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 August 31, 2019

1 Month 1 YR 3 YR 5 YR 10 YR Since
Global Equity Research
Inception: 12/19/2016
-2.43 1.77 N/A N/A N/A 12.56
MSCI All Country World Index -2.37 -0.28 N/A N/A N/A 9.44

Institutional Class — HLRGX

as of June 30, 2019

Quarter 1 YR 3 YR 5 YR 10 YR Since
Global Equity Research
Inception: 12/19/2016
4.04 8.49 N/A N/A N/A 14.68
MSCI All Country World Index 3.61 5.74 N/A N/A N/A 11.03

Current Pricing

Institutional Class — HLRGX

as of September 18, 2019

NAV Daily
Change (%) YTD
Return (%)
Global Equity Research 12.32 N/A N/A 17.00

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 - HLRGX

as of June 30, 2019

2.00% first 90 days

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



as of June 30, 2019

Company Sector Country %
Disney Comm Services United States 1.2
ResMed Inc Health Care United States 1.2
McDonald's Cons Discretionary United States 1.2
Allegion Industrials United States 1.2
Ecolab Materials United States 1.2
Roper Industrials United States 1.1
Merck Health Care United States 1.1
Air Products Materials United States 1.1
Gartner Info Technology United States 1.1
Fiserv Info Technology United States 1.1
JPMorgan Chase Financials United States 1.1
Accenture Info Technology United States 1.0
ADP Info Technology United States 1.0
Elanco Animal Health Health Care United States 1.0
Colgate Palmolive Cons Staples United States 1.0
Amphenol Info Technology United States 1.0
Procter & Gamble Cons Staples United States 1.0
Synopsys Info Technology United States 1.0
First Republic Bank Financials United States 0.9
Roche Health Care Switzerland 0.9
Shimano Cons Discretionary Japan 0.9
RGA Financials United States 0.9
BHP Group Materials Australia 0.8
Signature Bank Financials United States 0.8
Tiffany & Co Cons Discretionary United States 0.8

25 Largest Holdings: 25.6%

as of June 30, 2019

Sector Portfolio MSCI All Country World Index
Comm Services 6.0 8.7
Cons Discretionary 10.4 10.9
Cons Staples 11.6 8.3
Energy 3.1 5.9
Financials 14.6 16.9
Health Care 12.3 11.4
Industrials 12.9 10.5
Info Technology 19.6 16.0
Materials 6.4 4.9
Real Estate 0.5 3.2
Utilities 0.3 3.3
Cash 2.3

as of June 30, 2019

Region Portfolio MSCI All Country World Index
Canada 1.9 3.0
Emerging Markets 19.3 11.8
Europe EMU 7.9 9.5
Europe ex-EMU 12.6 9.3
Frontier Markets 0.0
Japan 9.2 7.1
Middle East 0.8 0.2
Pacific ex-Japan 3.8 3.8
United States 42.2 55.3
Cash 2.3

"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
8/31/2019 ESTIMATES 12/17/2019 12/16/2019 12/18/2019 $0.15-0.21/share $0.00/share $0.37-0.43/share
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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