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.
Pricing as of 05/24/13
Documents
Fund Facts as of March 31, 2013
Ticker: HLMNX
Inception Date: 9/30/2005
Total Fund Assets: $2,798.1M
Minimum Investment: $5,000
Gross Expense Ratio: 1.24%
CUSIP: 412295503
Total # of Holdings: 51
Redemption Fee: 2.00% first 90 days
Turnover (5 Yr. Average): 21%
dividend policy: Annual
Sales Charge: None
| total returns % | avg. Annualized returns % | |||||
|---|---|---|---|---|---|---|
| month | 1 year | 3 years | 5 years | 10 years | since inception | |
| International Equity Investor class — HLMNX Inception: 09/30/05 | 3.02 | 14.20 | 8.69 | 2.35 | N.A. | 6.60 |
| MSCI AC World ex-US Index | 3.68 | 14.16 | 5.99 | -0.83 | N.A. | 4.82 |
| total returns % | avg. Annualized returns % | |||||
|---|---|---|---|---|---|---|
| quarter | 1 year | 3 years | 5 years | 10 years | since inception | |
| International Equity Investor class — HLMNX Inception: 09/30/05 | 2.01 | 9.51 | 7.51 | 2.83 | N.A. | 6.25 |
| MSCI AC World ex-US Index | 3.17 | 8.37 | 4.42 | -0.39 | N.A. | 4.37 |
Calendar Year Returns
Ten Largest Holdings as of March 31, 2013
| Company | Sector | Country | % |
|---|---|---|---|
| Nestlé | Consumer Staples | Switzerland | 3.7 |
| ARM Holdings | Info Technology | United Kingdom | 3.5 |
| Dassault Systemes | Info Technology | France | 3.5 |
| SAP | Info Technology | Germany | 3.5 |
| Air Liquide | Materials | France | 2.9 |
| Standard Chartered | Financials | United Kingdom | 2.8 |
| Roche Holding | Health Care | Switzerland | 2.8 |
| Itau Unibanco | Financials | Brazil | 2.7 |
| WPP | Consumer Discretionary | United Kingdom | 2.7 |
| Allianz | Financials | Germany | 2.6 |
Ten Largest Holdings: 30.7 %
A complete list of holdings for this quarter is available here.
Sector Weightings (%) as of March 31, 2013
| Sector | Portfolio | Benchmark 1 |
|---|---|---|
| Consumer Discretionary | 8.8 | 9.7 |
| Consumer Staples | 15.7 | 10.9 |
| Energy | 7.6 | 9.7 |
| Financials | 17.7 | 26.3 |
| Health Care | 14.2 | 7.6 |
| Industrials | 10.8 | 10.7 |
| Information Technology | 15.6 | 6.4 |
| Materials | 4.7 | 9.8 |
| Telecom Services | 0.9 | 5.4 |
| Utilities | 0.0 | 3.5 |
| Cash | 4.0 | – |
1MSCI All Country World ex-US Index
Geographical Weightings (%) as of March 31, 2013
| Region | Portfolio | Benchmark 1 |
|---|---|---|
| Canada | 5.0 | 7.5 |
| Emerging Markets | 15.1 | 23.1 |
| Europe EMU | 27.1 | 19.1 |
| Europe ex-EMU | 25.7 | 25.2 |
| Frontier Markets | 0.0 | – |
| Japan | 11.5 | 14.8 |
| Middle East | 0.0 | 0.4 |
| Pacific ex-Japan | 7.5 | 9.9 |
| Other | 4.1 | – |
| Cash | 4.0 | – |
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.
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 | 0.08598 | – | – |
| 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.