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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The firm announced an evolution in portfolio construction by implementing a systematic overlay atop discretionary research to mitigate the performance distortion caused by index concentration."
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.
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