Three years since the first COVID-19 vaccine was approved, growth investors have felt the pain of a relative bear market compared to their value peers. In our annual letter to shareholders, we examine the current economic climate, and discuss why we believe that the types of companies in which we invest are well-positioned to navigate the challenges ahead.
In sum, this time is no different from similar periods in the past in which our taste for high-quality, rapidly growing companies has been out of step with market fashion. We foresee an eventual return of investor focus on such fundamental factors in the face of uncertain and slower economic and corporate profit growth. We therefore remain committed to our favored targets, while reinforcing our attention to the price we are asked to pay for them.
Investments involve risk and loss is possible.
The Portfolio’s investment objectives, risks, charges and expenses must be read and considered carefully before investing. The statutory and summary prospectuses contain this and other important information about the investment company. They may be obtained by calling toll free (877) 435-8105, or visiting hardingloevnerfunds.com.
The Portfolio is distributed by Quasar Distributors, LLC.