Federated Hermes’ Lewis Grant on navigating concentrated equity markets
INTERVIEWSERIES
Lewis Grant, Head of Quantitative Global Equity, Federated Hermes Limited
November 2026
Podcast
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In this exclusive interview, Lewis discusses the risks emerging beneath the surface of global equity markets, as record index levels mask growing concentration and increasingly divergent market dynamics. He explores what this means for investors who believe they are diversified, the disconnect between headline volatility and underlying market conditions, and whether extreme factor movements present opportunities for active managers. Lewis also challenges the assumption that passive investing remains the default solution, examining how investors should think about portfolio positioning in an increasingly fragile market environment.
Watch the full interview where we ask Lewis:
Global indices are at all-time highs, so why should investors be worried about what is happening beneath the surface?
What does the market concentration mean for investors who think they are diversified?
What is the disconnect between the calm headline volatility and reality?
Are the market’s extreme factor moves an opportunity or a reason to be fearful?
Passive investing is often described as the neutral, low-cost default. Is that the best bet in these fragile markets?
Lewis Grant, Head of Quantitative Global Equity, Federated Hermes Limited
Lewis joined in February 2008 as a portfolio manager on the Quantitative Global Equities team, becoming Head of the team in June 2026. In addition to his role as portfolio manager, Lewis manages the team and is responsible for leading the team’s research efforts, including designing and implementing many of the team's systems. In particular, he created our proprietary risk modelling system, MultiFRAME.
Lewis joined from Aon Consulting, where he worked as an actuarial consultant specialising in providing valuations and asset liability modelling to a range of corporate and institutional clients.
Lewis graduated from the University of Warwick in 2003 with a Master's degree in Mathematics, Operational Research, Statistics and Economics and subsequently qualified as a Fellow of the Institute of Actuaries. Lewis is an Honorary Associate Research Fellow in the University of Exeter Business School.
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