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International Equity Research

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Offered since 2015, the International Equity Research strategy invests broadly in high-quality, growing companies across the size range outside the US that are recommended by our analysts. Its benchmark is the MSCI All Country World ex-US Index.

Watch our strategy overview

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PORTFOLIO MANAGERS

Moon Surana, CFA  
Andrew West, CFA  

 

 

     

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COMPOSITE PERFORMANCE (%)

as of June 30, 2019

 
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Quarter 1 YR 3 YR 5 YR 10 YR Since
Inception
International Equity Research (Gross)
Inception: 12/31/2015 		3.94 1.82 11.18 N/A N/A 11.16
International Equity Research (net)
Inception: 12/31/2015 		3.76 1.08 10.37 N/A N/A 10.34
MSCI All Country World ex-US Index 3.22 1.80 9.91 N/A N/A 8.23

Returns are annualized for periods greater than one year.

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PORTFOLIO

as of June 30, 2019

 
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Company Sector Country %
SAP Info Technology Germany 1.2
Alimentation Couche-Tard Cons Staples Canada 1.2
Anheuser-Busch InBev Cons Staples Belgium 1.2
Allianz Financials Germany 1.1
Nestlé Cons Staples Switzerland 1.1
Roche Health Care Switzerland 1.1
BHP Materials Australia 1.1
AIA Group Financials Hong Kong 1.1
Tata Consultancy Services Info Technology India 1.1
Canadian National Railway Industrials Canada 1.0
Alcon Health Care Switzerland 1.0
Unilever Cons Staples United Kingdom 1.0
ASSA ABLOY Industrials Sweden 1.0
Amadeus Info Technology Spain 1.0
Oversea-Chinese Banking Corp Financials Singapore 1.0
Sonova Holding Health Care Switzerland 1.0
ABC-Mart Cons Discretionary Japan 1.0
Dentsu Comm Services Japan 1.0
Kuehne + Nagel Industrials Switzerland 1.0
Shimano Cons Discretionary Japan 1.0
Royal Dutch Shell Energy United Kingdom 1.0
China Mobile Comm Services China 1.0
Unicharm Cons Staples Japan 1.0
DBS Group Financials Singapore 1.0
Banco Santander Financials Spain 0.9

25 Largest Holdings: 26.1%

as of June 30, 2019

 
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Sector Portfolio MSCI All Country World ex-US Index
Comm Services 6.3 6.9
Cons Discretionary 11.9 11.3
Cons Staples 13.8 9.8
Energy 4.1 7.1
Financials 17.9 21.9
Health Care 9.1 8.3
Industrials 13.4 11.9
Info Technology 11.9 8.5
Materials 7.2 7.6
Real Estate 1.8 3.3
Utilities 0.4 3.4
Cash 2.2 —

as of June 30, 2019

 
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Region Portfolio MSCI All Country World ex-US Index
Canada 2.7 6.8
Emerging Markets 29.9 26.4
Europe EMU 15.7 21.4
Europe ex-EMU 24.6 20.7
Frontier Markets 0.3 —
Japan 16.2 15.8
Middle East 1.0 0.4
Pacific ex-Japan 7.4 8.5
Cash 2.2 —

"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 International Equity Research Composite contains fully discretionary, fee-paying investing in non-US equity and equity-equivalent securities and cash reserves, and is measured against the MSCI All Country World ex-US 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, 2019. 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 International 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 International 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 International 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.

Please click here for Index definitions.

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