Fund Overview Fund Overview Share Class Institutional NAV | as of 12/05/2022 $9.32 -$0.01 (-0.11%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 732 Diversified Emerging Mkts funds as of 10/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 12/19/2016 to 11/30/2022 = $11,762.58 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 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. 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 Emerging Markets Research Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. Why Consider The Fund may be appropriate for your overall investment allocation if you are looking to gain exposure to Emerging Markets investments that are buy-rated by the Harding Loevner analysts 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 Summary Prospectus Prospectus 2021 Year End Distributions View All Documents Moon Surana, CFA PORTFOLIO MANAGER See Our Approach Read Bio Andrew West, CFA PORTFOLIO MANAGER, PARTNER See Our Approach Read Bio Investment Style Harding Loevner Emerging Markets Research 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 Research Portfolio is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2022 Overall Rating (of 732) 3 Years (of 732) 5 Years (of 648) 10 Years — Category Diversified Emerging Mkts Read Important Investment Disclosures Moon Surana, CFA PORTFOLIO MANAGER Moon Surana is a portfolio manager of the International Equity Research, Global Equity Research, and Emerging Markets Research strategies and a Financials analyst. She has over 10 years of experience. Moon joined Harding Loevner in 2009 as a research associate and assumed analyst responsibilities in 2011. Moon is a Partner of the firm. Prior to joining Harding Loevner, she worked as a software engineer at Infosys Technologies Limited. Moon is a graduate of Manipal Institute of Technology with a BE in Electronics and Communications and the University of Michigan with an MS in Financial Engineering. She is also a CFA® charterholder. Andrew West, CFA PORTFOLIO MANAGER, PARTNER Andrew West a portfolio manager of the International Equity strategy and a Consumer Discretionary and Industrials analyst. Andrew is responsible for monitoring and supporting the quality and consistency of analyst output. He is a Partner of the firm and has over 20 years of industry experience. Prior to joining Harding Loevner in 2006, Andrew worked at Standard & Poor’s Equity Research, Veitia & Associates, and International Assets Advisory Corp. Andrew holds a BS in Business Administration/Finance from the University of Central Florida and an MBA in Finance and International Business from the New York University Leonard N. Stern School of Business. He is also 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 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. 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: 2.28% Net Expense Ratio: 1.15% Expense Cap Expiration Date: 02/28/2023 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 $1.188039 $0.111859 $0.292171 $0.784009 Dec 15, 2020 $0.204348 $0.076031 $0.025721 $0.102596 Dec 17, 2019 $0.475359 $0.144774 $0.085399 $0.245186 Dec 18, 2018 $0.899091 $0.093853 $0.210316 $0.594922 Dec 15, 2017 $0.963697 $0.227734 $0.735963 — From: To: Risk & Return Stats As of: 11/30/2022 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. -1.59 0.15 - 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. 20.50 18.26 - 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. -0.11 -0.08 - 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. 86.73 90.31 - 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. 98.01 96.78 - 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. 0.95 0.94 - 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. 91.99 92.12 - 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. 5.88 5.24 - View All Characteristics & Stats All Characteristics & Stats Harding Loevner Emerging Markets Research Portfolio (HLREX) Portfolio Characteristics (Equity) Risk & Return Fund Holdings Fund MSCI Emerging + Frontier Markets Index Fund Assets (Mil.$) $6 Number of Holdings 126 1,486 Weighted Avg. Market Cap (Mil.$) $35,266 $85,314 Median Market Cap (Mil.$) $12,456 $27,215 Weighted Avg. P/E (Trailing EPS) 13.94 9.95 Weighted Avg. P/B 2.31 1.72 EPS Growth (Trailing 5-yr %) 11.63% 12.28% Revenue Growth (Trailing 5-yr %) 10.03% 10.19% Return on Equity 16.2% 14.47% Weighted Avg. Dividend Yield 2.62% 3.57% Debt to Equity 49.48 48.99 Trailing 12-Months Portfolio Turnover 43% As of: 09/30/2022 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. -1.59 0.15 - 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. 20.50 18.26 - 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. -0.11 -0.08 - 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. 86.73 90.31 - 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. 98.01 96.78 - 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. 0.95 0.94 - 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. 91.99 92.12 - 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. 5.88 5.24 - 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. -0.29 0.02 - 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. -2.39 -1.63 - 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. -34.52 -34.52 - As of: 11/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2022 Bank Rakyat 2.42% Localiza 2.16% HDFC Bank 2.16% Saudi National Bank 2.11% Hon Hai Precision 2.10% GF Banorte 2.02% Banco Santander Chile 1.96% Hero Motocorp 1.93% FEMSA 1.88% XP 1.87% % in Top 10 Holdings 20.62% View Holding Details Holding Details Harding Loevner Emerging Markets Research Portfolio (HLREX) Top 10 Holdings (Equity) All Holdings Fund Holdings 09/30/2022 Bank Rakyat 2.42% Localiza 2.16% HDFC Bank 2.16% Saudi National Bank 2.11% Hon Hai Precision 2.10% GF Banorte 2.02% Banco Santander Chile 1.96% Hero Motocorp 1.93% FEMSA 1.88% XP 1.87% % in Top 10 Holdings 20.62% As of: 09/30/2022 Download All Holdings (PDF) As of: 09/30/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund BBRI_IJ Bank Rakyat Financials S ID IDR 512,200 0.29 $150,674 2.42% RENT3_BZ Localiza Rent a Car Industrials S BR BRL 11,900 11.32 $134,765 2.16% HDB HDFC Bank ADR Financials S IN USD 2,301 58.42 $134,424 2.16% SNB_AB Saudi National Bank Financials S SA SAR 7,879 16.69 $131,537 2.11% 2317_TT Hon Hai Precision Information Technology S TW TWD 41,000 3.19 $130,891 2.10% GFNORTEO_MM GF Banorte Financials S MX MXN 19,600 6.42 $125,856 2.02% BSAC Banco Santander Chile ADR Financials S CL USD 8,721 14.01 $122,181 1.96% HMCL_IN Hero MotoCorp Consumer Discretionary S IN INR 3,872 31.09 $120,395 1.93% FMX FEMSA ADR Consumer Staples S MX USD 1,864 62.75 $116,966 1.88% XP XP Financials S BR USD 6,130 19.01 $116,531 1.87% BAP Credicorp Financials S PE USD 907 122.80 $111,380 1.79% B3SA3_BZ B3 Financials S BR BRL 45,400 2.42 $109,832 1.76% 1093_HK CSPC Pharmaceutical Group Health Care S CN HKD 108,080 0.98 $106,129 1.70% 2318_HK Ping An Insurance Financials S CN HKD 20,000 4.97 $99,446 1.60% 000333_C2 Midea Group (China A) Consumer Discretionary S CN CNY 14,300 6.90 $98,690 1.58% 2330_TT Taiwan Semiconductor Information Technology S TW TWD 7,500 13.14 $98,582 1.58% SMSD_LI Samsung Electronics (Pref) GDR Reg S Information Technology S KR USD 122 807.91 $98,565 1.58% 036570_KS NCSoft Communication Services S KR KRW 405 239.51 $97,000 1.56% 002709_C2 Tinci Materials Tech Materials S CN CNY 15,400 6.15 $94,666 1.52% 6690_HK Haier Smart Home (H Share) Consumer Discretionary S CN HKD 30,400 3.05 $92,615 1.49% SCB/F_TB SCB X Public Company Limited Financials S TH THB 32,000 2.76 $88,229 1.42% 1590_TT Airtac Industrials S TW TWD 3,800 22.88 $86,932 1.40% IBN ICICI Bank ADR Financials S IN USD 4,058 20.97 $85,096 1.37% EMAAR_UH Emaar Real Estate S AE AED 53,031 1.56 $82,990 1.33% 9618_HK JD.com Consumer Discretionary S CN HKD 3,252 25.25 $82,117 1.32% Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 09/30/2022 View Allocation Details Allocation Details Harding Loevner Emerging Markets Research Portfolio (HLREX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Sector Sort Order Fund MSCI Emerging + Frontier Markets Index Financials 27.63% 22.82% Consumer Discretionary 14.61% 13.77% Information Technology 12.05% 18.02% Consumer Staples 11.75% 6.66% Industrials 11.34% 5.78% Health Care 6.38% 3.91% Communication Services 5.85% 9.70% Materials 4.05% 8.74% Real Estate 2.25% 2.14% Cash & Other 2.05% 0.00% Energy 1.09% 5.30% Utilities 0.94% 3.15% As of: 09/30/2022 Investment Allocation 09/30/2022 Stocks 97.95% Bonds 0.00% Cash and Other 2.05% As of: 09/30/2022 Country Fund MSCI Emerging + Frontier Markets Index % in Top 0 Countries 0% 0% As of: 09/30/2022 Region Fund MSCI Emerging + Frontier Markets Index Developed 0.00% 0.00% Europe & Middle East 0.00% 0.00% North America 0.00% 0.00% Pacific 0.00% 0.00% Emerging 91.31% 98.63% Asia 63.43% 76.66% Latin America 18.81% 8.85% Europe & Middle East 7.69% 9.64% Africa 1.37% 3.48% Frontier 5.99% 1.37% Africa 0.72% 0.31% Asia 4.21% 0.60% Europe 1.06% 0.26% Latin America 0.00% 0.00% Middle East 0.00% 0.19% Cash & Other 2.70% 0.00% As of: 09/30/2022 Read Important Investment Disclosures Investment Approach Investment Approach Harding Loevner Emerging Markets Research Portfolio The Emerging Markets Research Portfolio invests in high-quality, growing companies with a substantial share of their revenues or assets in emerging markets countries. 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, and seeks to realize superior risk-adjusted returns. 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 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 HLEMX Harding Loevner Emerging Markets Portfolio The 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