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.


SELECT CLASS:

The Institutional Class requires a higher minimum investment than the Investor Class, and has a lower expense ratio.

Current Pricing

Institutional Class — HLREX

as of March 24, 2017

 
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NAV Daily
Change
Emerging Markets Research 11.27 0.04

Past performance is not a guarantee of future results.

  

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Fund Facts

Institutional Class - HLREX

as of December 31, 2016


HLREX
TICKER
12/19/2016
INCEPTION DATE
$5.0M
TOTAL FUND ASSETS
$100,000
MINIMUM INVESTMENT
1.30%*
NET EXPENSE RATIO
3.57%*
GROSS EXPENSE RATIO
412295776
CUSIP
100
TOTAL # OF HOLDINGS
2.00% first 90 days
REDEMPTION FEE
Annual
DIVIDEND POLICY
None
SALES CHARGE

*The Gross and Net Expense Ratios are as of the most recent Prospectus, dated February 28, 2017. The Net Expense Ratio is shown net of Harding Loevner's contractual agreement through February 28, 2018.

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PORTFOLIO

as of December 31, 2016

 
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Company Sector Country %
CETIP Financials Brazil 2.1
Fuyao Glass Cons Discretionary China 2.1
Bank Central Asia Financials Indonesia 2.1
Universal Robina Cons Staples Philippines 2.0
Qatar National Bank Financials Qatar 2.0
Tencent Info Technology China 2.0
Samsung Electronics Info Technology South Korea 2.0
China Mobile Telecom Services China 2.0
China Merchants Industrials China 2.0
Delta Electronics Info Technology Taiwan 1.9
Jiangsu Hengrui Medicine Health Care China 1.9
Emaar Properties Real Estate United Arab Emirates 1.9
Taiwan Semiconductor Info Technology Taiwan 1.9
Naver Info Technology South Korea 1.8
NovaTek Energy Russia 1.8
Kweichow Moutai Cons Staples China 1.8
HDFC Financials India 1.7
Gedeon Richter Health Care Hungary 1.7
Lukoil Energy Russia 1.7
Shenzhou Cons Discretionary China 1.6
FEMSA Cons Staples Mexico 1.5
Axis Bank Financials India 1.5
ICICI Bank Financials India 1.4
Standard Bank Financials South Africa 1.4
Televisa Cons Discretionary Mexico 1.4

25 Largest Holdings: 45.2%

as of December 31, 2016

 
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Sector Portfolio MSCI Emerging + Frontier Markets Index
Cons Discretionary 15.4 10.0
Cons Staples 14.9 7.2
Energy 5.2 7.9
Financials 26.7 24.9
Health Care 6.2 2.5
Industrials 5.1 5.7
Info Technology 12.8 22.7
Materials 2.5 7.4
Real Estate 1.9 2.7
Telecom Services 6.0 6.1
Utilities 0.7 2.9
Cash 2.6

as of December 31, 2016

 
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Region Portfolio MSCI Emerging + Frontier Markets Index
Brazil 4.0 7.5
China 21.3 25.8
India 12.2 8.1
Mexico 5.8 3.5
Russia 6.1 4.4
South Africa 6.1 6.9
South Korea 7.8 14.1
Taiwan 7.0 11.9
Small Emerging Markets 21.4 15.3
Frontier Markets 4.6 2.5
Developed Market Listed 1.1
Cash 2.6

"Small Emerging Markets" includes the remaining emerging markets, which individually, comprise less than 5% of the Index.
"Developed Market Listed" includes emerging markets or frontier markets companies listed in developed markets.

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FACTSHEET

  

PORTFOLIO MANAGERS

Moon Surana, CFA  
Andrew West, CFA  

 

 

INVESTMENT DOCUMENTS

INSTITUTIONAL CLASS - HLREX

The Institutional Class requires a higher minimum investment than the Investor Class, and has a lower expense ratio.

Current Pricing

Investor Class — HLENX

as of March 24, 2017

 
More
NAV Daily
Change
Emerging Markets Research 11.26 0.04

Past performance is not a guarantee of future results.

  

.

Fund Facts

Investor Class - HLENX

as of December 31, 2016


HLENX
TICKER
12/19/2016
INCEPTION DATE
$5.0M
TOTAL FUND ASSETS
$5,000
MINIMUM INVESTMENT
1.55%*
NET EXPENSE RATIO
9.26%*
GROSS EXPENSE RATIO
100
TOTAL # OF HOLDINGS
412295784
CUSIP
2.00% first 90 days
REDEMPTION FEE
Annual
DIVIDEND POLICY
None
SALES CHARGE

*The Gross and Net Expense Ratios are as of the most recent Prospectus, dated February 28, 2017. The Net Expense Ratio is shown net of Harding Loevner's contractual agreement through February 28, 2018.

.

PORTFOLIO

as of December 31, 2016

 
More
Company Sector Country %
CETIP Financials Brazil 2.1
Fuyao Glass Cons Discretionary China 2.1
Bank Central Asia Financials Indonesia 2.1
Universal Robina Cons Staples Philippines 2.0
Qatar National Bank Financials Qatar 2.0
Tencent Info Technology China 2.0
Samsung Electronics Info Technology South Korea 2.0
China Mobile Telecom Services China 2.0
China Merchants Industrials China 2.0
Delta Electronics Info Technology Taiwan 1.9
Jiangsu Hengrui Medicine Health Care China 1.9
Emaar Properties Real Estate United Arab Emirates 1.9
Taiwan Semiconductor Info Technology Taiwan 1.9
Naver Info Technology South Korea 1.8
NovaTek Energy Russia 1.8
Kweichow Moutai Cons Staples China 1.8
HDFC Financials India 1.7
Gedeon Richter Health Care Hungary 1.7
Lukoil Energy Russia 1.7
Shenzhou Cons Discretionary China 1.6
FEMSA Cons Staples Mexico 1.5
Axis Bank Financials India 1.5
ICICI Bank Financials India 1.4
Standard Bank Financials South Africa 1.4
Televisa Cons Discretionary Mexico 1.4

25 Largest Holdings: 45.2%

as of December 31, 2016

 
More
Sector Portfolio MSCI Emerging + Frontier Markets Index
Cons Discretionary 15.4 10.0
Cons Staples 14.9 7.2
Energy 5.2 7.9
Financials 26.7 24.9
Health Care 6.2 2.5
Industrials 5.1 5.7
Info Technology 12.8 22.7
Materials 2.5 7.4
Real Estate 1.9 2.7
Telecom Services 6.0 6.1
Utilities 0.7 2.9
Cash 2.6

as of December 31, 2016

 
More
Region Portfolio MSCI Emerging + Frontier Markets Index
Brazil 4.0 7.5
China 21.3 25.8
India 12.2 8.1
Mexico 5.8 3.5
Russia 6.1 4.4
South Africa 6.1 6.9
South Korea 7.8 14.1
Taiwan 7.0 11.9
Small Emerging Markets 21.4 15.3
Frontier Markets 4.6 2.5
Developed Market Listed 1.1
Cash 2.6

"Small Emerging Markets" includes the remaining emerging markets, which individually, comprise less than 5% of the Index.
"Developed Market Listed" includes emerging markets or frontier markets companies listed in developed markets.

.

FACTSHEET

  

PORTFOLIO MANAGERS

Moon Surana, CFA  
Andrew West, CFA  

 

 

INVESTMENT DOCUMENTS

INVESTOR CLASS - HLENX

  

Read more about this strategy

  

Invest through your broker or adviser,
or invest directly


Please click here for Index Definitions.

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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