Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 877.435.8105 Share Class Investor Investor Institutional NAV | as of 02/25/2026 $18.68 +$0.11 (+0.59%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 112 Foreign Small/Mid Growth funds as of 01/31/2026 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/26/2007 to 01/31/2026 = $23,794.13 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 Summary Prospectus Prospectus Annual Report Semi-Annual Report SAI Distributions All Holdings 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-Blend. It invests in medium-cap companies with medium risk. Morningstar Ratings Risk-adjusted returns as of 01/31/2026 Overall Rating (of 112) 3 Years (of 112) 5 Years (of 96) 10 Years (of 81) 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. Samuel Hosseini, CFA PORTFOLIO MANAGER Samuel Hosseini is a member of the portfolio management team for the International Small Companies Equity strategy. He is also a Health Care and Consumer Discretionary analyst. Samuel joined Harding Loevner in 2017 and previously served as a research associate and an associate analyst. Samuel has over a decade of industry experience; before joining Harding Loevner, he worked in Health Care equity research at Canaccord Genuity and served in executive, senior associate, and associate positions at Ernst & Young LLP. He graduated from Imperial College London with a BS in biology with management. He is a CFA charterholder and an Associate Chartered Accountant. 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: 1.51% Net Expense Ratio: 1.31% Expense Cap Expiration Date: 02/28/2026 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 1.30% 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 15, 2025 $0.733099 $0.221507 — $0.511592 Dec 19, 2024 $0.192744 $0.192744 — — Dec 19, 2023 $0.178780 $0.178780 — — Dec 13, 2022 $0.295008 $0.062236 — $0.232772 Dec 14, 2021 $0.614021 $0.008225 — $0.605796 Dec 15, 2020 $0.005506 $0.005506 — — Dec 17, 2019 $0.086860 $0.086860 — — Dec 18, 2018 $0.985519 $0.100589 — $0.884930 Dec 15, 2017 $0.191511 $0.045975 $0.075916 $0.069620 Dec 18, 2015 $0.205618 $0.071007 — $0.134611 Dec 19, 2014 $0.284114 $0.028663 $0.047329 $0.208122 Dec 20, 2013 $0.921223 $0.052555 $0.266590 $0.602078 Dec 20, 2012 $0.113092 $0.113092 — — Dec 19, 2011 $0.065636 $0.065636 — — Dec 16, 2010 $0.032057 $0.032057 — — Dec 17, 2009 $0.047900 $0.047900 — — Dec 17, 2008 $0.072300 $0.072300 — — Dec 13, 2007 $0.100200 $0.056800 $0.043400 — From: To: Risk & Return Statistics As of: 01/31/2026 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. -10.08 -7.06 -2.44 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. 13.90 16.12 16.34 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. -0.01 -0.16 0.25 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. 84.21 88.30 92.02 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. 154.61 126.49 105.09 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. 1.06 1.01 0.95 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. 83.84 84.01 86.59 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. 5.72 6.47 6.07 View All Characteristics & Statistics All Characteristics & Statistics Harding Loevner International Small Companies Portfolio (HLMSX) Portfolio Characteristics (Equity) Risk & Return Market Cap Valuation Characteristics Fund Holdings Fund MSCI ACWI ex USA Small Cap Index Portfolio Assets (Mil.$) $244 Number of Holdings 79 Weighted Avg. Market Cap (Mil.$) $4,228 $3,670 Median Market Cap (Mil.$) $3,343 $3,017 Weighted Avg. P/E (Trailing EPS) 18.44 16.39 Weighted Avg. P/B 2.39 1.55 EPS Growth (Trailing 5-yr %) 7.57% 9.97% Revenue Growth (Trailing 5-yr %) 8.93% 5.31% Return on Equity 13.44% 10.15% Weighted Avg. Dividend Yield 2.27% 2.60% Debt to Equity 30.23 48.05 Trailing 12-Months Portfolio Turnover 28% As of: 12/31/2025 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. -10.08 -7.06 -2.44 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. 13.90 16.12 16.34 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. -0.01 -0.16 0.25 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. 84.21 88.30 92.02 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. 154.61 126.49 105.09 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. 1.06 1.01 0.95 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. 83.84 84.01 86.59 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. 5.72 6.47 6.07 Information Ratio Information Ratio s a ratio of portfolio returns above the returns of a benchmark (usually an index) to the volatility of those returns. The information ratio (IR) measures a portfolio manager's ability to generate excess returns relative to a benchmark, but also attempts to identify the consistency of the investor. This ratio will identify if a manager has beaten the benchmark by a lot in a few months or a little every month. The higher the IR, the more consistent a manager is, and consistency is an ideal trait. -1.60 -1.07 -0.47 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. -0.18 -2.60 4.38 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. -13.74 -35.70 -35.70 As of: 01/31/2026 Market Cap Fund MSCI ACWI ex USA Small Cap Index Market Cap ($mm) 0 - 1,000 7.76% 8.84% Market Cap ($mm) 1,000 - 1,500 15.68% 11.84% Market Cap ($mm) 1,500 - 2,500 18.79% 19.77% Market Cap ($mm) 2,500 - 5,000 26.97% 34.06% Market Cap ($mm) 5,000 - 10,000 25.66% 23.74% Market Cap ($mm) 10,000 - 25,000 5.15% 1.76% Market Cap ($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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.00% As of: 12/31/2025 Valuation Characteristics Fund MSCI ACWI ex USA Small Cap Index P/E 0-10 10.26% 11.75% P/E 10-15 13.06% 20.03% P/E 15-20 21.70% 16.96% P/E 20-25 12.16% 11.71% P/E 25-Above 41.72% 31.47% P/E – NA 1.08% 8.09% As of: 12/31/2025 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 12/31/2025 Senior 3.30% Rubis 2.81% Clarkson 2.58% Shift 2.29% Hoa Phat Group 2.28% Cranswick 2.18% Rohto Pharmaceutical 2.16% KWS 2.06% Baltic Classifieds 2.04% Artea 2.03% % in Top 10 Holdings 23.72% View Holding Details Holding Details Harding Loevner International Small Companies Portfolio (HLMSX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 12/31/2025 Senior 3.30% Rubis 2.81% Clarkson 2.58% Shift 2.29% Hoa Phat Group 2.28% Cranswick 2.18% Rohto Pharmaceutical 2.16% KWS 2.06% Baltic Classifieds 2.04% Artea 2.03% % in Top 10 Holdings 23.72% As of: 12/31/2025 Download All Holdings (PDF) As of: 12/31/2025 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund SNR_LN Senior Industrials S GB GBP 3,081,111 2.61 $8,049,052 3.30% RUI_FP Rubis Utilities S FR EUR 182,160 37.71 $6,868,594 2.81% CKN_LN Clarkson Industrials S GB GBP 122,357 51.43 $6,292,494 2.58% 3697_JP SHIFT Inc Information Technology S JP JPY 891,300 6.28 $5,593,266 2.29% HPG_VN Hoa Phat Group Materials S VN VND 5,543,402 1.00 $5,556,773 2.28% CWK_LN Cranswick Consumer Staples S GB GBP 79,913 66.51 $5,314,993 2.18% 4527_JP Rohto Pharmaceutical Consumer Staples S JP JPY 314,300 16.78 $5,274,521 2.16% KWS_GR KWS Consumer Staples S DE EUR 62,369 80.44 $5,016,912 2.06% BCG_LN Baltic Classifieds Group Communication Services S GB GBP 1,818,498 2.74 $4,975,240 2.04% ROE1L_LH Artea Bankas Financials S LT EUR 4,478,500 1.11 $4,957,346 2.03% MAXF_IN Max Financial Services Financials S IN INR 255,830 18.59 $4,757,157 1.95% SPX_LN Spirax Group Industrials S GB GBP 50,613 91.45 $4,628,692 1.90% BC8_GR Bechtle Information Technology S DE EUR 89,268 51.34 $4,583,077 1.88% REY_IM Reply Information Technology S IT EUR 31,673 134.47 $4,258,942 1.74% 4536_JP Santen Pharmaceutical Health Care S JP JPY 398,600 10.37 $4,131,854 1.69% 8729_JP Sony Financial Group Financials S JP JPY 3,881,700 1.06 $4,107,488 1.68% FPE_GR Fuchs Petrolub Materials S DE EUR 116,096 35.24 $4,091,452 1.68% DPLM_LN Diploma Industrials S GB GBP 56,871 71.37 $4,058,828 1.66% 3769_JP GMO Payment Gateway Financials S JP JPY 64,200 62.11 $3,987,778 1.63% VAIAS_FH Vaisala Information Technology S FI EUR 75,295 51.63 $3,887,720 1.59% HERDEZ*_MM Grupo Herdez Consumer Staples S MX MXN 831,847 4.64 $3,858,624 1.58% AAF_LN Airtel Africa London Communication Services S GB GBP 798,043 4.74 $3,783,688 1.55% 688139_C1 Haier Biomedical Health Care S CN CNY 820,100 4.56 $3,736,316 1.53% 696_HK TravelSky Consumer Discretionary S CN HKD 2,827,000 1.32 $3,734,123 1.53% G24_GR Scout24 Communication Services S DE EUR 36,401 100.80 $3,669,063 1.50% BCHN_SW Burckhardt Compression Industrials S CH CHF 5,141 686.66 $3,530,098 1.45% PFV_GR Pfeiffer Vacuum Technology Industrials S DE EUR 18,854 186.14 $3,509,448 1.44% CPA Copa Holdings Industrials S PA USD 28,965 120.61 $3,493,469 1.43% BEAN_SW Belimo Industrials S CH CHF 3,470 973.72 $3,378,791 1.38% 2815_JP Ariake Japan Consumer Staples S JP JPY 99,500 33.78 $3,361,132 1.38% 7747_JP Asahi Intecc Health Care S JP JPY 172,400 18.73 $3,229,675 1.32% LOTB_BB Lotus Bakeries Consumer Staples S BE EUR 347 9,225.51 $3,201,250 1.31% 5274_TT ASPEED Technology Information Technology S TW TWD 14,000 228.53 $3,199,358 1.31% GFTU_LN Grafton Group Industrials S GB GBP 247,278 12.57 $3,109,131 1.27% CRDA_LN Croda International Materials S GB GBP 79,494 36.24 $2,880,860 1.18% 002158_C2 Shanghai Hanbell Precise Machinery Industrials S CN CNY 767,800 3.59 $2,755,399 1.13% LDA_SM Linea Directa Financials S ES EUR 2,050,016 1.31 $2,689,864 1.10% THULE_SS Thule Group AB Consumer Discretionary S SE SEK 103,040 26.02 $2,681,330 1.10% 002891_C2 Yantai China Pet Foods Consumer Staples S CN CNY 359,199 7.41 $2,660,245 1.09% MEDI_NO Medistim Health Care S NO NOK 103,566 25.66 $2,657,702 1.09% MEGACPO_MM Megacable Holdings Communication Services S MX MXN 917,000 2.87 $2,633,749 1.08% BOSN_SW Bossard Industrials S CH CHF 13,248 197.45 $2,615,847 1.07% EVT_GR Evotec Health Care S DE EUR 405,986 6.41 $2,602,067 1.07% CEVI_SS Cellavision Health Care S SE SEK 151,377 17.07 $2,583,927 1.06% SNG_RO Societatea Nationala de Gaze Energy S RO RON 1,114,069 2.30 $2,567,105 1.05% KXS_CN Kinaxis Information Technology S CA CAD 20,006 126.10 $2,522,778 1.03% CRL_IM Carel Industries Industrials S IT EUR 85,150 28.80 $2,452,041 1.00% WLCON_PM Wilcon Depot Consumer Discretionary S PH PHP 19,559,000 0.12 $2,313,843 0.95% ATE_FP Alten Information Technology S FR EUR 27,310 84.65 $2,311,669 0.95% TOM_NO Tomra Systems Industrials S NO NOK 169,613 13.33 $2,260,170 0.93% AFX_GR Carl Zeiss Meditec Health Care S DE EUR 47,928 46.95 $2,250,301 0.92% YOU_LN YouGov Communication Services S GB GBP 639,503 3.46 $2,211,081 0.91% 4975_JP JCU Materials S JP JPY 68,100 31.29 $2,130,640 0.87% GLOB Globant Information Technology S US USD 32,449 65.37 $2,121,191 0.87% TDC_MK TIME dotCom Communication Services S MY MYR 1,478,300 1.38 $2,036,531 0.83% 9962_JP Misumi Group Industrials S JP JPY 128,300 15.64 $2,007,006 0.82% IPS_FP IPSOS SA Communication Services S FR EUR 49,938 40.14 $2,004,658 0.82% BESI_NA BE Semiconductor Industries Information Technology S NL EUR 12,864 155.51 $2,000,430 0.82% HPOLB_SS Hexpol AB Materials S SE SEK 208,453 9.54 $1,989,678 0.82% DIA_IM DiaSorin Health Care S IT EUR 23,886 80.29 $1,917,737 0.79% BNR_GR Brenntag Industrials S DE EUR 32,416 58.24 $1,888,002 0.77% RAT_LN Rathbone Bros Financials S GB GBP 72,536 25.84 $1,874,690 0.77% BKT_SM Bankinter Financials S ES EUR 107,917 16.56 $1,786,892 0.73% SHKL_IN SH Kelkar Materials S IN INR 879,211 1.99 $1,751,947 0.72% ALE_PW Allegro Consumer Discretionary S PL PLN 202,864 8.62 $1,747,788 0.72% 030000_KS Cheil Worldwide Communication Services S KR KRW 119,275 14.52 $1,732,196 0.71% SQUARE_BD Square Pharmaceuticals Health Care S BD BDT 1,033,836 1.63 $1,680,159 0.69% PDX_SS Paradox Interactive Communication Services S SE SEK 94,252 17.62 $1,660,402 0.68% 688188_C1 Shanghai BOCHU Electronic Information Technology S CN CNY 83,255 19.45 $1,619,298 0.66% 1882_HK Haitian International Industrials S CN HKD 548,000 2.84 $1,557,586 0.64% TMV_GR TeamViewer Information Technology S DE EUR 207,332 7.11 $1,473,447 0.60% GAW_LN Games Workshop Group PLC Consumer Discretionary S GB GBP 5,664 253.81 $1,437,567 0.59% TECN_SW Tecan Group Health Care S CH CHF 8,788 161.43 $1,418,604 0.58% NEM_GR Nemetschek Information Technology S DE EUR 11,786 109.04 $1,285,138 0.53% TEMN_SW Temenos Information Technology S CH CHF 11,963 99.91 $1,195,169 0.49% 6869_JP Sysmex Health Care S JP JPY 115,100 9.86 $1,134,504 0.46% 522_HK ASM Pacific Technology Information Technology S HK HKD 111,000 9.95 $1,104,623 0.45% DLG_MK Dialog Group Energy S MY MYR 2,601,140 0.41 $1,076,056 0.44% FPT_VN FPT Corp Information Technology S VN VND 221,315 3.64 $804,859 0.33% Cash Cash C - - $4,847,010 1.99% Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Airtel Africa 1 2.08% 0.04% 0.52% Grupo Herdez 2 1.36% - 0.31% ASPEED Technology 3 1.10% 0.06% 0.31% Artea Bankas 4 1.90% - 0.26% Bechtle 5 1.71% 0.07% 0.13% Asahi Intecc 6 1.22% 0.07% 0.13% Societatea Nationala de Gaze Naturale Romgaz 7 0.98% - 0.12% GMO Payment Gateway 8 1.57% 0.05% 0.11% TIME dotCom 9 0.74% 0.03% 0.11% Medistim 10 1.07% - 0.09% As of: 12/31/2025 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 Baltic Classifieds Group 20 1.33% 0.03% -0.49% Scout24 19 1.67% - -0.42% SHIFT 18 1.45% 0.02% -0.37% Wilcon Depot 17 1.03% - -0.32% Megacable Hldgs 16 1.18% 0.03% -0.30% ARIAKE 15 1.44% 0.01% -0.30% TeamViewer 14 0.68% 0.02% -0.29% SH Kelkar & Co 13 0.79% - -0.24% Burckhardt Compression 12 1.45% 0.04% -0.21% LEM Holding 11 0.39% - -0.21% As of: 12/31/2025 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: 12/31/2025 View Allocation Details Allocation Details Harding Loevner International Small Companies Portfolio (HLMSX) Sector Allocation (Equity) Investment Allocation Country Allocation Regional Allocation Top 10 Industries Sector Sort Order Fund MSCI ACWI ex USA Small Cap Index Industrials 22.77% 20.21% Information Technology 15.55% 11.27% Consumer Staples 11.75% 5.30% Health Care 11.20% 6.56% Communication Services 10.12% 3.74% Financials 9.90% 12.14% Materials 7.54% 13.29% Consumer Discretionary 4.88% 11.25% Utilities 2.81% 3.14% Cash & Other 1.99% 0.00% Energy 1.49% 3.63% Real Estate 0.00% 9.47% As of: 12/31/2025 Investment Allocation 12/31/2025 Stocks 98.01% Bonds 0.00% Cash and Other 1.99% As of: 12/31/2025 Country Fund MSCI ACWI ex USA Small Cap Index United Kingdom 19.91% 8.07% Japan 14.32% 22.43% Germany 12.44% 2.62% China 6.58% 3.18% Switzerland 4.97% 2.86% France 4.58% 2.29% Sweden 3.65% 3.38% Italy 3.53% 1.97% India 2.67% 7.03% Mexico 2.66% 0.45% Vietnam 2.61% 0.00% Lithuania 2.03% 0.00% Norway 2.01% 1.32% Spain 1.83% 1.00% Finland 1.59% 0.75% % in Top 15 Countries 85.38% 57.35% As of: 12/31/2025 Region Fund MSCI ACWI ex USA Small Cap Index Developed 73.34% 71.10% Europe & Middle East 56.67% 31.28% North America 1.90% 7.61% Pacific 14.77% 32.21% Emerging 16.86% 28.90% Asia 13.49% 22.30% Latin America 2.66% 1.94% Europe & Middle East 0.72% 3.41% Africa 0.00% 1.25% Frontier 6.38% 0.00% Africa 0.00% 0.00% Asia 3.29% 0.00% Europe 3.08% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 3.42% 0.00% As of: 12/31/2025 Industry Fund MSCI ACWI ex USA Small Cap Index Food Products 9.59% 2.80% Machinery 8.29% 5.21% IT Services 8.06% 1.66% Health Care Equipment & Supplies 7.17% 1.07% Chemicals 5.26% 4.18% Trading Companies & Distributors 4.78% 1.28% Interactive Media & Services 3.54% 0.52% Media 3.52% 1.10% Financial Services 3.32% 1.26% Aerospace & Defense 3.30% 0.62% % in Top 10 Industries 56.83% 19.7% As of: 12/31/2025 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 Samuel Hosseini, 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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