Global Equity Portfolio Advisor Class HLMGX - Portfolio Characteristics
The Portfolio invests in equity securities of companies based in the US and other developed markets, as well as emerging markets. Harding Loevner undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive, and whose shares are under-priced relative to their intrinsic value. The Portfolio normally holds 35-75 investments across 15-25 countries. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, currency and market capitalization.
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 U.S. or other more established foreign markets. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. 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.
The Harding Loevner Funds are distributed by Quasar Distributors, LLC.
Monthly Portfolio Performance (%) For Periods Ending January 31, 2012
| Ticker: HLMGX | NAV (1/31/2012): $23.70 | Net Expense Ratio: 1.25%1 | Minimum Investment: $5,000 |
| Gross Expense Ratio: 1.30% | |||
| Annualized Returns | |||||
| 1 Month | 1 Year | 3 Years | 5 Years | 10 Years | |
|---|---|---|---|---|---|
| Global Equity Portfolio | 6.95 | -2.15 | 19.69 | 2.40 | 6.27 |
| MSCI All Country World Index2,3 | 5.81 | -3.49 | 17.59 | -1.02 | 5.13 |
| Lipper Global Fund Index3 | 6.38 | -5.55 | 15.44 | -1.27 | 4.87 |
Quarterly Portfolio Performance (%) For Periods Ending December 31, 2011
| NAV (12/31/2011): $22.16 |
| Annualized Returns | |||||
| 3 Months | 1 Year | 3 Years | 5 Years | 10 Years | |
|---|---|---|---|---|---|
| Global Equity Portfolio | 5.57 | -8.36 | 13.97 | 1.23 | 5.29 |
| MSCI All Country World Index2,3 | 7.19 | -7.36 | 12.01 | -1.94 | 4.24 |
| Lipper Global Fund Index3 | 6.90 | -9.96 | 10.19 | -2.19 | 3.91 |
1Harding Loevner has contractually agreed to cap the total annual operating expenses at 1.25% (on an annualized basis) through December 31, 2012; 2Benchmark Index; 3The indices are net of foreign withholding taxes on dividends, interest income and capital gains.
Performance data quoted represents past performance; past performance does not guarantee 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.
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 U.S. or other more established foreign markets. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. 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.
Please click here for Index definitions.
The Harding Loevner Funds are distributed by Quasar Distributors, LLC.
Portfolio Facts at December 31, 2011
| CUSIP | 412295206 | Net Expense Ratio1 | 1.25% | |
| Inception Date | 12/01/96 | Gross Expense Ratio | 1.30% | |
| Minimum Investment | $5,000 | Turnover (3 Year Average) | 39% | |
| Total Fund Assets | $208.3M | Redemption Fee | 2.00% first 90 days | |
| Sales Charge | None | Dividend Policy | Annual | |
| Total # of Holdings | 66 | NAV | $22.16 |
1Harding Loevner has contractually agreed to cap the total annual operating expenses at 1.25% (on an annualized basis) through December 31, 2012.
While the fund is no-load, management fees and other expenses will apply. Please refer to the prospectus for further details.
Past performance does not guarantee future results.
Ten Largest Holdings at December 31, 2011
| Company | Sector | Country | % |
|---|---|---|---|
| Wells Fargo | Financials | United States | 3.5 |
| Li & Fung | Consumer Discretionary | Hong Kong | 3.5 |
| Unicharm | Consumer Staples | Japan | 3.2 |
| Nestle | Consumer Staples | Switzerland | 3.1 |
| Information Technology | United States | 3.0 | |
| Apple | Information Technology | United States | 3.0 |
| Fanuc | Industrials | Japan | 2.8 |
| Emerson Electric | Industrials | United States | 2.6 |
| eBay | Information Technology | United States | 2.6 |
| EMC | Information Technology | United States | 2.5 |
Ten Largest Holdings: 29.8% |
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For a complete list of Holdings, click here.
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.
Sector Weightings (%) at December 31, 2011
| Sector | HLMGX | Benchmark1 |
|---|---|---|
| Cons Discretionary | 14.8 | 10.0 |
| Cons Staples | 12.5 | 10.7 |
| Energy | 6.0 | 12.1 |
| Financials | 14.6 | 18.5 |
| Health Care | 9.0 | 9.3 |
| Industrials | 8.0 | 10.4 |
| Info Technology | 23.3 | 12.2 |
| Materials | 6.6 | 8.0 |
| Telecom Services | 2.0 | 4.9 |
| Utilities | 0.0 | 3.9 |
| Cash | 3.2 | — |
Geographical Weightings (%) at December 31, 2011
| Region | HLMGX | Benchmark1 |
|---|---|---|
| Canada | 0.0 | 4.5 |
| Emerging Markets | 10.8 | 12.6 |
| Europe EMU | 7.8 | 10.2 |
| Europe ex-EMU | 13.1 | 13.6 |
| Frontier Markets | 0.0 | — |
| Japan | 9.7 | 8.0 |
| Middle East | 0.0 | 0.2 |
| Pacific ex-Japan | 4.9 | 4.9 |
| United States | 50.5 | 46.0 |
| Cash | 3.2 | — |
1MSCI All Country World Index.
Portfolio sector/geographical allocations are subject to review and adjustment in accordance with the Portfolio's investment strategy and may vary in the future.
Please click here for Index definitions.