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International Equity Research

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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.

                                    

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PORTFOLIO MANAGERS

Moon Surana, CFA  
Andrew West, CFA  

 

 

     

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COMPOSITE PERFORMANCE (%)

as of June 30, 2018

 
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Quarter 1 YR 3 YR 5 YR 10 YR Since
Inception
International Equity Research (Gross)
Inception: 12/31/2015 		-1.17 12.01 N/A N/A N/A 15.13
International Equity Research (net)
Inception: 12/31/2015 		-1.36 11.18 N/A N/A N/A 14.29
MSCI All Country World ex-US Index -2.39 7.79 N/A N/A N/A 10.92

Returns are annualized for periods greater than one year.

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PORTFOLIO

as of June 30, 2018

 
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Company Sector Country %
Nomura Research Institute Info Technology Japan 1.2
Unicharm Cons Staples Japan 1.2
Linde Materials Germany 1.2
HOSHIZAKI Industrials Japan 1.1
Diageo Cons Staples United Kingdom 1.1
Makita Industrials Japan 1.1
AIA Group Financials Hong Kong 1.0
SAP Info Technology Germany 1.0
BBA Aviation Industrials United Kingdom 1.0
OCBC Financials Singapore 1.0
Hakuhodo Cons Discretionary Japan 1.0
Shiseido Cons Staples Japan 1.0
Roche Health Care Switzerland 1.0
Essilor Health Care France 1.0
Bankinter Financials Spain 1.0
SGS Industrials Switzerland 1.0
St. James's Place Financials United Kingdom 1.0
DBS Group Financials Singapore 1.0
Grifols Health Care Spain 1.0
Allianz Financials Germany 1.0
ASSA ABLOY Industrials Sweden 1.0
Richemont Cons Discretionary Switzerland 0.9
Canadian National Railway Industrials Canada 0.9
BMW Cons Discretionary Germany 0.9
Kao Cons Staples Japan 0.9

25 Largest Holdings: 25.5%

as of June 30, 2018

 
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Sector Portfolio MSCI All Country World ex-US Index
Cons Discretionary 12.1 11.2
Cons Staples 15.0 9.7
Energy 3.3 7.4
Financials 18.6 21.9
Health Care 9.5 8.1
Industrials 17.4 11.7
Info Technology 13.4 11.9
Materials 5.9 8.2
Real Estate 0.8 3.2
Telecom Services 1.2 3.7
Utilities 0.7 3.0
Cash 2.1 —

as of June 30, 2018

 
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Region Portfolio MSCI All Country World ex-US Index
Canada 2.6 6.6
Emerging Markets 30.5 25.0
Europe EMU 15.9 22.3
Europe ex-EMU 22.2 21.0
Frontier Markets 1.6 —
Japan 17.9 16.4
Middle East 0.8 0.4
Pacific ex-Japan 6.4 8.3
Cash 2.1 —

"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, 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.

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