Semi-Annual Shareholder Report
What were
the
Fund costs for the period?(based on a hypothetical $10,000 investment)
| Fund (Class) | Costs of a $10,000 investment | Costs paid as a percentage of a $10,000 investment 1 |
| Global Equity (Advisor Class) | $ | % |
1 | Expense ratio is expressed on an annualized basis. |
Management’s Discussion of Fund Performance
The Global Equity Advisor Class (HLMGX) increased 2.87% (net of fees and expenses) in the six-month period ended April 30, 2026. The Fund's benchmark, the MSCI All Country World Index, rose 7.75% (net of source taxes).
Key Performance Factors
Energy and Materials soared following the US-Israeli attack on Iran and closing of the Strait of Hormuz. Consumer Discretionary lagged on concerns that increased spending on AI will pressure margins. The US market saw weak returns from large cloud-computing and data center companies, while enthusiasm for Asian technology companies boosted EMs. The Fund underperformed, with poor stocks in Communication Services, Consumer Discretionary, and Financials. The Fund’s high-quality growth style also faced a headwind, as shares of high-quality and fast-growing companies lagged the broad market.
Sector Analysis
In Communication Services, shares of Chinese internet company Tencent were pressured by concerns about its ability to profit from its aggressive AI investment. In Consumer Discretionary, shares of Japanese electronics conglomerate Sony Group declined due to rising memory costs and potential margin pressure.
Geographic Analysis
In the US, streaming company Netflix reported solid results that still fell short of market expectations. Alphabet was a bright spot as its dominant position in online search remained resilient. In EMs, Tencent and India’s HDFC Bank detracted. HDFC Bank was hurt by slower deposit growth and the resignation of its chairman; the
bank
appointed a well-regarded interim chair.Performance
| 🡱 Top Contributors | 🡳 Top Detractors | |
| ASML | Tencent | |
| SLB | Sony | |
| Fabrinet | Netflix | |
| Alphabet | Booking Holdings | |
| Apple | Adobe |
The securities shown do not
represent
all holdings, and it should not be assumed
that investment in these securities has been or will be profitable. The following is available upon request: (1) information describing the methodology of the contribution data and (2) a list showing the weight and relative contribution of all holdings during the period. Contribution is the contribution
to overall performance over
the period.Fund Performance
The following graph and chart compare the beginning and ending account values for the most recently completed 10 fiscal years of the Fund and for the semi-annual period ended April 30, 2026. It compares a $10,000 initial investment in the Fund with an investment in an appropriate, broad-based securities market index.
Growth of $10,000 (USD)
Average
Annual
Total Return (%) as of April 30, 20261 Year | 5 Year | 10 Year | |
HardingLoevnerFunds.com
for the most recent performance information.
For additional resources and information about the Fund, scan the QR code or visit
HardingLoevnerFunds.com
.Key Fund Statistics
During Reporting Period
| Fund net assets | $ | Total advisory fees paid (after waiver/reimbursement) | $ |
| Total number of holdings | Period portfolio turnover rate | % |
Graphical Representation of Holdings
The table and charts below show the investment makeup of
the
Fund; percentages
indicated
and graphical representations
are based on the Fund’s net asset value.Top Ten Holdings
%
Allocation
| Alphabet Inc., Class A | |
| Amazon.com Inc. | |
| NVIDIA Corp. | |
| Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR | |
| Schneider Electric SE | |
| Microsoft Corp. | |
| Samsung Electronics Co., Ltd. - GDR, Reg S | |
| Meta Platforms Inc., Class A | |
| ASML Holding NV | |
| Netflix Inc. |
by Sector
by Region
Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, fund holdings and proxy voting information at
HardingLoevnerFunds.com
. You can also request this information by contacting us at (877) 435-8105.Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call (877) 435-8105 and we will begin sending you separate copies of these materials within 30 days after receiving your request.
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T: (877) 435-8105
HardingLoevnerFunds.com
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