Offered since 1989, the Global Equity strategy invests in a limited number of high-quality, growing companies across the size range anywhere in the world, the broadest opportunity set of any of our strategies. Its benchmark is the MSCI All Country World Index.
PORTFOLIO MANAGERS
| Peter Baughan, CFA | Co-Lead | |
| Scott Crawshaw | ||
| Christopher Mack, CFA | ||
| Ferrill Roll, CFA | Co-Lead | |
| Richard Schmidt, CFA |
COMPOSITE PERFORMANCE (%)
as of June 30, 2018
| Quarter | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|
|---|---|---|---|---|---|---|
|
Global Equity (Gross) Inception: 11/30/1989 |
1.60 | 17.34 | 13.47 | 13.68 | 9.38 | 10.19 |
|
Global Equity
(net) Inception: 11/30/1989 |
1.49 | 16.82 | 12.95 | 13.16 | 8.93 | 9.52 |
| MSCI All Country World Index | 0.72 | 11.31 | 8.77 | 9.99 | 6.37 | 7.15 |
| MSCI World Index | 1.93 | 11.70 | 9.09 | 10.55 | 6.86 | 7.20 |
Returns are annualized for periods greater than one year.
PORTFOLIO
as of June 30, 2018
| Company | Sector | Country | % |
|---|---|---|---|
| PayPal | Info Technology | United States | 3.5 |
| Roper | Industrials | United States | 2.8 |
| Sysmex | Health Care | Japan | 2.8 |
| Naspers | Cons Discretionary | South Africa | 2.8 |
| Lonza Group | Health Care | Switzerland | 2.6 |
| First Republic Bank | Financials | United States | 2.5 |
| Booking Holdings | Cons Discretionary | United States | 2.5 |
| AIA Group | Financials | Hong Kong | 2.5 |
| Symrise | Materials | Germany | 2.3 |
| Verisk | Industrials | United States | 2.2 |
10 Largest Holdings: 26.5%
A complete list of holdings for this quarter is available here.
as of June 30, 2018
| Sector | Portfolio | MSCI All Country World Index |
|---|---|---|
| Cons Discretionary | 14.2 | 12.4 |
| Cons Staples | 4.9 | 8.1 |
| Energy | 3.7 | 6.8 |
| Financials | 13.8 | 17.5 |
| Health Care | 17.9 | 11.1 |
| Industrials | 14.7 | 10.5 |
| Info Technology | 21.9 | 19.6 |
| Materials | 7.9 | 5.3 |
| Real Estate | 0.0 | 3.0 |
| Telecom Services | 0.0 | 2.8 |
| Utilities | 0.0 | 2.9 |
| Cash | 1.0 | — |
as of June 30, 2018
| Region | Portfolio | MSCI All Country World Index |
|---|---|---|
| Canada | 0.0 | 3.1 |
| Emerging Markets | 16.7 | 11.6 |
| Europe EMU | 13.7 | 10.4 |
| Europe ex-EMU | 14.2 | 9.7 |
| Frontier Markets | 0.0 | — |
| Japan | 10.6 | 7.6 |
| Middle East | 0.8 | 0.2 |
| Pacific ex-Japan | 2.5 | 3.8 |
| United States | 40.5 | 53.6 |
| Cash | 1.0 | — |
"Frontier Markets" includes countries with less-developed markets outside the Index.
COMPOSITE PERFORMANCE (%)
as of June 30, 2018
| Quarter | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|
|---|---|---|---|---|---|---|
|
Global Equity ADR (Gross) Inception: 10/31/2001 |
1.46 | 15.77 | 12.87 | 13.13 | 7.99 | 9.65 |
|
Global Equity ADR
(net) Inception: 10/31/2001 |
1.26 | 14.85 | 11.99 | 12.23 | 7.13 | 8.76 |
| MSCI All Country World Index | 0.72 | 11.31 | 8.77 | 9.99 | 6.37 | 7.15 |
| MSCI World Index | 1.93 | 11.70 | 9.09 | 10.55 | 6.86 | 7.20 |
Returns are annualized for periods greater than one year.
PORTFOLIO
as of June 30, 2018
| Company | Sector | Country | % |
|---|---|---|---|
| PayPal | Info Technology | United States | 4.1 |
| Lonza Group | Health Care | Switzerland | 3.1 |
| Sysmex | Health Care | Japan | 3.1 |
| Roper | Industrials | United States | 2.9 |
| AIA Group | Financials | Hong Kong | 2.5 |
| First Republic Bank | Financials | United States | 2.4 |
| Booking Holdings | Cons Discretionary | United States | 2.4 |
| Symrise | Materials | Germany | 2.4 |
| Verisk | Industrials | United States | 2.3 |
| MonotaRO | Industrials | Japan | 2.2 |
10 Largest Holdings: 27.4%
A complete list of holdings for this quarter is available here.
as of June 30, 2018
| Sector | Portfolio | MSCI All Country World Index |
|---|---|---|
| Cons Discretionary | 12.4 | 12.4 |
| Cons Staples | 5.2 | 8.1 |
| Energy | 3.6 | 6.8 |
| Financials | 13.5 | 17.5 |
| Health Care | 17.9 | 11.1 |
| Industrials | 15.8 | 10.5 |
| Info Technology | 20.4 | 19.6 |
| Materials | 7.9 | 5.3 |
| Real Estate | 0.0 | 3.0 |
| Telecom Services | 0.0 | 2.8 |
| Utilities | 0.0 | 2.9 |
| Cash | 3.3 | — |
as of June 30, 2018
| Region | Portfolio | MSCI All Country World Index |
|---|---|---|
| Canada | 0.0 | 3.1 |
| Emerging Markets | 15.1 | 11.6 |
| Europe EMU | 13.6 | 10.4 |
| Europe ex-EMU | 12.6 | 9.7 |
| Frontier Markets | 0.0 | — |
| Japan | 8.9 | 7.6 |
| Middle East | 0.8 | 0.2 |
| Pacific ex-Japan | 2.5 | 3.8 |
| United States | 43.2 | 53.6 |
| Cash | 3.3 | — |
"Frontier Markets" includes countries with less-developed markets outside the Index.
Many ways to invest: products for institutions and individuals
MUTUAL FUNDS
for US institutions and individuals
SEPARATELY MANAGED ACCOUNTS
for large institutions
COLLECTIVE INVESTMENT TRUSTS
for US retirement plans
UCITS FUNDS
for non-US investors
Composite performance shown is preliminary. The Global Equity Composite contains fully discretionary, fee-paying accounts investing in US and non-US equity and equity-equivalent securities and cash reserves, and is measured against the MSCI All Country World Total Return Index (Gross) for comparison purposes. The Global Equity ADR Composite contains fully discretionary, dual contract, fee-paying accounts that may also pay a wrap fee to their custodian investing in US and non-US equity and equity-equivalent securities and cash reserves. Securities are held in Depository Receipt (DR) form, including American Depository Receipts (ADRs) and Global Depository Receipts (GDRs), or are otherwise traded on US exchanges. For comparison purposes the Composite return is measured against the MSCI All Country World Total Return Index. 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, 2018. 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 Global Equity Composite has received a performance examination for the periods December 1, 1989 through March 31, 2018. The Global Equity ADR Composite has been examined for the periods December 1, 1989 through March 31, 2018. 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 Global Equity and Global Equity ADR Composites are available at the links provided. 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 Global Equity and Global Equity ADR Composite GIPS presentation. The portfolios are 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. A complete list of holdings for this quarter is available for Global Equity and Global Equity ADR. 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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