Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Harding Loevner Emerging Markets Advisor  HLEMX
Release date as of 2019-11-30. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Report
Overall Morningstar
Rating™
What is this?
As of 2019-11-30
Out of 706
Diversified Emerging Mkts Funds
Morningstar®
Style Box™
What is this?
As of 2019-09-30
Total Fund Assets ($ Mil)
4,272.8
View Historical Morningstar Star Ratings and Definitions
  Investment Objective & Strategy  
The investment seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets.
The Portfolio invests at least 80% of its net assets in emerging markets securities, which includes frontier markets securities, and investment companies. It 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.
  Morningstar Category: Diversified Emerging Mkts
Diversified emerging-markets portfolios tend to divide their assets among 20 or more nations, although they tend to focus on the emerging markets of Asia and Latin America rather than on those of the Middle East, Africa, or Europe. These portfolios invest predominantly in emerging market equities, but some funds also invest in both equities and fixed income investments from emerging markets. 
  Performance
Growth of $10,000
(from 2009-01-01 to 2019-11-30)
Investment: Harding Loevner Emerging Markets Advisor
Benchmark 1: MSCI ACWI Ex USA NR USD
Benchmark 2: MSCI EM NR USD
Category: Diversified Emerging Mkts
This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
Total Annualized Returns %
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Investment 16.95 12.00 8.90 3.62 5.02 10.75
MSCI ACWI Ex USA NR USD 16.47 11.20 9.24 3.85 4.74 ---
MSCI EM NR USD 10.20 7.28 9.01 3.13 3.33 ---
Category 12.07 8.84 8.27 2.48 3.42 7.97
Morningstar Rating --- --- ---
# of compared Diversified Emerging Mkts funds covered (3 yrs : out of 706 funds) (5 yrs : out of 566 funds) (10 yrs : out of 239 funds)
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.
Fees and Expenses
Total Annual Operating Expense 1.40%
Prospectus Net Expense Ratio 1.40%
Maximum Sales Charge ---
The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio.
Waiver Data
Type Date %
--- --- --- ---
  Portfolio Profile
Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 3.2
Bullet Non-U.S. Stocks Non-U.S. Stocks 93.9
Bullet Bonds Bonds 0.0
Bullet Cash Cash 2.9
Bullet Other Other 0.0
Asset Allocation Rescaled Graph
Data through 2019-09-30
Morningstar Equity Sectors
% of Stocks
Cyclical 42.04
Basic Materials 0.00
Consumer Cyclical 13.86
Financial Services 28.18
Real Estate 0.00
Sensitive 45.29
Communication Services 1.06
Energy 8.55
Industrials 6.45
Technology 29.23
Defensive 12.68
Consumer Defensive 9.16
Healthcare 1.23
Utilities 2.29
Data through 2019-09-30
Morningstar World Regions
% Fund
Americas 18.9
North America 3.3
Latin America 15.6
Greater Europe 19.3
United Kingdom 0.2
Europe Developed 3.0
Europe Emerging 9.7
Africa/Middle East 6.3
Greater Asia 61.8
Japan 0.0
Australasia 0.0
Asia Developed 25.5
Asia Emerging 37.1
Data through 2019-09-30
Holding Status
Total Number of Stock Holdings 74
Total Number of Bond Holdings 0
% of Net Assets in Top 10 Holdings 32.87
Turnover % (as of 2018-10-31) 24.00
30 Day SEC Yield % ---
Top Holdings
Sector Country % of Net
Assets
Taiwan Semiconductor Manufacturing Co Ltd Taiwan 5.23
Tencent Holdings Ltd China 4.31
Alibaba Group Holding Ltd ADR China 4.25
Samsung Electronics Co Ltd GDR South Korea 3.81
PJSC Lukoil ADR Russia 2.68
NOVATEK PJSC GDR Russia 2.67
AIA Group Ltd Hong Kong 2.63
Sberbank of Russia PJSC ADR Russia 2.62
Housing Development Finance Corp Ltd India 2.45
ENN Energy Holdings Ltd China 2.22
Data through 2019-09-30
  Principal Risks   
Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Market/Market Volatility, Fixed-Income Securities, Financials Sector
Show Risk Definitions
  Other Information
Inception Date: 1998-11-09
Portfolio Manager(s)
Scott Crawshaw   (2014-06-30)
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.
Craig Shaw   (2006-12-29)
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.
Pradipta Chakrabortty   (2015-01-31)
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.
Richard Schmidt   (2011-12-31)
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.
G. Rusty Johnson   (1998-11-09)
G. Rusty Johnson, CFA has been a portfolio manager since 1998, and an analyst since 1994. As an analyst, he focuses on emerging markets companies. He graduated from Washington and Lee University in 1986. He also studied at Fu Jen University in Taiwan and Chinese University in Hong Kong. Mr. Johnson joined Harding Loevner in 1994. Mr. Johnson serves as a portfolio manager for the Institutional Emerging Markets Portfolio and Emerging Markets Portfolio.
Investment Advisor(s)
Harding Loevner LP
Issuer
Harding Loevner
Show Data Definitions

© Copyright 2019 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Harding Loevner Emerging Markets Advisor  HLEMX
Release date as of 2019-11-30. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Growth of $10,000 from 2009-01-01 to 2019-11-30  
Investment: Harding Loevner Emerging Markets Advisor
Benchmark 1: MSCI ACWI Ex USA NR USD
Benchmark 2: MSCI EM NR USD
Category: Diversified Emerging Mkts
This graph presents historical performance for the investment as well as an index and/or peer group. If the investment, index and/or peer group have performed similarly, the line representing the fund will overlay the index and/or peer group. Therefore, the line(s) representing the index and/or peer group history may be hidden.
  Calendar Year Total Returns
2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 11-19
Total return % 63.5 21.0 -17.5 22.7 4.2 -1.7 -13.5 13.2 35.2 -18.7 17.0
MSCI ACWI Ex USA NR USD 41.4 11.2 -13.7 16.8 15.3 -3.9 -5.7 4.5 27.2 -14.2 16.5
MSCI EM NR USD 78.5 18.9 -18.4 18.2 -2.6 -2.2 -14.9 11.2 37.3 -14.6 10.2
Category 73.8 19.3 -19.9 18.1 -0.1 -3.0 -13.8 8.5 34.2 -16.1 12.1
% Rank in Cat 85 28 26 16 19 37 43 17 50 76 21
# of Funds 367 386 458 552 614 749 840 813 806 836 843
Data through 2019-11-30
Investment results shown represent historical performance and do not guarantee future results. Investment returns and principal values fluctuate with changes in interest rates and other market conditions so the value, when redeemed may be worth more or less than original costs. Current performance may be lower or higher than the performance data shown.
  Total Annualized Returns
YTD 1 Year 3 Year 5 Year 10 Year Since Inception
Investment 16.95 12.00 8.90 3.62 5.02 10.75
MSCI ACWI Ex USA NR USD 16.47 11.20 9.24 3.85 4.74 ---
MSCI EM NR USD 10.20 7.28 9.01 3.13 3.33 ---
Category 12.07 8.84 8.27 2.48 3.42 7.97
Morningstar Rating --- --- ---
# of compared Diversified Emerging Mkts funds covered (3 yrs : out of 706 funds) (5 yrs : out of 566 funds) (10 yrs : out of 239 funds)
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
  Quarterly Trailing Average Annualized Total Returns
YTD 1-Year 3-Year 5-Year 10-Year Since Inception
Total Avg. Ann. Return % 12.11 0.73 5.45 3.00 4.90 10.61
Data through 2019-09-30
  Fees and Expenses
Total Annual Operating Expense 1.40%
Prospectus Net Expense Ratio 1.40%
Maximum Sales Charge ---
The total annual operating expense shown is before management fee waivers or expense caps. For more information on waivers/reimbursements, please see the prospectus. The total annual operating expense is also referred to as the prospectus gross expense ratio.
  Waiver Data
Type Date %
--- --- --- ---
Performance information may reflect historical or current expense waivers or reimbursements, without which, performance would have been lower.
Show Data Definitions

© Copyright 2019 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Harding Loevner Emerging Markets Advisor  HLEMX
Release date as of 2019-11-30. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Morningstar Ratings
Morningstar
Return
Morningstar
Risk
Morningstar
Rating
Number of
Funds
3-Year Average Above Avg 706
5-Year Above Avg Average 566
10-Year Above Avg Average 239
Overall Above Avg Average 706
Morningstar Category: Diversified Emerging Mkts | Number of Funds in Category: 706
Data through 2019-11-30
Ratings reflect risk-adjusted performance and are derived from a weighted average of the performance figures associated with its three, five and ten-year (if applicable) time periods.
  Volatility Measurements
Standard Deviation 14.84
Mean 8.90
Sharpe Ratio 0.53
Trailing 3-Yr as of 2019-11-30
  Modern Portfolio Theory Statistics
Best Fit Index
MSCI EM NR USD
R-Squared 91
Beta 1.02
Alpha -0.15
Trailing 3-Yr as of 2019-11-30
  Principal Risks   
Currency, Emerging Markets, Foreign Securities, Loss of Money, Not FDIC Insured, Market/Market Volatility, Fixed-Income Securities, Financials Sector
Show Risk Definitions
Show Data Definitions

© Copyright 2019 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Harding Loevner Emerging Markets Advisor  HLEMX
Release date as of 2019-11-30. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Style Box Details for Stock Holdings
Size
Average Mkt Cap $Mil 39,281
   
Market Capitalization % of Portfolio
Giant 64.32
Large 23.59
Medium 11.61
Small 0.47
Micro 0.00
   
Trailing Valuations Stock
Portfolio
Price/Book 2.4
Price/Earnings 14.9
Price/Cash Flow 7.8
As of 2019-09-30
Data as of 2019-09-30
  Asset Allocation
% of Net Assets
Bullet U.S. Stocks U.S. Stocks 3.2
Bullet Non-U.S. Stocks Non-U.S. Stocks 93.9
Bullet Bonds Bonds 0.0
Bullet Cash Cash 2.9
Bullet Other Other 0.0
Asset Allocation Rescaled Graph
Data through 2019-09-30
  Morningstar Equity Sectors
% of Stocks
Cyclical 42.04
Basic Materials 0.00
Consumer Cyclical 13.86
Financial Services 28.18
Real Estate 0.00
Sensitive 45.29
Communication Services 1.06
Energy 8.55
Industrials 6.45
Technology 29.23
Defensive 12.68
Consumer Defensive 9.16
Healthcare 1.23
Utilities 2.29
Data through 2019-09-30
  Morningstar World Regions
% Fund
Americas 18.9
North America 3.3
Latin America 15.6
Greater Europe 19.3
United Kingdom 0.2
Europe Developed 3.0
Europe Emerging 9.7
Africa/Middle East 6.3
Greater Asia 61.8
Japan 0.0
Australasia 0.0
Asia Developed 25.5
Asia Emerging 37.1
Data through 2019-09-30
  Top 25 Holdings
Total Number of Stock Holdings 74
Total Number of Bond Holdings 0
% of Net Assets in Top 10 Holdings 32.87
Turnover % (as of 2018-10-31) 24.00
30 Day SEC Yield % ---
Top 25 Holdings
Sector Country % of Net
Assets
Taiwan Semiconductor Manufacturing Co Ltd Taiwan 5.23
Tencent Holdings Ltd China 4.31
Alibaba Group Holding Ltd ADR China 4.25
Samsung Electronics Co Ltd GDR South Korea 3.81
PJSC Lukoil ADR Russia 2.68
NOVATEK PJSC GDR Russia 2.67
AIA Group Ltd Hong Kong 2.63
Sberbank of Russia PJSC ADR Russia 2.62
Housing Development Finance Corp Ltd India 2.45
ENN Energy Holdings Ltd China 2.22
LG Household & Health Care Ltd South Korea 2.00
Ping An Insurance (Group) Co. of China Ltd Class H China 1.91
Sands China Ltd Macao 1.88
EPAM Systems Inc United States 1.75
Kotak Mahindra Bank Ltd India 1.67
Bank Bradesco SA ADR Brazil 1.65
Northern Institutional Treasury Premier --- United States 1.65
Coca-Cola HBC AG Switzerland 1.54
Bank Rakyat Indonesia (Persero) Tbk Class B Indonesia 1.50
Itau Unibanco Holding SA ADR Brazil 1.45
The Siam Commercial Bank PCL Thailand 1.43
Midea Group Co Ltd Class A China 1.40
CNOOC Ltd ADR China 1.39
Sunny Optical Technology (Group) Co Ltd China 1.38
Ambev SA ADR Brazil 1.37
Data through 2019-09-30
Show Data Definitions

© Copyright 2019 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.
 Library
Morningstar® Investment Profile™   Morningstar®
Disclosure
  Format
for Print
Harding Loevner Emerging Markets Advisor  HLEMX
Release date as of 2019-11-30. Data on page is subject to change.
Snapshot Total Returns Ratings & Risk Portfolio Nuts & Bolts
  Fees and Expenses Taken from prospectus dated 2019-02-28  
Maximum Sales Fees
Maximum Sales Charge ---
Maximum Fees
Administrative ---
Management 1.15%
12b-1 ---
Actual Fees
12b-1 ---
Management 1.12%
Prospectus Net Expense Ratio 1.40%
Total Annual Operating Expense 1.40%
Waiver Data
Type Date %
--- --- --- ---
  Management
Inception Date: 1998-11-09
Mngr Name Scott Crawshaw
Mngr Start Date 2014-06-30
Biography
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.
Mngr Name Craig Shaw
Mngr Start Date 2006-12-29
Biography
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.
Mngr Name Pradipta Chakrabortty
Mngr Start Date 2015-01-31
Biography
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.
Mngr Name Richard Schmidt
Mngr Start Date 2011-12-31
Biography
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.
Mngr Name G. Rusty Johnson
Mngr Start Date 1998-11-09
Biography
G. Rusty Johnson, CFA has been a portfolio manager since 1998, and an analyst since 1994. As an analyst, he focuses on emerging markets companies. He graduated from Washington and Lee University in 1986. He also studied at Fu Jen University in Taiwan and Chinese University in Hong Kong. Mr. Johnson joined Harding Loevner in 1994. Mr. Johnson serves as a portfolio manager for the Institutional Emerging Markets Portfolio and Emerging Markets Portfolio.
Investment Advisor(s)
Harding Loevner LP
Web Site
www.hardingloevnerfunds.com
Issuer
Harding Loevner
Show Data Definitions

© Copyright 2019 Morningstar, Inc.
All rights reserved. Morningstar, the Morningstar logo, Morningstar.com, Morningstar Tools are either trademark or service marks of Morningstar, Inc. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or any losses arising from any use of information. Past performance is no guarantee of future performance.
Past performance is no guarantee of future results.
Returns will vary and shares may be worth more or less than their original cost when sold.

Morningstar Investment Profilessm: Disclosure Statement
Performance
Total return reflects performance without adjusting for sales charges or the effects of taxation, but is adjusted to reflect all actual ongoing investment expenses and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted. Due to market volatility, the investment's return may vary greatly over short periods of time.
For mutual funds, standardized total return is total return adjusted for sales charges. The sales charge utilized in the standard return calculation was obtained from the fund's most recent prospectus and/or shareholder report available to Morningstar. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index.
For separate accounts and commingled funds, Net-of-Fee returns are collected on a monthly and quarterly basis. Morningstar calculates total returns using the raw data collected from the asset management firm or plan provider. The performance data reported by the separate account managers or plan provider represents actual performance net of trading expenses, management fees, brokerage commissions or other expenses. The investment option's performance is compared with that of an index. The index is an unmanaged portfolio of specified securities and the index does not reflect any initial or ongoing expenses. An index cannot be invested in directly. A fund's portfolio may differ significantly from the securities in the index. Clients should refer to the disclosure document of the separate account manager and their Summary Plan Description (SPD) for specific information regarding fees and expenses.
Growth of $10,000
Shows the growth of $10,000. The total returns are not adjusted to reflect sales charges or the effects of taxation, but are adjusted to reflect actual ongoing investment expenses, and assumes reinvestment of dividends and capital gains. If adjusted, sales charges would reduce the performance quoted.
Morningstar Rating, Risk and Return
The Morningstar RatingTM for funds, or "star rating", is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product's monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The Morningstar Rating does not include any adjustment for sales loads. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
For private funds, the Morningstar Rating presented is hypothetical, because Morningstar does not independently analyze private funds. Rather, the rating is assigned as a means to compare these funds with the universe of mutual funds that Morningstar rates. The evaluation of this investment does not affect the retail mutual fund data published by Morningstar.
Overall ratings represent a weighted average of specific time period (3-, 5- and 10-year) ratings.
The Morningstar Return rates a fund's performance relative to other managed products in its Morningstar Category. It is an assessment of a product's excess return over a risk-free rate (the return of the 90-day Treasury Bill) in comparison with the products in its Morningstar category. In each Morningstar category, the top 10% of products earn a High Morningstar Return (High), the next 22.5% Above Average (+Avg), the middle 35% Average (Avg), the next 22.5% Below Average (-Avg), and the bottom 10% Low (Low). Morningstar Return is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.
Morningstar Risk evaluates a fund's downside volatility relative to that of other products in its Morningstar Category. It is an assessment of the variations in monthly returns, with an emphasis on downside variations, in comparison with the products in its Morningstar category. In each Morningstar category, the 10% of products with the lowest measured risk are described as Low Risk (Low), the next 22.5% Below Average (-Avg), the middle 35% Average (Avg), the next 22.5% Above Average (+Avg), and the top 10% High (High). Morningstar Risk is measured for up to three time periods (three, five, and 10 years). These separate measures are then weighted and averaged to produce an overall measure for the product. Products with less than three years of performance history are not rated.
Harding Loevner Emerging Markets Advisor
Morningstar Ratings (Relative to Category)
  Morningstar ReturnMorningstar RiskMorningstar Rating# of Funds
3-year AverageAbove Avg706
5-year Above AvgAverage566
10-year Above AvgAverage239
Overall Above AvgAverage706
Morningstar Category : Diversified Emerging Mkts | Number of Funds in Category: 706
Data through 2019-11-30
Risk Measures
R-squared reflects the percentage of an investment option's movements that are explained by movements in its benchmark index, showing the degree of correlation between the investment option and the benchmark.
Beta is a measure of an investment option's sensitivity to market movements. A portfolio with a beta greater than 1 is more volatile than the market, and a portfolio with a beta less than 1 is less volatile than the market. Alpha measures the difference between an investment option's actual returns and its expected performance, given its level of risk (as measured by beta).
The Sharpe ratio uses standard deviation and excess return to determine reward per unit of risk.
Standard deviation is a statistical measure of the volatility of the investment option's returns.
Mean represents the annualized three-year geometric return.
Morningstar Style BoxTM
The Morningstar Style Box reveals a fund's investment strategy as of the date noted on this report.
For equity funds the vertical axis shows the market capitalization of the stocks owned and the horizontal axis shows investment style (value, blend, or growth).
For fixed-income funds, the vertical axis shows the credit quality of the bonds owned and the horizontal axis shows interest rate sensitivity as measured by a bond's effective duration.
Morningstar seeks credit rating information from fund companies on a periodic basis (e.g., quarterly). In compiling credit rating information Morningstar accepts credit ratings reported by fund companies that have been issued by all Nationally Recognized Statistical Rating Organizations (NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm.
Additionally, Morningstar accepts foreign credit ratings from widely recognized or registered rating agencies. If two rating organizations/agencies have rated a security, fund companies are to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to report the median rating, and in cases where there are more than two organization/agency ratings and a median rating does not exist, fund companies are to use the lower of the two middle ratings. PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor does it issue a credit rating on the fund. An NRSRO or rating agency ratings can change from time-to-time.
For credit quality, Morningstar combines the credit rating information provided by the fund companies with an average default rate calculation to come up with a weighted-average credit quality. The weighted-average credit quality is currently a letter that roughly corresponds to the scale used by a leading NRSRO. Bond funds are assigned a style box placement of "low" , "medium" , or "high" based on their average credit quality. Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-"; medium are those less than "AA-", but greater or equal to "BBB-"; and high are those with a weighted-average credit quality of "AA-" or higher. When classifying a bond portfolio, Morningstar first maps the NRSRO credit ratings of the underlying holdings to their respective default rates (as determined by Morningstar's analysis of actual historical default rates). Morningstar then averages these default rates to determine the average default rate for the entire bond fund. Finally, Morningstar maps this average default rate to its corresponding credit rating along a convex curve.
For interest-rate sensitivity, Morningstar obtains from fund companies the average effective duration. Generally, Morningstar classifies a fixed-income fund's interest-rate sensitivity based on the effective duration of the Morningstar Core Bond Index (MCBI), which is currently three years. The classification of Limited will be assigned to those funds whose average effective duration is between 25% to 75% of MCBI's average effective duration; funds whose average effective duration is between 75% to 125% of the MCBI will be classified as Moderate; and those that are at 125% or greater of the average effective duration of the MCBI will be classified as Extensive.
For municipal bond funds, Morningstar also obtains from fund companies the average effective duration. In these cases static breakpoints are utilized. These breakpoints are as follows: (i) Limited: 4.5 years or less; (ii) Moderate: more than 4.5 years but less than 7 years; and (iii) Extensive: more than 7 years. In addition, for non-US taxable and non-US domiciled fixed income funds static duration breakpoints are used: (i) Limited: less than or equal to 3.5 years; (ii) Moderate: greater than 3.5 and less than equal to 6 years; (iii) Extensive: greater than 6 years.
Investment Risk
Foreign Securities Investment Options:/Emerging Market Investment Options: The investor should note that investment options that invest in foreign securities involve special additional risks. These risks include, but are not limited to, currency risk, political risk, and risk associated with varying accounting standards. Investing in emerging markets may accentuate these risks.
Sector Investment Options: The investor should note that investment options that invest exclusively in one sector or industry involve additional risks. The lack of industry diversification subjects the investor to increased industry-specific risks.
Non-Diversified Investment Options: The investor should note that investment options that invest more of their assets in a single issuer involve additional risks, including share price fluctuations, because of the increased concentration of investments.
Small Cap Investment Options: The investor should note that investment options that invest in stocks of small companies involve additional risks. Smaller companies typically have a higher risk of failure, and are not as well established as larger blue-chip companies. Historically, smaller-company stocks have experienced a greater degree of market volatility than the overall market average.
Mid Cap Investment Options: The investor should note that investment options that invest in companies with market capitalizations below $10 billion involve additional risks. The securities of these companies may be more volatile and less liquid than the securities of larger companies.
High-Yield Bond Investment Options: The investor should note that investment options that invest in lower-rated debt securities (commonly referred to as junk bonds) involve additional risks because of the lower credit quality of the securities in the portfolio. The investor should be aware of the possible higher level of volatility, and increased risk of default.
Yield
The yield of an investment option refers to the income generated by an investment in that investment option over an identified period of time. The SEC 30-day yield refers to the income generated by an investment over an identified 30-day period. The SEC 30-day yield is calculated by dividing: (I) the net investment income per share of the investment option earned over a 30-day period; by (II) the maximum offering price per share of the investment option on the last day of the period. This number is then annualized using semi-annual compounding. This means that the amount of income generated during the 30-day period is assumed to be generated each month over a 12-month period and is reinvested every six months. The yield does not necessarily reflect income actually earned by investing in the investment option because of certain adjustments required by the SEC and, therefore, may not correlate to the dividends or other distributions paid to shareholders.