International Small Companies Strategy - Performance
Composite Performance (%) For Periods Ending December 31, 2011
| Annualized Returns | ||||||
| 3 Months | 1 Year | 3 Years | 5 Years | Since Inception1 | ||
|---|---|---|---|---|---|---|
| International Small Companies (gross) | 0.63 | -11.61 | 25.10 | 4.10 | 4.10 | |
| International Small Companies (net) | 0.35 | -12.52 | 23.67 | 2.93 | 2.93 | |
| MSCI All Country World ex-US Small Cap Index2 | 0.45 | -18.21 | 18.86 | -1.38 | -1.38 | |
1Inception Date: December 31, 2006; 2Benchmark Index.
The International Small Companies Composite contains fully discretionary US dollar-based international small companies accounts. Harding Loevner is an affiliate of Affiliated Managers Group, Inc. (NYSE: AMG), an investment holding company with stakes in a diverse group of boutique firms. Harding Loevner claims compliance with the Global Investment Performance Standards (GIPS®). Harding Loevner has been independently verified by Ashland Partners & Company, LLP for the period November 1, 1989 through June 30, 2011. Verification assesses whether (1) the firm has complied with all composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policy and procedures are designed to calculate and present performance in compliance with GIPS standards. The International Small Companies Composite has been examined since January 1, 2007. Performance data quoted represents past performance; past performance does not guarantee future results. The US dollar is the currency used to express performance. Complete information on the construction and historical record of the International Small Companies Composite is available by clicking here.