Fund Overview Fund Overview Share Class Investor Investor Institutional NAV | as of 12/05/2023 $25.42 -$0.14 (-0.55%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 383 Foreign Large Growth funds as of 10/31/2023 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 11/30/2023 = $24,766.62 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. 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. 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 2023 Distributions Estimates 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 10/31/2023 Overall Rating (of 383) 3 Years (of 383) 5 Years (of 332) 10 Years (of 229) 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 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: 1.11% 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: 11/30/2023 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. -1.58 0.76 1.40 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. 18.48 18.63 15.77 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. -0.12 0.21 0.23 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. 106.87 110.98 108.01 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. 108.83 102.14 98.84 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. 1.10 1.01 1.01 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. 91.27 92.09 91.25 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. 5.67 5.24 4.67 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.$) $13,825 Number of Holdings 61 2,320 Weighted Avg. Market Cap (Mil.$) $91,844 $85,947 Median Market Cap (Mil.$) $49,290 $42,299 Weighted Avg. P/E (Trailing EPS) 15.59 12.66 Weighted Avg. P/B 2.48 1.73 EPS Growth (Trailing 5-yr %) 10.64% 8.51% Revenue Growth (Trailing 5-yr %) 6.02% 5.67% Return on Equity 16.96% 13.97% Weighted Avg. Dividend Yield 2.43% 3.16% Debt to Equity 46.11 61.54 Trailing 12-Months Portfolio Turnover 17% As of: 09/30/2023 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. -1.58 0.76 1.40 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. 18.48 18.63 15.77 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. -0.12 0.21 0.23 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. 106.87 110.98 108.01 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. 108.83 102.14 98.84 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. 1.10 1.01 1.01 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. 91.27 92.09 91.25 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. 5.67 5.24 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. -0.30 0.14 0.29 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. -1.94 3.88 3.54 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: 11/30/2023 Market Cap Fund MSCI ACWI ex USA Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.04% Market Cap ($mm) 1,500 - 2,500 0.00% 0.36% Market Cap ($mm) 2,500 - 5,000 0.00% 3.32% Market Cap ($mm) 5,000 - 10,000 2.55% 11.80% Market Cap ($mm) 10,000 - 25,000 23.57% 20.38% Market Cap ($mm) 25,000 - 50,000 23.42% 19.18% Market Cap ($mm) 50,000 - 100,000 25.67% 20.27% Market Cap ($mm) 100,000 - 200,000 7.57% 10.03% Market Cap ($mm) 200,000 - 15.96% 14.62% Market Cap – NA 1.25% 0.00% As of: 09/30/2023 Valuation Characteristics Fund MSCI ACWI ex USA Index P/E 0-10 15.07% 21.40% P/E 10-15 26.63% 23.89% P/E 15-20 12.78% 14.21% P/E 20-25 9.98% 9.71% P/E 25-Above 34.28% 27.74% P/E – NA 1.25% 3.05% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Samsung Electronics 3.65% Chugai Pharmaceutical 3.26% Schneider Electric 3.12% DBS Group 3.05% Infineon Technologies 2.96% Allianz 2.71% FEMSA 2.60% SE Banken 2.60% L'Oréal 2.52% Haleon 2.49% % in Top 10 Holdings 28.95% View Holding Details Holding Details Harding Loevner International Equity Portfolio (HLMNX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Samsung Electronics 3.65% Chugai Pharmaceutical 3.26% Schneider Electric 3.12% DBS Group 3.05% Infineon Technologies 2.96% Allianz 2.71% FEMSA 2.60% SE Banken 2.60% L'Oréal 2.52% Haleon 2.49% % in Top 10 Holdings 28.95% As of: 09/30/2023 Download All Holdings (PDF) As of: 09/30/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SMSN_LI Samsung Electronics (Voting) GDR Reg S Information Technology S KR USD 396,206 1,257.87 $498,375,879 3.65% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 14,377,700 30.99 $445,495,376 3.26% SU_FP Schneider Electric SE Industrials S FR EUR 2,581,344 164.86 $425,567,533 3.12% DBS_SP DBS Group Financials S SG SGD 16,985,180 24.55 $417,062,484 3.05% IFX_GR Infineon Technologies Information Technology S DE EUR 12,188,431 33.16 $404,228,435 2.96% ALV_GR Allianz Financials S DE EUR 1,551,938 238.46 $370,077,416 2.71% FMX FEMSA ADR Consumer Staples S MX USD 3,249,518 109.15 $354,684,890 2.60% SEBA_SS SE Banken Financials S SE SEK 29,773,933 11.91 $354,640,432 2.60% OR_FP L'Oreal Consumer Staples S FR EUR 829,997 414.14 $343,734,418 2.52% HLN_LN Haleon Consumer Staples S GB GBP 82,027,220 4.15 $340,377,371 2.49% MFC_CN Manulife Financial Financials S CA CAD 18,487,500 18.27 $337,831,585 2.47% TSM Taiwan Semiconductor ADR Information Technology S TW USD 3,646,768 86.90 $316,904,139 2.32% SHEL_LN Shell Energy S GB GBP 9,925,514 31.75 $315,135,288 2.31% BBVA_SM BBVA Financials S ES EUR 36,779,841 8.14 $299,481,240 2.19% BHP BHP ADR Materials S AU USD 4,941,355 56.88 $281,064,272 2.06% RIO_LN Rio Tinto Materials S GB GBP 4,300,847 62.82 $270,166,890 1.98% ROG_SW Roche Holding Health Care S CH CHF 973,550 272.77 $265,550,542 1.94% 002050_C2 Sanhua Intelligent Controls Industrials S CN CNY 63,445,483 4.07 $257,953,355 1.89% ALC Alcon Health Care S CH USD 3,209,845 77.06 $247,350,656 1.81% ALFA_SS Alfa Laval Industrials S SE SEK 7,036,706 34.21 $240,750,222 1.76% ATCOA_SS Atlas Copco AB Industrials S SE SEK 17,819,885 13.40 $238,748,609 1.75% 1299_HK AIA Group Financials S HK HKD 29,490,974 8.09 $238,554,446 1.75% LONN_SW Lonza Group Health Care S CH CHF 492,778 462.65 $227,982,255 1.67% ATD_CN Alimentation Couche-Tard Consumer Staples S CA CAD 4,388,000 50.79 $222,848,695 1.63% SAP SAP ADR Information Technology S DE USD 1,690,793 129.32 $218,653,351 1.60% GMAB_DC Genmab Health Care S DK DKK 611,797 353.88 $216,502,881 1.58% LIN New Linde PLC Materials S US USD 577,866 372.35 $215,168,405 1.58% 6301_JP Komatsu Industrials S JP JPY 7,704,400 27.02 $208,208,563 1.52% EPIA_SS Epiroc Industrials S SE SEK 10,810,323 18.93 $204,614,079 1.50% 8113_JP Unicharm Consumer Staples S JP JPY 5,350,600 35.28 $188,779,784 1.38% 600690_C1 Haier Smart Home Consumer Discretionary S CN CNY 57,337,888 3.26 $187,122,520 1.37% TLKM_IJ Telkom Indonesia Communication Services S ID IDR 735,388,700 0.24 $178,360,428 1.31% NSRGY Nestle ADR Consumer Staples S CH USD 1,575,951 113.17 $178,350,375 1.31% IBN ICICI Bank ADR Financials S IN USD 7,576,466 23.12 $175,167,894 1.28% 700_HK Tencent Holdings Communication Services S CN HKD 4,397,910 38.76 $170,441,248 1.25% DSY_FP Dassault Systemes SE Information Technology S FR EUR 4,507,564 37.18 $167,585,509 1.23% SY1_GR Symrise Materials S DE EUR 1,747,170 95.52 $166,884,424 1.22% AI_FP Air Liquide Materials S FR EUR 979,814 168.52 $165,115,320 1.21% HDB HDFC Bank ADR Financials S IN USD 2,796,934 59.01 $165,047,075 1.21% 601012_C1 LONGi Green Energy Technology Information Technology S CN CNY 44,071,950 3.74 $164,936,585 1.21% 4507_JP Shionogi Health Care S JP JPY 3,648,900 44.72 $163,161,693 1.19% 6861_JP Keyence Information Technology S JP JPY 412,934 371.67 $153,475,743 1.12% CNI Canadian National Railway Industrials S CA USD 1,409,951 108.33 $152,739,992 1.12% ABEV Ambev ADR Consumer Staples S BR USD 58,735,096 2.58 $151,536,548 1.11% ASSAB_SS Assa Abloy Industrials S SE SEK 6,527,746 21.79 $142,212,299 1.04% 9843_JP Nitori Holdings Consumer Discretionary S JP JPY 1,224,100 111.97 $137,065,316 1.00% KER_FP Kering Consumer Discretionary S FR EUR 296,502 454.66 $134,808,165 0.99% BAP Credicorp Financials S PE USD 1,030,449 127.97 $131,866,559 0.97% 6383_JP Daifuku Industrials S JP JPY 6,968,800 18.91 $131,769,536 0.96% XP XP Financials S BR USD 5,636,151 23.05 $129,913,281 0.95% SOON_SW Sonova Holding Health Care S CH CHF 533,495 236.98 $126,426,700 0.93% ADYEN_NA Adyen NV Financials S NL EUR 157,125 741.27 $116,471,640 0.85% 2688_HK ENN Energy Utilities S CN HKD 13,807,200 8.27 $114,118,065 0.84% 4911_JP Shiseido Consumer Staples S JP JPY 3,236,500 35.11 $113,619,553 0.83% 2318_HK Ping An Insurance Financials S CN HKD 19,747,000 5.66 $111,850,957 0.82% 7309_JP Shimano Consumer Discretionary S JP JPY 787,700 135.03 $106,361,379 0.78% 6869_JP Sysmex Health Care S JP JPY 2,223,807 47.69 $106,053,472 0.78% NZYMB_DC Novozymes Materials S DK DKK 2,188,792 40.31 $88,237,458 0.65% 6954_JP Fanuc Industrials S JP JPY 3,166,000 26.10 $82,642,354 0.60% LKOH_RU LUKOIL PJSC Energy S RU USD 4,279,605 - $0 - YNDX Yandex Communication Services S RU USD 1,690,530 - $0 - Cash Cash C - - $580,349,898 4.25% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Chugai Pharmaceutical 1 2.92% 0.08% 0.36% DBS Group 2 2.89% 0.19% 0.28% SE Banken 3 2.41% 0.08% 0.28% BBVA 4 1.99% 0.20% 0.18% ASML 5 - 1.12% 0.17% LVMH 6 - 1.00% 0.17% Shell 7 2.12% 0.87% 0.14% Allianz 8 2.58% 0.40% 0.13% Haleon 9 2.35% 0.09% 0.13% Shionogi 10 1.10% 0.05% 0.12% As of: 09/30/2023 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 Adyen NV 20 1.38% 0.12% -0.90% Infineon Technologies 19 3.17% 0.20% -0.50% ENN Energy 18 0.95% 0.03% -0.33% Lonza Group 17 1.91% 0.17% -0.33% Sysmex 16 0.90% 0.04% -0.25% AIA Group 15 1.89% 0.45% -0.23% Novo Nordisk 14 - 1.21% -0.19% Ambev 13 1.19% 0.06% -0.18% Shiseido 12 0.94% 0.07% -0.16% Keyence 11 1.23% 0.35% -0.16% As of: 09/30/2023 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: 09/30/2023 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 20.85% 21.21% Industrials 15.26% 13.07% Information Technology 14.09% 11.31% Consumer Staples 13.86% 8.37% Health Care 13.17% 9.65% Materials 8.69% 7.87% Cash & Other 4.25% 0.00% Consumer Discretionary 4.14% 11.89% Communication Services 2.55% 5.48% Energy 2.31% 6.00% Utilities 0.84% 3.13% Real Estate 0.00% 2.02% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 95.75% Bonds 0.00% Cash and Other 4.25% As of: 09/30/2023 Country Fund MSCI ACWI ex USA Index Japan 13.45% 14.69% France 9.05% 7.72% Sweden 8.65% 2.01% Germany 8.49% 5.33% Switzerland 7.65% 6.37% China 7.37% 8.49% United Kingdom 6.78% 9.82% Canada 5.22% 7.58% South Korea 3.65% 3.45% Singapore 3.05% 0.94% Mexico 2.60% 0.71% India 2.49% 4.45% Taiwan 2.32% 4.17% Denmark 2.23% 2.09% Spain 2.19% 1.69% % in Top 15 Countries 85.19% 79.51% As of: 09/30/2023 Region Fund MSCI ACWI ex USA Index Developed 73.00% 71.68% Europe & Middle East 45.90% 42.15% North America 6.80% 7.58% Pacific 20.30% 21.95% Emerging 22.75% 28.32% Asia 17.13% 22.22% Latin America 5.62% 2.48% Europe & Middle East 0.00% 2.73% Africa 0.00% 0.89% 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 4.25% 0.00% As of: 09/30/2023 Industry Fund MSCI ACWI ex USA Index Banks 11.30% 12.92% Machinery 9.99% 2.11% Insurance 7.75% 4.70% Semiconductors & Semiconductor Equipment 6.49% 4.62% Pharmaceuticals 6.40% 6.55% Personal Care Products 5.84% 1.50% Chemicals 4.65% 2.90% Metals & Mining 4.04% 3.88% Beverages 3.71% 1.73% Technology Hardware, Storage & Peripherals 3.65% 2.01% % in Top 10 Industries 63.82% 42.92% As of: 09/30/2023 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. Investing Without Borders The challenging stock and bond markets of 2022 caught investors off guard. In the decade leading up to that year’s downturn, markets got used to an environment of easy money in which interest rates that were below historic averages stoked an era of unprecedented growth in the U.S. 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 Harding Loevner Global Equity ADR Strategy View SMA Details Harding Loevner International Equity ADR Strategy View SMA 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