Institutional Emerging Markets Portfolio

Class I – HLMEX

Class II – HLEEX

Strategy Information

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

Portfolio Team

G. Rusty Johnson, CFA, Co-Lead Portfolio Manager
Craig Shaw, CFA, Co-Lead Portfolio Manager
Scott Crawshaw, 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 12/19/14

Class I

Nav: 17.25
change: -0.07
% change: -0.40%

Class II

Nav: 9.86
change: -0.11
% change: -1.10%

Fund Facts as of September 30, 2014

Total fund assets: $1,662.2M

Total # of Holdings: 79

Redemption Fee: 2.00% first 90 days

Turnover (5 Yr. average): 37%

Dividend Policy: Annual

Sales Charge: None

Class Class I Class II
Ticker HLMEX HLEEX
Inception Date 10/17/2005 3/5/2014
Minimum Investment $500,000 $25,000,000
CUSIP 412295701 412295842
Net Expense Ratio 1.30%* 1.15%*
Gross Expense Ratio 1.32% 1.32%

*Shown net of Harding Loevner's contractual agreement, through February 28, 2015, to waive its management fee to the extent necessary to cap the fund's total operating expenses at 1.30% for Class I and 1.15% for Class II (on an annualized basis).


for periods ending November 30, 2014
total returns % avg. Annualized returns %
  month 1 year 3 years 5 years 10 years since inception
Institutional Emerging Markets Class I - HLMEXInception: 10/17/05 -0.75 4.23 8.88 6.48 N.A. 8.37
MSCI Emerging Markets Index -1.06 1.05 5.26 3.53 N.A. 7.90
Institutional Emerging Markets Class II - HLEEXInception: 03/05/14 -0.75 N.A. N.A. N.A. N.A. 6.20
MSCI Emerging Markets Index -1.06 N.A. N.A. N.A. N.A. 6.93
for periods ending September 30, 2014
total returns % avg. Annualized returns %
  quarter 1 year 3 years 5 years 10 years since inception
Institutional Emerging Markets Class I - HLMEXInception: 10/17/05 -4.75 7.12 11.84 6.87 N.A. 8.39
MSCI Emerging Markets Index -3.50 4.30 7.18 4.41 N.A. 8.04
Institutional Emerging Markets Class II - HLEEXInception: 03/05/14 -4.72 N.A. N.A. N.A. N.A. 4.90
MSCI Emerging Markets Index -3.50 N.A. N.A. N.A. N.A. 6.81

Calendar Year Returns

Ten Largest Holdings as of September 30, 2014

   
Company Sector Country %
Taiwan Semiconductor Info Technology Taiwan 3.1
Samsung Electronics Info Technology South Korea 3.0
AIA Group Financials Hong Kong 2.2
SABMiller Cons Staples United Kingdom 2.1
Aspen Pharmacare Health Care South Africa 1.9
Axis Bank Financials India 1.9
Banco Bradesco Financials Brazil 1.9
Etihad Etisalat Telecom Services Saudi Arabia 1.8
Siam Commercial Bank Financials Thailand 1.8
Maruti Suzuki Cons Discretionary India 1.7

Ten Largest Holdings: 21.4 %

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


Sector Weightings (%) as of September 30, 2014

   
Sector Portfolio Benchmark 1
Consumer Discretionary 11.1 9.0
Consumer Staples 12.0 8.3
Energy 6.5 10.2
Financials 28.5 27.5
Health Care 5.9 2.1
Industrials 5.7 6.6
Information Technology 16.3 16.7
Materials 5.2 8.3
Telecom Services 4.2 7.7
Utilities 0.9 3.6
Cash 3.7

1MSCI Emerging Markets Index


Geographical Weightings (%) as of September 30, 2014

   
Region Portfolio Benchmark 1
Brazil 8.8 10.3
China + Hong Kong 15.3 19.2
India 10.5 7.1
Mexico 3.6 5.4
Russia 5.4 4.6
South Africa 6.5 7.4
South Korea 6.4 15.0
Taiwan 9.1 12.0
Small Emerging Markets 17.1 19.0
Frontier Markets 6.4
Developed Market Listed 7.2
Cash 3.7

1MSCI Emerging Markets Index

Small Emerging Markets includes the remaining emerging markets, which individually, comprise less than 5% of the Benchmark.

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

Developed Market Listed includes emerging markets or frontier markets companies listed in developed markets, excluding Hong Kong.

Historical Distributions – HLMEX

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 0.14680
12/3/2012 12/20/2012 12/19/2012 12/21/2012 0.11556
12/1/2011 12/19/2011 12/16/2011 12/20/2011 0.16041
12/1/2010 12/16/2010 12/15/2010 12/17/2010 0.04307
12/1/2009 12/17/2009 12/16/2009 12/18/2009 0.09300
12/1/2008 12/17/2008 12/16/2008 12/18/2008 0.3700
12/1/2007 12/13/2007 12/12/2007 12/14/2007 0.09020 0.29170 0.43470
12/1/2006 12/14/2006 12/13/2006 12/15/2006 0.01850
12/1/2005 12/28/2005 12/27/2005 12/29/2005 0.01960

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 and differences in accounting methods. 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. 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 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.