Fund Overview Fund Overview Share Class Investor Investor Institutional NAV | as of 08/11/2022 $16.98 +$0.01 (+0.06%) Morningstar | Style Box V B G L M S Overall Morningstar Rating Rated against 129 Foreign Small/Mid Growth funds as of 07/31/2022 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/26/2007 to 06/30/2022 = $19,463.61 From: To: 3YR 5YR 10YR INCEP. INCEP. 3YR 5YR 10YR INCEP. The performance data shown represents past performance. Past performance is not a guarantee of future results. Current performance may be lower or higher than the performance data quoted. The investment return and the principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. For performance information through the most recent month end please call 800.835.3879 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Performance Data shown does not reflect the 2.00% redemption fee imposed on the shares held 90 days or less; otherwise, total returns would be reduced. View Performance Read Important Investment Disclosures Objective The Portfolio seeks long-term capital appreciation through investments in equity securities of 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 2021 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 07/31/2022 Overall Rating (of 129) 3 Years (of 129) 5 Years (of 115) 10 Years (of 73) 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 Consumer Discretionary, Telecom Services, and International Small Companies 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. Anix joined Harding Loevner in 2013 and has over 15 years of investment industry experience. He previously worked at Gabelli & Company as a research analyst; Amerigas as a manager of Operations and Corporate Development; Bear, Stearns & Company as a staff accountant; and The Money Group as a staff accountant. Anix holds a BS/BA in Finance and Accounting from Fordham University and an MBA in Finance from The Wharton School, 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 800.835.3879 or visit our website at amgfunds.com. From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. Performance Data shown does not reflect the 2.00% redemption fee imposed on the shares held 90 days or less; otherwise, total returns would be reduced. Expense Ratios Gross Expense Ratio: 1.46% 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 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: 07/31/2022 3YR 5YR 10YR Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -0.69 0.26 1.24 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.74 18.13 14.85 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.16 0.10 0.45 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. 91.29 91.11 85.68 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. 98.48 96.71 94.87 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. 0.91 0.93 0.90 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. 87.47 87.91 87.25 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. 7.60 6.45 5.50 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 Fund Assets (Mil.$) $474 Number of Holdings 82 4,417 Weighted Avg. Market Cap (Mil.$) $2,955 $2,195 Median Market Cap (Mil.$) $2,564 $1,861 Weighted Avg. P/E (Trailing EPS) 14.89 10.22 Weighted Avg. P/B 2.42 1.26 EPS Growth (Trailing 5-yr %) 9.57% 8.56% Revenue Growth (Trailing 5-yr %) 10.02% 6.59% Return on Equity 15.58% 11.17% Weighted Avg. Dividend Yield 2.39% 2.99% Debt to Equity 25.61 49.54 Trailing 12-Months Portfolio Turnover 21% As of: 06/30/2022 Risk & Return 3 Years 5 Years 10 Years Alpha Alpha is a measure of performance on a risk-adjusted basis. Alpha takes the volatility (price risk) of a security or mutual fund and compares its risk-adjusted performance to a benchmark index. The excess return of the security or fund relative to the return of the benchmark index is a fund's alpha. -0.69 0.26 1.24 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 20.74 18.13 14.85 Sharpe Ratio Sharpe Ratio is a risk-adjusted measure developed by William Sharpe. It is calculated using standard deviation and excess return to determine reward per unit of risk. First, the average monthly return of the 90-day Treasury bill (over a 36-month period) is subtracted from the portfolio's average monthly return. The difference in total return represents the portfolio's excess return beyond that of the 90-day Treasury bill, a risk-free investment. An arithmetic annualized excess return is then calculated by multiplying this monthly return by 12. To show a relationship between excess return and risk, this number is then divided by the standard deviation of the portfolio's annualized excess returns. The higher the Sharpe ratio, the better the portfolio's historical risk-adjusted performance. 0.16 0.10 0.45 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. 91.29 91.11 85.68 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. 98.48 96.71 94.87 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. 0.91 0.93 0.90 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. 87.47 87.91 87.25 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. 7.60 6.45 5.50 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. -0.17 - 0.11 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. 3.61 2.02 7.46 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: 07/31/2022 Market Cap Fund MSCI ACWI ex USA Small Cap Index Market Cap ($mm) 0 - 1,000 11.69% 23.06% Market Cap ($mm) 1,000 - 1,500 18.63% 16.63% Market Cap ($mm) 1,500 - 2,500 21.60% 25.11% Market Cap ($mm) 2,500 - 5,000 31.68% 30.97% Market Cap ($mm) 5,000 - 10,000 16.40% 4.17% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.06% As of: 06/30/2022 Valuation Characteristics Fund MSCI ACWI ex USA Small Cap Index P/E 0-10 18.51% 30.16% P/E 10-15 11.22% 16.75% P/E 15-20 17.30% 11.80% P/E 20-25 10.15% 8.01% P/E 25-Above 41.00% 24.75% P/E – NA 1.82% 8.53% As of: 06/30/2022 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2022 Hoa Phat Group 2.66% Reply 2.40% EMIS Group 2.34% Alten 2.31% Vaisala 2.22% Rubis 2.18% Dechra 2.16% Localiza 2.06% Kinaxis 2.03% LEM Holdings 1.99% % in Top 10 Holdings 22.35% View Holding Details Holding Details Harding Loevner International Small Companies Portfolio (HLMSX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2022 Hoa Phat Group 2.66% Reply 2.40% EMIS Group 2.34% Alten 2.31% Vaisala 2.22% Rubis 2.18% Dechra 2.16% Localiza 2.06% Kinaxis 2.03% LEM Holdings 1.99% % in Top 10 Holdings 22.35% As of: 06/30/2022 Download All Holdings (PDF) As of: 06/30/2022 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund HPG_VN Hoa Phat Group Materials S VN VND 13,158,854 1 $12,620,586 2.66% REY_IM Reply Information Technology S IT EUR 93,516 122 $11,393,784 2.40% EMIS_LN EMIS Group Health Care S GB GBP 488,646 23 $11,095,814 2.34% ATE_FP Alten Information Technology S FR EUR 99,665 110 $10,961,164 2.31% VAIAS_FH Vaisala Information Technology S FI EUR 245,717 43 $10,531,904 2.22% RUI_FP Rubis Utilities S FR EUR 440,063 24 $10,346,668 2.18% DPH_LN Dechra Pharmaceuticals Health Care S GB GBP 243,645 42 $10,261,476 2.16% RENT3_BZ Localiza Rent a Car Industrials S BR BRL 977,400 10 $9,788,100 2.06% KXS_CN Kinaxis Information Technology S CA CAD 89,100 108 $9,618,813 2.03% LEHN_SW LEM Holding Information Technology S CH CHF 4,933 1,911 $9,429,373 1.99% SNR_LN Senior Industrials S GB GBP 6,640,851 1 $9,358,452 1.97% ABC_LN Abcam Health Care S GB GBP 643,342 14 $9,277,175 1.96% TOWR_IJ Sarana Menara Nusantara Communication Services S ID IDR 122,312,400 0 $9,034,839 1.90% KWS_LN Keywords Studios Information Technology S GB GBP 335,197 27 $8,932,762 1.88% 1882_HK Haitian International Industrials S CN HKD 3,484,000 3 $8,917,814 1.88% SBS_GR STRATEC Biomedical Health Care S DE EUR 92,841 91 $8,484,367 1.79% DPLM_LN Diploma Industrials S GB GBP 311,890 27 $8,459,432 1.78% BGEO_LN Bank of Georgia Financials S GB GBP 530,723 16 $8,437,436 1.78% 030000_KS Cheil Worldwide Communication Services S KR KRW 453,394 18 $8,305,085 1.75% CYBR CyberArk Software Ltd Information Technology S IL USD 64,888 128 $8,303,068 1.75% BC8_GR Bechtle Information Technology S DE EUR 195,078 41 $7,976,335 1.68% MEGACPO_MM Megacable Holdings Communication Services S MX MXN 3,274,600 2 $7,957,916 1.68% SAB1L_LH Siauliu Bankas Financials S LT EUR 13,433,768 1 $7,806,505 1.65% PDX_SS Paradox Interactive Communication Services S SE SEK 440,659 18 $7,711,612 1.63% GLOB Globant Information Technology S US USD 43,445 174 $7,559,430 1.59% MAXF_IN Max Financial Services Financials S IN INR 736,778 10 $7,308,200 1.54% FPE_GR Fuchs Petrolub Materials S DE EUR 294,010 24 $7,183,154 1.51% 2815_JP Ariake Japan Consumer Staples S JP JPY 164,400 41 $6,747,297 1.42% 2175_JP SMS Industrials S JP JPY 340,400 20 $6,718,766 1.42% BOSN_SW Bossard Industrials S CH CHF 33,665 194 $6,522,285 1.37% TECN_SW Tecan Group Health Care S CH CHF 21,385 292 $6,254,655 1.32% CKN_LN Clarkson Industrials S GB GBP 170,526 37 $6,248,529 1.32% KWS_GR KWS Consumer Staples S DE EUR 99,031 59 $5,862,963 1.24% LDA_SM Linea Directa Financials S ES EUR 4,394,662 1 $5,797,237 1.22% 6923_JP Stanley Electric Consumer Discretionary S JP JPY 341,100 16 $5,608,364 1.18% TOM_NO Tomra Systems Industrials S NO NOK 288,404 19 $5,371,163 1.13% JARIR_AB Jarir Marketing Consumer Discretionary S SA SAR 118,309 43 $5,129,473 1.08% 3349_JP Cosmos Pharmaceutical Consumer Staples S JP JPY 52,600 96 $5,069,322 1.07% 4975_JP JCU Materials S JP JPY 192,300 25 $4,801,273 1.01% YOU_LN YouGov Communication Services S GB GBP 453,624 10 $4,693,591 0.99% INTRUM_SS Intrum Justitia Industrials S SE SEK 245,081 19 $4,679,365 0.99% 696_HK TravelSky Information Technology S CN HKD 2,350,000 2 $4,642,461 0.98% BKT_SM Bankinter Financials S ES EUR 740,192 6 $4,622,417 0.97% 4536_JP Santen Pharmaceutical Health Care S JP JPY 584,100 8 $4,583,575 0.97% 002690_C2 Meyer Optoelectronic Industrials S CN CNY 1,398,181 3 $4,534,440 0.96% 002891_C2 Yantai China Pet Foods Consumer Staples S CN CNY 1,138,049 4 $4,328,140 0.91% SQUARE_BD Square Pharmaceuticals Health Care S BD BDT 1,857,568 2 $4,306,481 0.91% 6197_JP Solasto Health Care S JP JPY 792,700 5 $4,262,487 0.90% EFID_EY Edita Food Industries SAE Consumer Staples S EG EGP 11,105,195 0 $4,258,475 0.90% RMV_LN Rightmove Communication Services S GB GBP 595,072 7 $4,117,733 0.87% TMV_GR TeamViewer Information Technology S DE EUR 413,621 10 $4,116,828 0.87% PFV_GR Pfeiffer Vacuum Technology Industrials S DE EUR 25,056 157 $3,940,726 0.83% TDC_MK TIME dotCom Communication Services S MY MYR 3,728,400 1 $3,709,016 0.78% NETW_LN Network International Information Technology S GB GBP 1,611,840 2 $3,700,546 0.78% SHKL_IN SH Kelkar Materials S IN INR 2,133,250 2 $3,659,188 0.77% 6147_TT Chipbond Technology Information Technology S TW TWD 1,816,700 2 $3,620,769 0.76% CWK_LN Cranswick Consumer Staples S GB GBP 94,813 37 $3,553,064 0.75% PRDA_IJ PT Prodia Widyahusada Health Care S ID IDR 7,957,100 0 $3,470,773 0.73% 4694_JP BML Health Care S JP JPY 133,000 26 $3,457,529 0.73% TBIG_IJ Tower Bersama Infrastructure Communication Services S ID IDR 17,196,300 0 $3,397,490 0.72% 4527_JP Rohto Pharmaceutical Consumer Staples S JP JPY 117,200 29 $3,388,201 0.71% 7956_JP Pigeon Consumer Staples S JP JPY 243,900 14 $3,347,919 0.71% 2395_TT Advantech Information Technology S TW TWD 267,645 12 $3,117,334 0.66% DLG_MK Dialog Group Energy S MY MYR 6,115,840 0 $2,956,864 0.62% SNG_RO Societatea Nationala de Gaze Energy S RO RON 271,353 11 $2,899,015 0.61% 5947_JP Rinnai Consumer Discretionary S JP JPY 40,800 69 $2,807,972 0.59% ST Sensata Industrials S US USD 67,394 41 $2,784,046 0.59% IDHC_LN Integrated Diagnostics Holding Health Care S EG USD 3,647,335 1 $2,743,643 0.58% HERDEZ*_MM Grupo Herdez Consumer Staples S MX MXN 2,058,338 1 $2,732,919 0.58% RAT_LN Rathbone Bros Financials S GB GBP 111,363 24 $2,633,213 0.56% G24_GR Scout24 Communication Services S DE EUR 50,067 51 $2,572,362 0.54% MABANEE_KK Mabanee Real Estate S KW KWD 1,019,230 2 $2,503,256 0.53% 1476_TT Eclat Consumer Discretionary S TW TWD 173,909 14 $2,432,598 0.51% 522_HK ASM Pacific Technology Information Technology S HK HKD 279,400 9 $2,379,421 0.50% 2492_JP Infomart Information Technology S JP JPY 865,600 3 $2,373,391 0.50% CLB Core Laboratories Energy S US USD 115,679 20 $2,291,601 0.48% SIM_DC SimCorp Information Technology S DK DKK 31,516 73 $2,290,692 0.48% THULE_SS Thule Group AB Consumer Discretionary S SE SEK 77,149 25 $1,897,588 0.40% DSY_SJ Discovery Holdings Financials S ZA ZAR 236,127 8 $1,862,486 0.39% CLS_SJ Clicks Group Consumer Staples S ZA ZAR 101,891 17 $1,719,795 0.36% 9962_JP Misumi Group Industrials S JP JPY 81,300 21 $1,715,848 0.36% CDR_PW CD Projekt Communication Services S PL PLN 65,598 21 $1,404,076 0.30% Cash Cash C - - $16,692,956 3.52% Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return EMIS Group plc 1 1.68% 30.64% TravelSky Technology Ltd. 2 0.51% 37.47% Yantai China Pet Foods Co., Ltd. 3 0.73% 16.13% Bank of Georgia Group Plc 4 1.76% 6.50% Societatea Nationala de Gaze Naturale Romgaz SA 5 0.51% 18.20% Hefei Meyer Optoelectronic Technology, Inc. 6 0.78% 3.05% Bankinter SA 7 0.86% 6.17% PT Sarana Menara Nusantara Tbk 8 1.61% 0.96% Haitian International Holdings Limited 9 1.70% 3.03% BML, Inc. 10 0.67% 1.94% As of: 06/30/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Download Fund Commentary (PDF) Fund Holdings Sort order Avg. Weight Total Return Hoa Phat Group JSC 20 3.22% -35.91% Reply S.p.A. 19 2.86% -27.01% Alten SA 18 2.50% -28.17% Globant SA 17 1.77% -33.61% YouGov plc 16 1.33% -42.17% SMS Co., Ltd. 15 1.54% -29.62% Bechtle AG 14 1.71% -27.44% Keywords Studios plc 13 1.92% -22.67% Diploma PLC 12 1.93% -21.48% LEM Holding SA 11 2.03% -21.73% As of: 06/30/2022 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund’s return during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 06/30/2022 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 23.39% 11.12% Industrials 16.66% 19.62% Health Care 14.38% 7.02% Communication Services 11.15% 3.95% Consumer Staples 8.64% 6.30% Financials 8.11% 10.89% Materials 5.96% 11.43% Consumer Discretionary 3.77% 11.38% Cash & Other 3.52% 0.00% Utilities 2.18% 3.70% Energy 1.72% 3.91% Real Estate 0.53% 10.67% Bonds 0.00% 0.00% Futures 0.00% 0.00% Other Equities 0.00% 0.00% As of: 06/30/2022 Investment Allocation 06/30/2022 Stocks 96.48% Bonds 0.00% Cash and Other 3.52% As of: 06/30/2022 Country Fund MSCI ACWI ex USA Small Cap Index United Kingdom 19.13% 11.09% Japan 11.57% 20.24% Germany 8.46% 3.08% China 4.73% 2.73% Switzerland 4.68% 3.14% France 4.49% 2.44% Indonesia 3.35% 0.68% Sweden 3.01% 3.69% United States 2.66% 0.00% Vietnam 2.66% 0.00% Italy 2.40% 1.96% India 2.31% 5.56% Mexico 2.25% 0.51% Finland 2.22% 1.01% Spain 2.20% 1.27% % in Top 15 Countries 76.12% 57.4% As of: 06/30/2022 Region Fund MSCI ACWI ex USA Small Cap Index Developed 66.72% 74.14% Europe & Middle East 49.96% 36.01% North America 4.69% 7.46% Pacific 12.07% 30.67% Emerging 23.93% 25.86% Asia 15.48% 20.16% Latin America 4.32% 2.32% Europe & Middle East 1.90% 2.28% Africa 2.23% 1.09% Frontier 5.82% 0.00% Africa 0.00% 0.00% Asia 3.57% 0.00% Europe 2.26% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 3.52% 0.00% As of: 06/30/2022 Industry Fund MSCI ACWI ex USA Small Cap Index IT Services 12.13% 2.17% Food Products 5.79% 3.19% Software 5.13% 2.12% Media 4.42% 1.42% Banks 4.40% 3.79% Electronic Equipment, Instruments & Components 4.21% 2.72% Pharmaceuticals 4.04% 2.00% Machinery 4.03% 4.67% Diversified Telecommunication Services 3.40% 0.77% Chemicals 3.30% 4.23% % in Top 10 Industries 50.85% 27.08% As of: 06/30/2022 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 US. However, while the U.S. stock market has led for the past several years, it is unclear that this will continue and further neglects opportunities abroad. Read More About About Harding Loevner Background Harding Loevner manages global and non-U.S. equity portfolios following a consistent philosophy focused on long-term investment in growing companies with high-quality fundamentals. The Firm believes diversified portfolios of the stocks of companies meeting its quality-growth criteria, purchased at reasonable prices, offer superior risk-adjusted returns over the long term. Learn More More Funds From Harding Loevner HLMCX Harding Loevner Chinese Equity Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details HLEMX Harding Loevner Emerging Markets Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details HLREX Harding Loevner Emerging Markets Research Portfolio The Emerging Markets Research Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details HLMOX Harding Loevner Frontier Emerging Markets Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in frontier and smaller emerging markets. View Fund Details HLMGX Harding Loevner Global Equity Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States. View Fund Details HLRGX Harding Loevner Global Equity Research Portfolio The Fund seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States. View Fund Details HLMEX Harding Loevner Institutional Emerging Markets Portfolio The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. View Fund Details 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 HLIRX Harding Loevner International Equity Research Portfolio The Fund seeks long-term capital appreciation through investments in equity securities of companies based outside the United States. View Fund Details Read Important Investment Disclosures Founded 1989 Headquarters Bridgewater, NJ Affiliate Since 2009 Discover how the boutique advantage helps generate alpha. Learn More About AMG