International Equity February 2014 Update

Russia’s decisive move to rein in Ukraine should come as no surprise considering President Vladimir Putin’s past assertion that collapse of the Soviet Union was the “greatest geopolitical catastrophe of the century.” His involvement in Ukraine indicates that he will do what he can to prevent any former Soviet state from increasing its links to the West, even at the margin. 

Ultimately, we think that capital flows will have a far greater and more lasting effect on Putin’s actions than any boycott or sanction by the West. Russia needs external capital to diversify its economy away from the energy industry, which today accounts for over 70% of the nation’s exports, causing the economy to be highly sensitive to energy prices. If investors perceive that Russia will be militarily engaged—and will not respect the rule of law or property rights—capital inflows will ebb. 

Emerging Markets February 2014 Update

February provided global equity markets a welcome reprieve after the wallop that investors received in January. The MSCI Emerging Markets Index recovered nearly half of the losses it sustained the previous month as investors responded favorably to encouraging trade figures out of China and a smooth transition from Ben Bernanke to Janet Yellen as Chair of the US Federal Reserve. Notably, as tensions between Russia and Ukraine escalated at the end of the month, the Index continued to rise, though Russian equities broadly did decline.

Many emerging market currencies strengthened somewhat during the month, including those of Brazil, South Africa, Turkey, and Indonesia. Meanwhile, the Russian ruble was down over 2% in the month, and has depreciated by more than 8% year-to-date. Overall, our holdings in Russia, including a diamond supplier and oil company, have a modest tilt toward a weaker ruble.

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

Frontier Emerging Markets

Rick Schmidt, CFA

Steve Gannon

Wednesday, April 16

11:00 AM EDT

Add to Calendar

WebEx

International Small Companies

Josie Lewis

Jon Hearn

Wednesday, April 16

2:00 PM EDT

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

April 10, 2014

Watch the Replay

International Equity

Alec Walsh, CFA

Kevin Ferguson

April 10, 2014

Watch the Replay

Emerging Markets

Craig Shaw, CFA

Greg Klobucar, CFA

April 15, 2014

Watch the Replay

International Equity ADR

S. Clarke Moody, CFA

George Antonak

April 15, 2014

Watch the Replay

Frontier Emerging Markets

Rick Schmidt, CFA

Babatunde Ojo, CFA

Steve Gannon

April 16, 2014

Watch the Replay

International Small Companies

Josephine Lewis

Jon Hearn

April 16, 2014

Watch the Replay