Fund Overview Fund Overview Share Class Institutional Advisor Institutional Institutional Class Z NAV | as of 06/02/2023 $35.56 +$0.48 (+1.37%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 308 Global Large-Stock Growth funds as of 04/30/2023 View Morningstar Details Morningstar Analyst Rating as of 8/9/2021 Download Analyst Rating Report Growth of $10,000 (Hypothetical) Since Inception 11/03/2009 to 05/31/2023 = $26,670.25 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 04/30/2023 Overall Rating (of 308) 3 Years (of 308) 5 Years (of 268) 10 Years (of 179) 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: 0.86% Net Expense Ratio: 0.86% 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 $0.237326 $0.237326 — — Jan 30, 2019 $0.000002 $0.000002 — — Dec 18, 2018 $3.838083 $0.121643 $0.100856 $3.615584 Dec 15, 2017 $5.156462 $0.137598 $0.493488 $4.525376 Dec 18, 2015 $0.956096 $0.119639 — $0.836457 Dec 19, 2014 $1.347840 $0.116640 — $1.231200 Dec 20, 2013 $0.261128 $0.134092 $0.002330 $0.124706 Dec 20, 2012 $0.117001 $0.117001 — — Dec 19, 2011 $0.317740 $0.097834 — $0.219906 Dec 16, 2010 $0.222599 $0.061203 — $0.161396 Dec 17, 2009 $0.049100 $0.049100 — — From: To: Risk & Return Stats As of: 05/31/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -5.92 -1.89 0.37 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 19.16 19.10 15.49 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. 0.15 0.17 0.48 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. 92.68 100.13 110.32 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. 114.21 104.65 101.11 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. 1.08 1.04 1.03 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. 90.94 91.59 91.45 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. 5.94 5.58 4.55 View All Characteristics & Stats All Characteristics & Stats Harding Loevner Global Equity Portfolio (HLMVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI ACWI Index Portfolio Assets (Mil.$) $1,058 Number of Holdings 64 2,888 Weighted Avg. Market Cap (Mil.$) $283,505 $350,245 Median Market Cap (Mil.$) $95,352 $84,722 Weighted Avg. P/E (Trailing EPS) 28.44 16.72 Weighted Avg. P/B 5.23 2.59 EPS Growth (Trailing 5-yr %) 15.67% 14.35% Revenue Growth (Trailing 5-yr %) 12.01% 8.7% Return on Equity 21.05% 18.52% Weighted Avg. Dividend Yield 0.96% 2.21% Debt to Equity 39.41 68.98 Trailing 12-Months Portfolio Turnover 26% As of: 03/31/2023 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -5.92 -1.89 0.37 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 19.16 19.10 15.49 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. 0.15 0.17 0.48 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. 92.68 100.13 110.32 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. 114.21 104.65 101.11 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. 1.08 1.04 1.03 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. 90.94 91.59 91.45 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. 5.94 5.58 4.55 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. -1.00 -0.35 0.11 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. 2.71 3.17 7.17 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. -35.94 -35.94 -35.94 As of: 05/31/2023 Market Cap Fund MSCI ACWI Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.01% Market Cap ($mm) 1,500 - 2,500 0.00% 0.10% Market Cap ($mm) 2,500 - 5,000 1.84% 1.34% Market Cap ($mm) 5,000 - 10,000 2.66% 5.08% Market Cap ($mm) 10,000 - 25,000 7.26% 14.06% Market Cap ($mm) 25,000 - 50,000 14.27% 16.47% Market Cap ($mm) 50,000 - 100,000 25.62% 16.18% Market Cap ($mm) 100,000 - 200,000 19.84% 15.35% Market Cap ($mm) 200,000 - 28.51% 31.41% Market Cap – NA 0.00% 0.00% As of: 03/31/2023 Valuation Characteristics Fund MSCI ACWI Index P/E 0-10 0.00% 14.37% P/E 10-15 4.40% 11.19% P/E 15-20 6.49% 11.80% P/E 20-25 24.95% 12.31% P/E 25-Above 57.98% 44.54% P/E – NA 6.18% 5.79% As of: 03/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2023 Schneider Electric 4.18% Vertex Pharmaceuticals 3.73% Alphabet 3.37% John Deere 3.18% Bank Central Asia 2.80% Meta Platforms 2.48% Microsoft 2.46% Synopsys 2.33% UnitedHealth Group 2.17% Rockwell Automation 2.14% % in Top 10 Holdings 28.82% View Holding Details Holding Details Harding Loevner Global Equity Portfolio (HLMVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2023 Schneider Electric 4.18% Vertex Pharmaceuticals 3.73% Alphabet 3.37% John Deere 3.18% Bank Central Asia 2.80% Meta Platforms 2.48% Microsoft 2.46% Synopsys 2.33% UnitedHealth Group 2.17% Rockwell Automation 2.14% % in Top 10 Holdings 28.82% As of: 03/31/2023 Download All Holdings (PDF) As of: 03/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SU_FP Schneider Electric SE Industrials S FR EUR 263,254 167.17 $44,007,897 4.18% VRTX Vertex Pharmaceuticals Health Care S US USD 124,649 315.07 $39,273,160 3.73% GOOGL Alphabet (A) (Voting) Communication Services S US USD 342,673 103.73 $35,545,470 3.37% DE Deere Industrials S US USD 81,219 412.88 $33,533,701 3.18% BBCA_IJ Bank Central Asia Financials S ID IDR 50,548,870 0.58 $29,535,709 2.80% META Meta Platforms Communication Services S US USD 123,352 211.94 $26,143,223 2.48% MSFT Microsoft Information Technology S US USD 89,852 288.30 $25,904,332 2.46% SNPS Synopsys Information Technology S US USD 63,450 386.25 $24,507,563 2.33% UNH UnitedHealth Group Health Care S US USD 48,356 472.59 $22,852,562 2.17% ROK Rockwell Automation Industrials S US USD 76,789 293.45 $22,533,732 2.14% HDB HDFC Bank ADR Financials S IN USD 327,287 66.67 $21,820,224 2.07% CME CME Group Financials S US USD 112,963 191.52 $21,634,674 2.05% AMZN Amazon.com Consumer Discretionary S US USD 203,909 103.29 $21,061,761 2.00% TMO Thermo Fisher Scientific Health Care S US USD 36,280 576.37 $20,910,704 1.98% OR_FP L'Oreal Consumer Staples S FR EUR 46,449 447.40 $20,781,374 1.97% HEXAB_SS Hexagon Information Technology S SE SEK 1,798,821 11.51 $20,699,552 1.96% ACN Accenture Information Technology S US USD 66,654 285.81 $19,050,380 1.81% ASML ASML Information Technology S NL USD 26,641 680.71 $18,134,795 1.72% NKE Nike Consumer Discretionary S US USD 144,749 122.64 $17,752,017 1.68% CRM salesforce.com Information Technology S US USD 88,369 199.78 $17,654,359 1.67% ILMN Illumina Health Care S US USD 74,361 232.55 $17,292,651 1.64% SLB Schlumberger Energy S US USD 345,242 49.10 $16,951,382 1.61% KER_FP Kering Consumer Discretionary S FR EUR 25,763 652.66 $16,814,394 1.60% AME AMETEK Industrials S US USD 112,150 145.33 $16,298,760 1.55% GMAB_DC Genmab Health Care S DK DKK 41,815 377.60 $15,789,254 1.50% SAP SAP ADR Information Technology S DE USD 121,418 126.55 $15,365,448 1.46% NFLX Netflix Communication Services S US USD 43,182 345.48 $14,918,517 1.42% AVGO Broadcom Information Technology S US USD 23,092 641.54 $14,814,442 1.41% TW Tradeweb Markets Financials S US USD 185,531 79.02 $14,660,660 1.39% ALC Alcon Health Care S CH USD 199,937 70.54 $14,103,556 1.34% AAPL Apple Inc Information Technology S US USD 81,882 164.90 $13,502,342 1.28% ADBE Adobe Systems Information Technology S US USD 34,929 385.37 $13,460,589 1.28% DHR Danaher Health Care S US USD 52,804 252.04 $13,308,720 1.26% NVDA NVIDIA Information Technology S US USD 47,614 277.77 $13,225,741 1.25% PINS Pinterest Communication Services S US USD 480,775 27.27 $13,110,734 1.24% COST Costco Consumer Staples S US USD 26,372 496.87 $13,103,456 1.24% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 526,500 24.72 $13,013,274 1.23% 1299_HK AIA Group Financials S HK HKD 1,228,005 10.51 $12,903,116 1.22% 6861_JP Keyence Information Technology S JP JPY 25,300 490.27 $12,403,744 1.18% EPIA_SS Epiroc Industrials S SE SEK 616,493 19.86 $12,241,282 1.16% TSM Taiwan Semiconductor ADR Information Technology S TW USD 128,118 93.02 $11,917,536 1.13% 700_HK Tencent Holdings Communication Services S CN HKD 242,800 48.86 $11,864,021 1.13% NOW ServiceNow Information Technology S US USD 25,449 464.72 $11,826,659 1.12% NOC Northrop Grumman Industrials S US USD 25,528 461.72 $11,786,788 1.12% ABCM Abcam ADR Health Care S GB USD 859,251 13.46 $11,565,518 1.10% ISRG Intuitive Surgical Inc Health Care S US USD 45,204 255.47 $11,548,266 1.10% EW Edwards Lifesciences Health Care S US USD 138,658 82.73 $11,471,176 1.09% SPX_LN Spirax-Sarco Engineering Industrials S GB GBP 77,062 146.75 $11,309,121 1.07% ATCOA_SS Atlas Copco AB Industrials S SE SEK 889,043 12.68 $11,271,740 1.07% CSGP CoStar Group Industrials S US USD 162,756 68.85 $11,205,751 1.06% TTD_US Trade Desk Communication Services S US USD 182,459 60.91 $11,113,578 1.05% PYPL PayPal Information Technology S US USD 143,345 75.94 $10,885,619 1.03% ABBV AbbVie Health Care S US USD 67,455 159.37 $10,750,303 1.02% AMAT Applied Materials Information Technology S US USD 85,173 122.83 $10,461,800 0.99% 603259_C1 WuXi AppTec Health Care S CN CNY 902,101 11.55 $10,416,737 0.99% ROG_SW Roche Holding Health Care S CH CHF 36,177 286.19 $10,353,401 0.98% VACN_SW VAT Group Industrials S CH CHF 28,282 361.26 $10,217,276 0.97% ADYEN_NA Adyen NV Information Technology S NL EUR 5,698 1,585.62 $9,034,844 0.86% B3SA3_BZ B3 Financials S BR BRL 4,043,800 2.04 $8,257,619 0.78% 9962_JP Misumi Group Industrials S JP JPY 275,200 25.16 $6,923,657 0.66% 6098_HK Country Garden Services Real Estate S CN HKD 3,281,000 1.75 $5,728,945 0.54% CDR_PW CD Projekt Communication Services S PL PLN 140,549 25.85 $3,633,117 0.34% HFG_GR HelloFresh Consumer Staples S DE EUR 151,730 23.81 $3,613,035 0.34% ETSY Etsy Consumer Discretionary S US USD 29,349 111.33 $3,267,424 0.31% Cash Cash C - - $33,037,666 3.13% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Meta Platforms 1 1.95% 0.65% 0.68% Schneider Electric SE 2 3.81% 0.15% 0.41% salesforce.com 3 1.40% 0.28% 0.40% Align Technology 4 0.99% 0.04% 0.35% LOréal 5 1.78% 0.17% 0.27% Synopsys 6 2.13% 0.09% 0.26% Applied Materials 7 1.29% 0.17% 0.23% Trade Desk 8 0.92% 0.04% 0.22% Kering 9 1.13% 0.08% 0.21% VAT Group 10 0.83% 0.01% 0.18% As of: 03/31/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund's return versus the benchmark index during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect First Republic Bank 20 2.15% 0.03% -2.30% SVB Financial Group 19 1.63% 0.02% -1.97% Apple 18 1.37% 3.99% -0.48% Tesla 17 - 0.78% -0.36% Deere 16 3.19% 0.20% -0.35% Country Garden Services 15 0.69% 0.01% -0.30% UnitedHealth Group 14 2.22% 0.77% -0.30% Abcam 13 1.21% - -0.27% Schlumberger 12 1.74% 0.13% -0.26% B3 11 0.87% 0.02% -0.24% As of: 03/31/2023 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund's return versus the benchmark index during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 03/31/2023 View Allocation Details Allocation Details Harding Loevner Global Equity Portfolio (HLMVX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI Index Information Technology 24.94% 22.47% Health Care 21.12% 12.29% Industrials 18.15% 10.16% Communication Services 11.04% 7.34% Financials 10.32% 13.92% Consumer Discretionary 5.59% 11.15% Consumer Staples 3.56% 7.46% Cash & Other 3.13% 0.00% Energy 1.61% 4.95% Real Estate 0.54% 2.44% Materials 0.00% 4.88% Utilities 0.00% 2.93% As of: 03/31/2023 Investment Allocation 03/31/2023 Stocks 96.87% Bonds 0.00% Cash and Other 3.13% As of: 03/31/2023 Country Fund MSCI ACWI Index United States 59.51% 60.56% France 7.74% 3.20% Sweden 4.19% 0.86% Switzerland 3.29% 2.55% Japan 3.07% 5.49% Indonesia 2.80% 0.21% China 2.66% 3.57% Netherlands 2.58% 1.17% United Kingdom 2.17% 3.78% India 2.07% 1.42% Germany 1.80% 2.21% Denmark 1.50% 0.78% Hong Kong 1.22% 0.70% Taiwan 1.13% 1.67% Brazil 0.78% 0.53% % in Top 15 Countries 96.51% 88.7% As of: 03/31/2023 Region Fund MSCI ACWI Index Developed 87.08% 89.06% Europe & Middle East 23.27% 17.00% North America 59.51% 63.52% Pacific 4.29% 8.54% Emerging 9.79% 10.94% Asia 8.66% 8.64% Latin America 0.78% 0.92% Europe & Middle East 0.34% 0.98% Africa 0.00% 0.39% 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 3.13% 0.00% As of: 03/31/2023 Industry Fund Software 10.31% Interactive Media & Services 8.22% Machinery 8.11% Electrical Equipment 7.86% Biotechnology 7.34% Semiconductors & Semiconductor Equipment 6.50% Life Sciences Tools & Services 5.88% Banks 4.87% Capital Markets 4.23% IT Services 3.70% % in Top 10 Industries 67.02% As of: 03/31/2023 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