Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Institutional Advisor Institutional NAV | as of 10/11/2024 $44.76 +$0.17 (+0.38%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 323 Global Large-Stock Growth funds as of 09/30/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 11/03/2009 to 09/30/2024 = $34,595.25 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 2023 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-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 09/30/2024 Overall Rating (of 323) 3 Years (of 323) 5 Years (of 273) 10 Years (of 192) 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, Industrials, and Utilities 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 Rick Schmidt is a member of the portfolio management team for the Global Equity Strategy. He is also 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 also a Financials 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 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, 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: 09/30/2024 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. -7.23 -1.90 -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. 18.74 18.53 15.83 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. -0.15 0.42 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. 87.19 99.17 106.36 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. 114.14 104.89 101.60 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. 1.10 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. 92.79 90.79 91.69 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. 5.32 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.$) $975 Number of Holdings 61 2,760 Weighted Avg. Market Cap (Mil.$) $599,704 $668,236 Median Market Cap (Mil.$) $161,267 $125,625 Weighted Avg. P/E (Trailing EPS) 32.05 21.65 Weighted Avg. P/B 5.59 3.12 EPS Growth (Trailing 5-yr %) 14.37% 12.74% Revenue Growth (Trailing 5-yr %) 11.96% 8.53% Return on Equity 22.19% 19.32% Weighted Avg. Dividend Yield 0.93% 1.84% Debt to Equity 37.44 63.17 Trailing 12-Months Portfolio Turnover 24% As of: 06/30/2024 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. -7.23 -1.90 -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. 18.74 18.53 15.83 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. -0.15 0.42 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. 87.19 99.17 106.36 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. 114.14 104.89 101.60 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. 1.10 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. 92.79 90.79 91.69 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. 5.32 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. -1.36 -0.35 -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. -2.51 7.61 7.42 Max Drawdown Max Drawdown is the maximum loss from a peak to a trough of a portfolio, before a new peak is attained. Maximum Drawdown is an indicator of downside risk over a specified time period. -35.88 -35.94 -35.94 As of: 09/30/2024 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% 0.03% Market Cap ($mm) 2,500 - 5,000 0.94% 0.80% Market Cap ($mm) 5,000 - 10,000 4.34% 3.81% Market Cap ($mm) 10,000 - 25,000 6.13% 11.55% Market Cap ($mm) 25,000 - 50,000 9.53% 13.85% Market Cap ($mm) 50,000 - 100,000 10.11% 15.43% Market Cap ($mm) 100,000 - 200,000 24.95% 14.84% Market Cap ($mm) 200,000 - 44.00% 39.69% Market Cap – NA 0.00% 0.00% As of: 06/30/2024 Valuation Characteristics Fund MSCI ACWI Index P/E 0-10 0.58% 6.67% P/E 10-15 3.29% 13.09% P/E 15-20 4.59% 10.73% P/E 20-25 8.23% 9.75% P/E 25-Above 83.30% 57.66% P/E – NA 0.00% 2.10% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 Microsoft 4.85% Meta Platforms 4.71% Alphabet 4.63% Amazon.com 4.50% Schneider Electric 4.42% Vertex Pharmaceuticals 4.33% Netflix 2.90% Thermo Fisher Scientific 2.53% Alcon 2.32% Salesforce 2.09% % in Top 10 Holdings 37.28% View Holding Details Holding Details Harding Loevner Global Equity Portfolio (HLMVX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 Microsoft 4.85% Meta Platforms 4.71% Alphabet 4.63% Amazon.com 4.50% Schneider Electric 4.42% Vertex Pharmaceuticals 4.33% Netflix 2.90% Thermo Fisher Scientific 2.53% Alcon 2.32% Salesforce 2.09% % in Top 10 Holdings 37.28% As of: 06/30/2024 Download All Holdings (PDF) As of: 06/30/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund MSFT Microsoft Information Technology S US USD 105,773 446.95 $47,275,242 4.85% META Meta Platforms Communication Services S US USD 91,046 504.22 $45,907,214 4.71% GOOGL Alphabet (A) (Voting) Communication Services S US USD 247,820 182.15 $45,140,413 4.63% AMZN Amazon.com Consumer Discretionary S US USD 226,868 193.25 $43,842,241 4.50% SU_FP Schneider Electric SE Industrials S FR EUR 180,809 238.60 $43,141,695 4.42% VRTX Vertex Pharmaceuticals Health Care S US USD 90,146 468.72 $42,253,233 4.33% NFLX Netflix Communication Services S US USD 41,907 674.88 $28,282,196 2.90% TMO Thermo Fisher Scientific Health Care S US USD 44,541 553.00 $24,631,173 2.53% ALC Alcon Health Care S CH USD 254,424 89.08 $22,664,090 2.32% CRM salesforce.com Information Technology S US USD 79,431 257.10 $20,421,710 2.09% PINS Pinterest Communication Services S US USD 459,830 44.07 $20,264,708 2.08% DHR Danaher Health Care S US USD 78,834 249.85 $19,696,675 2.02% 700_HK Tencent Holdings Communication Services S CN HKD 400,600 47.46 $19,012,867 1.95% UNH UnitedHealth Group Health Care S US USD 34,752 509.26 $17,697,804 1.81% SAP SAP ADR Information Technology S DE USD 87,303 201.71 $17,609,888 1.81% AMAT Applied Materials Information Technology S US USD 73,867 235.99 $17,431,873 1.79% DE Deere Industrials S US USD 45,778 373.63 $17,104,034 1.75% 6758_JP Sony Group Corp Consumer Discretionary S JP JPY 197,700 84.97 $16,798,958 1.72% CME CME Group Financials S US USD 83,243 196.60 $16,365,574 1.68% AVGO Broadcom Information Technology S US USD 9,926 1,605.53 $15,936,491 1.63% ROK Rockwell Automation Industrials S US USD 55,466 275.28 $15,268,680 1.57% ACN Accenture Information Technology S US USD 49,444 303.41 $15,001,804 1.54% ISRG Intuitive Surgical Inc Health Care S US USD 32,915 444.85 $14,642,238 1.50% OR_FP L'Oreal Consumer Staples S FR EUR 33,269 439.71 $14,628,843 1.50% NOW ServiceNow Information Technology S US USD 18,530 786.67 $14,576,995 1.49% ADBE Adobe Systems Information Technology S US USD 25,434 555.54 $14,129,604 1.45% TW Tradeweb Markets Financials S US USD 132,888 106.00 $14,086,128 1.44% TSM Taiwan Semiconductor ADR Information Technology S TW USD 79,965 173.81 $13,898,717 1.43% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 383,400 35.70 $13,686,157 1.40% ATCOA_SS Atlas Copco AB Industrials S SE SEK 633,891 18.85 $11,946,503 1.23% SLB Schlumberger Energy S US USD 246,478 47.18 $11,628,832 1.19% DPLM_LN Diploma Industrials S GB GBP 221,845 52.18 $11,575,322 1.19% SNPS Synopsys Information Technology S US USD 19,340 595.06 $11,508,460 1.18% AAPL Apple Inc Information Technology S US USD 53,085 210.62 $11,180,763 1.15% SY1_GR Symrise Materials S DE EUR 90,666 122.42 $11,098,954 1.14% COST Costco Consumer Staples S US USD 13,054 849.99 $11,095,769 1.14% ABBV AbbVie Health Care S US USD 64,037 171.52 $10,983,626 1.13% BKNG Booking Holdings Consumer Discretionary S US USD 2,757 3,961.50 $10,921,856 1.12% GMAB_DC Genmab Health Care S DK DKK 41,593 250.78 $10,430,649 1.07% G24_GR Scout24 Communication Services S DE EUR 123,543 76.25 $9,419,942 0.97% HON Honeywell International Inc Industrials S US USD 43,810 213.54 $9,355,187 0.96% ASML ASML Information Technology S NL USD 9,121 1,022.73 $9,328,320 0.96% EPIA_SS Epiroc Industrials S SE SEK 448,897 19.94 $8,951,493 0.92% KER_FP Kering Consumer Discretionary S FR EUR 24,252 363.54 $8,816,536 0.90% CSGP CoStar Group Real Estate S US USD 118,510 74.14 $8,786,331 0.90% WALMEX*_MM Wal-Mart de Mexico Consumer Staples S MX MXN 2,518,800 3.40 $8,571,768 0.88% BBCA_IJ Bank Central Asia Financials S ID IDR 13,808,570 0.60 $8,330,283 0.85% SGSN_SW SGS SA Industrials S CH CHF 93,077 88.97 $8,280,682 0.85% GLOB Globant Information Technology S US USD 45,680 178.26 $8,142,917 0.84% 6861_JP Keyence Information Technology S JP JPY 18,400 441.18 $8,117,627 0.83% NOC Northrop Grumman Industrials S US USD 18,588 435.95 $8,103,439 0.83% HDB HDFC Bank ADR Financials S IN USD 124,237 64.33 $7,992,166 0.82% HLN_LN Haleon Consumer Staples S GB GBP 1,848,286 4.07 $7,524,179 0.77% ADYEN_NA Adyen NV Financials S NL EUR 6,113 1,192.25 $7,288,236 0.75% ROG_SW Roche Holding Health Care S CH CHF 26,251 277.51 $7,285,031 0.75% 1299_HK AIA Group Financials S HK HKD 894,205 6.78 $6,063,559 0.62% RGEN Repligen Health Care S US USD 48,013 126.06 $6,052,519 0.62% SPX_LN Spirax Group Industrials S GB GBP 56,112 107.28 $6,019,806 0.62% ATKR Atkore Industrials S US USD 40,975 134.93 $5,528,757 0.57% B3SA3_BZ B3 Financials S BR BRL 2,944,400 1.83 $5,393,581 0.55% 9962_JP Misumi Group Industrials S JP JPY 199,700 17.10 $3,415,510 0.35% Cash Cash C - - $24,611,808 2.52% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Pinterest 1 1.94% 0.03% 0.40% Vertex Pharmaceuticals 2 4.14% 0.16% 0.36% Alphabet 3 4.42% 2.60% 0.30% Tencent 4 1.92% 0.42% 0.27% Schneider Electric SE 5 4.68% 0.18% 0.23% Netflix 6 2.77% 0.38% 0.19% Applied Materials 7 1.69% 0.25% 0.16% TSMC 8 1.27% 0.89% 0.12% Broadcom 9 1.49% 0.87% 0.11% Intuitive Surgical Inc 10 1.38% 0.20% 0.10% As of: 06/30/2024 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 NVIDIA 20 - 3.49% -1.05% Apple 19 1.16% 3.81% -0.49% Adyen NV 18 0.88% 0.04% -0.33% Repligen 17 0.79% 0.01% -0.31% CoStar Group 16 1.05% 0.05% -0.30% Genmab 15 1.19% 0.03% -0.30% salesforce.com 14 1.82% 0.36% -0.29% Accenture 13 1.61% 0.27% -0.23% Atkore 12 0.46% - -0.22% Schlumberger 11 1.27% 0.10% -0.22% As of: 06/30/2024 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: 06/30/2024 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 23.03% 25.86% Health Care 19.49% 10.89% Communication Services 17.23% 7.91% Industrials 15.25% 10.30% Consumer Discretionary 8.24% 10.39% Financials 6.72% 15.57% Consumer Staples 4.29% 6.20% Cash & Other 2.52% 0.00% Energy 1.19% 4.37% Materials 1.14% 3.98% Real Estate 0.90% 2.04% Utilities 0.00% 2.49% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 97.48% Bonds 0.00% Cash and Other 2.52% As of: 06/30/2024 Country Fund MSCI ACWI Index United States 63.91% 64.70% France 6.83% 2.52% Japan 4.31% 5.10% Switzerland 3.92% 2.17% Germany 3.91% 1.94% United Kingdom 2.58% 3.34% Sweden 2.14% 0.73% China 1.95% 2.57% Netherlands 1.70% 1.21% Taiwan 1.43% 1.98% Denmark 1.07% 0.89% Mexico 0.88% 0.22% Indonesia 0.85% 0.16% India 0.82% 1.96% Hong Kong 0.62% 0.40% % in Top 15 Countries 96.92% 89.89% As of: 06/30/2024 Region Fund MSCI ACWI Index Developed 91.00% 89.76% Europe & Middle East 22.15% 14.91% North America 63.91% 67.33% Pacific 4.93% 7.52% Emerging 6.48% 10.24% Asia 5.05% 8.25% Latin America 1.43% 0.74% Europe & Middle East 0.00% 0.93% Africa 0.00% 0.31% 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 2.52% 0.00% As of: 06/30/2024 Industry Fund MSCI ACWI Index Interactive Media & Services 14.33% 4.88% Software 12.87% 7.64% Electrical Equipment 6.56% 1.13% Biotechnology 6.53% 1.57% Semiconductors & Semiconductor Equipment 5.80% 10.09% Life Sciences Tools & Services 5.17% 0.96% Machinery 4.86% 1.82% Broadline Retail 4.50% 3.24% Health Care Equipment & Supplies 3.83% 1.94% Capital Markets 3.68% 2.78% % in Top 10 Industries 68.13% 36.05% As of: 06/30/2024 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 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. 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