International Equity May 2014 Update

Markets moved higher in May on low volumes and low volatility. Volatility, in fact, is lower than it has been since 2007, the end of what former US Federal Reserve Chairman Alan Greenspan called the Great Moderation.

More notable than the rise of equity markets has been the rally in credit markets. The 10-year US Treasury yield has declined from 3% to 2.5% this year, with commensurate moves in the bonds of core euro zone countries. The best returns, however, have come from periphery euro zone sovereigns: Portuguese government 10-year bonds have a total return of 22% YTD, with the yield to maturity dropping from over 6% to 3.6% in the past five months. Yields on sovereign bonds in Ireland, Italy, Greece, and Spain have had similar results this year. Perhaps PIIGS can fly!

Frontier Emerging Markets May 2014 Update

As part of MSCI’s reclassification of the UAE and Qatar, both countries are no longer included in the FEM Index, significantly reducing the weight of the Gulf States region. Consequently, our portfolio has moved from an underweight position to being overweight the region relative to our benchmark.

While the portfolio’s positioning relative to the FEM Index has changed, nothing has changed in an absolute sense in our management of the portfolio. As bottom-up investors we focus on finding individual companies that meet our criteria for quality and growth across the frontier and small emerging markets universe, including countries that are not specifically in the FEM Index. Qatar and the UAE each now represent less than 1% of the MSCI Emerging Markets Index and qualify as small emerging markets, and our holdings there will become out-of-benchmark positions. We will continue to select the portfolio’s investments based upon companies’ fundamentals and the value of their shares relative to our estimates of fair values across our universe.

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

Simon Hallett, CFA

July 15, 2014

Watch the Replay

Frontier Emerging Markets

Pradipta Chakrabortty

John Parsons

Simon Hallett, CFA

July 15, 2014

Watch the Replay

Emerging Markets

Craig Shaw, CFA

Steve Gannon

Simon Hallett, CFA

July 16, 2014

Watch the Replay

International Equity ADR

S. Clarke Moody, CFA

George Antonak

Simon Hallett, CFA

July 16, 2014

Watch the Replay

International Equity

Alec Walsh, CFA

Kristin Burke

Simon Hallett, CFA

July 17, 2014

Watch the Replay

International Small Companies

Josephine Lewis

Patrick Broderick

July 17, 2014

Watch the Replay

Global Equity ADR

S. Clarke Moody, CFA

July 18, 2014

Listen to the Review