US Mutual Funds

Emerging Markets Research Portfolio

The Emerging Markets Research Portfolio invests in high-quality, growing companies that derive a substantial share of their revenues, or have a significant portion of their assets, in emerging and frontier markets countries that are recommended by our analysts.



Institutional Class — HLREX

as of September 30, 2019

1 Month 1 YR 3 YR 5 YR 10 YR Since
Emerging Markets Research
Inception: 12/19/2016
2.21 3.41 N/A N/A N/A 10.00
MSCI EM+Frontier Markets Index 1.83 -1.84 N/A N/A N/A 8.69

Institutional Class — HLREX

as of September 30, 2019

Quarter 1 YR 3 YR 5 YR 10 YR Since
Emerging Markets Research
Inception: 12/19/2016
-2.38 3.41 N/A N/A N/A 10.00
MSCI EM+Frontier Markets Index -4.19 -1.84 N/A N/A N/A 8.69

Current Pricing

Institutional Class — HLREX

as of October 15, 2019

NAV Daily
Change (%) YTD
Return (%)
Emerging Markets Research 11.22 0.07 0.63 12.42

Returns are annualized for periods greater than one year.

Performance data quoted represents past performance; past performance is not a guarantee of future results. The investment return and principal value of an investment will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance of the Portfolio may be lower or higher than the performance quoted. The Portfolio imposes a 2% redemption fee on shares held 90 days or less. Performance data does not reflect the redemption fee. If reflected, total returns would be reduced.

Investment performance reflects fee waivers and in the absence of these waivers investment performance would be reduced.


Fund Facts

Institutional Class - HLREX

as of September 30, 2019

2.00% first 90 days

*Shown net of Harding Loevner's contractual agreement through February 28, 2020.



as of September 30, 2019

Company Sector Country %
TSMC Info Technology Taiwan 2.1
Kotak Mahindra Bank Financials India 2.1
CNOOC Energy China 2.0
Samsung Electronics Info Technology South Korea 2.0
Tencent Comm Services China 2.0
Ping An Insurance Financials China 1.9
Jarir Marketing Cons Discretionary Saudi Arabia 1.9
Lukoil Energy Russia 1.9
ITC Limited Cons Staples India 1.9
Qatar National Bank Financials Qatar 1.9
Alibaba Cons Discretionary China 1.9
Credicorp Financials Peru 1.8
Hon Hai Precision Info Technology Taiwan 1.8
FEMSA Cons Staples Mexico 1.8
WEG Industrials Brazil 1.8
Siam Commercial Bank Financials Thailand 1.8
Walmart de México Cons Staples Mexico 1.7
Banco Bradesco Financials Brazil 1.7
Fuyao Glass Industry Cons Discretionary China 1.6
Astra International Cons Discretionary Indonesia 1.5
HDFC Bank Financials India 1.5
China Tower Corp Comm Services China 1.5
BIM Birlesik Cons Staples Turkey 1.4
Ambev Cons Staples Brazil 1.4
Novatek Energy Russia 1.4

25 Largest Holdings: 44.3%

as of September 30, 2019

Sector Portfolio MSCI Emerging + Frontier Markets Index
Comm Services 9.4 11.6
Cons Discretionary 13.4 12.8
Cons Staples 17.2 7.0
Energy 7.8 7.6
Financials 26.3 25.1
Health Care 2.6 2.6
Industrials 5.1 5.4
Info Technology 11.3 14.8
Materials 3.4 7.3
Real Estate 1.7 3.0
Utilities 1.3 2.8
Cash 0.5

as of September 30, 2019

Region Portfolio MSCI Emerging + Frontier Markets Index
Brazil 5.5 7.4
China 27.2 31.3
India 11.3 8.7
Mexico 6.5 2.5
Russia 4.8 3.9
South Africa 1.9 4.6
South Korea 6.5 11.9
Taiwan 6.7 11.3
Small Emerging Markets 22.6 16.5
Frontier Markets 6.2 1.9
Developed Market Listed 0.3
Cash 0.5

"Small Emerging Markets" includes the remaining emerging markets, which individually, comprise less than 5% of the Index.
"Frontier Markets" includes countries with less-developed markets outside the Index.
"Developed Market Listed" includes emerging markets or frontier markets companies listed in developed markets, excluding Hong Kong.




Moon Surana, CFA  
Andrew West, CFA  







declared date ex-date record
income short-term
cap gains
cap gains
9/30/2019 ESTIMATES 12/17/2019 12/16/2019 12/18/2019 $0.14-0.20/share $0.02-0.08/share $0.22-0.28/share
12/3/2018 12/18/2018 12/17/2018 12/19/2018 0.093853 0.210316 0.594922
12/1/2017 12/15/2017 12/14/2017 12/18/2017 0.227734 0.735963 -

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Mutual fund investing involves risk. Principal loss is possible. The Portfolio invests in foreign securities, which will involve greater volatility and political, economic, and currency risks and differences in accounting methods. It also invests 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. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities. Such risks may be magnified for securities in frontier emerging markets. Investing in participation notes involve the same risks associated with a direct investment in the underlying security, currency or market. 

Portfolio holdings are subject to review and adjustment in accordance with the Portfolio's investment strategy and may vary in the future, and should not be considered recommendations to buy or sell any security. The Portfolio is actively managed therefore holdings may not be current.

While the Portfolio is "no load", management fees and expenses will apply. Please refer to the Prospectus for additional details.

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