Fund Overview Fund Overview Share Class Investor Investor Institutional NAV | as of 03/31/2023 $16.81 +$0.09 (+0.54%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 129 Foreign Small/Mid Growth funds as of 02/28/2023 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/26/2007 to 02/28/2023 = $19,929.22 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Performance Data shown does not reflect the 2.00% redemption fee imposed on the shares held 90 days or less; otherwise, total returns would be reduced. View Performance Read Important Investment Disclosures Objective The Portfolio seeks long-term capital appreciation through investments in equity securities of 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 2022 Year End Distributions 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 02/28/2023 Overall Rating (of 129) 3 Years (of 129) 5 Years (of 116) 10 Years (of 82) 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 The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.548.4539 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Performance Data shown does not reflect the 2.00% redemption fee imposed on the shares held 90 days or less; otherwise, total returns would be reduced. Expense Ratios Gross Expense Ratio: 1.46% Net Expense Ratio: 1.30% Expense Cap Expiration Date: 02/28/2023 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: 02/28/2023 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -0.94 0.67 0.84 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. 21.86 19.39 15.58 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. 0.21 0.03 0.30 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. 91.02 94.33 83.40 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. 98.98 97.13 95.79 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. 0.92 0.93 0.91 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. 88.75 88.99 88.28 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. 7.53 6.57 5.53 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.$) $523 Number of Holdings 87 4,330 Weighted Avg. Market Cap (Mil.$) $3,114 $2,283 Median Market Cap (Mil.$) $2,703 $1,959 Weighted Avg. P/E (Trailing EPS) 16.97 10.35 Weighted Avg. P/B 2.31 1.22 EPS Growth (Trailing 5-yr %) 9.27% 9.1% Revenue Growth (Trailing 5-yr %) 10.02% 6.49% Return on Equity 14.71% 11.43% Weighted Avg. Dividend Yield 2.44% 3.10% Debt to Equity 31.68 49.52 Trailing 12-Months Portfolio Turnover 25% As of: 12/31/2022 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. -0.94 0.67 0.84 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. 21.86 19.39 15.58 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. 0.21 0.03 0.30 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. 91.02 94.33 83.40 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. 98.98 97.13 95.79 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. 0.92 0.93 0.91 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. 88.75 88.99 88.28 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. 7.53 6.57 5.53 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. -0.22 0.08 0.07 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. 4.92 0.60 5.22 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: 02/28/2023 Market Cap Fund MSCI ACWI ex USA Small Cap Index Market Cap ($mm) 0 - 1,000 11.94% 21.84% Market Cap ($mm) 1,000 - 1,500 14.69% 15.51% Market Cap ($mm) 1,500 - 2,500 21.62% 26.46% Market Cap ($mm) 2,500 - 5,000 37.80% 30.60% Market Cap ($mm) 5,000 - 10,000 11.94% 5.57% Market Cap ($mm) 10,000 - 25,000 0.00% 0.00% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 2.01% 0.01% As of: 12/31/2022 Valuation Characteristics Fund MSCI ACWI ex USA Small Cap Index P/E 0-10 14.77% 29.97% P/E 10-15 13.66% 17.39% P/E 15-20 14.74% 11.05% P/E 20-25 10.66% 8.73% P/E 25-Above 43.57% 24.65% P/E – NA 2.61% 8.20% As of: 12/31/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2022 Rubis 2.36% Megacable 2.26% Keywords Studios 2.24% Reply 2.19% Diploma 2.13% Alten 2.07% Senior 2.05% Hoa Phat Group 2.04% Siauliu Bankas 2.00% Abcam 1.99% % in Top 10 Holdings 21.32% View Holding Details Holding Details Harding Loevner International Small Companies Portfolio (HLMSX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2022 Rubis 2.36% Megacable 2.26% Keywords Studios 2.24% Reply 2.19% Diploma 2.13% Alten 2.07% Senior 2.05% Hoa Phat Group 2.04% Siauliu Bankas 2.00% Abcam 1.99% % in Top 10 Holdings 21.32% As of: 12/31/2022 Download All Holdings (PDF) As of: 12/31/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund RUI_FP Rubis Utilities S FR EUR 468,247 26.33 $12,329,198 2.36% MEGACPO_MM Megacable Holdings Communication Services S MX MXN 4,446,700 2.66 $11,815,879 2.26% KWS_LN Keywords Studios Information Technology S GB GBP 355,782 32.95 $11,723,431 2.24% REY_IM Reply Information Technology S IT EUR 99,505 115.01 $11,443,893 2.19% DPLM_LN Diploma Industrials S GB GBP 330,979 33.60 $11,122,424 2.13% ATE_FP Alten Information Technology S FR EUR 86,122 125.57 $10,814,421 2.07% SNR_LN Senior Industrials S GB GBP 7,062,354 1.52 $10,714,129 2.05% HPG_VN Hoa Phat Group Materials S VN VND 14,001,554 0.76 $10,691,524 2.04% SAB1L_LH Siauliu Bankas Financials S LT EUR 14,294,127 0.73 $10,476,424 2.00% ABCM Abcam ADR Health Care S GB USD 668,428 15.56 $10,400,740 1.99% CHR_DC CHR. Hansen Materials S DK DKK 144,191 72.09 $10,395,124 1.99% KXS_CN Kinaxis Information Technology S CA CAD 92,100 112.19 $10,333,021 1.98% TECN_SW Tecan Group Health Care S CH CHF 22,755 448.89 $10,214,604 1.95% LEHN_SW LEM Holding Information Technology S CH CHF 5,235 1,941.12 $10,161,779 1.94% 1882_HK Haitian International Industrials S CN HKD 3,697,000 2.67 $9,887,734 1.89% PDX_SS Paradox Interactive Communication Services S SE SEK 468,880 20.33 $9,533,097 1.82% 6923_JP Stanley Electric Consumer Discretionary S JP JPY 494,500 19.01 $9,398,963 1.80% 2175_JP SMS Industrials S JP JPY 362,200 25.55 $9,253,116 1.77% FPE_GR Fuchs Petrolub Materials S DE EUR 310,715 29.77 $9,250,984 1.77% TOWR_IJ Sarana Menara Nusantara Communication Services S ID IDR 130,145,800 0.07 $9,186,193 1.76% 030000_KS Cheil Worldwide Communication Services S KR KRW 482,432 18.30 $8,827,022 1.69% CYBR CyberArk Software Ltd Information Technology S IL USD 67,770 129.65 $8,786,381 1.68% SBS_GR STRATEC Biomedical Health Care S DE EUR 98,787 86.85 $8,579,570 1.64% VAIAS_FH Vaisala Information Technology S FI EUR 197,975 42.23 $8,361,424 1.60% DPH_LN Dechra Pharmaceuticals Health Care S GB GBP 258,620 31.68 $8,192,223 1.57% BGEO_LN Bank of Georgia Financials S GB GBP 255,897 31.46 $8,051,322 1.54% CWK_LN Cranswick Consumer Staples S GB GBP 211,063 37.21 $7,854,384 1.50% BOSN_SW Bossard Industrials S CH CHF 35,821 216.90 $7,769,422 1.49% BC8_GR Bechtle Information Technology S DE EUR 208,656 35.39 $7,383,398 1.41% SIM_DC SimCorp Information Technology S DK DKK 106,196 68.34 $7,257,496 1.39% KWS_GR KWS Consumer Staples S DE EUR 105,373 68.61 $7,230,142 1.38% CKN_LN Clarkson Industrials S GB GBP 181,448 38.98 $7,072,865 1.35% RENT3_BZ Localiza Rent a Car Industrials S BR BRL 677,200 10.07 $6,820,126 1.30% MAXF_IN Max Financial Services Financials S IN INR 783,965 8.17 $6,407,142 1.22% GFTU_LN Grafton Group Industrials S GB GBP 660,840 9.54 $6,305,300 1.21% 4975_JP JCU Materials S JP JPY 263,400 23.46 $6,178,117 1.18% DLG_MK Dialog Group Energy S MY MYR 10,969,840 0.56 $6,106,819 1.17% NETW_LN Network International Information Technology S GB GBP 1,704,459 3.58 $6,104,677 1.17% YOU_LN YouGov Communication Services S GB GBP 485,197 12.40 $6,015,657 1.15% 2815_JP Ariake Japan Consumer Staples S JP JPY 174,400 33.07 $5,768,127 1.10% TMV_GR TeamViewer Information Technology S DE EUR 442,410 12.90 $5,705,123 1.09% SQUARE_BD Square Pharmaceuticals Health Care S BD BDT 2,777,447 2.04 $5,676,375 1.09% 3349_JP Cosmos Pharmaceutical Consumer Staples S JP JPY 55,600 101.62 $5,650,220 1.08% BKT_SM Bankinter Financials S ES EUR 791,712 6.70 $5,305,931 1.01% TOM_NO Tomra Systems Industrials S NO NOK 308,478 16.92 $5,218,664 1.00% 696_HK TravelSky Information Technology S CN HKD 2,484,000 2.09 $5,201,656 0.99% 002690_C2 Meyer Optoelectronic Industrials S CN CNY 1,495,481 3.45 $5,165,714 0.99% LDA_SM Linea Directa Financials S ES EUR 4,636,201 1.10 $5,116,060 0.98% 2492_JP Infomart Information Technology S JP JPY 1,834,100 2.72 $4,984,986 0.95% PFV_GR Pfeiffer Vacuum Technology Industrials S DE EUR 26,977 183.76 $4,957,258 0.95% HERDEZ*_MM Grupo Herdez Consumer Staples S MX MXN 2,200,185 2.24 $4,928,442 0.94% CBKD_LI Commercial International Bank GDR Financials S EG USD 4,059,839 1.19 $4,845,189 0.93% 6197_JP Solasto Health Care S JP JPY 845,400 5.44 $4,594,766 0.88% GLOB Globant Information Technology S US USD 26,114 168.16 $4,391,330 0.84% TDC_MK TIME dotCom Communication Services S MY MYR 3,946,100 1.11 $4,385,819 0.84% 7956_JP Pigeon Consumer Staples S JP JPY 264,300 16.44 $4,344,968 0.83% SHKL_IN SH Kelkar Materials S IN INR 2,297,012 1.72 $3,943,603 0.75% 002891_C2 Yantai China Pet Foods Consumer Staples S CN CNY 1,211,199 3.22 $3,898,800 0.75% RRHI_PM Robinsons Retail Consumer Staples S PH PHP 4,018,750 0.97 $3,891,064 0.74% 4694_JP BML Health Care S JP JPY 144,100 25.31 $3,646,490 0.70% 6147_TT Chipbond Technology Information Technology S TW TWD 1,934,700 1.87 $3,611,485 0.69% BCG_LN Baltic Classifieds Group Communication Services S GB GBP 2,092,929 1.70 $3,551,390 0.68% 036570_KS NCSoft Communication Services S KR KRW 9,628 357.58 $3,442,748 0.66% 5947_JP Rinnai Consumer Discretionary S JP JPY 43,600 74.87 $3,264,466 0.62% AAF_LN Airtel Africa London Communication Services S GB GBP 2,388,338 1.35 $3,227,056 0.62% INTRUM_SS Intrum Justitia Industrials S SE SEK 261,266 12.09 $3,159,493 0.60% IDHC_LN Integrated Diagnostics Holding Health Care S EG USD 4,937,668 0.63 $3,133,443 0.60% PRDA_IJ PT Prodia Widyahusada Health Care S ID IDR 8,567,900 0.36 $3,079,060 0.59% 4536_JP Santen Pharmaceutical Health Care S JP JPY 376,100 8.18 $3,076,985 0.59% 2395_TT Advantech Information Technology S TW TWD 282,645 10.76 $3,040,265 0.58% MABANEE_KK Mabanee Real Estate S KW KWD 1,091,769 2.77 $3,019,227 0.58% 1476_TT Eclat Consumer Discretionary S TW TWD 186,909 16.11 $3,010,828 0.58% RAT_LN Rathbone Bros Financials S GB GBP 119,912 24.66 $2,957,292 0.57% ST Sensata Industrials S US USD 69,739 40.38 $2,816,061 0.54% G24_GR Scout24 Communication Services S DE EUR 52,868 50.24 $2,656,242 0.51% JARIR_AB Jarir Marketing Consumer Discretionary S SA SAR 64,649 39.96 $2,583,461 0.49% CLB Core Laboratories Energy S US USD 119,587 20.27 $2,424,028 0.46% SNG_RO Societatea Nationala de Gaze Energy S RO RON 292,020 8.18 $2,390,075 0.46% 522_HK ASM Pacific Technology Information Technology S HK HKD 302,700 7.13 $2,158,021 0.41% 9962_JP Misumi Group Industrials S JP JPY 86,100 21.92 $1,887,366 0.36% DSY_SJ Discovery Holdings Financials S ZA ZAR 254,110 7.26 $1,845,103 0.35% CLS_SJ Clicks Group Consumer Staples S ZA ZAR 109,651 15.90 $1,742,974 0.33% THULE_SS Thule Group AB Consumer Discretionary S SE SEK 82,594 20.86 $1,723,199 0.33% RMV_LN Rightmove Communication Services S GB GBP 269,486 6.19 $1,668,424 0.32% EVT_GR Evotec Health Care S DE EUR 101,178 16.32 $1,651,422 0.32% TBIG_IJ Tower Bersama Infrastructure Communication Services S ID IDR 9,192,500 0.15 $1,358,207 0.26% RENT1_BZ_RTS Localiza Rent a Car SA Rights Industrials S BR BRL 2,979 2.04 $6,071 0.00% Cash Cash C - - $4,551,534 0.87% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Bank of Georgia 1 2.11% 0.03% 0.60% CHR. Hansen 2 1.71% - 0.51% Siauliu Bankas 3 1.75% - 0.42% Haitian International 4 1.64% - 0.41% TeamViewer 5 0.94% 0.05% 0.35% Megacable Holdings 6 2.06% - 0.35% Fuchs Petrolub 7 1.63% 0.06% 0.29% Keywords Studios 8 2.12% 0.06% 0.27% Diploma 9 2.01% 0.11% 0.26% Pfeiffer Vacuum Technology 10 0.85% 0.02% 0.24% As of: 12/31/2022 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 Hoa Phat Group 20 1.95% - -0.72% CyberArk Software Ltd 19 1.97% - -0.59% Sarana Menara Nusantara 18 1.88% - -0.57% Max Financial 17 1.32% 0.06% -0.39% Yantai Cn Pet F 16 0.80% - -0.37% Globant 15 0.99% - -0.32% Localiza Rent a Car 14 1.64% - -0.30% Infomart 13 1.13% 0.02% -0.28% Edita Food Industries SAE 12 0.41% - -0.27% Jarir Marketing 11 0.97% - -0.27% As of: 12/31/2022 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: 12/31/2022 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 Information Technology 23.22% 10.68% Industrials 17.62% 20.21% Communication Services 12.55% 3.67% Health Care 11.90% 7.21% Consumer Staples 8.66% 6.33% Financials 8.60% 11.11% Materials 7.73% 11.62% Consumer Discretionary 3.82% 11.49% Utilities 2.36% 3.53% Energy 2.09% 4.25% Cash & Other 0.87% 0.00% Real Estate 0.58% 9.90% As of: 12/31/2022 Investment Allocation 12/31/2022 Stocks 99.13% Bonds 0.00% Cash and Other 0.87% As of: 12/31/2022 Country Fund MSCI ACWI ex USA Small Cap Index United Kingdom 20.06% 10.00% Japan 11.86% 21.07% Germany 9.06% 3.05% Switzerland 5.38% 3.08% China 4.62% 2.63% France 4.42% 2.48% Denmark 3.37% 1.41% Mexico 3.20% 0.56% Sweden 2.76% 3.72% Indonesia 2.60% 0.68% South Korea 2.35% 3.61% Italy 2.19% 2.13% Vietnam 2.04% 0.00% Malaysia 2.01% 0.77% Lithuania 2.00% 0.00% % in Top 15 Countries 77.92% 55.19% As of: 12/31/2022 Region Fund MSCI ACWI ex USA Small Cap Index Developed 69.61% 73.77% Europe & Middle East 53.52% 34.91% North America 3.82% 7.33% Pacific 12.27% 31.53% Emerging 23.93% 26.23% Asia 16.14% 20.26% Latin America 4.51% 2.29% Europe & Middle East 1.07% 2.59% Africa 2.21% 1.09% Frontier 5.59% 0.00% Africa 0.00% 0.00% Asia 3.13% 0.00% Europe 2.46% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 0.87% 0.00% As of: 12/31/2022 Industry Fund MSCI ACWI ex USA Small Cap Index IT Services 11.86% 2.20% Software 6.13% 1.88% Chemicals 5.69% 4.21% Food Products 5.67% 3.10% Banks 5.48% 3.91% Media 5.10% 1.26% Trading Companies & Distributors 4.82% 1.77% Machinery 4.19% 5.12% Electronic Equipment, Instruments & Components 3.54% 2.68% Pharmaceuticals 3.24% 1.94% % in Top 10 Industries 55.72% 28.07% As of: 12/31/2022 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. A World of Opportunity While the U.S. stock market has rebounded from the COVID-19 Global Pandemic, uncertainty remains high. U.S. investors who have stayed invested are back to enjoying strong returns and continue to question the need to allocate beyond the U.S. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad. Read More About About Harding Loevner Background Harding Loevner manages global and non-U.S. equity portfolios following a consistent philosophy focused on long-term investment in growing companies with high-quality fundamentals. The Firm believes diversified portfolios of the stocks of companies meeting its quality-growth criteria, purchased at reasonable prices, offer superior risk-adjusted returns over the long term. Learn More More Products From Harding Loevner HLEMX Harding Loevner Emerging Markets Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details HLMOX Harding Loevner Frontier Emerging Markets Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in frontier and smaller emerging markets. View Fund Details HLMGX Harding Loevner Global Equity Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States. View Fund Details HLMEX Harding Loevner Institutional Emerging Markets Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details 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 Read Important Investment Disclosures Founded 1989 Headquarters Bridgewater, NJ Affiliate Since 2009 Discover how the boutique advantage helps generate alpha. Learn More About AMG