HLEMX Performance — Harding Loevner Emerging Markets Portfolio, Advisor Class
Data updated: 2026-01-13
HLEMX returned +22.70% over one year to Oct 2025. Annualised returns are +15.59% over 3 years and +3.27% over 5 years. The fund trailed its Emerging Markets Equity category average: $100 invested three years ago grew to $154, against $168 for the category, and to $123 over one year, against $125. Volatility over the past three years was 15.81% a year. In the 12 months to Oct 2025 the fund lost a net $141.7M, and assets reached $450.44M.
HLEMX Growth of $100
What $100 invested in Harding Loevner Emerging Markets Portfolio grew to, compounded from monthly returns reported on SEC Form N-PORT, against the Emerging Markets Equity category average over the same months.
| Period | HLEMX | Category average |
|---|---|---|
| 1 year (Nov 2024 – Oct 2025) | $123 | $125 |
| 3 years (Nov 2022 – Oct 2025) | $154 | $168 |
| 5 years (Nov 2020 – Oct 2025) | $117 | $146 |
| Since data start (Aug 2019 – Oct 2025) | $120 | $157 |
HLEMX Trailing Returns
Total returns to Oct 2025, from SEC N-PORT.
| Period | Total return |
|---|---|
| 1 year | +22.70% |
| 3 years (annualised) | +15.59% |
| 5 years (annualised) | +3.27% |
HLEMX Annual Returns
Calendar-year total returns of Harding Loevner Emerging Markets Portfolio, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2025 (Jan–Oct) | +27.61% |
| 2024 | +1.93% |
| 2023 | +6.75% |
| 2022 | −27.68% |
| 2021 | −3.37% |
| 2020 | +13.48% |
| 2019 (Aug–Dec) | +8.88% |
HLEMX Monthly Returns
Monthly total returns as reported on SEC Form N-PORT.
| Year | Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2025 | +1.8% | −0.5% | +0.4% | +1.1% | +4.1% | +4.2% | +0.9% | +4.9% | +5.4% | +2.5% | — | — |
| 2024 | −7.3% | +4.0% | +3.4% | −2.5% | +0.1% | +1.8% | +0.6% | +5.8% | +5.0% | −4.2% | −2.0% | −1.9% |
| 2023 | +9.7% | −6.7% | +1.0% | −0.8% | −1.6% | +4.9% | +3.9% | −5.9% | −3.0% | −4.6% | +7.9% | +3.3% |
| 2022 | −3.0% | −11.2% | −4.4% | −8.2% | +2.6% | −5.5% | +0.2% | −0.9% | −10.2% | −0.4% | +13.9% | −2.3% |
| 2021 | +1.0% | +1.1% | −0.4% | +1.5% | +3.1% | +0.2% | −5.6% | +1.6% | −3.6% | +1.4% | −6.3% | +3.1% |
| 2020 | −4.1% | −5.6% | −20.4% | +8.6% | +1.1% | +7.1% | +7.7% | +2.7% | −1.3% | +1.3% | +11.1% | +9.0% |
| 2019 | — | — | — | — | — | — | — | −4.1% | +1.2% | +4.0% | +0.3% | +7.6% |
HLEMX Risk
Risk measures from monthly returns over Nov 2022 – Oct 2025.
- 3-year volatility (annualised): 15.81%
- 3-year Sharpe ratio: 0.70 (vs 4.5% risk-free rate)
- Best month: +13.88% (Nov 2022)
- Worst month: −7.28% (Jan 2024)
HLEMX Fund Flows
Monthly money in and out of Harding Loevner Emerging Markets Portfolio, from SEC Form N-PORT.
- 12-month net flow: −$141.7M
- 12-month gross sales (incl. reinvestments): $128.3M
- Sales ÷ redemptions: 0.48×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Oct 2025 | $1.1M | $13.5M | −$12.4M |
| Sep 2025 | $1.2M | $9.9M | −$8.7M |
| Aug 2025 | $707K | $7.3M | −$6.6M |
| Jul 2025 | $1.8M | $14.1M | −$12.3M |
| Jun 2025 | $832K | $25.1M | −$24.3M |
| May 2025 | $2.3M | $22.9M | −$20.7M |
| Apr 2025 | $3.5M | $12.2M | −$8.7M |
| Mar 2025 | $4.0M | $16.6M | −$12.6M |
| Feb 2025 | $2.8M | $14.8M | −$12.0M |
| Jan 2025 | $18.8M | $21.0M | −$2.2M |
| Dec 2024 | $87.6M | $96.4M | −$8.9M |
| Nov 2024 | $3.7M | $16.1M | −$12.4M |
HLEMX Assets Under Management
Net assets of Harding Loevner Emerging Markets Portfolio by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2025-10-31 | $450.44M |
| 2025-07-31 | $422.66M |
| 2025-04-30 | $440.20M |
| 2025-01-31 | $469.19M |
| 2024-10-31 | $577.48M |
| 2024-07-31 | $813.90M |
| 2024-04-30 | $905.71M |
| 2024-01-31 | $944.99M |
| 2023-10-31 | $1.00B |
| 2023-07-31 | $1.24B |
| 2023-04-28 | $1.23B |
| 2023-01-31 | $1.42B |
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.