Offered since 2008, the Frontier Emerging Markets Equity strategy invests in a limited number of high-quality, growing companies that operate in frontier markets and smaller emerging markets. Its benchmark is the MSCI Frontier Emerging Markets Index.

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Pradipta Chakrabortty         Co-Lead
Babatunde Ojo, CFA   Co-Lead





as of March 31, 2020

Quarter 1 YR 3 YR 5 YR 10 YR Since
Frontier Emerging Markets (Gross)
Inception: 05/31/2008
-31.56 -29.57 -7.21 -5.06 0.68 -1.83
Frontier Emerging Markets (net)
Inception: 05/31/2008
-31.81 -30.54 -8.47 -6.39 -0.75 -3.21
MSCI Frontier Emerging Markets Index -31.49 -28.39 -7.39 -5.45 -0.20 -4.06

Returns are annualized for periods greater than one year.



as of March 31, 2020

Company Sector Country %
Safaricom Comm Services Kenya 4.7
Mabanee Real Estate Kuwait 4.7
Globant Info Technology Argentina 4.6
SM Prime Holdings Real Estate Philippines 4.6
Credicorp Financials Peru 4.5
National Bank of Kuwait Financials Kuwait 4.4
Hoa Phat Group Materials Vietnam 3.8
Commercial International Bank Financials Egypt 3.7
EPAM Info Technology United States 3.6
Ecopetrol Energy Colombia 3.3

10 Largest Holdings: 41.9%

as of March 31, 2020

Sector Portfolio MSCI Frontier Emerging Markets Index
Comm Services 6.6 10.2
Cons Discretionary 4.7 0.6
Cons Staples 14.9 5.2
Energy 4.7 3.6
Financials 31.2 46.5
Health Care 5.2 1.7
Industrials 5.0 10.4
Info Technology 10.3 1.9
Materials 5.0 5.2
Real Estate 9.9 12.0
Utilities 0.0 2.7
Cash 2.5

as of March 31, 2020

Region Portfolio MSCI Frontier Emerging Markets Index
Africa 19.5 15.8
Asia 32.7 34.4
Europe 8.5 6.1
Gulf States 12.2 23.3
Latin America 18.8 19.0
Middle East 0.0 1.4
Developed Market Listed 5.8
Cash 2.5

"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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for non-US investors

The Composite performance shown is preliminary. The Frontier Emerging Markets Composite contains fully discretionary, fee-paying accounts investing in non-US equity and equity-equivalent securities of companies domiciled predominately in frontier emerging markets and cash reserves and is measured against the MSCI Frontier Emerging 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 Frontier Emerging Markets 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 Frontier Emerging Markets Composite is available here. The firm maintains a complete list and description of the composites, which is available upon request.

The largest holdings and sector and geographic weights are shown as supplemental information only and complement the fully compliant Frontier Emerging Markets 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 for the past year, 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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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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