Fund Notice Shares may not be available for purchase by all investors. If you are purchasing shares of the Portfolio through a financial intermediary, please consult with an appropriate representative to confirm your eligibility to invest. For more information, please review the Prospectus. Fund Overview Fund Overview Share Class Advisor NAV | as of 08/10/2022 $44.25 +$0.34 (+0.77%) Morningstar | Style Box V B G L M S Morningstar Analyst Rating as of 02/02/2022 Download Analyst Rating Report Growth of $10,000 (Hypothetical) Since Inception 11/09/1998 to 06/30/2022 = $68,590.00 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Performance Data shown does not reflect the 2.00% redemption fee imposed on the shares held 90 days or less; otherwise, total returns would be reduced. View Performance Read Important Investment Disclosures Objective The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. Why Consider The Fund may be appropriate if you are looking to gain exposure to emerging market equity investments Harding Loevner monitors and manages risk at the security, portfolio and enterprise levels The Firm’s extensive experience and structured research process has led to consistent execution of the high quality, growth investment philosophy Documents Fact Sheet Commentary Summary Prospectus Prospectus 2021 Year End Distributions View All Documents Pradipta Chakrabortty PORTFOLIO MANAGER See Our Approach Read Bio Scott Crawshaw PORTFOLIO MANAGER See Our Approach Read Bio Richard Schmidt, CFA PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Harding Loevner Emerging Markets Portfolio has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Harding Loevner Emerging Markets Portfolio is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 07/31/2022 Overall Rating (of 724) 3 Years (of 724) 5 Years (of 638) 10 Years (of 361) Category Diversified Emerging Mkts Read Important Investment Disclosures Pradipta Chakrabortty PORTFOLIO MANAGER Pradipta Chakrabortty is a co-lead portfolio manager of both the Frontier Emerging Markets Equity strategy and the Emerging Markets Equity strategy, and an analyst of frontier emerging markets. He joined Harding Loevner in 2008 and is a Partner of the firm with over 20 years of experience. His prior industry experience includes serving as a summer analyst at Templeton Capital Advisors and Cornerstone Investment Partners. He also worked for a number of years in marketing and brand management for GlaxoSmithKline, Vodafone Essar, and General Mills. Pradipta is a graduate of BIRLA Institute of Technology & Science with a degree in Engineering, XLRI School of Management with an MBA in Finance & Marketing, and the Wharton School at the University of Pennsylvania with an MBA in Finance. Scott Crawshaw PORTFOLIO MANAGER Scott Crawshaw is a co-lead portfolio manager of the Emerging Markets Equity strategy, a portfolio manager of the Global Equity strategy and an analyst of emerging markets companies. He has over 20 years of industry experience. Before joining Harding Loevner in 2014, he worked for 10 years as a senior portfolio manager and research analyst of emerging markets equities for Russell Investments based in London. He also worked at ISIS Asset Management as a fund manager for global emerging market equities and at Bacon and Woodrow in its London Investment Division. Scott graduated from the University of Bristol with a BSc in Mathematics. Richard Schmidt, CFA PORTFOLIO MANAGER Rick Schmidt is a member of the portfolio management team for the Global Equity and Emerging Markets Equity strategies. He is also a Consumer Staples analyst. Rick joined Harding Loevner in 2011. Rick is a Partner of the firm and has over 30 years of experience in emerging markets research and portfolio management, including 15 years with Asian specialist Jardine Fleming and its corporate successor JP Morgan Asset Management, for which he served as managing director until 2005. Immediately prior to joining Harding Loevner, Rick served as chief investment officer at Oranda Capital Management. He began his career in Hong Kong with Winfull, Laing & Cruickshank, where he was a research analyst for two years before moving to BT Brokerage to serve as vice president. He graduated from Georgetown University with a BS in Foreign Service and is a CFA® charterholder. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Performance Data shown does not reflect the 2.00% redemption fee imposed on the shares held 90 days or less; otherwise, total returns would be reduced Expense Ratios Gross Expense Ratio: 1.19% Net Expense Ratio: 1.19% Expense Cap Expiration Date: N/A Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 14, 2021 $5.075650 $0.354890 — $4.720760 Dec 15, 2020 $0.217077 $0.217077 — — Dec 17, 2019 $0.830209 $0.830209 — — Dec 18, 2018 $0.423189 $0.423189 — — Dec 15, 2017 $0.429481 $0.403394 — $0.026087 Dec 18, 2015 $0.217705 $0.216713 — $0.000992 Dec 19, 2014 $2.318925 $0.385608 — $1.933317 Dec 20, 2013 $1.688078 $0.402577 — $1.285501 Dec 20, 2012 $3.505500 $0.357407 — $3.148093 Dec 19, 2011 $0.345292 $0.345292 — — Dec 16, 2010 $0.202558 $0.202558 — — Dec 17, 2009 $0.126300 $0.126300 — — Dec 17, 2008 $1.027700 $1.027700 — — Dec 13, 2007 $3.399600 $0.118500 $0.444500 $2.836600 Dec 14, 2006 $0.023600 $0.023600 — — Dec 28, 2005 $0.141700 $0.086400 — $0.055300 Dec 27, 2004 $0.443200 $0.023600 — $0.419600 Dec 26, 2003 $0.037800 $0.037800 — — Dec 26, 2001 $0.010400 $0.010400 — — Dec 31, 1999 $0.533900 $0.024900 $0.509000 — From: To: Risk & Return Stats As of: 07/31/2022 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -4.80 -3.02 -0.40 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 21.00 19.30 16.71 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.23 -0.18 0.10 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 102.66 105.21 100.24 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 115.49 109.18 100.86 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.12 1.10 1.02 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 90.99 90.76 90.68 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.65 6.09 5.11 View All Characteristics & Stats All Characteristics & Stats Harding Loevner Emerging Markets Portfolio (HLEMX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI Emerging Markets Index Fund Assets (Mil.$) $1,847 Number of Holdings 72 1,382 Weighted Avg. Market Cap (Mil.$) $95,310 $109,014 Median Market Cap (Mil.$) $30,323 $30,843 Weighted Avg. P/E (Trailing EPS) 16.84 10.83 Weighted Avg. P/B 2.59 1.85 EPS Growth (Trailing 5-yr %) 12.28% 12.28% Revenue Growth (Trailing 5-yr %) 11.29% 11.06% Return on Equity 16.65% 14.29% Weighted Avg. Dividend Yield 2.22% 2.97% Debt to Equity 35.31 43.58 Trailing 12-Months Portfolio Turnover 20% As of: 06/30/2022 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -4.80 -3.02 -0.40 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 21.00 19.30 16.71 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. -0.23 -0.18 0.10 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 102.66 105.21 100.24 Downside Capture Ratio (%) Downside Capture Ratio (%) measures a manager's performance in down markets relative to a particular benchmark. A down market is one in which the market's quarterly (or monthly) return is less than zero. For example, a ratio of 50% means that the portfolio's value fell half as much as its benchmark index during down markets. 115.49 109.18 100.86 Beta Beta measures the relationship between the portfolio's excess return over T-bills (representing a risk-free rate) relative to the excess return of the portfolio's benchmark. A low beta does not imply that the portfolio has a low level of volatility; rather, a low beta means that the portfolio's market-related risk is low. Beta is often referred to as systematic risk. 1.12 1.10 1.02 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 90.99 90.76 90.68 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.65 6.09 5.11 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -0.78 -0.54 -0.11 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -4.36 -3.15 1.65 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -33.66 -33.66 -33.66 As of: 07/31/2022 Market Cap Fund MSCI Emerging Markets Index Market Cap ($mm) 0 - 1,000 0.24% 0.01% Market Cap ($mm) 1,000 - 1,500 1.22% 0.11% Market Cap ($mm) 1,500 - 2,500 0.78% 1.25% Market Cap ($mm) 2,500 - 5,000 4.73% 8.21% Market Cap ($mm) 5,000 - 10,000 20.01% 14.89% Market Cap ($mm) 10,000 - 25,000 24.16% 21.18% Market Cap ($mm) 25,000 - 50,000 13.91% 15.04% Market Cap ($mm) 50,000 - 100,000 9.48% 12.70% Market Cap ($mm) 100,000 - 200,000 8.81% 6.35% Market Cap ($mm) 200,000 - 16.67% 20.26% Market Cap – NA 0.00% 0.00% As of: 06/30/2022 Valuation Characteristics Fund MSCI Emerging Markets Index P/E 0-10 15.53% 28.74% P/E 10-15 16.67% 15.39% P/E 15-20 23.19% 15.42% P/E 20-25 4.09% 6.88% P/E 25-Above 40.20% 27.45% P/E – NA 0.32% 6.12% As of: 06/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2022 TSMC 5.00% Samsung Electronics 4.74% Tencent 3.88% Alibaba 3.18% AIA Group 3.01% Tata Consultancy Services 2.90% HDFC Corp. 2.66% EPAM 2.33% Walmart de México 2.27% ENN Energy 2.16% % in Top 10 Holdings 32.14% View Holding Details Holding Details Harding Loevner Emerging Markets Portfolio (HLEMX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2022 TSMC 5.00% Samsung Electronics 4.74% Tencent 3.88% Alibaba 3.18% AIA Group 3.01% Tata Consultancy Services 2.90% HDFC Corp. 2.66% EPAM 2.33% Walmart de México 2.27% ENN Energy 2.16% % in Top 10 Holdings 32.14% As of: 06/30/2022 Download All Holdings (PDF) As of: 06/30/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 2330_TT Taiwan Semiconductor Information Technology S TW TWD 5,786,147 16 $92,153,795 5.00% SMSN_LI Samsung Electronics (Voting) GDR Reg S Information Technology S KR USD 74,513 1,092 $81,384,569 4.42% 700_HK Tencent Holdings Communication Services S CN HKD 1,573,000 45 $71,435,429 3.88% 1299_HK AIA Group Financials S HK HKD 5,056,071 11 $55,536,647 3.01% TCS_IN Tata Consultancy Services Information Technology S IN INR 1,287,995 41 $53,380,657 2.90% HDFC_IN Housing Development Finance Co Financials S IN INR 1,778,723 28 $49,031,022 2.66% EPAM EPAM Systems Information Technology S US USD 145,895 295 $43,006,928 2.33% WALMEX*_MM Wal-Mart de Mexico Consumer Staples S MX MXN 12,151,415 3 $41,893,513 2.27% 9988_HK Alibaba Consumer Discretionary S CN HKD 2,813,837 14 $40,138,573 2.18% 2688_HK ENN Energy Utilities S CN HKD 2,421,413 16 $39,831,793 2.16% 1590_TT Airtac Industrials S TW TWD 1,157,823 33 $38,536,072 2.09% 002050_C2 Sanhua Intelligent Controls Industrials S CN CNY 9,308,499 4 $38,454,580 2.09% 2317_TT Hon Hai Precision Information Technology S TW TWD 9,830,146 4 $35,959,743 1.95% 2318_HK Ping An Insurance Financials S CN HKD 5,089,380 7 $35,226,806 1.91% 000333_C2 Midea Group (China A) Consumer Discretionary S CN CNY 3,779,068 9 $34,274,239 1.86% CCH_LN Coca-Cola HBC Consumer Staples S GB GBP 1,542,856 22 $34,257,548 1.86% 669_HK Techtronic Industrials S HK HKD 3,233,360 10 $33,803,312 1.83% MSIL_IN Maruti Suzuki India Consumer Discretionary S IN INR 305,126 107 $32,798,078 1.78% GFNORTEO_MM GF Banorte Financials S MX MXN 5,668,774 6 $31,620,198 1.72% KMB_IN Kotak Mahindra Bank Financials S IN INR 1,453,592 21 $30,651,885 1.66% 051900_KS LG Household & Health Care Consumer Staples S KR KRW 55,771 524 $29,226,815 1.59% BBRI_IJ Bank Rakyat Financials S ID IDR 104,559,736 0 $29,164,629 1.58% ASR Grupo Aeroportuario del Sureste ADR Industrials S MX USD 142,052 196 $27,897,592 1.51% FMX FEMSA ADR Consumer Staples S MX USD 412,476 67 $27,838,005 1.51% 1476_TT Eclat Consumer Discretionary S TW TWD 1,976,846 14 $27,651,651 1.50% 6415_TT Silergy Information Technology S TW TWD 334,300 80 $26,658,403 1.45% 2382_HK Sunny Optical Information Technology S CN HKD 1,627,844 16 $26,488,825 1.44% 2269_HK Wuxi Biologics Cayman Health Care S CN HKD 2,874,250 9 $26,476,302 1.44% TS Tenaris ADR Energy S IT USD 955,135 26 $24,537,418 1.33% ZTO ZTO Express Cayman ADR Industrials S CN USD 863,042 27 $23,690,503 1.29% 1093_HK CSPC Pharmaceutical Group Health Care S CN HKD 23,584,680 1 $23,476,100 1.27% HDB HDFC Bank ADR Financials S IN USD 417,224 55 $22,930,631 1.24% RENT3_BZ Localiza Rent a Car Industrials S BR BRL 2,247,790 10 $22,510,328 1.22% SCB/F_TB SCB X Public Company Limited Financials S TH THB 7,522,791 3 $22,128,985 1.20% 3606_HK Fuyao Glass Industry Group Consumer Discretionary S CN HKD 4,275,896 5 $22,026,693 1.20% 300750_C2 Contemporary Amperex Tech Industrials S CN CNY 262,700 80 $21,040,646 1.14% 601888_C1 China Tourism Group Duty Free Consumer Discretionary S CN CNY 595,207 35 $20,804,138 1.13% SBK_SJ Standard Bank Financials S ZA ZAR 2,162,050 10 $20,646,345 1.12% ITUB Itau Unibanco (Pref) ADR Financials S BR USD 4,806,947 4 $20,573,733 1.12% 035420_KS Naver Communication Services S KR KRW 110,512 186 $20,503,101 1.11% 2331_HK Li Ning Consumer Discretionary S CN HKD 2,096,500 9 $19,817,382 1.08% DSY_SJ Discovery Holdings Financials S ZA ZAR 2,503,751 8 $19,748,699 1.07% 2313_HK Shenzhou Consumer Discretionary S CN HKD 1,546,710 12 $19,010,150 1.03% BABA Alibaba Group Holding Consumer Discretionary S CN USD 161,958 114 $18,411,385 1.00% SAFCOM_KN Safaricom Communication Services S KE KES 87,005,473 0 $18,379,216 1.00% 9888_HK Baidu Communication Services S CN HKD 961,064 19 $18,064,700 0.98% BBCA_IJ Bank Central Asia Financials S ID IDR 36,455,764 0 $17,764,016 0.96% ASII_IJ Astra International Consumer Discretionary S ID IDR 39,810,007 0 $17,689,778 0.96% 2359_HK WuXi AppTec (H Share) Health Care S CN HKD 1,239,700 13 $16,552,206 0.90% CIB Bancolombia (Pref) ADR Financials S CO USD 511,541 31 $15,770,809 0.86% 522_HK ASM Pacific Technology Information Technology S HK HKD 1,838,945 9 $15,660,785 0.85% WEGE3_BZ WEG Industrials S BR BRL 3,040,248 5 $15,365,497 0.83% KOMB_CP Komercni Banka Financials S CZ CZK 515,431 28 $14,537,092 0.79% 002690_C2 Meyer Optoelectronic Industrials S CN CNY 4,255,634 3 $13,801,445 0.75% 021240_KS Coway Consumer Discretionary S KR KRW 273,199 49 $13,456,624 0.73% B3SA3_BZ B3 Financials S BR BRL 6,341,709 2 $13,280,939 0.72% XP XP Financials S BR USD 733,565 18 $13,174,827 0.71% LREN3_BZ Lojas Renner Consumer Discretionary S BR BRL 2,833,988 4 $12,249,053 0.66% 6098_HK Country Garden Services Real Estate S CN HKD 2,155,930 5 $9,811,379 0.53% CPA Copa Holdings Industrials S PA USD 148,976 63 $9,440,609 0.51% NETW_LN Network International Information Technology S GB GBP 3,844,335 2 $8,826,023 0.48% CBKD_LI Commercial International Bank GDR Financials S EG USD 5,181,239 2 $8,602,577 0.47% BBD Banco Bradesco ADR Financials S BR USD 2,623,174 3 $8,551,547 0.46% 036570_KS NCSoft Communication Services S KR KRW 29,250 269 $7,882,534 0.43% MGLU3_BZ Magazine Luiza Consumer Discretionary S BR BRL 15,508,968 0 $6,934,429 0.38% SMSD_LI Samsung Electronics (Pref) GDR Reg S Information Technology S KR USD 5,971 1,011 $6,036,029 0.33% CDR_PW CD Projekt Communication Services S PL PLN 233,745 21 $5,003,137 0.27% BGEO_LN Bank of Georgia Financials S GB GBP 284,969 16 $4,530,438 0.25% 300454_C2 Sangfor Information Technology S CN CNY 219,400 16 $3,408,975 0.19% 9618_HK JD.com Consumer Discretionary S CN HKD 77,064 32 $2,491,795 0.14% SBER_RU Sberbank Financials S RU RUB 20,812,636 - - - YNDX Yandex Communication Services S RU USD 968,763 - - - NVTK_LI NovaTek GDR Reg S Energy S RU USD 342,744 - - - LUKOY Lukoil ADR Energy S RU USD 910,483 - - - Cash Cash C - - $68,770,546 3.73% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Zhejiang Sanhua Intelligent Controls Co., Ltd. 1 1.43% 57.85% China Tourism Group Duty Free Corporation Limited 2 0.83% 34.09% Fuyao Glass Industry Group Co., Ltd. 3 1.07% 27.61% ENN Energy Holdings Limited 4 1.81% 11.55% Wuxi Biologics (Cayman) Inc. 5 1.25% 10.16% AIA Group Limited 6 2.78% 4.39% Alibaba Group Holding Ltd. 7 2.71% 1.29% ZTO Express (Cayman), Inc. 8 1.14% 10.84% Coca-Cola HBC AG 9 1.70% 5.12% Maruti Suzuki India Limited 10 1.58% 7.37% As of: 06/30/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Taiwan Semiconductor Manufacturing Co., Ltd. 20 5.21% -22.83% Samsung Electronics Co., Ltd. 19 5.33% -23.02% Techtronic Industries Co., Ltd. 18 2.17% -35.02% Discovery Ltd. 17 1.25% -37.27% LG H&H Co., Ltd. 16 1.77% -26.08% Silergy Corp. 15 1.51% -32.78% Tata Consultancy Services Limited 14 2.98% -15.70% Grupo Financiero Banorte, S.A.B. de C.V. 13 1.97% -22.43% Safaricom PLC 12 1.09% -28.72% XP Inc. 11 0.79% -40.33% As of: 06/30/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 06/30/2022 View Allocation Details Allocation Details Harding Loevner Emerging Markets Portfolio (HLEMX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI Emerging Markets Index Financials 23.52% 21.21% Information Technology 21.33% 19.19% Consumer Discretionary 15.62% 14.88% Industrials 13.27% 5.64% Communication Services 7.67% 10.59% Consumer Staples 7.23% 6.13% Cash & Other 3.73% 0.00% Health Care 3.61% 3.95% Utilities 2.16% 2.92% Energy 1.33% 4.96% Real Estate 0.53% 2.12% Bonds 0.00% 0.00% Futures 0.00% 0.00% Materials 0.00% 8.41% Other Equities 0.00% 0.00% As of: 06/30/2022 Investment Allocation 06/30/2022 Stocks 96.27% Bonds 0.00% Cash and Other 3.73% As of: 06/30/2022 Country Fund MSCI Emerging Markets Index China 29.56% 35.38% Taiwan 11.99% 14.50% India 10.25% 12.70% South Korea 8.60% 11.25% Mexico 7.01% 2.11% Brazil 6.11% 4.86% Hong Kong 5.70% 0.00% Indonesia 3.51% 1.82% United Kingdom 2.58% 0.00% United States 2.33% 0.00% South Africa 2.19% 3.52% Italy 1.33% 0.00% Thailand 1.20% 1.90% Kenya 1.00% 0.00% Colombia 0.86% 0.16% % in Top 15 Countries 94.22% 88.2% As of: 06/30/2022 Region Fund MSCI Emerging Markets Index Developed 11.95% 0.00% Europe & Middle East 3.92% 0.00% North America 2.33% 0.00% Pacific 5.70% 0.00% Emerging 82.81% 100.00% Asia 65.11% 79.73% Latin America 13.98% 7.85% Europe & Middle East 1.06% 8.85% Africa 2.66% 3.58% Frontier 1.00% 0.00% Africa 1.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 4.24% 0.00% As of: 06/30/2022 Industry Fund MSCI Emerging Markets Index Banks 13.43% 15.29% Semiconductors & Semiconductor Equipment 7.30% 8.79% Machinery 6.76% 0.51% Insurance 6.00% 2.74% Interactive Media & Services 5.97% 6.09% IT Services 5.71% 2.30% Technology Hardware, Storage & Peripherals 4.74% 4.93% Textiles, Apparel & Luxury Goods 3.61% 1.15% Electronic Equipment, Instruments & Components 3.39% 2.70% Beverages 3.37% 1.71% % in Top 10 Industries 60.28% 46.21% As of: 06/30/2022 Read Important Investment Disclosures Investment Approach Investment Approach Harding Loevner Emerging Markets Portfolio The Emerging Markets Portfolio invests in high-quality, growing companies that operate in emerging markets and, to a lesser extent, frontier markets. Following a disciplined investment process focused on collaborative yet accountable decision-making, analysts study global industries to understand their competitive structures, assess the long-term risks and fair values of their constituent companies, and recommend those with high fundamental business quality and durable growth prospects. The Fund’s diversified portfolio is built from the bottom-up using Harding Loevner’s distinctive Co-Lead Manager structure, and seeks to realize superior risk-adjusted returns. Mr. Scott Crawshaw and Mr. Craig Shaw, CFA are the Co-Lead Portfolio Managers. A World of Opportunity While the U.S. stock market has rebounded from the COVID-19 Global Pandemic, uncertainty remains high. U.S. investors who have stayed invested are back to enjoying strong returns and continue to question the need to allocate beyond the US. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad. Read More About About Harding Loevner Background Harding Loevner manages global and non-U.S. equity portfolios following a consistent philosophy focused on long-term investment in growing companies with high-quality fundamentals. The Firm believes diversified portfolios of the stocks of companies meeting its quality-growth criteria, purchased at reasonable prices, offer superior risk-adjusted returns over the long term. Learn More More Funds From Harding Loevner HLMCX Harding Loevner Chinese Equity Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details HLREX Harding Loevner Emerging Markets Research Portfolio The Emerging Markets Research Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details HLMOX Harding Loevner Frontier Emerging Markets Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in frontier and smaller emerging markets. View Fund Details HLMGX Harding Loevner Global Equity Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States. View Fund Details HLRGX Harding Loevner Global Equity Research Portfolio The Fund seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States. View Fund Details HLMEX Harding Loevner Institutional Emerging Markets Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details HLMNX Harding Loevner International Equity Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based outside the United States. View Fund Details HLIRX Harding Loevner International Equity Research Portfolio The Fund seeks long-term capital appreciation through investments in equity securities of companies based outside the United States. View Fund Details HLMSX Harding Loevner International Small Companies Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of small companies based outside the United States. View Fund Details Read Important Investment Disclosures Founded 1989 Headquarters Bridgewater, NJ Affiliate Since 2009 Discover how the boutique advantage helps generate alpha. Learn More About AMG