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| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 14, 2026
In Q3 2026, the Harding Loevner Emerging Markets Equity strategy gained 10.40% gross (10.17% net) compared to a -0.24% return for the benchmark MSCI Emerging Markets Index, bringing YTD gross returns to 31.18% versus 23.73% for the index. Relative performance was overwhelmingly driven by the liquidation of the fund's remnant holding in Russian lender Sberbank on August 27, 2026, which had been marked at zero since March 2022 and accounted for roughly 90% of the quarter's outperformance (contributing 9.77% in relative return). Other key contributors included WuXi AppTec, Aspeed, and an underweight in SK hynix, while detractors included CATL, Silergy, TSMC (underweight), HDFC Bank, and Hengli Hydraulic. A significant operational update this quarter was the introduction of a rules-based systematic overlay, overseen by Portfolio Manager Edmund Bellord, designed to refine portfolio sizing and factor exposures while maintaining the foundational bottom-up stock selection by co-leads Lee Gao and Babatunde Ojo. Portfolio activity was active: new stakes were established in Lenovo (enterprise AI servers/services), MediaTek (edge AI and custom Google TPU silicon), and Credicorp (dominant Peruvian banking franchise), while positions were fully exited in ASMPT, Coca-Cola HBC, Walmart de México, and Sberbank.
Harding Loevner continues to rely on bottom-up fundamental stock selection focused on high-quality companies capable of sustaining superior growth at reasonable valuations. To address extreme index concentration—where a few countries and IT megacaps dominate—the firm introduced a rules-based systematic overlay to optimize portfolio weights and manage factor/risk exposures. Concurrently, the fund is capitalizing on AI-driven computing demand beyond hyperscalers into edge and enterprise hardware (Lenovo, MediaTek), while selectively expanding into high-barrier emerging-market financial leaders (Credicorp) and monetizing non-core legacy assets (Sberbank).
The managers observe heightened market sensitivity to AI valuations, infrastructure spending sustainability, rising energy prices (Brent crude topping $100), and central bank rate paths following the US Federal Reserve's 25 bps rate hike. Emerging markets face bifurcated headwinds, with net oil importers like India under pressure while commodity and banking environments in parts of Latin America (e.g., Peru under a pro-business administration) and Emerging Europe show resilience. Harding Loevner expects continued long-term growth from edge AI adoption, enterprise AI infrastructure, and custom silicon (TPUs/accelerators), while relying on their new systematic overlay to ensure bottom-up stock selection insights are not overpowered by index concentration risks.
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