Harding Loevner International Equity Fund Q1 2021 Report

Summary

• Harding Loevner is an investment manager that invests primarily in publicly traded global equities. We were founded in 1989 by former managers for the Rockefeller family.
• The current low-quality rally offers an opportunity to look back on the lessons from the last time the markets cooled on high-quality growing companies.
• The sharp under-performance of high-quality stocks provided an attractive entry point for new positions in a major Chinese pharma firm and a consistently profitable Australian mining conglomerate.