Fund Overview

Share Class

Institutional

NAV | as of 06/14/2024

$26.28
-$0.31 (-1.17%)

Morningstar | Style Box

V B G L M S

Morningstar Rating

Rated against 378 Foreign Large Growth funds as of 05/31/2024 View Morningstar Details

Morningstar Medalist Rating

as of 03/26/2024
Analyst-Driven:100% | Data Coverage:100%

Growth of $10,000 (Hypothetical)

Since Inception 05/11/1994 to 05/31/2024 = $54,427.73

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

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 877.435.8105 or visiting hardingloevnerfunds.com.  From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. 

Objective

The Portfolio seeks long-term capital appreciation through investments in equity securities of companies based outside the United States.

Why Consider

  • The Fund may be appropriate for your overall investment allocation if you are looking to gain exposure to non-US investments that are buy-rated by the Harding Loevner analysts
  • 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

Performance

Performance

Read Important Investment Disclosures

Returns

Trailing Returns

Performance data quoted represents past performance; past performance does not guarantee future results. The investment return and principal value of an investment will fluctuate so that an investor’s shares, when redeemed, may be worth more or less than their original cost. Current performance of the Portfolio may be lower or higher than the performance quoted. Performance data current to the most recent month-end may be obtained by calling 877.435.8105 or visiting hardingloevnerfunds.com.  From time to time, the advisor has waived fees or reimbursed expenses, which may have resulted in higher returns. The listed returns and yields of the Fund are net of expenses, and the returns and yields of the indices exclude expenses. For time periods where the fund inception date preceded the benchmark, the benchmark data will not be shown. 

Expense Ratios

  • Gross Expense Ratio: 0.82%
  • Net Expense Ratio: 0.82%
  • Expense Cap Expiration Date: N/A

Distributions & Pricing

Distributions

Calendar Year Distributions

Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains
Dec 19, 2023 $0.982703 $0.517451 $0.465252
Dec 13, 2022 $0.587227 $0.587227
Dec 14, 2021 $0.746745 $0.424819 $0.321926
Dec 15, 2020 $0.212281 $0.212281
Dec 17, 2019 $0.379060 $0.379060
Jan 10, 2019 $0.000002 $0.000002
Dec 18, 2018 $0.289929 $0.289929
Dec 15, 2017 $0.373718 $0.198113 $0.008807 $0.166798
Dec 18, 2015 $0.173852 $0.173852
Dec 19, 2014 $0.181195 $0.181195
Dec 20, 2013 $0.141695 $0.141695
Dec 20, 2012 $0.130323 $0.130323
Dec 19, 2011 $0.148160 $0.113113 $0.035047
Dec 16, 2010 $0.058034 $0.058034
Dec 17, 2009 $0.102100 $0.102100
Dec 17, 2008 $2.385100 $0.188100 $2.197000
Dec 13, 2007 $1.838500 $0.151000 $0.330000 $1.357500
Dec 14, 2006 $1.431100 $0.096000 $0.110300 $1.224800
Dec 28, 2005 $0.089500 $0.076700 $0.012800
Dec 27, 2004 $0.057300 $0.057300
Dec 26, 2003 $0.069700 $0.069700
Dec 26, 2002 $0.043700 $0.043700
Dec 26, 2001 $0.033800 $0.033800
Dec 31, 1999 $0.729700 $0.228500 $0.319000 $0.182200
Dec 31, 1998 $0.193700 $0.181600 $0.012100
Dec 31, 1997 $0.175200 $0.106100 $0.057700 $0.011400
Dec 31, 1996 $0.002500 $0.002500
Oct 31, 1996 $0.194500 $0.089500 $0.072800 $0.032200
Oct 31, 1995 $0.018800 $0.018800
Jul 31, 1995 $0.055000 $0.055000

Risk & Return Statistics

As of: 05/31/2024

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.
-1.16 0.35 1.60
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.
18.66 18.33 15.74
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.
-0.22 0.27 0.26
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.
115.34 111.28 109.73
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.
111.24 103.48 98.72
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 1.00
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.
91.06 91.42 91.09
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.
5.82 5.38 4.70
View All Characteristics & Statistics

Portfolio & Holdings

Portfolio & Holdings

Top Holdings (Equity)

As of: 03/31/2024

Samsung Electronics 3.78%
TSMC 3.65%
Allianz 2.99%
Manulife 2.97%
DBS Group 2.92%
BBVA 2.82%
Chugai Pharmaceutical 2.75%
FEMSA 2.72%
Infineon Technologies 2.66%
Schneider Electric 2.60%
% in Top 10 Holdings 29.86%
View Holding Details Read Important Investment Disclosures

Regional Allocation

As of: 03/31/2024

View Allocation Details

About the Affiliate

About Harding Loevner

Harding Loevner manages global and non-U.S. equity portfolios following a consistent philosophy focused on long-term investment in growing companies with high-quality fundamentals. The Firm believes diversified portfolios of the stocks of companies meeting its quality-growth criteria, purchased at reasonable prices, offer superior risk-adjusted returns over the long term.

Learn More About Harding Loevner's Approach

FOUNDED

1989

AMG AFFILIATE SINCE

2009

HEADQUARTERS

Bridgewater, NJ

Portfolio Managers

Investment Approach

Investment Approach

Harding Loevner International Equity Portfolio

The International Equity Portfolio invests in high-quality, growing companies outside of 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, and seeks to realize superior risk-adjusted returns.

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