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.
COMPOSITE PERFORMANCE (%)
as of September 30, 2018
| Quarter | 1 YR | 3 YR | 5 YR | 10 YR | Since Inception |
|
|---|---|---|---|---|---|---|
|
International Equity Research (Gross) Inception: 12/31/2015 |
0.26 | 6.55 | N/A | N/A | N/A | 13.76 |
|
International Equity Research
(net) Inception: 12/31/2015 |
0.07 | 5.76 | N/A | N/A | N/A | 12.92 |
| MSCI All Country World ex-US Index | 0.80 | 2.25 | N/A | N/A | N/A | 10.19 |
Returns are annualized for periods greater than one year.
PORTFOLIO
as of September 30, 2018
| Company | Sector | Country | % |
|---|---|---|---|
| Makita | Industrials | Japan | 1.2 |
| Hoshizaki | Industrials | Japan | 1.1 |
| Hakuhodo | Cons Discretionary | Japan | 1.1 |
| Roche | Health Care | Switzerland | 1.1 |
| SAP | Info Technology | Germany | 1.1 |
| AIA Group | Financials | Hong Kong | 1.1 |
| Unicharm | Cons Staples | Japan | 1.1 |
| Shimano | Cons Discretionary | Japan | 1.1 |
| Diageo | Cons Staples | United Kingdom | 1.1 |
| Royal Dutch Shell | Energy | United Kingdom | 1.1 |
| Essilor | Health Care | France | 1.0 |
| Allianz | Financials | Germany | 1.0 |
| Canadian National Railway | Industrials | Canada | 1.0 |
| OCBC | Financials | Singapore | 1.0 |
| Nomura Research Institute | Info Technology | Japan | 1.0 |
| Kao | Cons Staples | Japan | 1.0 |
| SGS | Industrials | Switzerland | 1.0 |
| Linde | Materials | Germany | 1.0 |
| Check Point | Info Technology | Israel | 1.0 |
| Alimentation Couche-Tard | Cons Staples | Canada | 1.0 |
| St. James's Place | Financials | United Kingdom | 1.0 |
| DBS Group | Financials | Singapore | 1.0 |
| Novartis | Health Care | Switzerland | 0.9 |
| Bankinter | Financials | Spain | 0.9 |
| BMW | Cons Discretionary | Germany | 0.9 |
25 Largest Holdings: 25.8%
as of September 30, 2018
| Sector | Portfolio | MSCI All Country World ex-US Index |
|---|---|---|
| Cons Discretionary | 13.3 | 10.9 |
| Cons Staples | 15.2 | 9.5 |
| Energy | 4.8 | 7.6 |
| Financials | 18.9 | 22.0 |
| Health Care | 9.3 | 8.5 |
| Industrials | 16.2 | 11.9 |
| Info Technology | 11.5 | 11.6 |
| Materials | 5.8 | 8.1 |
| Real Estate | 0.8 | 3.1 |
| Telecom Services | 1.1 | 3.8 |
| Utilities | 0.9 | 3.0 |
| Cash | 2.2 | — |
as of September 30, 2018
| Region | Portfolio | MSCI All Country World ex-US Index |
|---|---|---|
| Canada | 2.8 | 6.6 |
| Emerging Markets | 29.0 | 24.6 |
| Europe EMU | 15.9 | 22.1 |
| Europe ex-EMU | 23.4 | 21.3 |
| Frontier Markets | 1.4 | — |
| Japan | 18.2 | 16.9 |
| Middle East | 1.0 | 0.4 |
| Pacific ex-Japan | 6.1 | 8.1 |
| 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 June 30, 2018. 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.