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 geographic attribution, Harding Loevner’s portfolio underperformed within most sectors and regions. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.