International Equity August 2014 Update

Returns in Europe have lagged this year, in part a reflection of the economic exposure the region has to Russia and Ukraine. Much of Europe remains mired in the economic muck. Broadly, economic growth in the region is less than 1%, sovereign debt-to-GDP levels continue to expand despite record low interest rates, and there is real disagreement among politicians with regard to the direction of economic policy within the euro zone, as evidenced by French President Hollande's firing of Economy Minister Arnaud Montebourg late in the month, who favored more stimulus rather than greater austerity in government spending. Not coincidentally, the US dollar index began to strengthen in early May and has since risen about 5%. We think that there is more going on here than simply a reaction to the rumblings in Ukraine. The US Federal Reserve's plan to conclude Quantitative Easing this fall, stronger economic growth in the US, and additional easing by the European Central Bank to try to stem deflation in Europe have all contributed to the dollar's upward move. European and Japanese multinational companies should benefit at the expense of their US counterparts should this trend persist—and we think it may.

International Small Companies August 2014 Update

We continue to favor companies that invest in their future growth, such as the Dutch global engineering and consultancy firm Arcadis. The company provides design and consultancy services for infrastructure and environmental projects. In this industry, reputation and experience are vital for generating business, which creates a barrier to entry for new firms, but also makes it difficult for existing firms to compete for projects that are outside of their immediate expertise. To overcome this, industry participants commonly enhance their service offerings by acquiring other firms. Arcadis has a long history of successfully acquiring synergetic businesses to grow its service capabilities and geographic footprint. In August, the company finalized an acquisition offer for Hyder, a UK-based peer, for £296 million, which was unanimously accepted by Hyder's board. We believe this large acquisition has the potential to enhance Arcadis's design and engineering services across all of its business lines. In addition, the deal enhances the company's offerings in the Middle East, as well as in Germany and the UK.

Welcome & Firm Overview

May 2011

David Loevner, President and CEO of Harding Loevner LP, is featured in this video. Mr. Loevner provides a brief history of the firm as well as a welcome to our corporate website.


The videos provide general background about Harding Loevner's investment philosophy and process. For more detailed information regarding particular investment strategies, please see our Publications page.

Any discussion of specific securities is not a recommendation to buy or sell. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest 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. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.

Global Equity

May 2011

Peter Baughan, Co-Lead Portfolio Manager of the Global Equity Strategy, is featured in this video.


The videos provide general background about Harding Loevner's investment philosophy and process. For more detailed information regarding particular investment strategies, please see our Publications page.

Any discussion of specific securities is not a recommendation to buy or sell. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest 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. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.

International Equity

May 2011

Alec Walsh, Co-Lead Portfolio Manager of the International Equity Strategy, is featured in this video.


The videos provide general background about Harding Loevner's investment philosophy and process. For more detailed information regarding particular investment strategies, please see our Publications page.

Any discussion of specific securities is not a recommendation to buy or sell. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest 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. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.

Investment Philosophy and Process

May 2011

Simon Hallett, Chief Investment Officer, discusses Harding Loevner's investment philosophy and process.


The videos provide general background about Harding Loevner's investment philosophy and process. For more detailed information regarding particular investment strategies, please see our Publications page.

Any discussion of specific securities is not a recommendation to buy or sell. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest 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. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.

Emerging Markets

May 2011

Rusty Johnson, Co-Lead Portfolio Manager of the Emerging Markets Strategy, is featured in this video.


The videos provide general background about Harding Loevner's investment philosophy and process. For more detailed information regarding particular investment strategies, please see our Publications page.

Any discussion of specific securities is not a recommendation to buy or sell. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest 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. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.

 

 

We build diversified portfolios of high-quality, growing companies identified through fundamental research.

Quarterly Webcast Replays

Strategy

Presenters

Date

Presentation Replay

Global Equity

Peter Baughan, CFA

Lindsey Andresen

Tuesday, October 14

Watch the Replay

International Equity

Alec Walsh, CFA

Bryan Lloyd, CFA

Greg Klobucar, CFA

Wednesday, October 15

Watch the Replay

Emerging Markets

Rusty Johnson, CFA

John Parsons

Thursday, October 16

Watch the Replay

International Equity ADR

S. Clarke Moody, CFA

George Antonak

Thursday, October 16

Watch the Replay

International Small Companies

Jafar Rizvi, CFA

Steve Gannon

Friday, October 17

Watch the Replay

Frontier Emerging Markets

Pradipta Chakrabortty

Kristin Burke

Monday, October 20

Watch the Replay

Global Equity ADR

S. Clarke Moody, CFA

Monday, October 20

Listen to the Replay