Harding Loevner International Equity Fund’s Q1 2022 Investor Letter

Harding Loevner, an investment management firm, published its “International Equity Fund” first-quarter 2022 investor letter – a copy of which can be downloaded here. The International Equity Composite fell 10.2% in the quarter gross of fees, well beyond the 5.3% decline of the MSCI All Country World ex-US Index. In a quarter during which investors fled from richly priced, high-quality growth companies, it should come as no surprise that, whether viewed through the lens of sector or...