US Mutual Funds

International Equity Research Portfolio

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


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

The Institutional Class Z requires the highest minimum investment of the three mutual fund options, and has the lowest expense ratio.

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PERFORMANCE (%)

Institutional Class — HLIRX

as of September 30, 2017

 
More
1 Month 1 YR 3 YR 5 YR 10 YR Since
Inception
International Equity Research
Inception: 12/17/2015
1.99 17.34 N/A N/A N/A 17.14
MSCI All Country World ex-US Index 1.86 19.62 N/A N/A N/A 14.52

Institutional Class — HLIRX

as of September 30, 2017

 
More
Quarter 1 YR 3 YR 5 YR 10 YR Since
Inception
International Equity Research
Inception: 12/17/2015
5.08 17.34 N/A N/A N/A 17.14
MSCI All Country World ex-US Index 6.17 19.62 N/A N/A N/A 14.52

Current Pricing

Institutional Class — HLIRX

as of October 19, 2017

 
More
NAV Daily
Change
Change (%) YTD
Return (%)
International Equity Research 13.03 -0.02 -0.15 24.33

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.

  

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Fund Facts

Institutional Class - HLIRX

as of September 30, 2017


HLIRX
TICKER
12/17/2015
INCEPTION DATE
$10.4M
TOTAL FUND ASSETS
$100,000
MINIMUM INVESTMENT
0.90%*
NET EXPENSE RATIO
3.54%
GROSS EXPENSE RATIO
412295826
CUSIP
193
TOTAL # OF HOLDINGS
2.00% first 90 days
REDEMPTION FEE
Annual
DIVIDEND POLICY
None
SALES CHARGE

*Shown net of Harding Loevner's contractual agreement through February 28, 2018.

.

PORTFOLIO

as of September 30, 2017

 
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Company Sector Country %
Nidec Industrials Japan 1.2
Amadeus Info Technology Spain 1.1
Bayer Health Care Germany 1.1
Atlas Copco Industrials Sweden 1.1
Allianz Financials Germany 1.1
BMW Cons Discretionary Germany 1.1
Novozymes Materials Denmark 1.1
Jiangsu Expressway Industrials China 1.1
Stanley Electric Cons Discretionary Japan 1.1
SAP Info Technology Germany 1.1
OCBC Financials Singapore 1.0
Richemont Cons Discretionary Switzerland 1.0
Linde Materials Germany 1.0
Dassault Systèmes Info Technology France 1.0
Grifols Health Care Spain 1.0
Bankinter Financials Spain 1.0
Makita Industrials Japan 1.0
Emaar Properties Real Estate United Arab Emirates 1.0
HSBC Financials United Kingdom 1.0
Diageo Cons Staples United Kingdom 1.0
Daito Trust Construction Real Estate Japan 1.0
Novartis Health Care Switzerland 1.0
MISUMI Group Industrials Japan 1.0
Check Point Info Technology Israel 1.0
Canadian National Railway Industrials Canada 1.0

25 Largest Holdings: 26.1%

as of September 30, 2017

 
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Sector Portfolio MSCI All Country World ex-US Index
Cons Discretionary 14.3 11.3
Cons Staples 10.3 9.6
Energy 3.8 6.6
Financials 17.8 23.3
Health Care 8.9 7.9
Industrials 17.5 11.8
Info Technology 14.4 11.2
Materials 4.7 7.8
Real Estate 3.1 3.2
Telecom Services 1.5 4.2
Utilities 0.6 3.1
Cash 3.1

as of September 30, 2017

 
More
Region Portfolio MSCI All Country World ex-US Index
Canada 3.1 6.7
Emerging Markets 28.9 24.1
Europe EMU 16.1 23.0
Europe ex-EMU 20.3 21.8
Frontier Markets 2.1
Japan 18.5 16.0
Middle East 1.0 0.3
Pacific ex-Japan 6.9 8.1
Cash 3.1

"Frontier Markets" includes countries with less-developed markets outside the Index.
"Other" includes companies classified in countries outside the Index.

.

FACTSHEETS

PORTFOLIO MANAGERS

Moon Surana, CFA  
Andrew West, CFA  

 

 

INVESTMENT DOCUMENTS

Institutional Class - HLIRX
.

Distributions

Institutional Class - HLIRX

More
declared date ex-date record
date
payment
date
income short-term
cap gains
long-term
cap gains
9/30//2017 ESTIMATES 12/15/2017 12/14/2017 12/18/2017 $0.17-0.23/share $0.28-0.34/share $0.28-0.34/share

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

The Institutional Class Z requires the highest minimum investment of the three mutual fund options, and has the lowest expense ratio.

.

Fund Facts

Institutional Class Z - HLMZX

as of September 30, 2017


HLMZX
TICKER
$10.4M
TOTAL FUND ASSETS
$10,000,000
MINIMUM INVESTMENT
0.90%*
NET EXPENSE RATIO
1.88%
Gross Expense Ratio
412295743
CUSIP
193
TOTAL # OF HOLDINGS
2.00% first 90 days
REDEMPTION FEE
Annual
DIVIDEND POLICY
None
SALES CHARGE

*Shown net of Harding Loevner's contractual agreement through February 28, 2018.

.

PORTFOLIO

as of September 30, 2017

 
More
Company Sector Country %
Nidec Industrials Japan 1.2
Amadeus Info Technology Spain 1.1
Bayer Health Care Germany 1.1
Atlas Copco Industrials Sweden 1.1
Allianz Financials Germany 1.1
BMW Cons Discretionary Germany 1.1
Novozymes Materials Denmark 1.1
Jiangsu Expressway Industrials China 1.1
Stanley Electric Cons Discretionary Japan 1.1
SAP Info Technology Germany 1.1
OCBC Financials Singapore 1.0
Richemont Cons Discretionary Switzerland 1.0
Linde Materials Germany 1.0
Dassault Systèmes Info Technology France 1.0
Grifols Health Care Spain 1.0
Bankinter Financials Spain 1.0
Makita Industrials Japan 1.0
Emaar Properties Real Estate United Arab Emirates 1.0
HSBC Financials United Kingdom 1.0
Diageo Cons Staples United Kingdom 1.0
Daito Trust Construction Real Estate Japan 1.0
Novartis Health Care Switzerland 1.0
MISUMI Group Industrials Japan 1.0
Check Point Info Technology Israel 1.0
Canadian National Railway Industrials Canada 1.0

25 Largest Holdings: 26.1%

as of September 30, 2017

 
More
Sector Portfolio MSCI ALL COUNTRY WORLD EX-US INDEX
Cons Discretionary 14.3 11.3
Cons Staples 10.3 9.6
Energy 3.8 6.6
Financials 17.8 23.3
Health Care 8.9 7.9
Industrials 17.5 11.8
Info Technology 14.4 11.2
Materials 4.7 7.8
Real Estate 3.1 3.2
Telecom Services 1.5 4.2
Utilities 0.6 3.1
Cash 3.1

as of September 30, 2017

 
More
Region Portfolio MSCI ALL COUNTRY WORLD EX-US INDEX
Canada 3.1 6.7
Emerging Markets 28.9 24.1
Europe EMU 16.1 23.0
Europe ex-EMU 20.3 21.8
Frontier Markets 2.1
Japan 18.5 16.0
Middle East 1.0 0.3
Pacific ex-Japan 6.9 8.1
Cash 3.1

"Frontier Markets" includes countries with less-developed markets outside the Index.
"Other" includes companies classified in countries outside the Index.

  

.

FACTSHEETS

PORTFOLIO MANAGERS

Moon Surana, CFA  
Andrew West, CFA  

 

 

INVESTMENT DOCUMENTS

Institutional Class Z - HLMZX

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

The Institutional Class Z requires the highest minimum investment of the three mutual fund options, and has the lowest expense ratio.

.

PERFORMANCE (%)

Investor Class — HLINX

as of September 30, 2017

 
More
1 Month 1 YR 3 YR 5 YR 10 YR Since
Inception
International Equity Research
Inception: 12/17/2015
2.00 17.01 N/A N/A N/A 16.84
MSCI All Country World ex-US Index 1.86 19.62 N/A N/A N/A 14.52

Investor Class — HLINX

as of September 30, 2017

 
More
Quarter 1 YR 3 YR 5 YR 10 YR Since
Inception
International Equity Research
Inception: 12/17/2015
5.02 17.01 N/A N/A N/A 16.84
MSCI All Country World ex-US Index 6.17 19.62 N/A N/A N/A 14.52

Current Pricing

Investor Class — HLINX

as of October 19, 2017

 
More
NAV Daily
Change
Change (%) YTD
Return (%)
International Equity Research 12.97 -0.02 -0.15 24.00

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

Investor Class - HLINX

as of September 30, 2017


HLINX
TICKER
12/17/2015
INCEPTION DATE
$10.4M
TOTAL FUND ASSETS
$5,000
MINIMUM INVESTMENT
1.15%*
NET EXPENSE RATIO
10.91%
Gross Expense Ratio
412295834
CUSIP
193
TOTAL # OF HOLDINGS
2.00% first 90 days
REDEMPTION FEE
Annual
DIVIDEND POLICY
None
SALES CHARGE

*Shown net of Harding Loevner's contractual agreement through February 28, 2018.

.

PORTFOLIO

as of September 30, 2017

 
More
Company Sector Country %
Nidec Industrials Japan 1.2
Amadeus Info Technology Spain 1.1
Bayer Health Care Germany 1.1
Atlas Copco Industrials Sweden 1.1
Allianz Financials Germany 1.1
BMW Cons Discretionary Germany 1.1
Novozymes Materials Denmark 1.1
Jiangsu Expressway Industrials China 1.1
Stanley Electric Cons Discretionary Japan 1.1
SAP Info Technology Germany 1.1
OCBC Financials Singapore 1.0
Richemont Cons Discretionary Switzerland 1.0
Linde Materials Germany 1.0
Dassault Systèmes Info Technology France 1.0
Grifols Health Care Spain 1.0
Bankinter Financials Spain 1.0
Makita Industrials Japan 1.0
Emaar Properties Real Estate United Arab Emirates 1.0
HSBC Financials United Kingdom 1.0
Diageo Cons Staples United Kingdom 1.0
Daito Trust Construction Real Estate Japan 1.0
Novartis Health Care Switzerland 1.0
MISUMI Group Industrials Japan 1.0
Check Point Info Technology Israel 1.0
Canadian National Railway Industrials Canada 1.0

25 Largest Holdings: 26.1%

as of September 30, 2017

 
More
Sector Portfolio MSCI All Country World ex-US Index
Cons Discretionary 14.3 11.3
Cons Staples 10.3 9.6
Energy 3.8 6.6
Financials 17.8 23.3
Health Care 8.9 7.9
Industrials 17.5 11.8
Info Technology 14.4 11.2
Materials 4.7 7.8
Real Estate 3.1 3.2
Telecom Services 1.5 4.2
Utilities 0.6 3.1
Cash 3.1

as of September 30, 2017

 
More
Region Portfolio MSCI All Country World ex-US Index
Canada 3.1 6.7
Emerging Markets 28.9 24.1
Europe EMU 16.1 23.0
Europe ex-EMU 20.3 21.8
Frontier Markets 2.1
Japan 18.5 16.0
Middle East 1.0 0.3
Pacific ex-Japan 6.9 8.1
Cash 3.1

"Frontier Markets" includes countries with less-developed markets outside the Index.
"Other" includes companies classified in countries outside the Index.

.

FACTSHEETS

  

PORTFOLIO MANAGERS

Moon Surana, CFA  
Andrew West, CFA  

 

 

INVESTMENT DOCUMENTS

Investor Class - HLINX
.

Distributions

Investor Class - HLINX

More
declared date ex-date record
date
payment
date
income short-term
cap gains
long-term
cap gains
9/30/2017 ESTIMATES 12/15/2017 12/14/2017 12/18/2017 $0.17-0.23/share $0.28-0.34/share $0.28-0.34/share

  

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. 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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