TRPCF - Harding Loevner Emerging Markets Equity Q1 2025 Report
2025-05-21 10:00:00 ET
Summary
- China's economic policy pivot favors innovative private enterprises, supporting higher-quality growth and differentiating it from Japan's post-bubble stagnation.
- Recent market corrections in India created opportunities to add high-quality, attractively valued stocks like Supreme Industries and Bajaj Auto to the portfolio.
- Portfolio adjustments included trimming South African holdings and reallocating to higher-growth, better-valued African names such as Safaricom and Commercial International Bank.
- Despite underperforming the MSCI EM Index in Q1 2025, our focus remains on quality growth companies positioned to benefit from structural reforms and innovation in emerging markets.
Performance: Total Return (%) Periods Ended March 31, 2025
| 3 Months |
| 1 Year |
| 3 Years |
| 5 Years |
| 10 Years |
| Since Inception |
| HL Emerging Markets Equity (Gross) |
| 1.52 |
| 5.02 |
| -0.02 |
| 5.17 |
| 2.91 |
| 9.78 |
| HL Emerging Markets Equity ('net') |
| 1.31 |
| 4.09 |
| -0.90 |
| 4.24 |
| 2.01 |
| 8.87 |
| MSCI Emerging Markets Index |
| 3.01 |
| 8.65 |
| 1.90 |
| 8.38 |
| 4.11 |
| 7.83 |