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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.

Research Strategies

                                    


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PORTFOLIO MANAGERS

Moon Surana, CFA  
Andrew West, CFA  

 

 

     

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COMPOSITE PERFORMANCE (%)

as of March 31, 2017

 
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Quarter 1 YR 3 YR 5 YR 10 YR Since
Inception
International Equity Research (Gross)
Inception: 12/31/2015
9.23 16.41 N/A N/A N/A 15.06
International Equity Research (net)
Inception: 12/31/2015
9.03 15.56 N/A N/A N/A 14.21
MSCI All Country World ex-US Index 7.98 13.70 N/A N/A N/A 10.59

Returns are annualized for periods greater than one year.

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PORTFOLIO

as of March 31, 2017

 
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Company Sector Country %
Fuchs Petrolub Materials Germany 1.1
Kao Cons Staples Japan 1.1
Bayer Health Care Germany 1.1
Banco Santander Financials Spain 1.0
Richemont Cons Discretionary Switzerland 1.0
adidas Cons Discretionary Germany 1.0
SAP Info Technology Germany 1.0
ASSA ABLOY Industrials Sweden 1.0
Reckitt Benckiser Cons Staples United Kingdom 1.0
WPP Cons Discretionary United Kingdom 1.0
Komatsu Industrials Japan 1.0
Misumi Group Industrials Japan 1.0
Stanley Electric Cons Discretionary Japan 1.0
Bankinter Financials Spain 1.0
Intrum Justitia Industrials Sweden 1.0
Grifols Health Care Spain 1.0
Diageo Cons Staples United Kingdom 1.0
Temenos Info Technology Switzerland 1.0
Check Point Info Technology Israel 1.0
Hexagon Info Technology Sweden 1.0
OCBC Financials Singapore 1.0
Lonza Group Health Care Switzerland 1.0
DBS Group Financials Singapore 1.0
Henkel Cons Staples Germany 1.0
Burberry Cons Discretionary United Kingdom 1.0

25 Largest Holdings: 25.3%

as of March 31, 2017

 
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Sector Portfolio MSCI All Country World ex-US Index
Cons Discretionary 12.7 11.3
Cons Staples 13.6 9.9
Energy 3.1 6.8
Financials 18.2 23.3
Health Care 13.4 8.0
Industrials 14.3 11.9
Info Technology 14.8 9.9
Materials 5.4 8.0
Real Estate 1.3 3.2
Telecom Services 1.3 4.5
Utilities 0.5 3.2
Cash 1.4

as of March 31, 2017

 
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Region Portfolio MSCI All Country World ex-US Index
Canada 1.9 6.8
Emerging Markets 25.9 23.5
Europe EMU 19.7 22.0
Europe ex-EMU 23.6 22.1
Frontier Markets 1.1
Japan 20.3 16.3
Middle East 1.0 0.5
Pacific ex-Japan 5.1 8.8
Cash 1.4

"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

UNIT TRUSTS
for Australian investors


Composite performance shown is preliminary. The International Equity Research Composite contains fully discretionary, fee paying international equity accounts investing in non-US equity and equity-equivalent securities with the objective of long-term capital appreciation. 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 by Ashland Partners & Company, LLP for the period November 1, 1989 through March 31, 2017. 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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