Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Institutional Advisor Institutional NAV | as of 11/13/2025 $37.70 -$0.49 (-1.28%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 11/03/2009 to 10/31/2025 = $38,275.47 From: To: 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. Read Important Investment Disclosures Objective The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based both inside and outside the United States. Why Consider The Fund may be appropriate for your overall investment allocation if you are looking to gain exposure to global 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 the high quality, growth investment philosophy Documents Fact Sheet Summary Prospectus Prospectus Annual Report Semi-Annual Report SAI Distributions All Holdings View All Documents Investment Style Harding Loevner Global Equity Portfolio has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Harding Loevner Global Equity Portfolio is categorized as Large-Blend. It invests in large-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 10/31/2025 Overall Rating (of 294) 3 Years (of 294) 5 Years (of 270) 10 Years (of 179) Category Global Large-Stock Growth Read Important Investment Disclosures Jingyi Li PORTFOLIO MANAGER Jingyi Li is a co-lead portfolio manager for the Global Equity Strategy and an analyst of Chinese, and Industrials companies. He is a partner of the firm and has more than 20 years of industry experience. Prior to joining Harding Loevner in 2010, Jingyi worked at New China Capital Management, China International Economics Consultants, and Accenture. Jingyi holds a BA in International Trade from Shanghai Jiaotong University and an MBA in Finance from the Yale School of Management. Richard Schmidt, CFA PORTFOLIO MANAGER Richard Schimdt is a co-lead portfolio manager of the Global Equity Strategy and a Consumer Staples analyst. Rick joined Harding Loevner in 2011, is a partner of the firm and has over 30 years of experience in emerging markets research and portfolio management, including 15 years with Asian specialist Jardine Fleming and its corporate successor JP Morgan Asset Management, for which he served as managing director until 2005. Immediately prior to joining Harding Loevner, Rick served as chief investment officer at Oranda Capital Management. He began his career in Hong Kong with Winfull, Laing & Cruickshank, where he was a research analyst for two years before moving to BT Brokerage to serve as vice president. He graduated from Georgetown University with a BS in foreign service and is a CFA® charterholder. Sean Contant, CFA PORTFOLIO MANAGER Sean Contant is a member of the portfolio management team for the Global Equity strategy. He is also an Industrials analyst. Sean joined Harding Loevner in 2011 and is a partner of the firm, having previously served as an investment associate, a research associate, and an associate analyst. He graduated from the University of Massachusetts with a BBA in finance and operations management. He is also a CFA® charterholder. Moon Surana, CFA PORTFOLIO MANAGER Moon Surana is a portfolio manager for the Global Equity Strategy. She is a Financials and Information Technology analyst. Moon is a Partner of the firm. She has over 10 years of industry experience, having joined Harding Loevner as a research associate in 2009 and assumed analyst responsibilities in 2011. Prior to joining Harding Loevner, she worked as a software engineer at Infosys Technologies Limited. Moon is a graduate of the Manipal Institute of Technology with a BE in electronics & communications, and the University of Michigan with an MS in financial engineering. She is 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: 0.87% Net Expense Ratio: 0.86% Expense Cap Expiration Date: 02/28/2026 The Expense Ratios of the Portfolio, both Net (of any fee waivers or expense limitations) and Gross (of any fee waivers or expense limitations) are as set forth above. The Net Expense Ratio is applicable to investors. Harding Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Portfolio’s shares for its other operating expenses to the extent the Gross Expense Ratio (excluding acquired fund fees and expenses, among certain other expenses), as a percentage of average daily net assets, exceeds 0.85% through February 28, 2026. Prior to such date, Harding Loevner may not terminate the arrangements without the approval of the Fund’s Board of Trustees. See Prospectus for further detail. 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 19, 2024 $10.419233 $0.146465 $0.031331 $10.241437 Dec 19, 2023 $0.206996 $0.121980 — $0.085016 Dec 14, 2021 $7.405189 — $0.767900 $6.637289 Dec 15, 2020 $2.635752 — $0.325080 $2.310672 Dec 17, 2019 $0.237326 $0.237326 — — Jan 30, 2019 $0.000002 $0.000002 — — Dec 18, 2018 $3.838083 $0.121643 $0.100856 $3.615584 Dec 15, 2017 $5.156462 $0.137598 $0.493488 $4.525376 Dec 18, 2015 $0.956096 $0.119639 — $0.836457 Dec 19, 2014 $1.347840 $0.116640 — $1.231200 Dec 20, 2013 $0.261128 $0.134092 $0.002330 $0.124706 Dec 20, 2012 $0.117001 $0.117001 — — Dec 19, 2011 $0.317740 $0.097834 — $0.219906 Dec 16, 2010 $0.222599 $0.061203 — $0.161396 Dec 17, 2009 $0.049100 $0.049100 — — From: To: Risk & Return Statistics As of: 10/31/2025 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. -4.12 -6.62 -1.36 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. 13.19 16.39 15.51 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. 0.88 0.26 0.48 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. 90.37 88.60 98.60 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. 107.45 118.99 106.09 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. 1.04 1.05 1.02 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 91.01 90.49 90.81 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. 4.04 5.14 4.73 View All Characteristics & Statistics All Characteristics & Statistics Harding Loevner Global Equity Portfolio (HLMVX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI ACWI Index Portfolio Assets (Mil.$) $579 Number of Holdings 61 Weighted Avg. Market Cap (Mil.$) $779,632 $906,520 Median Market Cap (Mil.$) $161,121 $163,201 Weighted Avg. P/E (Trailing EPS) 28.11 23.25 Weighted Avg. P/B 4.82 3.51 EPS Growth (Trailing 5-yr %) 15.23% 14.03% Revenue Growth (Trailing 5-yr %) 13.1% 9.49% Return on Equity 21.96% 20.06% Weighted Avg. Dividend Yield 1.15% 1.67% Debt to Equity 37.01 60.51 Trailing 12-Months Portfolio Turnover 34% As of: 09/30/2025 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. -4.12 -6.62 -1.36 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. 13.19 16.39 15.51 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. 0.88 0.26 0.48 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. 90.37 88.60 98.60 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. 107.45 118.99 106.09 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. 1.04 1.05 1.02 R-Squared R-Squared ranges from 0 to 100 and reflects the percentage of a portfolio's movements that are explained by movements in its benchmark index. A portfolio with an R-squared of 100 means that all movement is completely explained by benchmark index movement. Thus, a portfolio that invests only in S&P 500 stocks will have an R-squared very close to 100. Conversely, a low R-squared indicates that very little of the portfolio's movement is explained by benchmark movement. An R-squared measure of 35, for example, means that movements in its benchmark index can explain only 35% of the portfolio's movements. R-squared is used to ascertain the significance of a particular beta or alpha and generally a higher R-squared will indicate more useful alpha and beta figures. 91.01 90.49 90.81 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. 4.04 5.14 4.73 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. -0.88 -1.17 -0.27 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. 11.29 4.06 7.33 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. -9.73 -35.95 -35.95 As of: 10/31/2025 Market Cap Fund MSCI ACWI Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.00% Market Cap ($mm) 1,500 - 2,500 0.72% 0.00% Market Cap ($mm) 2,500 - 5,000 0.37% 0.31% Market Cap ($mm) 5,000 - 10,000 1.49% 2.22% Market Cap ($mm) 10,000 - 25,000 6.41% 9.64% Market Cap ($mm) 25,000 - 50,000 8.06% 11.42% Market Cap ($mm) 50,000 - 100,000 14.87% 15.55% Market Cap ($mm) 100,000 - 200,000 28.89% 16.18% Market Cap ($mm) 200,000 - 39.18% 44.68% Market Cap – NA 0.00% 0.00% As of: 09/30/2025 Valuation Characteristics Fund MSCI ACWI Index P/E 0-10 0.10% 4.72% P/E 10-15 6.67% 10.64% P/E 15-20 7.07% 13.25% P/E 20-25 14.75% 12.36% P/E 25-Above 71.41% 57.40% P/E – NA 0.00% 1.64% As of: 09/30/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 09/30/2025 Alphabet 4.65% Microsoft 4.61% Amazon.com 3.82% Tencent 3.69% Netflix 3.45% Schneider Electric 3.42% Meta Platforms 3.38% Booking Holdings 2.80% Sony 2.54% CME Group 2.38% % in Top 10 Holdings 34.74% View Holding Details Holding Details Harding Loevner Global Equity Portfolio (HLMVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 09/30/2025 Alphabet 4.65% Microsoft 4.61% Amazon.com 3.82% Tencent 3.69% Netflix 3.45% Schneider Electric 3.42% Meta Platforms 3.38% Booking Holdings 2.80% Sony 2.54% CME Group 2.38% % in Top 10 Holdings 34.74% As of: 09/30/2025 Download All Holdings (PDF) As of: 09/30/2025 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund GOOGL Alphabet (A) (Voting) Communication Services S US USD 110,595 243.10 $26,885,645 4.65% MSFT Microsoft Information Technology S US USD 51,468 517.95 $26,657,851 4.61% AMZN Amazon.com Consumer Discretionary S US USD 100,628 219.57 $22,094,890 3.82% 700_HK Tencent Holdings Communication Services S CN HKD 250,300 85.20 $21,324,507 3.69% NFLX Netflix Communication Services S US USD 16,656 1,198.92 $19,969,212 3.45% SU_FP Schneider Electric SE Industrials S FR EUR 70,040 282.31 $19,772,669 3.42% META Meta Platforms Communication Services S US USD 26,601 734.38 $19,535,242 3.38% BKNG Booking Holdings Consumer Discretionary S US USD 3,001 5,399.27 $16,203,209 2.80% 6758_JP Sony Group Corp Consumer Discretionary S JP JPY 513,000 28.70 $14,720,642 2.54% CME CME Group Financials S US USD 51,059 270.19 $13,795,631 2.38% NVDA NVIDIA Information Technology S US USD 72,514 186.58 $13,529,662 2.34% VRTX Vertex Pharmaceuticals Health Care S US USD 34,389 391.64 $13,468,108 2.33% PGR Progressive Financials S US USD 52,664 246.95 $13,005,375 2.25% AVGO Broadcom Information Technology S US USD 33,303 329.91 $10,986,993 1.90% TW Tradeweb Markets Financials S US USD 98,431 110.98 $10,923,872 1.89% ASML_NA ASML Information Technology S NL EUR 11,176 974.96 $10,896,174 1.88% DE Deere Industrials S US USD 23,356 457.26 $10,679,765 1.85% APH Amphenol Information Technology S US USD 78,021 123.75 $9,655,099 1.67% 1299_HK AIA Group Financials S HK HKD 977,405 9.59 $9,368,660 1.62% SNPS Synopsys Information Technology S US USD 17,720 493.39 $8,742,871 1.51% TSM Taiwan Semiconductor ADR Information Technology S TW USD 31,261 279.29 $8,730,885 1.51% ACN Accenture Information Technology S US USD 35,161 246.60 $8,670,703 1.50% 300760_C2 Shenzhen Mindray Bio-Medical Health Care S CN CNY 250,700 34.49 $8,646,705 1.49% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 188,100 44.24 $8,320,648 1.44% HLN_LN Haleon Health Care S GB GBP 1,824,064 4.52 $8,239,196 1.42% ADBE Adobe Systems Information Technology S US USD 22,942 352.75 $8,092,791 1.40% SAP SAP ADR Information Technology S DE USD 29,345 267.21 $7,841,277 1.36% DPLM_LN Diploma Industrials S GB GBP 108,965 71.45 $7,785,772 1.35% 6146_JP Disco Corp Information Technology S JP JPY 24,200 314.14 $7,602,129 1.31% 2308_TT Delta Electronics Information Technology S TW TWD 271,000 28.03 $7,596,568 1.31% DBS_SP DBS Group Financials S SG SGD 190,200 39.60 $7,532,855 1.30% ABBV AbbVie Health Care S US USD 31,893 231.54 $7,384,505 1.28% HEI HEICO Industrials S US USD 22,578 322.82 $7,288,630 1.26% HDB HDFC Bank ADR Financials S IN USD 206,604 34.16 $7,057,593 1.22% CPG_LN Compass Group Consumer Discretionary S GB GBP 205,728 34.07 $7,009,063 1.21% CSGP CoStar Group Real Estate S US USD 80,467 84.37 $6,789,001 1.17% NOW ServiceNow Information Technology S US USD 7,171 920.28 $6,599,328 1.14% ROG_SW Roche Holding Health Care S CH CHF 19,236 329.13 $6,331,169 1.09% DHR Danaher Health Care S US USD 31,644 198.26 $6,273,739 1.08% ELV Elevance Health Health Care S US USD 19,181 323.12 $6,197,765 1.07% TMO Thermo Fisher Scientific Health Care S US USD 12,498 485.02 $6,061,780 1.05% SHEL_LN Shell Energy S GB GBP 169,564 35.60 $6,037,089 1.04% SLB Schlumberger Energy S US USD 172,487 34.37 $5,928,378 1.02% JNJ Johnson & Johnson Health Care S US USD 31,482 185.42 $5,837,392 1.01% ALFA_SS Alfa Laval Industrials S SE SEK 122,287 45.87 $5,609,636 0.97% ATD_CN Alimentation Couche-Tard Consumer Staples S CA CAD 105,122 53.35 $5,608,471 0.97% NOC Northrop Grumman Industrials S US USD 9,086 609.32 $5,536,282 0.96% AME AMETEK Industrials S US USD 29,425 188.00 $5,531,900 0.96% 6861_JP Keyence Information Technology S JP JPY 14,600 372.33 $5,436,040 0.94% V Visa Financials S US USD 15,217 341.38 $5,194,779 0.90% SGSN_SW SGS SA Industrials S CH CHF 49,687 104.02 $5,168,216 0.89% TTD_US Trade Desk Communication Services S US USD 99,463 49.01 $4,874,682 0.84% EPIA_SS Epiroc Industrials S SE SEK 223,571 21.12 $4,721,405 0.82% GMAB_DC Genmab Health Care S DK DKK 15,210 308.25 $4,688,477 0.81% ATCOA_SS Atlas Copco AB Industrials S SE SEK 272,893 17.03 $4,646,866 0.80% HON Honeywell International Inc Industrials S US USD 21,819 210.50 $4,592,900 0.79% WALMEX*_MM Wal-Mart de Mexico Consumer Staples S MX MXN 1,456,900 3.09 $4,500,332 0.78% ATKR Atkore Industrials S US USD 64,114 62.74 $4,022,512 0.70% GLOB Globant Information Technology S US USD 36,141 57.38 $2,073,771 0.36% ALC Alcon Health Care S CH USD 14,195 74.51 $1,057,669 0.18% 8729_JP Sony Financial Group Financials S JP JPY 513,000 1.11 $568,902 0.10% Cash Cash C - - $18,564,342 3.21% Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Alphabet 1 4.52% 2.59% 0.56% Tencent Holdings 2 3.05% 0.54% 0.56% Amphenol 3 1.49% 0.15% 0.22% Sony Group 4 2.46% 0.19% 0.22% Delta Electronics 5 0.62% 0.05% 0.20% ASML Holding 6 1.56% 0.35% 0.19% Genmab 7 0.41% 0.02% 0.16% AbbVie 8 1.14% 0.41% 0.12% Northrop Grumman 9 0.94% 0.09% 0.11% Taiwan Semiconductor Manufacturing 10 1.48% 1.11% 0.11% As of: 09/30/2025 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. Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Tradeweb Markets 20 2.22% 0.02% -0.80% Netflix 19 3.56% 0.60% -0.59% Apple 18 - 3.89% -0.59% Vertex Pharmaceuticals 17 2.62% 0.12% -0.49% Trade Desk 16 1.10% 0.03% -0.48% Chugai Pharmaceutical 15 1.53% 0.04% -0.41% Accenture 14 1.49% 0.19% -0.35% Tesla 13 - 1.15% -0.34% Deere 12 2.02% 0.15% -0.34% Alcon 11 1.32% 0.05% -0.32% As of: 09/30/2025 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: 09/30/2025 View Allocation Details Allocation Details Harding Loevner Global Equity Portfolio (HLMVX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI Index Information Technology 24.74% 27.17% Communication Services 16.01% 8.83% Industrials 14.76% 10.70% Health Care 14.26% 8.50% Financials 11.66% 17.40% Consumer Discretionary 10.38% 10.65% Cash & Other 3.21% 0.00% Energy 2.07% 3.46% Consumer Staples 1.75% 5.28% Real Estate 1.17% 1.87% Materials 0.00% 3.58% Utilities 0.00% 2.55% As of: 09/30/2025 Investment Allocation 09/30/2025 Stocks 96.79% Bonds 0.00% Cash and Other 3.21% As of: 09/30/2025 Country Fund MSCI ACWI Index United States 59.31% 64.66% Japan 6.34% 4.84% China 5.18% 3.35% United Kingdom 5.03% 3.19% France 3.42% 2.37% Taiwan 2.82% 2.09% Sweden 2.59% 0.78% Switzerland 2.17% 2.01% Netherlands 1.88% 1.07% Hong Kong 1.62% 0.45% Germany 1.36% 2.14% Singapore 1.30% 0.39% India 1.22% 1.64% Canada 0.97% 2.93% Denmark 0.81% 0.41% % in Top 15 Countries 96.02% 92.32% As of: 09/30/2025 Region Fund MSCI ACWI Index Developed 86.79% 89.25% Europe & Middle East 17.25% 14.47% North America 60.28% 67.59% Pacific 9.26% 7.19% Emerging 10.00% 10.75% Asia 9.22% 8.66% Latin America 0.78% 0.78% Europe & Middle East 0.00% 0.94% Africa 0.00% 0.39% Frontier 0.00% 0.00% Africa 0.00% 0.00% Asia 0.00% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 3.21% 0.00% As of: 09/30/2025 Industry Fund MSCI ACWI Index Interactive Media & Services 11.71% 5.51% Software 10.02% 7.82% Semiconductors & Semiconductor Equipment 8.95% 11.05% Electrical Equipment 5.07% 1.35% Pharmaceuticals 4.97% 3.52% Machinery 4.44% 1.76% Biotechnology 4.42% 1.39% Capital Markets 4.27% 3.25% Hotels, Restaurants & Leisure 4.01% 1.74% Insurance 3.97% 3.05% % in Top 10 Industries 61.83% 40.44% As of: 09/30/2025 Read Important Investment Disclosures 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 potentially 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 Jingyi Li PORTFOLIO MANAGER Read full bio Richard Schmidt, CFA PORTFOLIO MANAGER Read full bio Sean Contant, CFA PORTFOLIO MANAGER Read full bio Moon Surana, CFA PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach Harding Loevner Global Equity Portfolio The Global Equity Portfolio invests in high-quality, growing companies in and outside 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 using Harding Loevner’s distinctive Co-Lead Manager structure, and seeks to realize superior risk-adjusted returns for clients. Mr. Peter Baughan, CFA and Mr. Ferrill Roll, CFA are the Co-Lead Portfolio Managers. 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