Harding Loevner, an asset management company, released its “Global Small Companies Equity Strategy” third-quarter 2023 investor letter. A copy of the same can be downloaded here. Global small caps fell sharply in the third quarter. Japan was the weakest region, although returns in healthcare were good and industrials detracted. The strategy returned -5.36% (net) compared to a -3.29% decline for the MSCI All Country World Small Cap Index. In addition, please check the fund’s top five...
