Harding Loevner International Small Companies Equity Fund’s Q1 2022 Investor Letter

Harding Loevner, an investment management firm, published its “International Small Companies Equity Fund” first-quarter 2022 investor letter – a copy of which can be downloaded here. The International Small Companies composite declined 13.4% gross of fees in the first quarter, well beyond the 6.4% decline of the MSCI ACWI ex-US Small Cap Index. The portfolio’s concentration in expensive stocks, a hazard of our commitment to investing in the stocks of high-quality rapidly growing businesses, hurt relative performance in a quarter during which investors fled from richly priced companies. Try to spend some time taking a look at the fund’s top 5 holdings to be informed about their best picks for 2022.