Mutual Fund Summary Prospectus (497k)
28 Febrero 2014 - 4:23PM
Edgar (US Regulatory)
Summary Prospectus
February 28, 2014
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International Equity Portfolio
Institutional Class
HL
MIX
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Before you invest, you may want to review the Funds prospectus, which contains more information about the Fund and its risks. You can find the
Funds prospectus and other information about the Fund online at
www.hardingloevnerfunds.com/literature-forms-for-investing.html
. You can also get this information
at no cost by calling (877) 435-8105 or by sending an e-mail request to hardingloevnerfunds@ntrs.com. If you purchase shares of the Fund through a financial intermediary, the prospectus and other information will also be available from your
financial intermediary. The current prospectus and statement of additional information, dated February 28, 2014, are incorporated into this summary prospectus and may be obtained, free of charge, at the website, phone number or e-mail address noted
above.
Investment Objective
The International Equity Portfolio (the Portfolio) seeks long- term capital appreciation through investments in equity securities of companies based outside the United States.
Portfolio Fees and Expenses
This table describes the fees and expenses that you may pay if you buy and hold shares of the Institutional Class of the Portfolio.
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Shareholder Fees
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(fees paid directly from your investment)
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Maximum Sales Charge (Load) Imposed on Purchases
(as a percentage of offering price)
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None
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Redemption Fee (as a percentage of amount redeemed
within 90 days or less from the date of purchase)
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2.00%
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Annual Portfolio Operating Expenses
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(expenses that you pay each year as a percentage of the
value of your investment)
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Management Fees
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0.74%
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Distribution (12b-1) Fees
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None
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Other Expenses
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0.13%
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Total Annual Portfolio Operating Expenses
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0.87%
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Fee Waiver and/or Expense Reimbursement
1
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None
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Total Annual Portfolio Operating Expenses After Fee Waiver and/or Expense Reimbursement
1
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0.87%
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1
Harding
Loevner LP has contractually agreed to waive a portion of its management fee and/or reimburse the Institutional Class of the Portfolio for its other operating expenses to the extent Total Annual Portfolio Operating Expenses, as a percentage of
average daily net assets, exceed 1.00% through February 28, 2015.
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Example
: This example is intended to help you compare the cost of investing in the Institutional Class of the Portfolio with the cost
of investing in other mutual funds. The example assumes that you invest $10,000 in the Institutional Class of the Portfolio for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that
your investment has a 5% return each year and that the Institutional Classs operating expenses remain the same, except the example assumes that the fee waiver and expense reimbursement agreement pertains only through February 28, 2015.
Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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1 Year
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3 Years
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5 Years
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10 Years
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$89
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$278
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$482
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$1,073
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Portfolio Turnover
The Portfolio pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover rate may indicate higher transaction
costs and may result in higher taxes when Portfolio shares are held in a taxable account. These costs, which are not reflected in annual portfolio operating expenses or in the Example, affect the Portfolios performance. During the most recent
fiscal year, the Portfolios portfolio turnover rate was 20% of the average value of its portfolio.
Principal Investment Strategies
The Portfolio invests in companies based in developed markets outside the United States as well as in established companies in emerging and frontier markets. Harding Loevner LP (Harding
Loevner), the Portfolios investment adviser, undertakes fundamental research in an effort to identify companies that are well managed, financially sound, fast growing and strongly competitive and whose shares are under-priced relative to
their intrinsic value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, currency and market capitalization. The Portfolio normally holds 35-75 investments across at least 15 countries.
Factors bearing on whether a company is considered to be based outside the United States may include: (1) it is legally domiciled outside
the United States; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, outside the United States; or (3) it has the principal exchange listing for its securities outside
the United States.
The Portfolio will normally invest broadly in equity securities of companies domiciled in the following countries and
regions: (1) Europe; (2) the Pacific Rim; (3) Canada and Mexico; and (4) countries with emerging or frontier markets. At least 65% of total assets will be denominated in at least three currencies other than the U.S. dollar. For
purposes of compliance with this restriction, American Depositary Receipts, Global Depositary Receipts, and European Depositary Receipts (collectively, Depositary Receipts), will be considered to be denominated in the currency of the
country where the securities underlying the Depositary Receipts are traded.
The Portfolio invests at least 80% of its net assets (plus any
borrowings for investment purposes) in common stocks, preferred stocks, rights and warrants issued by companies that are based outside the United States, securities convertible into such securities (including Depositary Receipts), and investment
companies that invest in the types of securities in which the Portfolio would normally invest. This strategy is not fundamental,
International Equity Portfolio
Institutional Class
HLMIX
but should the Portfolio decide to change this strategy, it will provide shareholders with at least 60 days prior written notice. The Portfolio also may invest in securities of U.S.
companies that derive, or are expected to derive, a significant portion of their revenues from their foreign operations, although under normal circumstances not more than 15% of the Portfolios total assets will be invested in securities of
U.S. companies.
The Portfolio may also invest in derivatives, including forward foreign currency exchange contracts and equity derivative
securities such as participation notes; options on common stocks; and options, futures, and options on futures on foreign common stock indices. Because some emerging market countries do not permit foreigners to participate directly in their
securities markets or otherwise present difficulties for efficient foreign investment, the Portfolio may use equity derivative securities, and, in particular, participation notes, to gain exposure to those countries.
Principal Risks
The Portfolio is subject
to numerous risks, any of which could cause an investor to lose money. The principal risks of the Portfolio are as follows:
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Market Risk
: Investments in the Portfolio may lose value due to a general downturn in stock markets.
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Currency Risk
: Foreign currencies may experience steady or sudden devaluation relative to the U.S. dollar, adversely affecting the
value of the Portfolios investments. Because the Portfolios net asset value is determined on the basis of U.S. dollars, if the local currency of a foreign market depreciates against the U.S. dollar, you may lose money even if the foreign
market prices of the Portfolios holdings rise.
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Foreign Investment Risk
: Securities issued by foreign entities involve risks not associated with U.S. investments. These risks
include additional taxation, political, economic, social or diplomatic instability, and the above-mentioned possibility of changes in foreign currency exchange rates. There may also be less publicly-available information about a foreign issuer.
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Emerging and Frontier Market Risk
: Emerging and frontier market securities involve unique risks, such as exposure to economies less
diverse and mature than that of the United States or more established foreign markets. Economic or political instability may cause larger price changes in emerging or frontier market securities than in securities of issuers based in more developed
foreign countries.
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Participation Notes Risk
: Participation notes are designed to replicate the return of a particular underlying equity or debt
security, currency or market. Participation notes involve the same risks associated with a direct investment in the underlying security, currency or market. In addition, participation notes involve counterparty risk, because the Portfolio has no
rights against the issuer(s) of the underlying security(ies) and must rely on the creditworthiness of the issuer of the participation note.
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NAV Risk
: The net asset value of the Portfolio and the value of your investment will fluctuate.
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Portfolio Performance
The bar chart below shows how the Portfolios investment results have varied from year to year. The table that follows shows how the Portfolios Institutional Class average annual total returns
compare with a broad measure of market performance. Together, these provide an indication of the risks of investing in the Portfolio. How the Institutional Class of the Portfolio has performed in the past (before and after taxes) is not necessarily
an indication of how it will perform in the future.
Updated Portfolio performance information is available at
www.hardingloevnerfunds.com
or by calling (877) 435-8105.
The best calendar quarter return during the period shown above was 21.43% in the 2nd quarter of 2009; the worst was
-22.12% in the 4th quarter of 2008.
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Average Annual Total Returns
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(for the periods ended December 31, 2013)
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1-Year
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5-Year
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10-Year
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International Equity Portfolio - Institutional Class
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Return Before Taxes
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14.02%
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15.37%
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8.76%
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Return After Taxes on
Distributions
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13.92%
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15.26%
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8.15%
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Return After Taxes on Distributions and Sale of Portfolio Shares
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8.22%
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12.49%
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7.32%
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MSCI All Country World ex-U.S. (net) Index (reflects no deduction for fees, expenses, or
taxes)
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15.29%
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12.82%
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7.57%
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After-tax
returns in the table above are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investors tax situation and may
differ from those shown, and after-tax returns shown are not relevant to investors who hold their Portfolio shares through tax-deferred arrangements, such as 401(k) plans or Individual Retirement Accounts.
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Management
Investment Adviser
Harding Loevner serves as investment adviser to the Portfolio.
Portfolio Managers
Alexander
T. Walsh, Ferrill Roll and Peter J. Baughan serve as the portfolio managers of the International Equity Portfolio. Mr. Walsh has held his position since January 2001 and Messrs. Roll and Baughan have held their positions since October 2004.
Messrs. Roll and Walsh are the lead portfolio managers.
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Summary Prospectus
February 28, 2014
Purchase and Sale of Portfolio Shares
The minimum initial investment in the Institutional Class of the Portfolio is $100,000. Additional purchases may be for any amount. You may purchase or redeem (sell) shares of the Portfolio on any
business day through certain authorized brokers and other financial intermediaries or directly from the Portfolio by mail, telephone or wire.
Tax Considerations
The Portfolios distributions are generally taxable to you as
ordinary income, capital gains, or a combination of the two, unless you are investing through a tax-deferred arrangement, such as a 401(k) plan or an individual retirement account. Upon withdrawal, your investment through a tax-deferred arrangement
may become taxable.
Payments to Brokers-Dealers and Other Financial Intermediaries
If you purchase Portfolio shares through a broker-dealer or other financial intermediary (such as a bank), the Portfolio and its related companies may pay
the intermediary for the sale of Portfolio shares and related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Portfolio over another investment.
Ask your salesperson or visit your financial intermediarys website for more information.
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Harding, Loevner Funds, Inc.
c/o Northern Trust
Attn: Funds Center C5S
801 South Canal Street
Chicago, IL 60607
www.hardingloevnerfunds.com
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