Fund Overview Fund Overview Share Class Institutional NAV | as of 06/28/2022 $11.54 -$0.11 (-0.94%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 308 Global Large-Stock Growth funds as of 05/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 12/19/2016 to 05/31/2022 = $15,042.22 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 Fund 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 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 Factsheet Summary Prospectus Prospectus 2021 Year End Distributions View All Documents Andrew West, CFA PORTFOLIO MANAGER See Our Approach Read Bio Moon Surana, CFA PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Harding Loevner Global Equity Research 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 Research Portfolio is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 05/31/2022 Overall Rating (of 308) 3 Years (of 308) 5 Years (of 268) 10 Years — Category Global Large-Stock Growth Read Important Investment Disclosures Andrew West, CFA PORTFOLIO MANAGER Andrew West is the manager of research, a portfolio manager of the International Equity strategy and a Consumer Discretionary and Industrials analyst. As a manager of research, 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. 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. 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: 2.04% Net Expense Ratio: 0.80% Expense Cap Expiration Date: 02/28/2022 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 $1.776670 $0.110086 $0.352743 $1.313841 Dec 15, 2020 $0.376350 $0.085144 $0.244482 $0.046724 Dec 17, 2019 $0.692769 $0.152935 — $0.539834 Dec 18, 2018 $1.032882 $0.091467 $0.373118 $0.568297 Dec 15, 2017 $0.505445 $0.184686 $0.320759 — From: To: Risk & Return Stats As of: 05/31/2022 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -2.54 0.02 - 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. 16.99 15.23 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. - - - Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 88.90 95.64 - 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. 102.62 98.67 - 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. 0.97 0.96 - 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. 96.93 96.52 - 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. 3.03 2.90 - View All Characteristics & Stats All Characteristics & Stats Harding Loevner Global Equity Research Portfolio (HLRGX) Portfolio Characteristics (Equity) Risk & Return Fund Holdings Fund MSCI All Country World Index (ACWI) Fund Assets (Mil.$) $9 Number of Holdings 318 2,939 Weighted Avg. Market Cap (Mil.$) $140,491 $415,531 Median Market Cap (Mil.$) $35,463 $95,577 Weighted Avg. P/E (Trailing EPS) 19.83 17.85 Weighted Avg. P/B 2.93 2.85 EPS Growth (Trailing 5-yr %) 15.25% 16.52% Revenue Growth (Trailing 5-yr %) 10.34% 8.6% Return on Equity 16.65% 20.53% Weighted Avg. Dividend Yield 1.53% 1.83% Debt to Equity 46.83 69.28 Trailing 12-Months Portfolio Turnover 39% As of: 03/31/2022 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -2.54 0.02 - 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. 16.99 15.23 - Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. - - - Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 88.90 95.64 - 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. 102.62 98.67 - 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. 0.97 0.96 - 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. 96.93 96.52 - 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. 3.03 2.90 - 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. -1.05 -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. - - - 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. -21.02 -21.02 - As of: 05/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2022 Vertex Pharmaceuticals 1.28% Bristol-Myers Squibb 1.22% AbbVie 1.17% Alphabet 1.08% Gartner 1.05% Thermo Fisher Scientific 1.05% Synopsys 1.02% Microsoft 1.02% Danaher 0.99% UnitedHealth Group 0.98% % in Top 10 Holdings 10.86% View Holding Details Holding Details Harding Loevner Global Equity Research Portfolio (HLRGX) Top 10 Holdings (Equity) All Holdings Fund Holdings 03/31/2022 Vertex Pharmaceuticals 1.28% Bristol-Myers Squibb 1.22% AbbVie 1.17% Alphabet 1.08% Gartner 1.05% Thermo Fisher Scientific 1.05% Synopsys 1.02% Microsoft 1.02% Danaher 0.99% UnitedHealth Group 0.98% % in Top 10 Holdings 10.86% As of: 03/31/2022 Download All Holdings (PDF) As of: 03/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund VRTX Vertex Pharmaceuticals Health Care S US USD 433.00 260.97 $113,000.01 1.28% BMY Bristol-Myers Squibb Health Care S US USD 1,468.00 73.03 $107,208.04 1.22% ABBV AbbVie Health Care S US USD 637.00 162.11 $103,264.07 1.17% GOOGL Alphabet (A) (Voting) Communication Services S US USD 34.00 2,781.35 $94,565.90 1.08% IT Gartner Information Technology S US USD 311.00 297.46 $92,510.06 1.05% TMO Thermo Fisher Scientific Health Care S US USD 156.00 590.65 $92,141.40 1.05% SNPS Synopsys Information Technology S US USD 269.00 333.27 $89,649.63 1.02% MSFT Microsoft Information Technology S US USD 290.00 308.31 $89,409.90 1.02% DHR Danaher Health Care S US USD 298.00 293.33 $87,412.34 0.99% UNH UnitedHealth Group Health Care S US USD 169.00 509.97 $86,184.93 0.98% MFC_CN Manulife Financial Financials S CA CAD 4,000.00 21.33 $85,301.76 0.97% OCBC_SP Oversea-Chinese Banking Corp Financials S SG SGD 9,224.00 9.09 $83,837.30 0.95% AMAT Applied Materials Information Technology S US USD 615.00 131.80 $81,057.00 0.92% SIVB SVB Financial Group Financials S US USD 144.00 559.45 $80,560.80 0.92% JPM JPMorgan Chase Financials S US USD 589.00 136.32 $80,292.48 0.91% ELAN Elanco Animal Health Health Care S US USD 3,065.00 26.09 $79,965.85 0.91% RIO_LN Rio Tinto Materials S GB GBP 994.00 79.33 $78,850.01 0.90% DE Deere Industrials S US USD 180.00 415.46 $74,782.80 0.85% TER Teradyne Information Technology S US USD 618.00 118.23 $73,066.14 0.83% SHEL Shell ADR Energy S GB USD 1,324.00 54.93 $72,727.32 0.83% BWA BorgWarner Consumer Discretionary S US USD 1,850.00 38.90 $71,965.00 0.82% EC Ecopetrol ADR Energy S CO USD 3,708.00 18.60 $68,968.80 0.78% CPRT Copart Industrials S US USD 542.00 125.47 $68,004.74 0.77% DBS_SP DBS Group Financials S SG SGD 2,418.00 26.29 $63,570.04 0.72% ATD_CN Alimentation Couche-Tard Consumer Staples S CA CAD 1,400.00 45.05 $63,070.83 0.72% Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 03/31/2022 View Allocation Details Allocation Details Harding Loevner Global Equity Research Portfolio (HLRGX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Sector Sort Order Fund MSCI All Country World Index (ACWI) Health Care 19.52% 11.86% Information Technology 19.28% 22.37% Financials 14.61% 14.59% Industrials 14.55% 9.52% Consumer Discretionary 11.34% 11.68% Consumer Staples 5.45% 6.89% Communication Services 5.30% 8.13% Materials 4.22% 5.04% Energy 2.56% 4.33% Cash & Other 1.48% 0.00% Utilities 1.01% 2.87% Real Estate 0.67% 2.72% Bonds 0.00% 0.00% Futures 0.00% 0.00% Other Equities 0.00% 0.00% As of: 03/31/2022 Investment Allocation 03/31/2022 Stocks 98.52% Bonds 0.00% Cash and Other 1.48% As of: 03/31/2022 Country Fund MSCI All Country World Index (ACWI) % in Top 15 Countries 0% 0% As of: 03/31/2022 Region Fund MSCI All Country World Index (ACWI) Developed 77.03% 88.95% Europe & Middle East 24.10% 15.86% North America 42.08% 64.55% Pacific 10.85% 8.54% Emerging 20.81% 11.05% Asia 13.52% 8.59% Latin America 4.68% 1.01% Europe & Middle East 2.18% 0.99% Africa 0.42% 0.46% Frontier 0.68% 0.00% Africa 0.00% 0.00% Asia 0.32% 0.00% Europe 0.36% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 1.48% 0.00% As of: 03/31/2022 Read Important Investment Disclosures Investment Approach Investment Approach Harding Loevner Global Equity Research Portfolio The Global Equity Research Portfolio invests worldwide in high-quality, growing companies. 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 US. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad. Read More About About Harding Loevner Background Harding Loevner manages global and non-U.S. equity portfolios following a consistent philosophy focused on long-term investment in growing companies with high-quality fundamentals. The Firm believes diversified portfolios of the stocks of companies meeting its quality-growth criteria, purchased at reasonable prices, offer superior risk-adjusted returns over the long term. Learn More More Funds From Harding Loevner HLMCX Harding Loevner Chinese Equity Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details 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 HLREX Harding Loevner Emerging Markets Research Portfolio The Emerging Markets Research Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details HLMOX Harding Loevner Frontier Emerging Markets Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in frontier and smaller emerging markets. View Fund Details HLMGX Harding Loevner Global Equity Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States. View Fund Details 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