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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Harding Loevner Global Small Companies. This analysis is provided for institutional research purposes only and is not investment advice.
"Harding Loevner's global small-cap strategy returned 8.05% net in Q2 2026, lagging the benchmark's 15.05% return. The concentrated portfolio maintains significant geographic diversification with underweight US exposure and overweights to Europe and Frontier Markets."
The Harding Loevner Global Small Companies Equity composite returned 8.05% net in Q2 2026, underperforming the MSCI All Country World Small Cap Index which returned 15.05%. Year-to-date, the composite returned 7.35% net versus 16.39% for the benchmark. The portfolio maintains a concentrated approach with 24.9% of assets in the top ten holdings, led by EnerSys, Clarkson, and Watts. The fund is significantly underweight US exposure at 36.1% versus 55.2% in the index, while overweight Europe EMU, Frontier Markets, and Japan. Sector positioning shows overweights to Industrials and Information Technology, with zero allocation to Real Estate. Top contributors included Besi, Qualys, and EnerSys, while the absence of Sandisk and holdings in Raia Drogasil and Clarkson detracted. The portfolio holds 4.6% cash. Since inception in December 2018, the composite has returned 8.71% annualized net, underperforming the benchmark's 12.85%.
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