Why is HLNE down?
Up 4.7% today with broker stocks: Federated Hermes rose 7.0% after “Federated Hermes Adviser Series” (Yahoo Finance); 31 of 34 are up, 2.8% on average; the S&P 500 is down 0.5%.
Lags the market
Down 14% over five years while the S&P 500 rose 76%.
“Advisory revenue decreased $2.3 million in fiscal 2026 compared to the prior year due primarily to advisory agreements reaching the end of their term.”
−3Long-term trend