HLMEX – Q3 2017 Commentary

Harding Loevner EM returned over 7% during the third quarter, slightly lagging its index on a total return basis. This underperformance is to be expected during such a large market rally as the portfolio has a relatively low beta. The team maintains its strong risk-adjusted performance posting higher sharpe ratios than the benchmark over 3, 5, and 10 year periods.

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