Fund Overview

Share Class

Investor

NAV | as of 03/27/2024

$7.94
+$0.02 (+0.25%)

Morningstar | Style Box

V B G L M S

Growth of $10,000 (Hypothetical)

Since Inception 12/31/2010 to 02/29/2024 = $9,836.86

  • 3YR
  • 5YR
  • 10YR
  • INCEP.
INCEP.
  • 3YR
  • 5YR
  • 10YR
  • INCEP.
SEE ALL PERFORMANCE

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. 

Objective

The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based in frontier and smaller emerging markets.

Why Consider

  • The Fund may be appropriate for your overall investment allocation if you are looking to gain exposure to frontier market equity 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

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing 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: 2.15%
  • Net Expense Ratio: 2.00%
  • Expense Cap Expiration Date: 02/28/2024

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Dec 19, 2023 $0.110707 $0.110707
Dec 13, 2022 $0.118626 $0.118626
Dec 14, 2021 $0.041644 $0.041644
Dec 15, 2020 $0.100610 $0.100610
Dec 17, 2019 $0.122313 $0.122313
Dec 18, 2018 $0.062449 $0.062449
Dec 15, 2017 $0.136878 $0.136878
Dec 18, 2015 $0.041098 $0.041098
Dec 19, 2014 $0.120492 $0.018813 $0.101679
Dec 20, 2013 $0.009682 $0.009682
Dec 20, 2012 $0.072516 $0.072516
Dec 19, 2011 $0.022576 $0.022576

Risk & Return Statistics

As of: 02/29/2024

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.
0.29 0.41 -0.67
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.
14.77 18.60 15.36
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.
-0.13 -0.08 -0.10
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.
86.58 88.14 72.34
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.
91.66 95.24 96.54
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.
0.85 0.95 0.92
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.
84.95 91.00 88.98
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.
6.19 5.67 5.25
View All Characteristics & Statistics

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Equity)

As of: 12/31/2023

Banca Transilvania 4.66%
Globant 4.64%
Credicorp 4.61%
Kaspi.kz 4.20%
Vietcombank 3.78%
Halyk Savings Bank 3.75%
SM Prime Holdings 3.73%
Cementos Argos ADR 3.36%
ICTSI 3.08%
Hoa Phat Group 2.87%
% in Top 10 Holdings 38.67%
View Holding Details Read Important Investment Disclosures

Regional Allocation

As of: 12/31/2023

View Allocation Details

About the Affiliate

About Harding Loevner

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 About Harding Loevner's Approach

FOUNDED

1989

AMG AFFILIATE SINCE

2009

HEADQUARTERS

Bridgewater, NJ

Portfolio Managers

Investment Approach

Investment Approach

Harding Loevner Frontier Emerging Markets Portfolio

The Frontier Emerging Markets Portfolio invests in high-quality, growing companies that operate in frontier markets and smaller 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 using Harding Loevner’s distinctive Co-Lead Manager structure, and seeks to realize superior risk-adjusted returns for clients. Mr. Pradipta Chakrabortty and Mr. Babatunde Ojo, CFA are the Co-Lead Portfolio Managers.

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