Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 800.548.4539 Share Class Institutional Investor Institutional NAV | as of 02/07/2025 $17.39 -$0.13 (-0.74%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 117 Foreign Small/Mid Growth funds as of 01/31/2025 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 06/30/2011 to 01/31/2025 = $17,219.14 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 small 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 small cap 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 its high quality, growth investment philosophy Documents Fact Sheet Commentary Summary Prospectus Prospectus 2024 Distributions View All Documents Investment Style Harding Loevner International Small Companies Portfolio has an Equity Income Objective, seeking to achieve income and capital appreciation. Large Mid Small Value Blend Growth Equity Objective Harding Loevner International Small Companies Portfolio is categorized as Mid-Growth. It invests in medium-cap companies with high risk. Morningstar Ratings Risk-adjusted returns as of 01/31/2025 Overall Rating (of 117) 3 Years (of 117) 5 Years (of 108) 10 Years (of 75) Category Foreign Small/Mid Growth Read Important Investment Disclosures Jafar Rizvi, CFA PORTFOLIO MANAGER Jafar Rizvi is the co-lead portfolio manager for the International Small Companies Equity strategy and an Information Technology and small companies analyst. Jafar is a partner of the firm and has over 25 years of experience. Before joining Harding Loevner in 2008, he was a senior analyst at Cohen, Klingenstein & Marks, where he also followed the Information Technology and Telecom Services sectors. He previously worked as an analyst at Franklin Templeton, Sands Brothers & Co., and Deutsche Bank. Jafar is a graduate of Aligarh University with a BA in Economics, J Nehru University with an MA in Economics, Baruch College with an MBA in Computer Information Systems, and Columbia University with an MPA in International Economic Policy and Management. He is also a CFA® charterholder. Anix Vyas, CFA PORTFOLIO MANAGER Anix Vyas is a co-lead portfolio manager for the International Small Companies Equity strategy and an Industrials and Materials analyst. He is also a portfolio manager on Global Small Companies Equity. He is a partner of the firm and has over 20 years of industry experience. Prior to joining Harding Loevner in 2013, he served as an equity analyst at GAMCO Investors, formerly Gabelli Asset Management Company. He previously worked at Amerigas as Manager of Operations and Corporate Development and as an accountant at Bear, Stearns & Company and The Mony Group. Anix holds a BS/BA in Finance and Accounting and an MBA in Finance from The Wharton School at the University of Pennsylvania. He is also a CFA® charterholder. Christopher Mack, CFA PORTFOLIO MANAGER Chris Mack is a co-lead portfolio manager of the Global Small Companies Equity Strategy and an Information Technology analyst. He is also a portfolio manager on Global Equity and International Small Companies Equity. He is a partner of the firm and has over 10 years of industry experience. Chris began his career at Harding Loevner in 2004 as an investment assistant. In 2006, he became a research associate, and in 2008 he assumed analyst responsibilities. Chris was added to the portfolio management teams of the Global Equity and Global Small Companies Equity Strategies in 2014 and 2018, respectively. Chris graduated from Lafayette College with a BA in economics & business 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: 1.16% Net Expense Ratio: 1.15% Expense Cap Expiration Date: 02/28/2025 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, 2025. 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 $0.219807 $0.219807 — — Dec 19, 2023 $0.202820 $0.202820 — — Dec 13, 2022 $0.351011 $0.118239 — $0.232772 Dec 14, 2021 $0.671050 $0.065254 — $0.605796 Dec 15, 2020 $0.030402 $0.030402 — — Dec 17, 2019 $0.105034 $0.105034 — — Dec 18, 2018 $1.010067 $0.125137 — $0.884930 Dec 15, 2017 $0.207094 $0.061558 $0.075916 $0.069620 Dec 18, 2015 $0.228379 $0.093768 — $0.134611 Dec 19, 2014 $0.304096 $0.048645 $0.047329 $0.208122 Dec 20, 2013 $0.932948 $0.064280 $0.266590 $0.602078 Dec 20, 2012 $0.140786 $0.140786 — — Dec 19, 2011 $0.086221 $0.086221 — — 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. -3.88 -1.92 -0.09 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 17.65 19.81 16.41 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. -0.40 0.01 0.21 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. 106.47 101.49 91.58 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. 115.65 105.42 99.50 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. 1.02 0.95 0.94 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. 89.59 88.38 87.30 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. 5.70 6.81 5.94 View All Characteristics & Statistics All Characteristics & Statistics Harding Loevner International Small Companies Portfolio (HLMRX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI ACWI ex USA Small Cap Index Portfolio Assets (Mil.$) $411 Number of Holdings 79 4,263 Weighted Avg. Market Cap (Mil.$) $3,688 $2,757 Median Market Cap (Mil.$) $2,775 $2,338 Weighted Avg. P/E (Trailing EPS) 18.65 14.6 Weighted Avg. P/B 2.27 1.38 EPS Growth (Trailing 5-yr %) 7.43% 7.92% Revenue Growth (Trailing 5-yr %) 8.76% 4.51% Return on Equity 13.68% 10.43% Weighted Avg. Dividend Yield 2.36% 2.77% Debt to Equity 33.99 47.25 Trailing 12-Months Portfolio Turnover 21% 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. -3.88 -1.92 -0.09 Standard Deviation Standard Deviation is a measure of the dispersion of a set of data from its mean. The more spread apart the data, the higher the deviation. Standard deviation is calculated as the square root of variance. 17.65 19.81 16.41 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. -0.40 0.01 0.21 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. 106.47 101.49 91.58 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. 115.65 105.42 99.50 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. 1.02 0.95 0.94 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. 89.59 88.38 87.30 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. 5.70 6.81 5.94 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. -0.71 -0.35 -0.09 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. -7.01 0.28 3.68 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. -26.40 -35.51 -35.51 As of: 01/31/2025 Market Cap Fund MSCI ACWI ex USA Small Cap Index Market Cap ($mm) 0 - 1,000 18.37% 16.14% Market Cap ($mm) 1,000 - 1,500 10.80% 14.36% Market Cap ($mm) 1,500 - 2,500 20.38% 23.74% Market Cap ($mm) 2,500 - 5,000 26.19% 35.16% Market Cap ($mm) 5,000 - 10,000 20.23% 10.33% Market Cap ($mm) 10,000 - 25,000 4.04% 0.25% Market Cap ($mm) 25,000 - 50,000 0.00% 0.00% Market Cap ($mm) 50,000 - 100,000 0.00% 0.00% Market Cap ($mm) 100,000 - 200,000 0.00% 0.00% Market Cap ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.01% As of: 12/31/2024 Valuation Characteristics Fund MSCI ACWI ex USA Small Cap Index P/E 0-10 11.91% 16.17% P/E 10-15 20.19% 19.74% P/E 15-20 9.01% 14.40% P/E 20-25 14.60% 10.43% P/E 25-Above 42.61% 31.20% P/E – NA 1.68% 8.05% As of: 12/31/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2024 Cyberark 2.91% Hoa Phat Group 2.90% Senior 2.89% Diploma 2.46% Reply 2.41% Cranswick 2.28% Siauliu Bankas 2.25% Max Financial 1.97% Clarkson 1.94% Fuchs Petrolub 1.86% % in Top 10 Holdings 23.87% View Holding Details Holding Details Harding Loevner International Small Companies Portfolio (HLMRX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2024 Cyberark 2.91% Hoa Phat Group 2.90% Senior 2.89% Diploma 2.46% Reply 2.41% Cranswick 2.28% Siauliu Bankas 2.25% Max Financial 1.97% Clarkson 1.94% Fuchs Petrolub 1.86% % in Top 10 Holdings 23.87% As of: 12/31/2024 Download All Holdings (PDF) As of: 12/31/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund CYBR CyberArk Software Ltd Information Technology S IL USD 35,741 333.15 $11,907,114 2.91% HPG_VN Hoa Phat Group Materials S VN VND 11,328,569 1.04 $11,832,917 2.90% SNR_LN Senior Industrials S GB GBP 5,958,780 1.98 $11,785,730 2.89% DPLM_LN Diploma Industrials S GB GBP 188,903 53.19 $10,047,400 2.46% REY_IM Reply Information Technology S IT EUR 62,120 158.46 $9,843,656 2.41% CWK_LN Cranswick Consumer Staples S GB GBP 153,411 60.73 $9,316,139 2.28% SAB1L_LH Siauliu Bankas Financials S LT EUR 10,752,203 0.85 $9,182,790 2.25% MAXF_IN Max Financial Services Financials S IN INR 617,558 13.01 $8,034,835 1.97% CKN_LN Clarkson Industrials S GB GBP 160,679 49.41 $7,939,867 1.94% FPE_GR Fuchs Petrolub Materials S DE EUR 231,217 32.94 $7,615,671 1.86% KWS_GR KWS Consumer Staples S DE EUR 123,171 60.97 $7,510,162 1.84% 696_HK TravelSky Consumer Discretionary S CN HKD 5,520,000 1.33 $7,367,862 1.80% VAIAS_FH Vaisala Information Technology S FI EUR 145,619 50.12 $7,297,702 1.79% BCHN_SW Burckhardt Compression Industrials S CH CHF 10,061 712.43 $7,167,760 1.75% EVT_GR Evotec Health Care S DE EUR 803,024 8.49 $6,819,511 1.67% 2815_JP Ariake Japan Consumer Staples S JP JPY 192,500 35.37 $6,808,383 1.67% AAF_LN Airtel Africa London Communication Services S GB GBP 4,748,522 1.42 $6,751,429 1.65% BEAN_SW Belimo Industrials S CH CHF 10,050 660.49 $6,637,909 1.62% YOU_LN YouGov Communication Services S GB GBP 1,252,881 5.20 $6,515,670 1.60% G24_GR Scout24 Communication Services S DE EUR 72,843 88.14 $6,420,651 1.57% BC8_GR Bechtle Information Technology S DE EUR 198,668 32.21 $6,399,251 1.57% 3769_JP GMO Payment Gateway Financials S JP JPY 127,200 50.20 $6,385,556 1.56% THULE_SS Thule Group AB Consumer Discretionary S SE SEK 197,513 30.86 $6,096,193 1.49% 6923_JP Stanley Electric Consumer Discretionary S JP JPY 367,600 16.40 $6,030,190 1.48% PFV_GR Pfeiffer Vacuum Technology Industrials S DE EUR 37,365 159.11 $5,945,320 1.46% CEVI_SS Cellavision Health Care S SE SEK 298,817 19.66 $5,876,139 1.44% GFTU_LN Grafton Group Industrials S GB GBP 486,075 12.01 $5,837,225 1.43% LEHN_SW LEM Holding Information Technology S CH CHF 6,863 816.49 $5,603,597 1.37% AFX_GR Carl Zeiss Meditec Health Care S DE EUR 118,168 47.11 $5,566,463 1.36% BOSN_SW Bossard Industrials S CH CHF 26,348 210.44 $5,544,737 1.36% RUI_FP Rubis Utilities S FR EUR 223,296 24.56 $5,484,255 1.34% MEGACPO_MM Megacable Holdings Communication Services S MX MXN 3,285,600 1.63 $5,343,374 1.31% VRLA_FP Verallia Materials S FR EUR 206,390 25.15 $5,191,225 1.27% 2175_JP SMS Industrials S JP JPY 502,100 9.91 $4,974,428 1.22% BCG_LN Baltic Classifieds Group Communication Services S GB GBP 1,235,424 3.95 $4,881,917 1.20% SHKL_IN SH Kelkar Materials S IN INR 1,683,316 2.88 $4,842,952 1.19% CPA Copa Holdings Industrials S PA USD 55,077 87.88 $4,840,167 1.18% 4975_JP JCU Materials S JP JPY 195,900 24.16 $4,733,308 1.16% KXS_CN Kinaxis Information Technology S CA CAD 38,700 120.45 $4,661,392 1.14% DIA_IM DiaSorin Health Care S IT EUR 44,899 103.08 $4,628,320 1.13% BKT_SM Bankinter Financials S ES EUR 582,336 7.91 $4,608,887 1.13% ATE_FP Alten Information Technology S FR EUR 54,481 81.44 $4,436,784 1.09% NEM_GR Nemetschek Information Technology S DE EUR 45,755 96.84 $4,430,958 1.08% 002891_C2 Yantai China Pet Foods Consumer Staples S CN CNY 900,599 4.86 $4,377,086 1.07% LDA_SM Linea Directa Financials S ES EUR 3,847,051 1.12 $4,319,623 1.06% SBS_GR STRATEC Biomedical Health Care S DE EUR 138,039 30.88 $4,262,776 1.04% HERDEZ*_MM Grupo Herdez Consumer Staples S MX MXN 1,616,647 2.62 $4,242,623 1.04% GLOB Globant Information Technology S US USD 19,693 214.42 $4,222,573 1.03% TOM_NO Tomra Systems Industrials S NO NOK 327,758 12.88 $4,222,261 1.03% TMV_GR TeamViewer Information Technology S DE EUR 425,212 9.88 $4,201,432 1.03% LOTB_BB Lotus Bakeries Consumer Staples S BE EUR 373 11,167.45 $4,165,457 1.02% RRHI_PM Robinsons Retail Consumer Staples S PH PHP 6,346,380 0.62 $3,929,900 0.96% TOWR_IJ Sarana Menara Nusantara Communication Services S ID IDR 94,754,100 0.04 $3,853,023 0.94% 9962_JP Misumi Group Industrials S JP JPY 248,800 15.38 $3,825,567 0.94% 002158_C2 Shanghai Hanbell Precise Machinery Industrials S CN CNY 1,489,482 2.52 $3,753,992 0.92% SQUARE_BD Square Pharmaceuticals Health Care S BD BDT 2,060,079 1.82 $3,745,612 0.92% BNR_GR Brenntag Industrials S DE EUR 61,807 59.95 $3,705,528 0.91% TECN_SW Tecan Group Health Care S CH CHF 16,648 222.44 $3,703,216 0.91% PDX_SS Paradox Interactive Communication Services S SE SEK 189,964 18.65 $3,542,002 0.87% WLCON_PM Wilcon Depot Consumer Discretionary S PH PHP 13,703,200 0.25 $3,381,791 0.83% DLG_MK Dialog Group Energy S MY MYR 8,032,740 0.41 $3,324,989 0.81% RMV_LN Rightmove Communication Services S GB GBP 406,774 8.01 $3,256,810 0.80% 688188_C1 Shanghai BOCHU Electronic Information Technology S CN CNY 114,856 26.43 $3,036,213 0.74% RAT_LN Rathbone Bros Financials S GB GBP 145,029 20.78 $3,014,339 0.74% TDC_MK TIME dotCom Communication Services S MY MYR 2,847,300 1.05 $2,992,367 0.73% 1882_HK Haitian International Industrials S CN HKD 1,085,000 2.72 $2,950,939 0.72% 4536_JP Santen Pharmaceutical Health Care S JP JPY 279,200 10.24 $2,857,915 0.70% 3697_JP SHIFT Inc Information Technology S JP JPY 24,500 114.52 $2,805,636 0.69% ALE_PW Allegro Consumer Discretionary S PL PLN 412,480 6.55 $2,703,226 0.66% 030000_KS Cheil Worldwide Communication Services S KR KRW 233,833 11.45 $2,678,163 0.66% SNG_RO Societatea Nationala de Gaze Energy S RO RON 2,177,245 1.07 $2,329,943 0.57% 4694_JP BML Health Care S JP JPY 126,500 18.40 $2,327,442 0.57% 002690_C2 Meyer Optoelectronic Industrials S CN CNY 1,097,881 2.02 $2,213,951 0.54% 1476_TT Eclat Consumer Discretionary S TW TWD 137,909 15.45 $2,131,176 0.52% 522_HK ASM Pacific Technology Information Technology S HK HKD 216,500 9.66 $2,091,325 0.51% 6197_JP Solasto Health Care S JP JPY 685,100 2.99 $2,048,895 0.50% CRL_IM Carel Industries Industrials S IT EUR 82,151 19.16 $1,574,299 0.39% JARIR_AB Jarir Marketing Consumer Discretionary S SA SAR 454,519 3.37 $1,531,385 0.37% MEDI_NO Medistim Health Care S NO NOK 115,310 13.15 $1,516,008 0.37% Cash Cash C - - $4,503,491 1.10% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect CyberArk Software Ltd 1 2.52% - 0.49% Yantai Cn Pet F 2 0.86% - 0.33% Evotec 3 1.52% 0.03% 0.31% Reply 4 2.25% 0.08% 0.25% Siauliu Bankas 5 2.13% - 0.25% Senior 6 2.34% - 0.19% SHIFT Inc 7 0.62% 0.03% 0.14% Clarkson 8 1.81% 0.03% 0.14% Hoa Phat Group 9 2.77% - 0.13% Globant 10 1.00% - 0.13% 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 STRATEC Biomedical 20 1.17% 0.01% -0.44% Cellavision 19 1.52% - -0.44% SMS 18 1.37% 0.02% -0.41% LEM Holdings 17 0.94% 0.01% -0.40% Bechtle 16 1.37% - -0.32% Carl Zeiss Meditec 15 0.77% - -0.29% Bossard 14 1.42% 0.03% -0.28% Tecan Group 13 0.99% 0.08% -0.28% Alten 12 1.10% 0.06% -0.23% Sarana Menara Nusantara 11 1.04% 0.02% -0.23% As of: 12/31/2024 The 10 Best and Worst Performing Stocks are determined based on the stock's contribution to the Fund's return versus the benchmark index during the specified quarter. Read Important Investment Disclosures Read Important Investment Disclosures Regional Allocation As of: 12/31/2024 View Allocation Details Allocation Details Harding Loevner International Small Companies Portfolio (HLMRX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI ex USA Small Cap Index Industrials 22.76% 21.07% Information Technology 17.37% 11.68% Communication Services 11.32% 3.58% Health Care 10.61% 6.61% Consumer Staples 9.88% 5.87% Financials 8.70% 11.80% Materials 8.38% 11.16% Consumer Discretionary 7.16% 12.01% Energy 1.38% 3.72% Utilities 1.34% 3.12% Cash & Other 1.10% 0.00% Real Estate 0.00% 9.38% As of: 12/31/2024 Investment Allocation 12/31/2024 Stocks 98.90% Bonds 0.00% Cash and Other 1.10% As of: 12/31/2024 Country Fund MSCI ACWI ex USA Small Cap Index United Kingdom 16.98% 8.94% Germany 15.39% 2.25% Japan 10.48% 22.87% Switzerland 7.02% 2.65% China 5.80% 3.02% Italy 3.93% 1.92% Sweden 3.80% 3.33% France 3.70% 2.13% India 3.15% 9.24% Israel 2.91% 2.17% Vietnam 2.90% 0.00% Mexico 2.35% 0.42% Lithuania 2.25% 0.00% Spain 2.19% 1.06% Philippines 1.79% 0.22% % in Top 15 Countries 84.64% 60.22% As of: 12/31/2024 Region Fund MSCI ACWI ex USA Small Cap Index Developed 73.29% 69.10% Europe & Middle East 60.12% 30.37% North America 2.17% 7.03% Pacific 10.99% 31.71% Emerging 17.79% 30.90% Asia 14.41% 24.57% Latin America 2.35% 1.60% Europe & Middle East 1.04% 3.54% Africa 0.00% 1.20% Frontier 6.63% 0.00% Africa 0.00% 0.00% Asia 3.81% 0.00% Europe 2.82% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 2.29% 0.00% As of: 12/31/2024 Industry Fund MSCI ACWI ex USA Small Cap Index Food Products 8.92% 2.93% Machinery 7.36% 5.54% IT Services 6.78% 1.81% Software 6.17% 1.69% Trading Companies & Distributors 6.15% 1.39% Health Care Equipment & Supplies 5.35% 1.14% Chemicals 4.21% 4.08% Electronic Equipment, Instruments & Components 3.90% 3.98% Interactive Media & Services 3.56% 0.47% Media 3.56% 1.15% % in Top 10 Industries 55.96% 24.18% 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 Jafar Rizvi, CFA PORTFOLIO MANAGER Read full bio Anix Vyas, CFA PORTFOLIO MANAGER Read full bio Christopher Mack, CFA PORTFOLIO MANAGER Read full bio Investment Approach Investment Approach Harding Loevner International Small Companies Portfolio The International Small Companies Portfolio invests in high-quality, growing companies with modest market capitalization 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. Mr. Jafar Rizvi, CFA and Mr. Anix Vyas, CFA are the Co-Lead Portfolio Managers. 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