Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 877.435.8105 Share Class Investor Investor Institutional NAV | as of 02/07/2025 $25.40 -$0.17 (-0.66%) Morningstar | Style Box V B G L M S Morningstar Medalist Rating as of 03/26/2024 Analyst-Driven:100% | Data Coverage:100% Growth of $10,000 (Hypothetical) Since Inception 09/30/2005 to 01/31/2025 = $27,169.69 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 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 Documents Fact Sheet Commentary Summary Prospectus Prospectus 2024 Distributions View All Documents Investment Style Harding Loevner International Equity Portfolio has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Harding Loevner International 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 649) 3 Years (of 649) 5 Years (of 618) 10 Years (of 424) Category Foreign Large Blend Read Important Investment Disclosures Ferrill D. Roll, CFA CIO, PORTFOLIO MANAGER Ferrill Roll is the Chief Investment Officer of Harding Loevner LP and a member of the Executive Committee. He is also a co-lead portfolio manager of the International Equity Strategy and a Financials analyst. Roll joined Harding Loevner in 1996 and is a partner of the firm. He has over 35 years of industry experience across a wide range of international markets. Prior to joining Harding Loevner, he served as portfolio manager and general partner of Cesar Montemayor Capital, L.P., a global investment partnership investing in fixed income, currency, and equity markets. He also worked in international equity sales at First Boston and Barings Securities. Roll began his career at JP Morgan, where he established the currency options trading department and advised corporate clients on foreign exchange markets. Roll graduated from Stanford University in 1980 with a BA in economics and is a CFA® charterholder. Andrew West, CFA PORTFOLIO MANAGER Andrew West is a co-lead portfolio manager for the International Equity Strategy, a portfolio manager for the research suite of strategies, and a Consumer Discretionary and Industrials analyst. He is a partner of the firm and has over 25 years of industry experience. Prior to joining Harding Loevner in 2006, Andrew worked at Standard & Poor’s Equity Research, Veitia & Associates, and International Assets Advisory Corp. Andrew holds a BS in business administration/finance from the University of Central Florida and an MBA in finance and international business from the New York University Leonard N. Stern School of Business. He is also a CFA® charterholder. Patrick Todd, CFA PORTFOLIO MANAGER Patrick Todd is a portfolio manager for the International Equity Strategy and oversees the closely related International Developed Markets Equity Strategy; he is also an analyst of Health Care and Real Estate companies. He is a partner of the firm and has over 15 years of industry experience. Prior to joining Harding Loevner in 2012, he worked as a research analyst at Gabelli & Company and Ironbound Capital. He holds a BA in biochemical sciences from Harvard University and an MBA in applied value investing from Columbia Business School. He is also a CFA® charterholder. Uday Cheruvu, CFA PORTFOLIO MANAGER Uday Cheruvu is a member of the portfolio management team for the International Equity Strategy. He is also an Information Technology and Communication Services analyst. He has over 20 years of industry experience. Before joining Harding Loevner in 2020, he served as a portfolio manager and investment analyst of global equities at PM Capital. He has also served as an associate at Affinity Equity Partners and an investment banking analyst at Credit Suisse. Uday is a University of Melbourne alumnus, with a BEng in software engineering and a Bachelor of Commerce, and he holds an MA in applied finance from Macquarie University. He is also 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: 1.15% Net Expense Ratio: 1.15% 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 1.15% 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 $1.666758 $0.437268 $0.207823 $1.021667 Dec 19, 2023 $0.899785 $0.434533 — $0.465252 Dec 13, 2022 $0.478847 $0.478847 — — Dec 14, 2021 $0.650202 $0.328276 — $0.321926 Dec 15, 2020 $0.125902 $0.125902 — — Dec 17, 2019 $0.298958 $0.298958 — — Dec 18, 2018 $0.186482 $0.186482 — — Dec 15, 2017 $0.309552 $0.133947 $0.008807 $0.166798 Dec 18, 2015 $0.124362 $0.124362 — — Dec 19, 2014 $0.117689 $0.117689 — — Dec 20, 2013 $0.079068 $0.079068 — — Dec 20, 2012 $0.085985 $0.085985 — — Dec 19, 2011 $0.095224 $0.060177 — $0.035047 Dec 16, 2010 $0.023909 $0.023909 — — Dec 17, 2009 $0.083100 $0.083100 — — Dec 17, 2008 $2.349300 $0.152300 — $2.197000 Dec 13, 2007 $1.794100 $0.106600 $0.330000 $1.357500 Dec 14, 2006 $1.398200 $0.063100 $0.110300 $1.224800 Dec 28, 2005 $0.085400 $0.072600 — $0.012800 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. -3.25 -0.62 0.45 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. 18.33 18.28 15.82 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 0.12 0.24 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. 111.68 108.70 106.79 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. 116.58 104.95 100.42 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 1.01 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. 92.28 90.95 91.29 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. 5.34 5.51 4.67 View All Characteristics & Statistics All Characteristics & Statistics Harding Loevner International Equity Portfolio (HLMNX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI ACWI ex USA Index Portfolio Assets (Mil.$) $12,054 Number of Holdings 60 2,058 Weighted Avg. Market Cap (Mil.$) $122,828 $110,550 Median Market Cap (Mil.$) $74,111 $51,049 Weighted Avg. P/E (Trailing EPS) 17.82 15.76 Weighted Avg. P/B 2.65 1.93 EPS Growth (Trailing 5-yr %) 7.57% 9.02% Revenue Growth (Trailing 5-yr %) 5.74% 5.83% Return on Equity 17.02% 13.95% Weighted Avg. Dividend Yield 2.54% 2.86% Debt to Equity 45.12 60.24 Trailing 12-Months Portfolio Turnover 20% 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. -3.25 -0.62 0.45 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. 18.33 18.28 15.82 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 0.12 0.24 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. 111.68 108.70 106.79 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. 116.58 104.95 100.42 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 1.01 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. 92.28 90.95 91.29 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. 5.34 5.51 4.67 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. -0.61 -0.13 0.08 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. -3.63 2.16 3.77 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. -26.39 -31.18 -31.18 As of: 01/31/2025 Market Cap Fund MSCI ACWI ex USA Index Market Cap ($mm) 0 - 1,000 0.00% 0.01% Market Cap ($mm) 1,000 - 1,500 0.00% 0.02% Market Cap ($mm) 1,500 - 2,500 0.00% 0.11% Market Cap ($mm) 2,500 - 5,000 0.00% 1.97% Market Cap ($mm) 5,000 - 10,000 1.62% 9.48% Market Cap ($mm) 10,000 - 25,000 19.87% 19.39% Market Cap ($mm) 25,000 - 50,000 18.66% 18.90% Market Cap ($mm) 50,000 - 100,000 23.83% 20.89% Market Cap ($mm) 100,000 - 200,000 22.37% 14.18% Market Cap ($mm) 200,000 - 13.65% 15.04% Market Cap – NA 0.00% 0.00% As of: 12/31/2024 Valuation Characteristics Fund MSCI ACWI ex USA Index P/E 0-10 8.03% 16.39% P/E 10-15 19.81% 17.21% P/E 15-20 18.78% 16.05% P/E 20-25 10.06% 11.45% P/E 25-Above 42.66% 37.24% P/E – NA 0.65% 1.65% As of: 12/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2024 TSMC 3.94% DBS Group 3.88% HDFC Bank 3.33% Chugai Pharmaceutical 3.09% Manulife 3.09% Allianz 3.09% Haleon 2.98% Royal Dutch Shell 2.98% Schneider Electric 2.87% Sony 2.80% % in Top 10 Holdings 32.06% View Holding Details Holding Details Harding Loevner International Equity Portfolio (HLMNX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2024 TSMC 3.94% DBS Group 3.88% HDFC Bank 3.33% Chugai Pharmaceutical 3.09% Manulife 3.09% Allianz 3.09% Haleon 2.98% Royal Dutch Shell 2.98% Schneider Electric 2.87% Sony 2.80% % in Top 10 Holdings 32.06% As of: 12/31/2024 Download All Holdings (PDF) As of: 12/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund TSM Taiwan Semiconductor ADR Information Technology S TW USD 2,406,252 197.49 $475,210,707 3.94% DBS_SP DBS Group Financials S SG SGD 14,613,318 31.99 $467,423,679 3.88% HDB HDFC Bank ADR Financials S IN USD 6,287,487 63.86 $401,518,920 3.33% 4519_JP Chugai Pharmaceutical Health Care S JP JPY 8,469,300 44.00 $372,610,765 3.09% MFC_CN Manulife Financial Financials S CA CAD 12,109,700 30.72 $372,022,924 3.09% ALV_GR Allianz Financials S DE EUR 1,213,865 306.44 $371,980,863 3.09% HLN_LN Haleon Consumer Staples S GB GBP 76,275,473 4.71 $359,305,105 2.98% SHEL_LN Shell Energy S GB GBP 11,572,343 31.04 $359,244,356 2.98% SU_FP Schneider Electric SE Industrials S FR EUR 1,399,640 247.20 $345,986,632 2.87% 6758_JP Sony Group Corp Consumer Discretionary S JP JPY 15,958,300 21.13 $337,132,368 2.80% ROG_SW Roche Holding Health Care S CH CHF 1,090,968 279.91 $305,370,808 2.53% BBVA_SM BBVA Financials S ES EUR 28,767,744 9.79 $281,702,485 2.34% SMSN_LI Samsung Electronics (Voting) GDR Reg S Information Technology S KR USD 308,661 910.00 $280,880,667 2.33% IFX_GR Infineon Technologies Information Technology S DE EUR 7,171,725 32.48 $232,945,041 1.93% OR_FP L'Oreal Consumer Staples S FR EUR 649,191 353.06 $229,201,778 1.90% ALFA_SS Alfa Laval Industrials S SE SEK 5,503,835 41.51 $228,443,978 1.90% 6869_JP Sysmex Health Care S JP JPY 12,340,721 18.35 $226,432,925 1.88% NSRGY Nestle ADR Consumer Staples S CH USD 2,690,106 81.70 $219,781,660 1.82% FMX FEMSA ADR Consumer Staples S MX USD 2,531,506 85.49 $216,418,448 1.80% ATCOA_SS Atlas Copco AB Industrials S SE SEK 13,938,012 15.30 $213,209,401 1.77% ALC Alcon Health Care S CH USD 2,500,599 84.89 $212,275,849 1.76% RIO_LN Rio Tinto Materials S GB GBP 3,363,954 58.86 $198,014,416 1.64% SEBA_SS SE Banken Financials S SE SEK 14,396,937 13.70 $197,274,561 1.64% MELI MercadoLibre Inc Consumer Discretionary S US USD 113,867 1,700.44 $193,624,001 1.61% ATD_CN Alimentation Couche-Tard Consumer Staples S CA CAD 3,418,400 55.46 $189,582,141 1.57% LIN New Linde PLC Materials S US USD 450,181 418.67 $188,477,279 1.56% BHP BHP ADR Materials S AU USD 3,849,515 48.83 $187,971,817 1.56% 700_HK Tencent Holdings Communication Services S CN HKD 3,439,910 53.44 $183,833,185 1.53% 600690_C1 Haier Smart Home Consumer Discretionary S CN CNY 45,652,188 3.87 $176,887,812 1.47% 1299_HK AIA Group Financials S HK HKD 23,066,774 7.23 $166,863,429 1.39% 6301_JP Komatsu Industrials S JP JPY 6,026,000 27.62 $166,453,393 1.38% ADYEN_NA Adyen NV Financials S NL EUR 106,565 1,475.29 $157,213,756 1.30% 6146_JP Disco Corp Information Technology S JP JPY 576,100 269.92 $155,500,999 1.29% SAP SAP ADR Information Technology S DE USD 615,288 246.21 $151,490,058 1.26% ASSAB_SS Assa Abloy Industrials S SE SEK 5,105,746 29.40 $150,101,205 1.25% BAP Credicorp Financials S PE USD 802,762 183.32 $147,162,330 1.22% EPIA_SS Epiroc Industrials S SE SEK 8,455,409 17.37 $146,830,632 1.22% SY1_GR Symrise Materials S DE EUR 1,366,568 106.32 $145,293,236 1.21% AI_FP Air Liquide Materials S FR EUR 842,724 161.67 $136,245,481 1.13% SOON_SW Sonova Holding Health Care S CH CHF 417,279 325.52 $135,830,726 1.13% 6861_JP Keyence Information Technology S JP JPY 322,934 406.90 $131,402,693 1.09% TLKM_IJ Telkom Indonesia Communication Services S ID IDR 773,884,900 0.17 $129,811,447 1.08% ZTO ZTO Express Cayman ADR Industrials S CN USD 6,594,521 19.55 $128,922,886 1.07% 669_HK Techtronic Industrials S HK HKD 9,614,000 13.18 $126,737,575 1.05% DSY_FP Dassault Systemes SE Information Technology S FR EUR 3,525,639 34.56 $121,860,840 1.01% 4507_JP Shionogi Health Care S JP JPY 8,562,000 14.01 $119,960,984 1.00% 000858_C2 Wuliangye Yibin Consumer Staples S CN CNY 6,228,608 19.04 $118,600,236 0.98% 6383_JP Daifuku Industrials S JP JPY 5,450,800 20.74 $113,049,308 0.94% 300760_C2 Shenzhen Mindray Bio-Medical Health Care S CN CNY 3,233,964 34.70 $112,203,144 0.93% CNI Canadian National Railway Industrials S CA USD 1,098,409 101.51 $111,499,498 0.93% COLOB_DC Coloplast Health Care S DK DKK 1,002,776 109.50 $109,799,608 0.91% GFNORTEO_MM GF Banorte Financials S MX MXN 16,425,700 6.43 $105,536,954 0.88% 8113_JP Unicharm Consumer Staples S JP JPY 12,555,000 8.22 $103,174,150 0.86% GMAB_DC Genmab Health Care S DK DKK 478,523 208.38 $99,713,575 0.83% NSISB_DC Novonesis Materials S DK DKK 1,711,987 56.43 $96,614,740 0.80% 2318_HK Ping An Insurance Financials S CN HKD 15,445,500 5.89 $90,907,956 0.75% 2308_TT Delta Electronics Information Technology S TW TWD 6,755,332 13.02 $87,958,040 0.73% 7309_JP Shimano Consumer Discretionary S JP JPY 616,100 134.90 $83,112,526 0.69% 2688_HK ENN Energy Utilities S CN HKD 10,799,400 7.22 $77,928,532 0.65% ABEV Ambev ADR Consumer Staples S BR USD 41,704,889 1.85 $77,154,045 0.64% Cash Cash C - - $217,356,792 1.80% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect DBS Group 1 3.61% 0.23% 0.52% TSMC 2 3.99% 2.98% 0.36% Sony Group Corp 3 2.47% 0.46% 0.34% Manulife Financial 4 3.00% 0.21% 0.31% HDFC Bank 5 3.21% 0.38% 0.26% Novo Nordisk 6 - 1.30% 0.25% Alibaba 7 - 0.69% 0.13% Daifuku 8 0.88% 0.02% 0.13% Disco Corp 9 1.02% 0.09% 0.13% Alimentation Couche-Tard 10 1.51% 0.16% 0.10% 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 Samsung Electronics 20 2.49% 0.83% -0.26% Unicharm 19 0.95% 0.04% -0.26% LOréal 18 1.93% 0.34% -0.24% Atlas Copco 17 1.85% 0.25% -0.23% Symrise 16 1.27% 0.06% -0.21% MercadoLibre 15 1.54% - -0.17% Shimano 14 0.72% 0.04% -0.17% BHP Billiton 13 1.67% 0.52% -0.16% ZTO Express Cayman (H Share) 12 1.15% 0.04% -0.16% Epiroc 11 1.28% 0.07% -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. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 12/31/2024 View Allocation Details Allocation Details Harding Loevner International Equity Portfolio (HLMNX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI ex USA Index Financials 22.91% 23.70% Industrials 14.37% 13.95% Health Care 14.06% 8.76% Information Technology 13.59% 13.53% Consumer Staples 12.56% 6.97% Materials 7.91% 6.29% Consumer Discretionary 6.56% 11.18% Energy 2.98% 4.95% Communication Services 2.60% 5.87% Cash & Other 1.80% 0.00% Utilities 0.65% 3.03% Real Estate 0.00% 1.77% As of: 12/31/2024 Investment Allocation 12/31/2024 Stocks 98.20% Bonds 0.00% Cash and Other 1.80% As of: 12/31/2024 Country Fund MSCI ACWI ex USA Index Japan 15.01% 14.47% Sweden 7.77% 2.21% United Kingdom 7.61% 9.27% Germany 7.48% 5.76% China 7.38% 8.24% Switzerland 7.25% 5.95% France 6.92% 6.90% Canada 5.59% 8.09% Taiwan 4.67% 5.84% Singapore 3.88% 1.04% India 3.33% 5.76% United States 3.17% 0.00% Mexico 2.67% 0.52% Denmark 2.54% 1.80% Hong Kong 2.44% 1.24% % in Top 15 Countries 87.71% 77.09% As of: 12/31/2024 Region Fund MSCI ACWI ex USA Index Developed 74.86% 70.36% Europe & Middle East 43.21% 40.81% North America 8.76% 8.09% Pacific 22.89% 21.46% Emerging 23.33% 29.64% Asia 18.80% 23.99% Latin America 4.53% 1.96% Europe & Middle East 0.00% 2.80% Africa 0.00% 0.89% 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 1.80% 0.00% As of: 12/31/2024 Industry Fund MSCI ACWI ex USA Index Banks 13.29% 14.53% Insurance 8.32% 5.16% Machinery 8.26% 2.09% Semiconductors & Semiconductor Equipment 7.17% 6.21% Pharmaceuticals 6.62% 5.75% Health Care Equipment & Supplies 6.61% 1.37% Personal Care Products 4.89% 1.34% Chemicals 4.70% 2.25% Household Durables 4.27% 0.90% Beverages 3.42% 1.30% % in Top 10 Industries 67.55% 40.9% 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 Ferrill D. Roll, CFA CIO, PORTFOLIO MANAGER Read full bio Andrew West, CFA PORTFOLIO MANAGER Read full bio Patrick Todd, CFA PORTFOLIO MANAGER Read full bio Uday Cheruvu, CFA PORTFOLIO MANAGER Read full bio 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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