JNJ - Harding Loevner Global Small Companies Equity Composite Q1 2024 Report

2024-05-29 12:25:00 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 Global Small Companies Equity composite gained 1.86% gross of fees in the first quarter, compared with a 4.02% gain in the MSCI ACWI Small Cap Index.
• There are many smaller companies, such as our holding Pfeiffer Vacuum, that occupy an important niche in the AI supply chain.
• Another wave that appears ready to crest is in cybersecurity.

What Happened

Stock markets gained in the first quarter despite rising bond yields, due in no small part to ongoing interest in the prospects for artificial intelligence (‘AI’), which propelled the shares of many large-cap American companies in the technology sector. Global small caps lagged their large-cap counterparts by 430 basis points (‘bps’), although benchmark returns were mixed by region and sector....

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