The Frontier Emerging Markets Portfolio invests in high-quality, growing companies that derive a substantial share of their revenues, or have a significant portion of their assets, in frontier and smaller emerging markets countries.
The Institutional Class I requires a higher minimum investment than the Investor Class, and has a lower expense ratio.
The Institutional Class II requires the highest minimum investment of the three mutual fund options, and has the lowest expense ratio.
PERFORMANCE (%)
Institutional Class I — HLFMX
as of July 31, 2017
| 1 Month | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|
|---|---|---|---|---|---|---|
|
Frontier Emerging Markets
Inception: 05/27/2008 |
1.74 | 11.04 | -4.75 | 6.02 | N/A | -1.31 |
| MSCI Frontier Emerging Markets Index | 2.28 | 10.11 | -3.87 | 4.36 | N/A | N/A |
Institutional Class I — HLFMX
as of June 30, 2017
| Quarter | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|
|---|---|---|---|---|---|---|
|
Frontier Emerging Markets
Inception: 05/27/2008 |
6.05 | 9.73 | -4.94 | 5.85 | N/A | -1.51 |
| MSCI Frontier Emerging Markets Index | 5.79 | 9.59 | -4.14 | 4.08 | N/A | N/A |
Index performance prior to 12/2/2008 is not reported since a portion of it relies on back-tested data.
Current Pricing
Institutional Class I — HLFMX
as of August 23, 2017
| NAV | Daily Change |
Change (%) | YTD Return (%) |
|
|---|---|---|---|---|
| Frontier Emerging Markets | 8.34 | 0.04 | 0.48 | 15.99 |
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 I - HLFMX
as of June 30, 2017
PORTFOLIO
as of June 30, 2017
| Company | Sector | Country | % |
|---|---|---|---|
| Safaricom | Telecom Services | Kenya | 4.1 |
| Hoa Phat Group | Materials | Vietnam | 3.8 |
| Credicorp | Financials | Peru | 3.3 |
| Square Pharmaceuticals | Health Care | Bangladesh | 3.2 |
| Halyk Savings Bank | Financials | Kazakhstan | 3.1 |
| Emaar Properties | Real Estate | United Arab Emirates | 2.8 |
| Alicorp | Cons Staples | Peru | 2.7 |
| Banco Macro | Financials | Argentina | 2.7 |
| Nostrum Oil & Gas | Energy | United Kingdom | 2.7 |
| Commercial International Bank | Financials | Egypt | 2.6 |
10 Largest Holdings: 31.0%
as of June 30, 2017
| Sector | Portfolio | MSCI Frontier Emerging Markets Index |
|---|---|---|
| Cons Discretionary | 8.1 | 1.3 |
| Cons Staples | 18.8 | 6.9 |
| Energy | 5.9 | 5.6 |
| Financials | 34.7 | 45.7 |
| Health Care | 5.0 | 1.5 |
| Industrials | 3.7 | 8.8 |
| Info Technology | 2.6 | 0.6 |
| Materials | 8.5 | 7.1 |
| Real Estate | 3.2 | 9.5 |
| Telecom Services | 7.6 | 9.2 |
| Utilities | 0.0 | 3.8 |
| Cash | 1.9 | — |
as of June 30, 2017
| Region | Portfolio | MSCI Frontier Emerging Markets Index |
|---|---|---|
| Africa | 17.0 | 16.8 |
| Asia | 32.6 | 35.5 |
| Europe | 9.9 | 5.0 |
| Gulf States | 12.9 | 12.6 |
| Latin America | 21.4 | 28.0 |
| Middle East | 0.2 | 2.1 |
| Developed Mrkts Listed* | 4.1 | — |
| Cash | 1.9 | — |
"Developed Market Listed" includes emerging markets or frontier markets companies listed in developed markets.
FACTSHEETS
INVESTMENT DOCUMENTS
Institutional Class I - HLFMX
Distributions
Institutional Class I - HLFMX
| declared date | ex-date | record date |
payment date |
income | short-term cap gains |
long-term cap gains |
|---|---|---|---|---|---|---|
| 12/1/2016 | 12/16/2015 | 12/15/2016 | 12/19/2016 | 0.07285 | - | - |
| 12/1/2015 | 12/18/2015 | 12/17/2015 | 12/21/2015 | 0.08019 | - | - |
| 12/1/2014 | 12/19/2014 | 12/18/2014 | 12/22/2014 | 0.05323 | - | 0.10168 |
| 12/2/2013 | 12/20/2013 | 12/19/2013 | 12/23/2013 | 0.02311 | - | - |
| 12/3/2012 | 12/20/2012 | 12/19/2012 | 12/21/2012 | 0.08459 | - | - |
| 12/1/2011 | 12/19/2011 | 12/16/2011 | 12/20/2011 | 0.03130 | - | - |
| 12/1/2010 | 12/16/2010 | 12/15/2010 | 12/17/2010 | 0.01221 | - | - |
| 12/1/2009 | 12/17/2009 | 12/16/2009 | 12/18/2009 | 0.08870 | - | - |
| 12/1/2008 | 12/17/2008 | 12/16/2008 | 12/18/2008 | 0.02000 | - | - |
The Institutional Class I requires a higher minimum investment than the Investor Class, and has a lower expense ratio.
The Institutional Class II requires the highest minimum investment of the three mutual fund options, and has the lowest expense ratio.
PERFORMANCE (%)
Institutional Class II — HLFFX
as of July 31, 2017
| 1 Month | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|
|---|---|---|---|---|---|---|
|
Frontier Emerging Markets
Inception: 03/01/2017 |
1.66 | N/A | N/A | N/A | N/A | 10.30 |
| MSCI Frontier Emerging Markets Index | 2.28 | N/A | N/A | N/A | N/A | 10.22 |
Institutional Class II — HLFFX
as of June 30, 2017
| Quarter | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|
|---|---|---|---|---|---|---|
|
Frontier Emerging Markets
Inception: 03/01/2017 |
6.27 | N/A | N/A | N/A | N/A | 8.50 |
| MSCI Frontier Emerging Markets Index | 5.79 | N/A | N/A | N/A | N/A | 7.76 |
Current Pricing
Institutional Class II — HLFFX
as of August 23, 2017
| NAV | Daily Change |
Change (%) | YTD Return (%) |
|
|---|---|---|---|---|
| Frontier Emerging Markets | 11.22 | 0.05 | 0.45 | 12.20 |
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 II - HLFFX
as of June 30, 2017
*Shown net of Harding Loevner's contractual agreement through February 28, 2018.
PORTFOLIO
as of June 30, 2017
| Company | Sector | Country | % |
|---|---|---|---|
| Safaricom | Telecom Services | Kenya | 4.1 |
| Hoa Phat Group | Materials | Vietnam | 3.8 |
| Credicorp | Financials | Peru | 3.3 |
| Square Pharmaceuticals | Health Care | Bangladesh | 3.2 |
| Halyk Savings Bank | Financials | Kazakhstan | 3.1 |
| Emaar Properties | Real Estate | United Arab Emirates | 2.8 |
| Alicorp | Cons Staples | Peru | 2.7 |
| Banco Macro | Financials | Argentina | 2.7 |
| Nostrum Oil & Gas | Energy | United Kingdom | 2.7 |
| Commercial International Bank | Financials | Egypt | 2.6 |
10 Largest Holdings: 31.0%
as of June 30, 2017
| Sector | Portfolio | MSCI Frontier Emerging Markets Index |
|---|---|---|
| Cons Discretionary | 8.1 | 1.3 |
| Cons Staples | 18.8 | 6.9 |
| Energy | 5.9 | 5.6 |
| Financials | 34.7 | 45.7 |
| Health Care | 5.0 | 1.5 |
| Industrials | 3.7 | 8.8 |
| Info Technology | 2.6 | 0.6 |
| Materials | 8.5 | 7.1 |
| Real Estate | 3.2 | 9.5 |
| Telecom Services | 7.6 | 9.2 |
| Utilities | 0.0 | 3.8 |
| Cash | 1.9 | — |
as of June 30, 2017
| Region | Portfolio | MSCI Frontier Emerging Markets Index |
|---|---|---|
| Africa | 17.0 | 16.8 |
| Asia | 32.6 | 35.5 |
| Europe | 9.9 | 5.0 |
| Gulf States | 12.9 | 12.6 |
| Latin America | 21.4 | 28.0 |
| Middle East | 0.2 | 2.1 |
| Developed Mrkts Listed* | 4.1 | — |
| Cash | 1.9 | — |
"Developed Market Listed" includes emerging markets or frontier markets companies listed in developed markets.
FACTSHEETS
INVESTMENT DOCUMENTS
INSTITUTIONAL CLASS ii - HLffx
The Institutional Class I requires a higher minimum investment than the Investor Class, and has a lower expense ratio.
The Institutional Class II requires the highest minimum investment of the three mutual fund options, and has the lowest expense ratio.
PERFORMANCE (%)
Investor Class — HLMOX
as of July 31, 2017
| 1 Month | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|
|---|---|---|---|---|---|---|
|
Frontier Emerging Markets
Inception: 12/31/2010 |
1.62 | 10.57 | -5.18 | 5.56 | N/A | 1.18 |
| MSCI Frontier Emerging Markets Index | 2.28 | 10.11 | -3.87 | 4.36 | N/A | 1.61 |
Investor Class — HLMOX
as of June 30, 2017
| Quarter | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|
|---|---|---|---|---|---|---|
|
Frontier Emerging Markets
Inception: 12/31/2010 |
6.09 | 9.40 | -5.33 | 5.42 | N/A | 0.95 |
| MSCI Frontier Emerging Markets Index | 5.79 | 9.59 | -4.14 | 4.08 | N/A | 1.28 |
Current Pricing
Investor Class — HLMOX
as of August 23, 2017
| NAV | Daily Change |
Change (%) | YTD Return (%) |
|
|---|---|---|---|---|
| Frontier Emerging Markets | 8.28 | 0.03 | 0.36 | 15.64 |
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
Investor Class - HLMOX
as of June 30, 2017
*Shown net of Harding Loevner's contractual agreement through February 28, 2018.
PORTFOLIO
as of June 30, 2017
| Company | Sector | Country | % |
|---|---|---|---|
| Safaricom | Telecom Services | Kenya | 4.1 |
| Hoa Phat Group | Materials | Vietnam | 3.8 |
| Credicorp | Financials | Peru | 3.3 |
| Square Pharmaceuticals | Health Care | Bangladesh | 3.2 |
| Halyk Savings Bank | Financials | Kazakhstan | 3.1 |
| Emaar Properties | Real Estate | United Arab Emirates | 2.8 |
| Alicorp | Cons Staples | Peru | 2.7 |
| Banco Macro | Financials | Argentina | 2.7 |
| Nostrum Oil & Gas | Energy | United Kingdom | 2.7 |
| Commercial International Bank | Financials | Egypt | 2.6 |
10 Largest Holdings: 31.0%
as of June 30, 2017
| Sector | Portfolio | MSCI Frontier Emerging Markets Index |
|---|---|---|
| Cons Discretionary | 8.1 | 1.3 |
| Cons Staples | 18.8 | 6.9 |
| Energy | 5.9 | 5.6 |
| Financials | 34.7 | 45.7 |
| Health Care | 5.0 | 1.5 |
| Industrials | 3.7 | 8.8 |
| Info Technology | 2.6 | 0.6 |
| Materials | 8.5 | 7.1 |
| Real Estate | 3.2 | 9.5 |
| Telecom Services | 7.6 | 9.2 |
| Utilities | 0.0 | 3.8 |
| Cash | 1.9 | — |
as of June 30, 2017
| Region | Portfolio | MSCI Frontier Emerging Markets Index |
|---|---|---|
| Africa | 17.0 | 16.8 |
| Asia | 32.6 | 35.5 |
| Europe | 9.9 | 5.0 |
| Gulf States | 12.9 | 12.6 |
| Latin America | 21.4 | 28.0 |
| Middle East | 0.2 | 2.1 |
| Developed Mrkts Listed* | 4.1 | — |
| Cash | 1.9 | — |
"Developed Market Listed" includes emerging markets or frontier markets companies listed in developed markets.
FACTSHEETS
INVESTMENT DOCUMENTS
INVESTOR CLASS - HLMOX
Distributions
Investor Class - HLMOX
| declared date | ex-date | record date |
payment date |
income | short-term cap gains |
long-term cap gains |
|---|---|---|---|---|---|---|
| 12/1/2016 | 12/16/2015 | 12/15/2016 | 12/19/2016 | 0.03714 | - | - |
| 12/1/2015 | 12/18/2015 | 12/17/2015 | 12/21/2015 | 0.04109 | - | - |
| 12/1/2014 | 12/19/2014 | 12/18/2014 | 12/22/2014 | 0.01881 | - | 0.10168 |
| 12/2/2013 | 12/20/2013 | 12/19/2013 | 12/23/2013 | 0.00968 | - | - |
| 12/3/2012 | 12/20/2012 | 12/19/2012 | 12/21/2012 | 0.07251 | - | - |
| 12/1/2011 | 12/19/2011 | 12/16/2011 | 12/20/2011 | 0.02257 | - | - |
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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.