US Mutual Funds

Global Equity Research Portfolio

The Global Equity Research Portfolio invests in high-quality, growing companies in and outside the United States that are recommended by our analysts.



Institutional Class — HLRGX

as of June 30, 2020

1 Month 1 YR 3 YR 5 YR 10 YR Since
Global Equity Research
Inception: 12/19/2016
2.66 2.23 8.33 N/A N/A 11.01
MSCI All Country World Index 3.19 2.11 6.13 N/A N/A 8.43

Institutional Class — HLRGX

as of June 30, 2020

Quarter 1 YR 3 YR 5 YR 10 YR Since
Global Equity Research
Inception: 12/19/2016
20.77 2.23 8.33 N/A N/A 11.01
MSCI All Country World Index 19.22 2.11 6.13 N/A N/A 8.43

Current Pricing

Institutional Class — HLRGX

as of July 13, 2020

NAV Daily
Change (%) YTD
Return (%)
Global Equity Research 12.32 -0.05 -0.40 -1.91

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.

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


Fund Facts

Institutional Class - HLRGX

as of March 31, 2020


*The Gross and Net Expense Ratios are as of the most recent Prospectus, dated February 28, 2020, and are based on the fiscal year ended October 31, 2019. The Net Expense Ratio is shown net of Harding Loevner’s contractual agreement through February 28, 2021. Harding Loevner’s contractual agreement caps the net expense ratio at 0.80%. The Net Expense Ratio is applicable to investors.



as of March 31, 2020

Company Sector Country %
Merck Health Care United States 1.2
Roper Industrials United States 1.1
Air Products Materials United States 1.1
Microsoft Info Technology United States 1.1
Colgate Palmolive Cons Staples United States 1.1
Ecolab Materials United States 1.1
eBay Cons Discretionary United States 1.0
Procter & Gamble Cons Staples United States 1.0
Church & Dwight Cons Staples United States 1.0
JPMorgan Chase Financials United States 1.0
UnitedHealth Group Health Care United States 1.0
ADP Info Technology United States 1.0
Walgreens Boots Alliance Cons Staples United States 1.0
ExxonMobil Energy United States 1.0
First Republic Bank Financials United States 0.9
NITORI Cons Discretionary Japan 0.9
Allegion Industrials United States 0.9
Alphabet Comm Services United States 0.9
McDonald's Cons Discretionary United States 0.9
Domino's Pizza Cons Discretionary United States 0.9
Kao Corp Cons Staples Japan 0.9
Kubota Industrials Japan 0.8
Canadian National Railway Industrials Canada 0.8
Roche Health Care Switzerland 0.8
Nestlé Cons Staples Switzerland 0.8

25 Largest Holdings: 24.2%

as of March 31, 2020

Sector Portfolio MSCI All Country World Index
Comm Services 5.2 9.3
Cons Discretionary 12.2 10.8
Cons Staples 15.2 8.8
Energy 2.8 3.7
Financials 12.0 14.5
Health Care 14.5 13.3
Industrials 14.5 9.6
Info Technology 15.7 18.8
Materials 6.2 4.4
Real Estate 0.2 3.2
Utilities 0.3 3.6
Cash 1.2

as of March 31, 2020

Region Portfolio MSCI All Country World Index
Canada 1.6 2.7
Emerging Markets 21.6 12.0
Europe EMU 9.0 8.8
Europe ex-EMU 12.9 9.0
Frontier Markets 0.2
Japan 12.4 7.5
Middle East 0.0 0.2
Pacific ex-Japan 2.5 3.2
United States 38.6 56.6
Cash 1.2

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




Moon Surana, CFA  
Andrew West, CFA  




Institutional Class - HLRGX


Institutional Class - HLRGX

declared date ex-date record
income short-term
cap gains
cap gains
12/6/2019 12/17/2019 12/16/2019 12/18/2019 0.152935 - 0.539834
12/3/2018 12/18/2018 12/17/2018 12/19/2018 0.091467 0.373118 0.568297
12/1/2017 12/15/2017 12/14/2017 12/18/2017 0.184686 0.320759 -

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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. The securities of smaller and medium-sized companies have historically exhibited more volatility with a lower degree of liquidity than larger companies.

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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The information on this website is issued by Trust Company (RE Services) Limited (ABN 45 003 278 831; AFSL 235150) as Responsible Entity of, and issuer of units in, the Harding Loevner Emerging Markets Equity Fund ARSN 604 215 296 (“Fund”), and approved by Harding Loevner LP (“Harding Loevner”), as the Investment Manager of the Fund. Harding Loevner is exempt from the requirement to hold an Australian financial services licence under the Corporations Act 2001 (Cth) in respect of the financial services it provides to wholesale clients, and is not licensed to provide financial services to retail clients, in Australia. Harding Loevner is regulated by the Securities and Exchange Commission of the United States of America under US laws, which differ from Australian laws.

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