Harding Loevner Institutional Emerging Markets Portfolio
HLMEX
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- Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) is an open-end mutual fund that seeks long-term capital appreciation through investments primarily in equity securities of companies based in emerging and frontier markets outside the United States; it normally holds investments across at least 15 countries with at least 80% of net assets (plus borrowings for investment purposes) in emerging markets securities, including common stocks, preferred stocks, rights, warrants, convertible securities, depositary receipts, and investment companies focused on such assets; the portfolio emphasizes well-managed, financially sound, fast-growing, and competitively strong companies that are reasonably priced relative to their intrinsic value, with diversification across geography, industry, and currency to mitigate volatility. The fund, part of the Harding, Loevner Funds, Inc. family managed by Harding Loevner LP—an investment adviser founded in 1989 and headquartered in Bridgewater, New Jersey—targets institutional investors with a minimum initial investment of $5 million, maintains a net expense ratio of 1.05% under a contractual fee waiver through at least February 28, 2026, and as of recent data holds approximately $466 million in share class assets with top sectors including technology (23%), financial services (23%), and consumer cyclical (19%), and key regions such as emerging Asia (46%) and developed Asia (24%). In a major strategic reorganization approved by the fund's Board on March 7, 2025, the related Harding Loevner Emerging Markets Portfolio (Advisor Class, HLEMX) is scheduled to merge into HLMEX after market close on December 19, 2025 (subject to IRS private letter ruling for tax-free status under IRC Section 368 and resolution of sanctioned Russian assets), transferring all eligible assets and liabilities to HLMEX's Institutional Class shares at net asset value, aiming to achieve cost efficiencies from economies of scale, lower expense ratios (from 1.15% to 1.05%), and reduced fixed costs amid prior outflows, with the transaction bearing pro rata legal costs reimbursed by the adviser if above expense caps. Harding Loevner LP serves a global client base including sovereign wealth funds, endowments, pension plans, and family offices through institutional separate accounts, mutual funds, UCITS, and sponsored programs, with over $48 billion in assets under management as of late 2024 focused on high-quality growth equities in developed, emerging, and frontier markets.