Fundamental. Thinking. Worldwide....MSCI ACW Index Total Returns by Quality, Growth, and Value Rank...

Fundamental. Thinking. Worldwide.

Global Equity ADR Review | First Quarter 2021

April 16, 2021

HARDING LOEVNER 2

Composite PerformanceAs of March 31, 2021

1Annualized Returns; 2Inception date: November 30, 1989 corresponds to that of the linked Global Equity Composite; 3The Benchmark Index; 4Gross of withholding taxes.Composite performance shown is preliminary. For comparison purposes the Composite return is measured against the MSCI All Country World Total Return Index (Gross). From 2001 (when thenet index first became available) through December 30, 2012, the index return is presented net of foreign withholding taxes. Beginning December 31, 2012, Harding Loevner LP presents thegross version of the index to conform the benchmark’s treatment of dividend withholding with that of the Composite. Harding Loevner LP is an investment adviser registered with the Securitiesand Exchange Commission. Harding Loevner claims compliance with the Global Investment Performance Standards (GIPS®). Harding Loevner has been independently verified for the periodNovember 1, 1989 through December 31, 2020. A firm that claims compliance with the GIPS standards must establish policies and procedures for complying with all the applicablerequirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as thecalculation, presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Global Equity ADRComposite has had a performance examination for the periods December 1, 1989 through December 31, 2020. The verification and performance examination reports are available uponrequest. Performance data quoted represents past performance; past performance does not guarantee future results. Returns are presented both gross and net of management fees andinclude the reinvestment of all income. Net returns are calculated using actual fees. The US dollar is the currency used to express performance. For complete information on the constructionand historical record of the Global Equity ADR Composite, please contact Harding Loevner at (908) 218-7900 or visit www.hardingloevner.com. The firm maintains a complete list of compositedescriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds, which are available upon request. Please read the disclosures on the last page,which are an integral part of this presentation.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

3 Months 1 Year 3 Years1 5 Years1 10 Years1 Since Inception1,2

HL Global Equity ADR (gross) 2.16 64.25 15.51 17.35 11.98 10.23

HL Global Equity ADR (net) 1.97 63.05 14.57 16.41 11.09 9.33

MSCI All Country World Index3,4 4.68 55.31 12.64 13.80 9.72 7.70

Performance (% Total Return)

Up/Down Capture (trailing five years, annualized): 111/95

HARDING LOEVNER 3

4.45.6

Std Dev of ROE

48.0

72.2

Debt/Equity

Quality & Growth Investment PhilosophyAs of March 31, 2021

Source: FactSet. Growth and volatility metrics are based on five-year historical data; the other ratios are based on the most recent annual data. All metrics and ratios are percentages presented as weighted medians. Please read the disclosures on the last page, which are an integral part of this presentation.

11.6

13.7

17.0

5.1

8.2

9.6

Sales Growth Earnings GrowthCash Flow

Growth

19.8

9.2

19.0

12.2

6.3

14.1

Profit Margin Return on Assets Return on Equity

Harding Loevner Global Equity ADR Model MSCI All Country World Index

Faster GrowthMore Profitable Lower Risk

HARDING LOEVNER 4

MSCI ACW Index Total Returns by Quality, Growth, and Value Rank

Source: FactSet; Data as of March 31, 2021. Please read the disclosures on the last page, which are an integral part of this presentation.

1Q21Low-quality, slow growth, and cheap stocks outperformed.

Trailing 12 MonthsLow-quality stocks outperformed.

-4

0

4

8

12

16

Highest Lowest

Ret

urn

(%)

Quality Rank Quintiles

-4

0

4

8

12

16

Fastest Slowest

Growth Rank Quintiles

-4

0

4

8

12

16

LeastExp.

MostExp.

Value Rank Quintiles

0

10

20

30

40

50

60

70

Fastest Slowest

Growth Rank Quintiles

0

10

20

30

40

50

60

70

Highest Lowest

Ret

urn

(%)

Quality Rank Quintiles

0

10

20

30

40

50

60

70

LeastExp.

MostExp.

Value Rank Quintiles

HARDING LOEVNER 5

Canada

US

Europe EMU

MSCI ACW Index

Pacific ex-Japan

Europe ex-EMU

Emerging Markets

HL Global ADR Composite

Japan

Middle East

Energy

Financials

Industrials

Comm Services

Materials

Real Estate

MSCI ACW Index

Cons Discretionary


Info Technology

Utilities

Health Care

Cons Staples -0.3

1.7

2.2

2.3

3.6

4.6

4.7

4.7

5.5

9.8

-5.0 0.0 5.0 10.0 15.0

-0.7

0.6

0.8

1.9

2.2

2.3

4.7

6.2

6.5

6.7

7.5

11.6

18.0

-5.0 0.0 5.0 10.0 15.0 20.0

Benchmark Sector/Region ReturnsFirst Quarter

Source: FactSet; Data as of March 31, 2021. Past performance does not guarantee future results. Please read the disclosures on the last page, which are an integral part of this presentation.

Sector Total Return (%) Region Total Return (%)

HARDING LOEVNER 6

Performance Attribution: Composite vs BenchmarkFirst Quarter

“Composite”: Global Equity ADR Composite. “Benchmark”: MSCI All Country World Index. Past performance does not guarantee future results. Sector and Region Attribution and Contributors andDetractors are shown as supplemental information only and complement the fully compliant Global Equity ADR Composite GIPS Presentation. The portfolio holdings identified above do notrepresent all of the securities held in the portfolio. It should not be assumed that investment in the securities identified has been or will be profitable. The following information is availableupon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the quarter. Contribution isthe contribution to overall relative performance over the period. Contributors and detractors exclude cash and securities in the Composite not held in the Model Portfolio. Quarterly data is notannualized. Please read the disclosures on the last page, which are an integral part of this presentation.

-1.0

-0.5

0.0

0.5

1.0

INDU STPL DSCR UTIL RLST CASH COMM INFT ENER MATS FINA HLTH

Selection EffectAllocation EffectTotal Effect

Sector

Effe

ct (%

)

-1.0

-0.5

0.0

0.5

1.0

PACXJ MIDEAST US CANADA CASH JAPAN XEMU EMERGE EMU


Effe

ct (%

)

Region

-2.0 -0.5-2.5

-2.4 -0.1-2.5

Avg Wt. % Effectto Relative Returns Port. Index %

John Deere 2.2 0.2 0.59

Protolabs 0.5 0.0 0.37

Apple 2.2 3.6 0.20

ICICI Bank 1.3 0.1 0.20

First Republic Bank 3.0 0.0 0.19

Avg. Wt. % Effectfrom Relative Returns Port. Index %

Itaú Unibanco 2.2 0.0 -0.58

CD Projekt 0.9 0.0 -0.40

Sysmex 2.7 0.0 -0.37

TeamViewer 0.5 0.0 -0.36

Intuitive Surgical 2.2 0.2 -0.30

Top 5 Contributors

Top 5 Detractors

HARDING LOEVNER 7


Canada

US

Emerging Markets

MSCI ACW Index

Europe EMU

Pacific ex-Japan

Japan

Middle East

Europe ex-EMU 36.4

40.0

40.2

54.1

55.1

55.3

58.9

59.3

60.6

64.2

0.0 20.0 40.0 60.0 80.0

Cons Discretionary

Materials

Info Technology


Industrials

Financials

Comm Services

MSCI ACW Index

Energy

Real Estate

Health Care

Cons Staples

Utilities 23.8

25.4

30.8

31.0

51.7

55.3

57.9

58.0

62.5

64.2

72.5

77.4

78.0

0.0 20.0 40.0 60.0 80.0

Benchmark Sector/Region ReturnsTrailing 12 Months

Source: FactSet; Data as of March 31, 2021. Past performance does not guarantee future results. Please read the disclosures on the last page, which are an integral part of this presentation.

Sector Total Return (%) Region Total Return (%)

HARDING LOEVNER 8

Performance Attribution: Composite vs BenchmarkTrailing 12 Months

“Composite”: Global Equity ADR Composite. “Benchmark”: MSCI All Country World Index. Past performance does not guarantee future results. Sector and Region Attribution and Contributors andDetractors are shown as supplemental information only and complement the fully compliant Global Equity ADR Composite GIPS Presentation. The portfolio holdings identified above do notrepresent all of the securities held in the portfolio. It should not be assumed that investment in the securities identified has been or will be profitable. The following information is availableupon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution isthe contribution to overall relative performance over the period. Contributors and detractors exclude cash and securities in the Composite not held in the Model Portfolio. Data is notannualized. Please read the disclosures on the last page, which are an integral part of this presentation.

-4.0

0.0

4.0

8.0

12.0

INFT HLTH FINA INDU UTIL COMM STPL RLST ENER MATS DSCR CASH


Sector

Effe

ct (%

)Ef

fect

(%)

Region

-4.0

0.0

4.0

8.0

12.0

US JAPAN MIDEAST XEMU CANADA PACXJ EMERGE EMU CASH


9.3-0.39.0

9.9-0.99.0

*Not held in the portfolio; its absence had an impact on the portfolio’s return relative to the Index.

Avg Wt. % Effectto Relative Returns Port. Index %

PayPal 4.4 0.4 3.12

Align Technology 2.7 0.1 2.33

The Trade Desk 0.4 0.0 1.16

John Deere 1.5 0.1 0.96

SVB Financial Group 1.3 0.0 0.89

Avg. Wt. % Effectfrom Relative Returns Port. Index %

CD Projekt 0.5 0.0 -0.86

Tesla* 0.0 0.6 -0.75

Vertex Pharmaceuticals 2.0 0.1 -0.69

Waters 0.5 0.0 -0.52

AIA Group 1.9 0.2 -0.45

Top 5 Contributors

Top 5 Detractors

HARDING LOEVNER 9

Global Equity Strategy PM TransitionImproved quality-growth profile following January 2021 PM transition.

Source: Harding Loevner, HOLT database. HOLT data as of March 31, 2021 (for illustration only). The information provided in this presentation should not be considered a recommendation to purchase or sell a particular security. It should not be assumed that investment in the securities identified has been or will be profitable. Please read the disclosures on the last page, which are an integral part of this presentation.

1Q21

4Q20

0.0

0.5

1.0

0.0 0.5 1.0

Quality vs. Growth RankG

row

th R

ank

Hig

hLo

w

Quality RankHighLow

HARDING LOEVNER 10

Global Equity Strategy PM TransitionSimilar valuation profile following January 2021 PM transition.

Source: Harding Loevner, HOLT database. HOLT data as of March 31, 2021 (for illustration only). The information provided in this presentation should not be considered a recommendation to purchase or sell a particular security. It should not be assumed that investment in the securities identified has been or will be profitable. Please read the disclosures on the last page, which are an integral part of this presentation.

1Q214Q20

0.0

0.5

1.0

0.0 1.0 2.0

Quality + Growth vs. Value RankVa

lue

Ran

k

Expe

nsiv

eCh

eap

Quality + Growth RankHighLow

HARDING LOEVNER 11

-1.1

-2.7

-2.5

2.4

1.0

-0.2

-0.5

3.5

0.1

-3.9

-2.9

-2.0

-1.2

-0.3

-0.2

0.0

3.8

6.7

-5 0 5 10

Japan

Canada

Europe EMU

Emerging Markets

Europe ex-EMU

Middle East

Pacific ex-Japan

Cash

United States

Global Equity Strategy PM TransitionSector & Region Active Weights

Source: Harding Loevner Global Equity ADR Model; MSCI Inc. and S&P. Sector and region end weights, holdings, and active share are shown as supplemental information only and complementthe fully compliant Global Equity ADR Composite GIPS Presentation. Please read the disclosures on the last page, which are an integral part of this presentation.

1Q21 4Q20

Sector Active Weight (%) Region Active Weight (%)

-1.2

-3.1

-2.6

-3.0

-2.6

-1.8

0.5

1.5

-3.0

4.3

3.5

7.5

-5.0

-4.8

-2.6

-2.3

-1.5

-1.3

-0.7

0.7

2.1

3.2

3.8

8.4

-10 -5 0 5 10

Materials

Cons Staples

Real Estate

Utilities

Cons Discretionary

Energy

Industrials

Comm Services

Info Technology

Financials

Cash

Health Care

HARDING LOEVNER 12

On Our Minds: Transformation of Global Energy Sources

Source: BP Energy Outlook 2020, HL estimates. The energy mix forecasts through 2050 assume BP's Rapid scenario, in which global carbon emissions from energy use fall by ~70% by 2050 and the rise in global temperatures is limited to well below 2°C above pre-industrial levels by 2100.

Global Energy Mix, 1900-2050

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

100%

Nuclear and hydroelectricity

Solar, wind, biomass, and other renewables

Natural gas

Coal

Crude oil

HARDING LOEVNER 13

On Our Minds: DiversificationMarginal contribution to volatility and tracking error.

Source: Factset, Axioma. Global Equity ADR Model portfolio. As of March 31, 2021. Bubble size based on company weight in Global Equity ADR strategy. Volatility refers to standard deviation. The portfolio is actively managed therefore holdings shown may not be current. The portfolio holdings identified above do not represent all of the securities held in the portfolio. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of portfolio holdings for the past year, contact Harding Loevner. Holdings are shown as supplemental information only and complement the fully compliant Global Equity ADR Composite GIPS Presentation. Please read the disclosures on the last page, which are an integral part of this presentation.

ENN Energy

Neste

Schlumberger

AIA Group

CME GroupDBS Group

First Republic Bank

HDFC Bank

Itaú Unibanco

Bank Central Asia

SVB Financial Group

Tradeweb Markets

0.00

0.05

0.10

0.15

0.20

0.25

0.30

0.35

0.40

-0.20 -0.10 0.00 0.10 0.20

Mar

gina

l Con

trib

utio

n to

For

ecas

t Vol

atili

ty

Marginal Contribution to Tracking Error

Global Equity ADR HoldingsMarginal Contributions to Forecast Volatility and Tracking Error

Energy & Utilities Financials Other Portfolio Holdings

Etsy

HARDING LOEVNER 14

Completed Portfolio Transactions

Transactions listed above do not reflect those completed as part of the Global Equity Strategy PM transition.The portfolio is actively managed therefore holdings shown may not be current. The portfolio holdings identified above do not represent all of the securities held in the portfolio. It should notbe assumed that investment in the securities identified has been or will be profitable. To request a complete list of portfolio holdings for the past year, contact Harding Loevner. Holdings areshown as supplemental information only and complement the fully compliant Global Equity ADR Composite GIPS Presentation. Please read the disclosures on the last page, which are anintegral part of this presentation.

Company Country Sector

Adyen Netherlands Info Technology

ENN Energy China Utilities

Neste Corporation Finland Energy

Schlumberger US Energy

TeamViewer Germany Info Technology

UnitedHealth Group US Health care

Positions Established Positions Sold

Portfolio Turnover (5-year annualized average): 31.1%

Company Country Sector

Kone Finland Industrials

Network International UK Info Technology

Protolabs US Industrials

Symrise Germany Materials

First Quarter

HARDING LOEVNER 15

Company Country Sector Wt (%)

SVB Financial Group US Financials 2.8

CME Group US Financials 2.5

Microsoft US Info Technology 2.5

Illumina US Health Care 2.3

Vertex Pharmaceuticals US Health Care 2.2

Geography HL % ACWI % (Under) / Over

United States 64.5 57.8

Cash 3.8 —

Frontier Markets¹ 0.0 —

Pacific ex-Japan 3.1 3.1

Middle East 0.0 0.2

Europe ex-EMU 7.6 7.9

Emerging Markets 11.8 13.0

Europe EMU 6.6 8.6

Canada 0.0 2.9

Japan 2.6 6.5

Portfolio ExposuresAs of March 31, 2021

1Includes countries with less-developed markets outside the Index.Source: Harding Loevner Global Equity ADR Model; MSCI Inc. and S&P. Sector and region end weights, holdings, and active share are shown as supplemental information only and complementthe fully compliant Global Equity ADR Composite GIPS Presentation. Please read the disclosures on the last page, which are an integral part of this presentation.

Sector HL % ACWI % (Under) / Over

Health Care 19.8 11.4

Cash 3.8 —

Financials 17.5 14.3

Info Technology 23.4 21.3

Comm Services 10.1 9.4

Industrials 9.3 10.0

Energy 2.1 3.4

Cons Discretionary 11.3 12.8

Utilities 0.5 2.8

Real Estate 0.0 2.6

Cons Staples 2.2 7.0

Materials 0.0 5.0

Company Country Sector Wt (%)

PayPal US Info Technology 4.0

First Republic Bank US Financials 3.6

Alphabet US Comm Services 3.3

Amazon.com US Cons Discretionary 3.0

John Deere US Industrials 2.9

Ten Largest Holdings – Total Weight: 29.1%

81% Active Share

(10.0) (5.0) 0.0 5.0 10.0 (10.0) (5.0) 0.0 5.0 10.0

HARDING LOEVNER 16

Harding Loevner ProfileAs of March 31, 2021

Data as of March 31, 2021. Total AUM includes all the assets under management and is presented as supplemental information.

46 investment professionals Global Equity portfolio management team averages 15 years at Harding Loevner

Total Assets$84B

Strategy Assets Firm Assets

Global $22.6B 27%

International (non-US) $41.6B 49%

Emerging Markets $19.0B 23%

Chinese Equity <$0.1B <1%

Frontier Emerging Markets $0.2B <1%

Global Small Companies <$0.1B <1%

International Small Companies $0.6B 1%

Research Portfolios <$0.1B <1%

HARDING LOEVNER 17

Remaining Quarterly Review Presentations

17

Strategy Date Time

International Small Companies Tuesday, April 20 1:00 PM EDT

Frontier Emerging Markets Tuesday, April 20 3:00 PM EDT

HARDING LOEVNER 18

The information provided in this Presentation should not be considered a recommendation to purchase or sell a particular security. Unless otherwise stated, non-performance based criteria have been used to select the securitieslisted. The portfolio is actively managed therefore securities shown may not be current. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of portfolioholdings for the past year contact Harding Loevner. A complete list of holdings for the Global Equity ADR Model at March 31, 2021 is available on request.

Investing in stocks entails the risks of market volatility. The value of all types of stocks may increase or decrease over varying time periods. To the extent the investments depicted herein represent international securities, youshould be aware that there may be additional risks associated with international investing, including foreign economic, political, monetary and/or legal factors, changing currency exchange rates, foreign taxes, and differences infinancial and accounting standards.

Quality & Growth Characteristics, Investment Statistics, Benchmark Returns, Performance Attribution, Portfolio Exposures and Portfolio Transactions are shown as supplemental information only and complement the fullycompliant Global Equity ADR Composite GIPS Presentation, which is available on request.

Alpha: a measure of risk-adjusted return. Beta: a measure of the portfolio’s sensitivity to the market. R-Squared: a measure of how well a portfolio tracks the market. Standard Deviation: the statistical measure of the degree towhich an individual value in a probability distribution tends to vary from the mean of the distribution. Information Ratio: a measure of risk-adjusted return calculated by dividing the portfolio active return (i.e., portfolio returnsminus benchmark return) by the standard deviation of the active return. Sharpe Ratio: the return over the risk free rate per unit of risk. Up/Down Capture: a measure of the manager’s performance in up/down markets relative tothe market itself. Profit Margin: relationship of gross profits to net sales. Return on Assets: net income for past 12 months divided by total assets. Return on Equity: the net income divided by total common equity outstanding,expressed as a percent. Debt/Equity Ratio: total long-term debt divided by total shareholder’s equity. Sales Per Share: the total revenue earned per share over a 12-month period, net of returns, allowances, and discounts. EarningsPer Share: portion of a company’s profit allocated to each outstanding share of common stock. Cash Flow: a measure of the cash generating capability of a company calculated by adding non-cash charges (e.g. depreciation) andinterest expense to pretax income. Turnover: calculated by dividing the lesser of Purchases or Sales by Average Capital. Active Share: the proportion of holdings by weight that differ from holdings of the benchmark index.

The MSCI All Country World Index is a free float-adjusted market capitalization index that is designed to measure equity market performance in the global developed and emerging markets. The Index consists of 50 developed andemerging market countries. You cannot invest directly in this Index.

All performance and data shown are in US dollar terms, unless otherwise noted.

Harding Loevner’s Quality, Growth, and Value rankings are proprietary measures determined using objective data. Quality rankings are based on the stability, trend, and level of profitability, as well as balance sheet strength.Growth rankings are based on historical growth of earnings, sales, and assets, as well as expected changes in earnings and profitability. Value rankings are based on several valuation measures, including price ratios.

The Composite and Attribution returns may show discrepancies due to the different data sources for these returns. Composite performance is preliminary and obtained from Harding Loevner’s accounting system and Attributionreturns are obtained from the FactSet portfolio analysis system. Please note returns from FactSet are not audited for GIPS compliance and are for reference only.

Source (Benchmark Performance, Performance Attribution, Contributors and Detractors): FactSet, Harding Loevner Global Equity ADR Composite; MSCI Inc.

Source (Portfolio Exposures, Portfolio Transactions, Portfolio Allocation Comparison, Quality & Growth Characteristics [Run date: April 6, 2021], based on the latest available data in FactSet on this date.): FactSet; Harding LoevnerGlobal Equity ADR Model; MSCI Inc.

Source (Investment Statistics): eVestment Alliance; Harding Loevner Global Equity ADR Composite, based on composite returns.

MSCI Inc. and S&P do not make any express or implied warranties or representations and shall have no liability whatsoever with respect to any GICS data contained herein.

FactSet Fundamentals, Copyright 2021 FactSet Research Systems, Inc. All rights reserved.

Disclosures

HARDING LOEVNER 19

Internal OnlyAppendix

HARDING LOEVNER 20

1 HL Global Equity ADR MSCI ACWI

Information Ratio 1.02 —

Sharpe Ratio 1.10 0.88

Up/Down Capture (%) 111/95 —

HL Global Equity ADR MSCI ACWI

Alpha (%) 3.19 —

Beta 1.00 —

R-Squared 0.94 —

Standard Deviation (%) 14.78 14.35

Composite PerformanceAs of March 31, 2021

1The Benchmark Index, gross of withholding taxes. The 3-year, 5-year, 10-year, and since inception returns are annualized. Inception date of the Global Equity ADR Composite: November 30, 1989 corresponds to that of the linked GlobalEquity Composite.Investment statistics shown are derived from trailing five years’ monthly returns. The performance returns shown are preliminary. For comparison purposes the Composite return is measured against the MSCI All Country World TotalReturn Index (Gross) for comparison purposes. Harding Loevner LP is an investment adviser registered with the Securities and Exchange Commission. Harding Loevner claims compliance with the Global Investment PerformanceStandards (GIPS®). Harding Loevner has been independently verified for the period November 1, 1989 through December 31, 2020. A firm that claims compliance with the GIPS standards must establish policies and procedures forcomplying with all the applicable requirements of the GIPS standards. Verification provides assurance on whether the firm's policies and procedures related to composite and pooled fund maintenance, as well as the calculation,presentation, and distribution of performance, have been designed in compliance with the GIPS standards and have been implemented on a firm-wide basis. The Global Equity ADR Composite has had a performance examination for theperiods December 1, 1989 through December 31, 2020. The verification and performance examination reports are available upon request. Performance data quoted represents past performance; past performance does not guaranteefuture results. Returns are presented both gross and net of management fees and include the reinvestment of all income. Net returns are calculated using actual fees. The US dollar is the currency used to express performance. Forcomplete information on the construction and historical record of the Global Equity ADR Composite, please contact Harding Loevner at (908) 218-7900 or visit www.hardingloevner.com. The firm maintains a complete list of compositedescriptions, a list of limited distribution pooled fund descriptions, and a list of broad distribution pooled funds, which are available upon request. Statistics are supplemental information only and complement the fully compliant GlobalEquity ADR Composite GIPS Presentation. Please read the disclosures on the last page, which are an integral part of this presentation.

GIPS® is a registered trademark of CFA Institute. CFA Institute does not endorse or promote this organization, nor does it warrant the accuracy or quality of the content contained herein.

64.25

15.51 17.3511.98 10.23

63.05

14.57 16.4111.09 9.33

55.31

12.64 13.809.72 7.70

0.0

20.0

40.0

60.0

80.0

1 Year 3 Years 5 Years 10 Years Since Inception

Per

cent

HL Global Equity ADR (gross) HL Global Equity ADR (net) MSCI ACW Index (gross)¹

Annualized Returns for Trailing Periods (%)

HARDING LOEVNER 21



PositionsEstablished

Portfolio Turnover (5-year annualized average): 31.1%

PositionsSold

2Q20 3Q20 4Q20 1Q21

Adyen

ENN Energy

Neste Corporation

Schlumberger

TeamViewer

UnitedHealth Group

Kone

Network International

Protolabs

Symrise

Trailing 12 Months

DBS Group

Edwards Lifesciences

Intuitive Surgical

MISUMI Group

Roche

3M Company

Abbott Labs

CD Projekt

CME Group

Etsy

Tradeweb

VF Corporation

Chr. Hansen

Colgate Palmolive

Nidec

The Trade Desk

UnitedHealth Group

Amazon.com

EPAM

Schneider Electric

Tencent

Thermo Fisher Scientific

Baidu

Booking Holdings

Cognex

EssilorLuxottica

Walgreens Boots Alliance

Waters

HARDING LOEVNER 22


Company Country SectorNeste Finland EnergySchlumberger US EnergyChugai Pharmaceutical Japan Health CareDanaher US Health CareIQVIA US Health CareUnitedHealth Group US Health CareAtlas Copco Sweden IndustrialsVAT Group Switzerland IndustrialsSpirax-Sarco UK IndustrialsAMETEK US IndustrialsAccenture Ireland Info TechnologyASML Netherlands Info TechnologyAdyen Netherlands Info TechnologyTSMC Taiwan Info TechnologyAdobe US Info TechnologyTeamViewer Germany Info TechnologyENN Energy China Utilities

Positions Established

Company Country SectorYandex Russia Comm ServicesShiseido Japan Consumer StaplesNestlé Switzerland Consumer StaplesExxonMobil US EnergyICICI Bank India FinancialsBBVA Spain FinancialsSonova Holding Switzerland Health CareKone Finland IndustrialsFanuc Japan IndustrialsKubota Japan IndustrialsMakita Japan IndustrialsProtolabs US IndustrialsNetwork International UK Info TechnologyCognizant US Info TechnologyAir Liquide France MaterialsLinde Germany MaterialsSymrise Germany Materials

Positions Sold

Red text indicates transactions unrelated to PM transition.

First quarter transactions, including PM transition-related purchases and sales.

Portfolio Turnover (5-year annualized average): 31.1% Portfolio Turnover (1Q21): 25.5%

Turnover due to PM Transition: 19.0%


HARDING LOEVNER 23

Portfolio Allocation ComparisonMarch 31, 2021 vs December 31, 2020


5.7

2.6

3.5

6.1

9.0

15.7

57.4

2.6

3.1

3.8

6.6

7.6

11.8

64.5

0 20 40 60 80

Japan

Pacific ex-Japan

Cash

Europe EMU

Europe ex-EMU

Emerging Markets

United States

3/31/2021 12/31/2020

3.7

0.0

1.2

4.3

3.5

10.2

10.7

10.4

17.8

19.4

18.8

0.0

0.5

2.1

2.2

3.8

9.3

10.1

11.3

17.5

19.8

23.4

0 10 20 30

Materials

Utilities

Energy

Cons Staples

Cash

Industrials

Comm Services

Cons Discretionary

Financials

Health Care

Info Technology

3/31/2021 12/31/2020

Sector (%) Region (%)

HARDING LOEVNER 24

1.3

0.0

1.2

6.3

12.5

10.5

9.1

11.1

22.0

20.2

3.8

0.5

2.1

2.2

9.3

10.1

11.3

17.5

19.8

23.4

0 5 10 15 20 25

Cash

Utilities

Energy

Consumer Staples

Industrials

Comm Services

Cons Discretionary

Financials

Health Care

Info Technology

3/31/2021 3/31/2020

Sector (%)

1.3

6.2

2.8

7.5

9.8

11.8

60.6

3.8

2.6

3.1

6.6

7.6

11.8

64.5

0 20 40 60 80

Cash

Japan

Pacific ex-Japan

Europe EMU

Europe ex-EMU

Emerging Markets

US

3/31/2021 3/31/2020

March 31, 2021 vs March 31, 2020


Region (%)

Portfolio Allocation Comparison

Fundamental. Thinking. Worldwide....MSCI ACW Index Total Returns by Quality, Growth, and Value Rank...

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Transcript of Fundamental. Thinking. Worldwide....MSCI ACW Index Total Returns by Quality, Growth, and Value Rank...