Frontier Emerging Markets Portfolio
Investor Class – HLMOX
Strategy Information
For more information about the strategy behind this fund, its portfolio team, and their current thinking, see the Frontier Emerging Markets strategy page on HardingLoevner.com.
Portfolio Team
Pradipta Chakrabortty, Co-Lead Portfolio Manager
G. Rusty Johnson, CFA, Co-Lead Portfolio Manager
Richard Schmidt, CFA, Portfolio Manager
Go to Our People at HardingLoevner.com to learn more about the Portfolio Managers for this mutual fund.
How to Invest
Visit Literature & Forms for Investing to obtain more information on investing in this mutual fund.
Pricing as of 06/18/13
Documents
Fund Facts as of March 31, 2013
TICKER: HLMOX
Inception Date: 12/31/2010
total fund assets: $105.6M
minimum investment: $5,000
Net EXPENSE RATIO: 2.25%*
gross Expense Ratio: 4.71%
CUSIP: 412295859
Total # of Holdings: 76
Redemption Fee: 2.00% first 90 days
Turnover (3 Yr. average): 32%
Dividend Policy: Annual
Sales Charge: None
*Shown net of Harding Loevner's contractual agreement, through February 28, 2014, to waive its management fee to the extent necessary to cap the fund's total operating expenses at 2.25% (on an annualized basis).
| total returns % | avg. Annualized returns % | |||||
|---|---|---|---|---|---|---|
| month | 1 year | 3 years | 5 years | 10 years | since inception | |
| Frontier Emerging Markets Investor class — HLMOX Inception: 12/31/10 | 2.99 | 29.95 | N.A. | N.A. | N.A. | 2.77 |
| MSCI Frontier Emerging Mkts Index | 0.09 | 18.39 | N.A. | N.A. | N.A. | 1.85 |
| total returns % | avg. Annualized returns % | |||||
|---|---|---|---|---|---|---|
| quarter | 1 year | 3 years | 5 years | 10 years | since inception | |
| Frontier Emerging Markets Investor class — HLMOX Inception: 12/31/10 | 9.07 | 18.28 | N.A. | N.A. | N.A. | 1.18 |
| MSCI Frontier Emerging Mkts Index | 4.39 | 12.71 | N.A. | N.A. | N.A. | 1.78 |
Calendar Year Returns
Ten Largest Holdings as of March 31, 2013
| Company | Sector | Country | % |
|---|---|---|---|
| Universal Robina | Consumer Staples | Philippines | 4.5 |
| Alicorp | Consumer Staples | Peru | 3.7 |
| Bank of the Philippine Islands | Financials | Philippines | 3.6 |
| Engro Corp | Materials | Pakistan | 3.6 |
| FBN Holdings | Financials | Nigeria | 3.6 |
| Jarir Marketing | Industrials | Saudi Arabia | 3.2 |
| Industries Qatar | Industrials | Qatar | 3.0 |
| Cementos Argos | Materials | Colombia | 2.8 |
| Etihad Etisalat | Telecom Services | Saudi Arabia | 2.8 |
| Credicorp | Financials | Peru | 2.5 |
Ten Largest Holdings: 33.3 %
Sector Weightings (%) as of March 31, 2013
| Sector | Portfolio | Benchmark 1 |
|---|---|---|
| Consumer Discretionary | 5.2 | 0.6 |
| Consumer Staples | 11.2 | 7.1 |
| Energy | 5.4 | 9.6 |
| Financials | 33.0 | 46.7 |
| Health Care | 3.8 | 0.8 |
| Industrials | 15.3 | 12.5 |
| Information Technology | 0.6 | 0.0 |
| Materials | 14.6 | 9.4 |
| Telecom Services | 6.8 | 10.2 |
| Utilities | 1.5 | 3.1 |
| Cash | 2.6 | – |
1MSCI Frontier Emerging Markets Index
Geographical Weightings (%) as of March 31, 2013
| Region | Portfolio | Benchmark 1 |
|---|---|---|
| Africa | 21.8 | 15.3 |
| Asia | 29.4 | 21.7 |
| Europe | 6.0 | 4.9 |
| Gulf States | 17.6 | 25.8 |
| Latin America | 18.7 | 30.8 |
| Middle East | 1.7 | 1.5 |
| Developed Markets | 2.2 | – |
| Cash | 2.6 | – |
1MSCI Frontier Emerging Markets Index
Developed Markets includes countries outside the Benchmark where holdings that have operations and/or sales focused in emerging markets and/or frontier markets are classified.
Historical Fact Sheets
| Declared Date | Ex-Date | Record Date | Payment Date | Income | Short-Term Cap Gains | Long-Term Cap Gains |
| 12/3/2012 | 12/20/2012 | 12/19/2012 | 12/21/2012 | 0.07251 | – | – |
| 12/1/2011 | 12/19/2011 | 12/16/2011 | 12/20/2011 | 0.02257 | – | – |
Performance data quoted represents past performance; past performance is not a guarantee of 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. The Portfolio imposes a 2% redemption fee on shares held 90 days or less. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.
Investment performance reflects fee waivers and in the absence of these waivers investment performance would be reduced.
Portfolio holdings are subject to review and adjustment in accordance with the Portfolio's investment strategy and may vary in the future, and should not be considered recommendations to buy or sell any security. The Portfolio is actively managed therefore holdings may not be current.
Mutual fund investing involves risk. Principal loss is possible. Foreign investments involve additional risks, including greater volatility and political, economic, and currency risks and differences in accounting methods. Emerging markets countries involve greater risks, such as immature economic structures, national policies restricting investments by foreigners, and different legal systems. Such risks may be magnified with respect to securities of issuers in frontier emerging markets. The Portfolio can have significant concentration in a single industry, and investment opportunities in frontier markets may be concentrated in the banking industry. The Portfolio will be vulnerable to factors affecting an industry in which it is concentrated. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer-term debt securities. Investment in lower-rated and non-rated securities presents a greater risk of loss of principal and interest than higher-rated securities.
While the Portfolio is "no load", management fees and expenses will apply. Please refer to the Prospectus for additional details.
Please click here for Index definitions.