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Trending ETFs

Name

As of 03/27/2024

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

$17.97

$527 M

1.14%

$0.20

1.16%

Vitals

YTD Return

-0.6%

1 yr return

9.6%

3 Yr Avg Return

-2.1%

5 Yr Avg Return

5.0%

Net Assets

$527 M

Holdings in Top 10

21.3%

52 WEEK LOW AND HIGH

$17.8
N/A
N/A

Expenses

OPERATING FEES

Expense Ratio 1.16%

SALES FEES

Front Load N/A

Deferred Load N/A

TRADING FEES

Turnover 13.00%

Redemption Fee N/A


Min Investment

Standard (Taxable)

$100,000

IRA

N/A


Fund Classification

Fund Type

Open End Mutual Fund


Name

As of 03/27/2024

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

$17.97

$527 M

1.14%

$0.20

1.16%

HLMRX - Profile

Distributions

  • YTD Total Return -0.6%
  • 3 Yr Annualized Total Return -2.1%
  • 5 Yr Annualized Total Return 5.0%
  • Capital Gain Distribution Frequency Annually
  • Net Income Ratio 0.29%
DIVIDENDS
  • Dividend Yield 1.1%
  • Dividend Distribution Frequency Annual

Fund Details

  • Legal Name
    Harding Loevner International Small Companies Portfolio
  • Fund Family Name
    Harding Loevner
  • Inception Date
    Jun 30, 2011
  • Shares Outstanding
    N/A
  • Share Class
    Instl
  • Currency
    USD
  • Domiciled Country
    US
  • Manager
    Jafar Rizvi

Fund Description

The Portfolio invests primarily in small companies based outside the United States, including companies in emerging and frontier as well as in developed markets. 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.
Companies considered to be small are those having a market capitalization, at time of purchase, within the range of the market capitalization of companies in the Portfolio’s benchmark index, currently the MSCI All Country World ex US Small Cap Index (the “Index”). As of December 31, 2023, the range of market capitalization of companies in the Index was US $98.6 million to US $9.8 billion. 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.
Factors bearing on whether a company is considered to be “based” outside the United States may include: (1) it is legally domiciled outside the United States; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, outside the United States; or (3) it has the principal exchange listing for its securities outside the United States.
The Portfolio will normally invest broadly in equity securities of small companies domiciled in the following countries and regions: (1) Europe; (2) the Pacific Rim; (3) Canada and Mexico; and (4) countries with emerging or frontier markets. 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, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in common stocks, preferred stocks, rights, and warrants issued by small companies that are based outside the United States, 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. If the Portfolio continues to hold securities of small companies whose market capitalization, subsequent to purchase, grows to exceed the upper range of the market capitalization of the Index, it may continue to treat them as small for the purposes of the 80% requirement. The Portfolio also may invest in securities of small 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.
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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HLMRX - Performance

Return Ranking - Trailing

Period HLMRX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -5.4% 9.8% 80.00%
1 Yr 9.6% -15.5% 34.8% 66.40%
3 Yr -2.1%* -26.2% 1.3% 23.28%
5 Yr 5.0%* -7.6% 10.2% 33.33%
10 Yr 4.5%* 0.8% 7.4% 47.56%

* Annualized

Return Ranking - Calendar

Period HLMRX Return Category Return Low Category Return High Rank in Category (%)
2023 10.7% -16.8% 28.8% 46.40%
2022 -25.9% -46.4% -21.4% 19.01%
2021 9.6% -30.6% 16.4% 10.43%
2020 18.6% -1.5% 62.8% 47.83%
2019 29.0% 9.7% 44.0% 15.18%

Total Return Ranking - Trailing

Period HLMRX Return Category Return Low Category Return High Rank in Category (%)
YTD -0.6% -5.4% 9.8% 80.00%
1 Yr 9.6% -15.5% 34.8% 66.40%
3 Yr -2.1%* -26.2% 1.3% 23.28%
5 Yr 5.0%* -7.6% 10.2% 33.33%
10 Yr 4.5%* 0.8% 7.4% 47.56%

* Annualized

Total Return Ranking - Calendar

Period HLMRX Return Category Return Low Category Return High Rank in Category (%)
2023 12.0% -16.5% 30.7% 52.80%
2022 -25.9% -46.4% -18.5% 24.79%
2021 13.1% -30.6% 24.7% 30.43%
2020 18.8% 1.6% 68.3% 61.74%
2019 29.8% 9.7% 44.0% 22.32%

NAV & Total Return History


HLMRX - Holdings

Concentration Analysis

HLMRX Category Low Category High HLMRX % Rank
Net Assets 527 M 25.2 K 6.04 B 46.03%
Number of Holdings 84 39 1618 62.70%
Net Assets in Top 10 99.7 M 686 K 1.06 B 46.83%
Weighting of Top 10 21.26% 5.3% 53.0% 63.49%

Top 10 Holdings

  1. HOA Phat Group Jsc VND10000 2.57%
  2. Max Financial Services Limited INR2 2.28%
  3. Senior PLC GBP0.10 2.26%
  4. Northern Inst Fds TREAS PRT PRMR 2.09%
  5. YouGov PLC ORD GBP0.002 2.08%
  6. LEM Holdings AG CHF0.50(REGD) 2.07%
  7. Fuchs SE NPV (REG) 2.04%
  8. Rubis SCA EUR1.25 2.00%
  9. Cyber-Ark Software Limited COM ILS0.01 1.96%
  10. Chr. Hansen Holding AS DKK10 1.92%

Asset Allocation

Weighting Return Low Return High HLMRX % Rank
Stocks
96.09% 89.56% 99.81% 56.35%
Cash
2.21% 0.00% 11.63% 53.97%
Preferred Stocks
1.70% 0.00% 8.16% 13.49%
Other
0.00% -0.09% 5.11% 99.21%
Convertible Bonds
0.00% 0.00% 0.00% 100.00%
Bonds
0.00% 0.00% 2.66% 100.00%

Stock Sector Breakdown

Weighting Return Low Return High HLMRX % Rank
Technology
22.70% 6.70% 37.76% 29.37%
Healthcare
16.77% 1.74% 29.97% 21.43%
Industrials
16.12% 0.00% 40.13% 89.68%
Communication Services
13.02% 1.49% 23.23% 4.76%
Financial Services
8.63% 1.92% 22.28% 43.65%
Consumer Defense
8.18% 1.61% 17.90% 22.22%
Basic Materials
6.15% 0.00% 18.70% 48.41%
Consumer Cyclical
3.83% 1.31% 28.28% 96.03%
Utilities
2.30% 0.00% 5.12% 20.63%
Energy
1.79% 0.00% 9.29% 39.68%
Real Estate
0.51% 0.00% 13.00% 81.75%

Stock Geographic Breakdown

Weighting Return Low Return High HLMRX % Rank
Non US
92.79% 62.81% 98.57% 39.68%
US
3.30% 0.00% 32.46% 58.73%

HLMRX - Expenses

Operational Fees

HLMRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Expense Ratio 1.16% 0.01% 41.09% 73.02%
Management Fee 0.95% 0.00% 1.75% 58.73%
12b-1 Fee N/A 0.00% 1.00% N/A
Administrative Fee N/A 0.05% 0.26% N/A

Sales Fees

HLMRX 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% 4.00% N/A

Trading Fees

HLMRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Max Redemption Fee N/A 2.00% 2.00% 64.00%

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.

HLMRX Fees (% of AUM) Category Return Low Category Return High Rank in Category (%)
Turnover 13.00% 8.00% 236.00% 12.75%

HLMRX - Distributions

Dividend Yield Analysis

HLMRX Category Low Category High HLMRX % Rank
Dividend Yield 1.14% 0.00% 5.54% 45.24%

Dividend Distribution Analysis

HLMRX Category Low Category High Category Mod
Dividend Distribution Frequency Annual Annual Annual Annual

Net Income Ratio Analysis

HLMRX Category Low Category High HLMRX % Rank
Net Income Ratio 0.29% -1.81% 1.51% 34.71%

Capital Gain Distribution Analysis

HLMRX Category Low Category High Capital Mode
Capital Gain Distribution Frequency Annually Annually Annually Annually

Distributions History

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HLMRX - Fund Manager Analysis

Managers

Jafar Rizvi


Start Date

Tenure

Tenure Rank

Jun 30, 2011

10.93

10.9%

Jafar Rizvi is a co-lead portfolio manager of the Global Small Companies Equity and International Small Companies Equity strategies and a Communication Services, Consumer Discretionary, and International Small Companies analyst. Jafar is a Partner of the firm and has over 25 years of experience. Before joining Harding Loevner in 2008, he was a senior analyst at Cohen, Klingenstein & Marks, where he also followed the Information Technology and Telecom Services sectors. He previously worked as an analyst at Franklin Templeton, Sands Brothers & Co., and Deutsche Bank. Jafar is a graduate of Aligarh University with a BA in Economics, J Nehru University with an MA in Economics, Baruch College with an MBA in Computer Information Systems, and Columbia University with an MPA in International Economic Policy and Management. He is also a CFA® charterholder.

Anix Vyas


Start Date

Tenure

Tenure Rank

Apr 02, 2018

4.16

4.2%

Anix Vyas, CFA is a co-lead portfolio manager of the International Small Companies Equity strategy and an analyst of the Industrials and Materials sectors. Anix joined Harding Loevner in 2013. Anix has over 15 years experience. Prior to joining Harding Loevner, he worked as a Research Analyst for Gabelli & Company, Inc. / GAMCO Investors, Inc. Mr. Vyas graduated from Fordham University in 2002 with a degree in Finance & Accounting. He received an MBA inFinance from The Wharton School, University of Pennsylvania. He is also a CFA charterholder.

Tenure Analysis

Category Low Category High Category Average Category Mode
0.17 28.52 5.66 0.17