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UCITS Funds

Global Equity Fund

The Global Equity Fund invests in high-quality, growing companies in and outside the United States.

Currency classes offer an operational and reporting convenience for clients by allowing investors to view performance by their local currency and transact in their local currency. Exposures are consistent across all currency classes within the sub-fund. The base currency for the Fund is US Dollar.

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PERFORMANCE (%)

as of July 31, 2019

 
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1 Month 1 YR 3 YR 5 YR 10 YR Since
Inception		 Total Expense
Ratio
Class A — US Dollar
Inception: 06/21/2007 		-0.60 -0.56 11.78 8.79 10.39 6.50 0.83
MSCI All Country World Index — US Dollar 0.29 2.95 10.17 6.48 9.25 4.39 N/A
Class A — Euro
Inception: 06/21/2007 		2.11 5.05 12.17 13.03 13.14 8.26 0.83
MSCI All Country World Index — Euro 2.58 8.18 10.33 10.47 11.92 6.00 N/A
Class A — GBP Sterling
Inception: 03/05/2008 		3.83 7.31 15.00 16.16 13.87 12.04 0.83
MSCI All Country World Index — GBP Sterling 4.24 10.29 13.19 13.55 12.61 9.98 N/A
Class B — US Dollar
Inception: 06/05/2018 		-0.60 -0.82 N/A N/A N/A -0.43 1.08
MSCI All Country World Index — US Dollar 0.29 2.95 N/A N/A N/A 3.49 N/A
Class B — GBP Sterling
Inception: 08/15/2018 		3.78 N/A N/A N/A N/A 7.00 1.08
MSCI All Country World Index — GBP Sterling 4.24 N/A N/A N/A N/A 8.81 N/A
Class M — Euro
Inception: 01/31/2018 		2.12 5.12 N/A N/A N/A 7.16 0.78
MSCI All Country World Index — Euro 2.58 8.18 N/A N/A N/A 7.76 N/A
Class M — Singapore Dollar
Inception: 09/21/2015 		0.95 0.40 12.77 N/A N/A 10.94 0.78
MSCI All Country World Index — Singapore Dollar 1.45 3.50 10.86 N/A N/A 9.08 N/A
Class D — US Dollar
Inception: 01/04/2018 		-0.69 -1.27 N/A N/A N/A 0.89 1.58
MSCI All Country World Index — US Dollar 0.29 2.95 N/A N/A N/A 2.23 N/A
Class S — US Dollar
Inception: 02/08/2019 		-0.55 N/A N/A N/A N/A 8.90 0.08
MSCI All Country World Index — US Dollar 0.29 N/A N/A N/A N/A 8.55 N/A
Class S — Euro
Inception: 03/06/2019 		2.20 N/A N/A N/A N/A 6.90 0.08
MSCI All Country World Index — Euro 2.58 N/A N/A N/A N/A 7.19 N/A
Class S — GBP Sterling
Inception: 10/26/2018 		3.88 N/A N/A N/A N/A 18.00 0.08
MSCI All Country World Index — GBP Sterling 4.24 N/A N/A N/A N/A 17.42 N/A

as of June 30, 2019

 
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Quarter 1 YR 3 YR 5 YR 10 YR Since
Inception		 Total Expense
Ratio
Class A — US Dollar
Inception: 06/21/2007 		3.70 2.42 13.51 8.60 11.38 6.60 0.83
MSCI All Country World Index — US Dollar 3.61 5.74 11.62 6.16 10.15 4.40 N/A
Class A — Euro
Inception: 06/21/2007 		2.32 5.16 12.58 12.73 13.74 8.13 0.83
MSCI All Country World Index — Euro 2.16 8.41 10.71 10.15 12.47 5.82 N/A
Class A — GBP Sterling
Inception: 03/05/2008 		6.33 6.39 15.30 15.26 14.32 11.76 0.83
MSCI All Country World Index — GBP Sterling 6.09 9.70 13.47 12.62 13.02 9.66 N/A
Class B — US Dollar
Inception: 06/05/2018 		3.62 2.09 N/A N/A N/A 0.09 1.08
MSCI All Country World Index — US Dollar 3.61 5.74 N/A N/A N/A 3.49 N/A
Class B — GBP Sterling
Inception: 08/15/2018 		6.29 N/A N/A N/A N/A 3.10 1.08
MSCI All Country World Index — GBP Sterling 6.09 N/A N/A N/A N/A 4.38 N/A
Class M — Euro
Inception: 01/31/2018 		2.26 5.23 N/A N/A N/A 6.02 0.78
MSCI All Country World Index — Euro 2.16 8.41 N/A N/A N/A 6.31 N/A
Class M — Singapore Dollar
Inception: 09/21/2015 		3.50 1.72 13.71 N/A N/A 10.92 0.78
MSCI All Country World Index — Singapore Dollar 3.50 4.92 11.82 N/A N/A 8.88 N/A
Class D — US Dollar
Inception: 01/04/2018 		3.55 1.69 N/A N/A N/A 1.41 1.58
MSCI All Country World Index — US Dollar 3.61 5.74 N/A N/A N/A 2.15 N/A
Class S — US Dollar
Inception: 02/08/2019 		3.89 N/A N/A N/A N/A 9.50 0.08
MSCI All Country World Index — US Dollar 3.61 N/A N/A N/A N/A 8.23 N/A
Class S — Euro
Inception: 03/06/2019 		2.45 N/A N/A N/A N/A 4.60 0.08
MSCI All Country World Index — Euro 2.16 N/A N/A N/A N/A 4.50 N/A
Class S — GBP Sterling
Inception: 10/26/2018 		6.56 N/A N/A N/A N/A 13.59 0.08
MSCI All Country World Index — GBP Sterling 6.09 N/A N/A N/A N/A 12.64 N/A

Returns since inception are total returns for currency classes less than one year old; returns are annualized for periods greater than one year.

Harding Loevner has agreed to cap the Class A total expense ratio at 0.90%.
Harding Loevner has agreed to cap the Class M total expense ratio at 0.80%.
Harding Loevner has agreed to cap the Class B total expense ratio at 1.15%.
Harding Loevner has agreed to cap the Class S total expense ratio at 0.09%.

Current Pricing

as of August 22, 2019

 
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NAV Daily
Change		 Change (%) YTD
Return (%)
Class A — US Dollar 2.092 -0.013 -0.618 14.442
Class A — Euro 1.886 -0.011 -0.580 18.319
Class A — GBP Sterling 1.706 -0.029 -1.671 18.968
Class B — US Dollar 0.971 -0.006 -0.614 14.235
Class B — GBP Sterling 1.035 -0.018 -1.709 18.829
Class M — Euro 1.081 -0.006 -0.552 18.401
Class M — Singapore Dollar 1.470 -0.007 -0.474 16.390
Class D — US Dollar 0.989 -0.006 -0.603 13.809
Class S — US Dollar 1.063 -0.007 -0.654 6.300
Class S — Euro 1.043 -0.006 -0.572 4.300
Class S — GBP Sterling 1.142 -0.019 -1.637 19.553
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Fund Facts

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Currency Inception
Date		 Minimum
Investment		 Distribution
Policy		 Local Tax
Status		 Bloomberg Reuters SEDOL/CUSIP ISIN
US Dollar
 7/18/2011 US$1,000,000 No Entitlement n/a HARLVUA 68121361 B1WL5L3/
G42927122		 IE00B1WL5L32
Euro
 6/21/2007 US$1,000,000 equivalent No Entitlement n/a HARLVEA 68044908 B1WL5K2 IE00B1WL5K25
GBP Sterling
 3/5/2008 US$1,000,000 equivalent Net Income; Semi-Annual UK Reporting Fund HARLVGA 68044909 B1WL5J1 IE00B1WL5J10
US Dollar
 6/5/2018 US$100 No Entitlement n/a HARLVUB 68121364 B1WL5P7/
G4R928131		 IE00B1WL5P79
GBP Sterling
 8/15/2018 US$100 equivalent Net Income; Semi-Annual UK Reporting Fund HARLGBG 68330463 BF19CT3 IE00BF19CT30
Euro
 1/31/2018 US$50,000,000 equivalent No Entitlement n/a HARLGME 68459454 BFB4845 IE00BFB48459
Singapore Dollar
 9/21/2015 US$50,000,000 equivalent No Entitlement n/a HARLGMS 68330463 BZ0CZQ1 IE00BZ0CZQ19
US Dollar
 1/4/2018 US$100 No Entitlement n/a HARLADB 68417967 B8NHL88 IE00B8NHL881
US Dollar
 2/8/2019 US$20,000,000 No Entitlement n/a HARLGSU 68537061 BDQZHH5 IE00BDQZHH56
Euro
 3/6/2019 US$20,000,000 equivalent No Entitlement n/a HARLGSE 68540865 BDQZCW5 IE00BDQZCW52
GBP Sterling
 10/26/2018 US$20,000,000 equivalent No Entitlement n/a HARLGSG 68521567 BDQZGJ0 IE00BDQZGJ06
Ireland/UCITS
DOMICILE & TYPE
Central Bank of Ireland
REGULATOR
US $996.7M
TOTAL FUND ASSETS*
None/Daily
LISTING/DEALING
69
TOTAL # OF HOLDINGS*

*As of June 30, 2019

INVESTMENT DOCUMENTS

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PORTFOLIO

as of June 30, 2019

 
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Company Sector Country %
PayPal Info Technology United States 4.6
Roper Industrials United States 3.7
AIA Group Financials Hong Kong 3.0
Verisk Industrials United States 2.9
Booking Holdings Cons Discretionary United States 2.7
Alphabet Comm Services United States 2.5
First Republic Bank Financials United States 2.5
EssilorLuxottica Cons Discretionary France 2.3
Lonza Health Care Switzerland 2.3
MasterCard Info Technology United States 2.2

10 Largest Holdings: 28.7%

A complete list of holdings for this quarter is available here.

as of June 30, 2019

 
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Sector Portfolio MSCI All Country World Index
Comm Services 7.9 8.7
Cons Discretionary 12.9 10.9
Cons Staples 4.5 8.3
Energy 2.7 5.9
Financials 14.0 16.9
Health Care 16.7 11.4
Industrials 12.8 10.5
Info Technology 17.9 16.0
Materials 6.4 4.9
Real Estate 0.0 3.2
Utilities 0.0 3.3
Cash 4.2 —

as of June 30, 2019

 
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Region Portfolio MSCI All Country World Index
Canada 0.0 3.0
Emerging Markets 14.4 11.8
Europe EMU 9.9 9.5
Europe ex-EMU 8.4 9.3
Frontier Markets 0.0 —
Japan 9.8 7.1
Middle East 1.0 0.2
Pacific ex-Japan 3.0 3.8
United States 49.3 55.3
Cash 4.2 —

"Frontier Markets" includes countries with less-developed markets outside the Benchmark.

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FACTSHEET

PORTFOLIO MANAGERS

Peter Baughan, CFA          Co-Lead
Scott Crawshaw    
Jingyi Li    
Christopher Mack, CFA    
Ferrill Roll, CFA   Co-Lead
Richard Schmidt, CFA    

 

 

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Fund returns are net of fees. Index returns are net of withholding taxes.

Performance data quoted represents past performance; past performance does not guarantee future results.
 
The information contained herein concerns a sub-fund (the “Fund”) of Harding Loevner Funds plc (the “Company”), an umbrella-type open-ended investment company authorized in Ireland as an undertaking for collective investment in transferable securities (a “UCITS”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, as amended.  Harding Loevner LP is the investment manager of the Company.  
 
The investments of the Fund in securities are subject to normal market fluctuations and other risks inherent in investing in securities. The value of investments and the income from them, and therefore the value of and income from Shares relating to each Fund can go down as well as up and an investor may not get back the amount he invests. Changes in exchange rates between currencies or the conversion from one currency to another may also cause the value of the investments to diminish or increase. An investment in a Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.  For further discussion of risk factors, refer to the Risk Factors section of the Company’s prospectus and the applicable Fund’s Supplement to the Prospectus.
 
There can be no assurance that the Fund’s investment objective will be achieved and investment results may vary substantially over time. This document is for information purposes only and does not constitute an offer or invitation to purchase shares in the Fund and has not been prepared in connection with any such offer or invitation. 
 
MSCI Inc. and S&P do not make any express or implied warranties or representations and shall have no liability whatsoever with respect to any GICS data contained herein.

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