CLB - Harding Loevner International 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.
• With the volatility of stock prices thisquarter, portfolio activitypicked up as a handfulof high-quality growth companies we had long admired, but regarded as too expensive, saw their valuations fall into range.

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