Offered since 2016, 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.

Watch our strategy overview



Moon Surana, CFA  
Andrew West, CFA  





as of March 31, 2020

Quarter 1 YR 3 YR 5 YR 10 YR Since
Emerging Markets Research (Gross)
Inception: 12/31/2016
-25.93 -18.46 -0.46 N/A N/A 2.95
Emerging Markets Research (net)
Inception: 12/31/2016
-26.13 -19.28 -1.54 N/A N/A 1.83
MSCI Emerging + Frontier Markets Index -23.62 -17.35 -1.30 N/A N/A 2.14

Returns are annualized for periods greater than one year.



as of March 31, 2020

Company Sector Country %
Alibaba Cons Discretionary China 2.1
Samsung Electronics Info Technology South Korea 2.1
Hon Hai Precision Info Technology Taiwan 2.0
Tencent Comm Services China 2.0
TSMC Info Technology Taiwan 2.0
LG Household & Health Care Cons Staples South Korea 1.9
Ping An Insurance Financials China 1.9
Naver Comm Services South Korea 1.9
China Tower Corp. Ltd. Comm Services China 1.7
Walmart de México Cons Staples Mexico 1.6
HDFC Bank Financials India 1.6
ZTO Express Industrials China 1.6
NetEase Comm Services China 1.6
Credicorp Financials Peru 1.5
ENN Energy Utilities China 1.5
SF Express Industrials China 1.5
Coca-Cola FEMSA Cons Staples Mexico 1.5
Lukoil Energy Russia 1.5
FEMSA Cons Staples Mexico 1.5
BIM Birlesik Cons Staples Turkey 1.5
ITC Limited Cons Staples India 1.4
Baidu Comm Services China 1.4
Jiangsu Yanghe Brewery Cons Staples China 1.3
Shenzhou International Cons Discretionary China 1.3
Banco Bradesco Financials Brazil 1.3

25 Largest Holdings: 41.2%

as of March 31, 2020

Comm Services 12.2 13.1
Cons Discretionary 10.7 15.1
Cons Staples 17.7 6.6
Energy 4.0 5.9
Financials 21.0 22.1
Health Care 5.6 3.6
Industrials 7.2 4.9
Info Technology 13.0 16.6
Materials 3.1 6.6
Real Estate 1.7 3.0
Utilities 1.5 2.5
Cash 2.3

as of March 31, 2020

Brazil 4.3 4.8
China + Hong Kong 32.8 39.9
India 9.9 7.6
Mexico 5.9 1.9
Russia 2.8 3.2
South Africa 1.2 3.6
South Korea 6.4 11.6
Taiwan 7.4 12.1
Small Emerging Markets 19.0 13.5
Frontier Markets 6.0 1.8
Developed Market Listed 2.0
Cash 2.3

"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

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Composite performance shown is preliminary. The Emerging Markets Research Composite contains fully discretionary, fee-paying accounts investing in non-US equity and equity-equivalent securities of companies domiciled predominately in emerging and frontier markets countries and cash reserves, and is measured against the MSCI Emerging + Frontier Markets Total Return Index (Gross) for comparison purposes. 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 March 31, 2020. 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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