Fund Overview Fund Overview Share Class Investor Investor Institutional Institutional Class Z NAV | as of 12/06/2022 $24.29 -$0.25 (-1.02%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 399 Foreign Large Growth funds as of 11/30/2022 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 11/30/2022 = $23,554.72 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 800.835.3879 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. 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 2021 Year End Distributions View All Documents Ferrill Roll, CFA CIO, PORTFOLIO MANAGER See Our Approach Read Bio Andrew West, CFA PORTFOLIO MANAGER, PARTNER 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 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 11/30/2022 Overall Rating (of 399) 3 Years (of 399) 5 Years (of 343) 10 Years (of 224) Category Foreign Large Growth Read Important Investment Disclosures Ferrill Roll, CFA CIO, PORTFOLIO MANAGER Ferrill Roll is the chief investment officer, a co-lead portfolio manager of the International Equity strategy, and a Financials analyst. Ferrill is a Partner of the firm and has over 35 years of industry experience. He joined Harding Loevner in 1996. Ferrill has extensive experience across a wide range of international markets, including serving 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. Ferrill began his career at JP Morgan, where he established the currency options trading department and advised corporate clients on foreign exchange markets. He graduated from Stanford University with a BA in Economics and is a CFA® charterholder. Andrew West, CFA PORTFOLIO MANAGER, PARTNER Andrew West a portfolio manager of the International Equity strategy and a Consumer Discretionary and Industrials analyst. 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. 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 emerging markets. He is also a portfolio manager on the International Equity strategy. He has over 10 years of experience. He joined Harding Loevner in 2012 after serving 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, Imperial College at the University of London with an MSc in Food Chain Management, and the Wharton School at the University of Pennsylvania with an MBA in Finance and Management. He is also a CFA® charterholder. Patrick Todd, CFA PORTFOLIO MANAGER Patrick Todd is a portfolio manager of the International Equity strategy and a Health Care and Real Estate analyst. Patrick joined Harding Loevner in 2012 and has over 10 years of industry experience. He previously worked at Gabelli & Company as a research analyst, Ironbound Capital as a research analyst, and Merrill Lynch Investment Managers as a portfolio specialist. Patrick 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. 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 800.835.3879 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. 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 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: 11/30/2022 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. 2.09 1.53 1.56 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. 20.34 17.95 15.17 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 0.10 0.33 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. 109.23 106.66 103.56 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. 99.37 98.81 97.53 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. 1.00 1.00 0.99 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. 90.60 91.47 90.80 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.24 5.24 4.60 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 Fund Assets (Mil.$) $14,096 Number of Holdings 60 2,274 Weighted Avg. Market Cap (Mil.$) $85,051 $71,332 Median Market Cap (Mil.$) $45,251 $34,970 Weighted Avg. P/E (Trailing EPS) 14.56 11.06 Weighted Avg. P/B 2.27 1.57 EPS Growth (Trailing 5-yr %) 12.28% 10.84% Revenue Growth (Trailing 5-yr %) 6.72% 6.15% Return on Equity 14.79% 13.92% Weighted Avg. Dividend Yield 2.72% 3.51% Debt to Equity 45.4 63.83 Trailing 12-Months Portfolio Turnover 16% As of: 09/30/2022 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. 2.09 1.53 1.56 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. 20.34 17.95 15.17 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 0.10 0.33 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. 109.23 106.66 103.56 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. 99.37 98.81 97.53 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. 1.00 1.00 0.99 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. 90.60 91.47 90.80 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 6.24 5.24 4.60 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. 0.32 0.27 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. 3.08 1.70 5.06 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: 11/30/2022 Market Cap Fund MSCI ACWI ex USA Index Market Cap ($mm) 0 - 1,000 0.00% 0.03% Market Cap ($mm) 1,000 - 1,500 0.00% 0.11% Market Cap ($mm) 1,500 - 2,500 0.00% 0.57% Market Cap ($mm) 2,500 - 5,000 0.00% 4.86% Market Cap ($mm) 5,000 - 10,000 2.82% 12.11% Market Cap ($mm) 10,000 - 25,000 25.49% 22.79% Market Cap ($mm) 25,000 - 50,000 24.42% 20.58% Market Cap ($mm) 50,000 - 100,000 22.10% 18.21% Market Cap ($mm) 100,000 - 200,000 12.15% 11.43% Market Cap ($mm) 200,000 - 13.02% 9.28% Market Cap – NA 0.00% 0.02% As of: 09/30/2022 Valuation Characteristics Fund MSCI ACWI ex USA Index P/E 0-10 18.17% 29.06% P/E 10-15 17.53% 19.87% P/E 15-20 26.40% 12.67% P/E 20-25 11.05% 10.13% P/E 25-Above 26.85% 24.23% P/E – NA 0.00% 4.04% As of: 09/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2022 L'Oréal 3.45% Roche 3.41% DBS Group 3.38% Samsung Electronics 3.09% Atlas Copco 2.97% AIA Group 2.85% BHP 2.79% ICICI Bank ADR 2.55% Schneider Electric 2.49% Tencent 2.48% % in Top 10 Holdings 29.47% View Holding Details Holding Details Harding Loevner International Equity Portfolio (HLMNX) Top 10 Holdings (Equity) All Holdings Fund Holdings 09/30/2022 L'Oréal 3.45% Roche 3.41% DBS Group 3.38% Samsung Electronics 3.09% Atlas Copco 2.97% AIA Group 2.85% BHP 2.79% ICICI Bank ADR 2.55% Schneider Electric 2.49% Tencent 2.48% % in Top 10 Holdings 29.47% As of: 09/30/2022 Download All Holdings (PDF) As of: 09/30/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund OR_FP L'Oreal Consumer Staples S FR EUR 1,526,746 318.42 $486,143,215 3.45% ROG_SW Roche Holding Health Care S CH CHF 1,471,067 326.06 $479,654,692 3.41% DBS_SP DBS Group Financials S SG SGD 20,587,380 23.12 $475,979,573 3.38% SMSN_LI Samsung Electronics (Voting) GDR Reg S Information Technology S KR USD 480,232 906.54 $435,348,143 3.09% ATCOA_SS Atlas Copco AB Industrials S SE SEK 45,148,147 9.26 $418,080,454 2.97% 1299_HK AIA Group Financials S HK HKD 48,399,774 8.30 $401,841,871 2.85% BHP BHP ADR Materials S AU USD 7,839,995 50.04 $392,313,350 2.79% IBN ICICI Bank ADR Financials S IN USD 17,109,298 20.97 $358,781,979 2.55% SU_FP Schneider Electric SE Industrials S FR EUR 3,128,785 112.19 $351,021,210 2.49% 700_HK Tencent Holdings Communication Services S CN HKD 10,330,400 33.77 $348,878,255 2.48% SEBA_SS SE Banken Financials S SE SEK 36,088,274 9.49 $342,558,847 2.43% IFX_GR Infineon Technologies Information Technology S DE EUR 14,773,307 22.16 $327,384,473 2.33% TSM Taiwan Semiconductor ADR Information Technology S TW USD 4,420,160 68.56 $303,046,170 2.15% SHEL_LN Shell Energy S GB GBP 12,030,479 24.88 $299,321,906 2.13% ALV_GR Allianz Financials S DE EUR 1,881,067 158.25 $297,680,104 2.11% LONN_SW Lonza Group Health Care S CH CHF 597,285 486.31 $290,464,994 2.06% RIO_LN Rio Tinto Materials S GB GBP 5,212,955 54.16 $282,352,022 2.01% TLKM_IJ Telkom Indonesia Communication Services S ID IDR 883,715,700 0.29 $257,423,165 1.83% FMX FEMSA ADR Consumer Staples S MX USD 3,938,663 62.75 $247,151,103 1.76% 600690_C1 Haier Smart Home Consumer Discretionary S CN CNY 68,902,888 3.47 $238,836,969 1.70% ADYEN_NA Adyen NV Information Technology S NL EUR 190,448 1,244.05 $236,926,490 1.68% 2688_HK ENN Energy Utilities S CN HKD 16,735,400 13.31 $222,688,049 1.58% 1093_HK CSPC Pharmaceutical Group Health Care S CN HKD 224,046,000 0.98 $220,002,225 1.56% ALC Alcon Health Care S CH USD 3,724,172 58.18 $216,672,327 1.54% ATD_CN Alimentation Couche-Tard Consumer Staples S CA CAD 5,318,600 40.26 $214,114,704 1.52% 4507_JP Shionogi Health Care S JP JPY 4,422,700 48.38 $213,957,323 1.52% 8113_JP Unicharm Consumer Staples S JP JPY 6,485,300 32.69 $211,984,216 1.51% ALFA_SS Alfa Laval Industrials S SE SEK 8,529,024 24.71 $210,711,282 1.50% SY1_GR Symrise Materials S DE EUR 2,117,703 98.40 $208,384,580 1.48% NSRGY Nestle ADR Consumer Staples S CH USD 1,910,172 107.61 $205,553,609 1.46% 6326_JP Kubota Industrials S JP JPY 14,719,500 13.87 $204,117,652 1.45% ABEV Ambev ADR Consumer Staples S BR USD 71,191,408 2.83 $201,471,685 1.43% BBVA_SM BBVA Financials S ES EUR 44,579,968 4.49 $200,233,607 1.42% STAN_LN Standard Chartered PLC Financials S GB GBP 31,830,722 6.29 $200,210,046 1.42% HDB HDFC Bank ADR Financials S IN USD 3,390,097 58.42 $198,049,467 1.41% LIN_GR Linde Materials S US EUR 700,418 273.47 $191,541,124 1.36% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 7,607,800 24.97 $189,959,671 1.35% DSY_FP Dassault Systemes SE Information Technology S FR EUR 5,463,510 34.37 $187,800,988 1.33% EPIA_SS Epiroc Industrials S SE SEK 13,102,934 14.30 $187,420,272 1.33% CNI Canadian National Railway Industrials S CA USD 1,708,968 107.99 $184,551,454 1.31% MFC_CN Manulife Financial Financials S CA CAD 11,072,500 15.69 $173,780,577 1.23% 6301_JP Komatsu Industrials S JP JPY 9,338,300 18.08 $168,873,001 1.20% SAP SAP ADR Information Technology S DE USD 2,049,370 81.25 $166,511,313 1.18% 6861_JP Keyence Information Technology S JP JPY 500,434 332.00 $166,145,572 1.18% KER_FP Kering Consumer Discretionary S FR EUR 359,383 442.22 $158,925,879 1.13% 7309_JP Shimano Consumer Discretionary S JP JPY 954,800 157.60 $150,478,280 1.07% 6869_JP Sysmex Health Care S JP JPY 2,695,407 53.82 $145,066,826 1.03% SOON_SW Sonova Holding Health Care S CH CHF 646,637 219.91 $142,201,748 1.01% 4911_JP Shiseido Consumer Staples S JP JPY 3,922,800 35.00 $137,309,121 0.98% AI_FP Air Liquide Materials S FR EUR 1,187,610 113.87 $135,229,329 0.96% NZYMB_DC Novozymes Materials S DK DKK 2,652,982 49.88 $132,322,158 0.94% 6383_JP Daifuku Industrials S JP JPY 2,815,600 46.99 $132,304,746 0.94% 002050_C2 Sanhua Intelligent Controls Industrials S CN CNY 38,152,837 3.44 $131,324,096 0.93% XP XP Financials S BR USD 6,831,444 19.01 $129,865,750 0.92% 9843_JP Nitori Holdings Consumer Discretionary S JP JPY 1,483,700 83.68 $124,157,290 0.88% 2318_HK Ping An Insurance Financials S CN HKD 23,935,000 4.97 $119,012,234 0.85% 6954_JP Fanuc Industrials S JP JPY 767,500 138.34 $106,174,321 0.75% WDS Woodside Energy Group Energy S AU USD 2,833,306 20.16 $57,119,449 0.41% LKOH_RU LUKOIL PJSC Energy S RU USD 4,279,605 - - - YNDX Yandex Communication Services S RU USD 2,609,766 - - - Cash Cash C - - $459,208,600 3.26% Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 09/30/2022 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 20.59% 20.68% Industrials 14.88% 12.05% Health Care 13.48% 9.60% Information Technology 12.95% 10.75% Consumer Staples 12.10% 9.36% Materials 9.53% 8.17% Consumer Discretionary 4.78% 11.44% Communication Services 4.31% 6.05% Cash & Other 3.26% 0.00% Energy 2.53% 6.17% Utilities 1.58% 3.36% Real Estate 0.00% 2.37% As of: 09/30/2022 Investment Allocation 09/30/2022 Stocks 96.74% Bonds 0.00% Cash and Other 3.26% As of: 09/30/2022 Country Fund MSCI ACWI ex USA Index Japan 13.86% 14.13% Switzerland 9.48% 6.71% France 9.37% 7.07% China 9.10% 9.18% Sweden 8.23% 2.13% Germany 7.10% 4.73% United Kingdom 5.55% 9.70% Canada 4.07% 8.25% India 3.96% 4.49% Singapore 3.38% 0.99% Australia 3.19% 4.99% South Korea 3.09% 3.12% Hong Kong 2.85% 1.89% Brazil 2.35% 1.69% Taiwan 2.15% 4.05% % in Top 15 Countries 87.73% 83.12% As of: 09/30/2022 Region Fund MSCI ACWI ex USA Index Developed 72.50% 70.71% Europe & Middle East 43.79% 40.34% North America 5.43% 8.25% Pacific 23.29% 22.12% Emerging 24.24% 29.29% Asia 20.13% 22.77% Latin America 4.11% 2.63% Europe & Middle East 0.00% 2.86% Africa 0.00% 1.03% 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 3.26% 0.00% As of: 09/30/2022 Industry Fund MSCI ACWI ex USA Index Banks 12.62% 12.70% Machinery 11.08% 1.87% Pharmaceuticals 7.84% 6.41% Insurance 7.05% 4.48% Metals & Mining 4.79% 3.95% Chemicals 4.74% 3.16% Semiconductors & Semiconductor Equipment 4.48% 4.01% Personal Products 4.43% 1.58% Health Care Equipment & Supplies 3.58% 1.20% Beverages 3.19% 1.97% % in Top 10 Industries 63.8% 41.33% As of: 09/30/2022 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 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 HLRGX Harding Loevner Global Equity Research Portfolio The Fund 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 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