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Global Small Companies Equity

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The Global Small Companies Equity strategy invests in a limited number of high-quality, growing companies anywhere in the world with modest market capitalizations. Its benchmark is the MSCI All Country World Small Cap Index. It is a new strategy launched in December 2018.

Global Small Companies Equity
Portfolio Perspectives
Investment Case

Watch our strategy videos

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PORTFOLIO MANAGERS

Christopher Mack, CFA          Co-Lead
Jafar Rizvi, CFA   Co-Lead

 

 

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COMPOSITE PERFORMANCE (%)

as of March 31, 2020

 
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Quarter 1 YR 3 YR 5 YR 10 YR Since
Inception
Global Small Companies (Gross)
Inception: 12/13/2018 		-22.50 -11.19 N/A N/A N/A 1.21
Global Small Companies (net)
Inception: 12/13/2018 		-22.68 -12.00 N/A N/A N/A 0.30
MSCI All Country World Small Cap Index -30.11 -22.70 N/A N/A N/A -10.12
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PORTFOLIO

as of March 31, 2020

 
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Company Sector Country %
EnerSys Industrials United States 2.1
Abcam Health Care United Kingdom 2.0
Ariake Cons Staples Japan 2.0
Bechtle Info Technology Germany 2.0
Thule Group Cons Discretionary Sweden 1.9
Cosmos Pharmaceutical Cons Staples Japan 1.8
BorgWarner Cons Discretionary United States 1.8
Nihon M&A Center Inc. Industrials Japan 1.8
Healthcare Services Industrials United States 1.8
Ambu Health Care Denmark 1.7

10 Largest Holdings: 18.9%

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

as of March 31, 2020

 
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Sector Portfolio MSCI All Country World Small Cap Index
Comm Services 6.0 3.7
Cons Discretionary 9.4 10.7
Cons Staples 9.5 5.3
Energy 0.8 1.9
Financials 7.1 12.6
Health Care 15.3 12.5
Industrials 22.0 16.7
Info Technology 24.2 14.6
Materials 2.5 7.3
Real Estate 0.0 11.2
Utilities 1.2 3.5
Cash 2.0 —

as of March 31, 2020

 
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Region Portfolio MSCI All Country World Small Cap Index
Canada 1.4 3.0
Emerging Markets 9.8 10.2
Europe EMU 16.6 8.1
Europe ex-EMU 18.8 11.8
Frontier Markets 1.0 —
Japan 19.2 12.4
Middle East 1.4 0.7
Pacific ex-Japan 0.9 4.2
United States 28.9 49.6
Cash 2.0 —

"Frontier Markets" includes countries with less-developed markets outside the Index.

  

Ways to invest: products for institutions and individuals

SEPARATELY MANAGED ACCOUNTS
for large institutions

UCITS FUNDS
for non-US investors

The Composite performance shown is preliminary. The Global Small Companies Composite contains fully discretionary, fee-paying accounts investing primarily in US and non-US equity and equity-equivalent securities of companies with market capitalizations that fall within the range of the Composite’s Benchmark Index and cash reserves, and is measured against the MSCI All Country World Small Cap 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 Global Small Companies 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 Global Small Companies Composite is available here. The firm maintains a complete list and description of 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 Global Small Companies 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. A complete list of holdings for this quarter is available here. 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.

Please click here for Index definitions.

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