NTES - Harding Loevner Chinese Equity Composite Q1 2024 Report

2024-05-29 11:30:00 ET

Summary

• Harding Loevner is an investment manager that invests primarily in publicly traded global equities. We were founded in 1989 by former managers for the Rockefeller family. Harding Loevner is a Delaware limited partnership. We operate independently of Affiliated Managers Group.
• The Chinese Equity composite declined 3.3% gross of fees in the first quarter, compared with the 1.1% decline of the MSCI China All Shares Index.
• On a positive note, macroeconomic indicators seem to suggest that some key parts of the Chinese economy are stabilizing or recovering.
• Actions indicate that a shift in China’scorporate ethos towards greater transparency, shareholder engagement, andsustainable shareholder returns may be underway.
• Over time, this change in behavior should help increase high quality companies’ returns on investment, which should benefit long-term portfolio returns for the patient investor.

What Happened

The MSCI China All Shares Index declined 1.1% in the quarter as the real-estate downcycle and a sharp slowdown in retail spending continued to weigh on markets....

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