ELAN - Harding Loevner Global Small Companies Equity Q1 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 Small Companies composite declined 0.2% in the first quarter, significantly lagging the 9.3% return of the benchmark. Both stock selection and sector allocation detracted from returns in the quarter.
• We have trimmed around the margins from tech companies that are trading at lofty valuations. We have also added to some cyclical areas like banks, now our second largest industry exposure after software.
• Of our 25 stocks that fell 11% or more, 23 of them came from the two most expensive quintiles of the market..

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