Fund Overview Fund Overview Share Class Institutional I Investor Institutional I Institutional II NAV | as of 03/31/2023 $6.90 +$0.01 (+0.15%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 05/27/2008 to 02/28/2023 = $7,264.00 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 800.548.4539 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 frontier and smaller emerging markets. Why Consider The Fund may be appropriate for your overall investment allocation if you are looking to gain exposure to frontier 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 its 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 Sergey Dubin, CFA PORTFOLIO MANAGER See Our Approach Read Bio Babatunde Ojo, CFA PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Harding Loevner Frontier 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 Frontier Emerging Markets Portfolio is categorized as Mid-Blend. It invests in medium-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 02/28/2023 Overall Rating (of 742) 3 Years (of 742) 5 Years (of 657) 10 Years (of 395) 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. Sergey Dubin, CFA PORTFOLIO MANAGER Sergey Dubin is a portfolio manager for the Frontier Emerging Markets Equity strategy and a Frontier Markets analyst. He is a partner of the firm and has over 20 years of industry experience. Prior to joining Harding Loevner in 2015, he worked as a research analyst/senior research analyst at Armor Capital Management and Consilium Investment Management. From 1997 to 2007, Dubin worked at Palisade Capital Management and was Vice President of Private Equity Investments. Dubin also previously worked for Bear, Stearns & Co. as a financial analyst. He holds a BS in finance from the M.J. Whitman School of Management and a BS in economics from the Maxwell School of Citizenship and Public Affairs, both at Syracuse University. He is also a CFA® charterholder. Babatunde Ojo, CFA PORTFOLIO MANAGER Tunde Ojo is a co-lead portfolio manager of the Frontier Emerging Markets Equity strategy and an analyst of frontier markets companies. He is also a portfolio manager on International Equity. He is a partner of the firm and has over 15 years of experience. Before starting at Harding Loevner in 2012, Tunde worked as an equity research analyst and portfolio manager at Asset & Resource Management Company in Nigeria and as a global research analyst intern at American Century Investments. He also previously served as an associate at PricewaterhouseCoopers and a banking officer at Intercontinental Bank in Nigeria. Tunde is a graduate of the University of Lagos with a BS in biochemistry, of Imperial College, University of London with an MSc in food chain management, and of the Wharton School of the University of Pennsylvania with an MBA in finance & management. 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 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 800.548.4539 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: 1.62% Net Expense Ratio: 1.62% 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 $0.155870 $0.155870 — — Dec 14, 2021 $0.071457 $0.071457 — — Dec 15, 2020 $0.126959 $0.126959 — — Dec 17, 2019 $0.157714 $0.157714 — — Dec 18, 2018 $0.098548 $0.098548 — — Dec 15, 2017 $0.167612 $0.167612 — — Dec 18, 2015 $0.080192 $0.080192 — — Dec 19, 2014 $0.154907 $0.053228 — $0.101679 Dec 20, 2013 $0.023113 $0.023113 — — Dec 20, 2012 $0.084590 $0.084590 — — Dec 19, 2011 $0.031306 $0.031306 — — Dec 16, 2010 $0.012207 $0.012207 — — Dec 17, 2009 $0.088700 $0.088700 — — Dec 17, 2008 $0.015000 $0.015000 — — From: To: Risk & Return Stats As of: 02/28/2023 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. 2.34 -0.08 0.66 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. 21.50 18.29 15.06 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. -0.05 -0.30 -0.04 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. 98.52 88.90 80.27 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. 93.94 96.76 95.48 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. 0.96 0.95 0.92 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. 93.46 92.54 89.15 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. 5.57 5.08 5.12 View All Characteristics & Stats All Characteristics & Stats Harding Loevner Frontier Emerging Markets Portfolio (HLFMX) Portfolio Characteristics (Equity) Risk & Return Fund Holdings Fund MSCI Frontier Emerging Markets Index Portfolio Assets (Mil.$) $156 Number of Holdings 56 123 Weighted Avg. Market Cap (Mil.$) $9,034 $8,240 Median Market Cap (Mil.$) $5,561 $6,746 Weighted Avg. P/E (Trailing EPS) 10.6 10.43 Weighted Avg. P/B 2.05 1.66 EPS Growth (Trailing 5-yr %) 7.76% 4.31% Revenue Growth (Trailing 5-yr %) 8.46% 5.17% Return on Equity 18.74% 13.63% Weighted Avg. Dividend Yield 3.73% 3.67% Debt to Equity 46.45 101.13 Trailing 12-Months Portfolio Turnover 19% As of: 12/31/2022 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. 2.34 -0.08 0.66 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. 21.50 18.29 15.06 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. -0.05 -0.30 -0.04 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. 98.52 88.90 80.27 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. 93.94 96.76 95.48 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. 0.96 0.95 0.92 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. 93.46 92.54 89.15 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. 5.57 5.08 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. 0.42 0.02 0.13 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. -1.10 -5.86 -0.71 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. -25.58 -39.73 -40.74 As of: 02/28/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Kaspi Bank 4.76% Vietcombank 4.51% Emaar Properties 4.11% Credicorp 3.81% Banca Transilvania 3.64% Commercial International Bank 3.63% Wilcon Depot 3.48% SM Prime Holdings 3.29% Vietnam Dairy Products 3.16% EPAM 3.14% % in Top 10 Holdings 37.52% View Holding Details Holding Details Harding Loevner Frontier Emerging Markets Portfolio (HLFMX) Top 10 Holdings (Equity) 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Kaspi Bank 4.76% Vietcombank 4.51% Emaar Properties 4.11% Credicorp 3.81% Banca Transilvania 3.64% Commercial International Bank 3.63% Wilcon Depot 3.48% SM Prime Holdings 3.29% Vietnam Dairy Products 3.16% EPAM 3.14% % in Top 10 Holdings 37.52% As of: 12/31/2022 Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Banca Transilvania SA 1 3.42% 1.44% 0.36% Kaspi.kz JSC Sponsored GDR RegS 2 4.48% 2.30% 0.33% Bank of Georgia Group Plc 3 0.94% - 0.31% Halyk Savings Bank of Kazakhstan JSC Sponsored GDR RegS 4 2.93% 0.62% 0.29% TBC Bank Group Plc 5 0.64% - 0.24% Bancolombia S.A. Sponsored ADR Pfd 6 2.33% - 0.23% Universal Robina Corp. 7 2.30% 1.31% 0.14% Alicorp SAA 8 0.73% - 0.09% Home Product Center Public Co., Ltd. 9 0.61% - 0.09% Guaranty Trust Holding Company Plc 10 0.97% 0.28% 0.08% As of: 12/31/2022 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 Airtel Africa Plc 20 0.05% - -0.67% Globant SA 19 3.15% - -0.66% EPAM Systems, Inc. 18 2.97% - -0.62% Saigon Beer Alcohol Beverage Corp. 17 2.81% 0.33% -0.46% Wilcon Depot, Inc. 16 3.37% - -0.44% Agthia Group PJSC 15 1.51% - -0.43% Emaar Properties (P.J.S.C) 14 4.28% - -0.34% Nestle Nigeria Plc 13 1.53% 0.30% -0.31% PT Bank Central Asia Tbk 12 2.57% - -0.30% Integrated Diagnostics Holdings Plc 11 0.93% - -0.26% As of: 12/31/2022 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: 12/31/2022 View Allocation Details Allocation Details Harding Loevner Frontier Emerging Markets Portfolio (HLFMX) Sector Allocation (Equity) Investment Allocation Regional Allocation Sector Sort Order Fund MSCI Frontier Emerging Markets Index Financials 39.93% 38.00% Consumer Staples 13.03% 8.31% Information Technology 8.76% 0.00% Consumer Discretionary 7.90% 1.36% Real Estate 7.39% 12.09% Industrials 6.19% 12.91% Health Care 6.08% 3.31% Communication Services 5.22% 7.80% Materials 2.64% 8.90% Cash & Other 1.72% 0.00% Energy 1.13% 3.39% Utilities 0.00% 3.93% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 98.28% Bonds 0.00% Cash and Other 1.72% As of: 12/31/2022 Region Fund MSCI Frontier Emerging Markets Index Developed 11.50% 0.00% Europe & Middle East 5.37% 0.00% North America 6.13% 0.00% Pacific 0.00% 0.00% Emerging 44.87% 51.49% Asia 23.06% 31.76% Latin America 7.74% 16.08% Europe & Middle East 9.59% 0.00% Africa 4.47% 3.65% Frontier 41.91% 48.51% Africa 10.12% 12.28% Asia 25.11% 20.56% Europe 6.68% 11.64% Latin America 0.00% 0.00% Middle East 0.00% 4.02% Cash & Other 1.72% 0.00% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach Harding Loevner Frontier Emerging Markets Portfolio The Frontier Emerging Markets Portfolio invests in high-quality, growing companies that operate in frontier markets and smaller emerging 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 for clients. Mr. Pradipta Chakrabortty and Mr. Babatunde Ojo, 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 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 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 Read Important Investment Disclosures Founded 1989 Headquarters Bridgewater, NJ Affiliate Since 2009 Discover how the boutique advantage helps generate alpha. Learn More About AMG