Harding Loevner Frontier Emerging Markets Portfolio
Fund
HLMOX
Price as of:
$9.10
+ $0.05
+ 0.55%
Primary Theme
fund company
Name
As of 06/01/2026Price
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
Vitals
YTD Return
2.0%
1 yr return
12.7%
3 Yr Avg Return
11.2%
5 Yr Avg Return
3.3%
Net Assets
$117 M
Holdings in Top 10
39.8%
52 WEEK LOW AND HIGH
$9.1
N/A
N/A
Expenses
OPERATING FEES
Expense Ratio 2.18%
SALES FEES
Front Load N/A
Deferred Load N/A
TRADING FEES
Turnover 30.00%
Redemption Fee N/A
Min Investment
Standard (Taxable)
$5,000
IRA
N/A
Fund Classification
Fund Type
Open End Mutual Fund
Name
As of 06/01/2026Price
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
HLMOX - Profile
Distributions
- YTD Total Return 2.0%
- 3 Yr Annualized Total Return 11.2%
- 5 Yr Annualized Total Return 3.3%
- Capital Gain Distribution Frequency Annually
- Net Income Ratio 0.35%
- Dividend Yield 3.2%
- Dividend Distribution Frequency Annual
Fund Details
-
Legal NameHarding Loevner Frontier Emerging Markets Portfolio
-
Fund Family NameHarding Loevner
-
Inception DateMar 01, 2017
-
Shares OutstandingN/A
-
Share ClassInvestor
-
CurrencyUSD
-
Domiciled CountryUS
-
ManagerPradipta Chakrabortty
Fund Description
The Portfolio invests primarily in companies that are based in frontier emerging markets, including the smaller traditionally-recognized emerging markets. Frontier emerging markets, with the exception of the oil‑producing Gulf States and certain of the smaller traditionally-recognized emerging markets, tend to have relatively low gross national product per capita compared to the larger traditionally-recognized emerging markets and the world’s major developed economies. The frontier emerging markets include the least developed markets even by emerging markets standards. Frontier emerging 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.
As used herein, frontier emerging markets include countries that are represented in the MSCI Frontier Markets Index or the S&P Frontier Markets BMI, or similar market indices, and the smaller of the traditionally-recognized emerging markets, such as those individually constituting less than 5% of the MSCI Emerging Markets Index or the S&P Emerging Markets BMI. Factors bearing on whether a company is considered to be “based” in a frontier emerging market may include: (1) it is legally domiciled in a frontier emerging market; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in frontier emerging markets; or (3) it has the principal exchange listing for its securities in a frontier emerging market. Frontier emerging markets generally include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United
States and the larger traditionally-recognized emerging markets of Taiwan, South Korea, South Africa, Brazil, India and China. 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 (“ADRs”), Global Depositary Receipts (“GDRs”), and European Depositary Receipts ( “EDRs”) 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 the frontier emerging 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 frontier emerging market securities, and investment companies that invest in the types of securities in which the Portfolio would normally invest.
The Portfolio may invest up to 35% of its total assets in securities of companies in any one industry if, at the time of investment, that industry represents 20% or more of the Portfolio’s benchmark index, currently the MSCI Frontier Emerging Markets Index.
Because some frontier emerging market countries may present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities to gain exposure to issuers in those countries.
HLMOX - Performance
Return Ranking - Trailing
| Period | HLMOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -18.5% | 102.9% | 97.94% |
| 1 Yr | 12.7% | -14.2% | 239.7% | 96.52% |
| 3 Yr | 11.2%* | -0.2% | 66.1% | 95.56% |
| 5 Yr | 3.3%* | -11.3% | 25.5% | 86.12% |
| 10 Yr | 3.4%* | 0.8% | 21.5% | 99.32% |
* Annualized
Return Ranking - Calendar
| Period | HLMOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 12.9% | -39.1% | 56.9% | 86.75% |
| 2024 | 6.8% | -24.0% | 31.7% | 28.08% |
| 2023 | 8.5% | -6.5% | 35.5% | 51.82% |
| 2022 | -20.6% | -50.1% | -2.4% | 22.31% |
| 2021 | 9.3% | -33.1% | 22.5% | 3.81% |
Total Return Ranking - Trailing
| Period | HLMOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| YTD | 2.0% | -18.5% | 102.9% | 97.94% |
| 1 Yr | 12.7% | -14.2% | 239.7% | 96.52% |
| 3 Yr | 11.2%* | -0.2% | 66.1% | 95.56% |
| 5 Yr | 3.3%* | -11.3% | 25.5% | 86.12% |
| 10 Yr | 3.4%* | 0.8% | 21.5% | 99.32% |
* Annualized
Total Return Ranking - Calendar
| Period | HLMOX Return | Category Return Low | Category Return High | Rank in Category (%) |
|---|---|---|---|---|
| 2025 | 16.6% | 0.1% | 87.2% | 91.80% |
| 2024 | 8.4% | -16.6% | 31.7% | 26.81% |
| 2023 | 10.1% | -2.5% | 42.0% | 60.35% |
| 2022 | -20.6% | -42.2% | 1.9% | 34.53% |
| 2021 | 9.8% | -32.5% | 33.1% | 10.90% |
NAV & Total Return History
HLMOX - Holdings
Concentration Analysis
| HLMOX | Category Low | Category High | HLMOX % Rank | |
|---|---|---|---|---|
| Net Assets | 117 M | 682 K | 160 B | 82.18% |
| Number of Holdings | 56 | 10 | 7640 | 85.33% |
| Net Assets in Top 10 | 50.2 M | 290 K | 47.3 B | 77.44% |
| Weighting of Top 10 | 39.75% | 2.9% | 107.6% | 47.71% |
Top 10 Holdings
- MOBILE WORLD INVESTMENT C 4.65%
- BANCA TRANSILVANIA SA 4.63%
- CREDICORP LTD 4.60%
- INTERNATIONAL CONTAINER T 4.49%
- GRUPO CIBEST SA ADR 4.12%
- NI TREASURY PORTFOLIO 3.80%
- BANK FOR FOREIGN TRADE OF 3.70%
- HOA PHAT GRP. JSC 3.32%
- NAC KAZATOMPROM JSC GDR 3.32%
- SOCIETE D EXPLOITATION DE 3.13%
Asset Allocation
| Weighting | Return Low | Return High | HLMOX % Rank | |
|---|---|---|---|---|
| Stocks | 96.83% | 0.00% | 102.89% | 49.37% |
| Cash | 3.80% | -2.03% | 17.54% | 20.66% |
| Preferred Stocks | 0.00% | 0.00% | 12.21% | 91.80% |
| Other | 0.00% | -0.56% | 10.07% | 74.92% |
| Convertible Bonds | 0.00% | 0.00% | 7.40% | 75.99% |
| Bonds | 0.00% | 0.00% | 138.18% | 78.55% |
Stock Sector Breakdown
| Weighting | Return Low | Return High | HLMOX % Rank | |
|---|---|---|---|---|
| Financial Services | 33.88% | 0.00% | 48.86% | 1.76% |
| Technology | 13.80% | 0.00% | 47.50% | 89.92% |
| Consumer Defense | 12.08% | 0.00% | 25.90% | 7.20% |
| Consumer Cyclical | 8.77% | 0.00% | 48.94% | 85.28% |
| Real Estate | 6.49% | 0.00% | 17.15% | 5.44% |
| Healthcare | 5.87% | 0.00% | 16.53% | 24.80% |
| Industrials | 5.83% | 0.00% | 43.53% | 55.04% |
| Communication Services | 5.13% | 0.00% | 39.29% | 83.52% |
| Basic Materials | 4.33% | 0.00% | 30.03% | 80.48% |
| Energy | 3.82% | 0.00% | 24.80% | 56.00% |
| Utilities | 0.00% | 0.00% | 39.12% | 92.00% |
Stock Geographic Breakdown
| Weighting | Return Low | Return High | HLMOX % Rank | |
|---|---|---|---|---|
| Non US | 69.17% | 0.00% | 100.93% | 93.06% |
| US | 27.67% | 0.00% | 96.45% | 3.63% |
HLMOX - Expenses
Operational Fees
| HLMOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Expense Ratio | 2.18% | 0.02% | 26.99% | 12.97% |
| Management Fee | 1.10% | 0.00% | 1.50% | 93.68% |
| 12b-1 Fee | 0.25% | 0.00% | 1.00% | 50.96% |
| Administrative Fee | N/A | 0.01% | 0.85% | N/A |
Sales Fees
| HLMOX 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
| HLMOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Max Redemption Fee | N/A | 1.00% | 2.00% | 56.79% |
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.
| HLMOX Fees (% of AUM) | Category Return Low | Category Return High | Rank in Category (%) | |
|---|---|---|---|---|
| Turnover | 30.00% | 0.00% | 189.00% | 25.05% |
HLMOX - Distributions
Dividend Yield Analysis
| HLMOX | Category Low | Category High | HLMOX % Rank | |
|---|---|---|---|---|
| Dividend Yield | 3.22% | 0.00% | 9.74% | 63.56% |
Dividend Distribution Analysis
| HLMOX | Category Low | Category High | Category Mod | |
|---|---|---|---|---|
| Dividend Distribution Frequency | Annual | Annual | Annual | Annual |
Net Income Ratio Analysis
| HLMOX | Category Low | Category High | HLMOX % Rank | |
|---|---|---|---|---|
| Net Income Ratio | 0.35% | -1.98% | 17.62% | 66.56% |
Capital Gain Distribution Analysis
| HLMOX | Category Low | Category High | Capital Mode | |
|---|---|---|---|---|
| Capital Gain Distribution Frequency | Annually | Annually | Quarterly | Annually |
Distributions History
| Date | Amount | Type |
|---|---|---|
| Dec 15, 2025 | $0.291 | OrdinaryDividend |
| Dec 19, 2024 | $0.118 | OrdinaryDividend |
| Dec 19, 2023 | $0.111 | OrdinaryDividend |
| Dec 14, 2021 | $0.042 | OrdinaryDividend |
| Dec 15, 2020 | $0.101 | OrdinaryDividend |
| Dec 17, 2019 | $0.122 | OrdinaryDividend |
| Dec 18, 2018 | $0.062 | OrdinaryDividend |
| Dec 15, 2017 | $0.137 | OrdinaryDividend |
| Dec 16, 2016 | $0.037 | OrdinaryDividend |
| Dec 18, 2015 | $0.041 | OrdinaryDividend |
| Dec 19, 2014 | $0.102 | CapitalGainLongTerm |
| Dec 19, 2014 | $0.019 | OrdinaryDividend |
| Dec 20, 2013 | $0.010 | OrdinaryDividend |
| Dec 20, 2012 | $0.070 | OrdinaryDividend |
| Dec 19, 2011 | $0.023 | OrdinaryDividend |
HLMOX - Fund Manager Analysis
Managers
Pradipta Chakrabortty
Start Date
Tenure
Tenure Rank
Dec 31, 2008
13.42
13.4%
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.
Babatunde Ojo
Start Date
Tenure
Tenure Rank
Jun 30, 2014
7.92
7.9%
Babatunde Ojo, CFA has been a portfolio manager since 2014 and an analyst since 2012. As an analyst, he focuses on frontier emerging markets companies. Mr. Ojo graduated from University of Lagos in 2002. He received an MBA in Finance and Management from University of Pennsylvania, the Wharton School, in 2012 and joined Harding Loevner that same year. Mr. Ojo serves as a co-lead portfolio manager for the Frontier Emerging Markets Portfolio.
Sergey Dubin
Start Date
Tenure
Tenure Rank
Jan 31, 2022
0.33
0.3%
Sergey Dubin, CFA an analyst since 2015. As an analyst, he focuses on emerging markets companies. Mr. Dubin graduated from Syracuse University in 1997. He joined Harding Loevner in 2015. Mr. Dubin serves as a portfolio manager for the Frontier Emerging Markets Portfolio.
Tenure Analysis
| Category Low | Category High | Category Average | Category Mode |
|---|---|---|---|
| 0.09 | 33.71 | 6.79 | 13.42 |