International Equity Second Quarter 2015 Update

Politics are a rising source of economic risks worldwide. One doesn't have to venture into investments in, say, Turkeywith a chaotic civil war happening at its borders while an Islamist party attempts (unsuccessfully!) to consolidate unchallengeable Presidential powerto incur political risks. One doesn't need to experience invasion, or sanctions, or nationalization in Russia to be subject to political risks. One doesn't need to endure political scandal and paralysis in Brazil to be subject to political risks. They are everywhere, and rising, to judge from the sobering signals we are receiving. Recall that it was not very long ago that polarization in US politics nearly caused a default on US government obligations. In our view, the reasons that politics matter more than they used to just a decade or so ago is two-fold: governments have inexorably come to account for a larger and larger share of most economies, and the activist intervention in the economy via unorthodox monetary policy has risen dramatically since the financial crisis.

Emerging Markets Second Quarter 2015 Update

Despite the alarmist headlines, the bursting of the A-share bubble is probably a healthy development for China's equity markets. Unregulated lending for the purpose of stock speculation is an activity that should be kept in check. Instead, what strikes us as ill-advised are the recent heavy-handed and even clumsy actions by the government to slow the intense selling, such as banning major shareholders with stakes exceeding 5% from selling for a six-month period. Such illiberal actions run counter to President Xi Jinping's stated goal of allowing market forces to play the decisive role in allocating resources in the economy. Of course, the Chinese government is not alone in behaving inconsistently. Authorities throughout the developed, ostensibly capitalist, world have been engaging in market manipulation on a massive scale in recent years: think quantitative easing in the US, Japan, and Europe. The hope here is that the Chinese government's interference in the free operation of the domestic stock market proves transitory.

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.

 

 

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Quarterly Webcast Schedule

Strategy

Presenters

Date & Time

Calendar Event

Webcast Link

Frontier Emerging Markets Equity

Babatunde Ojo, CFA

Jason Caiola, CFA, CFP

Tuesday July 21

11:00 AM EDT

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WebEx

 
*Replays will be posted on the Publications page.

 
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Quarterly Webcast Replays

Strategy

Presenters

Date

Presentation Replay

Global Equity

Peter Baughan, CFA

Ryan Bowles, CFA

Tuesday, July14

Watch the Replay

International Equity

Alec Walsh, CFA

Steve Gannon

Wednesday, July 15

Watch the Replay

International Small Companies

Jafar Rizvi, CFA

Jared Tramutola, CFA

Wednesday, July 15

Watch the Replay

Emerging Markets

Craig Shaw, CFA

John Parsons, CFA

Thursday, July 16

Watch the Replay

International Equity ADR

Alec Walsh, CFA

S. Clarke Moody, CFA

George Antonak

Thursday, July 16

Watch the Replay

Frontier Emerging Markets

Babatunde Ojo, CFA

Jason Caiola, CFA

Tuesday, July 21

Watch the Replay

Global Equity ADR

S. Clarke Moody, CFA

Tuesday, July 21

Listen to the Replay