Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Institutional Advisor Institutional NAV | as of 02/07/2025 $35.06 -$0.29 (-0.82%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 327 Global Large-Stock Growth funds as of 01/31/2025 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 11/03/2009 to 01/31/2025 = $35,669.47 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 Commentary Summary Prospectus Prospectus 2024 Distributions 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 01/31/2025 Overall Rating (of 327) 3 Years (of 327) 5 Years (of 279) 10 Years (of 196) 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. 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: 0.86% Net Expense Ratio: 0.86% Expense Cap Expiration Date: N/A 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: 01/31/2025 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. -4.69 -1.94 -0.21 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. 17.87 18.57 15.89 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. -0.02 0.34 0.49 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. 90.88 97.28 105.57 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. 109.00 104.12 101.43 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. 1.08 1.02 1.03 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. 93.58 90.81 91.77 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. 4.72 5.64 4.58 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.$) $563 Number of Holdings 59 2,647 Weighted Avg. Market Cap (Mil.$) $660,622 $750,115 Median Market Cap (Mil.$) $164,438 $137,448 Weighted Avg. P/E (Trailing EPS) 30.1 22.27 Weighted Avg. P/B 5.1 3.23 EPS Growth (Trailing 5-yr %) 13.91% 13.34% Revenue Growth (Trailing 5-yr %) 11.96% 8.73% Return on Equity 21.34% 18.95% Weighted Avg. Dividend Yield 1.07% 1.78% Debt to Equity 36.63 58.83 Trailing 12-Months Portfolio Turnover 30% As of: 12/31/2024 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. -4.69 -1.94 -0.21 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. 17.87 18.57 15.89 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. -0.02 0.34 0.49 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. 90.88 97.28 105.57 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. 109.00 104.12 101.43 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. 1.08 1.02 1.03 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. 93.58 90.81 91.77 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. 4.72 5.64 4.58 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. -0.97 -0.37 -0.02 Treynor Ratio (%) Treynor Ratio (%) , which was developed by Jack Treynor, measures reward per unit of beta risk. It measures returns earned in excess of that which could have been earned on a less risk investment per each unit of market risk. The Treynor Ratio relates the difference between the portfolio return and the risk-free rate to the portfolio beta for a given time period. -0.33 6.22 7.63 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. -28.46 -35.94 -35.94 As of: 01/31/2025 Market Cap Fund MSCI ACWI Index Market Cap ($mm) 0 - 1,000 0.00% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.01% Market Cap ($mm) 1,500 - 2,500 0.00% 0.04% Market Cap ($mm) 2,500 - 5,000 0.64% 0.66% Market Cap ($mm) 5,000 - 10,000 3.70% 3.44% Market Cap ($mm) 10,000 - 25,000 6.24% 10.75% Market Cap ($mm) 25,000 - 50,000 8.53% 13.03% Market Cap ($mm) 50,000 - 100,000 13.62% 16.07% Market Cap ($mm) 100,000 - 200,000 23.29% 14.89% Market Cap ($mm) 200,000 - 43.98% 41.10% Market Cap – NA 0.00% 0.00% As of: 12/31/2024 Valuation Characteristics Fund MSCI ACWI Index P/E 0-10 0.33% 7.05% P/E 10-15 3.26% 10.29% P/E 15-20 9.86% 11.80% P/E 20-25 7.46% 8.96% P/E 25-Above 79.09% 60.05% P/E – NA 0.00% 1.85% As of: 12/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2024 Meta Platforms 4.78% Alphabet 4.64% Microsoft 4.29% Amazon.com 4.22% Netflix 3.65% Schneider Electric 3.33% Vertex Pharmaceuticals 3.02% Accenture 2.67% UnitedHealth Group 2.64% Salesforce 2.61% % in Top 10 Holdings 35.84% View Holding Details Holding Details Harding Loevner Global Equity Portfolio (HLMVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2024 Meta Platforms 4.78% Alphabet 4.64% Microsoft 4.29% Amazon.com 4.22% Netflix 3.65% Schneider Electric 3.33% Vertex Pharmaceuticals 3.02% Accenture 2.67% UnitedHealth Group 2.64% Salesforce 2.61% % in Top 10 Holdings 35.84% As of: 12/31/2024 Download All Holdings (PDF) As of: 12/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund META Meta Platforms Communication Services S US USD 45,847 585.51 $26,843,877 4.78% GOOGL Alphabet (A) (Voting) Communication Services S US USD 137,501 189.30 $26,028,939 4.64% MSFT Microsoft Information Technology S US USD 57,125 421.50 $24,078,188 4.29% AMZN Amazon.com Consumer Discretionary S US USD 107,959 219.39 $23,685,125 4.22% NFLX Netflix Communication Services S US USD 22,965 891.32 $20,469,164 3.65% SU_FP Schneider Electric SE Industrials S FR EUR 75,492 247.20 $18,661,386 3.33% VRTX Vertex Pharmaceuticals Health Care S US USD 42,020 402.70 $16,921,454 3.02% ACN Accenture Information Technology S US USD 42,543 351.79 $14,966,202 2.67% UNH UnitedHealth Group Health Care S US USD 29,296 505.86 $14,819,675 2.64% CRM salesforce.com Information Technology S US USD 43,785 334.33 $14,638,639 2.61% TMO Thermo Fisher Scientific Health Care S US USD 24,627 520.23 $12,811,704 2.28% CME CME Group Financials S US USD 54,775 232.23 $12,720,398 2.27% AVGO Broadcom Information Technology S US USD 53,667 231.84 $12,442,157 2.22% 700_HK Tencent Holdings Communication Services S CN HKD 225,900 53.44 $12,072,385 2.15% ALC Alcon Health Care S CH USD 140,159 84.89 $11,898,098 2.12% 6758_JP Sony Group Corp Consumer Discretionary S JP JPY 553,500 21.13 $11,693,148 2.08% BKNG Booking Holdings Consumer Discretionary S US USD 2,124 4,968.42 $10,552,924 1.88% DE Deere Industrials S US USD 24,832 423.70 $10,521,318 1.87% TW Tradeweb Markets Financials S US USD 74,928 130.92 $9,809,574 1.75% HLN_LN Haleon Consumer Staples S GB GBP 1,946,680 4.71 $9,170,078 1.63% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 204,000 44.00 $8,975,074 1.60% ROK Rockwell Automation Industrials S US USD 31,194 285.79 $8,914,933 1.59% TSM Taiwan Semiconductor ADR Information Technology S TW USD 42,554 197.49 $8,403,989 1.50% NOW ServiceNow Information Technology S US USD 7,747 1,060.12 $8,212,750 1.46% DHR Danaher Health Care S US USD 33,811 229.55 $7,761,315 1.38% SAP SAP ADR Information Technology S DE USD 31,205 246.21 $7,682,983 1.37% 1299_HK AIA Group Financials S HK HKD 1,051,005 7.23 $7,602,897 1.35% CPG_LN Compass Group Consumer Discretionary S GB GBP 221,623 33.24 $7,367,007 1.31% HDB HDFC Bank ADR Financials S IN USD 111,776 63.86 $7,138,015 1.27% AAPL Apple Inc Information Technology S US USD 28,249 250.42 $7,074,115 1.26% GLOB Globant Information Technology S US USD 31,102 214.42 $6,668,891 1.19% DBS_SP DBS Group Financials S SG SGD 207,400 31.99 $6,633,926 1.18% AMAT Applied Materials Information Technology S US USD 39,804 162.63 $6,473,325 1.15% ADBE Adobe Systems Information Technology S US USD 14,284 444.68 $6,351,809 1.13% 6861_JP Keyence Information Technology S JP JPY 15,600 406.90 $6,347,681 1.13% DPLM_LN Diploma Industrials S GB GBP 118,056 53.19 $6,279,179 1.12% ATD_CN Alimentation Couche-Tard Consumer Staples S CA CAD 112,900 55.46 $6,261,357 1.12% CSGP CoStar Group Real Estate S US USD 86,780 71.59 $6,212,580 1.11% ABBV AbbVie Health Care S US USD 34,078 177.70 $6,055,661 1.08% ADYEN_NA Adyen NV Financials S NL EUR 4,002 1,475.29 $5,904,091 1.05% ROG_SW Roche Holding Health Care S CH CHF 20,492 279.91 $5,735,877 1.02% NVDA NVIDIA Information Technology S US USD 42,143 134.29 $5,659,383 1.01% SY1_GR Symrise Materials S DE EUR 52,733 106.32 $5,606,562 1.00% SHEL_LN Shell Energy S GB GBP 180,465 31.04 $5,602,239 1.00% ALFA_SS Alfa Laval Industrials S SE SEK 132,596 41.51 $5,503,573 0.98% SLB Schlumberger Energy S US USD 141,986 38.34 $5,443,743 0.97% SNPS Synopsys Information Technology S US USD 11,195 485.36 $5,433,605 0.97% SGSN_SW SGS SA Industrials S CH CHF 54,098 100.13 $5,416,888 0.97% HON Honeywell International Inc Industrials S US USD 23,314 225.89 $5,266,399 0.94% NOC Northrop Grumman Industrials S US USD 9,892 469.29 $4,642,217 0.83% G24_GR Scout24 Communication Services S DE EUR 51,409 88.14 $4,531,379 0.81% BBCA_IJ Bank Central Asia Financials S ID IDR 7,338,070 0.60 $4,397,551 0.78% ATCOA_SS Atlas Copco AB Industrials S SE SEK 284,207 15.30 $4,347,507 0.77% EPIA_SS Epiroc Industrials S SE SEK 238,883 17.37 $4,148,273 0.74% WALMEX*_MM Wal-Mart de Mexico Consumer Staples S MX MXN 1,574,100 2.63 $4,143,799 0.74% GMAB_DC Genmab Health Care S DK DKK 16,203 208.38 $3,376,346 0.60% RGEN Repligen Health Care S US USD 18,143 143.94 $2,611,503 0.47% ATKR Atkore Industrials S US USD 21,805 83.45 $1,819,627 0.32% 9962_JP Misumi Group Industrials S JP JPY 106,600 15.38 $1,639,090 0.29% Cash Cash C - - $18,727,798 3.34% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Netflix 1 3.35% 0.45% 0.66% salesforce.com 2 2.48% 0.39% 0.42% ServiceNow 3 1.75% 0.27% 0.30% Booking Holdings 4 1.81% 0.21% 0.27% Alphabet 5 4.25% 2.44% 0.27% Amazon.com 6 3.97% 2.45% 0.24% Broadcom 7 1.75% 1.04% 0.23% Sony Group Corp 8 1.92% 0.15% 0.20% CME Group 9 2.23% 0.11% 0.19% Novo Nordisk 10 - 0.44% 0.12% As of: 12/31/2024 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 Tesla 20 - 1.18% -0.53% NVIDIA 19 0.22% 4.31% -0.45% Vertex Pharmaceuticals 18 3.49% 0.15% -0.43% Thermo Fisher Scientific 17 2.39% 0.27% -0.35% Alcon 16 2.24% 0.06% -0.34% AIA Group 15 1.41% 0.11% -0.33% UnitedHealth Group 14 2.89% 0.67% -0.29% Apple 13 1.18% 4.45% -0.28% Symrise 12 1.07% 0.02% -0.27% Danaher 11 1.47% 0.21% -0.23% As of: 12/31/2024 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: 12/31/2024 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 23.96% 25.98% Health Care 16.21% 9.67% Communication Services 16.03% 8.24% Industrials 13.75% 10.23% Financials 9.66% 16.80% Consumer Discretionary 9.50% 11.34% Consumer Staples 3.49% 5.92% Cash & Other 3.34% 0.00% Energy 1.97% 3.82% Real Estate 1.11% 2.04% Materials 1.00% 3.46% Utilities 0.00% 2.50% As of: 12/31/2024 Investment Allocation 12/31/2024 Stocks 96.66% Bonds 0.00% Cash and Other 3.34% As of: 12/31/2024 Country Fund MSCI ACWI Index United States 61.64% 66.62% Japan 5.11% 4.83% United Kingdom 5.06% 3.09% Switzerland 4.11% 1.99% France 3.33% 2.30% Germany 3.18% 1.92% Sweden 2.49% 0.74% China 2.15% 2.75% Taiwan 1.50% 1.95% Hong Kong 1.35% 0.41% India 1.27% 1.92% Singapore 1.18% 0.35% Canada 1.12% 2.70% Netherlands 1.05% 0.96% Indonesia 0.78% 0.15% % in Top 15 Countries 95.32% 92.68% As of: 12/31/2024 Region Fund MSCI ACWI Index Developed 90.22% 90.11% Europe & Middle East 19.82% 13.62% North America 62.76% 69.33% Pacific 7.64% 7.16% Emerging 6.44% 9.89% Asia 5.70% 8.01% Latin America 0.74% 0.66% Europe & Middle East 0.00% 0.93% Africa 0.00% 0.30% 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 3.34% 0.00% As of: 12/31/2024 Industry Fund MSCI ACWI Index Interactive Media & Services 12.38% 4.98% Software 11.83% 7.61% Semiconductors & Semiconductor Equipment 5.88% 9.53% Electrical Equipment 5.24% 1.18% Biotechnology 4.70% 1.40% Machinery 4.66% 1.78% Broadline Retail 4.22% 3.48% Life Sciences Tools & Services 4.13% 0.87% Capital Markets 4.01% 3.17% IT Services 3.86% 1.51% % in Top 10 Industries 60.91% 35.51% As of: 12/31/2024 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 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. Related products Other Products From Harding Loevner HLEMX Harding Loevner Emerging Markets Portfolio View Fund Details HLMOX Harding Loevner Frontier Emerging Markets Portfolio View Fund Details HLMEX Harding Loevner Institutional Emerging Markets Portfolio View Fund Details HLMNX Harding Loevner International Equity Portfolio View Fund Details HLMSX Harding Loevner International Small Companies Portfolio View Fund Details Harding Loevner Global Equity ADR Strategy View SMA Details Harding Loevner International Equity ADR Strategy View SMA Details Stay up-to-date Sign up to receive our latest views and thinking, in addition to other news and product-related information. CHOOSE SUBSCRIPTIONS