Morningstar® Investment Profile™   Morningstar®
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Harding Loevner Emerging Markets Advisor  HLEMX
Release date as of 2019-10-31. 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 2019-10-31
Out of 700
Diversified Emerging Mkts Funds
Morningstar®
Style Box™
What is this?
As of 2019-09-30
Total Fund Assets ($ Mil)
4,273.74
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 2019-10-31)
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 16.62 16.45 7.14 3.41 5.52 10.78
MSCI ACWI Ex USA NR USD 15.45 11.27 8.07 3.82 4.94 ---
MSCI EM NR USD 10.35 11.86 7.36 2.93 3.78 ---
Category 11.98 12.93 6.45 2.23 3.93 8.01
Morningstar Rating --- --- ---
# of compared Diversified Emerging Mkts funds covered (3 yrs : out of 700 funds) (5 yrs : out of 562 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

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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.