Fund Overview Fund Overview Share Class Investor Investor Institutional Institutional Class Z NAV | as of 06/02/2023 $25.61 +$0.41 (+1.63%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 403 Foreign Large Growth funds as of 04/30/2023 View Morningstar Details Morningstar Analyst Rating as of 4/04/2022 Download Analyst Rating Report Growth of $10,000 (Hypothetical) Since Inception 09/30/2005 to 05/31/2023 = $24,154.54 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 outside the United States. Why Consider The Fund may be appropriate for your overall investment allocation if you are looking to gain exposure to non-US investments that are buy-rated by the Harding Loevner analysts Harding Loevner monitors and manages risk at the security, portfolio and enterprise levels The Firm’s extensive experience and structured research process has led to consistent execution of the high quality, growth investment philosophy Documents Fact Sheet Commentary Summary Prospectus Prospectus 2022 Year End Distributions View All Documents Ferrill D. Roll, CFA CIO, PORTFOLIO MANAGER See Our Approach Read Bio Andrew West, CFA PORTFOLIO MANAGER See Our Approach Read Bio Bryan Lloyd, CFA PORTFOLIO MANAGER See Our Approach Read Bio Babatunde Ojo, CFA PORTFOLIO MANAGER See Our Approach Read Bio Patrick Todd, CFA PORTFOLIO MANAGER See Our Approach Read Bio Maria Lernerman, CFA PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Harding Loevner International Equity Portfolio has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Harding Loevner International Equity Portfolio is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 04/30/2023 Overall Rating (of 403) 3 Years (of 403) 5 Years (of 350) 10 Years (of 234) Category Foreign Large Growth Read Important Investment Disclosures Ferrill D. Roll, CFA CIO, PORTFOLIO MANAGER Ferrill Roll is the Chief Investment Officer of Harding Loevner LP and a member of the Executive Committee. He is also a co-lead portfolio manager of the International Equity strategy and a Financials analyst. Roll joined Harding Loevner in 1996 and is a partner of the firm. He has over 35 years of industry experience across a wide range of international markets. Prior to joining Harding Loevner, he served as portfolio manager and general partner of Cesar Montemayor Capital, L.P., a global investment partnership investing in fixed income, currency, and equity markets. He also worked in international equity sales at First Boston and Barings Securities. Roll began his career at JP Morgan, where he established the currency options trading department and advised corporate clients on foreign exchange markets. Roll graduated from Stanford University in 1980 with a BA in economics and is a CFA® charterholder. Andrew West, CFA PORTFOLIO MANAGER Andrew West is a co-lead portfolio manager for the International Equity strategy, a portfolio manager for the research suite of strategies, and a Consumer Discretionary and Industrials analyst. He is a partner of the firm and has over 25 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. Bryan Lloyd, CFA PORTFOLIO MANAGER Bryan Lloyd is a portfolio manager of the International Equity strategy and a Financials analyst. He is a Partner of the firm and has over 20 years of industry experience. He joined Harding Loevner in 2011 after seven years at Calamos Asset Management. While at Calamos, Bryan served as vice president/senior analyst of financial services and prior to that held the position of research analyst. From 1999 to 2003, he worked at Credit Suisse First Boston as an associate in equity research. Earlier in his career, he served as a credit analyst at ABN AMRO Bank and as a financial analyst at M&T Bank. He is a graduate of Lafayette College with a BA in Mathematics and Economics and is 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. Patrick Todd, CFA PORTFOLIO MANAGER Patrick Todd is a portfolio manager for the International Equity strategy and oversees the closely related International Developed Markets Equity strategy; he is also an analyst of Health Care and Real Estate companies. He is a partner of the firm and has over 15 years of industry experience. Prior to joining Harding Loevner in 2012, he worked as a research analyst at Gabelli & Company and Ironbound Capital. He holds a BA in biochemical sciences from Harvard University and an MBA in applied value investing from Columbia Business School. He is also a CFA® charterholder. Maria Lernerman, CFA PORTFOLIO MANAGER Maria Lernerman is a portfolio manager of the International Equity strategy, an ESG analyst, and an analyst for Consumer Discretionary companies. She is a partner of the firm and has nearly two decades of industry experience. Prior to joining in 2015, Lernerman held vice president and equity research positions at Franklin Templeton, and she has also worked as an equity research associate at Citigroup Asset Management. Maria graduated from the Wharton School of the University of Pennsylvania with a BS in economics. She holds a GARP Sustainability and Climate Risk Certificate and a CFA UK Certificate in ESG investing. 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 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: 1.11% Net Expense Ratio: 1.11% 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 $0.478847 $0.478847 — — Dec 14, 2021 $0.650202 $0.328276 — $0.321926 Dec 15, 2020 $0.125902 $0.125902 — — Dec 17, 2019 $0.298958 $0.298958 — — Dec 18, 2018 $0.186482 $0.186482 — — Dec 15, 2017 $0.309552 $0.133947 $0.008807 $0.166798 Dec 18, 2015 $0.124362 $0.124362 — — Dec 19, 2014 $0.117689 $0.117689 — — Dec 20, 2013 $0.079068 $0.079068 — — Dec 20, 2012 $0.085985 $0.085985 — — Dec 19, 2011 $0.095224 $0.060177 — $0.035047 Dec 16, 2010 $0.023909 $0.023909 — — Dec 17, 2009 $0.083100 $0.083100 — — Dec 17, 2008 $2.349300 $0.152300 — $2.197000 Dec 13, 2007 $1.794100 $0.106600 $0.330000 $1.357500 Dec 14, 2006 $1.398200 $0.063100 $0.110300 $1.224800 Dec 28, 2005 $0.085400 $0.072600 — $0.012800 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. -0.67 0.88 1.53 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. 19.03 18.35 15.51 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. 0.30 0.08 0.28 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. 110.51 111.46 108.42 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. 108.33 101.87 98.55 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 1.02 1.00 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. 90.76 91.90 91.27 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. 5.93 5.23 4.58 View All Characteristics & Stats All Characteristics & Stats Harding Loevner International Equity Portfolio (HLMNX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI ACWI ex USA Index Portfolio Assets (Mil.$) $15,926 Number of Holdings 63 2,262 Weighted Avg. Market Cap (Mil.$) $97,079 $89,801 Median Market Cap (Mil.$) $53,461 $42,996 Weighted Avg. P/E (Trailing EPS) 16.41 12.91 Weighted Avg. P/B 2.54 1.74 EPS Growth (Trailing 5-yr %) 10.33% 9.01% Revenue Growth (Trailing 5-yr %) 6.77% 6% Return on Equity 15.88% 13.97% Weighted Avg. Dividend Yield 2.29% 3.15% Debt to Equity 46.95 61.15 Trailing 12-Months Portfolio Turnover 16% 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. -0.67 0.88 1.53 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. 19.03 18.35 15.51 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. 0.30 0.08 0.28 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. 110.51 111.46 108.42 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. 108.33 101.87 98.55 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 1.02 1.00 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. 90.76 91.90 91.27 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. 5.93 5.23 4.58 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. -0.07 0.15 0.33 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. 5.22 1.48 4.36 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. -31.18 -31.18 -31.18 As of: 05/31/2023 Market Cap Fund MSCI ACWI ex USA Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.02% Market Cap ($mm) 1,500 - 2,500 0.00% 0.25% Market Cap ($mm) 2,500 - 5,000 0.00% 3.33% Market Cap ($mm) 5,000 - 10,000 1.42% 10.67% Market Cap ($mm) 10,000 - 25,000 25.47% 20.52% Market Cap ($mm) 25,000 - 50,000 18.14% 19.61% Market Cap ($mm) 50,000 - 100,000 26.02% 19.41% Market Cap ($mm) 100,000 - 200,000 13.42% 12.07% Market Cap ($mm) 200,000 - 13.71% 14.11% Market Cap – NA 1.82% 0.00% As of: 03/31/2023 Valuation Characteristics Fund MSCI ACWI ex USA Index P/E 0-10 19.72% 23.57% P/E 10-15 13.50% 17.27% P/E 15-20 12.73% 12.88% P/E 20-25 12.77% 9.16% P/E 25-Above 39.47% 32.85% P/E – NA 1.82% 4.27% As of: 03/31/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2023 Infineon Technologies 3.47% Samsung Electronics 3.41% Atlas Copco 3.29% Schneider Electric 3.01% DBS Group 2.94% L'Oréal 2.59% Allianz 2.50% TSMC 2.36% SE Banken 2.29% BHP 2.18% % in Top 10 Holdings 28.03% View Holding Details Holding Details Harding Loevner International Equity Portfolio (HLMNX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2023 Infineon Technologies 3.47% Samsung Electronics 3.41% Atlas Copco 3.29% Schneider Electric 3.01% DBS Group 2.94% L'Oréal 2.59% Allianz 2.50% TSMC 2.36% SE Banken 2.29% BHP 2.18% % in Top 10 Holdings 28.03% As of: 03/31/2023 Download All Holdings (PDF) As of: 03/31/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund IFX_GR Infineon Technologies Information Technology S DE EUR 13,519,509 40.87 $552,604,321 3.47% SMSN_LI Samsung Electronics (Voting) GDR Reg S Information Technology S KR USD 439,475 1,236.20 $543,276,940 3.41% ATCOA_SS Atlas Copco AB Industrials S SE SEK 41,316,462 12.68 $523,831,149 3.29% SU_FP Schneider Electric SE Industrials S FR EUR 2,863,248 167.17 $478,646,189 3.01% DBS_SP DBS Group Financials S SG SGD 18,840,080 24.85 $468,217,694 2.94% OR_FP L'Oreal Consumer Staples S FR EUR 921,492 447.40 $412,277,330 2.59% ALV_GR Allianz Financials S DE EUR 1,721,423 230.84 $397,376,844 2.50% TSM Taiwan Semiconductor ADR Information Technology S TW USD 4,045,025 93.02 $376,268,226 2.36% SEBA_SS SE Banken Financials S SE SEK 33,025,493 11.03 $364,225,671 2.29% BHP BHP ADR Materials S AU USD 5,486,064 63.41 $347,871,318 2.18% FMX FEMSA ADR Consumer Staples S MX USD 3,604,392 95.19 $343,102,074 2.15% 1299_HK AIA Group Financials S HK HKD 32,470,574 10.51 $341,180,691 2.14% LONN_SW Lonza Group Health Care S CH CHF 546,594 601.47 $328,757,234 2.06% RIO_LN Rio Tinto Materials S GB GBP 4,770,535 67.78 $323,323,731 2.03% SHEL_LN Shell Energy S GB GBP 11,009,463 28.64 $315,263,771 1.98% ROG_SW Roche Holding Health Care S CH CHF 1,071,909 286.19 $306,766,832 1.93% BBVA_SM BBVA Financials S ES EUR 40,796,503 7.14 $291,459,855 1.83% ALFA_SS Alfa Laval Industrials S SE SEK 7,805,173 35.73 $278,896,597 1.75% 601012_C1 LONGi Green Energy Technology Information Technology S CN CNY 47,001,900 5.89 $276,958,837 1.74% ADYEN_NA Adyen NV Information Technology S NL EUR 174,285 1,585.62 $276,349,221 1.74% 002050_C2 Sanhua Intelligent Controls Industrials S CN CNY 69,771,783 3.76 $262,315,827 1.65% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 10,239,400 24.72 $253,082,846 1.59% ATD_CN Alimentation Couche-Tard Consumer Staples S CA CAD 4,867,200 50.28 $244,710,499 1.54% 8113_JP Unicharm Consumer Staples S JP JPY 5,934,900 41.11 $243,955,938 1.53% ALC Alcon Health Care S CH USD 3,408,104 70.54 $240,407,656 1.51% EPIA_SS Epiroc Industrials S SE SEK 11,990,899 19.86 $238,095,119 1.49% SAP SAP ADR Information Technology S DE USD 1,875,442 126.55 $237,337,185 1.49% 700_HK Tencent Holdings Communication Services S CN HKD 4,842,310 48.86 $236,611,476 1.49% LIN New Linde PLC Materials S US USD 640,974 355.44 $227,827,799 1.43% 6861_JP Keyence Information Technology S JP JPY 458,034 490.27 $224,558,760 1.41% TLKM_IJ Telkom Indonesia Communication Services S ID IDR 808,715,500 0.27 $219,251,152 1.38% KER_FP Kering Consumer Discretionary S FR EUR 328,883 652.66 $214,647,681 1.35% NSRGY Nestle ADR Consumer Staples S CH USD 1,748,058 121.69 $212,721,178 1.34% 6301_JP Komatsu Industrials S JP JPY 8,545,700 24.81 $212,010,009 1.33% SY1_GR Symrise Materials S DE EUR 1,937,976 108.64 $210,535,301 1.32% 2688_HK ENN Energy Utilities S CN HKD 15,315,000 13.66 $209,205,013 1.31% 600690_C1 Haier Smart Home Consumer Discretionary S CN CNY 63,055,188 3.29 $207,691,161 1.30% HDB HDFC Bank ADR Financials S IN USD 3,102,382 66.67 $206,835,808 1.30% DSY_FP Dassault Systemes SE Information Technology S FR EUR 4,999,827 41.30 $206,492,636 1.30% HLN_LN Haleon Consumer Staples S GB GBP 51,500,219 3.99 $205,462,324 1.29% 6326_JP Kubota Industrials S JP JPY 13,470,300 15.15 $204,048,121 1.28% MFC_CN Manulife Financial Financials S CA CAD 10,132,800 18.35 $185,936,693 1.17% CNI Canadian National Railway Industrials S CA USD 1,563,930 117.97 $184,496,822 1.16% ABEV Ambev ADR Consumer Staples S BR USD 65,149,453 2.82 $183,721,457 1.15% 4507_JP Shionogi Health Care S JP JPY 4,047,300 45.23 $183,069,807 1.15% AI_FP Air Liquide Materials S FR EUR 1,086,818 167.53 $182,073,979 1.14% IBN ICICI Bank ADR Financials S IN USD 8,403,878 21.58 $181,355,687 1.14% SOON_SW Sonova Holding Health Care S CH CHF 591,757 294.88 $174,499,335 1.10% STAN_LN Standard Chartered PLC Financials S GB GBP 22,400,099 7.61 $170,436,653 1.07% 4911_JP Shiseido Consumer Staples S JP JPY 3,589,900 46.93 $168,483,623 1.06% 9843_JP Nitori Holdings Consumer Discretionary S JP JPY 1,357,800 120.57 $163,708,281 1.03% 6869_JP Sysmex Health Care S JP JPY 2,466,607 65.65 $161,926,861 1.02% 7309_JP Shimano Consumer Discretionary S JP JPY 873,700 173.48 $151,568,210 0.95% 6383_JP Daifuku Industrials S JP JPY 7,729,800 18.54 $143,339,585 0.90% 2318_HK Ping An Insurance Financials S CN HKD 21,903,500 6.48 $141,964,451 0.89% 1093_HK CSPC Pharmaceutical Group Health Care S CN HKD 142,595,074 0.98 $140,081,014 0.88% 6954_JP Fanuc Industrials S JP JPY 3,535,000 36.06 $127,472,568 0.80% NZYMB_DC Novozymes Materials S DK DKK 2,444,059 51.22 $125,192,202 0.79% XP XP Financials S BR USD 6,251,665 11.87 $74,207,264 0.47% BAP Credicorp Financials S PE USD 479,274 132.39 $63,451,085 0.40% GMAB_DC Genmab Health Care S DK DKK 159,758 377.60 $60,324,277 0.38% LKOH_RU LUKOIL PJSC Energy S RU USD 4,279,605 - - - YNDX Yandex Communication Services S RU USD 2,609,766 - - - Cash Cash C - - $694,800,785 4.36% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Infineon Technologies 1 3.13% 0.20% 0.76% LOréal 2 2.81% 0.42% 0.43% Schneider Electric SE 3 2.92% 0.37% 0.30% FEMSA 4 2.01% 0.07% 0.28% Lonza Group 5 1.99% 0.18% 0.26% Alfa Laval 6 1.61% 0.04% 0.25% Sanhua Intelligent Controls 7 1.60% - 0.22% Kering 8 1.26% 0.19% 0.22% BBVA 9 1.85% 0.18% 0.18% TSMC 10 2.31% 1.77% 0.16% 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 LONGi Green Energy Technology 20 1.24% 0.01% -0.37% AIA Group 19 3.06% 0.55% -0.33% SE Banken 18 2.49% 0.08% -0.28% DBS Group 17 3.11% 0.20% -0.27% Shionogi 16 1.21% 0.05% -0.21% Roche Holding 15 2.58% 0.94% -0.20% Haier Smart Home 14 1.50% 0.04% -0.20% ASML 13 - 1.10% -0.19% XP 12 0.57% - -0.19% Chugai Pharmaceutical 11 1.68% 0.07% -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. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 03/31/2023 View Allocation Details Allocation Details Harding Loevner International Equity Portfolio (HLMNX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI ex USA Index Financials 18.12% 19.93% Information Technology 16.91% 11.81% Industrials 16.66% 12.70% Consumer Staples 12.65% 8.88% Health Care 11.61% 9.57% Materials 8.90% 8.26% Consumer Discretionary 4.63% 11.92% Cash & Other 4.36% 0.00% Communication Services 2.86% 6.05% Energy 1.98% 5.54% Utilities 1.31% 3.22% Real Estate 0.00% 2.12% As of: 03/31/2023 Investment Allocation 03/31/2023 Stocks 95.64% Bonds 0.00% Cash and Other 4.36% As of: 03/31/2023 Country Fund MSCI ACWI ex USA Index Japan 14.05% 13.93% France 9.38% 8.12% China 9.26% 9.06% Sweden 8.82% 2.18% Germany 8.78% 5.61% Switzerland 7.93% 6.45% United Kingdom 6.37% 9.58% Canada 3.86% 7.52% South Korea 3.41% 3.31% Singapore 2.94% 0.98% India 2.44% 3.60% Taiwan 2.36% 4.22% Australia 2.18% 4.83% Mexico 2.15% 0.73% Hong Kong 2.14% 1.77% % in Top 15 Countries 86.07% 81.89% As of: 03/31/2023 Region Fund MSCI ACWI ex USA Index Developed 72.62% 72.27% Europe & Middle East 46.01% 43.10% North America 5.29% 7.52% Pacific 21.31% 21.65% Emerging 23.02% 27.73% Asia 18.85% 21.90% Latin America 4.17% 2.34% Europe & Middle East 0.00% 2.49% Africa 0.00% 1.00% 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 4.36% 0.00% As of: 03/31/2023 Industry Fund Machinery 12.49% Banks 10.96% Semiconductors & Semiconductor Equipment 7.57% Insurance 6.70% Pharmaceuticals 5.54% Personal Care Products 4.94% Chemicals 4.68% Metals & Mining 4.21% Health Care Equipment & Supplies 3.62% Technology Hardware, Storage & Peripherals 3.41% % in Top 10 Industries 64.12% As of: 03/31/2023 Read Important Investment Disclosures Investment Approach Investment Approach Harding Loevner International Equity Portfolio The International Equity Portfolio invests in high-quality, growing companies outside of 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, and seeks to realize superior risk-adjusted returns. A World of Opportunity While the U.S. stock market has rebounded from the COVID-19 Global Pandemic, uncertainty remains high. U.S. investors who have stayed invested are back to enjoying strong returns and continue to question the need to allocate beyond the U.S. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad. Read More About About Harding Loevner Background Harding Loevner manages global and non-U.S. equity portfolios following a consistent philosophy focused on long-term investment in growing companies with high-quality fundamentals. The Firm believes diversified portfolios of the stocks of companies meeting its quality-growth criteria, purchased at reasonable prices, offer superior risk-adjusted returns over the long term. Learn More More 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 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 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