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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and secularly resilient IT holdings."
In Q3 2025, the Harding Loevner Global Small Companies Equity composite rose 1.10% gross (0.92% net), underperforming the benchmark MSCI All Country World Small Cap Index, which rose 8.19%. The underperformance resulted from an underexposure to lower-quality high-beta stocks and gold miners that led a momentum-driven rally. The team reviews two core sectors: Health Care, where they avoid volatile small biotechs and favor diagnostic/medical equipment compounders with high recurring revenue (e.g., Sysmex, Carl Zeiss Meditec); and IT Services, where they address the cyclical and secular challenges of AI. They argue AI-induced anxieties are cyclical or transitory, citing long-term adaptability in holdings like Reply and Globant, while pointing out Besi's advanced packaging wins. Key transactions during the quarter included adding Besi, Cooper Companies, Croda, Fabrinet, MakeMyTrip, and Sysmex, while fully exiting positions in CyberArk, Robinsons Retail, and Stanley Electric.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and ...
Growth Outlook
Market outlook remains above average conviction: The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and ...
Risk Appetite
Risk appetite posture is moderate conviction: The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and ...
Forward Guidance
Forward guidance signal: The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and ...
Language Signal
Tone analysis indicates above average conviction language: The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and ...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund underperformed in a high-beta 'junk' rally in Q3 2025, but strictly maintained its quality-focused, long-term discipline by adding high-recurring-revenue medical tech and ...
