International Equity Portfolio

Institutional Class – HLMIX

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
Bryan Lloyd, CFA, Portfolio Manager
Andrew West, 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 June 30, 2014

TICKER: HLMIX

Inception Date: 5/11/1994

total fund assets: $4,301.6M

minimum investment: $100,000

Net Expense Ratio: 0.86%

gross Expense Ratio: 0.87%

CUSIP: 412295107

Total # of Holdings: 54

Redemption Fee: 2.00% first 90 days

Turnover (5 Yr. average): 19%

Dividend Policy: Annual

Sales Charge: None

The Net Expense Ratio is as of March 31, 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 July 31, 2014
total returns % avg. Annualized returns %
  month 1 year 3 years 5 years 10 years since inception
International Equity Institutional class - HLMIXInception: 05/11/94 -1.07 13.62 6.77 11.30 9.56 6.43
MSCI All Country World ex-US Index -0.99 15.48 5.87 8.84 7.96 5.83
for periods ending June 30, 2014
total returns % avg. Annualized returns %
  quarter 1 year 3 years 5 years 10 years since inception
International Equity Institutional class - HLMIXInception: 05/11/94 4.75 19.12 6.70 13.82 9.29 6.51
MSCI All Country World ex-US Index 5.02 21.75 5.73 11.11 7.75 5.91

Calendar Year Returns

Ten Largest Holdings as of June 30, 2014

   
Company Sector Country %
Nestlé Consumer Staples Switzerland 3.9
Dassault Systemes Info Technology France 3.4
WPP Consumer Discretionary United Kingdom 3.1
Roche Holding Health Care Switzerland 3.1
Air Liquide Materials France 3.0
Itau Unibanco Financials Brazil 2.8
Allianz Financials Germany 2.8
Schlumberger Energy United States 2.7
ICICI Bank Financials India 2.7
AIA Group Financials Hong Kong 2.6

Ten Largest Holdings: 30.1 %

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


Sector Weightings (%) as of June 30, 2014

   
Sector Portfolio Benchmark 1
Consumer Discretionary 10.2 10.8
Consumer Staples 14.7 9.9
Energy 7.8 9.6
Financials 18.8 26.5
Health Care 12.8 8.1
Industrials 12.0 11.0
Information Technology 13.9 6.9
Materials 4.8 8.4
Telecom Services 1.8 5.2
Utilities 1.0 3.6
Cash 2.2

1MSCI All Country World ex-US Index


Geographical Weightings (%) as of June 30, 2014

   
Region Portfolio Benchmark 1
Canada 4.5 7.6
Emerging Markets 16.7 21.3
Europe EMU 27.2 22.2
Europe ex-EMU 21.5 25.5
Frontier Markets 0.0
Japan 13.7 14.4
Middle East 0.0 0.4
Pacific ex-Japan 9.6 8.6
Other 4.6
Cash 2.2

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 0.14169
12/3/2012 12/20/2012 12/19/2012 12/21/2012 0.13032
12/1/2011 12/19/2011 12/16/2011 12/20/2011 0.11311 0.03504
12/1/2010 12/16/2010 12/15/2010 12/17/2010 0.05803
12/1/2009 12/17/2009 12/16/2009 12/18/2009 0.10210
12/1/2008 12/17/2008 12/16/2008 12/18/2008 0.19000 2.20000
12/1/2007 12/13/2007 12/12/2007 12/14/2007 0.15100 0.33000 1.35750
12/1/2006 12/14/2006 12/13/2006 12/15/2006 0.09600 0.11030 1.22480
12/1/2005 12/28/2005 12/27/2005 12/29/2005 0.07670 0.01280
12/1/2004 12/27/2004 12/23/2004 12/28/2004 0.05730
12/1/2003 12/28/2003 12/27/2003 12/29/2003 0.06972
12/2/2002 12/26/2002 12/24/2002 12/27/2002 0.04367
12/1/2001 12/28/2001 12/27/2001 12/29/2001 0.03380
12/1/2000 12/28/2000 12/27/2000 12/29/2000 1.14880
12/1/1999 12/28/1999 12/27/1999 12/29/1999 0.22850 0.50120
12/1/1998 12/31/1998 12/30/1998 01/04/1999 0.18160 0.01210
12/1/1997 12/31/1997 12/30/1997 12/31/1997 0.10610 0.06910
12/2/1996 12/31/1996 12/27/1996 12/31/1996 0.00250
10/1/1996 10/30/1996 10/29/1996 10/30/1996 0.08950 0.10500
08/1/1996 08/16/1996 08/15/1996 08/27/1996 0.02189

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 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 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.