Strategy Characteristics

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The International Small Companies Strategy invests in equity securities of small companies based outside the U.S., including companies in emerging as well as developed markets. Harding, Loevner Management, L.P. ("Harding Loevner"), the investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive and whose shares are under-priced relative to their intrinsic value. The Portfolio normally holds 50-200 investments across at least 12 countries. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry and currency.