International Small Companies Portfolio
Investor Class – HLMSX
Strategy Information
For more information about the strategy behind this fund, its portfolio team, and their current thinking, see the International Small Companies strategy page on HardingLoevner.com.
Portfolio Team
Josephine Lewis, Co-Portfolio Manager
Jafar Rizvi, CFA, Co-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 06/17/13
Documents
Fund Facts as of March 31, 2013
Ticker: HLMSX
Inception Date: 3/26/2007
Total Fund Assets: $60.1M
Minimum Investment: $5,000
Net Expense Ratio: 1.55%*
Gross Expense Ratio: 2.02%
CUSIP: 412295883
Total # of Holdings: 108
Redemption Fee: 2.00% first 90 days
Turnover (5 Yr. Average): 30%
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 1.55% (on an annualized basis).
| total returns % | avg. Annualized returns % | |||||
|---|---|---|---|---|---|---|
| month | 1 year | 3 years | 5 years | 10 years | since inception | |
| International Small Companies Investor class — HLMSX Inception: 03/26/07 | -0.98 | 28.69 | 15.62 | 6.40 | N.A. | 5.31 |
| MSCI AC World ex-US Small Cap Index | -1.96 | 26.20 | 10.93 | 1.87 | N.A. | 1.46 |
| total returns % | avg. Annualized returns % | |||||
|---|---|---|---|---|---|---|
| quarter | 1 year | 3 years | 5 years | 10 years | since inception | |
| International Small Companies Investor class — HLMSX Inception: 03/26/07 | 8.63 | 15.57 | 11.50 | 6.97 | N.A. | 5.24 |
| MSCI AC World ex-US Small Cap Index | 6.54 | 10.47 | 6.95 | 2.54 | N.A. | 1.38 |
Calendar Year Returns
Ten Largest Holdings as of March 31, 2013
| Company | Sector | Country | % |
|---|---|---|---|
| Super Group | Consumer Staples | Singapore | 1.8 |
| Pigeon | Consumer Staples | Japan | 1.5 |
| Hiday Hidaka | Consumer Discretionary | Japan | 1.5 |
| Gerresheimer | Health Care | Germany | 1.4 |
| Grafton Group | Industrials | Ireland | 1.4 |
| Ezion Holdings | Energy | Singapore | 1.4 |
| Valid Solucoes | Industrials | Brazil | 1.4 |
| KWS Saat | Consumer Staples | Germany | 1.4 |
| Eurocash | Consumer Staples | Poland | 1.4 |
| RPS Group | Industrials | United Kingdom | 1.4 |
Ten Largest Holdings: 14.6 %
A complete list of holdings for this quarter is available here.
Sector Weightings (%) as of March 31, 2013
| Sector | Portfolio | Benchmark 1 |
|---|---|---|
| Consumer Discretionary | 13.8 | 17.8 |
| Consumer Staples | 14.1 | 6.2 |
| Energy | 1.4 | 6.4 |
| Financials | 7.8 | 20.2 |
| Health Care | 13.6 | 5.5 |
| Industrials | 23.9 | 19.0 |
| Information Technology | 12.6 | 9.5 |
| Materials | 4.2 | 12.0 |
| Telecom Services | 3.6 | 1.1 |
| Utilities | 1.2 | 2.3 |
| Cash | 3.8 | – |
1MSCI All Country World ex-US Small Cap Index
Geographical Weightings (%) as of March 31, 2013
| Region | Portfolio | Benchmark 1 |
|---|---|---|
| Canada | 1.1 | 9.3 |
| Emerging Markets | 24.9 | 22.6 |
| Europe EMU | 25.1 | 15.2 |
| Europe ex-EMU | 18.6 | 22.6 |
| Frontier Markets | 0.0 | – |
| Japan | 14.4 | 19.1 |
| Middle East | 0.0 | 0.7 |
| Pacific ex-Japan | 11.5 | 10.5 |
| Other | 0.6 | – |
| Cash | 3.8 | – |
1MSCI All Country World ex-US Small Cap 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 | 0.11309 | – | – |
| 12/1/2011 | 12/19/2011 | 12/16/2011 | 12/20/2011 | 0.06563 | – | – |
| 12/1/2010 | 12/16/2010 | 12/15/2010 | 12/17/2010 | 0.03206 | – | – |
| 12/1/2009 | 12/17/2009 | 12/16/2009 | 12/18/2009 | 0.04790 | – | – |
| 12/1/2008 | 12/17/2008 | 12/16/2008 | 12/18/2008 | 0.07000 | – | – |
| 12/1/2007 | 12/13/2007 | 12/12/2007 | 12/14/2007 | 0.02750 | 0.07270 | – |
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.
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 for this quarter 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. The portfolio invests in smaller companies which involve additional risks such as limited liquidity and greater volatility. It also invests in emerging markets, which involve unique risks, such as exposure to economies less diverse and mature than the US or other more established foreign markets.
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.