Frontier Emerging Markets Portfolio Institutional Class HLFMX - Performance
Monthly Portfolio Performance (%) For Periods Ending January 31, 2012
| Ticker: HLFMX | NAV (1/31/2012): $6.42 | Gross Expense Ratio: 1.87% | Minimum Investment: $100,000 |
| Annualized Returns | ||||
| 1 Month | 1 Year | 3 Years | Since Inception1 | |
|---|---|---|---|---|
| Frontier Emerging Markets Portfolio | 4.22 | -16.63 | 17.31 | -10.76 |
| MSCI Frontier Emerging Markets Index2,3 | 5.77 | -8.99 | 18.56 | -11.49 |
Quarterly Portfolio Performance (%) For Periods Ending December 31, 2011
| NAV (12/31/2011): $6.16 |
| Annualized Returns | ||||
| 3 Months | 1 Year | 3 Years | Since Inception1 | |
|---|---|---|---|---|
| Frontier Emerging Markets Portfolio | -0.93 | -21.03 | 11.07 | -12.02 |
| MSCI Frontier Emerging Markets Index2,3 | 0.34 | -17.54 | 10.04 | -13.11 |
1Inception Date: May 27, 2008; 2Benchmark Index; 3The index is 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. Performance data shown does not reflect the 2.00% redemption fee imposed on shares held less 90 days or less. If it did, total returns would be reduced.
Investment performance reflects fee waivers and in the absence of these waivers investment performance would be reduced.
Short-term performance, in particular, is not a good indication of the fund's future performance and an investment should not be made solely on returns.
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. 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. Mutual fund investing involves risk. Principal loss is possible.
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The Harding Loevner Funds are distributed by Quasar Distributors, LLC.