Fund Overview Fund Overview Call Us Advisors: 800.368.4410 Investors: 877.435.8105 Share Class Investor Investor Institutional NAV | as of 10/09/2024 $18.25 +$0.02 (+0.11%) Morningstar | Style Box V B G L M S Morningstar Rating Rated against 121 Foreign Small/Mid Growth funds as of 09/30/2024 View Morningstar Details Growth of $10,000 (Hypothetical) Since Inception 03/26/2007 to 09/30/2024 = $22,568.97 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 2023 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 09/30/2024 Overall Rating (of 121) 3 Years (of 121) 5 Years (of 112) 10 Years (of 77) 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 a communication services 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: 1.51% Net Expense Ratio: 1.30% Expense Cap Expiration Date: 02/28/2025 Distributions & Pricing Distributions Distributions Chart List Historical Pricing Calendar Year Distributions Ex-Date Total Distribution Income Short-term Cap Gains Long-term Cap Gains Dec 19, 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: 09/30/2024 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. -4.53 -1.80 -0.21 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. 18.20 19.67 16.19 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. -0.38 0.17 0.23 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. 101.31 97.65 86.56 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. 114.13 104.59 98.78 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 0.93 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. 90.69 88.56 87.54 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. 5.57 6.73 5.83 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.$) $491 Number of Holdings 80 4,354 Weighted Avg. Market Cap (Mil.$) $3,881 $2,687 Median Market Cap (Mil.$) $2,931 $2,264 Weighted Avg. P/E (Trailing EPS) 18.18 14.76 Weighted Avg. P/B 2.33 1.41 EPS Growth (Trailing 5-yr %) 5.5% 7.83% Revenue Growth (Trailing 5-yr %) 9.33% 4.8% Return on Equity 12.89% 10.67% Weighted Avg. Dividend Yield 2.19% 2.69% Debt to Equity 30.04 46.98 Trailing 12-Months Portfolio Turnover 29% As of: 06/30/2024 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. -4.53 -1.80 -0.21 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. 18.20 19.67 16.19 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. -0.38 0.17 0.23 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. 101.31 97.65 86.56 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. 114.13 104.59 98.78 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 0.93 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. 90.69 88.56 87.54 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. 5.57 6.73 5.83 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. -0.85 -0.37 -0.12 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. -6.80 3.53 3.96 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. -33.67 -35.70 -35.70 As of: 09/30/2024 Market Cap Fund MSCI ACWI ex USA Small Cap Index Market Cap ($mm) 0 - 1,000 16.07% 17.08% Market Cap ($mm) 1,000 - 1,500 12.05% 14.29% Market Cap ($mm) 1,500 - 2,500 20.77% 23.72% Market Cap ($mm) 2,500 - 5,000 22.19% 33.95% Market Cap ($mm) 5,000 - 10,000 24.20% 10.96% Market Cap ($mm) 10,000 - 25,000 3.51% 0.00% Market Cap ($mm) 25,000 - 50,000 1.22% 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 ($mm) 200,000 - 0.00% 0.00% Market Cap – NA 0.00% 0.01% As of: 06/30/2024 Valuation Characteristics Fund MSCI ACWI ex USA Small Cap Index P/E 0-10 12.57% 16.43% P/E 10-15 8.32% 17.92% P/E 15-20 16.47% 14.85% P/E 20-25 21.71% 10.59% P/E 25-Above 36.65% 32.48% P/E – NA 4.28% 7.73% As of: 06/30/2024 Read Important Investment Disclosures Portfolio & Holdings Portfolio & Holdings Top Holdings (Equity) As of: 06/30/2024 Hoa Phat Group 2.96% Diploma 2.34% Cyberark 2.28% Reply 2.15% Max Financial 2.13% Senior 2.11% Cranswick 2.07% Clarkson 1.98% Fuchs Petrolub 1.93% Megacable 1.92% % in Top 10 Holdings 21.85% View Holding Details Holding Details Harding Loevner International Small Companies Portfolio (HLMSX) Top 10 Holdings (Equity) All Holdings 10 Best Performing Stocks 10 Worst Performing Stocks Fund Holdings 06/30/2024 Hoa Phat Group 2.96% Diploma 2.34% Cyberark 2.28% Reply 2.15% Max Financial 2.13% Senior 2.11% Cranswick 2.07% Clarkson 1.98% Fuchs Petrolub 1.93% Megacable 1.92% % in Top 10 Holdings 21.85% As of: 06/30/2024 Download All Holdings (PDF) As of: 06/30/2024 Ticker Name Sector Asset Class Country Currency Par/Shares Price ($) Market Value ($) % of Fund HPG_VN Hoa Phat Group Materials S VN VND 13,044,269 1.11 $14,497,315 2.96% DPLM_LN Diploma Industrials S GB GBP 220,412 52.18 $11,500,552 2.34% CYBR CyberArk Software Ltd Information Technology S IL USD 40,930 273.42 $11,191,081 2.28% REY_IM Reply Information Technology S IT EUR 71,130 147.97 $10,525,425 2.15% MAXF_IN Max Financial Services Financials S IN INR 897,871 11.62 $10,429,013 2.13% SNR_LN Senior Industrials S GB GBP 5,117,795 2.02 $10,329,435 2.11% CWK_LN Cranswick Consumer Staples S GB GBP 180,464 56.19 $10,139,832 2.07% CKN_LN Clarkson Industrials S GB GBP 185,590 52.36 $9,716,912 1.98% FPE_GR Fuchs Petrolub Materials S DE EUR 265,094 35.64 $9,449,129 1.93% MEGACPO_MM Megacable Holdings Communication Services S MX MXN 3,744,200 2.51 $9,410,129 1.92% KWS_GR KWS Consumer Staples S DE EUR 141,950 63.87 $9,066,117 1.85% EVT_GR Evotec Health Care S DE EUR 923,552 9.61 $8,873,593 1.81% SAB1L_LH Siauliu Bankas Financials S LT EUR 11,959,646 0.74 $8,823,391 1.80% AAF_LN Airtel Africa London Communication Services S GB GBP 5,468,912 1.52 $8,312,788 1.69% BC8_GR Bechtle Information Technology S DE EUR 174,253 47.06 $8,199,812 1.67% 3769_JP GMO Payment Gateway Financials S JP JPY 145,500 55.41 $8,062,406 1.64% CEVI_SS Cellavision Health Care S SE SEK 339,097 23.62 $8,010,924 1.63% YOU_LN YouGov Communication Services S GB GBP 1,549,348 5.13 $7,950,713 1.62% KWS_LN Keywords Studios Information Technology S GB GBP 270,352 29.11 $7,870,831 1.60% SBS_GR STRATEC Biomedical Health Care S DE EUR 158,261 48.81 $7,725,396 1.57% BCHN_SW Burckhardt Compression Industrials S CH CHF 11,347 654.91 $7,431,221 1.51% 6923_JP Stanley Electric Consumer Discretionary S JP JPY 415,400 17.87 $7,425,217 1.51% 696_HK TravelSky Consumer Discretionary S CN HKD 6,354,000 1.17 $7,417,543 1.51% 2175_JP SMS Industrials S JP JPY 584,900 12.65 $7,396,397 1.51% PFV_GR Pfeiffer Vacuum Technology Industrials S DE EUR 43,542 168.77 $7,348,579 1.50% RUI_FP Rubis Utilities S FR EUR 258,304 28.21 $7,286,405 1.49% VAIAS_FH Vaisala Information Technology S FI EUR 168,889 43.02 $7,264,883 1.48% 2815_JP Ariake Japan Consumer Staples S JP JPY 222,500 32.60 $7,252,562 1.48% BOSN_SW Bossard Industrials S CH CHF 30,031 234.78 $7,050,620 1.44% ATE_FP Alten Information Technology S FR EUR 63,341 110.23 $6,981,801 1.42% GFTU_LN Grafton Group Industrials S GB GBP 567,823 11.75 $6,669,356 1.36% TECN_SW Tecan Group Health Care S CH CHF 19,336 335.11 $6,479,781 1.32% G24_GR Scout24 Communication Services S DE EUR 82,957 76.25 $6,325,329 1.29% CPA Copa Holdings Industrials S PA USD 63,388 95.18 $6,033,270 1.23% THULE_SS Thule Group AB Consumer Discretionary S SE SEK 230,553 26.13 $6,024,303 1.23% DLG_MK Dialog Group Energy S MY MYR 11,734,440 0.51 $5,934,614 1.21% BEAN_SW Belimo Industrials S CH CHF 11,654 499.30 $5,818,791 1.19% NSISB_DC Novonesis Materials S DK DKK 93,449 61.14 $5,713,699 1.16% BKT_SM Bankinter Financials S ES EUR 680,716 8.19 $5,571,972 1.14% LDA_SM Linea Directa Financials S ES EUR 4,492,144 1.24 $5,559,665 1.13% 4975_JP JCU Materials S JP JPY 220,800 24.93 $5,503,760 1.12% HERDEZ*_MM Grupo Herdez Consumer Staples S MX MXN 1,840,047 2.89 $5,319,491 1.08% NEM_GR Nemetschek Information Technology S DE EUR 53,498 98.34 $5,260,936 1.07% KXS_CN Kinaxis Information Technology S CA CAD 45,300 115.32 $5,223,879 1.06% DIA_IM DiaSorin Health Care S IT EUR 51,579 99.35 $5,124,423 1.04% TOWR_IJ Sarana Menara Nusantara Communication Services S ID IDR 111,104,100 0.04 $4,980,769 1.02% ALE_PW Allegro Consumer Discretionary S PL PLN 480,018 9.32 $4,475,712 0.91% LOTB_BB Lotus Bakeries Consumer Staples S BE EUR 434 10,307.43 $4,473,425 0.91% TOM_NO Tomra Systems Industrials S NO NOK 374,439 11.89 $4,451,874 0.91% SHKL_IN SH Kelkar Materials S IN INR 1,983,269 2.22 $4,401,107 0.90% RRHI_PM Robinsons Retail Consumer Staples S PH PHP 7,142,440 0.60 $4,275,937 0.87% TMV_GR TeamViewer Information Technology S DE EUR 380,763 11.20 $4,263,424 0.87% SQUARE_BD Square Pharmaceuticals Health Care S BD BDT 2,356,241 1.80 $4,246,076 0.87% LEHN_SW LEM Holding Information Technology S CH CHF 2,623 1,591.38 $4,174,186 0.85% 6197_JP Solasto Health Care S JP JPY 1,435,000 2.90 $4,164,360 0.85% GLOB Globant Information Technology S US USD 23,022 178.26 $4,103,902 0.84% 002158_C2 Shanghai Hanbell Precise Machinery Industrials S CN CNY 1,742,282 2.29 $3,984,505 0.81% BGEO_LN Bank of Georgia Financials S GB GBP 73,308 51.04 $3,741,588 0.76% 030000_KS Cheil Worldwide Communication Services S KR KRW 273,894 13.33 $3,651,756 0.74% 1882_HK Haitian International Industrials S CN HKD 1,272,000 2.85 $3,624,541 0.74% 522_HK ASM Pacific Technology Information Technology S HK HKD 254,300 13.94 $3,544,287 0.72% RENT3_BZ Localiza Rent a Car Industrials S BR BRL 470,300 7.51 $3,533,497 0.72% TDC_MK TIME dotCom Communication Services S MY MYR 3,313,900 1.07 $3,533,185 0.72% 4536_JP Santen Pharmaceutical Health Care S JP JPY 326,900 10.21 $3,336,790 0.68% 688188_C1 Shanghai BOCHU Electronic Information Technology S CN CNY 131,815 25.29 $3,333,289 0.68% BCG_LN Baltic Classifieds Group Communication Services S GB GBP 1,097,440 3.04 $3,331,782 0.68% 4694_JP BML Health Care S JP JPY 179,200 17.93 $3,213,093 0.65% SNG_RO Societatea Nationala de Gaze Energy S RO RON 2,390,865 1.28 $3,066,205 0.63% 2395_TT Advantech Information Technology S TW TWD 267,476 11.37 $3,042,222 0.62% MABANEE_KK Mabanee Real Estate S KW KWD 1,059,134 2.71 $2,870,683 0.59% 002891_C2 Yantai China Pet Foods Consumer Staples S CN CNY 991,999 2.86 $2,832,843 0.58% PDX_SS Paradox Interactive Communication Services S SE SEK 211,602 13.39 $2,832,586 0.58% 002690_C2 Meyer Optoelectronic Industrials S CN CNY 1,247,781 2.26 $2,818,176 0.57% 3697_JP SHIFT Inc Information Technology S JP JPY 28,900 91.20 $2,635,732 0.54% 1476_TT Eclat Consumer Discretionary S TW TWD 154,909 16.26 $2,519,424 0.51% 9962_JP Misumi Group Industrials S JP JPY 143,300 17.10 $2,450,890 0.50% RAT_LN Rathbone Bros Financials S GB GBP 102,105 21.25 $2,169,981 0.44% 7956_JP Pigeon Consumer Staples S JP JPY 220,800 9.04 $1,995,779 0.41% JARIR_AB Jarir Marketing Consumer Discretionary S SA SAR 543,885 3.38 $1,836,550 0.37% RMV_LN Rightmove Communication Services S GB GBP 238,433 6.76 $1,611,274 0.33% RENT1_BZ_RTS4 Localiza Rent a Car SA Rights Industrials S BR BRL 4,751 1.61 $7,649 0.00% Cash Cash C - - $21,540,328 4.39% Download Fund Commentary (PDF) Fund Holdings Sort order Fund Avg. Weight Benchmark Avg. Weight Total Effect Keywords Studios 1 1.52% 0.04% 1.04% Linea Directa 2 1.45% 0.02% 0.30% KWS Saat 3 1.69% - 0.28% Airtel Africa London 4 1.59% 0.03% 0.22% Diploma 5 2.18% 0.16% 0.21% STRATEC Biomedical 6 1.50% 0.01% 0.18% Cranswick 7 1.96% 0.07% 0.14% Bankinter 8 1.10% 0.13% 0.10% GMO Payment Gateway 9 0.20% 0.05% 0.10% Allegro 10 0.85% - 0.10% As of: 06/30/2024 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 YouGov 20 1.82% 0.03% -1.26% Evotec 19 1.31% 0.04% -0.51% Bank of Georgia 18 1.47% 0.05% -0.44% Alten 17 1.64% 0.09% -0.42% Rubis 16 2.62% 0.07% -0.39% Localiza Rent A Car 15 0.85% - -0.30% SMS 14 1.21% 0.02% -0.29% Tecan Group 13 1.42% 0.11% -0.28% TeamViewer 12 0.98% 0.04% -0.27% Tomra Systems 11 0.99% 0.07% -0.24% As of: 06/30/2024 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: 06/30/2024 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 20.42% 21.39% Information Technology 17.86% 12.24% Communication Services 10.59% 3.46% Health Care 10.43% 6.35% Consumer Staples 9.25% 6.05% Financials 9.04% 11.55% Materials 8.07% 11.19% Consumer Discretionary 6.05% 11.73% Cash & Other 4.39% 0.00% Energy 1.83% 4.00% Utilities 1.49% 3.13% Real Estate 0.59% 8.90% As of: 06/30/2024 Investment Allocation 06/30/2024 Stocks 95.61% Bonds 0.00% Cash and Other 4.39% As of: 06/30/2024 Country Fund MSCI ACWI ex USA Small Cap Index United Kingdom 16.99% 9.47% Germany 13.56% 2.50% Japan 10.89% 21.44% Switzerland 6.31% 2.68% China 4.89% 2.58% Sweden 3.44% 3.61% Italy 3.19% 2.09% India 3.02% 8.96% Mexico 3.00% 0.50% Vietnam 2.96% 0.00% France 2.91% 2.20% Israel 2.28% 1.75% Spain 2.27% 1.10% Malaysia 1.93% 0.81% Lithuania 1.80% 0.00% % in Top 15 Countries 79.44% 59.69% As of: 06/30/2024 Region Fund MSCI ACWI ex USA Small Cap Index Developed 68.93% 68.75% Europe & Middle East 55.41% 31.92% North America 1.90% 6.70% Pacific 11.62% 30.13% Emerging 19.21% 31.25% Asia 13.61% 24.87% Latin America 3.72% 1.86% Europe & Middle East 1.87% 3.49% Africa 0.00% 1.04% Frontier 6.24% 0.00% Africa 0.00% 0.00% Asia 3.82% 0.00% Europe 2.42% 0.00% Latin America 0.00% 0.00% Middle East 0.00% 0.00% Cash & Other 5.62% 0.00% As of: 06/30/2024 Industry Fund MSCI ACWI ex USA Small Cap Index IT Services 8.22% 1.82% Food Products 7.97% 2.86% Machinery 6.55% 5.71% Software 5.29% 1.74% Trading Companies & Distributors 5.14% 1.59% Chemicals 5.11% 4.15% Media 4.28% 1.18% Health Care Equipment & Supplies 4.25% 1.15% Banks 3.70% 3.96% Insurance 3.26% 1.98% % in Top 10 Industries 53.77% 26.14% As of: 06/30/2024 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 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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