Harding Loevner Institutional Emerging Markets Portfolio (HLMEX)

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The chart shows the growth of an initial investment of $10,000 in Harding Loevner Institutional Emerging Markets Portfolio, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) has returned -0.65% so far this year and -36.24% over the past 12 months. Over the last ten years, HLMEX has returned -1.84% per year, falling short of the S&P 500 Index benchmark, which averaged 12.16% annually.

Based on dividend-adjusted daily data since Oct 17, 2005, HLMEX's average daily return is +0.02%, while the average monthly return is +0.41%. At this rate, your investment would double in approximately 14.1 years.

Historically, 58% of months were positive and 42% were negative. The best month was May 2009 with a return of +17.6%, while the worst month was Dec 2025 at -48.3%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 6 months.

On a daily basis, HLMEX closed higher 52% of trading days. The best single day was Oct 13, 2008 with a return of +14.0%, while the worst single day was Dec 15, 2025 at -49.4%.

Harding Loevner Institutional Emerging Markets Portfolio has an annualized alpha of -3.71%, beta of 0.89, and R² of 0.52 versus S&P 500 Index. Calculated based on daily prices since October 18, 2005.

• This fund participated in 120.25% of S&P 500 Index downside but only 92.01% of its upside — more exposed to losses than it benefited from rallies.
• This fund had an annualized alpha of -3.71% versus S&P 500 Index — delivering less than market exposure alone would predict.
• With beta of 0.89 and R² of 0.52, this fund moves broadly in line with S&P 500 Index — much of its variation is explained by market exposure rather than independent behavior.

HLMEX has a high expense ratio of 1.10%, indicating above-average management fees.

HLMEX ranks 1 for risk / return — in the bottom 1% of mutual funds on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.

The table below present risk-adjusted performance metrics for Harding Loevner Institutional Emerging Markets Portfolio (HLMEX) and compare them to a chosen benchmark (S&P 500 Index).

Harding Loevner Institutional Emerging Markets Portfolio provided a 0.00% dividend yield over the last twelve months, with an annual payout of $0.00 per share.

The table displays the monthly dividend distributions for Harding Loevner Institutional Emerging Markets Portfolio. The dividends shown in the table have been adjusted to account for any splits that may have occurred.

The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.

The table below displays the maximum drawdowns of the Harding Loevner Institutional Emerging Markets Portfolio. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.

The maximum drawdown for the Harding Loevner Institutional Emerging Markets Portfolio was 65.03%, occurring on Nov 20, 2008. Recovery took 1383 trading sessions.

The current Harding Loevner Institutional Emerging Markets Portfolio drawdown is 55.29%.

The chart below shows the rolling one-month volatility.