TSLA - Harding Loevner Global Small Companies Equity Fund Q1 2022 Letter

• Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.
• Stock markets fell in the quarter, as the world watched in horror Russia’s invasion of Ukraine.
• While we are optimistic that China will maintain its neutrality in the war, we can’t dismiss the possibility we are wrong. In that case, we’d need to parse which companies will be hurt and helped, relatively, from a further receding of globalization.
• With the volatility of stock prices this quarter, portfolio activity picked up as a handful of high-quality growth companies we had long admired, but regarded astoo expensive, saw their valuations fall into range.

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