Harding, Loevner Funds, Inc.
Global Equity Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.8% | ||
Brazil - 0.9% | ||
B3 SA - Brasil Bolsa Balcao (Financial Services) | 3,163,900 | $8,359,327 |
China - 2.1% | ||
Tencent Holdings Ltd. (Media & Entertainment)† | 430,500 | 14,972,822 |
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 705,801 | 5,300,329 |
20,273,151 | ||
Denmark - 0.9% | ||
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† | 32,717 | 9,054,579 |
France - 7.1% | ||
Kering SA (Consumer Durables & Apparel)† | 26,149 | 10,786,713 |
L'Oreal SA (Household & Personal Products)† | 36,343 | 17,427,560 |
Schneider Electric SE (Capital Goods)† | 205,978 | 40,595,715 |
68,809,988 | ||
Germany - 3.8% | ||
SAP SE - Sponsored ADR (Software & Services) | 95,001 | 16,444,673 |
Scout24 SE (Media & Entertainment)^† | 132,753 | 9,834,479 |
Symrise AG (Materials)† | 97,426 | 10,101,186 |
36,380,338 | ||
Hong Kong - 0.8% | ||
AIA Group Ltd. (Insurance)† | 960,805 | 7,470,793 |
India - 0.8% | ||
HDFC Bank Ltd. - ADR (Banks) | 133,499 | 7,407,860 |
Indonesia - 0.9% | ||
Bank Central Asia Tbk PT (Banks)† | 14,837,970 | 8,967,979 |
Japan - 5.1% | ||
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 411,900 | 14,860,143 |
Keyence Corp. (Technology Hardware & Equipment)† | 19,800 | 8,881,829 |
MISUMI Group Inc. (Capital Goods)† | 221,000 | 3,810,311 |
Sony Group Corp. (Consumer Durables & Apparel)† | 215,200 | 21,262,676 |
48,814,959 | ||
Netherlands - 2.7% | ||
Adyen NV (Financial Services)*^† | 6,568 | 8,222,085 |
Shares | Value | |
COMMON STOCKS - 97.8% (continued) | ||
Netherlands - 2.7% (continued) | ||
ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) | 20,844 | $18,130,528 |
26,352,613 | ||
Sweden - 2.0% | ||
Atlas Copco AB, Class A (Capital Goods)† | 695,612 | 11,098,625 |
Epiroc AB, Class A (Capital Goods)† | 482,362 | 8,489,638 |
19,588,263 | ||
Switzerland - 3.0% | ||
Alcon Inc. (Health Care Equipment & Services) | 156,436 | 11,749,908 |
Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | 28,304 | 8,086,954 |
SGS SA, Reg S (Commercial & Professional Services)† | 100,016 | 9,253,221 |
29,090,083 | ||
Taiwan - 1.0% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | 85,926 | 9,706,201 |
United Kingdom - 2.6% | ||
Diploma plc (Capital Goods)† | 238,384 | 9,811,503 |
Haleon plc (Household & Personal Products)† | 1,986,076 | 8,089,240 |
Spirax-Sarco Engineering plc (Capital Goods)† | 60,295 | 7,588,938 |
25,489,681 | ||
United States - 64.1% | ||
AbbVie Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 68,811 | 11,312,528 |
Accenture plc, Class A (Software & Services) | 58,327 | 21,224,029 |
Adobe Inc. (Software & Services)* | 27,330 | 16,883,927 |
Alphabet Inc., Class A (Media & Entertainment)* | 268,117 | 37,563,192 |
Amazon.com Inc. (Consumer Discretionary Distribution & Retail)* | 217,788 | 33,800,697 |
AMETEK Inc. (Capital Goods) | 87,749 | 14,219,725 |
Apple Inc. (Technology Hardware & Equipment) | 84,082 | 15,504,721 |
Applied Materials Inc. (Semiconductors & Semiconductor Equipment) | 80,373 | 13,205,284 |
Broadcom Inc. (Semiconductors & Semiconductor Equipment) | 16,120 | 19,021,600 |
1
Harding, Loevner Funds, Inc.
Global Equity Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.8% (continued) | ||
United States - 64.1% (continued) | ||
CME Group Inc. (Financial Services) | 90,650 | $18,659,396 |
CoStar Group Inc. (Real Estate Management & Development)* | 127,345 | 10,630,761 |
Costco Wholesale Corp. (Consumer Staples Distribution & Retail) | 20,616 | 14,325,646 |
Danaher Corp. (Pharmaceuticals, Biotechnology & Life Sciences) | 85,739 | 20,569,643 |
Deere & Co. (Capital Goods) | 63,548 | 25,011,222 |
Edwards Lifesciences Corp. (Health Care Equipment & Services)* | 108,490 | 8,513,210 |
Honeywell International Inc. (Capital Goods) | 47,076 | 9,521,592 |
Intuitive Surgical Inc. (Health Care Equipment & Services)* | 35,369 | 13,377,263 |
Meta Platforms Inc., Class A (Media & Entertainment)* | 96,514 | 37,653,972 |
Microsoft Corp. (Software & Services) | 56,669 | 22,530,461 |
Netflix Inc. (Media & Entertainment)* | 45,418 | 25,620,748 |
NIKE Inc., Class B (Consumer Durables & Apparel) | 73,639 | 7,476,568 |
Northrop Grumman Corp. (Capital Goods) | 19,974 | 8,923,584 |
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 27,558 | 16,955,611 |
Pinterest Inc., Class A (Media & Entertainment)* | 501,134 | 18,777,491 |
Repligen Corp. (Pharmaceuticals, Biotechnology & Life Sciences)* | 51,593 | 9,771,714 |
Rockwell Automation Inc. (Capital Goods) | 60,523 | 15,329,265 |
Salesforce Inc. (Software & Services)* | 43,533 | 12,236,691 |
Schlumberger NV (Energy) | 270,127 | 13,155,185 |
ServiceNow Inc. (Software & Services)* | 19,912 | 15,240,645 |
Synopsys Inc. (Software & Services)* | 20,782 | 11,084,080 |
Thermo Fisher Scientific Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 48,319 | 26,042,975 |
Tradeweb Markets Inc., Class A (Financial Services) | 145,164 | 13,847,194 |
UnitedHealth Group Inc. (Health Care Equipment & Services) | 37,835 | 19,361,683 |
Shares | Value | |
COMMON STOCKS - 97.8% (continued) | ||
United States - 64.1% (continued) | ||
Vertex Pharmaceuticals Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 97,529 | $42,267,118 |
619,619,421 | ||
Total Common Stocks (Cost $654,631,799) | $945,385,236 | |
SHORT TERM INVESTMENTS - 2.2% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 21,311,608 | 21,311,608 |
Total Short Term Investments (Cost $21,311,608) | $21,311,608 | |
Total Investments — 100.0% | ||
(Cost $675,943,407) | $966,696,844 | |
Other Assets Less Liabilities - 0.0%^^ | 319,012 | |
Net Assets — 100.0% | $967,015,856 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
† | Investment categorized as level 2 security. |
* | Non-income producing security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.9% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
^^ | Amount is less than 0.005%. |
2
Harding, Loevner Funds, Inc.
Global Equity Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Industry | Percentage of Net Assets |
Banks | 1.7% |
Capital Goods | 16.0 |
Commercial & Professional Services | 1.0 |
Consumer Discretionary Distribution & Retail | 3.5 |
Consumer Durables & Apparel | 4.1 |
Consumer Staples Distribution & Retail | 1.5 |
Energy | 1.4 |
Financial Services | 5.0 |
Health Care Equipment & Services | 5.5 |
Household & Personal Products | 2.6 |
Insurance | 0.8 |
Materials | 1.1 |
Media & Entertainment | 14.9 |
Pharmaceuticals, Biotechnology & Life Sciences | 15.2 |
Real Estate Management & Development | 1.1 |
Semiconductors & Semiconductor Equipment | 8.0 |
Software & Services | 11.9 |
Technology Hardware & Equipment | 2.5 |
Money Market Fund | 2.2 |
Total Investments | 100.0 |
Other Assets Less Liabilities | 0.0^^ |
Net Assets | 100.0% |
^^ | Amount is less than 0.005%. |
3
Harding, Loevner Funds, Inc.
International Equity Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 95.9% | ||
Australia - 2.0% | ||
BHP Group Ltd. - Sponsored ADR (Materials) | 4,721,108 | $289,026,232 |
Brazil - 2.0% | ||
Ambev SA - ADR (Food, Beverage & Tobacco)* | 56,018,549 | 146,768,599 |
XP Inc., Class A (Financial Services) | 5,386,671 | 132,404,373 |
279,172,972 | ||
Canada - 5.7% | ||
Alimentation Couche-Tard Inc. (Consumer Staples Distribution & Retail) | 4,192,400 | 245,659,766 |
Canadian National Railway Co. (Transportation) | 1,344,775 | 166,805,891 |
Manulife Financial Corp. (Insurance) | 17,663,500 | 390,463,922 |
802,929,579 | ||
China - 5.5% | ||
ENN Energy Holdings Ltd. (Utilities)† | 13,191,800 | 97,513,693 |
Haier Smart Home Co., Ltd., Class A (Consumer Durables & Apparel)† | 54,008,988 | 167,814,469 |
LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | 40,729,050 | 109,415,840 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | 18,731,500 | 79,040,428 |
Tencent Holdings Ltd. (Media & Entertainment)† | 4,201,910 | 146,142,748 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 60,098,583 | 175,260,383 |
775,187,561 | ||
Denmark - 1.9% | ||
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† | 584,528 | 161,770,791 |
Novozymes A/S, Class B (Materials)† | 2,105,756 | 107,894,421 |
269,665,212 | ||
France - 7.9% | ||
Air Liquide SA (Materials)† | 934,651 | 175,189,907 |
Dassault Systemes SE (Software & Services)† | 4,297,813 | 223,975,622 |
L'Oreal SA (Household & Personal Products)† | 793,002 | 380,268,279 |
Schneider Electric SE (Capital Goods)† | 1,709,693 | 336,959,330 |
1,116,393,138 | ||
Germany - 10.2% | ||
Allianz SE, Reg S (Insurance)† | 1,482,765 | 397,020,378 |
Shares | Value | |
COMMON STOCKS - 95.9% (continued) | ||
Germany - 10.2% (continued) | ||
BioNTech SE - ADR (Pharmaceuticals, Biotechnology & Life Sciences)* | 1,890,737 | $179,695,644 |
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | 11,645,167 | 424,637,796 |
SAP SE - Sponsored ADR (Software & Services) | 1,615,431 | 279,631,106 |
Symrise AG (Materials)† | 1,665,278 | 172,657,029 |
1,453,641,953 | ||
Hong Kong - 1.6% | ||
AIA Group Ltd. (Insurance)† | 28,176,574 | 219,088,533 |
India - 2.7% | ||
HDFC Bank Ltd. - ADR (Banks) | 3,794,442 | 210,553,586 |
ICICI Bank Ltd. - Sponsored ADR (Banks) | 7,279,462 | 177,618,873 |
388,172,459 | ||
Indonesia - 1.2% | ||
Telkom Indonesia Persero Tbk PT (Telecommunication Services)† | 696,595,300 | 174,815,533 |
Japan - 14.5% | ||
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 13,736,900 | 495,587,023 |
Daifuku Co., Ltd. (Capital Goods)† | 6,704,500 | 132,511,071 |
Keyence Corp. (Technology Hardware & Equipment)† | 393,534 | 176,530,383 |
Komatsu Ltd. (Capital Goods)† | 7,349,800 | 209,841,275 |
Shimano Inc. (Consumer Durables & Apparel)† | 757,800 | 109,114,290 |
Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 3,486,200 | 167,678,423 |
Shiseido Co., Ltd. (Household & Personal Products)† | 3,092,200 | 87,645,701 |
Sony Group Corp. (Consumer Durables & Apparel)† | 3,898,700 | 385,208,152 |
Sysmex Corp. (Health Care Equipment & Services)† | 2,123,607 | 114,557,439 |
Unicharm Corp. (Household & Personal Products)† | 5,108,000 | 176,354,801 |
2,055,028,558 | ||
Mexico - 3.0% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food, Beverage & Tobacco) | 3,104,680 | 420,808,327 |
4
Harding, Loevner Funds, Inc.
International Equity Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 95.9% (continued) | ||
Netherlands - 1.3% | ||
Adyen NV (Financial Services)*^† | 149,784 | $187,505,588 |
Peru - 1.0% | ||
Credicorp Ltd. (Banks) | 984,520 | 146,132,304 |
Russia - 0.0%^^ | ||
LUKOIL PJSC (Energy)‡ | 4,279,605 | — |
Singapore - 2.7% | ||
DBS Group Holdings Ltd. (Banks)† | 16,228,080 | 384,246,737 |
South Korea - 3.6% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 378,546 | 516,328,964 |
Spain - 2.3% | ||
Banco Bilbao Vizcaya Argentaria SA (Banks)† | 35,140,484 | 329,378,472 |
Sweden - 9.0% | ||
Alfa Laval AB (Capital Goods)† | 6,723,065 | 247,228,067 |
Assa Abloy AB, Class B (Capital Goods)† | 6,226,615 | 170,836,289 |
Atlas Copco AB, Class A (Capital Goods)† | 17,025,614 | 271,646,979 |
Epiroc AB, Class A (Capital Goods)† | 10,328,484 | 181,782,749 |
Skandinaviska Enskilda Banken AB, Class A (Banks)† | 28,446,845 | 403,422,002 |
1,274,916,086 | ||
Switzerland - 5.9% | ||
Alcon Inc. (Health Care Equipment & Services) | 3,066,775 | 230,345,470 |
Nestle SA - Sponsored ADR (Food, Beverage & Tobacco) | 1,509,702 | 171,955,058 |
Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | 930,157 | 265,762,316 |
Sonova Holding AG, Reg S (Health Care Equipment & Services)† | 509,716 | 162,658,890 |
830,721,734 | ||
Taiwan - 4.0% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | 4,992,425 | 563,944,328 |
United Kingdom - 6.3% | ||
Haleon plc (Household & Personal Products)† | 78,371,090 | 319,203,592 |
Rio Tinto plc (Materials)† | 4,109,149 | 286,518,222 |
Shell plc (Energy)† | 9,483,113 | 294,421,833 |
900,143,647 |
Shares | Value | |
COMMON STOCKS - 95.9% (continued) | ||
United States - 1.6% | ||
Linde plc (Materials) | 552,109 | $223,510,286 |
Total Common Stocks (Cost $9,778,995,005) | $13,600,758,203 | |
SHORT TERM INVESTMENTS - 4.0% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 570,338,773 | 570,338,773 |
Total Short Term Investments (Cost $570,338,773) | $570,338,773 | |
Total Investments — 99.9% | ||
(Cost $10,349,333,778) | $14,171,096,976 | |
Other Assets Less Liabilities - 0.1% | 21,126,175 | |
Net Assets — 100.0% | $14,192,223,151 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.3% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
‡ | Investment categorized as level 3 security that is effectively valued at zero. |
^^ | Amount is less than 0.005%. |
5
Harding, Loevner Funds, Inc.
International Equity Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Industry | Percentage of Net Assets |
Banks | 11.6% |
Capital Goods | 12.1 |
Consumer Durables & Apparel | 4.7 |
Consumer Staples Distribution & Retail | 1.7 |
Energy | 2.1 |
Financial Services | 2.2 |
Food, Beverage & Tobacco | 5.3 |
Health Care Equipment & Services | 3.6 |
Household & Personal Products | 6.7 |
Insurance | 7.8 |
Materials | 8.8 |
Media & Entertainment | 1.0 |
Pharmaceuticals, Biotechnology & Life Sciences | 8.9 |
Semiconductors & Semiconductor Equipment | 7.8 |
Software & Services | 3.6 |
Technology Hardware & Equipment | 4.9 |
Telecommunication Services | 1.2 |
Transportation | 1.2 |
Utilities | 0.7 |
Money Market Fund | 4.0 |
Total Investments | 99.9 |
Other Assets Less Liabilities | 0.1 |
Net Assets | 100.0% |
6
Harding, Loevner Funds, Inc.
International Developed Markets Equity Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 95.8% | ||
Australia - 2.4% | ||
BHP Group Ltd. - Sponsored ADR (Materials) | 35,829 | $2,193,451 |
Canada - 7.5% | ||
Alimentation Couche-Tard Inc. (Consumer Staples Distribution & Retail) | 37,700 | 2,209,086 |
Canadian National Railway Co. (Transportation) | 11,585 | 1,437,003 |
Manulife Financial Corp. (Insurance) | 143,600 | 3,174,378 |
6,820,467 | ||
China - 1.6% | ||
Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | 210,200 | 592,802 |
LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | 127,300 | 341,983 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 178,253 | 519,824 |
1,454,609 | ||
Denmark - 2.2% | ||
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† | 4,301 | 1,190,321 |
Novozymes A/S, Class B (Materials)† | 15,113 | 774,358 |
1,964,679 | ||
France - 9.5% | ||
Air Liquide SA (Materials)† | 7,668 | 1,437,281 |
Dassault Systemes SE (Software & Services)† | 33,826 | 1,762,804 |
L'Oreal SA (Household & Personal Products)† | 5,953 | 2,854,642 |
Schneider Electric SE (Capital Goods)† | 12,928 | 2,547,949 |
8,602,676 | ||
Germany - 12.7% | ||
Allianz SE, Reg S (Insurance)† | 11,938 | 3,196,480 |
BioNTech SE - ADR (Pharmaceuticals, Biotechnology & Life Sciences)* | 15,439 | 1,467,323 |
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | 93,599 | 3,413,062 |
SAP SE - Sponsored ADR (Software & Services) | 12,999 | 2,250,127 |
Symrise AG (Materials)† | 11,618 | 1,204,561 |
11,531,553 | ||
Hong Kong - 2.0% | ||
AIA Group Ltd. (Insurance)† | 240,000 | 1,866,133 |
Shares | Value | |
COMMON STOCKS - 95.8% (continued) | ||
India - 0.9% | ||
HDFC Bank Ltd. - ADR (Banks) | 15,195 | $843,171 |
Indonesia - 0.4% | ||
Telkom Indonesia Persero Tbk PT (Telecommunication Services)† | 1,351,700 | 339,219 |
Japan - 18.2% | ||
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 108,700 | 3,921,577 |
Daifuku Co., Ltd. (Capital Goods)† | 56,600 | 1,118,670 |
Keyence Corp. (Technology Hardware & Equipment)† | 3,200 | 1,435,447 |
Komatsu Ltd. (Capital Goods)† | 65,100 | 1,858,645 |
Shimano Inc. (Consumer Durables & Apparel)† | 6,400 | 921,525 |
Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 26,800 | 1,289,020 |
Shiseido Co., Ltd. (Household & Personal Products)† | 26,600 | 753,954 |
Sony Group Corp. (Consumer Durables & Apparel)† | 29,500 | 2,914,725 |
Sysmex Corp. (Health Care Equipment & Services)† | 15,900 | 857,721 |
Unicharm Corp. (Household & Personal Products)† | 42,100 | 1,453,512 |
16,524,796 | ||
Netherlands - 1.8% | ||
Adyen NV (Financial Services)*^† | 1,274 | 1,594,844 |
Singapore - 3.4% | ||
DBS Group Holdings Ltd. (Banks)† | 131,100 | 3,104,172 |
South Korea - 1.5% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 990 | 1,350,340 |
Spain - 3.1% | ||
Banco Bilbao Vizcaya Argentaria SA (Banks)† | 302,367 | 2,834,144 |
Sweden - 9.5% | ||
Alfa Laval AB (Capital Goods)† | 49,120 | 1,806,296 |
Assa Abloy AB, Class B (Capital Goods)† | 45,912 | 1,259,663 |
Atlas Copco AB, Class A (Capital Goods)† | 111,202 | 1,774,249 |
Epiroc AB, Class A (Capital Goods)† | 71,625 | 1,260,610 |
7
Harding, Loevner Funds, Inc.
International Developed Markets Equity Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 95.8% (continued) | ||
Sweden - 9.5% (continued) | ||
Skandinaviska Enskilda Banken AB, Class A (Banks)† | 179,702 | $2,548,463 |
8,649,281 | ||
Switzerland - 7.2% | ||
Alcon Inc. (Health Care Equipment & Services) | 24,223 | 1,819,390 |
Nestle SA, Reg S (Food, Beverage & Tobacco)† | 12,337 | 1,406,647 |
Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | 7,236 | 2,067,453 |
Sonova Holding AG, Reg S (Health Care Equipment & Services)† | 4,019 | 1,282,530 |
6,576,020 | ||
Taiwan - 1.5% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | 11,864 | 1,340,157 |
United Kingdom - 8.4% | ||
Haleon plc (Household & Personal Products)† | 626,864 | 2,553,202 |
Rio Tinto plc (Materials)† | 31,380 | 2,188,030 |
Shell plc (Energy)† | 93,070 | 2,889,541 |
7,630,773 | ||
United States - 2.0% | ||
Linde plc (Materials) | 4,524 | 1,831,451 |
Total Common Stocks (Cost $82,652,292) | $87,051,936 | |
SHORT TERM INVESTMENTS - 4.2% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 3,824,958 | 3,824,958 |
Total Short Term Investments (Cost $3,824,958) | $3,824,958 | |
Total Investments — 100.0% | ||
(Cost $86,477,250) | $90,876,894 | |
Other Assets Less Liabilities - 0.0%^^ | 21,753 | |
Net Assets — 100.0% | $90,898,647 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
† | Investment categorized as level 2 security. |
* | Non-income producing security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.8% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
^^ | Amount is less than 0.005%. |
Industry | Percentage of Net Assets |
Banks | 10.2% |
Capital Goods | 13.4 |
Consumer Durables & Apparel | 4.8 |
Consumer Staples Distribution & Retail | 2.4 |
Energy | 3.2 |
Financial Services | 1.8 |
Food, Beverage & Tobacco | 1.5 |
Health Care Equipment & Services | 4.4 |
Household & Personal Products | 8.4 |
Insurance | 9.0 |
Materials | 10.6 |
Pharmaceuticals, Biotechnology & Life Sciences | 10.9 |
Semiconductors & Semiconductor Equipment | 5.7 |
Software & Services | 4.4 |
Technology Hardware & Equipment | 3.1 |
Telecommunication Services | 0.4 |
Transportation | 1.6 |
Money Market Fund | 4.2 |
Total Investments | 100.0 |
Other Assets Less Liabilities | 0.0^^ |
Net Assets | 100.0% |
^^ | Amount is less than 0.005%. |
8
Harding, Loevner Funds, Inc.
International Carbon Transition Equity Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 96.8% | ||
Brazil - 2.0% | ||
Ambev SA - ADR (Food, Beverage & Tobacco)* | 8,123 | $21,282 |
XP Inc., Class A (Financial Services) | 799 | 19,640 |
40,922 | ||
Canada - 4.1% | ||
Canadian National Railway Co. (Transportation) | 191 | 23,692 |
Manulife Financial Corp. (Insurance) | 2,800 | 61,896 |
85,588 | ||
China - 5.7% | ||
Haier Smart Home Co., Ltd., Class A (Consumer Durables & Apparel)† | 11,100 | 34,490 |
LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | 6,100 | 16,387 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | 5,500 | 23,208 |
Tencent Holdings Ltd. (Media & Entertainment)† | 600 | 20,868 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 7,700 | 22,455 |
117,408 | ||
Denmark - 3.2% | ||
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† | 113 | 31,273 |
Novozymes A/S, Class B (Materials)† | 664 | 34,022 |
65,295 | ||
France - 9.7% | ||
Air Liquide SA (Materials)† | 233 | 43,673 |
Dassault Systemes SE (Software & Services)† | 639 | 33,301 |
L'Oreal SA (Household & Personal Products)† | 118 | 56,585 |
Schneider Electric SE (Capital Goods)† | 342 | 67,404 |
200,963 | ||
Germany - 10.4% | ||
Allianz SE, Reg S (Insurance)† | 220 | 58,906 |
BioNTech SE - ADR (Pharmaceuticals, Biotechnology & Life Sciences)* | 274 | 26,041 |
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | 1,723 | 62,829 |
SAP SE - Sponsored ADR (Software & Services) | 240 | 41,544 |
Shares | Value | |
COMMON STOCKS - 96.8% (continued) | ||
Germany - 10.4% (continued) | ||
Symrise AG (Materials)† | 250 | $25,920 |
215,240 | ||
Hong Kong - 1.6% | ||
AIA Group Ltd. (Insurance)† | 4,200 | 32,657 |
India - 2.7% | ||
HDFC Bank Ltd. - ADR (Banks) | 552 | 30,630 |
ICICI Bank Ltd. - Sponsored ADR (Banks) | 1,075 | 26,230 |
56,860 | ||
Indonesia - 1.9% | ||
Telkom Indonesia Persero Tbk PT (Telecommunication Services)† | 158,900 | 39,877 |
Japan - 15.3% | ||
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 2,000 | 72,154 |
Daifuku Co., Ltd. (Capital Goods)† | 1,000 | 19,764 |
Keyence Corp. (Technology Hardware & Equipment)† | 55 | 24,672 |
Komatsu Ltd. (Capital Goods)† | 1,700 | 48,536 |
Shimano Inc. (Consumer Durables & Apparel)† | 100 | 14,399 |
Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 500 | 24,049 |
Shiseido Co., Ltd. (Household & Personal Products)† | 500 | 14,172 |
Sony Group Corp. (Consumer Durables & Apparel)† | 600 | 59,283 |
Sysmex Corp. (Health Care Equipment & Services)† | 300 | 16,183 |
Unicharm Corp. (Household & Personal Products)† | 700 | 24,168 |
317,380 | ||
Mexico - 3.8% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food, Beverage & Tobacco) | 580 | 78,613 |
Netherlands - 1.3% | ||
Adyen NV (Financial Services)*^† | 22 | 27,540 |
Peru - 1.1% | ||
Credicorp Ltd. (Banks) | 147 | 21,819 |
Singapore - 2.7% | ||
DBS Group Holdings Ltd. (Banks)† | 2,400 | 56,827 |
9
Harding, Loevner Funds, Inc.
International Carbon Transition Equity Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 96.8% (continued) | ||
South Korea - 3.7% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 56 | $76,383 |
Spain - 3.4% | ||
Banco Bilbao Vizcaya Argentaria SA (Banks)† | 7,467 | 69,990 |
Sweden - 9.4% | ||
Alfa Laval AB (Capital Goods)† | 1,001 | 36,810 |
Assa Abloy AB, Class B (Capital Goods)† | 1,143 | 31,360 |
Atlas Copco AB, Class A (Capital Goods)† | 2,513 | 40,095 |
Epiroc AB, Class A (Capital Goods)† | 1,781 | 31,346 |
Skandinaviska Enskilda Banken AB, Class A (Banks)† | 3,849 | 54,585 |
194,196 | ||
Switzerland - 6.9% | ||
Alcon Inc. (Health Care Equipment & Services) | 463 | 34,776 |
Nestle SA - Sponsored ADR (Food, Beverage & Tobacco) | 379 | 43,168 |
Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | 140 | 40,000 |
Sonova Holding AG, Reg S (Health Care Equipment & Services)† | 76 | 24,253 |
142,197 | ||
Taiwan - 4.0% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | 734 | 82,913 |
United Kingdom - 2.3% | ||
Haleon plc (Household & Personal Products)† | 11,614 | 47,304 |
United States - 1.6% | ||
Linde plc (Materials) | 82 | 33,196 |
Total Common Stocks (Cost $1,828,792) | $2,003,168 |
Shares | Value | |
SHORT TERM INVESTMENTS - 3.3% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 67,345 | $67,345 |
Total Short Term Investments (Cost $67,345) | $67,345 | |
Total Investments — 100.1% | ||
(Cost $1,896,137) | $2,070,513 | |
Liabilities Less Other Assets - (0.1)% | (2,186) | |
Net Assets — 100.0% | $2,068,327 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 1.3% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
Industry | Percentage of Net Assets |
Banks | 12.6% |
Capital Goods | 14.3 |
Consumer Durables & Apparel | 5.3 |
Financial Services | 2.3 |
Food, Beverage & Tobacco | 6.9 |
Health Care Equipment & Services | 3.7 |
Household & Personal Products | 6.9 |
Insurance | 8.5 |
Materials | 6.7 |
Media & Entertainment | 1.0 |
Pharmaceuticals, Biotechnology & Life Sciences | 9.3 |
Semiconductors & Semiconductor Equipment | 7.8 |
Software & Services | 3.6 |
Technology Hardware & Equipment | 4.9 |
Telecommunication Services | 1.9 |
Transportation | 1.1 |
Money Market Fund | 3.3 |
Total Investments | 100.1 |
Liabilities Less Other Assets | (0.1) |
Net Assets | 100.0% |
10
Harding, Loevner Funds, Inc.
International Small Companies Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.7% | ||
Bangladesh - 0.9% | ||
Square Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† | 2,536,599 | $5,035,617 |
Belgium - 0.7% | ||
Lotus Bakeries NV (Food, Beverage & Tobacco)† | 464 | 3,956,032 |
Brazil - 1.0% | ||
Localiza Rent a Car SA (Transportation)* | 488,800 | 5,339,467 |
Canada - 1.1% | ||
Kinaxis Inc. (Software & Services)* | 48,400 | 5,893,896 |
China - 4.8% | ||
Haitian International Holdings Ltd. (Capital Goods)† | 2,328,000 | 5,140,100 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 1,376,981 | 2,966,345 |
Shanghai Friendess Electronic Technology Corp., Ltd., Class A (Technology Hardware & Equipment)† | 100,624 | 3,555,711 |
Shanghai Hanbell Precise Machinery Co., Ltd., Class A (Capital Goods)† | 1,889,982 | 4,646,030 |
TravelSky Technology Ltd., Class H (Consumer Services)† | 5,609,000 | 5,637,522 |
Yantai China Pet Foods Co., Ltd., Class A (Food, Beverage & Tobacco)† | 1,107,799 | 3,428,293 |
25,374,001 | ||
Denmark - 2.0% | ||
Novozymes A/S, Class B (Materials)† | 203,465 | 10,425,106 |
Finland - 1.4% | ||
Vaisala OYJ, Class A (Technology Hardware & Equipment)† | 182,278 | 7,208,840 |
France - 4.1% | ||
Alten SA (Software & Services)† | 68,196 | 10,548,707 |
Rubis SCA (Utilities)† | 431,120 | 10,929,277 |
21,477,984 | ||
Germany - 13.5% | ||
Bechtle AG (Software & Services)† | 192,112 | 10,030,310 |
Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*† | 587,812 | 9,098,860 |
FUCHS SE (Materials)† | 286,079 | 10,169,880 |
HelloFresh SE (Consumer Staples Distribution & Retail)*† | 201,472 | 2,687,117 |
Shares | Value | |
COMMON STOCKS - 97.7% (continued) | ||
Germany - 13.5% (continued) | ||
KWS Saat SE & Co. KGaA (Food, Beverage & Tobacco)† | 150,743 | $8,470,827 |
Nemetschek SE (Software & Services)† | 57,267 | 5,323,581 |
Pfeiffer Vacuum Technology AG (Capital Goods)† | 30,301 | 5,088,713 |
Scout24 SE (Media & Entertainment)^† | 90,741 | 6,722,186 |
STRATEC SE (Health Care Equipment & Services)† | 171,006 | 7,770,443 |
TeamViewer SE (Software & Services)*^† | 407,332 | 5,859,632 |
71,221,549 | ||
Hong Kong - 0.5% | ||
ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | 275,700 | 2,684,691 |
India - 2.8% | ||
Max Financial Services Ltd. (Insurance)*† | 974,883 | 10,393,353 |
SH Kelkar & Co., Ltd. (Materials)^† | 2,100,812 | 4,221,753 |
14,615,106 | ||
Indonesia - 1.8% | ||
Prodia Widyahusada Tbk PT (Health Care Equipment & Services)† | 7,800,400 | 2,492,661 |
Sarana Menara Nusantara Tbk PT (Telecommunication Services)† | 120,737,800 | 6,810,143 |
9,302,804 | ||
Israel - 2.0% | ||
CyberArk Software Ltd. (Software & Services)* | 44,734 | 10,444,494 |
Italy - 3.0% | ||
DiaSorin SpA (Health Care Equipment & Services)† | 56,749 | 5,216,958 |
Reply SpA (Software & Services)† | 77,758 | 10,647,007 |
15,863,965 | ||
Japan - 9.2% | ||
Ariake Japan Co., Ltd. (Food, Beverage & Tobacco)† | 241,000 | 7,748,063 |
BML Inc. (Health Care Equipment & Services)† | 194,000 | 3,754,425 |
JCU Corp. (Materials)† | 243,200 | 6,159,123 |
MISUMI Group Inc. (Capital Goods)† | 152,800 | 2,634,460 |
Pigeon Corp. (Household & Personal Products)† | 241,800 | 2,649,559 |
Santen Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 344,000 | 3,480,241 |
11
Harding, Loevner Funds, Inc.
International Small Companies Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.7% (continued) | ||
Japan - 9.2% (continued) | ||
SMS Co., Ltd. (Commercial & Professional Services)† | 404,100 | $7,297,628 |
Solasto Corp. (Health Care Equipment & Services)† | 1,546,300 | 6,054,240 |
Stanley Electric Co., Ltd. (Automobiles & Components)† | 455,300 | 8,664,675 |
48,442,414 | ||
Kuwait - 0.5% | ||
Mabanee Co. KPSC (Real Estate Management & Development)† | 1,058,413 | 2,650,558 |
Lithuania - 1.9% | ||
Siauliu Bankas AB (Banks)† | 13,160,744 | 10,137,593 |
Malaysia - 1.7% | ||
Dialog Group Bhd. (Energy)† | 12,746,540 | 4,924,327 |
TIME dotCom Bhd. (Telecommunication Services)† | 3,609,000 | 4,191,375 |
9,115,702 | ||
Mexico - 3.0% | ||
Grupo Herdez SAB de CV (Food, Beverage & Tobacco) | 2,027,047 | 5,338,642 |
Megacable Holdings SAB de CV (Media & Entertainment) | 4,100,700 | 10,549,865 |
15,888,507 | ||
Norway - 0.8% | ||
TOMRA Systems ASA (Capital Goods)† | 400,352 | 3,993,781 |
Panama - 1.3% | ||
Copa Holdings SA, Class A (Transportation) | 70,120 | 6,735,727 |
Philippines - 0.4% | ||
Robinsons Retail Holdings Inc. (Consumer Staples Distribution & Retail) | 3,674,240 | 2,300,683 |
Romania - 0.6% | ||
Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† | 266,011 | 2,953,444 |
Saudi Arabia - 0.4% | ||
Jarir Marketing Co. (Consumer Discretionary Distribution & Retail)† | 586,192 | 2,381,237 |
South Korea - 1.4% | ||
Cheil Worldwide Inc. (Media & Entertainment)† | 444,180 | 6,117,070 |
NCSoft Corp. (Media & Entertainment)† | 8,681 | 1,275,201 |
7,392,271 | ||
Spain - 2.3% | ||
Bankinter SA (Banks)† | 730,620 | 4,506,116 |
Shares | Value | |
COMMON STOCKS - 97.7% (continued) | ||
Spain - 2.3% (continued) | ||
Linea Directa Aseguradora SA Cia de Seguros y Reaseguros (Insurance)† | 7,092,128 | $7,410,980 |
11,917,096 | ||
Sweden - 3.4% | ||
Cellavision AB (Health Care Equipment & Services)† | 363,256 | 7,006,157 |
Paradox Interactive AB (Media & Entertainment)† | 230,898 | 4,529,740 |
Thule Group AB (Consumer Durables & Apparel)^† | 249,444 | 6,342,012 |
17,877,909 | ||
Switzerland - 7.6% | ||
Belimo Holding AG, Reg S (Capital Goods)† | 12,632 | 5,922,392 |
Bossard Holding AG, Class A, Reg S (Capital Goods)† | 32,981 | 7,910,023 |
Burckhardt Compression Holding AG (Capital Goods)† | 12,611 | 7,070,071 |
LEM Holding SA, Reg S (Technology Hardware & Equipment)† | 4,820 | 11,014,678 |
Tecan Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | 20,951 | 8,009,474 |
39,926,638 | ||
Taiwan - 1.9% | ||
Advantech Co., Ltd. (Technology Hardware & Equipment)† | 288,476 | 3,097,820 |
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† | 1,769,700 | 4,054,941 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 170,909 | 2,968,058 |
10,120,819 | ||
United Kingdom - 17.9% | ||
Airtel Africa plc (Telecommunication Services)^† | 5,917,707 | 8,413,222 |
Baltic Classifieds Group plc (Media & Entertainment)† | 1,198,517 | 3,661,571 |
Bank of Georgia Group plc (Banks)† | 167,508 | 8,055,298 |
Clarkson plc (Transportation)† | 201,130 | 9,078,230 |
Cranswick plc (Food, Beverage & Tobacco)† | 194,327 | 9,883,907 |
Diploma plc (Capital Goods)† | 238,386 | 9,811,585 |
Grafton Group plc (Capital Goods)† | 608,442 | 7,491,220 |
Keywords Studios plc (Software & Services)† | 473,215 | 9,868,998 |
12
Harding, Loevner Funds, Inc.
International Small Companies Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.7% (continued) | ||
United Kingdom - 17.9% (continued) | ||
Rathbones Group plc (Financial Services)† | 109,171 | $2,268,657 |
Rightmove plc (Media & Entertainment)† | 238,433 | 1,682,450 |
Senior plc (Capital Goods)† | 5,578,475 | 11,116,708 |
YouGov plc (Media & Entertainment)† | 907,717 | 13,484,819 |
94,816,665 | ||
United States - 1.1% | ||
Globant SA (Software & Services)* | 24,682 | 5,820,262 |
Vietnam - 2.7% | ||
Hoa Phat Group JSC (Materials)*† | 12,891,354 | 14,543,787 |
Total Common Stocks (Cost $439,931,805) | $515,858,645 | |
SHORT TERM INVESTMENTS - 2.9% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 15,163,908 | 15,163,908 |
Total Short Term Investments (Cost $15,163,908) | $15,163,908 | |
Total Investments — 100.6% | ||
(Cost $455,095,713) | $531,022,553 | |
Liabilities Less Other Assets - (0.6)% | (2,955,628) | |
Net Assets — 100.0% | $528,066,925 |
Summary of Abbreviations | |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
† | Investment categorized as level 2 security. |
* | Non-income producing security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 6.0% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
Industry | Percentage of Net Assets |
Automobiles & Components | 1.6% |
Banks | 4.3 |
Capital Goods | 14.1 |
Commercial & Professional Services | 1.4 |
Consumer Discretionary Distribution & Retail | 0.4 |
Consumer Durables & Apparel | 1.7 |
Consumer Services | 1.1 |
Consumer Staples Distribution & Retail | 0.9 |
Energy | 1.5 |
Financial Services | 0.4 |
Food, Beverage & Tobacco | 7.3 |
Health Care Equipment & Services | 6.1 |
Household & Personal Products | 0.5 |
Insurance | 3.4 |
Materials | 8.6 |
Media & Entertainment | 9.1 |
Pharmaceuticals, Biotechnology & Life Sciences | 4.8 |
Real Estate Management & Development | 0.5 |
Semiconductors & Semiconductor Equipment | 1.3 |
Software & Services | 14.1 |
Technology Hardware & Equipment | 4.8 |
Telecommunication Services | 3.7 |
Transportation | 4.0 |
Utilities | 2.1 |
Money Market Fund | 2.9 |
Total Investments | 100.6 |
Liabilities Less Other Assets | (0.6) |
Net Assets | 100.0% |
13
Harding, Loevner Funds, Inc.
Institutional Emerging Markets Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.8% | ||
Brazil - 5.6% | ||
B3 SA - Brasil Bolsa Balcao (Financial Services) | 4,266,800 | $11,273,295 |
Localiza Rent a Car SA (Transportation)* | 2,049,580 | 22,388,840 |
Lojas Renner SA (Consumer Discretionary Distribution & Retail)* | 2,756,270 | 8,929,060 |
WEG SA (Capital Goods) | 3,099,092 | 20,229,419 |
XP Inc., Class A (Financial Services) | 987,700 | 24,277,666 |
87,098,280 | ||
China - 22.5% | ||
Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)† | 2,354,216 | 21,132,473 |
Alibaba Group Holding Ltd. - Sponsored ADR (Consumer Discretionary Distribution & Retail) | 53,712 | 3,876,395 |
Baidu Inc., Class A (Media & Entertainment)*† | 480,758 | 6,298,190 |
Contemporary Amperex Technology Co., Ltd., Class A (Capital Goods)† | 800,882 | 16,798,111 |
ENN Energy Holdings Ltd. (Utilities)† | 1,347,017 | 9,957,140 |
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | 2,153,400 | 9,722,731 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 3,935,550 | 8,478,112 |
JD.com Inc., Class A (Consumer Discretionary Distribution & Retail)† | 1,250,238 | 14,025,767 |
Jiangsu Hengli Hydraulic Co., Ltd., Class A (Capital Goods)† | 2,198,800 | 14,901,862 |
Li Ning Co., Ltd. (Consumer Durables & Apparel)† | 4,592,000 | 9,726,470 |
LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | 4,726,500 | 12,697,423 |
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | 1,647,964 | 13,356,217 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | 5,111,000 | 21,566,646 |
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | 1,353,800 | 10,514,599 |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A (Health Care Equipment & Services)† | 410,200 | 15,326,631 |
Shares | Value | |
COMMON STOCKS - 94.8% (continued) | ||
China - 22.5% (continued) | ||
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | 2,478,000 | $22,104,602 |
StarPower Semiconductor Ltd., Class A (Semiconductors & Semiconductor Equipment)† | 578,330 | 10,204,905 |
Tencent Holdings Ltd. (Media & Entertainment)† | 1,520,900 | 52,897,017 |
Trip.com Group Ltd. (Consumer Services)*† | 747,950 | 27,172,059 |
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 822,800 | 6,178,952 |
WuXi AppTec Co., Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)^† | 1,649,300 | 11,390,704 |
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 1,971,500 | 5,202,235 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 5,668,136 | 16,529,503 |
ZTO Express Cayman Inc. - ADR (Transportation) | 695,227 | 11,373,914 |
351,432,658 | ||
Czech Republic - 0.6% | ||
Komercni banka AS (Banks)† | 266,573 | 8,741,195 |
Egypt - 0.6% | ||
Commercial International Bank Egypt - GDR, Reg S (Banks)† | 7,349,438 | 8,663,925 |
Hong Kong - 3.6% | ||
AIA Group Ltd. (Insurance)† | 3,067,815 | 23,853,968 |
ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | 918,769 | 8,946,720 |
Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)^† | 5,214,000 | 8,147,314 |
Techtronic Industries Co., Ltd. (Capital Goods)† | 1,420,301 | 15,173,120 |
56,121,122 | ||
India - 13.8% | ||
Asian Paints Ltd. (Materials)† | 382,790 | 13,595,128 |
HDFC Bank Ltd. (Banks)† | 4,078,199 | 71,385,151 |
HDFC Life Insurance Co., Ltd. (Insurance)^† | 2,068,620 | 14,316,197 |
Kotak Mahindra Bank Ltd. (Banks)† | 824,293 | 18,054,780 |
Maruti Suzuki India Ltd. (Automobiles & Components)† | 337,873 | 41,322,560 |
14
Harding, Loevner Funds, Inc.
Institutional Emerging Markets Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.8% (continued) | ||
India - 13.8% (continued) | ||
Tata Consultancy Services Ltd. (Software & Services)† | 1,243,608 | $57,110,558 |
215,784,374 | ||
Indonesia - 3.8% | ||
Astra International Tbk PT (Capital Goods)† | 53,627,300 | 17,325,539 |
Bank Central Asia Tbk PT (Banks)† | 26,329,865 | 15,913,611 |
Bank Rakyat Indonesia Persero Tbk PT (Banks)† | 72,848,800 | 26,149,821 |
59,388,971 | ||
Italy - 2.0% | ||
Tenaris SA - ADR (Energy) | 994,887 | 31,647,355 |
Kazakhstan - 1.4% | ||
Kaspi.KZ JSC - ADR (Financial Services)† | 244,804 | 22,519,310 |
Kenya - 0.4% | ||
Safaricom plc (Telecommunication Services)† | 75,132,927 | 6,365,226 |
Mexico - 7.4% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food, Beverage & Tobacco) | 317,603 | 43,047,910 |
Grupo Financiero Banorte SAB de CV, Series O (Banks) | 3,792,900 | 38,577,990 |
Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | 8,185,700 | 33,819,547 |
115,445,447 | ||
Panama - 0.8% | ||
Copa Holdings SA, Class A (Transportation) | 122,482 | 11,765,621 |
Poland - 1.3% | ||
Allegro.eu SA (Consumer Discretionary Distribution & Retail)*^† | 1,973,777 | 14,953,920 |
CD Projekt SA (Media & Entertainment)† | 210,206 | 5,479,416 |
20,433,336 | ||
Russia - 0.0%^^ | ||
LUKOIL PJSC (Energy)‡ | 1,601,095 | — |
Sberbank of Russia PJSC (Banks)‡ | 35,707,448 | — |
Sberbank of Russia PJSC (Banks)‡ | 880,800 | — |
— | ||
Saudi Arabia - 1.2% | ||
Al Rajhi Bank (Banks)† | 845,263 | 18,883,440 |
South Africa - 1.8% | ||
Discovery Ltd. (Insurance)† | 1,188,984 | 8,793,747 |
Shares | Value | |
COMMON STOCKS - 94.8% (continued) | ||
South Africa - 1.8% (continued) | ||
Standard Bank Group Ltd. (Banks)† | 1,849,387 | $19,700,019 |
28,493,766 | ||
South Korea - 7.2% | ||
Coway Co., Ltd. (Consumer Durables & Apparel)† | 215,806 | 8,879,034 |
NAVER Corp. (Media & Entertainment)† | 123,021 | 18,190,566 |
NCSoft Corp. (Media & Entertainment)† | 45,176 | 6,636,156 |
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 58,161 | 79,330,409 |
113,036,165 | ||
Taiwan - 13.8% | ||
Airtac International Group (Capital Goods)† | 945,133 | 28,197,272 |
ASPEED Technology Inc. (Semiconductors & Semiconductor Equipment)† | 245,818 | 23,905,514 |
Delta Electronics Inc. (Technology Hardware & Equipment)† | 3,076,000 | 27,351,938 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 1,920,031 | 33,343,842 |
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | 3,336,545 | 10,883,040 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | 4,573,277 | 91,616,543 |
215,298,149 | ||
Thailand - 0.8% | ||
Bumrungrad Hospital pcl, Reg S (Health Care Equipment & Services)† | 1,812,800 | 12,263,322 |
United Arab Emirates - 1.1% | ||
Emaar Properties PJSC (Real Estate Management & Development)† | 8,090,387 | 16,384,285 |
United Kingdom - 1.6% | ||
Bank of Georgia Group plc (Banks)† | 123,294 | 5,929,089 |
Coca-Cola HBC AG - CDI (Food, Beverage & Tobacco)*† | 626,822 | 18,451,916 |
24,381,005 | ||
United States - 3.5% | ||
EPAM Systems Inc. (Software & Services)* | 78,956 | 21,958,453 |
15
Harding, Loevner Funds, Inc.
Institutional Emerging Markets Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.8% (continued) | ||
United States - 3.5% (continued) | ||
Globant SA (Software & Services)* | 138,462 | $32,650,724 |
54,609,177 | ||
Total Common Stocks (Cost $1,293,920,330) | $1,478,756,129 | |
PREFERRED STOCKS - 2.6% | ||
Brazil - 1.6% | ||
Itau Unibanco Holding SA - Sponsored ADR (Banks)* | 3,770,662 | 24,886,369 |
Colombia - 0.6% | ||
Bancolombia SA - Sponsored ADR, 10.32% (Banks)+ | 320,989 | 10,098,314 |
South Korea - 0.4% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S, 2.54% (Technology Hardware & Equipment)+† | 5,317 | 5,811,576 |
Total Preferred Stocks (Cost $26,200,453) | $40,796,259 | |
RIGHTS - 0.0%^^ | ||
Brazil - 0.0%^^ | ||
Localiza Rent a Car SA (Transportation)* | 8,125 | 14,760 |
Total Rights (Cost $0) | $14,760 | |
SHORT TERM INVESTMENTS - 0.4% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 6,566,150 | 6,566,150 |
Total Short Term Investments (Cost $6,566,150) | $6,566,150 | |
Total Investments — 97.8% | ||
(Cost $1,326,686,933) | $1,526,133,298 | |
Other Assets Less Liabilities - 2.2% | 34,322,771 | |
Net Assets — 100.0% | $1,560,456,069 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
CDI | Chess Depositary Interest |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.1% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
‡ | Investment categorized as level 3 security that is effectively valued at zero. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
^^ | Amount is less than 0.005%. |
Industry | Percentage of Net Assets |
Automobiles & Components | 3.2% |
Banks | 17.1 |
Capital Goods | 9.6 |
Consumer Discretionary Distribution & Retail | 4.1 |
Consumer Durables & Apparel | 5.6 |
Consumer Services | 1.7 |
Consumer Staples Distribution & Retail | 2.2 |
Energy | 2.0 |
Financial Services | 3.7 |
Food, Beverage & Tobacco | 4.4 |
Health Care Equipment & Services | 1.8 |
Insurance | 4.4 |
Materials | 0.9 |
Media & Entertainment | 5.6 |
Pharmaceuticals, Biotechnology & Life Sciences | 1.4 |
Real Estate Management & Development | 1.1 |
Semiconductors & Semiconductor Equipment | 9.5 |
Software & Services | 7.2 |
Technology Hardware & Equipment | 8.0 |
Telecommunication Services | 0.4 |
Transportation | 2.9 |
Utilities | 0.6 |
Money Market Fund | 0.4 |
Total Investments | 97.8 |
Other Assets Less Liabilities | 2.2 |
Net Assets | 100.0% |
16
Harding, Loevner Funds, Inc.
Emerging Markets Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.1% | ||
Brazil - 5.6% | ||
B3 SA - Brasil Bolsa Balcao (Financial Services) | 2,648,709 | $6,998,143 |
Localiza Rent a Car SA (Transportation)* | 1,244,190 | 13,591,063 |
Lojas Renner SA (Consumer Discretionary Distribution & Retail)* | 1,730,500 | 5,606,032 |
WEG SA (Capital Goods) | 1,857,448 | 12,124,550 |
XP Inc., Class A (Financial Services) | 587,102 | 14,430,967 |
52,750,755 | ||
China - 22.3% | ||
Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)† | 1,401,000 | 12,575,989 |
Alibaba Group Holding Ltd. - Sponsored ADR (Consumer Discretionary Distribution & Retail) | 36,103 | 2,605,554 |
Baidu Inc., Class A (Media & Entertainment)*† | 278,614 | 3,649,994 |
Contemporary Amperex Technology Co., Ltd., Class A (Capital Goods)† | 494,501 | 10,371,919 |
ENN Energy Holdings Ltd. (Utilities)† | 794,213 | 5,870,817 |
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | 1,267,496 | 5,722,821 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 2,388,434 | 5,145,255 |
JD.com Inc., Class A (Consumer Discretionary Distribution & Retail)† | 737,450 | 8,273,066 |
Jiangsu Hengli Hydraulic Co., Ltd., Class A (Capital Goods)† | 1,279,100 | 8,668,807 |
Li Ning Co., Ltd. (Consumer Durables & Apparel)† | 2,714,000 | 5,748,615 |
LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | 2,793,200 | 7,503,743 |
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | 943,715 | 7,648,506 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | 3,040,500 | 12,829,855 |
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | 805,600 | 6,256,877 |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A (Health Care Equipment & Services)† | 248,800 | 9,296,113 |
Shares | Value | |
COMMON STOCKS - 94.1% (continued) | ||
China - 22.3% (continued) | ||
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | 1,481,710 | $13,217,357 |
StarPower Semiconductor Ltd., Class A (Semiconductors & Semiconductor Equipment)† | 327,676 | 5,781,997 |
Tencent Holdings Ltd. (Media & Entertainment)† | 922,400 | 32,081,142 |
Trip.com Group Ltd. (Consumer Services)*† | 454,150 | 16,498,684 |
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 514,659 | 3,864,916 |
WuXi AppTec Co., Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)^† | 1,015,900 | 7,016,199 |
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 1,116,000 | 2,944,811 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 3,547,399 | 10,344,978 |
ZTO Express Cayman Inc. - ADR (Transportation) | 412,298 | 6,745,195 |
210,663,210 | ||
Czech Republic - 0.6% | ||
Komercni banka AS (Banks)† | 160,468 | 5,261,906 |
Egypt - 0.5% | ||
Commercial International Bank Egypt - GDR, Reg S (Banks)† | 4,151,683 | 4,894,234 |
Hong Kong - 3.5% | ||
AIA Group Ltd. (Insurance)† | 1,794,871 | 13,956,120 |
ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | 574,545 | 5,594,761 |
Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)^† | 2,988,600 | 4,669,939 |
Techtronic Industries Co., Ltd. (Capital Goods)† | 868,860 | 9,282,059 |
33,502,879 | ||
India - 13.7% | ||
Asian Paints Ltd. (Materials)† | 233,537 | 8,294,275 |
HDFC Bank Ltd. (Banks)† | 2,454,161 | 42,957,848 |
HDFC Life Insurance Co., Ltd. (Insurance)^† | 1,216,703 | 8,420,377 |
Kotak Mahindra Bank Ltd. (Banks)† | 481,172 | 10,539,280 |
Maruti Suzuki India Ltd. (Automobiles & Components)† | 204,249 | 24,980,071 |
17
Harding, Loevner Funds, Inc.
Emerging Markets Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.1% (continued) | ||
India - 13.7% (continued) | ||
Tata Consultancy Services Ltd. (Software & Services)† | 738,959 | $33,935,421 |
129,127,272 | ||
Indonesia - 3.8% | ||
Astra International Tbk PT (Capital Goods)† | 32,512,407 | 10,503,885 |
Bank Central Asia Tbk PT (Banks)† | 15,694,164 | 9,485,458 |
Bank Rakyat Indonesia Persero Tbk PT (Banks)† | 44,176,936 | 15,857,762 |
35,847,105 | ||
Italy - 2.0% | ||
Tenaris SA - ADR (Energy) | 599,715 | 19,076,934 |
Kazakhstan - 1.4% | ||
Kaspi.KZ JSC - ADR (Financial Services)† | 148,356 | 13,647,141 |
Kenya - 0.4% | ||
Safaricom plc (Telecommunication Services)† | 41,485,173 | 3,514,604 |
Mexico - 7.4% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food, Beverage & Tobacco) | 190,412 | 25,808,442 |
Grupo Financiero Banorte SAB de CV, Series O (Banks) | 2,273,074 | 23,119,678 |
Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | 4,968,715 | 20,528,445 |
69,456,565 | ||
Panama - 0.7% | ||
Copa Holdings SA, Class A (Transportation) | 74,052 | 7,113,435 |
Poland - 1.3% | ||
Allegro.eu SA (Consumer Discretionary Distribution & Retail)*^† | 1,198,351 | 9,079,062 |
CD Projekt SA (Media & Entertainment)† | 114,100 | 2,974,232 |
12,053,294 | ||
Russia - 0.0%^^ | ||
LUKOIL PJSC (Energy)‡ | 910,483 | — |
Sberbank of Russia PJSC (Banks)‡ | 20,812,636 | — |
— | ||
Saudi Arabia - 1.2% | ||
Al Rajhi Bank (Banks)† | 493,255 | 11,019,471 |
South Africa - 1.8% | ||
Discovery Ltd. (Insurance)† | 747,650 | 5,529,633 |
Shares | Value | |
COMMON STOCKS - 94.1% (continued) | ||
South Africa - 1.8% (continued) | ||
Standard Bank Group Ltd. (Banks)† | 1,125,000 | $11,983,712 |
17,513,345 | ||
South Korea - 7.2% | ||
Coway Co., Ltd. (Consumer Durables & Apparel)† | 128,950 | 5,305,466 |
NAVER Corp. (Media & Entertainment)† | 74,530 | 11,020,419 |
NCSoft Corp. (Media & Entertainment)† | 29,254 | 4,297,284 |
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 34,668 | 47,286,439 |
67,909,608 | ||
Taiwan - 13.9% | ||
Airtac International Group (Capital Goods)† | 561,823 | 16,761,531 |
ASPEED Technology Inc. (Semiconductors & Semiconductor Equipment)† | 174,309 | 16,951,347 |
Delta Electronics Inc. (Technology Hardware & Equipment)† | 1,793,000 | 15,943,441 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 1,153,846 | 20,038,041 |
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | 1,992,146 | 6,497,921 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | 2,732,147 | 54,733,151 |
130,925,432 | ||
Thailand - 0.8% | ||
Bumrungrad Hospital pcl, Reg S (Health Care Equipment & Services)† | 1,110,700 | 7,513,720 |
United Arab Emirates - 1.0% | ||
Emaar Properties PJSC (Real Estate Management & Development)† | 4,910,686 | 9,944,899 |
United Kingdom - 1.6% | ||
Bank of Georgia Group plc (Banks)† | 76,759 | 3,691,266 |
Coca-Cola HBC AG - CDI (Food, Beverage & Tobacco)*† | 375,376 | 11,050,037 |
14,741,303 | ||
United States - 3.4% | ||
EPAM Systems Inc. (Software & Services)* | 46,765 | 13,005,814 |
18
Harding, Loevner Funds, Inc.
Emerging Markets Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.1% (continued) | ||
United States - 3.4% (continued) | ||
Globant SA (Software & Services)* | 81,843 | $19,299,398 |
32,305,212 | ||
Total Common Stocks (Cost $706,029,216) | $888,782,324 | |
PREFERRED STOCKS - 2.6% | ||
Brazil - 1.6% | ||
Itau Unibanco Holding SA - Sponsored ADR (Banks)* | 2,283,630 | 15,071,958 |
Colombia - 0.6% | ||
Bancolombia SA - Sponsored ADR, 10.32% (Banks)+ | 188,501 | 5,930,242 |
South Korea - 0.4% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S, 2.54% (Technology Hardware & Equipment)+† | 3,133 | 3,424,425 |
Total Preferred Stocks (Cost $15,546,338) | $24,426,625 | |
RIGHTS - 0.0% | ||
Brazil - 0.0%^^ | ||
Localiza Rent a Car SA (Transportation)* | 4,464 | 8,109 |
Total Rights (Cost $0) | $8,109 | |
SHORT TERM INVESTMENTS - 3.5% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 33,122,718 | 33,122,718 |
Total Short Term Investments (Cost $33,122,718) | $33,122,718 | |
Total Investments — 100.2% | ||
(Cost $754,698,272) | $946,339,776 | |
Liabilities Less Other Assets - (0.2)% | (2,121,149) | |
Net Assets — 100.0% | $944,218,627 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
CDI | Chess Depositary Interest |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.0% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
‡ | Investment categorized as level 3 security that is effectively valued at zero. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
^^ | Amount is less than 0.005%. |
Industry | Percentage of Net Assets |
Automobiles & Components | 3.2% |
Banks | 17.0 |
Capital Goods | 9.5 |
Consumer Discretionary Distribution & Retail | 4.1 |
Consumer Durables & Apparel | 5.5 |
Consumer Services | 1.8 |
Consumer Staples Distribution & Retail | 2.2 |
Energy | 2.0 |
Financial Services | 3.7 |
Food, Beverage & Tobacco | 4.4 |
Health Care Equipment & Services | 1.8 |
Insurance | 4.3 |
Materials | 0.9 |
Media & Entertainment | 5.7 |
Pharmaceuticals, Biotechnology & Life Sciences | 1.4 |
Real Estate Management & Development | 1.0 |
Semiconductors & Semiconductor Equipment | 9.6 |
Software & Services | 7.0 |
Technology Hardware & Equipment | 7.8 |
Telecommunication Services | 0.4 |
Transportation | 2.8 |
Utilities | 0.6 |
Money Market Fund | 3.5 |
Total Investments | 100.2 |
Liabilities Less Other Assets | (0.2) |
Net Assets | 100.0% |
19
Harding, Loevner Funds, Inc.
Emerging Markets ex China Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 93.4% | ||
Brazil - 7.3% | ||
B3 SA - Brasil Bolsa Balcao (Financial Services) | 9,500 | $25,100 |
Localiza Rent a Car SA (Transportation)* | 8,026 | 87,673 |
Lojas Renner SA (Consumer Discretionary Distribution & Retail)* | 9,200 | 29,804 |
WEG SA (Capital Goods) | 10,400 | 67,886 |
XP Inc., Class A (Financial Services) | 2,259 | 55,526 |
265,989 | ||
Czech Republic - 1.0% | ||
Komercni banka AS (Banks)† | 1,113 | 36,496 |
Egypt - 0.4% | ||
Commercial International Bank Egypt - GDR, Reg S (Banks)† | 12,477 | 14,709 |
India - 16.1% | ||
Asian Paints Ltd. (Materials)† | 1,666 | 59,170 |
HDFC Bank Ltd. (Banks)† | 9,445 | 165,326 |
HDFC Life Insurance Co., Ltd. (Insurance)^† | 4,536 | 31,392 |
Kotak Mahindra Bank Ltd. (Banks)† | 3,110 | 68,119 |
Maruti Suzuki India Ltd. (Automobiles & Components)† | 862 | 105,424 |
Tata Consultancy Services Ltd. (Software & Services)† | 3,511 | 161,237 |
590,668 | ||
Indonesia - 6.3% | ||
Astra International Tbk PT (Capital Goods)† | 195,600 | 63,193 |
Bank Central Asia Tbk PT (Banks)† | 82,200 | 49,682 |
Bank Rakyat Indonesia Persero Tbk PT (Banks)† | 179,800 | 64,541 |
Telkom Indonesia Persero Tbk PT (Telecommunication Services)† | 218,500 | 54,834 |
232,250 | ||
Italy - 1.7% | ||
Tenaris SA - ADR (Energy) | 2,014 | 64,065 |
Kazakhstan - 1.8% | ||
Kaspi.KZ JSC - ADR (Financial Services)† | 728 | 66,968 |
Mexico - 8.4% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food, Beverage & Tobacco) | 918 | 124,426 |
Grupo Financiero Banorte SAB de CV, Series O (Banks) | 7,500 | 76,283 |
Shares | Value | |
COMMON STOCKS - 93.4% (continued) | ||
Mexico - 8.4% (continued) | ||
Wal-Mart de Mexico SAB de CV (Consumer Staples Distribution & Retail) | 25,500 | $105,354 |
306,063 | ||
Panama - 2.5% | ||
Copa Holdings SA, Class A (Transportation) | 956 | 91,833 |
Peru - 0.2% | ||
Credicorp Ltd. (Banks) | 49 | 7,273 |
Poland - 2.2% | ||
Allegro.eu SA (Consumer Discretionary Distribution & Retail)*^† | 7,664 | 58,065 |
CD Projekt SA (Media & Entertainment)† | 937 | 24,424 |
82,489 | ||
Saudi Arabia - 2.2% | ||
Al Rajhi Bank (Banks)† | 1,360 | 30,383 |
Mouwasat Medical Services Co. (Health Care Equipment & Services)† | 1,647 | 52,121 |
82,504 | ||
South Africa - 4.4% | ||
Clicks Group Ltd. (Consumer Staples Distribution & Retail)† | 4,671 | 75,159 |
Discovery Ltd. (Insurance)† | 4,720 | 34,909 |
Standard Bank Group Ltd. (Banks)† | 4,662 | 49,661 |
159,729 | ||
South Korea - 8.8% | ||
Coway Co., Ltd. (Consumer Durables & Apparel)† | 984 | 40,486 |
NAVER Corp. (Media & Entertainment)† | 448 | 66,244 |
NCSoft Corp. (Media & Entertainment)† | 189 | 27,763 |
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 137 | 186,865 |
321,358 | ||
Taiwan - 14.8% | ||
Airtac International Group (Capital Goods)† | 3,500 | 104,420 |
ASPEED Technology Inc. (Semiconductors & Semiconductor Equipment)† | 700 | 68,074 |
Delta Electronics Inc. (Technology Hardware & Equipment)† | 4,000 | 35,568 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 5,000 | 86,832 |
20
Harding, Loevner Funds, Inc.
Emerging Markets ex China Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 93.4% (continued) | ||
Taiwan - 14.8% (continued) | ||
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | 9,000 | $29,356 |
momo.com Inc. (Consumer Discretionary Distribution & Retail)† | 1,760 | 24,359 |
Silergy Corp. (Semiconductors & Semiconductor Equipment)† | 1,000 | 12,196 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | 9,000 | 180,297 |
541,102 | ||
Thailand - 2.6% | ||
Bangkok Dusit Medical Services pcl, Class F, Reg S (Health Care Equipment & Services)† | 70,400 | 54,274 |
Bumrungrad Hospital pcl, Reg S (Health Care Equipment & Services)† | 5,800 | 39,236 |
93,510 | ||
United Arab Emirates - 3.6% | ||
Emaar Properties PJSC (Real Estate Management & Development)† | 64,985 | 131,605 |
United Kingdom - 3.4% | ||
Bank of Georgia Group plc (Banks)† | 643 | 30,921 |
Coca-Cola HBC AG - CDI (Food, Beverage & Tobacco)*† | 3,208 | 94,435 |
125,356 | ||
United States - 5.7% | ||
EPAM Systems Inc. (Software & Services)* | 309 | 85,936 |
Globant SA (Software & Services)* | 521 | 122,857 |
208,793 | ||
Total Common Stocks (Cost $3,134,144) | $3,422,760 | |
PREFERRED STOCKS - 2.2% | ||
Brazil - 1.3% | ||
Banco Bradesco SA - ADR (Banks)* | 9,707 | 30,092 |
Itau Unibanco Holding SA - Sponsored ADR (Banks)* | 3,011 | 19,872 |
49,964 |
Shares | Value | |
PREFERRED STOCKS - 2.2% (continued) | ||
Colombia - 0.9% | ||
Bancolombia SA - Sponsored ADR, 10.32% (Banks)+ | 1,033 | $32,498 |
Total Preferred Stocks (Cost $75,486) | $82,462 | |
RIGHTS - 0.0%^^ | ||
Brazil - 0.0%^^ | ||
Localiza Rent a Car SA (Transportation)* | 28 | 51 |
Total Rights (Cost $0) | $51 | |
SHORT TERM INVESTMENTS - 3.8% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 137,444 | 137,444 |
Total Short Term Investments (Cost $137,444) | $137,444 | |
Total Investments — 99.4% | ||
(Cost $3,347,074) | $3,642,717 | |
Other Assets Less Liabilities - 0.6% | 20,489 | |
Net Assets — 100.0% | $3,663,206 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
CDI | Chess Depositary Interest |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.4% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
^^ | Amount is less than 0.005%. |
21
Harding, Loevner Funds, Inc.
Emerging Markets ex China Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Industry | Percentage of Net Assets |
Automobiles & Components | 2.9% |
Banks | 18.4 |
Capital Goods | 6.4 |
Consumer Discretionary Distribution & Retail | 3.1 |
Consumer Durables & Apparel | 3.5 |
Consumer Staples Distribution & Retail | 4.9 |
Energy | 1.7 |
Financial Services | 4.0 |
Food, Beverage & Tobacco | 6.0 |
Health Care Equipment & Services | 4.0 |
Insurance | 1.8 |
Materials | 1.6 |
Media & Entertainment | 3.2 |
Real Estate Management & Development | 3.6 |
Semiconductors & Semiconductor Equipment | 7.1 |
Software & Services | 10.1 |
Technology Hardware & Equipment | 6.9 |
Telecommunication Services | 1.5 |
Transportation | 4.9 |
Money Market Fund | 3.8 |
Total Investments | 99.4 |
Other Assets Less Liabilities | 0.6 |
Net Assets | 100.0% |
22
Harding, Loevner Funds, Inc.
Chinese Equity Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 86.2% | ||
China - 72.9% | ||
Alibaba Group Holding Ltd. (Consumer Discretionary Distribution & Retail)† | 9,800 | $87,969 |
ANTA Sports Products Ltd. (Consumer Durables & Apparel)† | 5,000 | 41,981 |
Baidu Inc., Class A (Media & Entertainment)*† | 2,358 | 30,891 |
Chacha Food Co., Ltd., Class A (Food, Beverage & Tobacco)† | 4,602 | 19,551 |
Contemporary Amperex Technology Co., Ltd., Class A (Capital Goods)† | 2,540 | 53,275 |
ENN Energy Holdings Ltd. (Utilities)† | 5,100 | 37,699 |
Foshan Haitian Flavouring & Food Co., Ltd., Class A (Food, Beverage & Tobacco)† | 3,598 | 16,923 |
Fuyao Glass Industry Group Co., Ltd., Class A (Automobiles & Components)† | 6,500 | 34,418 |
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | 8,400 | 37,926 |
Guangzhou Tinci Materials Technology Co., Ltd., Class A (Materials)† | 8,500 | 22,016 |
Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | 11,600 | 32,714 |
Haitian International Holdings Ltd. (Capital Goods)† | 24,020 | 53,035 |
Hangzhou Tigermed Consulting Co., Ltd., Class H (Pharmaceuticals, Biotechnology & Life Sciences)^† | 5,700 | 17,657 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 17,880 | 38,518 |
Hongfa Technology Co., Ltd., Class A (Capital Goods)† | 8,380 | 26,203 |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food, Beverage & Tobacco)† | 19,000 | 71,361 |
JD.com Inc., Class A (Consumer Discretionary Distribution & Retail)† | 2,971 | 33,330 |
Jiangsu Hengli Hydraulic Co., Ltd., Class A (Capital Goods)† | 6,200 | 42,019 |
Kweichow Moutai Co., Ltd., Class A (Food, Beverage & Tobacco)† | 200 | 44,404 |
Li Ning Co., Ltd. (Consumer Durables & Apparel)† | 11,500 | 24,359 |
Shares | Value | |
COMMON STOCKS - 86.2% (continued) | ||
China - 72.9% (continued) | ||
LONGi Green Energy Technology Co., Ltd., Class A (Semiconductors & Semiconductor Equipment)† | 13,860 | $37,234 |
Meituan, Class B (Consumer Services)*^† | 430 | 3,454 |
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | 4,500 | 36,471 |
NetEase Inc. (Media & Entertainment)† | 3,800 | 74,184 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | 10,000 | 42,197 |
Qingdao Haier Biomedical Co., Ltd., Class A (Health Care Equipment & Services)† | 3,500 | 13,766 |
Sangfor Technologies Inc., Class A (Software & Services)*† | 1,529 | 11,605 |
SF Holding Co., Ltd., Class A (Transportation)† | 5,900 | 28,824 |
Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† | 13,800 | 34,083 |
Shanghai Friendess Electronic Technology Corp., Ltd., Class A (Technology Hardware & Equipment)† | 2,618 | 92,511 |
Shanghai International Airport Co., Ltd., Class A (Transportation)*† | 7,100 | 32,618 |
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | 6,800 | 52,814 |
Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Class A (Health Care Equipment & Services)† | 1,100 | 41,100 |
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | 6,500 | 57,982 |
StarPower Semiconductor Ltd., Class A (Semiconductors & Semiconductor Equipment)† | 2,000 | 35,291 |
Tencent Holdings Ltd. (Media & Entertainment)† | 4,000 | 139,120 |
TravelSky Technology Ltd., Class H (Consumer Services)† | 54,000 | 54,275 |
Trip.com Group Ltd. (Consumer Services)*† | 2,596 | 94,309 |
Wuliangye Yibin Co., Ltd., Class A (Food, Beverage & Tobacco)† | 700 | 12,247 |
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 5,260 | 39,501 |
23
Harding, Loevner Funds, Inc.
Chinese Equity Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 86.2% (continued) | ||
China - 72.9% (continued) | ||
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 10,000 | $26,387 |
Yonyou Network Technology Co., Ltd., Class A (Software & Services)† | 17,300 | 26,841 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 19,500 | 56,866 |
Zhejiang Shuanghuan Driveline Co., Ltd., Class A (Automobiles & Components)† | 7,300 | 20,584 |
ZTO Express Cayman Inc. (Transportation)† | 1,350 | 21,912 |
1,852,425 | ||
Hong Kong - 8.2% | ||
AIA Group Ltd. (Insurance)† | 10,400 | 80,866 |
ASMPT Ltd. (Semiconductors & Semiconductor Equipment)† | 3,600 | 35,056 |
Budweiser Brewing Co. APAC Ltd. (Food, Beverage & Tobacco)^† | 23,700 | 37,033 |
Hong Kong Exchanges & Clearing Ltd. (Financial Services)† | 1,100 | 33,365 |
Techtronic Industries Co., Ltd. (Capital Goods)† | 2,000 | 21,366 |
207,686 | ||
Taiwan - 5.1% | ||
Airtac International Group (Capital Goods)† | 2,300 | 68,619 |
Delta Electronics Inc. (Technology Hardware & Equipment)† | 7,000 | 62,244 |
130,863 | ||
Total Common Stocks (Cost $3,812,455) | $2,190,974 | |
SHORT TERM INVESTMENTS - 13.9% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 353,181 | 353,181 |
Total Short Term Investments (Cost $353,181) | $353,181 | |
Total Investments — 100.1% | ||
(Cost $4,165,636) | $2,544,155 | |
Liabilities Less Other Assets - (0.1)% | (3,384) | |
Net Assets — 100.0% | $2,540,771 |
† Investment categorized as level 2 security. |
* Non-income producing security. |
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.8% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
Industry | Percentage of Net Assets |
Automobiles & Components | 3.7% |
Capital Goods | 16.1 |
Consumer Discretionary Distribution & Retail | 4.8 |
Consumer Durables & Apparel | 7.6 |
Consumer Services | 5.9 |
Financial Services | 1.3 |
Food, Beverage & Tobacco | 8.0 |
Health Care Equipment & Services | 2.1 |
Insurance | 4.9 |
Materials | 2.2 |
Media & Entertainment | 9.6 |
Pharmaceuticals, Biotechnology & Life Sciences | 3.3 |
Semiconductors & Semiconductor Equipment | 4.3 |
Software & Services | 1.6 |
Technology Hardware & Equipment | 6.0 |
Transportation | 3.3 |
Utilities | 1.5 |
Money Market Fund | 13.9 |
Total Investments | 100.1 |
Liabilities Less Other Assets | (0.1) |
Net Assets | 100.0% |
24
Harding, Loevner Funds, Inc.
Frontier Emerging Markets Portfolio
Portfolio of Investments
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 93.6% | ||
Bangladesh - 2.3% | ||
BRAC Bank plc (Banks)† | 911,800 | $313,211 |
GrameenPhone Ltd. (Telecommunication Services) | 101,736 | 265,673 |
Square Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† | 1,208,185 | 2,398,470 |
2,977,354 | ||
Colombia - 3.5% | ||
Cementos Argos SA - Sponsored ADR (Materials)#† | 548,517 | 4,507,603 |
Croatia - 0.2% | ||
Ericsson Nikola Tesla (Technology Hardware & Equipment)† | 1,221 | 277,101 |
Egypt - 2.6% | ||
Commercial International Bank Egypt - GDR, Reg S (Banks)† | 2,318,918 | 2,733,669 |
Integrated Diagnostics Holdings plc (Health Care Equipment & Services)*^† | 1,484,823 | 513,980 |
3,247,649 | ||
Indonesia - 5.4% | ||
Astra International Tbk PT (Capital Goods)† | 6,009,100 | 1,941,379 |
Bank Central Asia Tbk PT (Banks)† | 4,820,900 | 2,913,723 |
Prodia Widyahusada Tbk PT (Health Care Equipment & Services)† | 1,779,800 | 568,745 |
Sumber Alfaria Trijaya Tbk PT (Consumer Staples Distribution & Retail)† | 8,918,400 | 1,492,196 |
6,916,043 | ||
Kazakhstan - 7.7% | ||
Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)† | 311,825 | 4,457,337 |
Kaspi.KZ JSC - ADR (Financial Services)† | 58,823 | 5,411,077 |
9,868,414 | ||
Kenya - 1.9% | ||
East African Breweries plc (Food, Beverage & Tobacco)† | 445,700 | 294,179 |
Equity Group Holdings plc (Banks)† | 4,480,100 | 1,052,997 |
Safaricom plc (Telecommunication Services)† | 12,387,150 | 1,049,433 |
2,396,609 | ||
Morocco - 2.5% | ||
Attijariwafa Bank (Banks)† | 6,427 | 311,779 |
Shares | Value | |
COMMON STOCKS - 93.6% (continued) | ||
Morocco - 2.5% (continued) | ||
Itissalat Al-Maghrib (Telecommunication Services)† | 76,415 | $722,246 |
Societe d'Exploitation des Ports (Transportation)† | 78,054 | 2,144,003 |
3,178,028 | ||
Nigeria - 0.5% | ||
Guaranty Trust Holding Co., plc (Banks)† | 12,291,463 | 380,969 |
Zenith Bank plc (Banks)† | 10,653,473 | 313,330 |
694,299 | ||
Peru - 6.4% | ||
Alicorp SAA (Food, Beverage & Tobacco) | 293,090 | 500,627 |
Cementos Pacasmayo SAA (Materials) | 149,125 | 154,791 |
Credicorp Ltd. (Banks) | 38,869 | 5,769,326 |
Ferreycorp SAA (Capital Goods) | 2,294,966 | 1,688,628 |
8,113,372 | ||
Philippines - 18.9% | ||
Bank of the Philippine Islands (Banks)† | 1,674,100 | 3,280,421 |
BDO Unibank Inc. (Banks)† | 1,014,915 | 2,605,424 |
International Container Terminal Services Inc. (Transportation)† | 897,050 | 3,878,706 |
Jollibee Foods Corp. (Consumer Services)† | 676,660 | 3,050,666 |
Robinsons Retail Holdings Inc. (Consumer Staples Distribution & Retail) | 1,804,320 | 1,129,803 |
Security Bank Corp. (Banks)† | 200,100 | 252,350 |
SM Prime Holdings Inc. (Real Estate Management & Development)† | 8,085,700 | 4,916,553 |
Universal Robina Corp. (Food, Beverage & Tobacco)† | 1,073,300 | 2,128,680 |
Wilcon Depot Inc. (Consumer Discretionary Distribution & Retail)† | 7,194,700 | 2,798,094 |
24,040,697 | ||
Poland - 2.3% | ||
Allegro.eu SA (Consumer Discretionary Distribution & Retail)*^† | 390,992 | 2,962,271 |
Romania - 6.0% | ||
Banca Transilvania SA (Banks)† | 1,099,605 | 5,937,740 |
Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† | 152,605 | 1,694,330 |
7,632,070 | ||
Saudi Arabia - 4.1% | ||
Al Rajhi Bank (Banks)† | 48,374 | 1,080,690 |
25
Harding, Loevner Funds, Inc.
Frontier Emerging Markets Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Shares | Value | |
COMMON STOCKS - 93.6% (continued) | ||
Saudi Arabia - 4.1% (continued) | ||
Bupa Arabia for Cooperative Insurance Co. (Insurance)† | 17,002 | $935,382 |
Jarir Marketing Co. (Consumer Discretionary Distribution & Retail)† | 252,290 | 1,024,856 |
Mouwasat Medical Services Co. (Health Care Equipment & Services)† | 68,736 | 2,175,227 |
5,216,155 | ||
Slovenia - 1.5% | ||
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† | 14,972 | 1,874,605 |
Thailand - 1.1% | ||
Bumrungrad Hospital pcl, Reg S (Health Care Equipment & Services)† | 208,500 | 1,410,471 |
United Arab Emirates - 3.5% | ||
Agthia Group PJSC (Food, Beverage & Tobacco)† | 1,216,690 | 1,685,401 |
Emaar Properties PJSC (Real Estate Management & Development)† | 1,357,820 | 2,749,795 |
4,435,196 | ||
United Kingdom - 3.8% | ||
Airtel Africa plc (Telecommunication Services)^† | 494,815 | 703,480 |
Baltic Classifieds Group plc (Media & Entertainment)† | 720,554 | 2,201,353 |
Helios Towers plc (Telecommunication Services)*† | 603,438 | 604,778 |
TBC Bank Group plc (Banks)† | 34,360 | 1,268,969 |
4,778,580 | ||
United States - 7.1% | ||
EPAM Systems Inc. (Software & Services)* | 11,392 | 3,168,229 |
Globant SA (Software & Services)* | 24,835 | 5,856,342 |
9,024,571 | ||
Vietnam - 12.3% | ||
Bank for Foreign Trade of Vietnam JSC (Banks)*† | 1,446,422 | 5,227,473 |
Hoa Phat Group JSC (Materials)*† | 3,222,290 | 3,635,328 |
Sai Gon Cargo Service Corp. (Transportation)† | 580,494 | 1,647,657 |
Saigon Beer Alcohol Beverage Corp. (Food, Beverage & Tobacco)† | 840,620 | 1,928,124 |
Shares | Value | |
COMMON STOCKS - 93.6% (continued) | ||
Vietnam - 12.3% (continued) | ||
Vietnam Dairy Products JSC (Food, Beverage & Tobacco)† | 1,162,094 | $3,178,632 |
15,617,214 | ||
Total Common Stocks (Cost $90,232,136) | $119,168,302 | |
PREFERRED STOCKS - 2.0% | ||
Colombia - 2.0% | ||
Bancolombia SA - Sponsored ADR, 10.32% (Banks)+ | 80,449 | 2,530,926 |
Total Preferred Stocks (Cost $2,058,252) | $2,530,926 | |
PARTICIPATION NOTES - 0.7% | ||
Qatar - 0.7% | ||
Qatar National Bank, Issued by HSBC BANK PLC, Maturity Date 5/31/24 (Banks)^† | 220,996 | 941,403 |
Total Participation Notes (Cost $931,609) | $941,403 | |
SHORT TERM INVESTMENTS - 3.5% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 5.17% (Money Market Funds) | 4,467,163 | 4,467,163 |
Total Short Term Investments (Cost $4,467,163) | $4,467,163 | |
Total Investments — 99.8% | ||
(Cost $97,689,160) | $127,107,794 | |
Other Assets Less Liabilities - 0.2% | 264,473 | |
Net Assets — 100.0% | $127,372,267 |
26
Harding, Loevner Funds, Inc.
Frontier Emerging Markets Portfolio
Portfolio of Investments (continued)
January 31, 2024 (unaudited)
Summary of Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
† | Investment categorized as level 2 security. |
# | Security valued at fair value as determined in good faith under policies and procedures established by and under the supervision of the Portfolio’s Board of Directors. |
* | Non-income producing security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.0% of net assets as of January 31, 2024, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Industry | Percentage of Net Assets |
Banks | 32.5% |
Capital Goods | 2.8 |
Consumer Discretionary Distribution & Retail | 5.3 |
Consumer Services | 2.4 |
Consumer Staples Distribution & Retail | 2.1 |
Energy | 1.3 |
Financial Services | 4.2 |
Food, Beverage & Tobacco | 7.7 |
Health Care Equipment & Services | 3.6 |
Insurance | 0.7 |
Materials | 6.5 |
Media & Entertainment | 1.7 |
Pharmaceuticals, Biotechnology & Life Sciences | 3.4 |
Real Estate Management & Development | 6.1 |
Software & Services | 7.1 |
Technology Hardware & Equipment | 0.2 |
Telecommunication Services | 2.7 |
Transportation | 6.0 |
Money Market Fund | 3.5 |
Total Investments | 99.8 |
Other Assets Less Liabilities | 0.2 |
Net Assets | 100.0% |
27