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Investments
 3 Months Ended
Mar. 31, 2020
Investments, Debt and Equity Securities [Abstract]  
Investments Investments

At March 31, 2020 and December 31, 2019, Federated Hermes held investments in fluctuating-value Federated Hermes Funds of $17.9 million and $20.1 million, respectively, primarily in mutual funds which invest in equity securities. Federated Hermes held investments in Separate Accounts of $7.6 million and $6.8 million at March 31, 2020 and December 31, 2019, respectively, that were included in Investments—Affiliates and Other on the Consolidated Balance Sheets. Federated Hermes' investments held in Separate Accounts as of March 31, 2020 and December 31, 2019, were primarily composed of domestic debt securities ($4.4 million and $2.6 million, respectively) and stocks of large U.S. and international companies ($2.4 million and $3.0 million, respectively).
Federated Hermes consolidates certain Federated Hermes Funds into its Consolidated Financial Statements as a result of Federated Hermes' controlling financial interest in these Federated Hermes Funds (see Note (7)). All investments held by these consolidated Federated Hermes Funds were included in Investments—Consolidated Investment Companies on Federated Hermes' Consolidated Balance Sheets.
Federated Hermes' investments held by consolidated Federated Hermes Funds as of March 31, 2020 and December 31, 2019, were primarily composed of domestic and foreign debt securities ($28.7 million and $38.9 million, respectively) and stocks of large international and U.S. companies ($15.8 million and $22.6 million, respectively).
The following table presents gains and losses recognized in Gain (Loss) on Securities, net on the Consolidated Statements of Income in connection with Federated Hermes' investments:
 
 
 
Three Months Ended
 
 
 
March 31,
(in thousands)
 
 
2020

 
2019

Investments—Consolidated Investment Companies
 
 
 
 
 
Unrealized Gains (Losses)
 
 
$
(10,352
)
 
$
1,285

Net Realized Gains (Losses)1
 
 
3

 
(461
)
Net Gains (Losses) on Investments—Consolidated Investment Companies
 
 
(10,349
)
 
824

Investments—Affiliates and Other
 
 
 
 
 
Unrealized Gains (Losses)
 
 
(5,396
)
 
877

Net Realized Gains (Losses)1
 
 
(95
)
 
(22
)
Net Gains (Losses) on Investments—Affiliates and Other
 
 
(5,491
)
 
855

Gain (Loss) on Securities, net
 
 
$
(15,840
)
 
$
1,679

1     Realized gains and losses are computed on a specific-identification basis.