International Small Companies Portfolio

Institutional Class – HLMRX

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.
 


Fund Facts as of June 30, 2014

TICKER: HLMRX

Inception Date: 6/30/2011

total fund assets: $103.2M

minimum investment: $100,000

Net EXPENSE RATIO: 1.30%*

gross Expense Ratio: 1.68%

CUSIP: 412295875

Total # of Holdings: 97

Redemption Fee: 2.00% first 90 days

Turnover (5 Yr. average): 31%

Dividend Policy: Annual

Sales Charge: None

*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% (on an annualized basis).


for periods ending July 31, 2014
total returns % avg. Annualized returns %
  month 1 year 3 years 5 years 10 years since inception
International Small Companies Institutional class - HLMRXInception: 06/30/11 -2.54 17.39 9.04 N.A. N.A. 8.80
MSCI All Country World ex-US Small Cap Index -1.89 17.82 6.21 N.A. N.A. 6.03
for periods ending June 30, 2014
total returns % avg. Annualized returns %
  quarter 1 year 3 years 5 years 10 years since inception
International Small Companies Institutional class - HLMRXInception: 06/30/11 2.96 25.94 10.00 N.A. N.A. 10.00
MSCI All Country World ex-US Small Cap Index 3.63 26.06 6.89 N.A. N.A. 6.89

Calendar Year Returns

Ten Largest Holdings as of June 30, 2014

   
Company Sector Country %
Kentz Industrials United Kingdom 2.8
Coastal Contracts Industrials Malaysia 2.1
RPS Group Industrials United Kingdom 2.0
Industrial & Financial Systems Info Technology Sweden 2.0
RPC Materials United Kingdom 1.8
Grafton Group Industrials United Kingdom 1.7
Semperit Industrials Austria 1.7
Equity Bank Financials Kenya 1.7
Advantech Info Technology Taiwan 1.7
Rathbone Bros Financials United Kingdom 1.7

Ten Largest Holdings: 19.2 %

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


Sector Weightings (%) as of June 30, 2014

   
Sector Portfolio Benchmark 1
Consumer Discretionary 11.7 16.9
Consumer Staples 10.6 5.9
Energy 1.6 6.0
Financials 11.6 20.2
Health Care 11.7 5.9
Industrials 28.3 20.1
Information Technology 12.3 10.4
Materials 4.8 11.0
Telecom Services 3.0 1.2
Utilities 1.0 2.4
Cash 3.4

1MSCI All Country World ex-US Small Cap Index


Geographical Weightings (%) as of June 30, 2014

   
Region Portfolio Benchmark 1
Canada 0.9 9.3
Emerging Markets 21.7 21.2
Europe EMU 23.4 16.5
Europe ex-EMU 22.9 24.2
Frontier Markets 1.7
Japan 14.5 19.0
Middle East 0.0 0.7
Pacific ex-Japan 10.1 9.1
Other 1.4
Cash 3.4

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.

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 0.06428 0.26659 0.60207
12/3/2012 12/20/2012 12/19/2012 12/21/2012 0.14078
12/1/2011 12/19/2011 12/16/2011 12/20/2011 0.08622

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 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.

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.