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 09/21/2023 $39.76 -$0.65 (-1.61%) 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 08/31/2023 = $69,926.54 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and 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. Current performance of the Portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877.435.8105 or visiting hardingloevnerfunds.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. 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 2022 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 Lee Gao 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 08/31/2023 Overall Rating (of 718) 3 Years (of 718) 5 Years (of 644) 10 Years (of 389) 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 and an analyst of emerging markets companies. He is also a member of the Global Equity Strategy portfolio management team, for which he oversees the closely related World Equity Strategy. He is a partner of the firm and has over 20 years of industry experience. Before joining Harding Loevner in 2014, he worked for 10 years at London-based Russell Investments as a senior portfolio manager and research analyst of emerging markets equities. He has 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, 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. Lee Gao PORTFOLIO MANAGER Lee is a portfolio manager for Emerging Markets equity and China analyst. He joined the firm in 2020 as an analyst initially focusing on Chinese companies before more widely covering Emerging Markets companies, a role that he will continue to serve. He has over 16 years of investment experience, including most recently as a portfolio manager of the Imprint Emerging Markets strategy at Goldman Sachs Asset Management. Before then, Lee worked at Asia equity specialists Joho Capital and Greyson Capital Management, as well as at J.P. Morgan. He is a graduate of Harvard College with an A.B. in Economics. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and 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. Current performance of the Portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month end may be obtained by calling 877.435.8105 or visiting hardingloevnerfunds.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. Expense Ratios Gross Expense Ratio: 1.16% Net Expense Ratio: 1.16% 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 13, 2022 $3.464373 $0.338823 — $3.125550 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: 08/31/2023 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. -2.72 -2.53 -0.77 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. 19.10 21.20 17.88 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. -0.31 -0.17 0.05 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. 98.94 105.54 95.13 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. 107.91 106.72 100.61 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. 1.02 1.07 1.00 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. 87.68 92.29 91.48 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. 6.71 6.03 5.22 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 Portfolio Assets (Mil.$) $1,213 Number of Holdings 77 1,423 Weighted Avg. Market Cap (Mil.$) $99,207 $109,236 Median Market Cap (Mil.$) $25,414 $29,343 Weighted Avg. P/E (Trailing EPS) 15.46 11.63 Weighted Avg. P/B 2.47 1.8 EPS Growth (Trailing 5-yr %) 12.18% 10.33% Revenue Growth (Trailing 5-yr %) 10.61% 8.98% Return on Equity 17.14% 15.57% Weighted Avg. Dividend Yield 2.34% 3.22% Debt to Equity 30.29 46.51 Trailing 12-Months Portfolio Turnover 47% As of: 06/30/2023 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. -2.72 -2.53 -0.77 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. 19.10 21.20 17.88 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. -0.31 -0.17 0.05 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. 98.94 105.54 95.13 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. 107.91 106.72 100.61 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. 1.02 1.07 1.00 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. 87.68 92.29 91.48 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. 6.71 6.03 5.22 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. -0.44 -0.47 -0.18 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. -5.87 -3.30 0.96 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. -41.11 -41.11 -41.11 As of: 08/31/2023 Market Cap Fund MSCI Emerging Markets Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.09% Market Cap ($mm) 1,500 - 2,500 1.73% 0.99% Market Cap ($mm) 2,500 - 5,000 9.06% 8.08% Market Cap ($mm) 5,000 - 10,000 6.85% 15.13% Market Cap ($mm) 10,000 - 25,000 31.63% 22.69% Market Cap ($mm) 25,000 - 50,000 10.25% 13.13% Market Cap ($mm) 50,000 - 100,000 11.61% 15.83% Market Cap ($mm) 100,000 - 200,000 10.67% 3.76% Market Cap ($mm) 200,000 - 17.06% 20.28% Market Cap – NA 1.14% 0.00% As of: 06/30/2023 Valuation Characteristics Fund MSCI Emerging Markets Index P/E 0-10 15.76% 21.56% P/E 10-15 22.23% 25.42% P/E 15-20 13.64% 12.23% P/E 20-25 15.14% 11.71% P/E 25-Above 30.48% 24.32% P/E – NA 2.75% 4.76% As of: 06/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2023 TSMC 5.77% Samsung Electronics 5.59% Tencent 3.85% Tata Consultancy Services 3.01% HDFC Bank 2.81% Emaar Properties 2.62% Maruti Suzuki 2.37% HDFC Corp. 2.16% FEMSA 2.12% Walmart de México 1.95% % in Top 10 Holdings 32.24% View Holding Details Holding Details Harding Loevner Emerging Markets Portfolio (HLEMX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2023 TSMC 5.77% Samsung Electronics 5.59% Tencent 3.85% Tata Consultancy Services 3.01% HDFC Bank 2.81% Emaar Properties 2.62% Maruti Suzuki 2.37% HDFC Corp. 2.16% FEMSA 2.12% Walmart de México 1.95% % in Top 10 Holdings 32.24% As of: 06/30/2023 Download All Holdings (PDF) As of: 06/30/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 2330_TT Taiwan Semiconductor Information Technology S TW TWD 3,753,147 18.64 $69,941,125 5.77% SMSN_LI Samsung Electronics (Voting) GDR Reg S Information Technology S KR USD 45,901 1,385.49 $63,595,438 5.25% 700_HK Tencent Holdings Communication Services S CN HKD 1,095,000 42.56 $46,605,967 3.85% TCS_IN Tata Consultancy Services Information Technology S IN INR 904,572 40.35 $36,498,455 3.01% HDFCB_IN HDFC Bank Financials S IN INR 1,636,826 20.78 $34,008,003 2.81% EMAAR_UH Emaar Real Estate S AE AED 18,064,892 1.76 $31,709,523 2.62% MSIL_IN Maruti Suzuki India Consumer Discretionary S IN INR 240,013 119.54 $28,690,576 2.37% HDFC_IN Housing Development Finance Co Financials S IN INR 758,685 34.45 $26,138,345 2.16% FMX FEMSA ADR Consumer Staples S MX USD 231,537 110.84 $25,663,561 2.12% WALMEX*_MM Wal-Mart de Mexico Consumer Staples S MX MXN 5,987,515 3.96 $23,688,410 1.95% 2318_HK Ping An Insurance Financials S CN HKD 3,682,500 6.41 $23,594,470 1.95% 1299_HK AIA Group Financials S HK HKD 2,202,871 10.20 $22,476,297 1.85% GFNORTEO_MM GF Banorte Financials S MX MXN 2,720,574 8.25 $22,443,901 1.85% 1590_TT Airtac Industrials S TW TWD 675,823 33.08 $22,356,275 1.84% 1476_TT Eclat Consumer Discretionary S TW TWD 1,370,846 16.09 $22,053,565 1.82% TS Tenaris ADR Energy S IT USD 725,676 29.95 $21,733,996 1.79% RENT3_BZ Localiza Rent a Car Industrials S BR BRL 1,483,704 14.31 $21,225,873 1.75% 002050_C2 Sanhua Intelligent Controls Industrials S CN CNY 4,997,999 4.17 $20,857,825 1.72% MGLU3_BZ Magazine Luiza Consumer Discretionary S BR BRL 27,515,868 0.70 $19,366,041 1.60% BBRI_IJ Bank Rakyat Financials S ID IDR 52,870,336 0.36 $19,217,858 1.59% 9961_HK Trip.com Consumer Discretionary S CN HKD 542,500 34.99 $18,979,394 1.57% GLOB Globant Information Technology S US USD 100,781 179.72 $18,112,361 1.49% ASII_IJ Astra International Industrials S ID IDR 39,465,107 0.46 $17,981,638 1.48% 9988_HK Alibaba Consumer Discretionary S CN HKD 1,710,700 10.40 $17,791,393 1.47% BBCA_IJ Bank Central Asia Financials S ID IDR 28,491,164 0.62 $17,564,065 1.45% 2313_HK Shenzhou Consumer Discretionary S CN HKD 1,771,710 9.58 $16,977,478 1.40% 000333_C2 Midea Group (China A) Consumer Discretionary S CN CNY 2,012,415 8.13 $16,366,660 1.35% ITUB Itau Unibanco (Pref) ADR Financials S BR USD 2,759,094 5.90 $16,278,655 1.34% CCH_LN Coca-Cola HBC Consumer Staples S GB GBP 539,845 29.80 $16,085,322 1.33% 9618_HK JD.com Consumer Discretionary S CN HKD 901,864 17.01 $15,342,782 1.27% KSPI_LI Kaspi.KZ GDR Financials S KZ USD 175,069 79.60 $13,935,701 1.15% 2331_HK Li Ning Consumer Discretionary S CN HKD 2,552,500 5.41 $13,804,269 1.14% 2308_TT Delta Electronics Information Technology S TW TWD 1,241,000 11.12 $13,799,029 1.14% 601012_C1 LONGi Green Energy Technology Information Technology S CN CNY 3,473,100 3.94 $13,695,606 1.13% 601100_C1 Jiangsu Hengli Hydraulic Industrials S CN CNY 1,545,800 8.85 $13,682,694 1.13% KMB_IN Kotak Mahindra Bank Financials S IN INR 591,183 22.52 $13,313,230 1.10% ZTO ZTO Express Cayman ADR Industrials S CN USD 505,378 25.08 $12,674,880 1.05% 2688_HK ENN Energy Utilities S CN HKD 1,012,013 12.50 $12,646,847 1.04% 035420_KS Naver Communication Services S KR KRW 90,198 140.01 $12,628,882 1.04% SBK_SJ Standard Bank Financials S ZA ZAR 1,326,930 9.43 $12,515,110 1.03% EPAM EPAM Systems Information Technology S US USD 54,689 224.75 $12,291,353 1.01% 300750_C2 Contemporary Amperex Tech Industrials S CN CNY 380,140 31.55 $11,994,746 0.99% RJHI_AB Al Rajhi Bank Financials S SA SAR 610,725 19.56 $11,943,997 0.99% 603290_C1 StarPower Semiconductor Information Technology S CN CNY 397,000 29.70 $11,791,976 0.97% 051900_KS LG Household & Health Care Consumer Staples S KR KRW 33,162 350.27 $11,615,514 0.96% 669_HK Techtronic Industrials S HK HKD 1,042,360 10.94 $11,405,654 0.94% 5274_TT ASPEED Technology Information Technology S TW TWD 123,109 92.28 $11,360,790 0.94% APNT_IN Asian Paints Materials S IN INR 275,605 40.98 $11,294,844 0.93% WEGE3_BZ WEG Industrials S BR BRL 1,398,348 7.88 $11,024,526 0.91% XP XP Financials S BR USD 448,984 23.46 $10,533,165 0.87% CPA Copa Holdings Industrials S PA USD 92,681 110.58 $10,248,665 0.85% 1093_HK CSPC Pharmaceutical Group Health Care S CN HKD 11,508,680 0.87 $10,043,288 0.83% B3SA3_BZ B3 Financials S BR BRL 3,230,009 3.05 $9,855,568 0.81% 002690_C2 Meyer Optoelectronic Industrials S CN CNY 2,669,834 3.55 $9,487,072 0.78% 2359_HK WuXi AppTec (H Share) Health Care S CN HKD 1,173,400 8.03 $9,427,865 0.78% 601888_C1 China Tourism Group Duty Free Consumer Discretionary S CN CNY 609,607 15.27 $9,310,605 0.77% LREN3_BZ Lojas Renner Consumer Discretionary S BR BRL 2,041,788 4.18 $8,528,416 0.70% 2317_TT Hon Hai Precision Information Technology S TW TWD 2,328,146 3.64 $8,473,879 0.70% 300124_C2 Shenzhen Inovance Technology (China A) Industrials S CN CNY 905,200 8.84 $8,004,694 0.66% 036570_KS NCSoft Communication Services S KR KRW 33,879 225.63 $7,644,215 0.63% 522_HK ASM Pacific Technology Information Technology S HK HKD 694,045 9.88 $6,856,539 0.57% DSY_SJ Discovery Holdings Financials S ZA ZAR 874,285 7.73 $6,755,806 0.56% 2269_HK Wuxi Biologics Cayman Health Care S CN HKD 1,379,250 4.82 $6,645,870 0.55% 3606_HK Fuyao Glass Industry Group ( H Share) Consumer Discretionary S CN HKD 1,537,896 4.15 $6,382,197 0.53% BGEO_LN Bank of Georgia Financials S GB GBP 166,843 37.16 $6,199,635 0.51% CIB Bancolombia (Pref) ADR Financials S CO USD 227,561 26.68 $6,071,327 0.50% SAFCOM_KN Safaricom Communication Services S KE KES 48,707,173 0.12 $6,071,284 0.50% 9888_HK Baidu Communication Services S CN HKD 350,514 17.09 $5,991,318 0.49% CBKD_LI Commercial International Bank GDR Financials S EG USD 5,097,490 1.14 $5,810,778 0.48% KOMB_CP Komercni Banka Financials S CZ CZK 187,129 30.51 $5,708,654 0.47% 6098_HK Country Garden Services Real Estate S CN HKD 4,360,930 1.29 $5,632,061 0.46% CDR_PW CD Projekt Communication Services S PL PLN 146,632 38.07 $5,582,246 0.46% 603259_C1 WuXi AppTec Health Care S CN CNY 611,100 8.61 $5,259,075 0.43% 021240_KS Coway Consumer Discretionary S KR KRW 151,797 33.47 $5,080,490 0.42% SMSD_LI Samsung Electronics (Pref) GDR Reg S Information Technology S KR USD 3,677 1,139.44 $4,189,722 0.35% BABA Alibaba Group Holding Consumer Discretionary S CN USD 39,923 83.35 $3,327,582 0.27% SBER_RU Sberbank Financials S RU USD 20,812,636 - - - YNDX Yandex Communication Services S RU USD 968,763 - $0 - LKOH_RU LUKOIL PJSC Energy S RU USD 910,483 - $0 - Cash Cash C - - $8,143,548 0.67% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect NovaTek 1 0.00% - 1.39% Network International 2 0.30% - 0.57% XP 3 0.64% - 0.45% Localiza Rent a Car 4 1.54% 0.14% 0.41% Emaar 5 2.49% 0.17% 0.39% Maruti Suzuki 6 2.24% 0.21% 0.32% Astra International 7 1.45% 0.13% 0.26% FEMSA 8 1.60% 0.30% 0.21% Meituan 9 0.02% 1.26% 0.20% Banco Bradesco 10 0.80% 0.31% 0.17% As of: 06/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund's return versus the benchmark index during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect China Tourism Group Duty Free 20 1.07% 0.06% -0.57% LONGi Green Energy Technology 19 1.40% 0.03% -0.55% AirTAC 18 2.20% 0.07% -0.40% WuXi AppTec 17 1.43% 0.07% -0.38% EPAM Systems 16 1.18% - -0.37% Li Ning 15 1.14% 0.24% -0.33% Petroleo Brasileiro 14 - 0.73% -0.32% LG Household & Health Care 13 1.22% 0.06% -0.31% Meyer Optoelectronic 12 0.90% - -0.26% NCSoft 11 0.69% 0.06% -0.18% As of: 06/30/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund's return versus the benchmark index during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 06/30/2023 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 23.46% 21.93% Information Technology 22.33% 21.17% Consumer Discretionary 16.67% 13.20% Industrials 14.10% 6.33% Communication Services 6.97% 9.78% Consumer Staples 6.36% 6.36% Real Estate 3.08% 1.75% Health Care 2.59% 3.76% Energy 1.79% 5.02% Utilities 1.04% 2.62% Materials 0.93% 8.09% Cash & Other 0.67% 0.00% As of: 06/30/2023 Investment Allocation 06/30/2023 Stocks 99.33% Bonds 0.00% Cash and Other 0.67% As of: 06/30/2023 Country Fund MSCI Emerging Markets Index China 28.57% 29.55% India 12.37% 14.63% Taiwan 12.21% 15.60% South Korea 8.64% 12.30% Brazil 7.99% 5.54% Mexico 5.92% 2.80% Indonesia 4.52% 2.00% Hong Kong 3.36% 0.00% United Arab Emirates 2.62% 1.30% United States 2.51% 0.00% United Kingdom 1.84% 0.00% Italy 1.79% 0.00% South Africa 1.59% 3.21% Kazakhstan 1.15% 0.00% Saudi Arabia 0.99% 4.22% % in Top 15 Countries 96.07% 91.15% As of: 06/30/2023 Region Fund MSCI Emerging Markets Index Developed 9.50% 0.00% Europe & Middle East 3.63% 0.00% North America 2.51% 0.00% Pacific 3.36% 0.00% Emerging 87.33% 100.00% Asia 66.32% 77.97% Latin America 14.41% 9.25% Europe & Middle East 4.53% 9.48% Africa 2.07% 3.29% Frontier 1.65% 0.00% Africa 0.50% 0.00% Asia 1.15% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 1.52% 0.00% As of: 06/30/2023 Industry Fund MSCI Emerging Markets Index Banks 14.11% 15.78% Semiconductors & Semiconductor Equipment 9.38% 9.75% Machinery 7.08% 0.55% Technology Hardware, Storage & Peripherals 5.59% 5.98% IT Services 5.52% 2.07% Interactive Media & Services 5.38% 5.36% Broadline Retail 4.61% 4.66% Textiles, Apparel & Luxury Goods 4.36% 0.98% Insurance 4.36% 2.74% Beverages 3.44% 1.77% % in Top 10 Industries 63.83% 49.64% As of: 06/30/2023 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 U.S. 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 Products From Harding Loevner 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 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 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 Harding Loevner Global Equity ADR Strategy View SMA Details Harding Loevner International Equity ADR Strategy View SMA 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