The Emerging Markets Equity Research strategy invests broadly in high-quality, growing companies that operate in emerging markets and, to a lesser extent, frontier markets that are recommended by our analysts. Its benchmark is the MSCI Emerging + Frontier Markets Index. It is a new strategy, launched in December 2016.

Research Strategies





Moon Surana, CFA  
Andrew West, CFA  





as of December 31, 2017

Quarter 1 YR 3 YR 5 YR 10 YR Since
Emerging Markets Research (Gross)
Inception: 12/31/2016
6.35 36.57 N/A N/A N/A 36.57
Emerging Markets Research (net)
Inception: 12/31/2016
6.04 35.02 N/A N/A N/A 35.02
MSCI Emerging + Frontier Markets Index 7.46 37.62 N/A N/A N/A 37.62

Returns are annualized for periods greater than one year.



as of December 31, 2017

Company Sector Country %
Bank Central Asia Financials Indonesia 2.1
Fuyao Glass Industry Cons Discretionary China 2.0
Sino Biopharmaceutical Health Care China 2.0
China Mobile Telecom Services China 2.0
NetEase Info Technology China 1.9
TSMC Info Technology Taiwan 1.9
Samsung Electronics Info Technology South Korea 1.9
Shenzhou International Cons Discretionary China 1.9
B3 Financials Brazil 1.9
HDFC Corp Financials India 1.8
Ambev Cons Staples Brazil 1.8
Ultrapar Energy Brazil 1.8
Discovery Holdings Financials South Africa 1.5
Standard Bank Financials South Africa 1.5
FEMSA Cons Staples Mexico 1.4
Emaar Properties Real Estate United Arab Emirates 1.4
Wal-Mart de México Cons Staples Mexico 1.3
Yili Cons Staples China 1.3
Lukoil Energy Russia 1.3
Midea Group Cons Discretionary China 1.2
NovaTek Energy Russia 1.2
Anta Sports Cons Discretionary China 1.2
AAC Technologies Info Technology China 1.1
CNOOC Energy China 1.1
Tencent Info Technology China 1.1

25 Largest Holdings: 39.6%

as of December 31, 2017

Cons Discretionary 15.1 10.0
Cons Staples 14.9 6.7
Energy 7.1 6.8
Financials 26.1 23.9
Health Care 6.5 2.7
Industrials 5.8 5.3
Info Technology 12.3 27.0
Materials 2.8 7.3
Real Estate 2.4 2.9
Telecom Services 3.9 5.0
Utilities 1.0 2.4
Cash 2.1

as of December 31, 2017

Brazil 8.4 6.6
China 28.4 29.0
India 9.3 8.6
Mexico 5.6 2.9
Russia 4.4 3.3
South Africa 4.9 6.9
South Korea 5.9 15.0
Taiwan 3.5 11.0
Small Emerging Markets 16.7 14.3
Frontier Markets 9.1 2.4
Developed Market Listed 1.7
Cash 2.1

"Small Emerging Markets" includes the remaining emerging markets, which individually, comprise less than 5% of the Index.

"Developed Market Listed" includes emerging markets or frontier markets companies listed in developed markets.


Many ways to invest: products for institutions and individuals


for US institutions and individuals

for large institutions

for US retirement plans

for non-US investors

Composite performance shown is preliminary. The Emerging Markets Equity Research Composite contains fully discretionary, fee paying global equity accounts investing in US and non-US equity and equity-equivalent securities with the objective of long-term capital appreciation. Harding Loevner LP is an investment adviser registered with the Securities and Exchange Commission. Harding Loevner is affiliated with Affiliated Managers Group, Inc. (NYSE: AMG), an investment holding company with stakes in a diverse group of boutique investment firms. Harding Loevner claims compliance with the Global Investment Performance Standards (GIPS®). Harding Loevner has been independently verified for the period November 1, 1989 through September 30, 2017. Verification assesses whether (1) the firm has complied with all composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policy and procedures are designed to calculate and present performance in compliance with GIPS standards. The Emerging Markets Equity Research Composite has not received a performance examination. Performance data quoted represents past performance; past performance does not guarantee future results. The US dollar is the currency used to express performance. Complete information on the construction and historical record of the Emerging Markets Equity Research Composite is available here. The firm maintains a complete list and description of composites, which is available upon request.

Largest holdings and sector and geographic weights are shown as supplemental information only and complement the fully compliant Emerging Markets Equity Research Composite GIPS presentation. The portfolio is actively managed therefore holdings shown may not be current. They should not be considered recommendations to buy or sell any security. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings since inception, please contact Harding Loevner.

MSCI Inc. and S&P do not make any express or implied warranties or representations and shall have no liability whatsoever with respect to any GICS data contained herein.

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