Federated Hermes Jensen Alpha vs. Semi Variance

QAMNX
 Fund
  

USD 18.61  0.01  0.05%   

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Federated Hermes Mdt has current Jensen Alpha of 0.0472. Jensen alpha is a measure of the returns that are attributable to the managers' ability to select security and time the market. In other words, it is the returns remaining after deducting what would have been attributable to beta returns (which do not require skill) and the risk-freerate.
Jensen Alpha 
 = 
ER[a] - RFR * (1-BETA) 
BETA * ER[b]) 
 = 
0.0472
ER[a] = Expected return on investing in Federated Hermes
ER[b] = Expected return on market index or selected benchmark
BETA = Beta coefficient between Federated Hermes and the market
RFR = Risk Free Rate of return. Typically T-Bill Rate

Federated Jensen Alpha Relative To Other Indicators

Federated Hermes Mdt is rated second largest fund in jensen alpha among similar funds. It is currently under evaluation in semi variance among similar funds fabricating about  0.50  of Semi Variance per Jensen Alpha. The ratio of Jensen Alpha to Semi Variance for Federated Hermes Mdt is roughly  2.01 
Jensen alpha is the difference between the return of the portfolio, and what the portfolio should theoretically have earned. Any portfolio can be expected to earn the risk-free rate (RF), plus the market risk premium (which is given by [Beta x (Market Portfolio Return - Risk-Free Rate)]. Anything remaining over and above is alpha.
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