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Name

As of 12/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Harding Loevner Institutional Emerging Markets Portfolio

HLEZX | Fund

$16.89

$1.49 B

1.66%

$0.28

0.98%

Vitals

YTD Return

4.4%

1 yr return

6.6%

3 Yr Avg Return

-7.1%

5 Yr Avg Return

-2.5%

Net Assets

$1.49 B

Holdings in Top 10

34.4%

52 WEEK LOW AND HIGH

$16.9
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 0.98%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 13.00%

Redemption Fee N/A

Min Investment

Standard (Taxable)

$10,000,000

IRA

N/A

Fund Classification

Fund Type

Open End Mutual Fund

Name

As of 12/23/2024

Price

Aum/Mkt Cap

YIELD

Annualized forward dividend yield. Multiplies the most recent dividend payout amount by its frequency and divides by the previous close price.

Exp Ratio

Expense ratio is the fund’s total annual operating expenses, including management fees, distribution fees, and other expenses, expressed as a percentage of average net assets.

Watchlist

Harding Loevner Institutional Emerging Markets Portfolio

HLEZX | Fund

$16.89

$1.49 B

1.66%

$0.28

0.98%

HLEZX - Profile

Distributions

  • YTD Total Return 4.4%
  • 3 Yr Annualized Total Return -7.1%
  • 5 Yr Annualized Total Return -2.5%
  • Capital Gain Distribution Frequency N/A
  • Net Income Ratio 0.41%
DIVIDENDS
  • Dividend Yield 1.7%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Harding Loevner Institutional Emerging Markets Portfolio
  • Fund Family Name
    Harding Loevner
  • Inception Date
    Mar 05, 2014
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Craig Shaw

Fund Description

The Portfolio invests primarily in companies that are based in emerging and frontier markets. Emerging and frontier markets offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing, and improving corporate governance in developing countries. Harding Loevner LP (“Harding Loevner”), the Portfolio’s investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing, and strongly competitive, and whose shares are reasonably priced relative to estimates of their value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, and currency. The Portfolio normally holds investments across at least 15 countries. Emerging and frontier markets include countries that have an emerging stock market as defined by Morgan Stanley Capital International, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics. Emerging and frontier markets tend to have relatively low gross national product per capita compared to the world’s major economies and may have the potential for rapid economic growth.
Factors bearing on whether a company is considered to be “based” in an emerging or frontier market may include: (1) it is legally domiciled in an emerging or frontier market; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in an emerging or frontier market; or (3) it has the principal exchange listing for its securities in an emerging or frontier market.
At least 65% of the Portfolio’s total assets will be denominated in at least three currencies other than the U.S. dollar. For purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts (collectively, “Depositary Receipts”) will be considered to be denominated in the currency of the country where the securities underlying the Depositary Receipts are principally traded.
The Portfolio invests at least 65% of its total assets in common stocks, preferred stocks, rights, and warrants issued by companies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of
securities in which the Portfolio would normally invest. The Portfolio also may invest in securities of U.S. companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances, not more than 15% of the Portfolio’s total assets will be invested in securities of U.S. companies.
The Portfolio invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in emerging markets securities, which includes frontier markets securities, and investment companies that invest in the types of securities in which the Portfolio would normally invest.
Because some emerging market countries may present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities to gain exposure to those countries.
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HLEZX - Performance

Return Ranking - Trailing

Period HLEZX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% -22.8% 34.2% 75.57%
1 Yr 6.6% -21.0% 33.0% 74.00%
3 Yr -7.1%* -11.5% 10.6% 92.02%
5 Yr -2.5%* -6.7% 10.4% 94.94%
10 Yr 1.9%* -1.5% 8.6% 86.93%

* Annualized

Return Ranking - Calendar

Period HLEZX Return Category Return Low Category Return High Rank in Category (%)
2023 4.7% -6.5% 35.5% 87.45%
2022 -28.4% -50.1% -2.4% 79.09%
2021 -4.0% -33.1% 22.5% 41.50%
2020 13.5% -22.1% 80.1% 62.48%
2019 24.0% -0.7% 42.0% 17.57%

Total Return Ranking - Trailing

Period HLEZX Return Category Return Low Category Return High Rank in Category (%)
YTD 4.4% -22.8% 34.2% 75.57%
1 Yr 6.6% -21.0% 33.0% 74.00%
3 Yr -7.1%* -11.5% 10.6% 92.02%
5 Yr -2.5%* -6.7% 10.4% 94.94%
10 Yr 1.9%* -1.5% 8.6% 86.93%

* Annualized

Total Return Ranking - Calendar

Period HLEZX Return Category Return Low Category Return High Rank in Category (%)
2023 6.2% -1.0% 42.0% 87.59%
2022 -28.4% -42.2% 1.9% 86.60%
2021 -3.3% -32.5% 33.1% 63.96%
2020 14.0% -20.0% 81.6% 69.17%
2019 26.0% 2.3% 42.0% 23.99%

NAV & Total Return History

HLEZX - Holdings

Concentration Analysis

HLEZX Category Low Category High HLEZX % Rank
Net Assets 1.49 B 682 K 111 B 32.48%
Number of Holdings 76 9 7534 63.39%
Net Assets in Top 10 224 M 290 K 23.8 B 37.75%
Weighting of Top 10 34.35% 2.9% 101.1% 43.79%

Top 10 Holdings

  1. Taiwan Semiconductor Manufacturing Co., Ltd. TWD10 5.44%
  2. Tencent Holdings Ltd. HKD0.00002 4.95%
  3. HDFC Bank Ltd. INR1 4.46%
  4. Samsung Electronics Co Ltd. GDR EACH REP 25 COM STK KRW100(REG S) 3.46%
  5. Trip.com Group Ltd. USD0.00125 3.44%
  6. Tata Consultancy Services Ltd. INR1 3.29%
  7. ICICI Bank Ltd. INR2 2.57%
  8. Maruti Suzuki India Ltd. INR5 2.48%
  9. ASPEED Technology Inc. TWD10 2.33%
  10. Delta Electronics Inc. TWD10 1.93%

Asset Allocation

Weighting Return Low Return High HLEZX % Rank
Stocks 		97.28% 0.00% 103.28% 51.85%
Cash 		2.72% -2.03% 98.08% 27.92%
Preferred Stocks 		0.00% 0.00% 13.31% 96.15%
Other 		0.00% -1.11% 39.53% 89.46%
Convertible Bonds 		0.00% 0.00% 7.40% 91.39%
Bonds 		0.00% 0.00% 95.13% 91.74%

Stock Sector Breakdown

Weighting Return Low Return High HLEZX % Rank
Financial Services 		26.32% 0.00% 48.86% 14.00%
Technology 		23.28% 0.00% 47.50% 41.41%
Consumer Cyclical 		13.24% 0.00% 48.94% 34.78%
Industrials 		12.78% 0.00% 43.53% 9.38%
Consumer Defense 		9.14% 0.00% 25.90% 19.19%
Communication Services 		7.13% 0.00% 39.29% 73.30%
Healthcare 		4.08% 0.00% 16.53% 45.45%
Energy 		1.80% 0.00% 24.80% 77.63%
Utilities 		1.78% 0.00% 39.12% 39.83%
Real Estate 		0.45% 0.00% 17.15% 73.45%
Basic Materials 		0.00% 0.00% 30.03% 99.28%

Stock Geographic Breakdown

Weighting Return Low Return High HLEZX % Rank
Non US 		80.05% 0.00% 100.52% 79.34%
US 		17.24% 0.00% 100.95% 17.66%

HLEZX - Expenses

Operational Fees

HLEZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 0.98% 0.03% 29.98% 76.14%
Management Fee 0.85% 0.00% 2.00% 46.93%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.01% 0.85% N/A

Sales Fees

HLEZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Front Load N/A 3.50% 5.75% N/A
Deferred Load N/A 1.00% 5.00% N/A

Trading Fees

HLEZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 1.00% 2.00% 53.09%

Related Fees

Turnover provides investors a proxy for the trading fees incurred by mutual fund managers who frequently adjust position allocations. Higher turnover means higher trading fees.

HLEZX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 13.00% 0.00% 189.00% 10.37%

HLEZX - Distributions

Dividend Yield Analysis

HLEZX Category Low Category High HLEZX % Rank
Dividend Yield 1.66% 0.00% 9.74% 61.40%

Dividend Distribution Analysis

HLEZX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual SemiAnnual Annual

Net Income Ratio Analysis

HLEZX Category Low Category High HLEZX % Rank
Net Income Ratio 0.41% -1.98% 17.62% 62.43%

Capital Gain Distribution Analysis

HLEZX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Quarterly Annually

Distributions History

View More +

HLEZX - Fund Manager Analysis

Managers

Craig Shaw

Start Date

Tenure

Tenure Rank

Dec 29, 2006

15.43

15.4%

Mr. Craig Shaw, is a Co-lead Portfolio Manager of Harding Loevner’s portion of the Fund. Mr. Shaw, Portfolio Manager, Analyst and Partner, has worked for Harding Loevner since 2001. Previous to his current position, Mr. Shaw was a Consultant in the capital markets and accounting areas from 1999 to 2000 and a Security Analyst with ABN AMRO Securities from 1996 to 1997. Mr. Shaw also worked for Barclays de Zoete Wedd, Credit Lyonnais Securities Asia and Parker Drilling Company in various analytic roles. Mr. Shaw received his BA in Business Administration from Concordia College in 1986 and MIM from American Graduate School of International Management (Thunderbird) in 1989.

Richard Schmidt

Start Date

Tenure

Tenure Rank

Dec 31, 2011

10.42

10.4%

Mr. Richard Schmidt, is a Portfolio Manager of Harding Loevner’s portion of the Fund. Mr. Schmidt, Portfolio Manager, Analyst and Partner, has worked with Harding Loevner since 2011. Previous to his current position, Mr. Schmidt was Chief Investment Officer with Oranda Capital Management from 2007 to 2011. Mr. Schmidt also worked for JP Morgan Asset Management, Jardine Fleming Investment Management, Jardine Fleming Securities, BT Brokerage and Winfull, Laing & Cruickshank in various analytic roles. Mr. Schmidt received his BS in Foreign Services from Georgetown University in 1986.

Scott Crawshaw

Start Date

Tenure

Tenure Rank

Jun 30, 2014

7.92

7.9%

Scott Crawshaw is a member of the PM team for the Emerging Markets Equity, International Equity & Global Equity strategies. He is also an Emerging Markets analyst. Scott joined the firm in 2014 & is a Partner. He has 22 yrs of experience in EM research & portfolio management, including 5 yrs at ISIS Asset Management where he served as an Emerging Markets Fund Manager until 2003. Prior to joining Harding Loevner, Scott served as an Emerging Markets Senior Portfolio Manager at Russell Investments. He graduated from The University of Bristol (1995) with a BSc in Mathematics.

Pradipta Chakrabortty

Start Date

Tenure

Tenure Rank

Jan 31, 2015

7.33

7.3%

Pradipta Chakrabortty has been a portfolio manager and an analyst since 2008. As an analyst, he focuses on frontier emerging market companies. Mr. Chakrabortty graduated from BIRLA Institute of Technology & Science (Pilani, India) in 1994, received an MBA in Finance and Marketing from XLRI School of Management (Jamshedpur, India) in 1998, and received an MBA in Finance from University of Pennsylvania, the Wharton School, in 2008. He joined Harding Loevner in 2008. Mr. Chakrabortty serves as a co-lead portfolio manager for the Frontier Emerging Markets Portfolio and as a portfolio manager for the Institutional Emerging Markets Portfolio and Emerging Markets Portfolio.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.09 33.71 6.68 13.42

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