International Carbon Transition Equity

The International Carbon Transition Equity strategy invests in high-quality, growing companies outside the United States that we believe will achieve net-zero carbon emissions before 2050. Its benchmark is the MSCI All Country World ex US Index.

Recent Reports

Strategy Overview

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Mutual Funds

For US institutions and individuals


For non-US investors

Collective Investment Trusts

For retirement plans

Portfolio Managers

Maria Lernerman, CFA

International Carbon Transition Equity PM

Ferrill D. Roll, CFA

International Co-Lead

Andrew West, CFA

International Co-Lead

Composite Performance (%)

Returns are annualized for periods greater than one year.

Supportive of Collective Efforts

We support climate-focused organizations that help us better understand and analyze a company’s ability to achieve net-zero greenhouse gas emissions:

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Read more about Stewardship and Sustainability in our investment process:
Stewardship & Sustainability

How Harding Loevner Invests Responsibly

Stewardship & Sustainability

Active Ownership

Stewardship & Sustainability

Investment Stewardship Activities 2022

Stewardship & Sustainability

TCFD Report

The strategy invests in securities of companies that Harding Loevner believes will achieve net-zero GHG emissions by 2050, which may limit the type and number of investment opportunities available to the strategy. As a result, the strategy may underperform other strategies that do not limit investment in companies that do not demonstrate a viable pathway to achieve net-zero GHG emissions neutral status by 2050.

The strategy’s ESG screening process may affect exposures to certain companies or industries and cause the strategy to forego certain investment opportunities. Consideration of ESG factors may significantly impact performance. The relative impact of ESG factors on performance may vary across industries and regions. The evaluation of companies for ESG screening is dependent on the timely and accurate reporting of ESG data by the companies.

The Composite performance shown is preliminary. For comparison purposes the Composite return is measured against the the MSCI All Country World ex US Total Return Index (Gross). Harding Loevner LP is an investment adviser registered with the Securities and Exchange Commission. Harding Loevner claims compliance with the Global Investment Performance Standards (GIPS®). Harding Loevner has been independently verified for the period November 1, 1989 through December 31, 2023. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm’s policies and procedures related to composite and pooled fund maintenance, as well as the calculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The verification report is available upon request. Performance data quoted represents past performance; past performance does not guarantee future results. Returns are presented both gross and net of management fees and include the reinvestment of all income. Net returns are calculated using actual fees. The US dollar is the currency used to express performance. For complete information on the construction and historical record of the International Carbon Transition Equity Composite, please contact Harding Loevner at (908) 218-7900 or The firm maintains a complete list of composite descriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds, which are available upon request.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

The largest holdings and sector and geographic weights are shown as supplemental information only. 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 International Carbon Transition Equity here. 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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