International Equity May 2014 Update

Markets moved higher in May on low volumes and low volatility. Volatility, in fact, is lower than it has been since 2007, the end of what former US Federal Reserve Chairman Alan Greenspan called the Great Moderation.

More notable than the rise of equity markets has been the rally in credit markets. The 10-year US Treasury yield has declined from 3% to 2.5% this year, with commensurate moves in the bonds of core euro zone countries. The best returns, however, have come from periphery euro zone sovereigns: Portuguese government 10-year bonds have a total return of 22% YTD, with the yield to maturity dropping from over 6% to 3.6% in the past five months. Yields on sovereign bonds in Ireland, Italy, Greece, and Spain have had similar results this year. Perhaps PIIGS can fly!

Performance for periods ending June 30, 2014

total returns % returns % *
  quarter 1 year 3 years 5 years 10 years since inception Total Expense Ratio
Global Equity
Class A - US Dollar INCEPTION: 06/21/07 5.31 22.47 9.79 14.24 N.A. 5.20 0.84
Class A - Euro INCEPTION: 06/21/07 6.01 16.44 11.85 14.76 N.A. 4.98 0.84
Class A - GBP Sterling INCEPTION: 03/05/08 2.67 8.83 7.48 13.40 N.A. 9.07 0.84
Class A - Singapore Dollar INCEPTION: 08/05/08 4.44 20.56 10.37 10.94 N.A. 6.03 0.84
Class A - Australian Dollar INCEPTION: 10/04/12 3.62 18.84 N.A. N.A. N.A. 20.12 0.84
International Equity
Class A - US Dollar INCEPTION: 12/02/13 4.74 18.68 N.A. N.A. N.A. 13.54 0.90
Class A - GBP Sterling INCEPTION: 06/07/13 2.06 5.38 N.A. N.A. N.A. 3.77 0.90
Class I - US Dollar INCEPTION: 04/03/13 4.71 18.79 N.A. N.A. N.A. 12.47 0.75
Emerging Markets
Class A - US Dollar INCEPTION: 09/25/12 6.47 18.50 N.A. N.A. N.A. 10.11 1.20
Class I - Canadian Dollar INCEPTION: 11/14/13 2.85 N.A. N.A. N.A. N.A. 12.00 0.90
Frontier Markets
Class A - US Dollar INCEPTION: 09/25/12 10.41 26.03 N.A. N.A. N.A. 25.69 1.75
Class A - Euro INCEPTION: 03/12/14 11.08 N.A. N.A. N.A. N.A. 11.30 1.75
total returns % returns % *
  quarter 1 year 3 years 5 years 10 years since inception Total Expense Ratio
International Equity
Class B - US Dollar INCEPTION: 09/27/13 4.69 N.A. N.A. N.A. N.A. 7.20 1.15
Emerging Markets
Class B - US Dollar INCEPTION: 10/25/13 6.41 N.A. N.A. N.A. N.A. 6.30 1.50

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Fund returns are net of fees.

*Returns since inception are total returns for currency classes less than one year old; returns greater than one year are average annualized returns.

Performance data quoted represents past performance; past performance does not guarantee future results.

The information contained herein concerns a sub-fund (the “Fund”) of Harding Loevner Funds plc (the “Company”), an umbrella-type open-ended investment company authorized in Ireland as an undertaking for collective investment in transferable securities (a “UCITS”) pursuant to the European Communities (Undertakings for Collective Investment in Transferable Securities) Regulations, as amended.  Harding Loevner LP is the investment manager of the Company.  

The investments of the Fund in securities are subject to normal market fluctuations and other risks inherent in investing in securities. The value of investments and the income from them, and therefore the value of and income from Shares relating to each Fund can go down as well as up and an investor may not get back the amount he invests. Changes in exchange rates between currencies or the conversion from one currency to another may also cause the value of the investments to diminish or increase. An investment in a Fund should not constitute a substantial proportion of an investment portfolio and may not be appropriate for all investors.  For further discussion of risk factors, refer to the Risk Factors section of the Company’s prospectus and the applicable Fund’s Supplement to the Prospectus.

There can be no assurance that the Fund’s investment objective will be achieved and investment results may vary substantially over time. This document is for information purposes only and does not constitute an offer or invitation to purchase shares in the Fund and has not been prepared in connection with any such offer or invitation. 

Investment Philosophy and Process

May 2011

Simon Hallett, Chief Investment Officer, discusses Harding Loevner's investment philosophy and process.


The videos provide general background about Harding Loevner's investment philosophy and process. For more detailed information regarding particular investment strategies, please see our Publications page.

Any discussion of specific securities is not a recommendation to buy or sell. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest in emerging markets, which involve unique risks, such as exposure to economies less diverse and mature than the US or other more established foreign markets. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.

Global Equity

May 2011

Peter Baughan, Co-Lead Portfolio Manager of the Global Equity Strategy, is featured in this video.


The videos provide general background about Harding Loevner's investment philosophy and process. For more detailed information regarding particular investment strategies, please see our Publications page.

Any discussion of specific securities is not a recommendation to buy or sell. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest in emerging markets, which involve unique risks, such as exposure to economies less diverse and mature than the US or other more established foreign markets. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.

Emerging Markets

May 2011

Rusty Johnson, Co-Lead Portfolio Manager of the Emerging Markets Strategy, is featured in this video.


The videos provide general background about Harding Loevner's investment philosophy and process. For more detailed information regarding particular investment strategies, please see our Publications page.

Any discussion of specific securities is not a recommendation to buy or sell. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest in emerging markets, which involve unique risks, such as exposure to economies less diverse and mature than the US or other more established foreign markets. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.


Pricing as of 07/21/14

Global Equity Class A - USD
NAV 1.417
Daily Change -0.352 %
YTD Return 4.808%
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International Equity Class A - USD
NAV 1.061
Daily Change -0.188 %
YTD Return 3.918%
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Emerging Markets Class A - USD
NAV 1.202
Daily Change 0.083 %
YTD Return 9.173%
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Frontier Markets Class A - USD
NAV 1.507
Daily Change 0.000 %
YTD Return 14.080%
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International Equity Class B - USD
NAV 1.071
Daily Change -0.186 %
YTD Return 3.779%
Emerging Markets Class B - USD
NAV 1.077
Daily Change 0.000 %
YTD Return 9.008%