The top three sectors for this international fund are Financial Services (17.57% of assets), Technology (16.72%) and Consumer Defensive (14.70%).
Harding Loevner International Equity (HLMNX)
from Ian Wyatt’s Million Dollar Portfolio
Harding Loevner International Equity (HLMNX) is a large-cap growth fund that is not hedged. Harding Loevner International Equity invests in 50-60 stocks, making it a fairly concentrated fund. The average market cap of an investment is more than $40 billion, which means these are truly large and established businesses.
Many of the holdings are companies that you’ve never heard about. Some of the better-known investments include Nestle SA (NSRGY), Roche Holding AG (RHHBY), Allianz SE (AZSEY), Anheuser-Busch InBev (BUD) and BMW (BAMXY)—an existing Million Dollar Portfolio holding.
A team of three investment managers lead Harding Loevner International Equity. Each of them has more than 10 years of experience managing this fund, and a team of 21 investment professionals supports them.
The fund’s performance has been impressive. Harding Loevner International Equity has beaten its benchmark index for every period ranging from one to 15 years. In the last year, the fund has gained 8.2% versus 3.5% for its benchmark.
The expense ratio of 1.17% seems justified by the strong investment performance. The minimum investment size is $5,000.
I plan to invest a total of $10,000 in the Harding Loevner International Equity fund, boosting our international exposure. This is clearly just a small first step toward slowly diversifying the Million Dollar Portfolio outside of the U.S. markets.
Ian Wyatt, Ian Wyatt’s Million Dollar Portfolio, www.100kportfolio.com, 802-434-6900, April 15, 2015