Harding, Loevner Funds, Inc.
Global Equity Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 98.0% | ||
Australia - 0.5% | ||
Xero Ltd. (Software & Services)*† | 83,626 | $8,667,143 |
Brazil - 0.9% | ||
B3 SA - Brasil Bolsa Balcao (Diversified Financials) | 5,242,200 | 15,349,407 |
China - 8.5% | ||
Alibaba Group Holding Ltd. (Retailing)*† | 623,620 | 15,239,054 |
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† | 3,456,000 | 28,066,461 |
ENN Energy Holdings Ltd. (Utilities)† | 512,000 | 10,726,961 |
NetEase Inc. (Media & Entertainment)† | 1,285,600 | 26,157,326 |
Tencent Holdings Ltd. (Media & Entertainment)† | 314,800 | 19,426,730 |
Trip.com Group Ltd. (Retailing)*† | 470,754 | 13,040,924 |
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 2,586,500 | 39,485,392 |
152,142,848 | ||
Denmark - 0.9% | ||
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† | 36,458 | 16,445,627 |
Finland - 0.9% | ||
Neste OYJ (Energy)† | 258,430 | 15,901,213 |
France - 2.2% | ||
L'Oreal SA (Household & Personal Products)† | 41,779 | 19,137,537 |
Schneider Electric SE (Capital Goods)† | 122,555 | 20,535,826 |
39,673,363 | ||
Germany - 0.9% | ||
TeamViewer AG (Software & Services)*^† | 456,622 | 15,370,949 |
Hong Kong - 1.1% | ||
AIA Group Ltd. (Insurance)† | 1,591,805 | 19,094,280 |
India - 1.2% | ||
HDFC Bank Ltd. - ADR (Banks) | 300,632 | 21,215,600 |
Indonesia - 0.9% | ||
Bank Central Asia Tbk PT (Banks)† | 8,127,054 | 16,776,938 |
Japan - 3.4% | ||
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 335,400 | 12,401,361 |
Shares | Value | |
COMMON STOCKS - 98.0% (continued) | ||
Japan - 3.4% (continued) | ||
Keyence Corp. (Technology Hardware & Equipment)† | 29,904 | $16,651,271 |
MISUMI Group Inc. (Capital Goods)† | 220,000 | 7,673,170 |
Sysmex Corp. (Health Care Equipment & Services)† | 200,365 | 23,846,644 |
60,572,446 | ||
Netherlands - 2.6% | ||
Adyen NV (Software & Services)*^† | 7,381 | 20,097,139 |
ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) | 34,419 | 26,390,424 |
46,487,563 | ||
Poland - 0.9% | ||
CD Projekt SA (Media & Entertainment)† | 318,000 | 15,253,427 |
Singapore - 0.7% | ||
DBS Group Holdings Ltd. (Banks)† | 561,383 | 12,598,365 |
South Korea - 1.0% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 10,539 | 18,072,628 |
Sweden - 1.9% | ||
Atlas Copco AB, Class A (Capital Goods)† | 288,124 | 19,504,356 |
Epiroc AB, Class A (Capital Goods)† | 578,239 | 13,515,915 |
33,020,271 | ||
Switzerland - 3.1% | ||
Alcon Inc. (Health Care Equipment & Services) | 258,310 | 18,804,968 |
Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | 58,723 | 22,708,321 |
VAT Group AG (Capital Goods)^† | 36,356 | 14,273,148 |
55,786,437 | ||
Taiwan - 1.0% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | 556,000 | 11,577,338 |
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | 60,591 | 7,067,334 |
18,644,672 |
1
Harding, Loevner Funds, Inc.
Global Equity Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 98.0% (continued) | ||
United Kingdom - 1.6% | ||
Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)*† | 1,028,419 | $19,436,056 |
Spirax-Sarco Engineering plc (Capital Goods)† | 46,659 | 9,731,724 |
29,167,780 | ||
United States - 63.8% | ||
Accenture plc, Class A (Software & Services) | 74,383 | 23,629,991 |
Adobe Inc. (Software & Services)* | 61,501 | 38,230,867 |
Align Technology Inc. (Health Care Equipment & Services)* | 49,928 | 34,739,902 |
Alphabet Inc., Class A (Media & Entertainment)* | 22,026 | 59,349,718 |
Amazon.com Inc. (Retailing)* | 15,656 | 52,096,749 |
AMETEK Inc. (Capital Goods) | 127,710 | 17,758,076 |
Apple Inc. (Technology Hardware & Equipment) | 132,104 | 19,268,689 |
CME Group Inc. (Diversified Financials) | 116,641 | 24,743,055 |
CoStar Group Inc. (Commercial & Professional Services)* | 172,004 | 15,282,555 |
Danaher Corp. (Health Care Equipment & Services) | 86,628 | 25,770,964 |
Deere & Co. (Capital Goods) | 124,983 | 45,192,603 |
eBay Inc. (Retailing) | 415,293 | 28,327,136 |
Edwards Lifesciences Corp. (Health Care Equipment & Services)* | 178,879 | 20,082,745 |
EPAM Systems Inc. (Software & Services)* | 55,409 | 31,017,958 |
Estee Lauder Cos., Inc., Class A (Household & Personal Products) | 63,185 | 21,093,049 |
Etsy Inc. (Retailing)* | 91,240 | 16,743,452 |
Facebook Inc., Class A (Media & Entertainment)* | 121,432 | 43,266,222 |
First Republic Bank (Banks) | 328,268 | 64,018,825 |
Illumina Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 95,490 | 47,339,168 |
Intuitive Surgical Inc. (Health Care Equipment & Services)* | 19,452 | 19,285,880 |
IQVIA Holdings Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 66,930 | 16,578,561 |
Mastercard Inc., Class A (Software & Services) | 41,142 | 15,878,343 |
Microsoft Corp. (Software & Services) | 138,152 | 39,360,886 |
NIKE Inc., Class B (Consumer Durables & Apparel) | 237,049 | 39,708,078 |
Shares | Value | |
COMMON STOCKS - 98.0% (continued) | ||
United States - 63.8% (continued) | ||
NVIDIA Corp. (Semiconductors & Semiconductor Equipment) | 92,668 | $18,069,333 |
PayPal Holdings Inc. (Software & Services)* | 137,912 | 37,998,893 |
Pinterest Inc., Class A (Media & Entertainment)* | 184,733 | 10,880,774 |
Roper Technologies Inc. (Capital Goods) | 32,461 | 15,949,388 |
salesforce.com Inc. (Software & Services)* | 72,057 | 17,432,750 |
Schlumberger NV (Energy) | 742,459 | 21,405,093 |
SVB Financial Group (Banks)* | 89,213 | 49,063,582 |
Synopsys Inc. (Software & Services)* | 81,922 | 23,592,717 |
Thermo Fisher Scientific Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 55,170 | 29,792,352 |
Trade Desk Inc., Class A (Software & Services)* | 235,380 | 19,279,976 |
Tradeweb Markets Inc., Class A (Diversified Financials) | 239,474 | 20,769,580 |
UnitedHealth Group Inc. (Health Care Equipment & Services) | 48,666 | 20,061,099 |
Verisk Analytics Inc. (Commercial & Professional Services) | 73,408 | 13,943,116 |
Vertex Pharmaceuticals Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 160,880 | 32,430,190 |
VF Corp. (Consumer Durables & Apparel) | 178,620 | 14,325,324 |
Walt Disney Co. (Media & Entertainment)* | 96,212 | 16,935,236 |
Workday Inc., Class A (Software & Services)* | 67,155 | 15,741,132 |
1,136,434,007 | ||
Total Common Stocks (Cost $1,150,033,934) | $1,746,674,964 | |
SHORT TERM INVESTMENTS - 2.5% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 45,028,605 | 45,028,605 |
Total Short Term Investments (Cost $45,028,605) | $45,028,605 | |
Total Investments — 100.5% | ||
(Cost $1,195,062,539) | $1,791,703,569 | |
Liabilities Less Other Assets - (0.5)% | (9,072,137) | |
Net Assets — 100.0% | $1,782,631,432 |
2
Harding, Loevner Funds, Inc.
Global Equity Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Summary of Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 5.0% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
Industry | Percentage of Net Assets |
Banks | 9.2% |
Capital Goods | 9.2 |
Commercial & Professional Services | 3.2 |
Consumer Durables & Apparel | 3.0 |
Diversified Financials | 3.4 |
Energy | 2.1 |
Health Care Equipment & Services | 9.1 |
Household & Personal Products | 2.3 |
Insurance | 1.1 |
Media & Entertainment | 10.7 |
Pharmaceuticals, Biotechnology & Life Sciences | 13.3 |
Retailing | 7.0 |
Semiconductors & Semiconductor Equipment | 3.6 |
Software & Services | 17.2 |
Technology Hardware & Equipment | 3.0 |
Utilities | 0.6 |
Money Market Fund | 2.5 |
Total Investments | 100.5 |
Liabilities Less Other Assets | (0.5) |
Net Assets | 100.0% |
3
Harding, Loevner Funds, Inc.
International Equity Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.8% | ||
Australia - 3.1% | ||
BHP Group Ltd. - Sponsored ADR (Materials) | 8,594,884 | $675,214,087 |
Brazil - 1.1% | ||
Ambev SA - ADR (Food Beverage & Tobacco) | 78,046,205 | 247,406,470 |
Canada - 2.0% | ||
Alimentation Couche-Tard Inc., Class B (Food & Staples Retailing) | 5,830,700 | 235,031,984 |
Canadian National Railway Co. (Transportation) | 1,873,520 | 203,520,477 |
438,552,461 | ||
China - 7.8% | ||
Alibaba Group Holding Ltd. - Sponsored ADR (Retailing)* | 1,444,157 | 281,885,005 |
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 210,326,378 | 284,209,608 |
ENN Energy Holdings Ltd. (Utilities)† | 12,000,000 | 251,413,156 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | 26,239,500 | 230,321,806 |
Tencent Holdings Ltd. (Media & Entertainment)† | 11,065,973 | 682,896,042 |
1,730,725,617 | ||
Denmark - 1.0% | ||
Novozymes A/S, Class B (Materials)† | 2,908,429 | 228,612,541 |
France - 8.5% | ||
Air Liquide SA (Materials)† | 1,184,042 | 205,831,615 |
Dassault Systemes SE (Software & Services)† | 5,989,575 | 330,445,536 |
L'Oreal SA (Household & Personal Products)† | 1,673,751 | 766,688,338 |
Schneider Electric SE (Capital Goods)† | 3,430,046 | 574,752,786 |
1,877,718,275 | ||
Germany - 8.1% | ||
Allianz SE, Reg S (Insurance)† | 2,062,189 | 513,575,286 |
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | 16,195,782 | 617,531,258 |
SAP SE - Sponsored ADR (Software & Services) | 2,246,697 | 322,895,293 |
Symrise AG (Materials)† | 2,321,610 | 342,397,720 |
1,796,399,557 | ||
Hong Kong - 2.9% | ||
AIA Group Ltd. (Insurance)† | 53,059,874 | 636,472,493 |
India - 2.8% | ||
HDFC Bank Ltd. - ADR (Banks) | 3,716,519 | 262,274,746 |
Shares | Value | |
COMMON STOCKS - 94.8% (continued) | ||
India - 2.8% (continued) | ||
ICICI Bank Ltd. - Sponsored ADR (Banks) | 18,756,698 | $348,687,016 |
610,961,762 | ||
Indonesia - 1.0% | ||
Telkom Indonesia Persero Tbk PT (Telecommunication Services)† | 968,805,900 | 217,303,670 |
Israel - 1.3% | ||
Check Point Software Technologies Ltd. (Software & Services)* | 2,193,981 | 278,854,985 |
Japan - 12.9% | ||
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 8,340,300 | 308,381,250 |
FANUC Corp. (Capital Goods)† | 841,400 | 188,441,614 |
Keyence Corp. (Technology Hardware & Equipment)† | 876,754 | 488,197,856 |
Komatsu Ltd. (Capital Goods)† | 10,237,400 | 266,915,882 |
Kubota Corp. (Capital Goods)† | 16,136,800 | 337,207,181 |
Nitori Holdings Co., Ltd. (Retailing)† | 1,369,571 | 260,517,664 |
Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 4,848,500 | 254,996,700 |
Sysmex Corp. (Health Care Equipment & Services)† | 2,954,907 | 351,681,249 |
Unicharm Corp. (Household & Personal Products)† | 9,795,600 | 392,866,000 |
2,849,205,396 | ||
Mexico - 1.1% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | 2,850,857 | 249,079,376 |
Netherlands - 3.2% | ||
Adyen NV (Software & Services)*^† | 255,161 | 694,757,628 |
Russia - 2.5% | ||
LUKOIL PJSC - Sponsored ADR (Energy) | 4,339,407 | 372,711,667 |
Yandex NV, Class A (Media & Entertainment)* | 2,646,234 | 179,758,676 |
552,470,343 | ||
Singapore - 2.3% | ||
DBS Group Holdings Ltd. (Banks)† | 22,569,608 | 506,499,414 |
South Korea - 1.7% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 221,323 | 379,532,046 |
4
Harding, Loevner Funds, Inc.
International Equity Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.8% (continued) | ||
Spain - 1.4% | ||
Banco Bilbao Vizcaya Argentaria SA (Banks)*† | 48,872,433 | $313,474,573 |
Sweden - 8.2% | ||
Alfa Laval AB (Capital Goods)† | 9,334,893 | 390,190,517 |
Atlas Copco AB, Class A (Capital Goods)† | 12,373,830 | 837,637,918 |
Epiroc AB, Class A (Capital Goods)† | 14,364,575 | 335,761,461 |
Skandinaviska Enskilda Banken AB, Class A (Banks)† | 19,010,570 | 256,851,443 |
1,820,441,339 | ||
Switzerland - 11.0% | ||
Alcon Inc. (Health Care Equipment & Services) | 4,082,760 | 297,224,928 |
Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | 654,795 | 509,615,690 |
Nestle SA - Sponsored ADR (Food Beverage & Tobacco) | 3,375,942 | 427,598,502 |
Roche Holding AG, Genusschein (Pharmaceuticals, Biotechnology & Life Sciences)† | 1,612,711 | 623,639,081 |
SGS SA, Reg S (Commercial & Professional Services)† | 61,734 | 199,987,535 |
Sonova Holding AG, Reg S (Health Care Equipment & Services)† | 953,242 | 374,554,330 |
2,432,620,066 | ||
Taiwan - 3.5% | ||
Taiwan Semiconductor Manufacturing Co., Ltd. - Sponsored ADR (Semiconductors & Semiconductor Equipment) | 6,690,150 | 780,339,096 |
United Kingdom - 6.3% | ||
Diageo plc (Food Beverage & Tobacco)† | 5,094,086 | 252,721,414 |
Rio Tinto plc (Materials)† | 5,714,894 | 487,039,973 |
Royal Dutch Shell plc, Class B (Energy)† | 13,188,856 | 260,306,600 |
Standard Chartered plc (Banks)† | 22,204,085 | 133,013,773 |
Unilever plc (Household & Personal Products)† | 4,456,632 | 256,632,871 |
1,389,714,631 | ||
United States - 1.1% | ||
Linde plc (Materials)† | 767,859 | 235,257,259 |
Total Common Stocks (Cost $12,877,695,350) | $20,941,613,085 |
Shares | Value | |
PREFERRED STOCKS - 3.6% | ||
Brazil - 1.4% | ||
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ | 54,129,524 | $312,327,353 |
Germany - 0.4% | ||
FUCHS PETROLUB SE, 2.28% (Materials)+† | 1,572,313 | 78,412,900 |
South Korea - 1.8% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† | 254,011 | 400,025,615 |
Total Preferred Stocks (Cost $446,316,391) | $790,765,868 | |
SHORT TERM INVESTMENTS - 3.6% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 798,143,687 | 798,143,687 |
Total Short Term Investments (Cost $798,143,687) | $798,143,687 | |
Total Investments — 102.0% | ||
(Cost $14,122,155,428) | $22,530,522,640 | |
Liabilities Less Other Assets - (2.0)% | (438,020,728) | |
Net Assets — 100.0% | $22,092,501,912 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.1% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
5
Harding, Loevner Funds, Inc.
International Equity Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Industry | Percentage of Net Assets |
Banks | 9.7% |
Capital Goods | 13.3 |
Commercial & Professional Services | 0.9 |
Energy | 2.9 |
Food & Staples Retailing | 1.1 |
Food Beverage & Tobacco | 5.3 |
Health Care Equipment & Services | 4.6 |
Household & Personal Products | 6.4 |
Insurance | 6.2 |
Materials | 10.2 |
Media & Entertainment | 3.9 |
Pharmaceuticals, Biotechnology & Life Sciences | 9.0 |
Retailing | 2.5 |
Semiconductors & Semiconductor Equipment | 6.3 |
Software & Services | 7.4 |
Technology Hardware & Equipment | 5.7 |
Telecommunication Services | 1.0 |
Transportation | 0.9 |
Utilities | 1.1 |
Money Market Fund | 3.6 |
Total Investments | 102.0 |
Liabilities Less Other Assets | (2.0) |
Net Assets | 100.0% |
6
Harding, Loevner Funds, Inc.
International Small Companies Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 98.0% | ||
Argentina - 1.7% | ||
Globant SA (Software & Services)* | 41,619 | $9,953,600 |
Bangladesh - 0.7% | ||
Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 1,634,364 | 4,278,231 |
Canada - 1.8% | ||
Kinaxis Inc. (Software & Services)* | 78,500 | 10,184,362 |
China - 1.3% | ||
Haitian International Holdings Ltd. (Capital Goods)† | 2,132,000 | 7,805,288 |
Denmark - 0.7% | ||
SimCorp A/S (Software & Services)† | 28,033 | 3,896,473 |
Egypt - 1.5% | ||
Edita Food Industries SAE (Food Beverage & Tobacco)† | 9,783,189 | 4,796,683 |
Integrated Diagnostics Holdings plc (Health Care Equipment & Services)^† | 3,183,805 | 3,723,797 |
8,520,480 | ||
Finland - 1.7% | ||
Vaisala OYJ, Class A (Technology Hardware & Equipment)† | 216,923 | 10,076,688 |
France - 5.1% | ||
Alten SA (Software & Services)† | 88,187 | 14,013,584 |
LISI (Capital Goods)† | 128,823 | 4,393,631 |
Rubis SCA (Utilities)† | 285,069 | 11,433,954 |
29,841,169 | ||
Germany - 9.9% | ||
Bechtle AG (Software & Services)† | 57,838 | 11,954,427 |
FUCHS PETROLUB SE (Materials)† | 258,384 | 10,349,932 |
KWS Saat SE & Co. KGaA (Food Beverage & Tobacco)† | 87,626 | 7,372,317 |
Pfeiffer Vacuum Technology AG (Capital Goods)† | 22,433 | 4,582,068 |
STRATEC SE (Health Care Equipment & Services)† | 100,580 | 15,614,650 |
TeamViewer AG (Software & Services)*^† | 229,133 | 7,713,145 |
57,586,539 | ||
Hong Kong - 0.6% | ||
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† | 250,200 | 3,227,862 |
Shares | Value | |
COMMON STOCKS - 98.0% (continued) | ||
India - 2.4% | ||
Max Financial Services Ltd. (Insurance)*† | 651,927 | $9,859,462 |
SH Kelkar & Co., Ltd. (Materials)^† | 1,897,434 | 4,322,728 |
14,182,190 | ||
Indonesia - 2.5% | ||
Sarana Menara Nusantara Tbk PT (Telecommunication Services)† | 108,226,200 | 10,973,938 |
Tower Bersama Infrastructure Tbk PT (Telecommunication Services)† | 15,395,900 | 3,425,755 |
14,399,693 | ||
Israel - 1.4% | ||
CyberArk Software Ltd. (Software & Services)* | 57,715 | 8,197,262 |
Italy - 3.7% | ||
Reply SpA (Software & Services)† | 118,484 | 21,203,310 |
Japan - 12.8% | ||
ABC-Mart Inc. (Retailing)† | 30,000 | 1,660,978 |
Ariake Japan Co., Ltd. (Food Beverage & Tobacco)† | 145,400 | 8,474,959 |
BML Inc. (Health Care Equipment & Services)† | 119,000 | 4,123,161 |
Cosmos Pharmaceutical Corp. (Food & Staples Retailing)† | 46,400 | 7,874,213 |
Infomart Corp. (Software & Services)† | 775,000 | 6,441,265 |
JCU Corp. (Materials)† | 171,100 | 6,281,008 |
MISUMI Group Inc. (Capital Goods)† | 71,000 | 2,476,341 |
Nihon M&A Center Inc. (Commercial & Professional Services)† | 116,900 | 3,256,771 |
Pigeon Corp. (Household & Personal Products)† | 35,800 | 1,036,257 |
Rinnai Corp. (Consumer Durables & Apparel)† | 36,300 | 3,364,312 |
Rohto Pharmaceutical Co., Ltd. (Household & Personal Products)† | 102,400 | 2,698,118 |
Santen Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 519,600 | 7,040,478 |
SMS Co., Ltd. (Commercial & Professional Services)† | 301,200 | 8,444,152 |
Solasto Corp. (Health Care Equipment & Services)† | 270,300 | 3,302,160 |
Stanley Electric Co., Ltd. (Automobiles & Components)† | 301,800 | 7,879,430 |
74,353,603 |
7
Harding, Loevner Funds, Inc.
International Small Companies Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 98.0% (continued) | ||
Kuwait - 0.8% | ||
Mabanee Co. KPSC (Real Estate)† | 1,958,079 | $4,703,706 |
Lithuania - 1.8% | ||
Siauliu Bankas AB (Banks)† | 11,886,663 | 10,215,255 |
Malaysia - 1.2% | ||
Dialog Group Bhd. (Energy)† | 5,411,540 | 3,526,855 |
TIME dotCom Bhd. (Telecommunication Services)† | 1,086,500 | 3,709,349 |
7,236,204 | ||
Mexico - 1.9% | ||
Grupo Herdez SAB de CV (Food Beverage & Tobacco) | 2,659,538 | 5,567,244 |
Megacable Holdings SAB de CV (Media & Entertainment) | 1,623,700 | 5,693,401 |
11,260,645 | ||
Norway - 2.2% | ||
Tomra Systems ASA (Commercial & Professional Services)† | 221,943 | 12,830,968 |
Poland - 0.5% | ||
CD Projekt SA (Media & Entertainment)† | 57,303 | 2,748,639 |
Romania - 0.3% | ||
Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† | 241,357 | 1,810,936 |
Saudi Arabia - 1.0% | ||
Jarir Marketing Co. (Retailing)† | 104,161 | 5,587,380 |
South Africa - 0.6% | ||
Clicks Group Ltd. (Food & Staples Retailing)† | 90,627 | 1,638,712 |
Discovery Ltd. (Insurance)*† | 210,024 | 1,683,812 |
3,322,524 | ||
South Korea - 1.5% | ||
Cheil Worldwide Inc. (Media & Entertainment)† | 401,179 | 8,456,260 |
Spain - 0.6% | ||
Bankinter SA (Banks)† | 658,369 | 3,589,736 |
Sweden - 3.1% | ||
Intrum AB (Commercial & Professional Services)† | 215,817 | 6,681,211 |
Paradox Interactive AB (Media & Entertainment)† | 389,910 | 7,848,107 |
Thule Group AB (Consumer Durables & Apparel)^† | 68,265 | 3,449,176 |
17,978,494 | ||
Switzerland - 4.6% | ||
Bossard Holding AG, Class A, Reg S (Capital Goods)† | 29,788 | 9,652,515 |
Shares | Value | |
COMMON STOCKS - 98.0% (continued) | ||
Switzerland - 4.6% (continued) | ||
LEM Holding SA, Reg S (Technology Hardware & Equipment)† | 4,353 | $10,883,420 |
VAT Group AG (Capital Goods)^† | 14,938 | 5,864,570 |
26,400,505 | ||
Taiwan - 3.0% | ||
Advantech Co., Ltd. (Technology Hardware & Equipment)† | 236,645 | 3,085,271 |
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† | 2,443,700 | 6,570,877 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 154,909 | 3,377,983 |
Silergy Corp. (Semiconductors & Semiconductor Equipment)† | 34,000 | 4,606,067 |
17,640,198 | ||
Ukraine - 0.8% | ||
Kernel Holding SA (Food Beverage & Tobacco)† | 315,941 | 4,371,714 |
United Arab Emirates - 0.9% | ||
Agthia Group PJSC (Food Beverage & Tobacco)† | 2,990,140 | 5,059,021 |
United Kingdom - 20.8% | ||
Abcam plc (Pharmaceuticals, Biotechnology & Life Sciences)*† | 569,251 | 10,758,256 |
Bank of Georgia Group plc (Banks)*† | 469,602 | 9,784,877 |
Clarkson plc (Transportation)† | 150,888 | 6,762,593 |
Cranswick plc (Food Beverage & Tobacco)† | 83,308 | 4,687,798 |
Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† | 215,062 | 14,844,932 |
Diploma plc (Capital Goods)† | 275,235 | 11,314,570 |
EMIS Group plc (Health Care Equipment & Services)† | 432,371 | 7,751,550 |
HomeServe plc (Commercial & Professional Services)† | 281,238 | 3,652,424 |
Keywords Studios plc (Software & Services)*† | 295,860 | 12,057,969 |
Network International Holdings plc (Software & Services)*^† | 1,417,388 | 6,712,840 |
Rathbone Brothers plc (Diversified Financials)† | 158,716 | 4,134,892 |
Rightmove plc (Media & Entertainment)† | 523,402 | 5,106,874 |
Senior plc (Capital Goods)*† | 5,862,060 | 13,192,373 |
YouGov plc (Media & Entertainment)† | 556,999 | 9,819,521 |
120,581,469 |
8
Harding, Loevner Funds, Inc.
International Small Companies Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 98.0% (continued) | ||
United States - 1.2% | ||
Core Laboratories NV (Energy) | 101,844 | $3,397,516 |
Sensata Technologies Holding plc (Capital Goods)* | 59,944 | 3,513,917 |
6,911,433 | ||
Vietnam - 3.4% | ||
Hoa Phat Group JSC (Materials)† | 9,663,896 | 19,919,026 |
Total Common Stocks (Cost $388,238,134) | $568,330,863 | |
SHORT TERM INVESTMENTS - 2.1% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 12,004,303 | 12,004,303 |
Total Short Term Investments (Cost $12,004,303) | $12,004,303 | |
Total Investments — 100.1% | ||
(Cost $400,242,437) | $580,335,166 | |
Liabilities Less Other Assets - (0.1)% | (621,373) | |
Net Assets — 100.0% | $579,713,793 |
Summary of Abbreviations | |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 5.5% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
Industry | Percentage of Net Assets |
Automobiles & Components | 1.4% |
Banks | 4.1 |
Capital Goods | 10.8 |
Commercial & Professional Services | 6.0 |
Consumer Durables & Apparel | 1.8 |
Diversified Financials | 0.7 |
Energy | 1.5 |
Food & Staples Retailing | 1.6 |
Food Beverage & Tobacco | 7.0 |
Health Care Equipment & Services | 6.0 |
Household & Personal Products | 0.6 |
Insurance | 2.0 |
Materials | 7.0 |
Media & Entertainment | 6.8 |
Pharmaceuticals, Biotechnology & Life Sciences | 6.4 |
Real Estate | 0.8 |
Retailing | 1.2 |
Semiconductors & Semiconductor Equipment | 2.5 |
Software & Services | 19.4 |
Technology Hardware & Equipment | 4.1 |
Telecommunication Services | 3.1 |
Transportation | 1.2 |
Utilities | 2.0 |
Money Market Fund | 2.1 |
Total Investments | 100.1 |
Liabilities Less Other Assets | (0.1) |
Net Assets | 100.0% |
9
Harding, Loevner Funds, Inc.
Institutional Emerging Markets Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 95.1% | ||
Brazil - 4.3% | ||
Ambev SA - ADR (Food Beverage & Tobacco) | 22,077,239 | $69,984,848 |
B3 SA - Brasil Bolsa Balcao (Diversified Financials) | 15,706,500 | 45,989,368 |
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) | 1,301,993 | 7,877,058 |
Localiza Rent a Car SA (Transportation) | 5,698,770 | 68,003,371 |
Lojas Renner SA (Retailing) | 3,842,300 | 30,468,389 |
Ultrapar Participacoes SA (Energy) | 6,647,078 | 22,564,266 |
WEG SA (Capital Goods) | 6,555,192 | 44,945,213 |
289,832,513 | ||
Chile - 0.2% | ||
Banco Santander Chile - ADR (Banks) | 832,366 | 16,264,432 |
China - 25.1% | ||
51job Inc. - ADR (Commercial & Professional Services)* | 608,105 | 43,795,722 |
Alibaba Group Holding Ltd. (Retailing)*† | 7,133,816 | 174,325,086 |
Alibaba Group Holding Ltd. - Sponsored ADR (Retailing)* | 464,020 | 90,572,064 |
Baidu Inc., Class A (Media & Entertainment)*† | 2,436,508 | 49,687,492 |
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† | 1,509,000 | 56,326,519 |
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† | 5,451,504 | 44,272,113 |
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 70,550,080 | 95,332,838 |
ENN Energy Holdings Ltd. (Utilities)† | 6,139,200 | 128,622,971 |
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | 11,783,000 | 75,014,091 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 5,289,500 | 40,454,736 |
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 2,500,920 | 21,061,434 |
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | 9,581,064 | 94,155,640 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | 10,085,500 | 88,527,242 |
Shares | Value | |
COMMON STOCKS - 95.1% (continued) | ||
China - 25.1% (continued) | ||
Sangfor Technologies Inc., Class A (Software & Services)† | 1,460,100 | $54,900,578 |
SF Holding Co., Ltd., Class A (Transportation)† | 3,141,800 | 28,820,124 |
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | 3,921,000 | 86,856,536 |
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 24,174,135 | 20,573,495 |
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | 3,371,500 | 102,190,400 |
Tencent Holdings Ltd. (Media & Entertainment)† | 4,016,800 | 247,882,118 |
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 5,635,500 | 86,031,288 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 11,283,183 | 37,399,025 |
ZTO Express Cayman Inc. - ADR (Transportation) | 428,799 | 11,603,301 |
1,678,404,813 | ||
Czech Republic - 0.7% | ||
Komercni banka AS (Banks)*† | 1,306,760 | 48,558,938 |
Egypt - 0.5% | ||
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† | 9,265,400 | 33,630,745 |
Hong Kong - 6.8% | ||
AIA Group Ltd. (Insurance)† | 14,430,615 | 173,100,477 |
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† | 4,649,469 | 59,983,394 |
Sands China Ltd. (Consumer Services)*† | 21,489,738 | 73,538,185 |
Techtronic Industries Co., Ltd. (Capital Goods)† | 8,196,801 | 146,697,437 |
453,319,493 | ||
India - 8.0% | ||
HDFC Bank Ltd. - ADR (Banks) | 1,057,780 | 74,647,535 |
Housing Development Finance Corp., Ltd. (Banks)† | 4,509,558 | 148,593,475 |
Kotak Mahindra Bank Ltd. (Banks)*† | 3,685,261 | 82,230,021 |
Maruti Suzuki India Ltd. (Automobiles & Components)† | 771,464 | 72,525,373 |
Tata Consultancy Services Ltd. (Software & Services)† | 3,630,060 | 154,627,113 |
532,623,517 |
10
Harding, Loevner Funds, Inc.
Institutional Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 95.1% (continued) | ||
Indonesia - 2.2% | ||
Astra International Tbk PT (Automobiles & Components)† | 82,460,900 | $26,923,752 |
Bank Central Asia Tbk PT (Banks)† | 26,397,633 | 54,493,481 |
Bank Rakyat Indonesia Persero Tbk PT (Banks)† | 265,088,100 | 68,069,314 |
149,486,547 | ||
Italy - 0.7% | ||
Tenaris SA - ADR (Energy) | 2,421,534 | 49,496,155 |
Kenya - 1.3% | ||
East African Breweries Ltd. (Food Beverage & Tobacco)*† | 6,241,665 | 10,316,461 |
Safaricom plc (Telecommunication Services)† | 199,735,027 | 77,154,017 |
87,470,478 | ||
Mexico - 5.5% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | 1,045,741 | 91,366,391 |
Grupo Aeroportuario del Sureste SAB de CV - ADR (Transportation)* | 349,263 | 63,293,441 |
Grupo Financiero Banorte SAB de CV, Series O (Banks) | 17,240,700 | 111,769,537 |
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 30,807,300 | 101,554,789 |
367,984,158 | ||
Panama - 0.4% | ||
Copa Holdings SA, Class A (Transportation)* | 375,707 | 26,641,383 |
Poland - 0.4% | ||
CD Projekt SA (Media & Entertainment)† | 592,608 | 28,425,481 |
Russia - 8.8% | ||
LUKOIL PJSC - Sponsored ADR (Energy) | 1,664,733 | 142,983,917 |
Novatek PJSC - Sponsored GDR, Reg S (Energy)† | 751,422 | 167,189,427 |
Sberbank of Russia PJSC - Sponsored ADR (Banks)† | 9,513,490 | 158,362,702 |
Yandex NV, Class A (Media & Entertainment)* | 1,771,292 | 120,323,866 |
588,859,912 | ||
South Africa - 1.5% | ||
Discovery Ltd. (Insurance)*† | 6,347,706 | 50,891,055 |
Standard Bank Group Ltd. (Banks)† | 5,481,399 | 46,191,528 |
97,082,583 |
Shares | Value | |
COMMON STOCKS - 95.1% (continued) | ||
South Korea - 9.1% | ||
Amorepacific Corp. (Household & Personal Products)† | 140,115 | $27,002,548 |
Coway Co., Ltd. (Consumer Durables & Apparel)† | 688,987 | 51,431,897 |
LG Household & Health Care Ltd. (Household & Personal Products)† | 118,214 | 150,091,337 |
NCSoft Corp. (Media & Entertainment)† | 74,156 | 53,138,243 |
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 188,912 | 323,952,584 |
605,616,609 | ||
Taiwan - 11.5% | ||
Airtac International Group (Capital Goods)† | 2,562,000 | 82,663,224 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 5,011,031 | 109,271,746 |
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | 27,074,031 | 106,912,953 |
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† | 563,000 | 59,170,230 |
Silergy Corp. (Semiconductors & Semiconductor Equipment)† | 445,122 | 60,301,812 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | 16,745,277 | 348,679,361 |
766,999,326 | ||
Thailand - 0.8% | ||
Siam Commercial Bank pcl, Reg S (Banks)† | 19,072,270 | 54,255,944 |
United Kingdom - 2.9% | ||
Bank of Georgia Group plc (Banks)*† | 713,964 | 14,876,534 |
Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)*† | 3,911,571 | 147,763,506 |
Network International Holdings plc (Software & Services)*^† | 6,817,126 | 32,286,345 |
194,926,385 | ||
United States - 4.4% | ||
EPAM Systems Inc. (Software & Services)* | 519,733 | 290,946,533 |
Total Common Stocks (Cost $4,127,027,108) | $6,360,825,945 | |
PREFERRED STOCKS - 3.3% | ||
Brazil - 2.4% | ||
Banco Bradesco SA - ADR (Banks)* | 17,923,732 | 83,703,828 |
11
Harding, Loevner Funds, Inc.
Institutional Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
PREFERRED STOCKS - 3.3% (continued) | ||
Brazil - 2.4% (continued) | ||
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ | 13,217,962 | $76,267,641 |
159,971,469 | ||
Colombia - 0.5% | ||
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ | 1,296,898 | 36,896,748 |
South Korea - 0.4% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† | 14,985 | 23,598,915 |
Total Preferred Stocks (Cost $195,449,842) | $220,467,132 | |
SHORT TERM INVESTMENTS - 1.7% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 112,131,998 | 112,131,998 |
Total Short Term Investments (Cost $112,131,998) | $112,131,998 | |
Total Investments — 100.1% | ||
(Cost $4,434,608,948) | $6,693,425,075 | |
Liabilities Less Other Assets - (0.1)% | (5,523,335) | |
Net Assets — 100.0% | $6,687,901,740 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
CDI | Chess Depositary Interest |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.9% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Industry | Percentage of Net Assets |
Automobiles & Components | 2.6% |
Banks | 16.6 |
Capital Goods | 5.3 |
Commercial & Professional Services | 1.3 |
Consumer Durables & Apparel | 5.1 |
Consumer Services | 1.1 |
Diversified Financials | 0.7 |
Energy | 5.7 |
Food & Staples Retailing | 1.6 |
Food Beverage & Tobacco | 4.8 |
Household & Personal Products | 2.6 |
Insurance | 4.7 |
Media & Entertainment | 7.5 |
Pharmaceuticals, Biotechnology & Life Sciences | 3.3 |
Retailing | 5.3 |
Semiconductors & Semiconductor Equipment | 7.0 |
Software & Services | 8.0 |
Technology Hardware & Equipment | 9.2 |
Telecommunication Services | 1.1 |
Transportation | 3.0 |
Utilities | 1.9 |
Money Market Fund | 1.7 |
Total Investments | 100.1 |
Liabilities Less Other Assets | (0.1) |
Net Assets | 100.0% |
12
Harding, Loevner Funds, Inc.
Emerging Markets Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 95.4% | ||
Brazil - 4.4% | ||
Ambev SA - ADR (Food Beverage & Tobacco) | 12,806,554 | $40,596,776 |
B3 SA - Brasil Bolsa Balcao (Diversified Financials) | 9,111,000 | 26,677,435 |
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) | 764,265 | 4,623,803 |
Localiza Rent a Car SA (Transportation) | 3,305,755 | 39,447,545 |
Lojas Renner SA (Retailing) | 2,228,800 | 17,673,775 |
Ultrapar Participacoes SA (Energy) | 3,901,800 | 13,245,106 |
WEG SA (Capital Goods) | 3,802,560 | 26,071,985 |
168,336,425 | ||
Chile - 0.3% | ||
Banco Santander Chile - ADR (Banks) | 482,839 | 9,434,674 |
China - 25.2% | ||
51job Inc. - ADR (Commercial & Professional Services)* | 352,749 | 25,404,983 |
Alibaba Group Holding Ltd. (Retailing)*† | 4,138,164 | 101,122,008 |
Alibaba Group Holding Ltd. - Sponsored ADR (Retailing)* | 269,168 | 52,538,902 |
Baidu Inc., Class A (Media & Entertainment)*† | 1,461,794 | 29,810,236 |
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† | 875,300 | 32,672,367 |
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† | 3,159,000 | 25,654,499 |
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 40,924,560 | 55,300,497 |
ENN Energy Holdings Ltd. (Utilities)† | 3,560,700 | 74,600,569 |
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | 6,834,900 | 43,513,011 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 3,068,379 | 23,467,334 |
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 1,467,960 | 12,362,388 |
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | 5,557,768 | 54,617,650 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | 5,850,500 | 51,353,788 |
Shares | Value | |
COMMON STOCKS - 95.4% (continued) | ||
China - 25.2% (continued) | ||
Sangfor Technologies Inc., Class A (Software & Services)† | 847,000 | $31,847,674 |
SF Holding Co., Ltd., Class A (Transportation)† | 1,822,500 | 16,718,020 |
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | 2,275,000 | 50,394,955 |
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 14,190,182 | 12,076,612 |
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | 1,955,700 | 59,277,403 |
Tencent Holdings Ltd. (Media & Entertainment)† | 2,330,100 | 143,793,597 |
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 3,269,000 | 49,904,406 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 6,557,110 | 21,734,073 |
ZTO Express Cayman Inc. - ADR (Transportation) | 248,737 | 6,730,823 |
974,895,795 | ||
Czech Republic - 0.7% | ||
Komercni banka AS (Banks)*† | 758,025 | 28,168,056 |
Egypt - 0.5% | ||
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† | 5,403,127 | 19,611,802 |
Hong Kong - 6.8% | ||
AIA Group Ltd. (Insurance)† | 8,370,989 | 100,413,058 |
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† | 2,694,423 | 34,761,096 |
Sands China Ltd. (Consumer Services)*† | 12,465,744 | 42,657,951 |
Techtronic Industries Co., Ltd. (Capital Goods)† | 4,755,000 | 85,099,823 |
262,931,928 | ||
India - 8.0% | ||
HDFC Bank Ltd. - ADR (Banks) | 613,597 | 43,301,540 |
Housing Development Finance Corp., Ltd. (Banks)† | 2,615,902 | 86,196,024 |
Kotak Mahindra Bank Ltd. (Banks)*† | 2,137,744 | 47,699,942 |
Maruti Suzuki India Ltd. (Automobiles & Components)† | 447,066 | 42,028,699 |
Tata Consultancy Services Ltd. (Software & Services)† | 2,105,723 | 89,696,002 |
308,922,207 |
13
Harding, Loevner Funds, Inc.
Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 95.4% (continued) | ||
Indonesia - 2.2% | ||
Astra International Tbk PT (Automobiles & Components)† | 47,833,900 | $15,617,924 |
Bank Central Asia Tbk PT (Banks)† | 15,312,710 | 31,610,519 |
Bank Rakyat Indonesia Persero Tbk PT (Banks)† | 153,772,190 | 39,485,618 |
86,714,061 | ||
Italy - 0.7% | ||
Tenaris SA - ADR (Energy) | 1,404,682 | 28,711,700 |
Kenya - 1.3% | ||
East African Breweries Ltd. (Food Beverage & Tobacco)*† | 3,663,850 | 6,055,751 |
Safaricom plc (Telecommunication Services)† | 115,862,201 | 44,755,466 |
50,811,217 | ||
Mexico - 5.5% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | 606,613 | 52,999,778 |
Grupo Aeroportuario del Sureste SAB de CV - ADR (Transportation)* | 202,601 | 36,715,353 |
Grupo Financiero Banorte SAB de CV, Series O (Banks) | 10,000,940 | 64,834,979 |
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 17,870,700 | 58,909,907 |
213,460,017 | ||
Panama - 0.4% | ||
Copa Holdings SA, Class A (Transportation)* | 219,094 | 15,535,955 |
Poland - 0.4% | ||
CD Projekt SA (Media & Entertainment)† | 343,760 | 16,489,051 |
Russia - 8.8% | ||
LUKOIL PJSC - Sponsored ADR (Energy) | 965,677 | 82,941,997 |
Novatek PJSC - Sponsored GDR, Reg S (Energy)† | 435,885 | 96,983,271 |
Sberbank of Russia PJSC - Sponsored ADR (Banks)† | 5,518,580 | 91,862,948 |
Yandex NV, Class A (Media & Entertainment)* | 1,027,490 | 69,797,396 |
341,585,612 | ||
South Africa - 1.5% | ||
Discovery Ltd. (Insurance)*† | 3,682,174 | 29,520,857 |
Standard Bank Group Ltd. (Banks)† | 3,179,647 | 26,794,757 |
56,315,614 |
Shares | Value | |
COMMON STOCKS - 95.4% (continued) | ||
South Korea - 9.1% | ||
Amorepacific Corp. (Household & Personal Products)† | 81,278 | $15,663,655 |
Coway Co., Ltd. (Consumer Durables & Apparel)† | 401,784 | 29,992,603 |
LG Household & Health Care Ltd. (Household & Personal Products)† | 68,574 | 87,065,520 |
NCSoft Corp. (Media & Entertainment)† | 42,898 | 30,739,581 |
Samsung Electronics Co., Ltd. - GDR, Reg S (Technology Hardware & Equipment)† | 109,283 | 187,402,125 |
350,863,484 | ||
Taiwan - 11.5% | ||
Airtac International Group (Capital Goods)† | 1,486,000 | 47,945,961 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 2,907,216 | 63,395,451 |
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | 15,705,136 | 62,018,192 |
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† | 327,001 | 34,367,183 |
Silergy Corp. (Semiconductors & Semiconductor Equipment)† | 258,000 | 34,951,918 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | 9,713,637 | 202,262,688 |
444,941,393 | ||
Thailand - 0.8% | ||
Siam Commercial Bank pcl, Reg S (Banks)† | 11,063,500 | 31,472,952 |
United Kingdom - 2.9% | ||
Bank of Georgia Group plc (Banks)*† | 419,094 | 8,732,466 |
Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)*† | 2,269,022 | 85,714,575 |
Network International Holdings plc (Software & Services)*^† | 3,975,414 | 18,827,815 |
113,274,856 | ||
United States - 4.4% | ||
EPAM Systems Inc. (Software & Services)* | 301,486 | 168,771,863 |
Total Common Stocks (Cost $2,141,354,835) | $3,691,248,662 | |
PREFERRED STOCKS - 3.3% | ||
Brazil - 2.4% | ||
Banco Bradesco SA - ADR (Banks)* | 10,397,190 | 48,554,877 |
14
Harding, Loevner Funds, Inc.
Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
PREFERRED STOCKS - 3.3% (continued) | ||
Brazil - 2.4% (continued) | ||
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ | 7,667,469 | $44,241,296 |
92,796,173 | ||
Colombia - 0.5% | ||
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ | 752,304 | 21,403,049 |
South Korea - 0.4% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† | 8,692 | 13,688,473 |
Total Preferred Stocks (Cost $93,575,299) | $127,887,695 | |
SHORT TERM INVESTMENTS - 1.4% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 53,143,795 | 53,143,795 |
Total Short Term Investments (Cost $53,143,795) | $53,143,795 | |
Total Investments — 100.1% | ||
(Cost $2,288,073,929) | $3,872,280,152 | |
Liabilities Less Other Assets - (0.1)% | (5,425,520) | |
Net Assets — 100.0% | $3,866,854,632 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
CDI | Chess Depositary Interest |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.9% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Industry | Percentage of Net Assets |
Automobiles & Components | 2.6% |
Banks | 16.6 |
Capital Goods | 5.3 |
Commercial & Professional Services | 1.3 |
Consumer Durables & Apparel | 5.1 |
Consumer Services | 1.1 |
Diversified Financials | 0.7 |
Energy | 5.7 |
Food & Staples Retailing | 1.6 |
Food Beverage & Tobacco | 4.8 |
Household & Personal Products | 2.7 |
Insurance | 4.7 |
Media & Entertainment | 7.5 |
Pharmaceuticals, Biotechnology & Life Sciences | 3.4 |
Retailing | 5.3 |
Semiconductors & Semiconductor Equipment | 7.0 |
Software & Services | 8.0 |
Technology Hardware & Equipment | 9.2 |
Telecommunication Services | 1.2 |
Transportation | 3.0 |
Utilities | 1.9 |
Money Market Fund | 1.4 |
Total Investments | 100.1 |
Liabilities Less Other Assets | (0.1) |
Net Assets | 100.0% |
15
Harding, Loevner Funds, Inc.
Frontier Emerging Markets Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.7% | ||
Argentina - 4.8% | ||
Globant SA (Software & Services)* | 41,889 | $10,018,173 |
Bangladesh - 2.7% | ||
GrameenPhone Ltd. (Telecommunication Services)† | 160,820 | 718,780 |
Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 1,914,233 | 5,010,837 |
5,729,617 | ||
Colombia - 3.5% | ||
Cementos Argos SA - Sponsored ADR (Materials)#† | 39,796 | 287,081 |
Ecopetrol SA - Sponsored ADR (Energy) | 467,965 | 6,322,207 |
Grupo Nutresa SA (Food Beverage & Tobacco) | 133,495 | 712,570 |
7,321,858 | ||
Croatia - 0.2% | ||
Ericsson Nikola Tesla (Technology Hardware & Equipment)† | 1,848 | 486,628 |
Egypt - 6.2% | ||
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† | 2,536,983 | 9,208,521 |
Edita Food Industries SAE (Food Beverage & Tobacco)† | 2,420,147 | 1,186,594 |
Integrated Diagnostics Holdings plc (Health Care Equipment & Services)^† | 2,281,484 | 2,668,437 |
13,063,552 | ||
Iceland - 1.4% | ||
Marel HF (Capital Goods)^† | 384,042 | 2,888,220 |
Indonesia - 2.5% | ||
Bank Central Asia Tbk PT (Banks)† | 2,507,500 | 5,176,313 |
Kazakhstan - 3.4% | ||
Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)† | 483,311 | 7,212,298 |
Kenya - 6.5% | ||
East African Breweries Ltd. (Food Beverage & Tobacco)*† | 686,200 | 1,134,178 |
Equity Group Holdings plc (Banks)*† | 7,301,000 | 3,287,447 |
Safaricom plc (Telecommunication Services)† | 24,032,850 | 9,283,454 |
13,705,079 |
Shares | Value | |
COMMON STOCKS - 94.7% (continued) | ||
Morocco - 2.8% | ||
Itissalat Al-Maghrib (Telecommunication Services)† | 166,329 | $2,527,842 |
Societe d'Exploitation des Ports (Transportation)† | 113,141 | 3,292,323 |
5,820,165 | ||
Nigeria - 6.1% | ||
Guaranty Trust Holding Co., plc (Banks) | 48,903,727 | 3,387,014 |
Nestle Nigeria plc (Food Beverage & Tobacco) | 1,394,492 | 5,218,755 |
Zenith Bank plc (Banks) | 71,417,980 | 4,260,781 |
12,866,550 | ||
Pakistan - 0.7% | ||
MCB Bank Ltd. (Banks)† | 1,268,800 | 1,262,947 |
Oil & Gas Development Co., Ltd. (Energy)† | 515,000 | 295,965 |
1,558,912 | ||
Peru - 0.7% | ||
Alicorp SAA (Food Beverage & Tobacco) | 808,855 | 1,105,183 |
Cementos Pacasmayo SAA (Materials) | 222,899 | 272,183 |
1,377,366 | ||
Philippines - 18.2% | ||
Bank of the Philippine Islands (Banks)† | 2,631,334 | 4,236,817 |
BDO Unibank Inc. (Banks)† | 1,262,828 | 2,577,246 |
International Container Terminal Services Inc. (Transportation)† | 810,800 | 2,523,432 |
Jollibee Foods Corp. (Consumer Services)† | 579,900 | 2,204,030 |
Robinsons Retail Holdings Inc. (Food & Staples Retailing)† | 1,773,450 | 1,906,251 |
Security Bank Corp. (Banks)† | 1,429,540 | 3,147,467 |
SM Prime Holdings Inc. (Real Estate)† | 10,727,200 | 6,751,472 |
Universal Robina Corp. (Food Beverage & Tobacco)† | 2,278,950 | 5,776,535 |
Wilcon Depot Inc. (Retailing)† | 20,655,300 | 9,098,541 |
38,221,791 | ||
Poland - 0.5% | ||
CD Projekt SA (Media & Entertainment)† | 24,149 | 1,158,349 |
Romania - 4.8% | ||
Banca Transilvania SA (Banks)† | 12,395,354 | 8,372,432 |
Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† | 243,806 | 1,829,312 |
10,201,744 |
16
Harding, Loevner Funds, Inc.
Frontier Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.7% (continued) | ||
Saudi Arabia - 3.0% | ||
Bupa Arabia for Cooperative Insurance Co. (Insurance)† | 44,007 | $1,619,367 |
Jarir Marketing Co. (Retailing)† | 39,296 | 2,107,907 |
Mouwasat Medical Services Co. (Health Care Equipment & Services)† | 54,562 | 2,633,124 |
6,360,398 | ||
Slovenia - 1.2% | ||
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† | 19,431 | 2,515,169 |
Sri Lanka - 0.1% | ||
Commercial Bank of Ceylon plc (Banks)† | 313,399 | 134,000 |
Thailand - 0.5% | ||
Home Product Center pcl, Reg S (Retailing)† | 2,777,294 | 1,123,846 |
United Arab Emirates - 3.9% | ||
Agthia Group PJSC (Food Beverage & Tobacco)† | 2,237,089 | 3,784,933 |
Emaar Properties PJSC (Real Estate)† | 4,037,225 | 4,370,014 |
8,154,947 | ||
United Kingdom - 3.4% | ||
Bank of Georgia Group plc (Banks)*† | 74,294 | 1,548,029 |
Network International Holdings plc (Software & Services)*^† | 951,539 | 4,506,550 |
TBC Bank Group plc (Banks)*† | 60,468 | 1,019,816 |
7,074,395 | ||
United States - 4.6% | ||
EPAM Systems Inc. (Software & Services)* | 17,195 | 9,625,761 |
Vietnam - 13.0% | ||
Bank for Foreign Trade of Vietnam JSC (Banks)† | 1,739,610 | 7,427,837 |
Hoa Phat Group JSC (Materials)† | 3,949,762 | 8,141,169 |
Sai Gon Cargo Service Corp. (Transportation)† | 337,770 | 1,987,943 |
Saigon Beer Alcohol Beverage Corp. (Food Beverage & Tobacco)† | 481,310 | 3,332,526 |
Vietnam Dairy Products JSC (Food Beverage & Tobacco)† | 1,736,794 | 6,530,135 |
27,419,610 | ||
Total Common Stocks (Cost $152,035,609) | $199,214,741 |
Shares | Value | |
PREFERRED STOCKS - 2.4% | ||
Colombia - 2.4% | ||
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ | 174,722 | $4,970,841 |
Total Preferred Stocks (Cost $5,113,817) | $4,970,841 | |
SHORT TERM INVESTMENTS - 1.9% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 4,030,355 | 4,030,355 |
Total Short Term Investments (Cost $4,030,355) | $4,030,355 | |
Total Investments — 99.0% | ||
(Cost $161,179,781) | $208,215,937 | |
Other Assets Less Liabilities - 1.0% | 2,209,426 | |
Net Assets — 100.0% | $210,425,363 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
# | Security valued at fair value as determined in good faith under policies and procedures established by and under the supervision of the Portfolio’s Board of Directors. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 4.8% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
17
Harding, Loevner Funds, Inc.
Frontier Emerging Markets Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Industry | Percentage of Net Assets |
Banks | 31.9% |
Capital Goods | 1.4 |
Consumer Services | 1.0 |
Energy | 4.0 |
Food & Staples Retailing | 0.9 |
Food Beverage & Tobacco | 13.7 |
Health Care Equipment & Services | 2.5 |
Insurance | 0.8 |
Materials | 4.1 |
Media & Entertainment | 0.6 |
Pharmaceuticals, Biotechnology & Life Sciences | 3.6 |
Real Estate | 5.3 |
Retailing | 5.9 |
Software & Services | 11.5 |
Technology Hardware & Equipment | 0.2 |
Telecommunication Services | 6.0 |
Transportation | 3.7 |
Money Market Fund | 1.9 |
Total Investments | 99.0 |
Other Assets Less Liabilities | 1.0 |
Net Assets | 100.0% |
18
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.6% | ||
Argentina - 0.1% | ||
Globant SA (Software & Services)* | 58 | $13,871 |
Australia - 0.4% | ||
BHP Group Ltd. (Materials)† | 676 | 26,492 |
Cochlear Ltd. (Health Care Equipment & Services)† | 83 | 14,974 |
41,466 | ||
Brazil - 1.0% | ||
Ambev SA - ADR (Food Beverage & Tobacco) | 7,484 | 23,724 |
B3 SA - Brasil Bolsa Balcao (Diversified Financials) | 3,000 | 8,784 |
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) | 2,433 | 14,720 |
Localiza Rent a Car SA (Transportation) | 1,100 | 13,126 |
Raia Drogasil SA (Food & Staples Retailing)* | 2,500 | 12,116 |
Ultrapar Participacoes SA - Sponsored ADR (Energy) | 2,681 | 9,169 |
WEG SA (Capital Goods) | 1,600 | 10,970 |
92,609 | ||
Canada - 1.1% | ||
Alimentation Couche-Tard Inc. (Food & Staples Retailing) | 1,600 | 65,367 |
Imperial Oil Ltd. (Energy) | 1,500 | 41,095 |
106,462 | ||
Chile - 0.2% | ||
Banco Santander Chile - ADR (Banks) | 1,149 | 22,451 |
China - 7.7% | ||
51job Inc. - ADR (Commercial & Professional Services)* | 150 | 10,803 |
AAC Technologies Holdings Inc. (Technology Hardware & Equipment)† | 5,670 | 33,992 |
Alibaba Group Holding Ltd. (Retailing)*† | 440 | 10,752 |
Baidu Inc., Class A (Media & Entertainment)*† | 500 | 10,197 |
China Merchants Bank Co., Ltd., Class A (Banks)† | 1,900 | 13,677 |
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† | 500 | 18,664 |
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† | 2,000 | 16,242 |
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 15,360 | 20,756 |
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
China - 7.7% (continued) | ||
ENN Energy Holdings Ltd. (Utilities)† | 2,000 | $41,902 |
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | 3,600 | 22,919 |
Glodon Co., Ltd., Class A (Software & Services)† | 2,000 | 19,493 |
Gree Electric Appliances Inc. of Zhuhai, Class A (Consumer Durables & Apparel)† | 1,200 | 8,824 |
Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | 4,000 | 13,710 |
Haitian International Holdings Ltd. (Capital Goods)† | 4,000 | 14,644 |
Hangzhou Tigermed Consulting Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 700 | 17,074 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 1,800 | 13,767 |
Hongfa Technology Co., Ltd., Class A (Capital Goods)† | 2,700 | 27,496 |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† | 2,600 | 13,441 |
JD.com Inc., Class A (Retailing)*† | 414 | 14,701 |
Jiangsu Expressway Co., Ltd., Class H (Transportation)† | 12,000 | 12,823 |
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 1,008 | 8,489 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Food Beverage & Tobacco)† | 600 | 15,132 |
Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† | 100 | 25,989 |
Meituan, Class B (Retailing)*^† | 300 | 8,314 |
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | 1,200 | 11,793 |
NetEase Inc. - ADR (Media & Entertainment) | 205 | 20,953 |
Ping An Insurance Group Co. of China Ltd., Class A (Insurance)† | 1,900 | 15,784 |
Sangfor Technologies Inc., Class A (Software & Services)† | 400 | 15,040 |
SF Holding Co., Ltd., Class A (Transportation)† | 1,900 | 17,429 |
19
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
China - 7.7% (continued) | ||
Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† | 2,000 | $14,490 |
Shanghai International Airport Co., Ltd., Class A (Transportation)† | 2,300 | 13,721 |
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | 1,350 | 16,281 |
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | 1,000 | 22,152 |
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 13,500 | 11,489 |
Songcheng Performance Development Co., Ltd., Class A (Consumer Services)† | 4,200 | 8,236 |
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | 600 | 18,186 |
Suofeiya Home Collection Co., Ltd., Class A (Consumer Durables & Apparel)† | 4,000 | 11,828 |
Tencent Holdings Ltd. (Media & Entertainment)† | 200 | 12,342 |
TravelSky Technology Ltd., Class H (Software & Services)† | 5,000 | 8,535 |
Trip.com Group Ltd. (Retailing)*† | 514 | 14,239 |
Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† | 500 | 17,083 |
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 686 | 15,914 |
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 1,500 | 22,899 |
Yonyou Network Technology Co., Ltd., Class A (Software & Services)† | 3,500 | 19,402 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 4,400 | 14,584 |
736,181 | ||
Colombia - 0.8% | ||
Cementos Argos SA (Materials) | 9,486 | 13,686 |
Ecopetrol SA - Sponsored ADR (Energy) | 3,708 | 50,095 |
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
Colombia - 0.8% (continued) | ||
Grupo Nutresa SA (Food Beverage & Tobacco) | 2,782 | $14,850 |
78,631 | ||
Czech Republic - 0.2% | ||
Komercni banka AS (Banks)*† | 493 | 18,320 |
Denmark - 1.1% | ||
Ambu A/S, Class B (Health Care Equipment & Services)† | 494 | 18,277 |
Chr Hansen Holding A/S (Materials)† | 129 | 11,603 |
Coloplast A/S, Class B (Health Care Equipment & Services)† | 193 | 35,289 |
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† | 39 | 17,592 |
Novozymes A/S, Class B (Materials)† | 254 | 19,965 |
102,726 | ||
Egypt - 0.2% | ||
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† | 4,564 | 16,566 |
Finland - 0.4% | ||
Kone OYJ, Class B (Capital Goods)† | 211 | 17,473 |
Neste OYJ (Energy)† | 314 | 19,320 |
36,793 | ||
France - 3.9% | ||
Air Liquide SA (Materials)† | 330 | 57,367 |
Dassault Systemes SE (Software & Services)† | 650 | 35,861 |
IPSOS (Media & Entertainment)† | 1,082 | 50,214 |
Kering SA (Consumer Durables & Apparel)† | 26 | 23,346 |
LISI (Capital Goods)† | 1,514 | 51,636 |
L'Oreal SA (Household & Personal Products)† | 49 | 22,445 |
Rubis SCA (Utilities)† | 1,135 | 45,524 |
Safran SA (Capital Goods)† | 327 | 42,836 |
Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)† | 41 | 23,397 |
Schneider Electric SE (Capital Goods)† | 159 | 26,643 |
379,269 | ||
Germany - 3.9% | ||
adidas AG (Consumer Durables & Apparel)† | 60 | 21,796 |
Allianz SE, Reg S (Insurance)† | 230 | 57,280 |
20
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
Germany - 3.9% (continued) | ||
Bayerische Motoren Werke AG (Automobiles & Components)† | 778 | $77,394 |
Bechtle AG (Software & Services)† | 82 | 16,949 |
Brenntag SE (Capital Goods)† | 257 | 25,668 |
Carl Zeiss Meditec AG (Bearer) (Health Care Equipment & Services)† | 134 | 29,847 |
Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*† | 458 | 19,014 |
FUCHS PETROLUB SE (Materials)† | 375 | 15,021 |
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | 438 | 16,701 |
Nemetschek SE (Software & Services)† | 246 | 21,734 |
SAP SE - Sponsored ADR (Software & Services) | 110 | 15,809 |
Scout24 AG (Media & Entertainment)^† | 235 | 20,129 |
Symrise AG (Materials)† | 160 | 23,597 |
TeamViewer AG (Software & Services)*^† | 366 | 12,320 |
373,259 | ||
Hong Kong - 1.1% | ||
AIA Group Ltd. (Insurance)† | 1,600 | 19,193 |
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† | 1,800 | 23,222 |
Sands China Ltd. (Consumer Services)*† | 6,400 | 21,901 |
Techtronic Industries Co., Ltd. (Capital Goods)† | 2,500 | 44,742 |
109,058 | ||
Iceland - 0.2% | ||
Marel HF (Capital Goods)^† | 2,669 | 20,072 |
India - 1.5% | ||
Asian Paints Ltd. (Materials)† | 460 | 18,319 |
Dabur India Ltd. (Household & Personal Products)† | 1,812 | 14,628 |
Godrej Consumer Products Ltd. (Household & Personal Products)*† | 1,225 | 16,296 |
Hero MotoCorp Ltd. (Automobiles & Components)† | 419 | 15,573 |
ICICI Bank Ltd. - Sponsored ADR (Banks) | 1,034 | 19,222 |
Kotak Mahindra Bank Ltd. (Banks)*† | 608 | 13,567 |
Pidilite Industries Ltd. (Materials)† | 572 | 17,531 |
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
India - 1.5% (continued) | ||
Tata Consultancy Services Ltd. (Software & Services)† | 741 | $31,564 |
146,700 | ||
Indonesia - 0.2% | ||
Astra International Tbk PT (Automobiles & Components)† | 33,400 | 10,905 |
Unilever Indonesia Tbk PT (Household & Personal Products)† | 38,500 | 11,282 |
22,187 | ||
Israel - 0.2% | ||
CyberArk Software Ltd. (Software & Services)* | 140 | 19,884 |
Italy - 0.6% | ||
DiaSorin SpA (Health Care Equipment & Services)† | 82 | 16,658 |
FinecoBank Banca Fineco SpA (Banks)*† | 1,194 | 21,381 |
Reply SpA (Software & Services)† | 131 | 23,443 |
61,482 | ||
Japan - 9.2% | ||
ABC-Mart Inc. (Retailing)† | 700 | 38,756 |
Benefit One Inc. (Commercial & Professional Services)† | 1,000 | 32,954 |
BML Inc. (Health Care Equipment & Services)† | 1,100 | 38,113 |
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 600 | 22,185 |
FANUC Corp. (Capital Goods)† | 100 | 22,396 |
Fast Retailing Co., Ltd. (Retailing)† | 20 | 13,569 |
Hakuhodo DY Holdings Inc. (Media & Entertainment)† | 3,100 | 47,315 |
Kakaku.com Inc. (Media & Entertainment)† | 500 | 13,644 |
Keyence Corp. (Technology Hardware & Equipment)† | 46 | 25,614 |
Kobayashi Pharmaceutical Co., Ltd. (Household & Personal Products)† | 150 | 11,955 |
Komatsu Ltd. (Capital Goods)† | 900 | 23,465 |
Kubota Corp. (Capital Goods)† | 2,600 | 54,332 |
M3 Inc. (Health Care Equipment & Services)† | 300 | 19,652 |
Makita Corp. (Capital Goods)† | 1,200 | 62,266 |
MISUMI Group Inc. (Capital Goods)† | 700 | 24,415 |
Nitori Holdings Co., Ltd. (Retailing)† | 400 | 76,087 |
Nomura Research Institute Ltd. (Software & Services)† | 890 | 28,650 |
21
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
Japan - 9.2% (continued) | ||
Rinnai Corp. (Consumer Durables & Apparel)† | 540 | $50,048 |
Shimano Inc. (Consumer Durables & Apparel)† | 80 | 20,462 |
Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 900 | 47,334 |
Shiseido Co., Ltd. (Household & Personal Products)† | 300 | 20,006 |
SMC Corp. (Capital Goods)† | 40 | 23,769 |
Stanley Electric Co., Ltd. (Automobiles & Components)† | 2,600 | 67,881 |
Sugi Holdings Co., Ltd. (Food & Staples Retailing)† | 500 | 36,858 |
Sysmex Corp. (Health Care Equipment & Services)† | 200 | 23,803 |
Unicharm Corp. (Household & Personal Products)† | 900 | 36,096 |
881,625 | ||
Mexico - 1.0% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | 192 | 16,775 |
Grupo Financiero Banorte SAB de CV, Series O (Banks) | 3,300 | 21,393 |
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 18,700 | 61,644 |
99,812 | ||
Netherlands - 1.4% | ||
Adyen NV (Software & Services)*^† | 8 | 21,782 |
ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) | 90 | 69,007 |
Koninklijke Vopak NV (Energy)† | 653 | 27,656 |
Prosus NV (Retailing)*† | 166 | 14,730 |
133,175 | ||
Norway - 0.2% | ||
Tomra Systems ASA (Commercial & Professional Services)† | 375 | 21,680 |
Pakistan - 0.4% | ||
MCB Bank Ltd. (Banks)† | 10,800 | 10,750 |
Oil & Gas Development Co., Ltd. (Energy)† | 48,700 | 27,988 |
38,738 | ||
Philippines - 1.1% | ||
Bank of the Philippine Islands (Banks)† | 12,490 | 20,111 |
BDO Unibank Inc. (Banks)† | 10,070 | 20,551 |
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
Philippines - 1.1% (continued) | ||
International Container Terminal Services Inc. (Transportation)† | 4,970 | $15,468 |
Robinsons Retail Holdings Inc. (Food & Staples Retailing)† | 10,510 | 11,297 |
Security Bank Corp. (Banks)† | 4,340 | 9,556 |
SM Prime Holdings Inc. (Real Estate)† | 12,800 | 8,056 |
Universal Robina Corp. (Food Beverage & Tobacco)† | 6,400 | 16,222 |
101,261 | ||
Poland - 0.4% | ||
Allegro.eu SA (Retailing)*^† | 908 | 15,577 |
ING Bank Slaski SA (Banks)*† | 426 | 21,105 |
36,682 | ||
Russia - 0.8% | ||
LUKOIL PJSC - Sponsored ADR (Energy) | 278 | 23,877 |
Novatek PJSC - Sponsored GDR, Reg S (Energy)† | 89 | 19,802 |
Sberbank of Russia PJSC - Sponsored ADR (Banks)† | 1,278 | 21,274 |
Yandex NV, Class A (Media & Entertainment)* | 188 | 12,771 |
77,724 | ||
Saudi Arabia - 0.9% | ||
Al Rajhi Bank (Banks)† | 631 | 18,673 |
Jarir Marketing Co. (Retailing)† | 252 | 13,517 |
Saudi National Bank (Banks)† | 3,383 | 49,594 |
81,784 | ||
Singapore - 1.4% | ||
DBS Group Holdings Ltd. (Banks)† | 2,418 | 54,264 |
Oversea-Chinese Banking Corp., Ltd. (Banks)† | 9,224 | 83,458 |
137,722 | ||
Slovenia - 0.2% | ||
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† | 152 | 19,533 |
South Africa - 0.2% | ||
Discovery Ltd. (Insurance)*† | 1,831 | 14,680 |
South Korea - 0.8% | ||
Cheil Worldwide Inc. (Media & Entertainment)† | 1,001 | 21,100 |
Coway Co., Ltd. (Consumer Durables & Apparel)† | 184 | 13,735 |
LG Household & Health Care Ltd. (Household & Personal Products)† | 9 | 11,427 |
NAVER Corp. (Media & Entertainment)† | 55 | 20,768 |
22
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
South Korea - 0.8% (continued) | ||
NCSoft Corp. (Media & Entertainment)† | 18 | $12,898 |
79,928 | ||
Spain - 1.6% | ||
Amadeus IT Group SA (Software & Services)*† | 248 | 16,236 |
Banco Bilbao Vizcaya Argentaria SA (Banks)*† | 6,148 | 39,434 |
Banco Santander SA - Sponsored ADR (Banks)* | 14,529 | 53,321 |
Bankinter SA (Banks)† | 8,132 | 44,340 |
153,331 | ||
Sweden - 2.5% | ||
Alfa Laval AB (Capital Goods)† | 887 | 37,076 |
Assa Abloy AB, Class B (Capital Goods)† | 664 | 21,290 |
Atlas Copco AB, Class A (Capital Goods)† | 544 | 36,826 |
Epiroc AB, Class A (Capital Goods)† | 1,467 | 34,290 |
Evolution AB (Consumer Services)^† | 112 | 19,556 |
Hexagon AB, Class B (Technology Hardware & Equipment)��� | 1,890 | 31,331 |
Intrum AB (Commercial & Professional Services)† | 1,097 | 33,961 |
Skandinaviska Enskilda Banken AB, Class A (Banks)† | 1,670 | 22,563 |
236,893 | ||
Switzerland - 2.8% | ||
Alcon Inc. (Health Care Equipment & Services) | 661 | 48,121 |
Cie Financiere Richemont SA, Class A, Reg S (Consumer Durables & Apparel)† | 244 | 31,251 |
Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | 60 | 46,697 |
SGS SA, Reg S (Commercial & Professional Services)† | 8 | 25,916 |
Sonova Holding AG, Reg S (Health Care Equipment & Services)† | 68 | 26,719 |
Straumann Holding AG, Reg S (Health Care Equipment & Services)† | 15 | 27,822 |
Temenos AG, Reg S (Software & Services)† | 98 | 15,577 |
VAT Group AG (Capital Goods)^† | 96 | 37,689 |
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
Switzerland - 2.8% (continued) | ||
Vifor Pharma AG (Pharmaceuticals, Biotechnology & Life Sciences)† | 91 | $12,731 |
272,523 | ||
Taiwan - 2.3% | ||
Advantech Co., Ltd. (Technology Hardware & Equipment)† | 999 | 13,025 |
Airtac International Group (Capital Goods)† | 400 | 12,906 |
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† | 14,000 | 37,645 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 600 | 13,084 |
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | 17,000 | 67,131 |
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† | 100 | 10,510 |
Silergy Corp. (Semiconductors & Semiconductor Equipment)† | 200 | 27,094 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | 2,000 | 41,645 |
223,040 | ||
Thailand - 0.2% | ||
Siam Commercial Bank pcl, Reg S (Banks)† | 6,200 | 17,637 |
Turkey - 0.1% | ||
BIM Birlesik Magazalar AS (Food & Staples Retailing)† | 1,226 | 9,223 |
United Arab Emirates - 0.4% | ||
Agthia Group PJSC (Food Beverage & Tobacco)† | 8,681 | 14,687 |
Emaar Properties PJSC (Real Estate)† | 18,834 | 20,387 |
35,074 | ||
United Kingdom - 4.3% | ||
Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)*† | 751 | 28,370 |
Compass Group plc (Consumer Services)*† | 967 | 20,429 |
Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† | 780 | 53,840 |
Diploma plc (Capital Goods)† | 1,860 | 76,462 |
Grafton Group plc (Capital Goods)† | 2,919 | 52,104 |
HomeServe plc (Commercial & Professional Services)† | 3,499 | 45,441 |
23
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
United Kingdom - 4.3% (continued) | ||
Intertek Group plc (Commercial & Professional Services)† | 242 | $17,339 |
Reckitt Benckiser Group plc (Household & Personal Products)† | 152 | 11,666 |
Rio Tinto plc (Materials)† | 225 | 19,175 |
Royal Dutch Shell plc, Class B - Sponsored ADR (Energy) | 790 | 31,245 |
Spirax-Sarco Engineering plc (Capital Goods)† | 154 | 32,120 |
Standard Chartered plc (Banks)† | 3,634 | 21,770 |
409,961 | ||
United States - 40.6% | ||
Abbott Laboratories (Health Care Equipment & Services) | 390 | 47,182 |
AbbVie Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 847 | 98,506 |
ABIOMED Inc. (Health Care Equipment & Services)* | 55 | 17,993 |
Accenture plc, Class A (Software & Services) | 70 | 22,238 |
Adobe Inc. (Software & Services)* | 90 | 55,947 |
Air Products and Chemicals Inc. (Materials) | 253 | 73,631 |
Align Technology Inc. (Health Care Equipment & Services)* | 32 | 22,266 |
Allegion plc (Capital Goods) | 136 | 18,578 |
Alphabet Inc., Class A (Media & Entertainment)* | 45 | 121,254 |
Amazon.com Inc. (Retailing)* | 14 | 46,586 |
AMETEK Inc. (Capital Goods) | 147 | 20,440 |
Amphenol Corp., Class A (Technology Hardware & Equipment) | 288 | 20,877 |
ANSYS Inc. (Software & Services)* | 78 | 28,740 |
Apple Inc. (Technology Hardware & Equipment) | 260 | 37,924 |
Atlassian Corp. plc, Class A (Software & Services)* | 117 | 38,039 |
Automatic Data Processing Inc. (Software & Services) | 418 | 87,625 |
BorgWarner Inc. (Automobiles & Components) | 919 | 45,013 |
Broadcom Inc. (Semiconductors & Semiconductor Equipment) | 208 | 100,963 |
Church & Dwight Co., Inc. (Household & Personal Products) | 214 | 18,528 |
Cisco Systems Inc. (Technology Hardware & Equipment) | 907 | 50,221 |
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
United States - 40.6% (continued) | ||
CME Group Inc. (Diversified Financials) | 88 | $18,667 |
Cognex Corp. (Technology Hardware & Equipment) | 230 | 20,794 |
Cognizant Technology Solutions Corp., Class A (Software & Services) | 1,240 | 91,177 |
Colgate-Palmolive Co. (Household & Personal Products) | 231 | 18,365 |
CoStar Group Inc. (Commercial & Professional Services)* | 220 | 19,547 |
Costco Wholesale Corp. (Food & Staples Retailing) | 49 | 21,056 |
Danaher Corp. (Health Care Equipment & Services) | 80 | 23,799 |
Deere & Co. (Capital Goods) | 200 | 72,318 |
eBay Inc. (Retailing) | 1,273 | 86,831 |
Ecolab Inc. (Materials) | 84 | 18,550 |
Edwards Lifesciences Corp. (Health Care Equipment & Services)* | 212 | 23,801 |
Elanco Animal Health Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 585 | 21,335 |
Emerson Electric Co. (Capital Goods) | 666 | 67,193 |
EnerSys (Capital Goods) | 200 | 19,732 |
Estee Lauder Cos., Inc., Class A (Household & Personal Products) | 73 | 24,370 |
Etsy Inc. (Retailing)* | 183 | 33,582 |
Exxon Mobil Corp. (Energy) | 1,474 | 84,858 |
Facebook Inc., Class A (Media & Entertainment)* | 270 | 96,201 |
First Republic Bank (Banks) | 119 | 23,207 |
Gartner Inc. (Software & Services)* | 100 | 26,473 |
Guidewire Software Inc. (Software & Services)* | 152 | 17,510 |
Healthcare Services Group Inc. (Commercial & Professional Services) | 622 | 16,234 |
HEICO Corp. (Capital Goods) | 290 | 39,222 |
Honeywell International Inc. (Capital Goods) | 314 | 73,410 |
IDEXX Laboratories Inc. (Health Care Equipment & Services)* | 70 | 47,497 |
Illumina Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 60 | 29,745 |
Intuitive Surgical Inc. (Health Care Equipment & Services)* | 21 | 20,821 |
24
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
United States - 40.6% (continued) | ||
IPG Photonics Corp. (Technology Hardware & Equipment)* | 95 | $20,725 |
IQVIA Holdings Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 100 | 24,770 |
Johnson & Johnson (Pharmaceuticals, Biotechnology & Life Sciences) | 501 | 86,272 |
JPMorgan Chase & Co. (Banks) | 641 | 97,291 |
Linde plc (Materials)† | 169 | 51,778 |
Malibu Boats Inc., Class A (Consumer Durables & Apparel)* | 517 | 43,252 |
Mastercard Inc., Class A (Software & Services) | 52 | 20,069 |
McDonald's Corp. (Consumer Services) | 85 | 20,630 |
Merck & Co., Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 734 | 56,423 |
Mettler-Toledo International Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 19 | 28,000 |
Microsoft Corp. (Software & Services) | 363 | 103,422 |
Monster Beverage Corp. (Food Beverage & Tobacco)* | 204 | 19,241 |
Neurocrine Biosciences Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 445 | 41,478 |
NIKE Inc., Class B (Consumer Durables & Apparel) | 156 | 26,132 |
Ollie's Bargain Outlet Holdings Inc. (Retailing)* | 255 | 23,741 |
Palo Alto Networks Inc. (Software & Services)* | 52 | 20,751 |
PayPal Holdings Inc. (Software & Services)* | 161 | 44,360 |
Penumbra Inc. (Health Care Equipment & Services)* | 62 | 16,506 |
Pinterest Inc., Class A (Media & Entertainment)* | 290 | 17,081 |
Planet Fitness Inc., Class A (Consumer Services)* | 203 | 15,272 |
Procter & Gamble Co. (Household & Personal Products) | 532 | 75,666 |
Reinsurance Group of America Inc. (Insurance) | 697 | 76,795 |
Republic Services Inc. (Commercial & Professional Services) | 185 | 21,897 |
Shares | Value | |
COMMON STOCKS - 97.6% (continued) | ||
United States - 40.6% (continued) | ||
ResMed Inc. (Health Care Equipment & Services) | 81 | $22,016 |
Rollins Inc. (Commercial & Professional Services) | 1,132 | 43,390 |
Roper Technologies Inc. (Capital Goods) | 47 | 23,093 |
salesforce.com Inc. (Software & Services)* | 130 | 31,451 |
Schlumberger NV (Energy) | 698 | 20,123 |
Sensata Technologies Holding plc (Capital Goods)* | 328 | 19,227 |
ServiceNow Inc. (Software & Services)* | 54 | 31,746 |
Signature Bank (Banks) | 150 | 34,046 |
Starbucks Corp. (Consumer Services) | 578 | 70,187 |
Stryker Corp. (Health Care Equipment & Services) | 73 | 19,779 |
SVB Financial Group (Banks)* | 102 | 56,096 |
Synopsys Inc. (Software & Services)* | 269 | 77,469 |
Texas Instruments Inc. (Semiconductors & Semiconductor Equipment) | 115 | 21,921 |
Thermo Fisher Scientific Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 217 | 117,182 |
UnitedHealth Group Inc. (Health Care Equipment & Services) | 276 | 113,773 |
Verisk Analytics Inc. (Commercial & Professional Services) | 103 | 19,564 |
Vertex Pharmaceuticals Inc. (Pharmaceuticals, Biotechnology & Life Sciences)* | 433 | 87,284 |
Visa Inc., Class A (Software & Services) | 76 | 18,726 |
Walt Disney Co. (Media & Entertainment)* | 98 | 17,250 |
Workday Inc., Class A (Software & Services)* | 140 | 32,816 |
Zoetis Inc. (Pharmaceuticals, Biotechnology & Life Sciences) | 261 | 52,905 |
3,910,442 | ||
Total Common Stocks (Cost $6,638,068) | $9,390,455 | |
PREFERRED STOCKS - 1.1% | ||
Brazil - 0.3% | ||
Banco Bradesco SA - ADR (Banks)* | 3,142 | 14,673 |
25
Harding, Loevner Funds, Inc.
Global Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
PREFERRED STOCKS - 1.1% (continued) | ||
Brazil - 0.3% (continued) | ||
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ | 3,374 | $19,468 |
34,141 | ||
Colombia - 0.1% | ||
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ | 360 | 10,242 |
Germany - 0.4% | ||
Henkel AG & Co. KGaA, 2.13% (Household & Personal Products)+† | 187 | 18,961 |
Sartorius AG, 0.13% (Health Care Equipment & Services)+† | 33 | 19,962 |
38,923 | ||
South Korea - 0.3% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† | 17 | 26,772 |
Total Preferred Stocks (Cost $93,168) | $110,078 | |
SHORT TERM INVESTMENTS - 1.5% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 144,111 | 144,111 |
Total Short Term Investments (Cost $144,111) | $144,111 | |
Total Investments — 100.2% | ||
(Cost $6,875,347) | $9,644,644 | |
Liabilities Less Other Assets - (0.2)% | (21,408) | |
Net Assets — 100.0% | $9,623,236 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
CDI | Chess Depositary Interest |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.1% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
Industry | Percentage of Net Assets |
Automobiles & Components | 2.5% |
Banks | 9.5 |
Capital Goods | 12.8 |
Commercial & Professional Services | 3.4 |
Consumer Durables & Apparel | 3.2 |
Consumer Services | 1.8 |
Diversified Financials | 0.3 |
Energy | 3.7 |
Food & Staples Retailing | 2.4 |
Food Beverage & Tobacco | 2.1 |
Health Care Equipment & Services | 7.2 |
Household & Personal Products | 3.2 |
Insurance | 1.9 |
Materials | 4.0 |
Media & Entertainment | 5.1 |
Pharmaceuticals, Biotechnology & Life Sciences | 10.4 |
Real Estate | 0.3 |
Retailing | 4.5 |
Semiconductors & Semiconductor Equipment | 3.5 |
Software & Services | 11.3 |
Technology Hardware & Equipment | 3.9 |
Transportation | 0.8 |
Utilities | 0.9 |
Money Market Fund | 1.5 |
Total Investments | 100.2 |
Liabilities Less Other Assets | (0.2) |
Net Assets | 100.0% |
26
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 96.1% | ||
Argentina - 0.3% | ||
Globant SA (Software & Services)* | 164 | $39,222 |
Australia - 1.5% | ||
BHP Group Ltd. (Materials)† | 4,069 | 159,460 |
Cochlear Ltd. (Health Care Equipment & Services)† | 427 | 77,034 |
236,494 | ||
Brazil - 1.7% | ||
Ambev SA - ADR (Food Beverage & Tobacco) | 13,956 | 44,240 |
B3 SA - Brasil Bolsa Balcao (Diversified Financials) | 8,700 | 25,474 |
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) | 6,733 | 40,735 |
Localiza Rent a Car SA (Transportation) | 3,100 | 36,992 |
Raia Drogasil SA (Food & Staples Retailing)* | 6,500 | 31,500 |
Ultrapar Participacoes SA - Sponsored ADR (Energy) | 10,307 | 35,250 |
WEG SA (Capital Goods) | 6,200 | 42,510 |
256,701 | ||
Canada - 1.7% | ||
Alimentation Couche-Tard Inc. (Food & Staples Retailing) | 3,600 | 147,076 |
Imperial Oil Ltd. (Energy) | 4,000 | 109,586 |
256,662 | ||
Chile - 0.3% | ||
Banco Santander Chile - ADR (Banks) | 2,474 | 48,342 |
China - 11.5% | ||
51job Inc. - ADR (Commercial & Professional Services)* | 694 | 49,982 |
AAC Technologies Holdings Inc. (Technology Hardware & Equipment)† | 8,500 | 50,959 |
Alibaba Group Holding Ltd. (Retailing)*† | 1,344 | 32,843 |
Baidu Inc., Class A (Media & Entertainment)*† | 1,350 | 27,530 |
China Merchants Bank Co., Ltd., Class A (Banks)† | 5,300 | 38,151 |
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† | 800 | 29,862 |
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† | 4,000 | 32,484 |
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 37,600 | 50,808 |
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
China - 11.5% (continued) | ||
ENN Energy Holdings Ltd. (Utilities)† | 4,300 | $90,090 |
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | 6,800 | 43,291 |
Glodon Co., Ltd., Class A (Software & Services)† | 3,480 | 33,918 |
Gree Electric Appliances Inc. of Zhuhai, Class A (Consumer Durables & Apparel)† | 8,600 | 63,239 |
Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | 10,800 | 37,017 |
Haitian International Holdings Ltd. (Capital Goods)† | 14,400 | 52,719 |
Hangzhou Tigermed Consulting Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 1,300 | 31,709 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 4,800 | 36,711 |
Hongfa Technology Co., Ltd., Class A (Capital Goods)† | 4,400 | 44,809 |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† | 10,100 | 52,211 |
JD.com Inc., Class A (Retailing)*† | 1,176 | 41,760 |
Jiangsu Expressway Co., Ltd., Class H (Transportation)† | 32,000 | 34,196 |
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 3,264 | 27,488 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Food Beverage & Tobacco)† | 1,100 | 27,742 |
Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† | 100 | 25,989 |
Meituan, Class B (Retailing)*^† | 900 | 24,942 |
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | 3,400 | 33,413 |
NetEase Inc. - ADR (Media & Entertainment) | 571 | 58,362 |
Ping An Insurance Group Co. of China Ltd., Class A (Insurance)† | 3,300 | 27,415 |
Sangfor Technologies Inc., Class A (Software & Services)† | 1,100 | 41,361 |
SF Holding Co., Ltd., Class A (Transportation)† | 3,800 | 34,858 |
27
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
China - 11.5% (continued) | ||
Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† | 5,300 | $38,398 |
Shanghai International Airport Co., Ltd., Class A (Transportation)† | 5,100 | 30,424 |
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | 4,050 | 48,843 |
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | 2,000 | 44,303 |
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 36,500 | 31,063 |
Songcheng Performance Development Co., Ltd., Class A (Consumer Services)† | 11,800 | 23,139 |
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | 1,700 | 51,527 |
Suofeiya Home Collection Co., Ltd., Class A (Consumer Durables & Apparel)† | 11,600 | 34,302 |
Tencent Holdings Ltd. (Media & Entertainment)† | 600 | 37,027 |
TravelSky Technology Ltd., Class H (Software & Services)† | 14,000 | 23,899 |
Trip.com Group Ltd. (Retailing)*† | 1,251 | 34,655 |
Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† | 800 | 27,333 |
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 1,790 | 41,525 |
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 2,500 | 38,165 |
Yonyou Network Technology Co., Ltd., Class A (Software & Services)† | 4,700 | 26,054 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 11,900 | 39,443 |
1,745,959 | ||
Colombia - 0.8% | ||
Cementos Argos SA (Materials) | 26,196 | 37,794 |
Ecopetrol SA - Sponsored ADR (Energy) | 3,713 | 50,163 |
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
Colombia - 0.8% (continued) | ||
Grupo Nutresa SA (Food Beverage & Tobacco) | 7,328 | $39,115 |
127,072 | ||
Czech Republic - 0.3% | ||
Komercni banka AS (Banks)*† | 1,394 | 51,801 |
Denmark - 2.5% | ||
Ambu A/S, Class B (Health Care Equipment & Services)† | 1,023 | 37,848 |
Chr Hansen Holding A/S (Materials)† | 702 | 63,139 |
Coloplast A/S, Class B (Health Care Equipment & Services)† | 377 | 68,933 |
Genmab A/S (Pharmaceuticals, Biotechnology & Life Sciences)*† | 350 | 157,879 |
Novozymes A/S, Class B (Materials)† | 598 | 47,005 |
374,804 | ||
Egypt - 0.6% | ||
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† | 25,199 | 91,465 |
Finland - 0.6% | ||
Kone OYJ, Class B (Capital Goods)† | 601 | 49,769 |
Neste OYJ (Energy)† | 665 | 40,918 |
90,687 | ||
France - 6.0% | ||
Air Liquide SA (Materials)† | 723 | 125,685 |
Dassault Systemes SE (Software & Services)† | 975 | 53,791 |
IPSOS (Media & Entertainment)† | 2,185 | 101,404 |
Kering SA (Consumer Durables & Apparel)† | 104 | 93,382 |
LISI (Capital Goods)† | 3,059 | 104,330 |
L'Oreal SA (Household & Personal Products)† | 100 | 45,807 |
Rubis SCA (Utilities)† | 3,120 | 125,141 |
Safran SA (Capital Goods)† | 590 | 77,288 |
Sartorius Stedim Biotech (Pharmaceuticals, Biotechnology & Life Sciences)† | 103 | 58,779 |
Schneider Electric SE (Capital Goods)† | 737 | 123,495 |
909,102 | ||
Germany - 8.1% | ||
adidas AG (Consumer Durables & Apparel)† | 99 | 35,963 |
Allianz SE, Reg S (Insurance)† | 531 | 132,242 |
28
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
Germany - 8.1% (continued) | ||
Bayerische Motoren Werke AG (Automobiles & Components)† | 1,486 | $147,824 |
Bechtle AG (Software & Services)† | 392 | 81,022 |
Brenntag SE (Capital Goods)† | 1,528 | 152,607 |
Carl Zeiss Meditec AG (Bearer) (Health Care Equipment & Services)† | 256 | 57,022 |
Evotec SE (Pharmaceuticals, Biotechnology & Life Sciences)*† | 948 | 39,357 |
FUCHS PETROLUB SE (Materials)† | 2,480 | 99,340 |
Infineon Technologies AG (Semiconductors & Semiconductor Equipment)† | 1,274 | 48,577 |
Nemetschek SE (Software & Services)† | 528 | 46,649 |
SAP SE - Sponsored ADR (Software & Services) | 717 | 103,047 |
Scout24 AG (Media & Entertainment)^† | 1,132 | 96,963 |
Symrise AG (Materials)† | 935 | 137,897 |
TeamViewer AG (Software & Services)*^† | 1,749 | 58,875 |
1,237,385 | ||
Hong Kong - 2.0% | ||
AIA Group Ltd. (Insurance)† | 8,600 | 103,160 |
ASM Pacific Technology Ltd. (Semiconductors & Semiconductor Equipment)† | 9,600 | 123,851 |
Sands China Ltd. (Consumer Services)*† | 8,000 | 27,376 |
Techtronic Industries Co., Ltd. (Capital Goods)† | 2,500 | 44,742 |
299,129 | ||
Iceland - 0.3% | ||
Marel HF (Capital Goods)^† | 5,278 | 39,694 |
India - 2.3% | ||
Asian Paints Ltd. (Materials)† | 998 | 39,745 |
Dabur India Ltd. (Household & Personal Products)† | 5,182 | 41,834 |
Godrej Consumer Products Ltd. (Household & Personal Products)*† | 3,680 | 48,954 |
Hero MotoCorp Ltd. (Automobiles & Components)† | 1,194 | 44,378 |
ICICI Bank Ltd. - Sponsored ADR (Banks) | 3,149 | 58,540 |
Kotak Mahindra Bank Ltd. (Banks)*† | 1,697 | 37,866 |
Pidilite Industries Ltd. (Materials)† | 1,367 | 41,897 |
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
India - 2.3% (continued) | ||
Tata Consultancy Services Ltd. (Software & Services)† | 1,001 | $42,639 |
355,853 | ||
Indonesia - 0.4% | ||
Astra International Tbk PT (Automobiles & Components)† | 122,700 | 40,062 |
Unilever Indonesia Tbk PT (Household & Personal Products)† | 94,200 | 27,603 |
67,665 | ||
Italy - 1.9% | ||
DiaSorin SpA (Health Care Equipment & Services)† | 281 | 57,085 |
FinecoBank Banca Fineco SpA (Banks)*† | 2,153 | 38,552 |
Reply SpA (Software & Services)† | 1,046 | 187,187 |
282,824 | ||
Japan - 14.9% | ||
ABC-Mart Inc. (Retailing)† | 1,740 | 96,337 |
Benefit One Inc. (Commercial & Professional Services)† | 2,200 | 72,499 |
BML Inc. (Health Care Equipment & Services)† | 2,300 | 79,691 |
Chugai Pharmaceutical Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 2,500 | 92,437 |
FANUC Corp. (Capital Goods)† | 350 | 78,387 |
Fast Retailing Co., Ltd. (Retailing)† | 40 | 27,139 |
Hakuhodo DY Holdings Inc. (Media & Entertainment)† | 9,490 | 144,844 |
Kakaku.com Inc. (Media & Entertainment)† | 2,700 | 73,676 |
Keyence Corp. (Technology Hardware & Equipment)† | 100 | 55,682 |
Kobayashi Pharmaceutical Co., Ltd. (Household & Personal Products)† | 800 | 63,758 |
Komatsu Ltd. (Capital Goods)† | 4,740 | 123,584 |
Kubota Corp. (Capital Goods)† | 6,400 | 133,739 |
M3 Inc. (Health Care Equipment & Services)† | 500 | 32,753 |
Makita Corp. (Capital Goods)† | 2,400 | 124,532 |
MISUMI Group Inc. (Capital Goods)† | 2,000 | 69,756 |
Nitori Holdings Co., Ltd. (Retailing)† | 800 | 152,175 |
Nomura Research Institute Ltd. (Software & Services)† | 1,106 | 35,603 |
Rinnai Corp. (Consumer Durables & Apparel)† | 1,200 | 111,217 |
29
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
Japan - 14.9% (continued) | ||
Shimano Inc. (Consumer Durables & Apparel)† | 170 | $43,482 |
Shionogi & Co., Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 2,300 | 120,964 |
Shiseido Co., Ltd. (Household & Personal Products)† | 600 | 40,012 |
SMC Corp. (Capital Goods)† | 160 | 95,078 |
Stanley Electric Co., Ltd. (Automobiles & Components)† | 4,615 | 120,489 |
Sugi Holdings Co., Ltd. (Food & Staples Retailing)† | 1,655 | 122,000 |
Sysmex Corp. (Health Care Equipment & Services)† | 500 | 59,508 |
Unicharm Corp. (Household & Personal Products)† | 2,600 | 104,277 |
2,273,619 | ||
Mexico - 1.3% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | 655 | 57,227 |
Grupo Financiero Banorte SAB de CV, Series O (Banks) | 9,600 | 62,236 |
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 25,200 | 83,071 |
202,534 | ||
Netherlands - 2.4% | ||
Adyen NV (Software & Services)*^† | 18 | 49,011 |
ASML Holding NV, Reg S (Semiconductors & Semiconductor Equipment) | 201 | 154,114 |
Koninklijke Vopak NV (Energy)† | 2,522 | 106,814 |
Prosus NV (Retailing)*† | 710 | 63,001 |
372,940 | ||
Norway - 0.3% | ||
Tomra Systems ASA (Commercial & Professional Services)† | 804 | 46,481 |
Pakistan - 0.4% | ||
MCB Bank Ltd. (Banks)† | 32,100 | 31,952 |
Oil & Gas Development Co., Ltd. (Energy)† | 47,100 | 27,068 |
59,020 | ||
Philippines - 2.0% | ||
Bank of the Philippine Islands (Banks)† | 27,440 | 44,182 |
BDO Unibank Inc. (Banks)† | 18,870 | 38,511 |
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
Philippines - 2.0% (continued) | ||
International Container Terminal Services Inc. (Transportation)† | 14,190 | $44,163 |
Robinsons Retail Holdings Inc. (Food & Staples Retailing)† | 39,680 | 42,652 |
Security Bank Corp. (Banks)† | 19,210 | 42,295 |
SM Prime Holdings Inc. (Real Estate)† | 83,300 | 52,427 |
Universal Robina Corp. (Food Beverage & Tobacco)† | 14,560 | 36,906 |
301,136 | ||
Poland - 0.6% | ||
Allegro.eu SA (Retailing)*^† | 2,455 | 42,117 |
ING Bank Slaski SA (Banks)*† | 980 | 48,551 |
90,668 | ||
Russia - 1.2% | ||
LUKOIL PJSC - Sponsored ADR (Energy) | 603 | 51,792 |
Novatek PJSC - Sponsored GDR, Reg S (Energy)† | 190 | 42,274 |
Sberbank of Russia PJSC - Sponsored ADR (Banks)† | 3,389 | 56,414 |
Yandex NV, Class A (Media & Entertainment)* | 541 | 36,750 |
187,230 | ||
Saudi Arabia - 1.0% | ||
Al Rajhi Bank (Banks)† | 1,801 | 53,296 |
Jarir Marketing Co. (Retailing)† | 724 | 38,837 |
Saudi National Bank (Banks)† | 4,522 | 66,291 |
158,424 | ||
Singapore - 2.2% | ||
DBS Group Holdings Ltd. (Banks)† | 7,414 | 166,382 |
Oversea-Chinese Banking Corp., Ltd. (Banks)† | 18,238 | 165,017 |
331,399 | ||
Slovenia - 0.3% | ||
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† | 303 | 38,937 |
South Africa - 0.2% | ||
Discovery Ltd. (Insurance)*† | 4,148 | 33,255 |
South Korea - 1.3% | ||
Cheil Worldwide Inc. (Media & Entertainment)† | 2,148 | 45,277 |
Coway Co., Ltd. (Consumer Durables & Apparel)† | 524 | 39,116 |
LG Household & Health Care Ltd. (Household & Personal Products)† | 29 | 36,820 |
NAVER Corp. (Media & Entertainment)† | 111 | 41,913 |
30
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
South Korea - 1.3% (continued) | ||
NCSoft Corp. (Media & Entertainment)† | 48 | $34,395 |
197,521 | ||
Spain - 2.4% | ||
Amadeus IT Group SA (Software & Services)*† | 528 | 34,566 |
Banco Bilbao Vizcaya Argentaria SA (Banks)*† | 17,279 | 110,830 |
Banco Santander SA - Sponsored ADR (Banks)* | 36,306 | 133,243 |
Bankinter SA (Banks)† | 15,831 | 86,318 |
364,957 | ||
Sweden - 6.3% | ||
Alfa Laval AB (Capital Goods)† | 3,699 | 154,615 |
Assa Abloy AB, Class B (Capital Goods)† | 4,911 | 157,465 |
Atlas Copco AB, Class A (Capital Goods)† | 998 | 67,559 |
Epiroc AB, Class A (Capital Goods)† | 5,084 | 118,835 |
Evolution AB (Consumer Services)^† | 550 | 96,035 |
Hexagon AB, Class B (Technology Hardware & Equipment)† | 7,483 | 124,047 |
Intrum AB (Commercial & Professional Services)† | 2,391 | 74,020 |
Skandinaviska Enskilda Banken AB, Class A (Banks)† | 11,998 | 162,105 |
954,681 | ||
Switzerland - 4.9% | ||
Alcon Inc. (Health Care Equipment & Services) | 1,857 | 135,190 |
Cie Financiere Richemont SA, Class A, Reg S (Consumer Durables & Apparel)† | 502 | 64,295 |
Lonza Group AG, Reg S (Pharmaceuticals, Biotechnology & Life Sciences)† | 117 | 91,059 |
SGS SA, Reg S (Commercial & Professional Services)† | 25 | 80,988 |
Sonova Holding AG, Reg S (Health Care Equipment & Services)† | 140 | 55,010 |
Straumann Holding AG, Reg S (Health Care Equipment & Services)† | 29 | 53,789 |
Temenos AG, Reg S (Software & Services)† | 306 | 48,639 |
VAT Group AG (Capital Goods)^† | 207 | 81,267 |
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
Switzerland - 4.9% (continued) | ||
Vifor Pharma AG (Pharmaceuticals, Biotechnology & Life Sciences)† | 928 | $129,827 |
740,064 | ||
Taiwan - 2.8% | ||
Advantech Co., Ltd. (Technology Hardware & Equipment)† | 5,998 | 78,199 |
Airtac International Group (Capital Goods)† | 1,000 | 32,265 |
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† | 21,000 | 56,467 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 2,000 | 43,613 |
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | 9,000 | 35,540 |
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† | 300 | 31,530 |
Silergy Corp. (Semiconductors & Semiconductor Equipment)† | 500 | 67,736 |
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | 4,000 | 83,290 |
428,640 | ||
Thailand - 0.3% | ||
Siam Commercial Bank pcl, Reg S (Banks)† | 16,000 | 45,516 |
Turkey - 0.2% | ||
BIM Birlesik Magazalar AS (Food & Staples Retailing)† | 4,402 | 33,115 |
United Arab Emirates - 0.7% | ||
Agthia Group PJSC (Food Beverage & Tobacco)† | 23,110 | 39,100 |
Emaar Properties PJSC (Real Estate)† | 70,076 | 75,852 |
114,952 | ||
United Kingdom - 7.6% | ||
Coca-Cola HBC AG - CDI (Food Beverage & Tobacco)*† | 1,189 | 44,916 |
Compass Group plc (Consumer Services)*† | 1,938 | 40,943 |
Dechra Pharmaceuticals plc (Pharmaceuticals, Biotechnology & Life Sciences)† | 1,894 | 130,736 |
Diploma plc (Capital Goods)† | 3,718 | 152,842 |
Grafton Group plc (Capital Goods)† | 5,899 | 105,296 |
HomeServe plc (Commercial & Professional Services)† | 9,439 | 122,584 |
31
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 96.1% (continued) | ||
United Kingdom - 7.6% (continued) | ||
Intertek Group plc (Commercial & Professional Services)† | 804 | $57,606 |
Reckitt Benckiser Group plc (Household & Personal Products)† | 736 | 56,488 |
Rio Tinto plc (Materials)† | 1,881 | 160,304 |
Royal Dutch Shell plc, Class B - Sponsored ADR (Energy) | 3,968 | 156,934 |
Spirax-Sarco Engineering plc (Capital Goods)† | 248 | 51,726 |
Standard Chartered plc (Banks)† | 12,421 | 74,408 |
1,154,783 | ||
Total Common Stocks (Cost $11,015,869) | $14,640,733 | |
PREFERRED STOCKS - 2.4% | ||
Brazil - 0.6% | ||
Banco Bradesco SA - ADR (Banks)* | 9,420 | 43,991 |
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ | 7,362 | 42,479 |
86,470 | ||
Colombia - 0.3% | ||
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ | 1,501 | 42,703 |
Germany - 1.1% | ||
Henkel AG & Co. KGaA, 2.13% (Household & Personal Products)+† | 1,274 | 129,177 |
Sartorius AG, 0.13% (Health Care Equipment & Services)+† | 70 | 42,343 |
171,520 | ||
South Korea - 0.4% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† | 42 | 66,143 |
Total Preferred Stocks (Cost $319,130) | $366,836 | |
SHORT TERM INVESTMENTS - 1.7% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 256,447 | 256,447 |
Shares | Value | |
SHORT TERM INVESTMENTS - 1.7% (continued) | ||
Total Short Term Investments (Cost $256,447) | $256,447 | |
Total Investments — 100.2% | ||
(Cost $11,591,446) | $15,264,016 | |
Liabilities Less Other Assets - (0.2)% | (30,271) | |
Net Assets — 100.0% | $15,233,745 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
CDI | Chess Depositary Interest |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 3.7% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
32
Harding, Loevner Funds, Inc.
International Equity Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Industry | Percentage of Net Assets |
Automobiles & Components | 2.6% |
Banks | 12.4 |
Capital Goods | 15.8 |
Commercial & Professional Services | 3.5 |
Consumer Durables & Apparel | 4.2 |
Consumer Services | 1.2 |
Diversified Financials | 0.2 |
Energy | 4.1 |
Food & Staples Retailing | 3.3 |
Food Beverage & Tobacco | 2.6 |
Health Care Equipment & Services | 5.0 |
Household & Personal Products | 3.9 |
Insurance | 1.9 |
Materials | 6.2 |
Media & Entertainment | 4.6 |
Pharmaceuticals, Biotechnology & Life Sciences | 7.1 |
Real Estate | 0.8 |
Retailing | 3.8 |
Semiconductors & Semiconductor Equipment | 3.5 |
Software & Services | 6.0 |
Technology Hardware & Equipment | 3.2 |
Transportation | 1.2 |
Utilities | 1.4 |
Money Market Fund | 1.7 |
Total Investments | 100.2 |
Liabilities Less Other Assets | (0.2) |
Net Assets | 100.0% |
33
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.6% | ||
Argentina - 0.5% | ||
Globant SA (Software & Services)* | 196 | $46,875 |
Bangladesh - 0.6% | ||
GrameenPhone Ltd. (Telecommunication Services)† | 5,493 | 24,551 |
Square Pharmaceuticals Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 10,847 | 28,394 |
52,945 | ||
Brazil - 3.7% | ||
Ambev SA - ADR (Food Beverage & Tobacco) | 20,505 | 65,001 |
B3 SA - Brasil Bolsa Balcao (Diversified Financials) | 14,000 | 40,993 |
Cia Brasileira de Distribuicao - ADR (Food & Staples Retailing) | 8,181 | 49,495 |
Localiza Rent a Car SA (Transportation) | 3,800 | 45,345 |
Raia Drogasil SA (Food & Staples Retailing)* | 8,000 | 38,769 |
Ultrapar Participacoes SA - Sponsored ADR (Energy) | 11,420 | 39,057 |
WEG SA (Capital Goods) | 7,200 | 49,366 |
328,026 | ||
Chile - 1.0% | ||
Banco Santander Chile - ADR (Banks) | 4,331 | 84,628 |
China - 33.0% | ||
51job Inc. - ADR (Commercial & Professional Services)* | 721 | 51,926 |
AAC Technologies Holdings Inc. (Technology Hardware & Equipment)† | 17,000 | 101,917 |
Alibaba Group Holding Ltd. (Retailing)*† | 4,016 | 98,137 |
Baidu Inc., Class A (Media & Entertainment)*† | 3,200 | 65,257 |
China Merchants Bank Co., Ltd., Class A (Banks)† | 12,200 | 87,819 |
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† | 1,700 | 63,456 |
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† | 5,000 | 40,605 |
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 122,080 | 164,964 |
ENN Energy Holdings Ltd. (Utilities)† | 9,000 | 188,560 |
Shares | Value | |
COMMON STOCKS - 94.6% (continued) | ||
China - 33.0% (continued) | ||
Fuyao Glass Industry Group Co., Ltd., Class H (Automobiles & Components)^† | 8,400 | $53,477 |
Glodon Co., Ltd., Class A (Software & Services)† | 3,400 | 33,138 |
Gree Electric Appliances Inc. of Zhuhai, Class A (Consumer Durables & Apparel)† | 19,300 | 141,921 |
Haier Smart Home Co., Ltd., Class H (Consumer Durables & Apparel)† | 12,600 | 43,187 |
Haitian International Holdings Ltd. (Capital Goods)† | 15,000 | 54,915 |
Hangzhou Tigermed Consulting Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 2,300 | 56,101 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 3,700 | 28,298 |
Hongfa Technology Co., Ltd., Class A (Capital Goods)† | 5,300 | 53,974 |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† | 11,300 | 58,415 |
JD.com Inc., Class A (Retailing)*† | 3,302 | 117,256 |
Jiangsu Expressway Co., Ltd., Class H (Transportation)† | 50,000 | 53,431 |
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 6,480 | 54,571 |
Jiangsu Yanghe Brewery Joint-Stock Co., Ltd., Class A (Food Beverage & Tobacco)† | 2,200 | 55,484 |
Kweichow Moutai Co., Ltd., Class A (Food Beverage & Tobacco)† | 100 | 25,989 |
Meituan, Class B (Retailing)*^† | 1,200 | 33,256 |
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | 14,700 | 144,461 |
NetEase Inc. - ADR (Media & Entertainment) | 645 | 65,926 |
Ping An Insurance Group Co. of China Ltd., Class A (Insurance)† | 14,800 | 122,952 |
Sangfor Technologies Inc., Class A (Software & Services)† | 1,400 | 52,641 |
SF Holding Co., Ltd., Class A (Transportation)† | 5,900 | 54,122 |
Shandong Sinocera Functional Material Co., Ltd., Class A (Materials)† | 6,300 | 45,642 |
34
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.6% (continued) | ||
China - 33.0% (continued) | ||
Shanghai International Airport Co., Ltd., Class A (Transportation)† | 6,400 | $38,179 |
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | 4,800 | 57,889 |
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | 3,000 | 66,455 |
Sino Biopharmaceutical Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 45,000 | 38,297 |
Songcheng Performance Development Co., Ltd., Class A (Consumer Services)† | 14,000 | 27,453 |
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | 2,000 | 60,620 |
Suofeiya Home Collection Co., Ltd., Class A (Consumer Durables & Apparel)† | 13,700 | 40,512 |
Tencent Holdings Ltd. (Media & Entertainment)† | 600 | 37,027 |
TravelSky Technology Ltd., Class H (Software & Services)† | 23,000 | 39,262 |
Trip.com Group Ltd. (Retailing)*† | 1,311 | 36,318 |
Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† | 1,100 | 37,583 |
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 3,427 | 79,501 |
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 3,000 | 45,798 |
Yonyou Network Technology Co., Ltd., Class A (Software & Services)† | 9,600 | 53,216 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 14,200 | 47,067 |
2,916,975 | ||
Colombia - 1.9% | ||
Cementos Argos SA (Materials) | 15,277 | 22,041 |
Ecopetrol SA - Sponsored ADR (Energy) | 9,556 | 129,102 |
Grupo Nutresa SA (Food Beverage & Tobacco) | 3,657 | 19,520 |
170,663 | ||
Czech Republic - 1.0% | ||
Komercni banka AS (Banks)*† | 2,407 | 89,444 |
Shares | Value | |
COMMON STOCKS - 94.6% (continued) | ||
Egypt - 0.5% | ||
Commercial International Bank Egypt SAE - GDR, Reg S (Banks)*† | 11,703 | $42,479 |
Iceland - 0.3% | ||
Marel HF (Capital Goods)^† | 3,210 | 24,141 |
India - 6.2% | ||
Asian Paints Ltd. (Materials)† | 1,186 | 47,232 |
Dabur India Ltd. (Household & Personal Products)† | 6,102 | 49,262 |
Godrej Consumer Products Ltd. (Household & Personal Products)*† | 2,406 | 32,006 |
Hero MotoCorp Ltd. (Automobiles & Components)† | 4,698 | 174,611 |
ICICI Bank Ltd. - Sponsored ADR (Banks) | 4,150 | 77,148 |
Kotak Mahindra Bank Ltd. (Banks)*† | 1,950 | 43,511 |
Pidilite Industries Ltd. (Materials)† | 2,034 | 62,340 |
Tata Consultancy Services Ltd. (Software & Services)† | 1,502 | 63,980 |
550,090 | ||
Indonesia - 0.8% | ||
Astra International Tbk PT (Automobiles & Components)† | 116,400 | 38,005 |
Unilever Indonesia Tbk PT (Household & Personal Products)† | 105,000 | 30,767 |
68,772 | ||
Kazakhstan - 0.3% | ||
Halyk Savings Bank of Kazakhstan JSC - GDR, Reg S (Banks)† | 1,610 | 24,026 |
Kenya - 0.3% | ||
Safaricom plc (Telecommunication Services)† | 62,300 | 24,065 |
Malaysia - 0.5% | ||
Dialog Group Bhd. (Energy)† | 63,800 | 41,580 |
Mexico - 5.7% | ||
Fomento Economico Mexicano SAB de CV - Sponsored ADR (Food Beverage & Tobacco) | 1,945 | 169,934 |
Grupo Financiero Banorte SAB de CV, Series O (Banks) | 23,100 | 149,755 |
Wal-Mart de Mexico SAB de CV (Food & Staples Retailing) | 57,000 | 187,898 |
507,587 |
35
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.6% (continued) | ||
Morocco - 1.0% | ||
Attijariwafa Bank (Banks)† | 1,345 | $67,775 |
Itissalat Al-Maghrib (Telecommunication Services)† | 1,491 | 22,660 |
90,435 | ||
Nigeria - 0.5% | ||
Guaranty Trust Holding Co., plc (Banks) | 261,863 | 18,136 |
Zenith Bank plc (Banks) | 414,394 | 24,723 |
42,859 | ||
Pakistan - 0.5% | ||
MCB Bank Ltd. (Banks)† | 17,600 | 17,519 |
Oil & Gas Development Co., Ltd. (Energy)† | 41,800 | 24,022 |
41,541 | ||
Philippines - 3.9% | ||
Bank of the Philippine Islands (Banks)† | 26,900 | 43,313 |
BDO Unibank Inc. (Banks)† | 30,810 | 62,879 |
International Container Terminal Services Inc. (Transportation)† | 24,950 | 77,651 |
Jollibee Foods Corp. (Consumer Services)† | 6,330 | 24,059 |
Robinsons Retail Holdings Inc. (Food & Staples Retailing)† | 24,910 | 26,775 |
Security Bank Corp. (Banks)† | 10,700 | 23,559 |
SM Prime Holdings Inc. (Real Estate)† | 72,700 | 45,756 |
Universal Robina Corp. (Food Beverage & Tobacco)† | 15,950 | 40,429 |
344,421 | ||
Poland - 0.8% | ||
Allegro.eu SA (Retailing)*^† | 2,942 | 50,471 |
ING Bank Slaski SA (Banks)*† | 505 | 25,019 |
75,490 | ||
Romania - 0.6% | ||
Banca Transilvania SA (Banks)† | 35,213 | 23,785 |
Societatea Nationala de Gaze Naturale ROMGAZ SA (Energy)† | 3,372 | 25,300 |
49,085 | ||
Russia - 5.5% | ||
LUKOIL PJSC - Sponsored ADR (Energy) | 1,778 | 152,713 |
Novatek PJSC - Sponsored GDR, Reg S (Energy)† | 501 | 111,471 |
Sberbank of Russia PJSC - Sponsored ADR (Banks)† | 10,918 | 181,742 |
Yandex NV, Class A (Media & Entertainment)* | 643 | 43,679 |
489,605 |
Shares | Value | |
COMMON STOCKS - 94.6% (continued) | ||
Saudi Arabia - 3.0% | ||
Al Rajhi Bank (Banks)† | 2,128 | $62,972 |
Bupa Arabia for Cooperative Insurance Co. (Insurance)† | 621 | 22,852 |
Jarir Marketing Co. (Retailing)† | 1,292 | 69,305 |
Mouwasat Medical Services Co. (Health Care Equipment & Services)† | 471 | 22,730 |
Saudi National Bank (Banks)† | 5,813 | 85,217 |
263,076 | ||
Slovenia - 0.3% | ||
Krka dd Novo mesto (Pharmaceuticals, Biotechnology & Life Sciences)† | 179 | 23,002 |
South Africa - 1.0% | ||
Clicks Group Ltd. (Food & Staples Retailing)† | 1,322 | 23,904 |
Discovery Ltd. (Insurance)*† | 7,600 | 60,931 |
84,835 | ||
South Korea - 6.1% | ||
Cheil Worldwide Inc. (Media & Entertainment)† | 3,865 | 81,469 |
Coway Co., Ltd. (Consumer Durables & Apparel)† | 1,180 | 88,085 |
LG Household & Health Care Ltd. (Household & Personal Products)† | 106 | 134,584 |
NAVER Corp. (Media & Entertainment)† | 181 | 68,344 |
NCSoft Corp. (Media & Entertainment)† | 228 | 163,379 |
535,861 | ||
Taiwan - 9.4% | ||
Advantech Co., Ltd. (Technology Hardware & Equipment)† | 5,499 | 71,693 |
Airtac International Group (Capital Goods)† | 1,200 | 38,718 |
Chipbond Technology Corp. (Semiconductors & Semiconductor Equipment)† | 55,000 | 147,890 |
Eclat Textile Co., Ltd. (Consumer Durables & Apparel)† | 4,000 | 87,225 |
Hon Hai Precision Industry Co., Ltd. (Technology Hardware & Equipment)† | 42,000 | 165,854 |
Largan Precision Co., Ltd. (Technology Hardware & Equipment)† | 700 | 73,569 |
Silergy Corp. (Semiconductors & Semiconductor Equipment)† | 600 | 81,284 |
36
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 94.6% (continued) | ||
Taiwan - 9.4% (continued) | ||
Taiwan Semiconductor Manufacturing Co., Ltd. (Semiconductors & Semiconductor Equipment)† | 8,000 | $166,580 |
832,813 | ||
Thailand - 1.0% | ||
Siam Commercial Bank pcl, Reg S (Banks)† | 32,000 | 91,032 |
Turkey - 0.9% | ||
BIM Birlesik Magazalar AS (Food & Staples Retailing)† | 11,148 | 83,863 |
United Arab Emirates - 0.9% | ||
Agthia Group PJSC (Food Beverage & Tobacco)† | 13,882 | 23,487 |
Emaar Properties PJSC (Real Estate)† | 53,031 | 57,402 |
80,889 | ||
Vietnam - 2.9% | ||
Bank for Foreign Trade of Vietnam JSC (Banks)† | 15,240 | 65,072 |
Hoa Phat Group JSC (Materials)† | 63,066 | 129,990 |
Saigon Beer Alcohol Beverage Corp. (Food Beverage & Tobacco)† | 2,320 | 16,064 |
Vietnam Dairy Products JSC (Food Beverage & Tobacco)† | 11,810 | 44,404 |
255,530 | ||
Total Common Stocks (Cost $6,976,921) | $8,356,633 | |
PREFERRED STOCKS - 4.0% | ||
Brazil - 1.7% | ||
Banco Bradesco SA - ADR (Banks)* | 21,929 | 102,408 |
Itau Unibanco Holding SA - Sponsored ADR, 0.58% (Banks)+ | 8,370 | 48,295 |
150,703 | ||
Colombia - 0.4% | ||
Bancolombia SA - Sponsored ADR, 0.86% (Banks)+ | 1,139 | 32,405 |
South Korea - 1.9% | ||
Samsung Electronics Co., Ltd. - GDR, Reg S, 1.96% (Technology Hardware & Equipment)+† | 108 | 170,082 |
Total Preferred Stocks (Cost $281,875) | $353,190 |
Shares | Value | |
SHORT TERM INVESTMENTS - 0.9% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 81,219 | $81,219 |
Total Short Term Investments (Cost $81,219) | $81,219 | |
Total Investments — 99.5% | ||
(Cost $7,340,015) | $8,791,042 | |
Other Assets Less Liabilities - 0.5% | 42,335 | |
Net Assets — 100.0% | $8,833,377 |
Summary of Abbreviations | |
ADR | American Depositary Receipt |
GDR | Global Depositary Receipt |
Reg S | Security sold outside United States without registration under the Securities Act of 1933. |
* | Non-income producing security. |
† | Investment categorized as level 2 security. |
^ | Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 2.3% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
+ | Current yield is disclosed. Dividends are calculated based on a percentage of the issuer’s net income. |
37
Harding, Loevner Funds, Inc.
Emerging Markets Research Portfolio
Portfolio of Investments (continued)
July 31, 2021 (unaudited)
Industry | Percentage of Net Assets |
Automobiles & Components | 3.0% |
Banks | 17.8 |
Capital Goods | 4.0 |
Commercial & Professional Services | 1.0 |
Consumer Durables & Apparel | 6.9 |
Consumer Services | 0.6 |
Diversified Financials | 0.5 |
Energy | 5.9 |
Food & Staples Retailing | 4.7 |
Food Beverage & Tobacco | 6.3 |
Health Care Equipment & Services | 0.3 |
Household & Personal Products | 2.8 |
Insurance | 2.3 |
Materials | 3.5 |
Media & Entertainment | 5.9 |
Pharmaceuticals, Biotechnology & Life Sciences | 5.6 |
Real Estate | 1.2 |
Retailing | 5.3 |
Semiconductors & Semiconductor Equipment | 4.5 |
Software & Services | 3.3 |
Technology Hardware & Equipment | 7.3 |
Telecommunication Services | 0.8 |
Transportation | 3.0 |
Utilities | 2.1 |
Money Market Fund | 0.9 |
Total Investments | 99.5 |
Other Assets Less Liabilities | 0.5 |
Net Assets | 100.0% |
38
Harding, Loevner Funds, Inc.
Chinese Equity Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
COMMON STOCKS - 96.0% | ||
China - 81.6% | ||
Alibaba Group Holding Ltd. (Retailing)*† | 17,100 | $417,863 |
Baidu Inc., Class A (Media & Entertainment)*† | 3,708 | 75,617 |
China Tourism Group Duty Free Corp., Ltd., Class A (Retailing)† | 4,300 | 160,506 |
Country Garden Services Holdings Co., Ltd. (Commercial & Professional Services)† | 9,000 | 73,090 |
CSPC Pharmaceutical Group Ltd. (Pharmaceuticals, Biotechnology & Life Sciences)† | 56,000 | 75,672 |
ENN Energy Holdings Ltd. (Utilities)† | 4,000 | 83,804 |
Foshan Haitian Flavouring & Food Co., Ltd., Class A (Food Beverage & Tobacco)† | 3,190 | 56,653 |
Gree Electric Appliances Inc. of Zhuhai, Class A (Consumer Durables & Apparel)† | 9,800 | 72,064 |
Haitian International Holdings Ltd. (Capital Goods)† | 28,020 | 102,582 |
Hangzhou Tigermed Consulting Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 4,500 | 109,764 |
Hefei Meiya Optoelectronic Technology Inc., Class A (Capital Goods)† | 8,000 | 61,185 |
Inner Mongolia Yili Industrial Group Co., Ltd., Class A (Food Beverage & Tobacco)† | 9,400 | 48,593 |
JD.com Inc., Class A (Retailing)*† | 2,750 | 97,654 |
Jiangsu Hengrui Medicine Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 7,440 | 62,656 |
Midea Group Co., Ltd., Class A (Consumer Durables & Apparel)† | 8,800 | 86,480 |
NetEase Inc. (Media & Entertainment)† | 5,700 | 115,974 |
Ping An Insurance Group Co. of China Ltd., Class H (Insurance)† | 3,500 | 30,722 |
Sangfor Technologies Inc., Class A (Software & Services)† | 2,329 | 87,572 |
SF Holding Co., Ltd., Class A (Transportation)† | 10,300 | 94,483 |
Shanghai International Airport Co., Ltd., Class A (Transportation)† | 7,000 | 41,759 |
Shares | Value | |
COMMON STOCKS - 96.0% (continued) | ||
China - 81.6% (continued) | ||
Shenzhen Inovance Technology Co., Ltd., Class A (Capital Goods)† | 7,400 | $89,245 |
Shenzhou International Group Holdings Ltd. (Consumer Durables & Apparel)† | 4,200 | 93,037 |
Sunny Optical Technology Group Co., Ltd. (Technology Hardware & Equipment)† | 5,100 | 154,581 |
Suofeiya Home Collection Co., Ltd., Class A (Consumer Durables & Apparel)† | 18,100 | 53,523 |
Tencent Holdings Ltd. (Media & Entertainment)† | 4,000 | 246,845 |
TravelSky Technology Ltd., Class H (Software & Services)† | 50,000 | 85,353 |
Trip.com Group Ltd. (Retailing)*† | 1,646 | 45,598 |
Wuliangye Yibin Co., Ltd., Class A (Food Beverage & Tobacco)† | 2,900 | 99,082 |
WuXi AppTec Co., Ltd., Class A (Pharmaceuticals, Biotechnology & Life Sciences)† | 7,360 | 170,739 |
Wuxi Biologics Cayman Inc. (Pharmaceuticals, Biotechnology & Life Sciences)*^† | 13,500 | 206,090 |
Yonyou Network Technology Co., Ltd., Class A (Software & Services)† | 10,500 | 58,205 |
Zhejiang Sanhua Intelligent Controls Co., Ltd., Class A (Capital Goods)† | 19,300 | 63,971 |
3,320,962 | ||
Hong Kong - 8.4% | ||
AIA Group Ltd. (Insurance)† | 10,800 | 129,550 |
Hong Kong Exchanges & Clearing Ltd. (Diversified Financials)† | 800 | 51,116 |
Techtronic Industries Co., Ltd. (Capital Goods)† | 9,000 | 161,072 |
341,738 | ||
Taiwan - 6.0% | ||
Airtac International Group (Capital Goods)† | 4,000 | 129,060 |
Silergy Corp. (Semiconductors & Semiconductor Equipment)† | 850 | 115,152 |
244,212 | ||
Total Common Stocks (Cost $4,066,011) | $3,906,912 |
39
Harding, Loevner Funds, Inc.
Chinese Equity Portfolio
Portfolio of Investments
July 31, 2021 (unaudited)
Shares | Value | |
SHORT TERM INVESTMENTS - 1.4% | ||
Northern Institutional Funds - Treasury Portfolio (Premier Shares), 0.01% (Money Market Funds) | 56,777 | $56,777 |
Total Short Term Investments (Cost $56,777) | $56,777 | |
Total Investments — 97.4% | ||
(Cost $4,122,788) | $3,963,689 | |
Other Assets Less Liabilities - 2.6% | 104,863 | |
Net Assets — 100.0% | $4,068,552 |
* Non-income producing security. |
† Investment categorized as level 2 security. |
^ Security exempt from registration pursuant to Rule 144A of the Securities Act of 1933. These securities, which represent 5.1% of net assets as of July 31, 2021, are considered liquid and may be resold in transactions exempt from registration, normally to qualified buyers. |
Industry | Percentage of Net Assets |
Capital Goods | 14.9% |
Commercial & Professional Services | 1.8 |
Consumer Durables & Apparel | 7.5 |
Diversified Financials | 1.3 |
Food Beverage & Tobacco | 5.0 |
Insurance | 3.9 |
Media & Entertainment | 10.8 |
Pharmaceuticals, Biotechnology & Life Sciences | 15.4 |
Retailing | 17.7 |
Semiconductors & Semiconductor Equipment | 2.8 |
Software & Services | 5.7 |
Technology Hardware & Equipment | 3.8 |
Transportation | 3.3 |
Utilities | 2.1 |
Money Market Fund | 1.4 |
Total Investments | 97.4 |
Other Assets Less Liabilities | 2.6 |
Net Assets | 100.0% |
40