revenue increased $163.8 million in 2023 as compared to 2022 primarily due to (1) an increase in money market revenue of $86.2 million due to a change in average assets and product structures (partially offset by Distribution expense), (2) a decrease of $85.3 million in Voluntary Yield-related Fee Waivers (see Business Developments - Low Short-Term Interest Rates for additional information, including the impact to expense and the net pre-tax impact) and (3) an increase in carried interest of $53.2 million (partially offset in Compensation and Related expense). These increases were partially offset by a decrease in revenue of $67.7 million due to lower long-term average assets.
- Federated Hermes’ ratio of revenue to average managed assets was 0.23% for both 2023 and 2022. The rate was flat primarily due to the increase in revenue from the elimination of Voluntary Yield-related Fee Waivers and an increase in carried interest, offset by a decrease in revenue from lower average equity and fixed-income assets during 2023 as compared to 2022.