Harding Loevner International Equity Q1 2025 Commentary
2025-04-11 10:10:00 ET
Summary
- Global investors face heightened US policy uncertainty, impacting trade, military cooperation, and healthcare, causing market volatility and reassessment of investment strategies.
- Non-US markets outperformed US markets due to policy volatility, with European and AI-exposed Chinese companies showing strong performance, while US consumer confidence fell.
- The investment strategy focuses on resilient companies less affected by volatile policies, with recent portfolio adjustments including adding ASML and reducing Consumer Staples exposure.
- The Trump administration's protectionist policies echo Argentina's economic nationalism, risking inefficiency, reduced investment, and inflation, potentially undermining US economic stability.
Performance: Total Return (%) Periods Ended March 31, 2025
3 Months | 1 Year | 3 Years | 5 Years | 10 Years | Since Inception | |
HL International Equity (Gross) | 5.24 | 6.00 | 3.91 | 10.65 | 6.80 | 8.08 |
HL International Equity (Net) | 5.08 | 5.33 | 3.25 | 9.96 | 6.12 | 7.30 |
MSCI All Country World ex US Index | 5.36 | 6.65 | 5.02 | 11.45 | 5.48 | 5.29 |
MSCI EAFE Index | 7.01 | 5.41 | 6.59 | 12.31 | 5.90 | 5.15 |
The composite performance returns shown are preliminary. Returns are annualized for periods greater than one year. International Equity composite inception date: December 31, 1989. MSCI All Country World ex US Index, the benchmark index, and MSCI EAFE Index, the supplemental index, are shown gross of withholding taxes. Past performance does not guarantee future results. Invested capital is at risk of loss. Please read the above performance in conjunction with the disclosures on the last page of this report. All performance and data shown are in US dollar terms, unless otherwise noted. |
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Harding Loevner International Equity Q1 2025 Commentary
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