Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 877.435.8105 Share Class Investor Investor Institutional NAV | as of 04/17/2024 $25.24 -$0.02 (-0.08%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 383 Foreign Large Growth funds as of 03/31/2024 View Morningstar Details Morningstar Medalist Rating as of 03/26/2024 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 09/30/2005 to 03/31/2024 = $26,530.71 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. SEE ALL PERFORMANCE Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and 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. Current performance of the Portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 877.435.8105 or visiting hardingloevnerfunds.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. 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 2023 Distributions View All Documents 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 03/31/2024 Overall Rating (of 383) 3 Years (of 383) 5 Years (of 327) 10 Years (of 223) 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. 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. Uday Cheruvu, CFA PORTFOLIO MANAGER Uday Cheruvu is a member of the portfolio management team for the International Equity Strategy. He is also an Information Technology and Communication Services analyst. He has over 20 years of industry experience. Before joining Harding Loevner in 2020, he served as a portfolio manager and investment analyst of global equities at PM Capital. He has also served as an associate at Affinity Equity Partners and an investment banking analyst at Credit Suisse. Uday is a University of Melbourne alumnus, with a BEng in software engineering and a Bachelor of Commerce, and he holds an MA in applied finance from Macquarie University. He is also a CFA® charterholder. Performance Performance Read Important Investment Disclosures Returns Trailing Returns Trailing Returns Monthly Quarterly Calendar Year Returns Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and 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. Current performance of the Portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 877.435.8105 or visiting hardingloevnerfunds.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. Expense Ratios Gross Expense Ratio: 1.15% Net Expense Ratio: 1.15% 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 19, 2023 $0.899785 $0.434533 — $0.465252 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 Statistics As of: 03/31/2024 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. -2.02 0.20 1.23 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. 18.53 18.43 15.66 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. -0.16 0.22 0.26 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. 109.09 109.19 105.60 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. 111.02 103.01 98.75 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. 1.09 1.01 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. 91.04 91.58 91.09 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. 5.75 5.35 4.67 View All Characteristics & Statistics All Characteristics & Statistics 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.$) $14,602 Number of Holdings 60 2,231 Weighted Avg. Market Cap (Mil.$) $117,062 $106,714 Median Market Cap (Mil.$) $69,080 $51,097 Weighted Avg. P/E (Trailing EPS) 18.14 15.13 Weighted Avg. P/B 2.63 1.93 EPS Growth (Trailing 5-yr %) 11.16% 7.97% Revenue Growth (Trailing 5-yr %) 5.83% 5.25% Return on Equity 17.02% 14.07% Weighted Avg. Dividend Yield 2.18% 2.84% Debt to Equity 43.7 61.43 Trailing 12-Months Portfolio Turnover 18% As of: 03/31/2024 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. -2.02 0.20 1.23 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. 18.53 18.43 15.66 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. -0.16 0.22 0.26 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. 109.09 109.19 105.60 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. 111.02 103.01 98.75 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. 1.09 1.01 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. 91.04 91.58 91.09 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. 5.75 5.35 4.67 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. -0.37 0.03 0.25 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. -2.66 3.99 4.03 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: 03/31/2024 Market Cap Fund MSCI ACWI ex USA Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.03% Market Cap ($mm) 1,500 - 2,500 0.00% 0.12% Market Cap ($mm) 2,500 - 5,000 0.00% 2.44% Market Cap ($mm) 5,000 - 10,000 1.82% 9.42% Market Cap ($mm) 10,000 - 25,000 18.55% 19.33% Market Cap ($mm) 25,000 - 50,000 20.82% 18.16% Market Cap ($mm) 50,000 - 100,000 24.10% 22.69% Market Cap ($mm) 100,000 - 200,000 14.20% 11.71% Market Cap ($mm) 200,000 - 20.50% 16.11% Market Cap – NA 0.00% 0.00% As of: 03/31/2024 Valuation Characteristics Fund MSCI ACWI ex USA Index P/E 0-10 9.94% 16.30% P/E 10-15 24.16% 18.59% P/E 15-20 11.39% 13.66% P/E 20-25 7.15% 14.62% P/E 25-Above 47.36% 34.41% P/E – NA 0.00% 2.42% As of: 03/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 03/31/2024 Samsung Electronics 3.78% TSMC 3.65% Allianz 2.99% Manulife 2.97% DBS Group 2.92% BBVA 2.82% Chugai Pharmaceutical 2.75% FEMSA 2.72% Infineon Technologies 2.66% Schneider Electric 2.60% % in Top 10 Holdings 29.86% View Holding Details Holding Details Harding Loevner International Equity Portfolio (HLMNX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 03/31/2024 Samsung Electronics 3.78% TSMC 3.65% Allianz 2.99% Manulife 2.97% DBS Group 2.92% BBVA 2.82% Chugai Pharmaceutical 2.75% FEMSA 2.72% Infineon Technologies 2.66% Schneider Electric 2.60% % in Top 10 Holdings 29.86% As of: 03/31/2024 Download All Holdings (PDF) As of: 03/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SMSN_LI Samsung Electronics (Voting) GDR Reg S Information Technology S KR USD 371,438 1,486.09 $551,988,624 3.78% TSM Taiwan Semiconductor ADR Information Technology S TW USD 3,912,090 136.05 $532,239,845 3.65% ALV_GR Allianz Financials S DE EUR 1,454,922 299.69 $436,018,379 2.99% MFC_CN Manulife Financial Financials S CA CAD 17,331,800 24.98 $432,863,160 2.97% DBS_SP DBS Group Financials S SG SGD 15,923,380 26.75 $425,905,644 2.92% BBVA_SM BBVA Financials S ES EUR 34,480,619 11.91 $410,768,622 2.82% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 10,501,141 38.14 $400,538,962 2.75% FMX FEMSA ADR Consumer Staples S MX USD 3,046,380 130.27 $396,851,923 2.72% IFX_GR Infineon Technologies Information Technology S DE EUR 11,426,495 34.00 $388,451,792 2.66% SU_FP Schneider Electric SE Industrials S FR EUR 1,677,589 226.13 $379,357,022 2.60% SEBA_SS SE Banken Financials S SE SEK 27,912,672 13.53 $377,532,409 2.59% OR_FP L'Oreal Consumer Staples S FR EUR 778,112 474.26 $369,029,047 2.53% 6758_JP Sony Group Corp Consumer Discretionary S JP JPY 3,825,500 85.78 $328,141,878 2.25% HLN_LN Haleon Consumer Staples S GB GBP 76,899,444 4.20 $322,726,204 2.21% SAP SAP ADR Information Technology S DE USD 1,585,096 195.03 $309,141,273 2.12% SHEL_LN Shell Energy S GB GBP 9,305,040 33.18 $308,727,760 2.12% ATCOA_SS Atlas Copco AB Industrials S SE SEK 16,705,908 16.88 $281,917,634 1.93% BHP BHP ADR Materials S AU USD 4,632,455 57.69 $267,246,329 1.83% ALFA_SS Alfa Laval Industrials S SE SEK 6,596,820 39.31 $259,306,528 1.78% RIO_LN Rio Tinto Materials S GB GBP 4,031,988 63.46 $255,852,283 1.75% LIN New Linde PLC Materials S US USD 541,742 464.32 $251,541,645 1.72% ALC Alcon Health Care S CH USD 3,009,187 83.29 $250,635,185 1.72% ADYEN_NA Adyen NV Financials S NL EUR 147,303 1,693.92 $249,519,328 1.71% ATD_CN Alimentation Couche-Tard Consumer Staples S CA CAD 4,113,700 57.07 $234,786,569 1.61% ROG_SW Roche Holding Health Care S CH CHF 912,691 255.28 $232,988,875 1.60% 6301_JP Komatsu Industrials S JP JPY 7,222,700 29.22 $211,031,854 1.45% HDB HDFC Bank ADR Financials S IN USD 3,723,190 55.97 $208,386,944 1.43% SY1_GR Symrise Materials S DE EUR 1,637,949 119.71 $196,077,732 1.34% 002050_C2 Sanhua Intelligent Controls Industrials S CN CNY 58,970,083 3.31 $195,008,870 1.34% AI_FP Air Liquide Materials S FR EUR 918,563 208.40 $191,429,436 1.31% EPIA_SS Epiroc Industrials S SE SEK 10,134,536 18.86 $191,091,855 1.31% IBN ICICI Bank ADR Financials S IN USD 7,097,182 26.41 $187,436,577 1.29% DSY_FP Dassault Systemes SE Information Technology S FR EUR 4,225,782 44.23 $186,911,398 1.28% 1299_HK AIA Group Financials S HK HKD 27,647,374 6.71 $185,541,250 1.27% 600690_C1 Haier Smart Home Consumer Discretionary S CN CNY 53,416,888 3.45 $184,510,812 1.26% 6861_JP Keyence Information Technology S JP JPY 387,134 459.37 $177,839,202 1.22% ASSAB_SS Assa Abloy Industrials S SE SEK 6,119,676 28.68 $175,541,601 1.20% 4507_JP Shionogi Health Care S JP JPY 3,420,800 51.20 $175,130,136 1.20% CNI Canadian National Railway Industrials S CA USD 1,321,811 131.71 $174,095,727 1.19% GMAB_DC Genmab Health Care S DK DKK 573,551 299.19 $171,601,473 1.18% BNTX BioNTech SE Health Care S DE USD 1,855,233 92.25 $171,145,244 1.17% BAP Credicorp Financials S PE USD 966,033 169.43 $163,674,971 1.12% 700_HK Tencent Holdings Communication Services S CN HKD 4,115,010 39.02 $160,586,988 1.10% 8113_JP Unicharm Consumer Staples S JP JPY 5,016,100 31.93 $160,178,540 1.10% NSRGY Nestle ADR Consumer Staples S CH USD 1,475,332 106.20 $156,680,258 1.07% 6383_JP Daifuku Industrials S JP JPY 6,521,000 23.68 $154,388,057 1.06% 000858_C2 Wuliangye Yibin Consumer Staples S CN CNY 7,294,508 21.13 $154,159,595 1.06% MELI MercadoLibre Inc Consumer Discretionary S US USD 99,344 1,511.96 $150,204,154 1.03% TLKM_IJ Telkom Indonesia Communication Services S ID IDR 683,514,700 0.22 $149,910,822 1.03% ZTO ZTO Express Cayman ADR Industrials S CN USD 6,929,640 20.94 $145,106,662 0.99% SOON_SW Sonova Holding Health Care S CH CHF 499,145 289.43 $144,469,854 0.99% ABEV Ambev ADR Consumer Staples S BR USD 54,974,700 2.48 $136,337,256 0.93% XP XP Financials S BR USD 5,299,449 25.66 $135,983,861 0.93% NSISB_DC Novonesis Materials S DK DKK 2,051,963 58.69 $120,430,883 0.83% 7309_JP Shimano Consumer Discretionary S JP JPY 735,500 150.94 $111,019,785 0.76% 6869_JP Sysmex Health Care S JP JPY 6,222,321 17.58 $109,398,252 0.75% 2688_HK ENN Energy Utilities S CN HKD 13,026,100 7.72 $100,586,894 0.69% 2318_HK Ping An Insurance Financials S CN HKD 18,444,000 4.25 $78,462,166 0.54% COLOB_DC Coloplast Health Care S DK DKK 281,454 135.34 $38,091,218 0.26% LKOH_RU LUKOIL PJSC Energy S RU USD 4,279,605 - $0 - Cash Cash C - - $579,341,726 3.97% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect TSMC 1 4.01% 2.09% 0.60% BBVA 2 2.42% 0.23% 0.52% Adyen NV 3 1.51% 0.13% 0.32% Manulife Financial 4 2.80% 0.17% 0.23% SAP 5 1.97% 0.73% 0.23% Allianz 6 2.80% 0.43% 0.17% Schneider Electric SE 7 2.51% 0.46% 0.16% Linde 8 1.64% - 0.13% Haier Smart Home 9 1.20% 0.03% 0.13% Daifuku 10 0.99% 0.03% 0.12% As of: 03/31/2024 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 Infineon Technologies 20 2.93% 0.19% -0.69% Sanhua Intelligent Controls 19 1.40% 0.00% -0.43% AIA Group 18 1.53% 0.36% -0.36% HDFC Bank 17 1.49% 0.20% -0.32% Sony Group Corp 16 2.48% 0.46% -0.29% Rio Tinto 15 1.90% 0.30% -0.28% ASML 14 - 1.41% -0.28% BHP Billiton 13 1.95% 0.61% -0.27% Novo Nordisk 12 - 1.53% -0.26% Toyota Motor 11 - 0.92% -0.25% As of: 03/31/2024 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: 03/31/2024 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 22.57% 21.40% Industrials 14.86% 13.83% Information Technology 14.72% 13.36% Consumer Staples 13.24% 7.44% Health Care 11.61% 9.17% Materials 8.79% 7.43% Consumer Discretionary 5.31% 11.80% Cash & Other 3.97% 0.00% Communication Services 2.13% 5.08% Energy 2.12% 5.52% Utilities 0.69% 3.00% Real Estate 0.00% 1.96% As of: 03/31/2024 Investment Allocation 03/31/2024 Stocks 96.03% Bonds 0.00% Cash and Other 3.97% As of: 03/31/2024 Country Fund MSCI ACWI ex USA Index Japan 12.53% 15.26% Germany 10.29% 5.65% Sweden 8.81% 1.99% France 7.72% 7.86% China 6.98% 6.93% United Kingdom 6.08% 9.42% Canada 5.77% 7.62% Switzerland 5.38% 6.07% South Korea 3.78% 3.53% Taiwan 3.65% 4.86% Singapore 2.92% 0.85% Spain 2.82% 1.73% United States 2.75% 0.00% Mexico 2.72% 0.75% India 2.71% 4.88% % in Top 15 Countries 84.91% 77.4% As of: 03/31/2024 Region Fund MSCI ACWI ex USA Index Developed 72.16% 72.42% Europe & Middle East 45.08% 42.72% North America 8.53% 7.62% Pacific 18.55% 22.09% Emerging 23.87% 27.58% Asia 18.16% 21.69% Latin America 5.71% 2.44% Europe & Middle East 0.00% 2.66% Africa 0.00% 0.79% 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 3.97% 0.00% As of: 03/31/2024 Industry Fund MSCI ACWI ex USA Index Banks 12.16% 13.04% Machinery 8.86% 2.16% Insurance 7.77% 4.67% Semiconductors & Semiconductor Equipment 6.31% 6.20% Pharmaceuticals 5.54% 6.21% Chemicals 5.21% 2.75% Personal Care Products 4.74% 1.38% Beverages 4.71% 1.56% Technology Hardware, Storage & Peripherals 3.78% 2.14% Health Care Equipment & Supplies 3.72% 1.38% % in Top 10 Industries 62.8% 41.49% As of: 03/31/2024 Read Important Investment Disclosures About the Affiliate About Harding Loevner 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 About Harding Loevner's Approach FOUNDED 1989 AMG AFFILIATE SINCE 2009 HEADQUARTERS Bridgewater, NJ Portfolio Managers Ferrill D. Roll, CFA CIO, PORTFOLIO MANAGER Read full bio Andrew West, CFA PORTFOLIO MANAGER Read full bio Patrick Todd, CFA PORTFOLIO MANAGER Read full bio Uday Cheruvu, CFA PORTFOLIO MANAGER Read full bio 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. 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