US Mutual Funds

International Small Companies Portfolio

The International Small Companies Portfolio invests in high-quality, growing companies based outside the United States with modest market capitalizations.


Select Class:

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

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PERFORMANCE (%)

Institutional Class — HLMRX

as of July 31, 2017

 
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1 Month 1 YR 3 YR 5 YR 10 YR Since
Inception
International Small Companies
Inception: 06/30/2011
3.65 21.30 6.43 12.23 N/A 7.63
MSCI All Country World ex-US Small Cap Index 3.53 17.98 5.17 10.65 N/A 5.61

Institutional Class — HLMRX

as of June 30, 2017

 
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Quarter 1 YR 3 YR 5 YR 10 YR Since
Inception
International Small Companies
Inception: 06/30/2011
11.02 21.93 4.27 11.43 N/A 7.10
MSCI All Country World ex-US Small Cap Index 6.24 20.29 3.31 10.00 N/A 5.08

Current Pricing

Institutional Class — HLMRX

as of August 23, 2017

 
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NAV Daily
Change
Change (%) YTD
Return (%)
International Small Companies 16.06 0.03 0.19 24.79

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 - HLMRX

as of June 30, 2017


HLMRX
TICKER
6/30/2011
INCEPTION DATE
$157.2M
TOTAL FUND ASSETS
$100,000
MINIMUM INVESTMENT
1.15%*
NET EXPENSE RATIO
1.50%
GROSS EXPENSE RATIO
412295875
CUSIP
85
TOTAL # OF HOLDINGS
2.00% first 90 days
REDEMPTION FEE
44%
TURNOVER (5 YR. AVG)
Annual
DIVIDEND POLICY
None
SALES CHARGE

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

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PORTFOLIO

as of June 30, 2017

 
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Company Sector Country %
Bechtle Info Technology Germany 3.3
Vaisala Info Technology Finland 3.0
Alten Info Technology France 2.8
Hiday Hidaka Cons Discretionary Japan 2.5
LISI Industrials France 2.4
Reply Info Technology Italy 2.2
Max Financial Financials India 2.2
GRUH Finance Financials India 2.1
Abcam Health Care United Kingdom 2.1
LEM Holding Info Technology Switzerland 2.0

10 Largest Holdings: 24.6%

A complete list of holdings for this quarter is available here.

as of June 30, 2017

 
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Sector Portfolio MSCI ALL COUNTRY WORLD EX-US SMALL CAP INDEX
Cons Discretionary 7.5 15.6
Cons Staples 12.7 6.5
Energy 1.2 3.4
Financials 13.3 10.5
Health Care 13.8 6.9
Industrials 20.5 20.1
Info Technology 23.4 12.0
Materials 2.0 10.8
Real Estate 0.0 10.1
Telecom Services 0.6 1.2
Utilities 0.9 2.9
Cash 4.1

as of June 30, 2017

 
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Region Portfolio MSCI ALL COUNTRY WORLD EX-US SMALL CAP INDEX
Canada 0.0 6.8
Emerging Markets 18.0 21.9
Europe EMU 29.6 18.1
Europe ex-EMU 21.0 22.8
Frontier Markets 8.2
Japan 13.8 21.3
Middle East 0.8 1.1
Pacific ex-Japan 4.0 8.0
Other 0.5
Cash 4.1

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

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FACTSHEETS

  

PORTFOLIO MANAGER

Jafar Rizvi, CFA  

 

 

INVESTMENT DOCUMENTS

INSTITUTIONAL CLASS - HLMRX
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Distributions

Institutional Class - HLMRX

More
declared date ex-date record
date
payment
date
income short-term
cap gains
long-term
cap gains
12/1/2016 12/16/2016 12/15/2016 12/19/2016 0.15765 - 0.41485
12/1/2015 12/18/2015 12/17/2015 12/21/2015 0.09376 - 0.13461
12/1/2014 12/19/2014 12/18/2014 12/22/2014 0.04865 0.04733 0.20812
12/2/2013 12/20/2013 12/19/2013 12/23/2013 0.06428 0.26659 0.60207
12/3/2012 12/20/2012 12/19/2012 12/21/2012 0.14078 - -
12/1/2011 12/19/2011 12/16/2011 12/20/2011 0.08622 - -

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

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PERFORMANCE (%)

Investor Class — HLMSX

as of July 31, 2017

 
More
1 Month 1 YR 3 YR 5 YR 10 YR Since
Inception
International Small Companies
Inception: 03/26/2007
3.61 21.00 6.15 11.96 5.55 6.67
MSCI All Country World ex-US Small Cap Index 3.53 17.98 5.17 10.65 3.16 N/A

Investor Class — HLMSX

as of June 30, 2017

 
More
Quarter 1 YR 3 YR 5 YR 10 YR Since
Inception
International Small Companies
Inception: 03/26/2007
10.94 21.60 3.99 11.15 5.35 6.35
MSCI All Country World ex-US Small Cap Index 6.24 20.29 3.31 10.00 2.91 N/A

Index performance prior to 6/1/2007 is not reported since a portion of it relies on back-tested data.

Current Pricing

Investor Class — HLMSX

as of August 23, 2017

 
More
NAV Daily
Change
Change (%) YTD
Return (%)
International Small Companies 15.95 0.03 0.19 24.61

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

Investor Class - HLMSX

as of June 30, 2017


HLMSX
TICKER
3/26/2007
INCEPTION DATE
$157.2M
TOTAL FUND ASSETS
$5,000
MINIMUM INVESTMENT
1.40%*
NET EXPENSE RATIO
1.80%
GROSS EXPENSE RATIO
412295883
CUSIP
85
TOTAL # OF HOLDINGS
2.00% first 90 days
REDEMPTION FEE
44%
TURNOVER (5 YR. AVG)
Annual
DIVIDEND POLICY
None
SALES CHARGE

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

.

PORTFOLIO

as of June 30, 2017

 
More
Company Sector Country %
Bechtle Info Technology Germany 3.3
Vaisala Info Technology Finland 3.0
Alten Info Technology France 2.8
Hiday Hidaka Cons Discretionary Japan 2.5
LISI Industrials France 2.4
Reply Info Technology Italy 2.2
Max Financial Financials India 2.2
GRUH Finance Financials India 2.1
Abcam Health Care United Kingdom 2.1
LEM Holding Info Technology Switzerland 2.0

10 Largest Holdings: 24.6%

A complete list of holdings for this quarter is available here.

as of June 30, 2017

 
More
Sector Portfolio MSCI All Country World ex-US Small Cap Index
Cons Discretionary 7.5 15.6
Cons Staples 12.7 6.5
Energy 1.2 3.4
Financials 13.3 10.5
Health Care 13.8 6.9
Industrials 20.5 20.1
Info Technology 23.4 12.0
Materials 2.0 10.8
Real Estate 0.0 10.1
Telecom Services 0.6 1.2
Utilities 0.9 2.9
Cash 4.1

as of June 30, 2017

 
More
Region Portfolio MSCI All Country World ex-US Small Cap Index
Canada 0.0 6.8
Emerging Markets 18.0 21.9
Europe EMU 29.6 18.1
Europe ex-EMU 21.0 22.8
Frontier Markets 8.2
Japan 13.8 21.3
Middle East 0.8 1.1
Pacific ex-Japan 4.0 8.0
Other 0.5
Cash 4.1

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

.

FACTSHEETS

  

PORTFOLIO MANAGER

Jafar Rizvi, CFA  

 

 

INVESTMENT DOCUMENTS

INVESTOR CLASS - HLMSX
.

Distributions

Investor Class - HLMSX

More
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 0.14508 - 0.41485
12/1/2015 12/18/2015 12/17/2015 12/21/2015 0.07100 - 0.13461
12/1/2014 12/19/2014 12/18/2014 12/22/2014 0.02866 0.04733 0.20812
12/2/2013 12/20/2013 12/19/2013 12/23/2013 0.05255 0.26659 0.60207
12/3/2012 12/20/2012 12/19/2012 12/21/2012 0.11309 - -
12/1/2011 12/19/2011 12/16/2011 12/20/2011 0.06563 - -
12/1/2010 12/16/2010 12/15/2010 12/17/2010 0.03206 - -
12/1/2009 12/17/2009 12/16/2009 12/18/2009 0.04790 - -
12/1/2008 12/17/2008 12/16/2008 12/18/2008 0.07000 - -
12/1/2007 12/13/2007 12/12/2007 12/14/2007 0.02750 0.07270 -

  

Read more about this strategy

  

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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. 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. A complete list of holdings is available here.

While the Portfolio is "no load", management fees and expenses will apply. Please refer to the Prospectus for additional details.

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