Fund Overview Fund Overview Share Class Investor Investor Institutional NAV | as of 12/05/2023 $16.86 -$0.07 (-0.41%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 124 Foreign Small/Mid Growth funds as of 10/31/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/26/2007 to 11/30/2023 = $20,373.31 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 small 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 small cap investments 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 its high quality, growth investment philosophy Documents Fact Sheet Commentary Summary Prospectus Prospectus 2023 Distributions Estimates View All Documents Jafar Rizvi, CFA PORTFOLIO MANAGER See Our Approach Read Bio Anix Vyas, CFA PORTFOLIO MANAGER See Our Approach Read Bio Investment Style Harding Loevner International Small Companies Portfolio has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Harding Loevner International Small Companies Portfolio is categorized as Mid-Growth. It invests in medium-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2023 Overall Rating (of 124) 3 Years (of 124) 5 Years (of 112) 10 Years (of 78) Category Foreign Small/Mid Growth Read Important Investment Disclosures Jafar Rizvi, CFA PORTFOLIO MANAGER Jafar Rizvi is the co-lead portfolio manager for the International Small Companies Equity strategy and a communication services analyst. Jafar is a partner of the firm and has over 25 years of experience. Before joining Harding Loevner in 2008, he was a senior analyst at Cohen, Klingenstein & Marks, where he also followed the Information Technology and Telecom Services sectors. He previously worked as an analyst at Franklin Templeton, Sands Brothers & Co., and Deutsche Bank. Jafar is a graduate of Aligarh University with a BA in Economics, J Nehru University with an MA in Economics, Baruch College with an MBA in Computer Information Systems, and Columbia University with an MPA in International Economic Policy and Management. He is also a CFA® charterholder. Anix Vyas, CFA PORTFOLIO MANAGER Anix Vyas is a co-lead portfolio manager for the International Small Companies Equity strategy and an Industrials and Materials analyst. He is a partner of the firm and has over 20 years of industry experience. Prior to joining Harding Loevner in 2013, he served as an equity analyst at GAMCO Investors, formerly Gabelli Asset Management Company. He previously worked at Amerigas as Manager of Operations and Corporate Development and as an accountant at Bear, Stearns & Company and The Mony Group. Anix holds a BS/BA in Finance and Accounting and an MBA in Finance from The Wharton School at the University of Pennsylvania. 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: 1.45% Net Expense Ratio: 1.30% Expense Cap Expiration Date: 02/28/2024 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 $0.295008 $0.062236 — $0.232772 Dec 14, 2021 $0.614021 $0.008225 — $0.605796 Dec 15, 2020 $0.005506 $0.005506 — — Dec 17, 2019 $0.086860 $0.086860 — — Dec 18, 2018 $0.985519 $0.100589 — $0.884930 Dec 15, 2017 $0.191511 $0.045975 $0.075916 $0.069620 Dec 18, 2015 $0.205618 $0.071007 — $0.134611 Dec 19, 2014 $0.284114 $0.028663 $0.047329 $0.208122 Dec 20, 2013 $0.921223 $0.052555 $0.266590 $0.602078 Dec 20, 2012 $0.113092 $0.113092 — — Dec 19, 2011 $0.065636 $0.065636 — — Dec 16, 2010 $0.032057 $0.032057 — — Dec 17, 2009 $0.047900 $0.047900 — — Dec 17, 2008 $0.072300 $0.072300 — — Dec 13, 2007 $0.100200 $0.056800 $0.043400 — 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. -2.69 0.07 0.48 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. 18.40 19.93 16.04 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. -0.18 0.16 0.21 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. 99.05 99.98 87.16 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. 108.13 100.66 97.45 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. 1.01 0.94 0.93 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. 87.43 89.27 88.21 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. 6.53 6.62 5.64 View All Characteristics & Stats All Characteristics & Stats Harding Loevner International Small Companies Portfolio (HLMSX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI ACWI ex USA Small Cap Index Portfolio Assets (Mil.$) $479 Number of Holdings 85 4,419 Weighted Avg. Market Cap (Mil.$) $3,264 $2,340 Median Market Cap (Mil.$) $2,548 $1,976 Weighted Avg. P/E (Trailing EPS) 16.81 13.06 Weighted Avg. P/B 2.32 1.32 EPS Growth (Trailing 5-yr %) 8.62% 8.36% Revenue Growth (Trailing 5-yr %) 8.63% 5.51% Return on Equity 14.37% 10.96% Weighted Avg. Dividend Yield 2.40% 2.98% Debt to Equity 40.56 48.59 Trailing 12-Months Portfolio Turnover 33% 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. -2.69 0.07 0.48 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. 18.40 19.93 16.04 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. -0.18 0.16 0.21 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. 99.05 99.98 87.16 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. 108.13 100.66 97.45 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. 1.01 0.94 0.93 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. 87.43 89.27 88.21 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. 6.53 6.62 5.64 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. -0.45 -0.05 0.02 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. -3.30 3.39 3.58 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. -35.70 -35.70 -35.70 As of: 11/30/2023 Market Cap Fund MSCI ACWI ex USA Small Cap Index Market Cap ($mm) 0 - 1,000 13.69% 22.05% Market Cap ($mm) 1,000 - 1,500 14.34% 15.35% Market Cap ($mm) 1,500 - 2,500 21.63% 24.01% Market Cap ($mm) 2,500 - 5,000 28.92% 31.85% Market Cap ($mm) 5,000 - 10,000 19.93% 6.58% Market Cap ($mm) 10,000 - 25,000 1.48% 0.00% Market Cap ($mm) 25,000 - 50,000 0.00% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.16% As of: 09/30/2023 Valuation Characteristics Fund MSCI ACWI ex USA Small Cap Index P/E 0-10 12.23% 19.85% P/E 10-15 14.38% 20.31% P/E 15-20 13.96% 14.36% P/E 20-25 8.23% 8.59% P/E 25-Above 44.56% 27.79% P/E – NA 6.64% 9.10% As of: 09/30/2023 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2023 Hoa Phat Group 2.71% Max Financial 2.63% Senior 2.14% LEM Holdings 2.08% Bank of Georgia 2.07% Cyberark 2.03% Rubis 1.89% Siauliu Bankas 1.86% Fuchs Petrolub 1.80% Airtel Africa 1.77% % in Top 10 Holdings 20.96% View Holding Details Holding Details Harding Loevner International Small Companies Portfolio (HLMSX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2023 Hoa Phat Group 2.71% Max Financial 2.63% Senior 2.14% LEM Holdings 2.08% Bank of Georgia 2.07% Cyberark 2.03% Rubis 1.89% Siauliu Bankas 1.86% Fuchs Petrolub 1.80% Airtel Africa 1.77% % in Top 10 Holdings 20.96% As of: 09/30/2023 Download All Holdings (PDF) As of: 09/30/2023 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund HPG_VN Hoa Phat Group Materials S VN VND 12,376,954 1.08 $13,382,900 2.71% MAXF_IN Max Financial Services Financials S IN INR 1,184,325 10.96 $12,975,778 2.63% SNR_LN Senior Industrials S GB GBP 5,329,288 1.98 $10,555,809 2.14% LEHN_SW LEM Holding Information Technology S CH CHF 4,610 2,232.98 $10,294,032 2.08% BGEO_LN Bank of Georgia Financials S GB GBP 227,797 44.82 $10,209,235 2.07% CYBR CyberArk Software Ltd Information Technology S IL USD 61,106 163.77 $10,007,330 2.03% RUI_FP Rubis Utilities S FR EUR 416,830 22.40 $9,338,269 1.89% SAB1L_LH Siauliu Bankas Financials S LT EUR 13,892,466 0.66 $9,204,846 1.86% FPE_GR Fuchs Petrolub Materials S DE EUR 276,596 32.08 $8,873,146 1.80% AAF_LN Airtel Africa London Communication Services S GB GBP 5,719,374 1.53 $8,723,103 1.77% BC8_GR Bechtle Information Technology S DE EUR 185,744 46.83 $8,699,250 1.76% ATE_FP Alten Information Technology S FR EUR 65,936 131.25 $8,654,258 1.75% KWS_LN Keywords Studios Information Technology S GB GBP 457,530 18.85 $8,625,432 1.75% MEGACPO_MM Megacable Holdings Communication Services S MX MXN 3,906,100 2.20 $8,597,791 1.74% DPLM_LN Diploma Industrials S GB GBP 227,168 36.53 $8,299,424 1.68% CWK_LN Cranswick Consumer Staples S GB GBP 185,073 43.22 $7,999,471 1.62% 2815_JP Ariake Japan Consumer Staples S JP JPY 233,000 33.94 $7,906,932 1.60% CHR_DC CHR. Hansen Materials S DK DKK 128,358 61.17 $7,851,545 1.59% KWS_GR KWS Consumer Staples S DE EUR 128,823 58.77 $7,571,419 1.53% TOWR_IJ Sarana Menara Nusantara Communication Services S ID IDR 121,525,300 0.06 $7,557,113 1.53% SBS_GR STRATEC Biomedical Health Care S DE EUR 153,925 46.77 $7,199,617 1.46% REY_IM Reply Information Technology S IT EUR 75,181 93.88 $7,057,715 1.43% RENT3_BZ Localiza Rent a Car Industrials S BR BRL 602,800 11.65 $7,022,703 1.42% BOSN_SW Bossard Industrials S CH CHF 31,887 219.03 $6,984,320 1.41% 6923_JP Stanley Electric Consumer Discretionary S JP JPY 440,200 15.80 $6,953,035 1.41% TECN_SW Tecan Group Health Care S CH CHF 19,917 336.75 $6,706,992 1.36% TMV_GR TeamViewer Information Technology S DE EUR 393,830 16.86 $6,638,768 1.34% 2175_JP SMS Industrials S JP JPY 387,800 17.01 $6,597,046 1.34% BCHN_SW Burckhardt Compression Industrials S CH CHF 12,101 543.07 $6,571,694 1.33% 030000_KS Cheil Worldwide Communication Services S KR KRW 438,289 14.85 $6,510,780 1.32% VAIAS_FH Vaisala Information Technology S FI EUR 184,894 35.08 $6,485,412 1.31% CKN_LN Clarkson Industrials S GB GBP 194,463 33.28 $6,471,840 1.31% GFTU_LN Grafton Group Industrials S GB GBP 588,274 10.99 $6,467,284 1.31% LDA_SM Linea Directa Financials S ES EUR 6,900,756 0.92 $6,375,197 1.29% THULE_SS Thule Group AB Consumer Discretionary S SE SEK 241,176 26.11 $6,297,435 1.27% YOU_LN YouGov Communication Services S GB GBP 671,009 9.32 $6,255,394 1.27% NEM_GR Nemetschek Information Technology S DE EUR 101,826 61.10 $6,221,464 1.26% MAREL_NA Marel Industrials S IS EUR 2,143,902 2.90 $6,210,577 1.26% 6197_JP Solasto Health Care S JP JPY 1,495,000 4.14 $6,196,634 1.25% 002158_C2 Shanghai Hanbell Precise Machiery Industrials S CN CNY 1,809,282 3.40 $6,157,708 1.25% HFG_GR HelloFresh Consumer Staples S DE EUR 195,684 29.90 $5,850,733 1.18% BEAN_SW Belimo Industrials S CH CHF 12,101 473.98 $5,735,610 1.16% KXS_CN Kinaxis Information Technology S CA CAD 46,800 112.78 $5,277,986 1.07% 3349_JP Cosmos Pharmaceutical Consumer Staples S JP JPY 49,600 102.29 $5,073,539 1.03% DIA_IM DiaSorin Health Care S IT EUR 54,868 91.03 $4,994,882 1.01% CEVI_SS Cellavision Health Care S SE SEK 354,314 14.03 $4,970,790 1.01% 4975_JP JCU Materials S JP JPY 235,200 20.66 $4,859,923 0.98% SQUARE_BD Square Pharmaceuticals Health Care S BD BDT 2,541,409 1.90 $4,834,578 0.98% 1882_HK Haitian International Industrials S CN HKD 2,251,000 2.11 $4,757,389 0.96% HERDEZ*_MM Grupo Herdez Consumer Staples S MX MXN 2,018,247 2.35 $4,745,819 0.96% GLOB Globant Information Technology S US USD 23,864 197.85 $4,721,492 0.96% PDX_SS Paradox Interactive Communication Services S SE SEK 224,265 20.98 $4,704,932 0.95% BKT_SM Bankinter Financials S ES EUR 704,775 6.37 $4,492,704 0.91% TOM_NO Tomra Systems Industrials S NO NOK 388,851 11.39 $4,429,519 0.90% DLG_MK Dialog Group Energy S MY MYR 9,765,240 0.45 $4,407,174 0.89% 2492_JP Infomart Industrials S JP JPY 1,637,600 2.69 $4,399,474 0.89% TDC_MK TIME dotCom Communication Services S MY MYR 3,587,200 1.15 $4,139,038 0.84% SHKL_IN SH Kelkar Materials S IN INR 2,101,166 1.86 $3,911,466 0.79% 002690_C2 Meyer Optoelectronic Industrials S CN CNY 1,331,281 2.88 $3,828,938 0.77% 696_HK TravelSky Consumer Discretionary S CN HKD 2,212,000 1.73 $3,815,924 0.77% PFV_GR Pfeiffer Vacuum Technology Industrials S DE EUR 24,014 154.76 $3,716,427 0.75% LOTB_BB Lotus Bakeries Consumer Staples S BE EUR 451 8,122.24 $3,663,129 0.74% 6147_TT Chipbond Technology Information Technology S TW TWD 1,710,700 2.11 $3,615,961 0.73% 002891_C2 Yantai China Pet Foods Consumer Staples S CN CNY 1,071,099 3.23 $3,457,972 0.70% 688188_C1 Shanghai Friendess Information Technology S CN CNY 97,786 34.13 $3,337,070 0.68% G24_GR Scout24 Communication Services S DE EUR 47,672 69.44 $3,310,347 0.67% BCG_LN Baltic Classifieds Group Communication Services S GB GBP 1,328,409 2.37 $3,150,092 0.64% PRDA_IJ PT Prodia Widyahusada Health Care S ID IDR 7,576,300 0.41 $3,142,699 0.64% 4536_JP Santen Pharmaceutical Health Care S JP JPY 332,600 9.16 $3,046,542 0.62% 2395_TT Advantech Information Technology S TW TWD 278,476 10.74 $2,989,523 0.61% RRHI_PM Robinsons Retail Consumer Staples S PH PHP 3,568,690 0.83 $2,946,479 0.60% MABANEE_KK Mabanee Real Estate S KW KWD 1,023,331 2.67 $2,729,711 0.55% 7956_JP Pigeon Consumer Staples S JP JPY 233,800 11.29 $2,640,519 0.53% 1476_TT Eclat Consumer Discretionary S TW TWD 164,909 15.10 $2,489,341 0.50% SNG_RO Societatea Nationala de Gaze Energy S RO RON 258,369 9.56 $2,470,062 0.50% ST Sensata Industrials S US USD 64,170 37.82 $2,426,909 0.49% 522_HK ASM Pacific Technology Information Technology S HK HKD 267,800 8.93 $2,391,798 0.48% 4694_JP BML Health Care S JP JPY 127,400 18.69 $2,381,678 0.48% RAT_LN Rathbone Bros Financials S GB GBP 106,035 21.17 $2,244,854 0.45% JARIR_AB Jarir Marketing Consumer Discretionary S SA SAR 569,352 3.87 $2,201,199 0.45% EVT_GR Evotec Health Care S DE EUR 89,612 19.99 $1,790,961 0.36% RMV_LN Rightmove Communication Services S GB GBP 238,433 6.82 $1,625,109 0.33% 036570_KS NCSoft Communication Services S KR KRW 8,681 164.81 $1,430,678 0.29% 9962_JP Misumi Group Industrials S JP JPY 77,400 15.61 $1,208,448 0.24% RENT1_BZ_RTS2 Localiza Rent a Car SA Rights Industrials S BR BRL 4,420 3.18 $14,069 0.00% Cash Cash C - - $19,032,167 3.85% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Bank of Georgia 1 1.87% 0.04% 0.37% Bechtle 2 1.66% - 0.29% Max Financial 3 2.46% 0.07% 0.28% HelloFresh 4 1.12% - 0.22% SH Kelkar 5 0.67% - 0.19% Shanghai Friendess 6 0.60% - 0.16% Grafton Group 7 1.25% 0.06% 0.15% Infomart 8 0.93% 0.01% 0.15% CyberArk Software Ltd 9 1.95% - 0.12% Cranswick 10 1.57% 0.06% 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 YouGov 20 1.55% 0.03% -0.50% STRATEC Biomedical 19 1.16% 0.01% -0.40% Vaisala 18 1.40% - -0.35% Tomra Systems 17 1.09% 0.09% -0.31% Stanley Electric 16 1.55% 0.06% -0.31% Alten 15 1.88% 0.11% -0.26% Nemetschek 14 1.36% - -0.25% Localiza Rent A Car 13 1.57% - -0.25% Reply 12 1.52% 0.06% -0.24% Kinaxis 11 1.17% 0.09% -0.23% 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 Small Companies Portfolio (HLMSX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI ex USA Small Cap Index Industrials 20.61% 20.55% Information Technology 19.23% 11.65% Communication Services 11.33% 3.84% Consumer Staples 10.49% 6.31% Financials 9.21% 10.90% Health Care 9.16% 7.03% Materials 7.87% 11.44% Consumer Discretionary 4.40% 11.95% Cash & Other 3.85% 0.00% Utilities 1.89% 2.94% Energy 1.39% 4.46% Real Estate 0.55% 8.92% As of: 09/30/2023 Investment Allocation 09/30/2023 Stocks 96.15% Bonds 0.00% Cash and Other 3.85% As of: 09/30/2023 Country Fund MSCI ACWI ex USA Small Cap Index United Kingdom 16.32% 9.56% Germany 12.12% 3.04% Japan 10.37% 21.42% Switzerland 7.34% 2.85% China 5.13% 2.20% France 3.64% 2.52% India 3.42% 7.67% Sweden 3.23% 3.31% Vietnam 2.71% 0.00% Mexico 2.70% 0.67% Italy 2.44% 2.26% Spain 2.20% 1.26% Indonesia 2.17% 0.63% Israel 2.03% 1.92% Lithuania 1.86% 0.00% % in Top 15 Countries 77.68% 59.31% As of: 09/30/2023 Region Fund MSCI ACWI ex USA Small Cap Index Developed 67.23% 70.75% Europe & Middle East 53.86% 33.20% North America 2.51% 6.91% Pacific 10.86% 30.63% Emerging 21.61% 29.25% Asia 16.49% 22.75% Latin America 4.12% 2.39% Europe & Middle East 1.00% 3.08% Africa 0.00% 1.03% Frontier 7.31% 0.00% Africa 0.00% 0.00% Asia 3.69% 0.00% Europe 3.62% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 3.85% 0.00% As of: 09/30/2023 Industry Fund MSCI ACWI ex USA Small Cap Index IT Services 7.64% 1.99% Machinery 7.46% 5.30% Food Products 7.15% 3.17% Software 5.70% 1.73% Chemicals 5.16% 4.21% Banks 4.84% 4.18% Trading Companies & Distributors 4.40% 1.75% Media 4.32% 1.20% Electronic Equipment, Instruments & Components 4.07% 3.31% Insurance 3.92% 1.83% % in Top 10 Industries 54.66% 28.67% As of: 09/30/2023 Read Important Investment Disclosures Investment Approach Investment Approach Harding Loevner International Small Companies Portfolio The International Small Companies Portfolio invests in high-quality, growing companies with modest market capitalization 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. Mr. Jafar Rizvi, CFA and Mr. Anix Vyas, CFA are the Co-Lead Portfolio Managers. 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 HLMNX Harding Loevner International Equity Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based outside the United States. View Fund Details 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