Fund Notice Shares may not be available for purchase by all investors. If you are purchasing shares of the Portfolio through a financial intermediary, please consult with an appropriate representative to confirm your eligibility to invest. For more information, please review the Prospectus. Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 877.435.8105 Share Class Institutional NAV | as of 01/16/2025 $16.46 +$0.02 (+0.12%) Morningstar | Style Box V B G L M S Growth of $10,000 (Hypothetical) Since Inception 10/17/2005 to 12/31/2024 = $21,482.10 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 in emerging markets. Why Consider The Fund may be appropriate for your overall investment allocation if you are looking to gain exposure to emerging 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 the high quality, growth investment philosophy Documents Fact Sheet Summary Prospectus Prospectus 2023 Distributions View All Documents Investment Style Harding Loevner Institutional Emerging Markets Portfolio has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Harding Loevner Institutional Emerging Markets Portfolio is categorized as Large-Growth. It invests in large-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 12/31/2024 Overall Rating (of 707) 3 Years (of 707) 5 Years (of 632) 10 Years (of 430) Category Diversified Emerging Mkts Read Important Investment Disclosures Pradipta Chakrabortty PORTFOLIO MANAGER Pradipta Chakrabortty is a co-lead portfolio manager of the Emerging Markets Equity strategy, a portfolio manager for the Frontier Emerging Markets Equity strategy, and an analyst of frontier emerging markets. He joined Harding Loevner in 2008 and is a Partner of the firm with over 20 years of experience. His prior industry experience includes serving as a summer analyst at Templeton Capital Advisors and Cornerstone Investment Partners. He also worked for a number of years in marketing and brand management for GlaxoSmithKline, Vodafone Essar, and General Mills. Pradipta is a graduate of BIRLA Institute of Technology & Science with a degree in Engineering, XLRI School of Management with an MBA in Finance & Marketing, and the Wharton School at the University of Pennsylvania with an MBA in Finance. Scott Crawshaw PORTFOLIO MANAGER Scott Crawshaw is a co-lead portfolio manager of the Emerging Markets Equity Strategy and an analyst of emerging markets companies. He is a partner of the firm and has over 20 years of industry experience. Before joining Harding Loevner in 2014, he worked for 10 years at London-based Russell Investments as a senior portfolio manager and research analyst of emerging markets equities. He has also worked at ISIS Asset Management as a fund manager for global emerging market equities, and at Bacon and Woodrow in its London Investment Division. Scott graduated from the University of Bristol with a BSc in mathematics. 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. 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: 1.07% Net Expense Ratio: 1.05% Expense Cap Expiration Date: 02/28/2025 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 $2.357036 $0.262995 — $2.094041 Dec 19, 2023 $0.257466 $0.257466 — — Dec 13, 2022 $0.168305 $0.168305 — — Dec 14, 2021 $0.175187 $0.175187 — — Dec 15, 2020 $0.101107 $0.101107 — — Dec 17, 2019 $0.330523 $0.330523 — — Dec 18, 2018 $0.178619 $0.178619 — — Dec 15, 2017 $0.172910 $0.172910 — — Dec 18, 2015 $0.094849 $0.094849 — — Dec 19, 2014 $0.125528 $0.125528 — — Dec 20, 2013 $0.146805 $0.146805 — — Dec 20, 2012 $0.115565 $0.115565 — — Dec 19, 2011 $0.160415 $0.160415 — — Dec 16, 2010 $0.043073 $0.043073 — — Dec 17, 2009 $0.093000 $0.093000 — — Dec 17, 2008 $0.365500 $0.365500 — — Dec 13, 2007 $0.816600 $0.090200 $0.291700 $0.434700 Dec 14, 2006 $0.018600 $0.018600 — — Dec 28, 2005 $0.019600 $0.019600 — — From: To: Risk & Return Statistics As of: 12/31/2024 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. -5.57 -4.19 -1.75 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. 18.79 20.17 17.92 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. -0.62 -0.27 -0.01 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 91.06 94.29 91.31 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. 111.79 107.48 101.44 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. 0.99 1.04 1.00 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. 84.14 89.46 90.25 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 7.49 6.59 5.60 View All Characteristics & Statistics All Characteristics & Statistics Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI Emerging Markets Index Portfolio Assets (Mil.$) $494 Number of Holdings 69 1,252 Weighted Avg. Market Cap (Mil.$) $133,471 $171,269 Median Market Cap (Mil.$) $39,906 $38,419 Weighted Avg. P/E (Trailing EPS) 16.94 14.22 Weighted Avg. P/B 2.67 2.03 EPS Growth (Trailing 5-yr %) 9.32% 10.47% Revenue Growth (Trailing 5-yr %) 10.37% 9.44% Return on Equity 17.88% 14.98% Weighted Avg. Dividend Yield 2.41% 2.58% Debt to Equity 37.31 38.32 Trailing 12-Months Portfolio Turnover 34% 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. -5.57 -4.19 -1.75 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. 18.79 20.17 17.92 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. -0.62 -0.27 -0.01 Upside Capture Ratio (%) Upside Capture Ratio (%) is a measure of a manager's performance in up markets relative to a particular benchmark. An up market is one in which the market's quarterly (or monthly) return is greater than or equal to zero. For example, a ratio of 50% means that the portfolio's value increased half as much as its benchmark index during up markets. 91.06 94.29 91.31 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. 111.79 107.48 101.44 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. 0.99 1.04 1.00 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. 84.14 89.46 90.25 Tracking Error (%) Tracking Error (%) , which is often referred to as the active risk of the portfolio, measures how closely a manager's returns track the returns of a benchmark index. Specifically, tracking error measures the standard deviation of the excess returns a portfolio generates compared to its benchmark. This gives an indication of the volatility of a portfolio versus its benchmark. If a manager tracks a benchmark closely, then tracking error will be low. If a manager tracks a benchmark perfectly, then tracking error will be zero. 7.49 6.59 5.60 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. -0.76 -0.68 -0.36 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. -11.84 -5.14 -0.14 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. -34.98 -41.25 -41.25 As of: 12/31/2024 Market Cap Fund MSCI Emerging Markets Index Market Cap ($mm) 0 - 1,000 0.64% 0.00% Market Cap ($mm) 1,000 - 1,500 0.00% 0.08% Market Cap ($mm) 1,500 - 2,500 0.34% 0.37% Market Cap ($mm) 2,500 - 5,000 9.22% 5.27% Market Cap ($mm) 5,000 - 10,000 11.16% 14.36% Market Cap ($mm) 10,000 - 25,000 19.34% 22.12% Market Cap ($mm) 25,000 - 50,000 17.31% 14.18% Market Cap ($mm) 50,000 - 100,000 8.83% 10.93% Market Cap ($mm) 100,000 - 200,000 16.14% 9.31% Market Cap ($mm) 200,000 - 17.02% 23.38% Market Cap – NA 0.00% 0.00% As of: 12/31/2024 Valuation Characteristics Fund MSCI Emerging Markets Index P/E 0-10 14.99% 19.49% P/E 10-15 11.51% 15.82% P/E 15-20 18.56% 13.22% P/E 20-25 25.32% 14.08% P/E 25-Above 29.62% 34.98% P/E – NA 0.00% 2.43% As of: 12/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2024 TSMC 6.07% Tencent 5.47% HDFC Bank 4.83% Trip.com Group 3.97% Tata Consultancy Services 3.61% Samsung Electronics 3.47% ICICI Bank 2.72% Maruti Suzuki 2.59% Tenaris 2.30% Delta Electronics 2.21% % in Top 10 Holdings 37.23% View Holding Details Holding Details Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2024 TSMC 6.07% Tencent 5.47% HDFC Bank 4.83% Trip.com Group 3.97% Tata Consultancy Services 3.61% Samsung Electronics 3.47% ICICI Bank 2.72% Maruti Suzuki 2.59% Tenaris 2.30% Delta Electronics 2.21% % in Top 10 Holdings 37.23% As of: 12/31/2024 Download All Holdings (PDF) As of: 12/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund 2330_TT Taiwan Semiconductor Information Technology S TW TWD 895,527 32.65 $29,242,102 6.07% 700_HK Tencent Holdings Communication Services S CN HKD 493,655 53.44 $26,381,554 5.47% HDFCB_IN HDFC Bank Financials S IN INR 1,125,380 20.68 $23,278,215 4.83% 9961_HK Trip.com Consumer Discretionary S CN HKD 277,388 68.95 $19,124,569 3.97% TCS_IN Tata Consultancy Services Information Technology S IN INR 364,327 47.70 $17,378,106 3.61% SMSN_LI Samsung Electronics (Voting) GDR Reg S Information Technology S KR USD 17,079 910.00 $15,541,843 3.23% ICICIBC_IN ICICI Bank Financials S IN INR 876,079 14.95 $13,101,204 2.72% MSIL_IN Maruti Suzuki India Consumer Discretionary S IN INR 98,430 126.69 $12,470,154 2.59% TS Tenaris ADR Energy S IT USD 293,493 37.79 $11,091,100 2.30% 2308_TT Delta Electronics Information Technology S TW TWD 817,950 13.02 $10,650,147 2.21% 5274_TT ASPEED Technology Information Technology S TW TWD 97,668 100.90 $9,854,582 2.05% 2317_TT Hon Hai Precision Information Technology S TW TWD 1,610,545 5.57 $8,970,267 1.86% GLOB Globant Information Technology S US USD 40,911 214.42 $8,772,137 1.82% 2318_HK Ping An Insurance Financials S CN HKD 1,487,000 5.89 $8,752,072 1.82% 1476_TT Eclat Consumer Discretionary S TW TWD 556,181 15.45 $8,594,942 1.78% 300750_C2 Contemporary Amperex Tech Industrials S CN CNY 235,379 36.18 $8,515,083 1.77% WEGE3_BZ WEG Industrials S BR BRL 905,752 9.14 $8,276,142 1.72% EMAAR_UH Emaar Real Estate S AE AED 2,363,830 3.50 $8,269,877 1.72% 000333_C2 Midea Group (China A) Consumer Discretionary S CN CNY 796,649 10.24 $8,155,768 1.69% MELI MercadoLibre Inc Consumer Discretionary S US USD 4,664 1,700.44 $7,930,852 1.65% 9988_HK Alibaba Consumer Discretionary S CN HKD 696,350 10.61 $7,389,992 1.53% MWG_VN Mobile World Consumer Discretionary S VN VND 3,056,900 2.39 $7,318,922 1.52% GFNORTEO_MM GF Banorte Financials S MX MXN 1,096,855 6.43 $7,047,416 1.46% FMX FEMSA ADR Consumer Staples S MX USD 80,816 85.49 $6,908,960 1.43% 1590_TT Airtac Industrials S TW TWD 265,783 25.64 $6,813,998 1.41% 1299_HK AIA Group Financials S HK HKD 929,285 7.23 $6,722,383 1.40% 300760_C2 Shenzhen Mindray Bio-Medical Health Care S CN CNY 193,200 34.70 $6,703,120 1.39% HDFCLIFE_IN HDFC Life Insurance Co Ltd Financials S IN INR 930,614 7.20 $6,702,967 1.39% WALMEX*_MM Wal-Mart de Mexico Consumer Staples S MX MXN 2,418,910 2.63 $6,367,751 1.32% KSPI Kaspi.KZ ADR Financials S KZ USD 67,108 94.71 $6,355,799 1.32% SBK_SJ Standard Bank Financials S ZA ZAR 532,821 11.75 $6,260,540 1.30% RJHI_AB Al Rajhi Bank Financials S SA SAR 237,614 25.14 $5,972,778 1.24% 9618_HK JD.com Consumer Discretionary S CN HKD 343,281 17.35 $5,955,511 1.24% DSY_SJ Discovery Holdings Financials S ZA ZAR 572,068 10.32 $5,904,179 1.23% 002050_C2 Sanhua Intelligent Controls Industrials S CN CNY 1,706,711 3.20 $5,462,178 1.13% 2313_HK Shenzhou Consumer Discretionary S CN HKD 692,700 7.88 $5,460,986 1.13% 669_HK Techtronic Industrials S HK HKD 399,901 13.18 $5,271,737 1.09% ALE_PW Allegro Consumer Discretionary S PL PLN 802,179 6.55 $5,257,155 1.09% BBRI_IJ Bank Rakyat Financials S ID IDR 20,730,650 0.25 $5,231,092 1.09% EPAM EPAM Systems Information Technology S US USD 20,469 233.82 $4,786,062 0.99% 300124_C2 Shenzhen Inovance Technology (China A) Industrials S CN CNY 597,000 7.96 $4,754,795 0.99% 035420_KS Naver Communication Services S KR KRW 35,139 135.01 $4,743,989 0.98% ASII_IJ Astra International Industrials S ID IDR 14,829,800 0.30 $4,500,584 0.93% ZTO ZTO Express Cayman ADR Industrials S CN USD 228,614 19.55 $4,469,404 0.93% ITUB Itau Unibanco (Pref) ADR Financials S BR USD 881,836 4.96 $4,373,907 0.91% BBCA_IJ Bank Central Asia Financials S ID IDR 7,227,565 0.60 $4,331,327 0.90% CCH_LN Coca-Cola HBC Consumer Staples S GB GBP 115,562 34.14 $3,944,868 0.82% BUPA_AB Bupa Arabia Financials S SA SAR 70,809 55.08 $3,900,300 0.81% CLS_SJ Clicks Group Consumer Staples S ZA ZAR 189,897 19.80 $3,759,712 0.78% RENT3_BZ Localiza Rent a Car Industrials S BR BRL 653,725 5.21 $3,406,354 0.71% RADL3_BZ Raia Drogasil Consumer Staples S BR BRL 915,335 3.55 $3,246,443 0.67% BH/F_TB Bumrungrad Hospital Health Care S TH THB 528,055 5.85 $3,089,807 0.64% 002690_C2 Meyer Optoelectronic Industrials S CN CNY 1,512,600 2.02 $3,050,259 0.63% B3SA3_BZ B3 Financials S BR BRL 1,747,300 1.72 $2,996,776 0.62% CPA Copa Holdings Industrials S PA USD 34,031 87.88 $2,990,644 0.62% 522_HK ASM Pacific Technology Information Technology S HK HKD 308,579 9.66 $2,980,781 0.62% CBKD_LI Commercial International Bank GDR Financials S EG USD 1,865,968 1.48 $2,765,334 0.57% 2331_HK Li Ning Consumer Discretionary S CN HKD 1,285,500 2.10 $2,705,694 0.56% 2688_HK ENN Energy Utilities S CN HKD 373,617 7.22 $2,696,022 0.56% 021240_KS Coway Consumer Discretionary S KR KRW 58,610 45.43 $2,662,499 0.55% CIB Bancolombia (Pref) ADR Financials S CO USD 84,122 31.51 $2,650,684 0.55% KOMB_CP Komercni Banka Financials S CZ CZK 72,590 34.89 $2,532,460 0.53% SAFCOM_KN Safaricom Communication Services S KE KES 18,814,182 0.13 $2,481,909 0.52% TLKM_IJ Telkom Indonesia Communication Services S ID IDR 10,899,300 0.17 $1,828,248 0.38% LREN3_BZ Lojas Renner Consumer Discretionary S BR BRL 819,330 1.96 $1,601,823 0.33% APNT_IN Asian Paints Materials S IN INR 57,962 26.63 $1,543,524 0.32% 9888_HK Baidu Communication Services S CN HKD 141,358 10.58 $1,496,079 0.31% BABA Alibaba Group Holding Consumer Discretionary S CN USD 16,637 84.79 $1,410,651 0.29% 1876_HK Budweiser APAC Consumer Staples S HK HKD 1,289,100 0.96 $1,243,304 0.26% SMSD_LI Samsung Electronics (Pref) GDR Reg S Information Technology S KR USD 1,524 758.15 $1,155,421 0.24% SBER_RU Sberbank Financials S RU USD 880,800 - $0 - SBER_RM Sberbank (RUB) Financials S RU RUB 35,707,448 - - - Cash Cash C - - $4,306,722 0.89% Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Trip.com 1 3.53% 0.49% 0.50% Tenaris 2 1.99% - 0.48% Emaar 3 1.20% 0.22% 0.47% Delta Electronics 4 1.93% 0.30% 0.27% HDFC Bank 5 4.50% 1.27% 0.27% Reliance Industries 6 - 1.19% 0.26% Globant 7 1.70% - 0.24% PDD Holdings 8 - 1.01% 0.23% EPAM Systems 9 0.92% - 0.21% Contemporary Amperex Tech 10 1.39% 0.12% 0.15% 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. Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect TSMC 20 5.58% 10.05% -0.67% ASPEED Technology 19 2.40% - -0.42% Xiaomi 18 - 0.69% -0.33% Maruti Suzuki 17 2.56% 0.22% -0.30% Allegro 16 1.25% 0.06% -0.26% Localiza Rent A Car 15 0.90% 0.08% -0.20% AIA Group 14 1.42% - -0.18% Bumrungrad Hospital 13 0.71% 0.05% -0.17% MediaTek 12 - 0.78% -0.17% China Construction Bank 11 - 0.96% -0.16% 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 Institutional Emerging Markets Portfolio (HLMEX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI Emerging Markets Index Financials 24.67% 23.73% Information Technology 22.69% 24.25% Consumer Discretionary 19.93% 13.12% Industrials 11.94% 6.59% Communication Services 7.66% 9.42% Consumer Staples 5.29% 4.79% Energy 2.30% 4.56% Health Care 2.03% 3.45% Real Estate 1.72% 1.65% Cash & Other 0.89% 0.00% Utilities 0.56% 2.72% Materials 0.32% 5.71% As of: 12/31/2024 Investment Allocation 12/31/2024 Stocks 99.11% Bonds 0.00% Cash and Other 0.89% As of: 12/31/2024 Country Fund MSCI Emerging Markets Index China 25.42% 27.79% India 15.46% 19.43% Taiwan 15.38% 19.72% South Korea 5.00% 9.02% Brazil 4.96% 4.07% United States 4.46% 0.00% Mexico 4.22% 1.76% Hong Kong 3.37% 0.00% South Africa 3.30% 2.93% Indonesia 3.30% 1.48% Italy 2.30% 0.00% Saudi Arabia 2.05% 4.16% United Arab Emirates 1.72% 1.37% Vietnam 1.52% 0.00% Kazakhstan 1.32% 0.00% % in Top 15 Countries 93.78% 91.73% As of: 12/31/2024 Region Fund MSCI Emerging Markets Index Developed 10.95% 0.00% Europe & Middle East 3.12% 0.00% North America 4.46% 0.00% Pacific 3.37% 0.00% Emerging 84.19% 100.00% Asia 65.20% 80.94% Latin America 9.73% 6.63% Europe & Middle East 5.38% 9.44% Africa 3.88% 3.00% Frontier 3.35% 0.00% Africa 0.52% 0.00% Asia 2.84% 0.00% Europe 0.00% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 1.51% 0.00% As of: 12/31/2024 Industry Fund MSCI Emerging Markets Index Banks 16.09% 17.86% Semiconductors & Semiconductor Equipment 8.73% 13.73% Interactive Media & Services 6.77% 5.64% Insurance 6.64% 3.06% IT Services 6.42% 2.46% Broadline Retail 5.80% 4.48% Machinery 5.26% 0.77% Electronic Equipment, Instruments & Components 4.07% 2.58% Hotels, Restaurants & Leisure 3.97% 2.87% Electrical Equipment 3.48% 1.40% % in Top 10 Industries 67.23% 54.85% 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 Pradipta Chakrabortty PORTFOLIO MANAGER Read full bio Scott Crawshaw PORTFOLIO MANAGER Read full bio Richard Schmidt, CFA PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach Harding Loevner Institutional Emerging Markets Portfolio The Institutional Emerging Markets Portfolio invests in high-quality, growing companies that operate in emerging markets and, to a lesser extent, frontier 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. Mr. Scott Crawshaw and Mr. Craig Shaw, CFA are the Co-Lead Portfolio Managers. 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