VFC - Harding Loevner Global Equity Fund Q2 2021 Letter

• 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 Global Equity Composite rose 10.7%, well ahead of the 7.5% rise of the MSCI All Country World Index.
• Viewed by geography, the lion’s share of excess returns came from good stock performance in the US. In addition to the contributions from NVIDIA and our health care holdings, a pair of IT software and service providers also aided relative returns.
• We have cometo accept the pattern of unpredictableregulatory change in China in recent years as partof the price of admissionto investing in some of theworld’s most attractive high-quality growingcompanies.
• In many cases, bigger reallyis better. Of the top 30global blockbuster drugs in 2020, over two thirds were monoclonal antibodies, a sub-category of next- generation “biologics” roughly 1,000xlarger than traditional small molecule drugs.

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