Fund Overview Fund Overview Share Class Institutional Class Z Advisor Institutional Institutional Class Z NAV | as of 03/31/2023 $34.05 +$0.39 (+1.16%) Morningstar | Style Box V B G L M S Morningstar Analyst Rating as of 8/9/2021 Download Analyst Rating Report Growth of $10,000 (Hypothetical) Since Inception 08/01/2017 to 02/28/2023 = $11,810.83 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 both inside and outside the United States. Why Consider The Fund may be appropriate for your overall investment allocation if you are looking to gain exposure to global 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 Peter Baughan, CFA PORTFOLIO MANAGER See Our Approach Read Bio Jingyi Li PORTFOLIO MANAGER See Our Approach Read Bio Scott Crawshaw PORTFOLIO MANAGER See Our Approach Read Bio Christopher Mack, CFA PORTFOLIO MANAGER See Our Approach Read Bio Richard Schmidt, CFA PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Harding Loevner Global Equity Portfolio has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Harding Loevner Global Equity Portfolio is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 02/28/2023 Overall Rating (of 308) 3 Years (of 308) 5 Years (of 270) 10 Years — Category Global Large-Stock Growth Read Important Investment Disclosures Peter Baughan, CFA PORTFOLIO MANAGER Peter Baughan is a co-lead portfolio manager of the Global Equity strategy and a Consumer Discretionary analyst. Peter is also a Partner of the firm and has over 30 years of industry experience. He joined Harding Loevner in 1997 as an analyst after nine years at Rockefeller & Co. While at Rockefeller, Peter spent two years in New York as an investment analyst and the balance in Europe as manager of the firm’s private equity investments. From 1983 to 1988, he worked at Chase Manhattan Bank. Following credit training and two years of international credit audit, Peter spent two years in Jakarta managing problem loan workouts. He is a graduate of the University of North Carolina at Chapel Hill with a BA in Political Science and is a CFA® charterholder. Jingyi Li PORTFOLIO MANAGER Jingyi Li is a co-lead portfolio manager for the Global Equity strategy and an analyst of Chinese, Industrials, and Utilities companies. He is a partner of the firm and has more than 20 years of industry experience. Prior to joining Harding Loevner in 2010, Jingyi worked at New China Capital Management, China International Economics Consultants, and Accenture. Jingyi holds a BA in International Trade from Shanghai Jiaotong University and an MBA in Finance from the Yale School of Management. 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. Christopher Mack, CFA PORTFOLIO MANAGER Chris Mack is a co-lead portfolio manager of the Global Small Companies Equity strategy, portfolio manager of the Global Equity strategy, and an Information Technology analyst. He is a partner of the firm and has over 10 years of industry experience. Chris began his career at Harding Loevner in 2004 as an investment assistant. In 2006, he became a research associate, and in 2008 he assumed analyst responsibilities. Chris was added to the portfolio management teams of the Global Equity and Global Small Companies Equity strategies in 2014 and 2018, respectively. Chris graduated from Lafayette College with a BA in economics & business and is a CFA® charterholder. 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. 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: 0.80% Net Expense Ratio: 0.80% 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 $7.405189 — $0.767900 $6.637289 Dec 15, 2020 $2.635752 — $0.325080 $2.310672 Dec 17, 2019 $0.263722 $0.263722 — — Dec 18, 2018 $3.853777 $0.137337 $0.100856 $3.615584 Dec 15, 2017 $5.188087 $0.169223 $0.493488 $4.525376 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. -3.07 -1.47 - 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. 21.59 19.12 - 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. 0.22 0.15 - 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. 103.47 103.32 - 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. 109.80 104.73 - 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. 1.05 1.04 - 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. 91.02 91.57 - 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. 6.54 5.60 - View All Characteristics & Stats All Characteristics & Stats Harding Loevner Global Equity Portfolio (HLGZX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI ACWI Index Portfolio Assets (Mil.$) $1,011 Number of Holdings 67 2,885 Weighted Avg. Market Cap (Mil.$) $225,699 $273,599 Median Market Cap (Mil.$) $78,585 $79,308 Weighted Avg. P/E (Trailing EPS) 25.31 15.32 Weighted Avg. P/B 4.36 2.43 EPS Growth (Trailing 5-yr %) 18.73% 15.9% Revenue Growth (Trailing 5-yr %) 13.2% 8.27% Return on Equity 20.52% 19.56% Weighted Avg. Dividend Yield 0.89% 2.33% Debt to Equity 42.13 68.61 Trailing 12-Months Portfolio Turnover 32% 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. -3.07 -1.47 - 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. 21.59 19.12 - 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. 0.22 0.15 - 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. 103.47 103.32 - 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. 109.80 104.73 - 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. 1.05 1.04 - 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. 91.02 91.57 - 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. 6.54 5.60 - 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. -0.49 -0.27 - Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. 4.53 2.83 - 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. -35.93 -35.93 - As of: 02/28/2023 Market Cap Fund MSCI ACWI Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.01% Market Cap ($mm) 1,500 - 2,500 0.00% 0.12% Market Cap ($mm) 2,500 - 5,000 1.21% 1.58% Market Cap ($mm) 5,000 - 10,000 4.58% 5.39% Market Cap ($mm) 10,000 - 25,000 10.82% 15.00% Market Cap ($mm) 25,000 - 50,000 20.24% 17.17% Market Cap ($mm) 50,000 - 100,000 20.01% 15.82% Market Cap ($mm) 100,000 - 200,000 18.82% 16.00% Market Cap ($mm) 200,000 - 22.92% 28.90% Market Cap – NA 1.40% 0.00% As of: 12/31/2022 Valuation Characteristics Fund MSCI ACWI Index P/E 0-10 1.96% 16.29% P/E 10-15 8.48% 13.77% P/E 15-20 10.97% 13.53% P/E 20-25 16.03% 14.63% P/E 25-Above 60.13% 38.05% P/E – NA 2.43% 3.72% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Vertex Pharmaceuticals 3.62% John Deere 3.50% Schneider Electric 3.34% Alphabet 3.04% First Republic Bank 2.71% Microsoft 2.58% UnitedHealth Group 2.58% HDFC Bank 2.25% Synopsys 2.04% Ametek 2.02% % in Top 10 Holdings 27.68% View Holding Details Holding Details Harding Loevner Global Equity Portfolio (HLGZX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Vertex Pharmaceuticals 3.62% John Deere 3.50% Schneider Electric 3.34% Alphabet 3.04% First Republic Bank 2.71% Microsoft 2.58% UnitedHealth Group 2.58% HDFC Bank 2.25% Synopsys 2.04% Ametek 2.02% % in Top 10 Holdings 27.68% As of: 12/31/2022 Download All Holdings (PDF) As of: 12/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund VRTX Vertex Pharmaceuticals Health Care S US USD 126,607 288.78 $36,561,569 3.62% DE Deere Industrials S US USD 82,495 428.76 $35,370,556 3.50% SU_FP Schneider Electric SE Industrials S FR EUR 240,304 140.64 $33,796,238 3.34% GOOGL Alphabet (A) (Voting) Communication Services S US USD 348,056 88.23 $30,708,981 3.04% FRC First Republic Bank Financials S US USD 224,273 121.89 $27,336,636 2.71% MSFT Microsoft Information Technology S US USD 108,720 239.82 $26,073,230 2.58% UNH UnitedHealth Group Health Care S US USD 49,115 530.18 $26,039,791 2.58% HDB HDFC Bank ADR Financials S IN USD 332,428 68.41 $22,741,399 2.25% SNPS Synopsys Information Technology S US USD 64,447 319.29 $20,577,283 2.04% AME AMETEK Industrials S US USD 146,404 139.72 $20,455,567 2.02% TMO Thermo Fisher Scientific Health Care S US USD 36,850 550.69 $20,292,927 2.01% HEXAB_SS Hexagon Information Technology S SE SEK 1,827,076 10.51 $19,205,788 1.90% SIVB SVB Financial Group Financials S US USD 82,468 230.14 $18,979,186 1.88% SLB Schlumberger Energy S US USD 350,665 53.46 $18,746,551 1.86% ACN Accenture Information Technology S US USD 67,701 266.84 $18,065,335 1.79% BBCA_IJ Bank Central Asia Financials S ID IDR 31,838,770 0.55 $17,455,609 1.73% AMZN Amazon.com Consumer Discretionary S US USD 207,112 84.00 $17,397,408 1.72% NKE Nike Consumer Discretionary S US USD 147,023 117.01 $17,203,161 1.70% OR_FP L'Oreal Consumer Staples S FR EUR 47,178 358.74 $16,924,778 1.67% ROK Rockwell Automation Industrials S US USD 64,258 257.57 $16,550,933 1.64% ILMN Illumina Health Care S US USD 75,529 202.20 $15,271,964 1.51% META Meta Platforms Communication Services S US USD 125,289 120.34 $15,077,278 1.49% ASML ASML Information Technology S NL USD 27,059 546.40 $14,785,038 1.46% DHR Danaher Health Care S US USD 53,634 265.42 $14,235,536 1.41% ALC Alcon Health Care S CH USD 203,077 68.55 $13,920,928 1.38% 1299_HK AIA Group Financials S HK HKD 1,247,205 11.02 $13,740,462 1.36% ABCM Abcam ADR Health Care S GB USD 872,748 15.56 $13,579,959 1.34% AAPL Apple Inc Information Technology S US USD 103,932 129.93 $13,503,885 1.34% AVGO Broadcom Information Technology S US USD 23,455 559.13 $13,114,394 1.30% CSGP CoStar Group Industrials S US USD 165,313 77.28 $12,775,389 1.26% ADYEN_NA Adyen NV Information Technology S NL EUR 9,199 1,383.82 $12,729,733 1.26% SAP SAP ADR Information Technology S DE USD 123,326 103.19 $12,726,010 1.26% AMAT Applied Materials Information Technology S US USD 128,275 97.38 $12,491,420 1.24% LULU Lululemon Athletica Consumer Discretionary S US USD 38,195 320.38 $12,236,914 1.21% TW Tradeweb Markets Financials S US USD 188,445 64.93 $12,235,734 1.21% ISRG Intuitive Surgical Inc Health Care S US USD 45,914 265.35 $12,183,280 1.21% GMAB_DC Genmab Health Care S DK DKK 28,565 423.58 $12,099,494 1.20% CME CME Group Financials S US USD 71,413 168.16 $12,008,810 1.19% ADBE Adobe Systems Information Technology S US USD 35,478 336.53 $11,939,411 1.18% CRM salesforce.com Information Technology S US USD 89,757 132.59 $11,900,881 1.18% PINS Pinterest Communication Services S US USD 488,327 24.28 $11,856,580 1.17% EPIA_SS Epiroc Industrials S SE SEK 626,177 18.27 $11,442,965 1.13% ATCOA_SS Atlas Copco AB Industrials S SE SEK 903,008 11.84 $10,691,035 1.06% 603259_C1 WuXi AppTec Health Care S CN CNY 916,301 11.63 $10,653,805 1.05% EW Edwards Lifesciences Health Care S US USD 140,836 74.61 $10,507,774 1.04% 700_HK Tencent Holdings Communication Services S CN HKD 246,700 42.50 $10,485,294 1.04% PYPL PayPal Information Technology S US USD 145,597 71.22 $10,369,418 1.03% B3SA3_BZ B3 Financials S BR BRL 4,107,300 2.50 $10,270,709 1.02% KER_FP Kering Consumer Discretionary S FR EUR 19,931 511.78 $10,200,341 1.01% VRSK Verisk Analytics Industrials S US USD 57,803 176.42 $10,197,605 1.01% 6861_JP Keyence Information Technology S JP JPY 25,700 391.50 $10,061,670 1.00% SPX_LN Spirax-Sarco Engineering Industrials S GB GBP 78,272 128.49 $10,057,216 1.00% NOW ServiceNow Information Technology S US USD 25,849 388.27 $10,036,391 0.99% TSM Taiwan Semiconductor ADR Information Technology S TW USD 130,131 74.49 $9,693,458 0.96% ROG_SW Roche Holding Health Care S CH CHF 30,098 314.26 $9,458,653 0.94% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 366,800 25.41 $9,320,435 0.92% COST Costco Consumer Staples S US USD 19,044 456.50 $8,693,586 0.86% ETSY Etsy Consumer Discretionary S US USD 71,817 119.78 $8,602,240 0.85% CDR_PW CD Projekt Communication Services S PL PLN 283,286 29.56 $8,375,316 0.83% TTD_US Trade Desk Communication Services S US USD 185,325 44.83 $8,308,120 0.82% ALGN Align Technology Health Care S US USD 39,297 210.90 $8,287,737 0.82% 6098_HK Country Garden Services Real Estate S CN HKD 3,333,000 2.48 $8,253,920 0.82% VACN_SW VAT Group Industrials S CH CHF 28,727 275.42 $7,911,875 0.78% NFLX Netflix Communication Services S US USD 26,521 294.88 $7,820,512 0.77% NVDA NVIDIA Information Technology S US USD 48,362 146.14 $7,067,623 0.70% 9962_JP Misumi Group Industrials S JP JPY 279,500 21.92 $6,126,817 0.61% HFG_GR HelloFresh Consumer Staples S DE EUR 151,730 21.92 $3,326,444 0.33% Cash Cash C - - $39,371,231 3.90% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Tesla 1 - 0.92% 0.86% Deere 2 3.32% 0.21% 0.52% Schlumberger 3 1.72% 0.13% 0.49% Apple 4 1.48% 4.17% 0.43% Nike 5 1.59% 0.23% 0.36% Schneider Electric SE 6 3.22% 0.13% 0.33% Country Garden Services 7 0.62% 0.01% 0.30% Intuitive Surgical Inc 8 1.10% 0.16% 0.25% AMETEK 9 1.92% 0.05% 0.23% CD Projekt 10 0.78% 0.00% 0.22% 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 SVB Financial Group 20 2.05% 0.03% -1.19% First Republic Bank 19 2.73% 0.04% -0.49% Trade Desk 18 0.94% 0.04% -0.39% Vertex Pharmaceuticals 17 3.84% 0.14% -0.37% PayPal 16 1.16% 0.16% -0.31% Meta Platforms 15 1.47% 0.49% -0.25% Alphabet 14 3.29% 2.00% -0.24% Edwards Lifesciences 13 1.08% 0.09% -0.22% Bank Central Asia 12 1.76% 0.06% -0.21% Wuxi Biologics 11 0.33% 0.04% -0.21% 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 Global Equity Portfolio (HLGZX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI Index Information Technology 23.19% 20.00% Health Care 21.02% 13.37% Industrials 17.36% 10.16% Financials 13.34% 15.19% Communication Services 9.17% 6.78% Consumer Discretionary 6.50% 10.43% Cash & Other 3.90% 0.00% Consumer Staples 2.86% 7.75% Energy 1.86% 5.58% Real Estate 0.82% 2.59% Materials 0.00% 4.98% Utilities 0.00% 3.18% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 96.10% Bonds 0.00% Cash and Other 3.90% As of: 12/31/2022 Country Fund MSCI ACWI Index United States 61.46% 60.37% France 6.03% 3.00% Sweden 4.09% 0.84% Switzerland 3.10% 2.57% China 2.91% 3.63% Netherlands 2.72% 1.08% Japan 2.52% 5.56% United Kingdom 2.34% 3.87% India 2.25% 1.62% Indonesia 1.73% 0.21% Germany 1.59% 2.06% Hong Kong 1.36% 0.77% Denmark 1.20% 0.75% Brazil 1.02% 0.59% Taiwan 0.96% 1.55% % in Top 15 Countries 95.28% 88.47% As of: 12/31/2022 Region Fund MSCI ACWI Index Developed 86.41% 88.76% Europe & Middle East 21.06% 16.56% North America 61.46% 63.43% Pacific 3.88% 8.77% Emerging 9.69% 11.24% Asia 7.85% 8.80% Latin America 1.02% 0.95% Europe & Middle East 0.83% 1.06% Africa 0.00% 0.42% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 3.90% 0.00% As of: 12/31/2022 Industry Fund MSCI ACWI Index Software 9.23% 5.62% Banks 8.56% 7.26% Machinery 8.08% 1.88% Electrical Equipment 7.01% 0.92% Interactive Media & Services 6.74% 3.07% Biotechnology 6.16% 1.97% Life Sciences Tools & Services 5.98% 1.41% Semiconductors & Semiconductor Equipment 5.66% 4.64% Health Care Equipment & Supplies 4.44% 2.22% IT Services 4.07% 3.54% % in Top 10 Industries 65.93% 32.53% As of: 12/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach Harding Loevner Global Equity Portfolio The Global Equity Portfolio invests in high-quality, growing companies in and outside the United States. Its investment universe includes developed and 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. Peter Baughan, CFA and Mr. Ferrill Roll, 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 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 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