HLEMX Fees and Costs — Harding Loevner Emerging Markets Portfolio, Advisor Class
Data updated: 2026-01-13
The net expense ratio is 1.14%: a 0.85% management fee plus 0.28% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $299K in broker commissions, 0.0646% of average net assets, and portfolio turnover was 32%.
HLEMX Fees and Expenses
Annual operating expenses and sales charges of HLEMX. Prospectus, as of February 28, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.28% |
| Gross expense ratio | 1.14% |
| Fee waiver | — |
| Net expense ratio | 1.14% |
| Sales charges | |
|---|---|
| Max front load | 0.00% |
| Max deferred load | — |
| Redemption fee | 0.00% |
| Expense limitation in place (N-CEN) | Yes |
| Fees waived or reduced during the year | Yes |
| Waived fees subject to recoupment | No |
HLEMX Costs Over Time
On $10,000 invested in HLEMX, assuming 5% a year before costs, total costs come to $750 over 5 years, cutting the return by 1.26% a year. Illustration, not a forecast: it assumes today's net expense ratio throughout (a fee waiver may end).
| $10,000 invested | Sell after 1 year | Sell after 3 years | Sell after 5 years |
|---|---|---|---|
| Value before costs | $10,500 | $11,576 | $12,763 |
| Fund expenses (net expense ratio 1.14%) | $120 | $373 | $645 |
| Trading costs (broker commissions) | $7 | $21 | $37 |
| Lost growth on money paid in costs | $0 | $20 | $69 |
| Total costs | $126 | $413 | $750 |
| Value after costs | $10,374 | $11,163 | $12,012 |
| Impact on return, per year | 1.26% | 1.26% | 1.26% |
HLEMX Trading Costs
Brokerage costs reported on SEC Form N-CEN for the fiscal year ending October 31, 2025.
- Explicit cost rate (commissions ÷ average net assets): 0.0646%
- Total broker commissions: $299K
- Bought from dealers (principal trades, not a cost): $344.5M
- Portfolio turnover (prospectus): 32%
- Securities lending: none during the year
HLEMX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| HSBC Securities (USA) Inc. | $74K | 25.43% |
| JP Morgan Securities LLC | $73K | 25.22% |
| CLSA Americas, LLC | $60K | 20.51% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $20K | 6.85% |
| UBS Securities LLC | $19K | 6.40% |
| Sanford C. Bernstein & Co., LLC | $14K | 4.74% |
| EFG Hermes Holding SAE | $12K | 4.01% |
| Daiwa Capital Markets America Inc. | $8K | 2.89% |
| Macquarie Capital (USA) Inc. | $6K | 2.18% |
| Auerbach Grayson & Co., Inc. | $5K | 1.77% |
HLEMX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $344.5M | 100.00% |
For information only. Not investment advice: figures are as reported in SEC filings and may contain errors or be out of date. Past performance does not guarantee future results.