Global Equity First Quarter 2013 Update

We are intrigued by the notion that there might be a relationship between the appetite for stable dividend stocks in the US or Switzerland and the massive stock market rally in Japan. Investors—in varying degrees—may be concluding that the bonds issued by their governments are no longer reliable sources of stable returns, and, along with their bank deposits, may not even remain good stores of value if the inflation goals set by their monetary authorities are realized. The careful weighing of coupon income, price risk, and expected inflation that drives Western bond investors to invest in stable dividend stocks is the same calculus happening at hyper-speed in Japan, where savers, households, and professional investors are being metaphorically exhorted to get their money out of cash deposits because their government is purposely going to trash its spending value. The world is entering a very peculiar phase of financial risk and return.

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Emerging Markets Equity First Quarter 2013 Update

We are not ready to exaggerate reports of the death of emerging markets.  While the overall MSCI Emerging Markets Index (the "Index") has been relatively unexciting of late, it is important to remember the makeup of the Index before drawing broad conclusions about the opportunity set. We find a lot to be positive about in our investment universe, particularly among the smaller emerging markets. One of the reasons the Index has been weak is the poor performance of the Index heavyweights, specifically the quartet of countries commonly termed the BRICs (Brazil, Russia, India and China), which have a combined 44% weight in the Index. During the quarter, China was down 5%, Brazil slipped 1%, while India and Russia each fell 3%. But several smaller markets did exceptionally well. During the same period, the Philippines rose 19%, Indonesia 13%, Thailand 10%, and Turkey 8%.  However, those four countries only contribute about 9% to the Index.

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Institutional (Class A) Performance

for periods ending April 30, 2013
total returns % returns % *
  month 1 year 3 years 5 years 10 years since inception Total Expense Ratio
Global Equity
US Dollar INCEPTION: 06/21/07 1.53 8.54 7.91 3.22 N.A. 3.09 0.88
Euro INCEPTION: 06/21/07 -1.20 9.03 8.21 6.54 N.A. 3.51 0.88
GBP Sterling INCEPTION: 03/05/08 -0.69 13.48 7.46 8.53 N.A. 9.51 0.88
Singapore Dollar INCEPTION: 08/05/08 0.78 8.05 4.21 N.A. N.A. 3.33 0.88
Australian Dollar INCEPTION: 10/04/12 1.85 N.A. N.A. N.A. N.A. 4.60 0.88
Emerging Markets
US Dollar INCEPTION: 09/25/12 2.27 N.A. N.A. N.A. N.A. 8.00 1.20
Frontier Markets
US Dollar INCEPTION: 09/25/12 2.09 N.A. N.A. N.A. N.A. 17.10 1.75
for periods ending March 31, 2013
total returns % returns % *
  quarter 1 year 3 years 5 years 10 years since inception Total Expense Ratio
Global Equity
US Dollar INCEPTION: 06/21/07 4.81 6.23 7.63 3.73 N.A. 2.86 0.84
Euro INCEPTION: 06/21/07 7.88 10.35 9.52 8.14 N.A. 3.78 0.84
GBP Sterling INCEPTION: 03/05/08 12.02 11.82 7.59 9.53 N.A. 9.82 0.84
Singapore Dollar INCEPTION: 08/05/08 6.43 4.79 3.48 N.A. N.A. 3.22 0.84
Australian Dollar INCEPTION: 10/04/12 4.58 N.A. N.A. N.A. N.A. 2.70 0.84
Emerging Markets
US Dollar INCEPTION: 09/25/12 -0.38 N.A. N.A. N.A. N.A. 5.60 1.20
Frontier Markets
US Dollar INCEPTION: 09/25/12 10.18 N.A. N.A. N.A. N.A. 14.70 1.75

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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 05/22/13

Global Equity USD - IE00B1WL5L32
NAV 1.221
Daily Change -0.812 %
YTD Return 8.727%
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International Equity USD - IE00B7TV9M70
NAV 1.053
Daily Change -0.095 %
YTD Return 5.300%
Emerging Markets USD - IE00B1WL5D57
NAV 1.094
Daily Change -0.545 %
YTD Return 3.208%
Frontier Markets USD - IE00B1WL5575
NAV 1.260
Daily Change 0.239 %
YTD Return 21.037%