International Equity Portfolio

Investor Class – HLMNX

Strategy Information

For more information about the strategy behind this fund, its portfolio team, and their current thinking, see the International Equity strategy page on HardingLoevner.com.
 

Portfolio Team

Ferrill Roll, CFA, Co-Lead Portfolio Manager
Alexander Walsh, CFA, Co-Lead Portfolio Manager
Peter Baughan, 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.
 


Fund Facts as of March 31, 2014

Ticker: HLMNX

Inception Date: 9/30/2005

Total Fund Assets: $4,065.8M

Minimum Investment: $5,000

Net Expense Ratio: 1.18%

Gross Expense Ratio: 1.20%

CUSIP: 412295503

Total # of Holdings: 53

Redemption Fee: 2.00% first 90 days

Turnover (5 Yr. Average): 20%

dividend policy: Annual

Sales Charge: None

The Net Expense Ratio is as of December 31, 2013 as the Portfolio is operating below the contractual agreement, which is in effect until February 28, 2015. The Gross Expense Ratio is as of the Prospectus, dated February 28, 2014.


for periods ending March 31, 2014
total returns % avg. Annualized returns %
  month 1 year 3 years 5 years 10 years since inception
International Equity Investor class - HLMNXInception: 09/30/05 0.73 10.41 5.38 16.85 N.A. 6.74
MSCI All Country World ex-US Index 0.26 12.32 4.16 15.53 N.A. 5.28
for periods ending March 31, 2014
total returns % avg. Annualized returns %
  quarter 1 year 3 years 5 years 10 years since inception
International Equity Investor class - HLMNXInception: 09/30/05 -0.89 10.41 5.38 16.85 N.A. 6.74
MSCI All Country World ex-US Index 0.51 12.32 4.16 15.53 N.A. 5.28

Calendar Year Returns

Ten Largest Holdings as of March 31, 2014

   
Company Sector Country %
SAP Info Technology Germany 3.7
Nestlé Consumer Staples Switzerland 3.5
Roche Holding Health Care Switzerland 3.2
Dassault Systemes Info Technology France 3.2
WPP Consumer Discretionary United Kingdom 3.1
Allianz Financials Germany 3.0
Air Liquide Materials France 2.9
Itau Unibanco Financials Brazil 2.8
BMW Consumer Discretionary Germany 2.6
AIA Group Financials Hong Kong 2.6

Ten Largest Holdings: 30.6 %

A complete list of holdings for this quarter is available here.


Sector Weightings (%) as of March 31, 2014

   
Sector Portfolio Benchmark 1
Consumer Discretionary 9.7 10.8
Consumer Staples 14.3 9.9
Energy 7.1 9.1
Financials 18.6 26.7
Health Care 13.7 8.2
Industrials 12.4 11.2
Information Technology 15.2 6.8
Materials 3.8 8.6
Telecom Services 1.4 5.2
Utilities 1.0 3.5
Cash 2.8

1MSCI All Country World ex-US Index


Geographical Weightings (%) as of March 31, 2014

   
Region Portfolio Benchmark 1
Canada 4.1 7.2
Emerging Markets 16.0 20.6
Europe EMU 28.2 22.9
Europe ex-EMU 21.8 25.9
Frontier Markets 0.0
Japan 14.0 14.2
Middle East 0.0 0.4
Pacific ex-Japan 8.7 8.8
Other 4.4
Cash 2.8

1MSCI All Country World ex-US Index

Frontier Markets includes countries with less-developed markets outside the Benchmark.

Other includes companies classified in countries outside the Benchmark.

Declared Date Ex-Date Record Date Payment Date Income Short-Term Cap Gains Long-Term Cap Gains
12/2/2013 12/20/2013 12/19/2013 12/23/2013 0.07906
12/3/2012 12/20/2012 12/19/2012 12/21/2012 0.08598
12/1/2011 12/19/2011 12/16/2011 12/20/2011 0.06017 0.03504
12/1/2010 12/16/2010 12/15/2010 12/17/2010 0.02391
12/1/2009 12/17/2009 12/16/2009 12/18/2009 0.08310
12/1/2008 12/17/2008 12/16/2008 12/18/2008 0.15000 2.20000
12/1/2007 12/13/2007 12/12/2007 12/14/2007 0.10660 0.33000 1.35750
12/1/2006 12/14/2006 12/13/2006 12/15/2006 0.06310 0.11030 1.22480
12/1/2005 12/28/2005 12/27/2005 12/29/2005 0.07260 0.01280

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. A complete list of holdings is available here.

Mutual fund investing involves risk. Principal loss is possible. The Portfolio invests in foreign securities, which will involve greater volatility and political, economic, and currency risks, such as exposure to economies less diverse and mature than the US or other more established foreign markets. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. Such risks may be magnified for securities in frontier emerging markets. Investments in debt securities typically decrease in value when interest rates rise. This risk is usually greater for longer term debt securities. Investment by the Portfolio in lower-rated and non-rated securities presents a greater risk of loss to 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.

Index Definitions


The MSCI All Country World ex-US Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets, excluding the US. The Index consists of 43 developed and emerging market countries. Net dividends reinvested.

The MSCI All Country World ex-US Small Cap Index is a free-float market capitalization index that is designed to measure small cap developed and emerging market equity performance. The Index consists of 43 developed and emerging markets countries and targeting companies market capitalization range of USD 170–4,200 million in terms of the company’s full market capitalization.

The MSCI All Country World Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The Index consists of 44 developed and emerging market countries. Net dividends reinvested. 

The MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global emerging markets. The Index consists of 21 emerging market countries. Net dividends reinvested. 

The MSCI Frontier Emerging Markets Index is a free float-adjusted market capitalization index designed to measure equity market performance in all countries from the MSCI Frontier Markets Index and the lower size spectrum of the MSCI Emerging Markets Index. The Index consists of 26 frontier markets and 4 emerging markets. Net dividends reinvested.

You cannot invest directly in these Indices.