Harding Loevner International Equity Portfolio Institutional Class Z HLIZX

The portfolio management team on Harding Loevner International Equity was recently modified. Patrick Todd, who joined Harding Loevner in 2012 and became a comanager on this strategy in 2017, gave up his comanager position on June 12 and will be leaving the firm at the end of July 2026. David Glickman, who joined the firm in 2018 and has roughly 25 years of investment experience, replaced Todd. Co-lead manager Ferrill Roll, co-lead manager Andrew West, and comanager Uday Cheruvu remain, and they all have strong credentials. Meanwhile, Harding Loevner will modify the portfolio construction guidelines for this strategy and all its siblings on July 1, 2026. Most significantly, it is raising the maximum position size for individual holdings to 8% of assets from 5%, and it will increase the maximum weighting in the technology sector to 35% of assets or the weighting in the relevant prospectus benchmark (whichever is larger). This strategy remains in able hands, and the impending process adjustments are reasonable overall, so it retains its Above Average People and Process Pillar ratings.