- ISIN
- US4122958832
- CUSIP
- 412295883
- Issuer
- Harding Loevner
- Inception Date
- Mar 25, 2007
- Category
- Foreign Small & Mid Cap Equities
- Min. Investment
- $5,000
- Distribution Policy
- Distributing
- Asset Class
- Equity
- Asset Class Size
- Mid-Cap
- Asset Class Style
- Growth
Share Price Chart
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Performance
HLMSX Performance Chart
Harding Loevner International Small Companies Portfolio (HLMSX) is up 8.4% since the beginning of the year. HLMSX is currently trading at $20 per share. Investors who bought $1,000 worth of HLMSX shares 5 years ago would now be looking at an investment worth $992.
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Returns By Period
Harding Loevner International Small Companies Portfolio (HLMSX) has returned 8.43% so far this year and 7.49% over the past 12 months. Over the last ten years, HLMSX has returned 6.13% per year, falling short of the S&P 500 Index benchmark, which averaged 13.26% annually.
Harding Loevner International Small Companies Portfolio
- 1D
- 1.44%
- 1M
- 1.55%
- 6M
- 5.58%
- YTD
- 8.43%
- 1Y
- 7.49%
- 3Y*
- 5.51%
- 5Y*
- -0.16%
- 10Y*
- 6.13%
- ALL TIME*
- 5.63%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
HLMSX Monthly Returns History
Based on dividend-adjusted daily data since Mar 26, 2007, HLMSX's average daily return is +0.03%, while the average monthly return is +0.60%. At this rate, an investment would double in approximately 9.7 years.
Historically, 59% of months were positive and 41% were negative. The best month was May 2009 with a return of +19.8%, while the worst month was Oct 2008 at -23.7%. The longest winning streak lasted 14 consecutive months, and the longest losing streak was 6 months.
On a daily basis, HLMSX closed higher 52% of trading days. The best single day was Oct 13, 2008 with a return of +7.1%, while the worst single day was Mar 16, 2020 at -9.3%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 2.70% | 1.66% | -7.34% | 7.23% | 3.35% | -2.00% | 3.20% | 8.43% | |||||
| 2025 | 4.86% | -2.26% | -0.47% | 6.14% | 5.22% | 4.38% | -2.61% | 2.26% | -1.08% | -3.22% | -0.16% | 1.48% | 14.87% |
| 2024 | -4.64% | 1.70% | 2.48% | -4.45% | 4.42% | -3.38% | 4.26% | 2.24% | 1.97% | -5.69% | -1.77% | -3.52% | -6.92% |
| 2023 | 6.75% | -3.71% | 1.20% | 3.03% | -3.58% | 3.89% | 2.77% | -2.69% | -6.63% | -5.06% | 10.40% | 6.38% | 11.78% |
| 2022 | -9.45% | -2.69% | -2.55% | -8.50% | -1.40% | -8.06% | 6.38% | -3.57% | -8.92% | 3.45% | 11.07% | -1.25% | -24.50% |
| 2021 | 0.65% | -1.75% | 0.31% | 4.97% | 3.29% | -0.09% | 3.56% | 4.97% | -6.03% | 3.16% | -4.18% | 3.98% | 12.82% |
Benchmark Metrics
Harding Loevner International Small Companies Portfolio has an annualized alpha of 0.45%, beta of 0.59, and R2 of 0.58 versus S&P 500 Index. Calculated based on daily prices since March 26, 2007.
- This fund participated in 97.13% of S&P 500 Index downside but only 83.18% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.59 indicates this fund moves significantly less than S&P 500 Index - a genuinely defensive profile with reduced participation in both market rallies and downturns.
- Alpha
- 0.45%
- Beta
- 0.59
- R²
- 0.58
- Upside Capture
- 83.18%
- Downside Capture
- 97.13%
Expense Ratio
HLMSX has a high expense ratio of 1.37%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
HLMSX ranks 12 for risk / return — above 12% of mutual funds peers on PortfoliosLab. Its historical combined result is below most peers; review the five component ranks for context.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Harding Loevner International Small Companies Portfolio (HLMSX) and compare them to S&P 500 Index.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HLMSX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.87 | ||
| Sortino ratioReturn per unit of downside risk | -1.14 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.25 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | 0.65 | 2.00 | -1.36 |
| Martin ratioReturn relative to average drawdown | 1.64 | 8.49 | -6.85 |
Dividends
Dividend History
Harding Loevner International Small Companies Portfolio provided a 3.73% dividend yield over the last twelve months, with an annual payout of $0.73 per share. The fund has been increasing its distributions for 2 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Dividend | $0.73 | $0.73 | $0.19 | $0.18 | $0.30 | $0.61 | $0.01 | $0.09 | $0.99 | $0.19 | $0.56 | $0.21 |
Dividend yield | 3.73% | 4.04% | 1.17% | 1.00% | 1.83% | 2.82% | 0.03% | 0.52% | 7.56% | 1.13% | 4.37% | 1.54% |
Monthly Dividends
The table displays the monthly dividend distributions for Harding Loevner International Small Companies Portfolio. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | |||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.73 | $0.73 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.19 | $0.19 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.18 | $0.18 |
| 2022 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.30 | $0.30 |
| 2021 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.61 | $0.61 |
Drawdowns
Drawdowns Chart
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.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Harding Loevner International Small Companies 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 International Small Companies Portfolio was 60.77%, occurring on Mar 9, 2009. Recovery took 460 trading sessions.
The current Harding Loevner International Small Companies Portfolio drawdown is 7.45%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-60.77%Mar 2009 | 1y 4mo | 1y 10mo | 3y 2moNov 2007 - Jan 2011 | Financial crisis2007–2009 |
-38.22%Oct 2022 | 1y 1mo | — | 4y 11moSep 2021 - now | Bear market2022 |
-35.71%Mar 2020 | 2mo 2d | 5mo 5d | 7mo 7dJan 2020 - Aug 2020 | COVID crash2020 |
-25.47%Nov 2011 | 5mo 20d | 1y 1mo | 1y 7moJun 2011 - Jan 2013 | — |
-24.98%Dec 2018 | 10mo 29d | 12mo 4d | 1y 10moJan 2018 - Dec 2019 | Rate-hike selloffLate 2018 |
Drawdown Indicators
| HLMSX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -60.77% | -56.78% | -3.99% |
Max Drawdown (1Y)Largest decline over 1 year | -10.59% | -9.10% | -1.49% |
Max Drawdown (3Y)Largest decline over 3 years | -16.57% | -18.90% | +2.33% |
Max Drawdown (5Y)Largest decline over 5 years | -38.22% | -25.43% | -12.79% |
Max Drawdown (10Y)Largest decline over 10 years | -38.22% | -33.92% | -4.30% |
Current DrawdownCurrent decline from peak | -7.45% | -1.58% | -5.87% |
Average DrawdownAverage peak-to-trough decline | -13.20% | -10.70% | -2.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.16% | 2.14% | +2.02% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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