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.

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Moon Surana, CFA  
Andrew West, CFA  






as of March 31, 2020

Quarter 1 YR 3 YR 5 YR 10 YR Since
International Equity Research (Gross)
Inception: 12/31/2015
-23.40 -14.56 -0.04 N/A N/A 4.18
International Equity Research (net)
Inception: 12/31/2015
-23.54 -15.16 -0.76 N/A N/A 3.42
MSCI All Country World ex-US Index -23.26 -15.14 -1.48 N/A N/A 1.92

Returns are annualized for periods greater than one year.



as of March 31, 2020

Company Sector Country %
HomeServe Industrials United Kingdom 1.1
Air Liquide Materials France 1.1
Rio Tinto Materials United Kingdom 1.1
Novozymes Materials Denmark 1.1
Canadian National Railway Industrials Canada 1.1
NITORI Cons Discretionary Japan 1.1
Unicharm Cons Staples Japan 1.1
Kubota Industrials Japan 1.1
Shionogi Health Care Japan 1.0
Kao Cons Staples Japan 1.0
SGS Industrials Switzerland 1.0
Symrise Materials Germany 1.0
Chugai Pharmaceutical Health Care Japan 1.0
Reckitt Benckiser Cons Staples United Kingdom 1.0
Alcon Health Care Switzerland 1.0
Roche Health Care Switzerland 1.0
Diageo Cons Staples United Kingdom 1.0
Henkel Cons Staples Germany 1.0
SAP Info Technology Germany 1.0
Nestlé Cons Staples Switzerland 1.0
Allianz Financials Germany 1.0
Nomura Research Institute Info Technology Japan 1.0
Shimano Cons Discretionary Japan 1.0
ABC-Mart Cons Discretionary Japan 0.9
EssilorLuxottica Cons Discretionary France 0.9

25 Largest Holdings: 25.6%

as of March 31, 2020

Sector Portfolio MSCI All Country World ex-US Index
Comm Services 4.1 7.5
Cons Discretionary 13.2 11.8
Cons Staples 16.7 10.5
Energy 4.0 5.2
Financials 14.5 19.2
Health Care 11.1 10.5
Industrials 16.1 11.4
Info Technology 10.2 10.2
Materials 7.2 7.0
Real Estate 0.8 3.0
Utilities 0.4 3.7
Cash 1.7

as of March 31, 2020

Region Portfolio MSCI All Country World ex-US Index
Canada 2.8 6.3
Emerging Markets 31.3 27.7
Europe EMU 16.9 20.3
Europe ex-EMU 23.0 20.6
Frontier Markets 0.3
Japan 19.5 17.4
Middle East 0.0 0.4
Pacific ex-Japan 4.5 7.3
Cash 1.7

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


Many ways to invest: products for institutions and individuals

for US institutions and individuals

for large institutions

for US retirement plans

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, 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 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.

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