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Address And Details

PO Box 9130 , Boston, MA 02117
Fund Manager Team Managed
Manager Tenure

Strategy And Objective

The Emerging Markets Portfolio (the Portfolio ) seeks long-term capital appreciation through investments in equity securities of companies based in emerging markets. The Portfolio invests primarily in companies that are based in emerging and frontier markets. Emerging and frontier markets offer investment opportunities that arise from long-term trends in demographics, deregulation, offshore outsourcing, and improving corporate governance in developing countries. Harding Loevner LP ( Harding Loevner ), the Portfolio s 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 reasonably priced relative to estimates of their value. To reduce its volatility, the Portfolio is diversified across dimensions of geography, industry, and currency. The Portfolio normally holds investments across at least 15 countries. Emerging and frontier markets include countries that have an emerging stock market as defined by Morgan Stanley Capital International, countries or markets with low- to middle-income economies as classified by the World Bank, and other countries or markets with similar characteristics. Emerging and frontier markets tend to have relatively low gross national product per capita compared to the world s major economies and may have the potential for rapid economic growth. Factors bearing on whether a company is considered to be based in an emerging or frontier market may include: (1) it is legally domiciled in an emerging or frontier market; (2) it conducts at least 50% of its business, as measured by the location of its sales, earnings, assets, or production, in an emerging or frontier market; or (3) it has the principal exchange listing for its securities in an emerging or frontier market. The Portfolio will invest broadly in equity securities of companies domiciled in one of at least 15 countries with emerging or frontier markets, generally considered to include all countries except Australia, Austria, Belgium, Canada, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, the United Kingdom, and the United States. At least 65% of the Portfolio s 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 principally traded. The Portfolio invests at least 65% of its total assets in common stocks, preferred stocks, rights, and warrants issued by companies that are based in emerging or frontier markets, securities convertible into such securities (including Depositary Receipts), and investment companies that invest in the types of securities in which the Portfolio would normally invest. 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 Portfolio s total assets will be invested in securities of U.S. companies. The Portfolio invests, under normal circumstances, at least 80% of its net assets (plus any borrowings for investment purposes) in emerging markets securities, which includes frontier markets securities, and investment companies that invest in the types of securities in which the Portfolio would normally invest. 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.

Net Asset Value

as of 6:29 PM ET 11/26/2021

Performance

  • 1 Week
  • -4.91%
  • 1 Month
  • -7.66%
  • 3 Months
  • -5.95%
  • 1 Yr Return
  • +0.13%
  • 5 Yr Return
  • +43.71%

Equity Sector Breakdown

Finance 14.94%
Technology 14.03%
NonDurables 8.83%
IndustrialCyclical 8.39%
RetailTrade 6.56%
Energy 5.74%
ConsumerDurables 4.74%
Services 3.04%
Utilities 1.93%
Health 1.61%

Asset Allocation

Asset Type % Of Allocation
Stocks 95.46%
ForeignStocks 88.49%
Preferred 3.31%
Cash 0.00%
Bonds 0.00%
Convertible 0.00%
Other 0.00%
ForeignBonds 0.00%
ForeignHedged 0.00%
Total Net Assets 3.81 B

Risk Measures

Criteria 3 Years 5 Years 10 Years
Alpha -5.23 -6.70 -7.49
Beta 0.91 0.90 0.95
R Squared 0.65 0.57 0.56
Std Deviation 20.85 18.22 16.53
Sharpe Ratio 0.67 0.50 n/a

Purchase Information

as of 6:10 PM ET 11/24/2021
Minimum Initial $5000
Minimum Additional $0
Minimum Initial IRA $0

Performance

Timeframe Average Annual Current Performance Monthly As Of 10/31/2021 Average Annual Current Performance Quarterly As Of 09/30/2021 Avg Annual Current Performance Monthly As Of 10/31/2021 Avg Annual Current Performance Quarterly As Of 09/30/2021
1 Year
  • +21.04%
  • +20.98%
+21.04% +20.98%
3 Year
  • +12.54%
  • +8.15%
+12.54% +8.15%
10 Year
  • +6.20%
  • +7.32%
+6.20% +7.32%
Life Of Fund
  • +10.62%
  • +10.59%
+10.62% +10.59%

Top 10 Holdings

Symbol Company Name % Of Assets
TSM TAIWAN SEMICONDUCTOR MANUFACT 5.23%
067166 SAMSUNG ELECTRONICS CO LTD 4.85%
EPAM EPAM SYSTEMS INC 4.36%
BABA.N ALIBABA GROUP HOLDING LTD 3.97%
0700.HK TENCENT HOLDINGS LTD 3.72%
1299.HK AIA GROUP LTD 2.60%
NVTK NOVATEK GDR 2.51%
SBER.MM SBERBANK OF RUSSIA 2.38%
TCS.NS TATA CONSULTANCY SERVICES LTD 2.32%
LGHHY LG HOUSEHOLD & HEALTHCARE 2.25%

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