International Equity November 2014 Update

Over the last few months, we have witnessed a sharp decline in global oil prices, sending energy markets into turmoil. The price of West Texas Intermediate crude oil declined nearly 20% in November alone, and prices have fallen almost 40% since they began their slide in July. Not surprisingly, world energy stocks have followed suit, declining about 21% since the summer. Many causes are cited for these recent trends, from rising production in the shale oilfields of North America to weakening demand from China and Western Europe and the return of Iraqi production, and commentators continue to debate the impact as energy markets adjust to oil price levels not seen since May 2010. Macro strategists around the world are second-guessing their energy positioning and oil and gas sector specialists are recalibrating their forecasts for commodity prices. We approach the Energy sector in the same way we approach any other sector; we focus only on those companies that adhere to our key criteria and therefore are, we believe, of superior quality with long-duration growth prospects. We do not attempt to forecast oil or gas prices, nor do we invest in companies whose fortunes solely depend on the price of oil, natural gas, or any other commodity. While some companies in the portfolio are exposed to the vagaries of the commodity markets, each company has been carefully evaluated on the basis of its competitive advantage and long-term growth potential. 

International Small Companies November 2014 Update

The European Monetary Union (EMU) had the strongest performance by region in November, including a solid 5% return from Germany, its largest economy. This month Germany announced a 0.1% rise in GDP for the third quarter as consumer spending and exports grew enough to offset decreased investment and construction. The country‚Äôs ability to grow exports by over 1% during the quarter despite the economic weakness of its main trading partners in the eurozone and Russia was particularly encouraging. Unemployment in Germany, at about 5%, also remains relatively low compared to other countries in the EMU. In our last quarterly letter, we noted how recently valuations in the EMU were relatively rich compared to other regions in the Index based upon trailing price-to-earnings ratio data. The portfolio continues to have a large overweight to EMU, which is based on our process of bottom-up stock picking rather than a top-down bullish view. One of the common characteristics of our EMU holdings is that they are largely multinational companies: of our 25 holdings in the region, only 3 serve markets exclusively in Europe. The others have significant exposure to faster-growing markets outside their home region. 

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 Schedule

Strategy

Presenters

Date & Time

Calendar Event

Webcast Link

Emerging Markets Equity

Rusty Johnson, CFA

John Parsons

Tuesday, January 20

11:00 AM EST

Add to Calendar

WebEx

International Equity ADR

S. Clarke Moody, CFA

George Antonak

Tuesday, January 20

2:00 PM EST

Add to Calendar

WebEx

International Small Companies Equity

Josephine Lewis

Steve Gannon

Wednesday, January 21

2:00 PM EST

Add to Calendar

WebEx

 
*Replays will be posted on the Publications page.

 
Print

Quarterly Webcast Replays

Strategy

Presenters

Date

Presentation Replay

Global Equity

Peter Baughan, CFA

Lindsey Andresen

Wednesday, January 14

Watch the Replay

International Equity

Alec Walsh, CFA

Kristin Burke

Thursday, January 15

Watch the Replay

Frontier Emerging Markets

Pradipta Chakrabortty

Jason Caiola, CFA

Friday, January 16

Watch the Replay

Emerging Markets

Rusty Johnson, CFA

John Parsons

Tuesday, January 20

Watch the Replay

International Equity ADR

S. Clarke Moody, CFA

George Antonak

Tuesday, January 20

Watch the Replay

International Small Companies

Josephine Lewis

Steve Gannon

Wednesday, January 21

Watch the Replay

Global Equity ADR

S. Clarke Moody, CFA

Wednesday, January 21

Listen to the Replay