TMVWF - Harding Loevner World Equity Fund Q1 2021 Report

• 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.
• The current low-quality rally offers an opportunity to look back on the lessons from the last time the markets cooled on high-quality growing companies.
• We shifted our financials overweight away from banks operating in struggling EMs in favor of a pair of up-market US ones, while in energy we sold ExxonMobile for an oil services innovator and a biodeisel leader.

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