Frontier Emerging Markets Portfolio

Institutional Class – HLFMX

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
Babatunde Ojo, CFA, 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.
 


Fund Facts as of September 30, 2014

TICKER: HLFMX

Inception Date: 5/27/2008

total fund assets: $560.5M

minimum investment: $100,000

Net Expense Ratio: 1.75%

Gross Expense Ratio: 1.80%

CUSIP: 412295867

Total # of Holdings: 79

Redemption Fee: 2.00% first 90 days

Turnover (5 Yr. average): 34%

Dividend Policy: Annual

Sales Charge: None

The Net Expense Ratio is as of September 30, 2014 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 October 31, 2014
total returns % avg. Annualized returns %
  month 1 year 3 years 5 years 10 years since inception
Frontier Emerging Markets Institutional - HLFMXInception: 05/27/08 -3.46 12.60 13.81 9.36 N.A. -0.20
MSCI Frontier Emerging Markets Index -3.28 13.59 11.57 8.31 N.A. -1.97
for periods ending September 30, 2014
total returns % avg. Annualized returns %
  quarter 1 year 3 years 5 years 10 years since inception
Frontier Emerging Markets Institutional - HLFMXInception: 05/27/08 0.82 19.46 17.09 9.75 N.A. 0.35
MSCI Frontier Emerging Markets Index 0.89 21.53 14.81 8.46 N.A. -1.48

Calendar Year Returns

Ten Largest Holdings as of September 30, 2014

   
Company Sector Country %
Universal Robina Cons Staples Philippines 4.3
Commercial International Bank Financials Egypt 3.5
Halyk Savings Bank Financials Kazakhstan 3.4
Hoa Phat Group Materials Vietnam 3.4
Olympic Industries Cons Staples Bangladesh 3.1
Cementos Argos Materials Colombia 3.0
KIPCO Financials Kuwait 3.0
National Bank of Kuwait Financials Kuwait 2.7
Equity Bank Financials Kenya 2.6
Bank of the Philippines Financials Philippines 2.6

Ten Largest Holdings: 31.6 %


Sector Weightings (%) as of September 30, 2014

   
Sector Portfolio Benchmark 1
Consumer Discretionary 6.8 1.1
Consumer Staples 14.3 7.9
Energy 6.8 9.2
Financials 39.3 49.2
Health Care 3.4 1.4
Industrials 5.1 7.1
Information Technology 0.5
Materials 15.8 9.7
Telecom Services 4.8 11.8
Utilities 1.0 2.8
Cash 2.2

1MSCI Frontier Emerging Markets Index


Geographical Weightings (%) as of September 30, 2014

   
Region Portfolio Benchmark 1
Africa 25.0 20.4
Asia 32.5 28.4
Europe 7.5 5.6
Gulf States 15.2 15.3
Latin America 13.6 28.9
Middle East 0.4 1.4
Developed Market Listed 3.6
Cash 2.2

1MSCI Frontier Emerging Markets Index

Developed Market Listed includes emerging markets or frontier markets companies listed in developed markets.

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 0.02311
12/3/2012 12/20/2012 12/19/2012 12/21/2012 0.08459
12/1/2011 12/19/2011 12/16/2011 12/20/2011 0.03130
12/1/2010 12/16/2010 12/15/2010 12/17/2010 0.01221
12/1/2009 12/17/2009 12/16/2009 12/18/2009 0.08870
12/1/2008 12/17/2008 12/16/2008 12/18/2008 0.02000

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.

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.

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 45 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 45 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 46 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 23 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 24 frontier markets and 4 emerging markets. Net dividends reinvested.

You cannot invest directly in these Indices.