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 06/28/2022 $44.28 -$0.39 (-0.87%) 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 05/31/2022 = $72,470.37 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 Craig Shaw, CFA 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 05/31/2022 Overall Rating (of 731) 3 Years (of 731) 5 Years (of 630) 10 Years (of 364) Category Diversified Emerging Mkts Read Important Investment Disclosures Pradipta Chakrabortty PORTFOLIO MANAGER Pradipta Chakrabortty is a co-lead portfolio manager of the Frontier Emerging Markets Equity strategy, a portfolio manager of 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. Craig Shaw, CFA PORTFOLIO MANAGER Craig Shaw is a co-lead portfolio manager of both the Emerging Markets Equity strategy and the Institutional Emerging Markets strategy, and an Energy sector analyst. Craig joined Harding Loevner in 2001 and is a Partner of the firm. He has over 25 years of industry experience including working as an emerging market securities analyst in Asia for Credit Lyonnais Securities Asia, Barclays de Zoete Wedd, and ABN AMRO Securities, and as a financial and accounting manager in a variety of African countries and Kazakhstan for Parker Drilling Co. Craig holds a BA in Business Administration from Concordia College and an MIM from the American Graduate School of Management (Thunderbird). Craig is also a CFA® charterholder. 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: 1.20% Net Expense Ratio: 1.20% 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: 05/31/2022 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. -5.46 -3.75 -0.57 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. 21.13 19.27 16.67 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. - - - 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. 103.46 104.06 100.47 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. 118.34 110.97 101.20 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. 1.14 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. 91.47 90.92 90.62 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. 6.63 6.06 5.12 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.$) $2,925 Number of Holdings 79 1,399 Weighted Avg. Market Cap (Mil.$) $112,540 $125,286 Median Market Cap (Mil.$) $30,137 $33,072 Weighted Avg. P/E (Trailing EPS) 18.56 12.51 Weighted Avg. P/B 2.87 2.06 EPS Growth (Trailing 5-yr %) 12.28% 12.28% Revenue Growth (Trailing 5-yr %) 11.08% 9.69% Return on Equity 16.65% 14.99% Weighted Avg. Dividend Yield 2.12% 2.42% Debt to Equity 34.86 40.12 Trailing 12-Months Portfolio Turnover 19% As of: 03/31/2022 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. -5.46 -3.75 -0.57 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. 21.13 19.27 16.67 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. - - - 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. 103.46 104.06 100.47 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. 118.34 110.97 101.20 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. 1.14 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. 91.47 90.92 90.62 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. 6.63 6.06 5.12 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. -0.84 -0.64 -0.14 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. - - - 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. -31.54 -31.54 -31.54 As of: 05/31/2022 Market Cap Fund MSCI Emerging Markets Index Market Cap ($mm) 0 - 1,000 0.22% 0.02% Market Cap ($mm) 1,000 - 1,500 0.87% 0.18% Market Cap ($mm) 1,500 - 2,500 0.51% 0.78% Market Cap ($mm) 2,500 - 5,000 5.21% 6.41% Market Cap ($mm) 5,000 - 10,000 12.84% 13.40% Market Cap ($mm) 10,000 - 25,000 27.04% 23.21% Market Cap ($mm) 25,000 - 50,000 11.82% 14.90% Market Cap ($mm) 50,000 - 100,000 13.96% 12.17% Market Cap ($mm) 100,000 - 200,000 9.42% 8.33% Market Cap ($mm) 200,000 - 18.11% 20.58% Market Cap – NA 0.00% 0.01% As of: 03/31/2022 Valuation Characteristics Fund MSCI Emerging Markets Index P/E 0-10 4.31% 21.55% P/E 10-15 27.35% 20.29% P/E 15-20 11.20% 8.84% P/E 20-25 11.98% 8.26% P/E 25-Above 43.16% 37.28% P/E – NA 2.00% 3.78% As of: 03/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2022 TSMC 5.44% Samsung Electronics 5.43% Tencent 4.06% Tata Consultancy Services 3.05% Alibaba 2.81% AIA Group 2.70% HDFC Corp 2.68% Techtronic Industries 2.51% GF Banorte 2.46% Walmart de México 2.41% % in Top 10 Holdings 33.55% View Holding Details Holding Details Harding Loevner Emerging Markets Portfolio (HLEMX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2022 TSMC 5.44% Samsung Electronics 5.43% Tencent 4.06% Tata Consultancy Services 3.05% Alibaba 2.81% AIA Group 2.70% HDFC Corp 2.68% Techtronic Industries 2.51% GF Banorte 2.46% Walmart de México 2.41% % in Top 10 Holdings 33.55% As of: 03/31/2022 Download All Holdings (PDF) As of: 03/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 2330_TT Taiwan Semiconductor Information Technology S TW TWD 7,699,147.00 20.67 $159,175,507.38 5.44% SMSN_LI Samsung Electronics (Voting) GDR Reg S Information Technology S KR USD 104,921.00 1,412.64 $148,215,754.73 5.07% 700_HK Tencent Holdings Communication Services S CN HKD 2,515,400.00 47.18 $118,664,970.33 4.06% TCS_IN Tata Consultancy Services Information Technology S IN INR 1,813,615.00 49.18 $89,193,110.33 3.05% 1299_HK AIA Group Financials S HK HKD 7,530,871.00 10.47 $78,843,951.46 2.70% HDFC_IN Housing Development Finance Co Financials S IN INR 2,504,604.00 31.31 $78,428,783.13 2.68% 669_HK Techtronic Industrials S HK HKD 4,552,360.00 16.11 $73,337,545.18 2.51% GFNORTEO_MM GF Banorte Financials S MX MXN 9,575,474.00 7.52 $71,996,588.07 2.46% WALMEX*_MM Wal-Mart de Mexico Consumer Staples S MX MXN 17,110,315.00 4.12 $70,471,443.18 2.41% EPAM EPAM Systems Information Technology S US USD 205,433.00 296.61 $60,933,482.13 2.08% 051900_KS LG Household & Health Care Consumer Staples S KR KRW 78,531.00 702.44 $55,163,547.08 1.89% 9988_HK Alibaba Consumer Discretionary S CN HKD 3,962,137.00 13.69 $54,230,887.26 1.85% 2317_TT Hon Hai Precision Information Technology S TW TWD 13,841,146.00 3.68 $50,990,281.39 1.74% 2688_HK ENN Energy Utilities S CN HKD 3,409,513.00 14.90 $50,811,762.27 1.74% 2318_HK Ping An Insurance Financials S CN HKD 7,166,380.00 7.06 $50,562,957.14 1.73% 1590_TT Airtac Industrials S TW TWD 1,487,823.00 32.24 $47,973,160.11 1.64% 000333_C2 Midea Group (China A) Consumer Discretionary S CN CNY 5,321,268.00 8.93 $47,507,921.99 1.62% BBRI_IJ Bank Rakyat Financials S ID IDR 147,229,636.00 0.32 $47,405,637.55 1.62% FMX FEMSA ADR Consumer Staples S MX USD 569,879.00 82.85 $47,214,475.15 1.61% KMB_IN Kotak Mahindra Bank Financials S IN INR 2,046,790.00 23.00 $47,066,655.91 1.61% 1476_TT Eclat Consumer Discretionary S TW TWD 2,782,846.00 16.55 $46,051,417.57 1.57% CCH_LN Coca-Cola HBC Consumer Staples S GB GBP 2,172,483.00 20.85 $45,305,081.89 1.55% DSY_SJ Discovery Holdings Financials S ZA ZAR 3,525,510.00 12.42 $43,781,598.38 1.50% 1093_HK CSPC Pharmaceutical Group Health Care S CN HKD 37,848,680.00 1.15 $43,401,939.67 1.48% ASR Grupo Aeroportuario del Sureste ADR Industrials S MX USD 193,980.00 221.60 $42,985,968.00 1.47% MSIL_IN Maruti Suzuki India Consumer Discretionary S IN INR 429,645.00 99.19 $42,617,939.45 1.46% 6415_TT Silergy Information Technology S TW TWD 360,300.00 117.79 $42,438,690.93 1.45% ITUB Itau Unibanco (Pref) ADR Financials S BR USD 7,341,243.00 5.71 $41,918,497.53 1.43% RENT3_BZ Localiza Rent a Car Industrials S BR BRL 3,165,090.00 12.83 $40,618,560.82 1.39% TS Tenaris ADR Energy S IT USD 1,344,261.00 30.07 $40,421,928.27 1.38% ABEV Ambev ADR Consumer Staples S BR USD 12,253,386.00 3.23 $39,578,436.78 1.35% SBK_SJ Standard Bank Financials S ZA ZAR 3,044,363.00 12.44 $37,876,780.24 1.30% 002050_C2 Sanhua Intelligent Controls Industrials S CN CNY 14,133,199.00 2.60 $36,734,656.70 1.26% 2382_HK Sunny Optical Information Technology S CN HKD 2,291,944.00 16.02 $36,709,772.79 1.26% SCB/F_TB Siam Commercial Bank Financials S TH THB 10,592,691.00 3.43 $36,317,797.71 1.24% HDB HDFC Bank ADR Financials S IN USD 587,489.00 61.33 $36,030,700.37 1.23% 2269_HK Wuxi Biologics Cayman Health Care S CN HKD 4,410,250.00 8.11 $35,776,921.42 1.22% B3SA3_BZ B3 Financials S BR BRL 10,722,209.00 3.30 $35,379,990.42 1.21% SAFCOM_KN Safaricom Communication Services S KE KES 110,932,673.00 0.30 $32,896,094.61 1.12% CIB Bancolombia (Pref) ADR Financials S CO USD 720,295.00 42.66 $30,727,784.70 1.05% ZTO ZTO Express Cayman ADR Industrials S CN USD 1,215,241.00 25.00 $30,381,025.00 1.04% 2313_HK Shenzhou Consumer Discretionary S CN HKD 2,177,710.00 13.34 $29,046,095.98 0.99% BBCA_IJ Bank Central Asia Financials S ID IDR 51,693,264.00 0.55 $28,640,106.11 0.98% KOMB_CP Komercni Banka Financials S CZ CZK 725,773.00 38.67 $28,068,944.28 0.96% BABA Alibaba Group Holding Consumer Discretionary S CN USD 257,134.00 108.80 $27,976,179.20 0.96% 3606_HK Fuyao Glass Industry Group Consumer Discretionary S CN HKD 6,544,296.00 4.08 $26,722,911.60 0.91% WEGE3_BZ WEG Industrials S BR BRL 3,636,348.00 7.32 $26,632,666.06 0.91% 522_HK ASM Pacific Technology Information Technology S HK HKD 2,586,545.00 10.11 $26,160,252.83 0.89% ASII_IJ Astra International Consumer Discretionary S ID IDR 56,449,607.00 0.46 $25,789,209.60 0.88% 9888_HK Baidu Communication Services S CN HKD 1,353,214.00 16.73 $22,635,206.41 0.77% 021240_KS Coway Consumer Discretionary S KR KRW 384,688.00 56.37 $21,686,322.85 0.74% 601888_C1 China Tourism Group Duty Free Consumer Discretionary S CN CNY 838,107.00 25.63 $21,477,091.18 0.73% XP XP Financials S BR USD 696,022.00 30.10 $20,950,262.20 0.72% 2359_HK WuXi AppTec (H Share) Health Care S CN HKD 1,335,200.00 15.64 $20,883,490.37 0.71% 002690_C2 Meyer Optoelectronic Industrials S CN CNY 4,603,434.00 4.19 $19,307,375.93 0.66% CPA Copa Holdings Industrials S PA USD 210,018.00 83.64 $17,565,905.52 0.60% 300750_C2 Contemporary Amperex Tech Industrials S CN CNY 213,600.00 79.97 $17,082,299.13 0.58% CBKD_LI Commercial International Bank GDR Financials S EG USD 6,905,684.00 2.34 $16,151,188.59 0.55% 036570_KS NCSoft Communication Services S KR KRW 41,149.00 382.67 $15,746,297.08 0.54% BBD Banco Bradesco ADR Financials S BR USD 3,361,862.00 4.64 $15,599,039.68 0.53% NETW_LN Network International Information Technology S GB GBP 4,034,188.00 3.66 $14,773,238.54 0.51% 300454_C2 Sangfor Information Technology S CN CNY 811,800.00 17.49 $14,200,558.46 0.49% LREN3_BZ Lojas Renner Consumer Discretionary S BR BRL 2,350,188.00 5.78 $13,574,772.37 0.46% CDR_PW CD Projekt Communication Services S PL PLN 329,520.00 41.09 $13,539,585.41 0.46% 6098_HK Country Garden Services Real Estate S CN HKD 3,038,930.00 4.25 $12,913,181.83 0.44% 002352_C2 SF Holding Industrials S CN CNY 1,747,000.00 7.13 $12,454,363.15 0.43% UGPA3_BZ Ultrapar Participacoes SA Energy S BR BRL 3,743,854.00 2.97 $11,126,859.43 0.38% 3008_TT Largan Precision Information Technology S TW TWD 166,631.00 65.44 $10,903,744.58 0.37% SMSD_LI Samsung Electronics (Pref) GDR Reg S Information Technology S KR USD 8,332.00 1,284.27 $10,700,503.90 0.37% MGLU3_BZ Magazine Luiza Consumer Discretionary S BR BRL 6,957,568.00 1.43 $9,966,417.86 0.34% 1177_HK Sino Biopharmaceutical Health Care S CN HKD 13,614,792.00 0.62 $8,445,606.39 0.29% 600276_C1 Jiangsu Hengrui Medicine Health Care S CN CNY 1,407,060.00 5.78 $8,130,099.21 0.28% BGEO_LN Bank of Georgia Financials S GB GBP 401,734.00 15.57 $6,256,379.29 0.21% 2331_HK Li Ning Consumer Discretionary S CN HKD 518,500.00 8.57 $4,444,051.67 0.15% CBD Cia Brasileira de Distribuicao ADR Consumer Staples S BR USD 733,321.00 5.04 $3,695,937.84 0.13% 9618_HK JD.com Consumer Discretionary S CN HKD 108,514.00 29.29 $3,178,139.96 0.11% EABL_KN East African Breweries Consumer Staples S KE KES 1,573,450.00 1.30 $2,053,249.63 0.07% YNDX Yandex Communication Services S RU USD 968,763.00 0.00 $0.00 0.00% SBER_LI Sberbank GDR Financials S RU USD 5,203,159.00 0.00 $0.00 0.00% NVTK_LI NovaTek GDR Reg S Energy S RU USD 342,744.00 0.00 $0.00 0.00% LUKOY Lukoil ADR Energy S RU USD 910,483.00 0.00 $0.00 0.00% Cash Cash C 0.00 0.00 $70,193,279.61 2.40% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Itau Unibanco Holding S.A. 1 1.07% 52.62% B3 SA-Brasil, Bolsa, Balcao 2 0.87% 67.95% Discovery Ltd. 3 1.13% 38.62% Grupo Financiero Banorte, S.A.B. de C.V. 4 2.00% 15.34% Tenaris S.A. 5 1.07% 44.15% Standard Bank Group Limited 6 0.97% 42.13% Localiza Rent A Car S.A. 7 1.04% 35.52% Wal-Mart de Mexico SAB de CV 8 1.91% 10.45% Bancolombia S.A. 9 0.80% 37.66% PT Bank Rakyat Indonesia (Persero) Tbk 10 1.39% 17.05% As of: 03/31/2022 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 Oil Co. LUKOIL PJSC 20 1.60% -100.00% Sberbank Russia PJSC 19 1.32% -99.99% NOVATEK JSC 18 1.37% -100.00% EPAM Systems, Inc. 17 2.49% -55.63% Yandex NV 16 0.92% -100.00% Coca-Cola HBC AG 15 1.94% -39.17% Sunny Optical Technology (Group) Co., Ltd. 14 1.26% -49.09% Tencent Holdings Ltd. 13 4.16% -16.12% Samsung Electronics Co., Ltd. 12 5.27% -13.97% Eclat Textile Co., Ltd. 11 1.72% -26.86% As of: 03/31/2022 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: 03/31/2022 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 25.71% 22.06% Information Technology 22.72% 21.62% Consumer Discretionary 12.80% 12.33% Industrials 12.48% 5.37% Consumer Staples 9.01% 5.78% Communication Services 6.96% 10.13% Health Care 3.99% 3.85% Cash & Other 2.40% 0.00% Energy 1.76% 4.78% Utilities 1.74% 2.56% Real Estate 0.44% 2.08% Bonds 0.00% 0.00% Futures 0.00% 0.00% Materials 0.00% 9.44% Other Equities 0.00% 0.00% As of: 03/31/2022 Investment Allocation 03/31/2022 Stocks 97.60% Bonds 0.00% Cash and Other 2.40% As of: 03/31/2022 Country Fund MSCI Emerging Markets Index China 25.77% 30.04% Taiwan 12.22% 16.15% India 10.03% 13.10% Brazil 8.86% 5.82% South Korea 8.60% 12.58% Mexico 7.95% 2.33% Hong Kong 6.10% 0.00% Indonesia 3.48% 1.75% South Africa 2.79% 4.05% United Kingdom 2.27% 0.00% United States 2.08% 0.00% Italy 1.38% 0.00% Thailand 1.24% 1.86% Kenya 1.19% 0.00% Colombia 1.05% 0.22% % in Top 15 Countries 95.01% 87.9% As of: 03/31/2022 Region Fund MSCI Emerging Markets Index Developed 11.83% 0.00% Europe & Middle East 3.65% 0.00% North America 2.08% 0.00% Pacific 6.10% 0.00% Emerging 83.97% 100.00% Asia 61.34% 77.74% Latin America 17.86% 9.16% Europe & Middle East 1.42% 8.97% Africa 3.34% 4.12% Frontier 1.19% 0.00% Africa 1.19% 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 3.00% 0.00% As of: 03/31/2022 Industry Fund MSCI Emerging Markets Index Banks 15.18% 15.74% Semiconductors & Semiconductor Equipment 7.79% 10.17% Machinery 6.06% 0.46% Insurance 5.92% 2.84% IT Services 5.64% 2.67% Technology Hardware, Storage & Peripherals 5.43% 5.52% Interactive Media & Services 4.83% 5.36% Beverages 4.59% 1.48% Electronic Equipment, Instruments & Components 3.37% 2.86% Internet & Direct Marketing Retail 2.92% 5.78% % in Top 10 Industries 61.73% 52.88% As of: 03/31/2022 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