HLEZX Fees and Costs — Harding Loevner Institutional Emerging Markets Portfolio, Institutional Class Z
Data updated: 2026-09-28
The net expense ratio is 0.95%: a 0.85% management fee plus 0.23% other expenses, less a 0.13% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $429K in broker commissions, 0.1070% of average net assets, and portfolio turnover was 25%.
HLEZX Fees and Expenses
Annual operating expenses and sales charges of HLEZX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.23% |
| Gross expense ratio | 1.08% |
| Fee waiver | −0.13% |
| Net expense ratio | 0.95% |
| 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 |
HLEZX Costs Over Time
On $10,000 invested in HLEZX, assuming 5% a year before costs, total costs come to $660 over 5 years, cutting the return by 1.11% 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 0.95%) | $100 | $311 | $539 |
| Trading costs (broker commissions) | $11 | $35 | $61 |
| Lost growth on money paid in costs | $0 | $17 | $61 |
| Total costs | $111 | $363 | $660 |
| Value after costs | $10,389 | $11,213 | $12,102 |
| Impact on return, per year | 1.11% | 1.11% | 1.11% |
HLEZX 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): 0.1070%
- Total broker commissions: $429K
- Bought from dealers (principal trades, not a cost): $541.0M
- Portfolio turnover (prospectus): 25%
- Securities lending: none during the year
HLEZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| HSBC Securities (USA) Inc. | $159K | 38.08% |
| JP Morgan Securities LLC | $91K | 21.84% |
| CLSA Americas, LLC | $72K | 17.14% |
| UBS Securities LLC | $23K | 5.50% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $17K | 4.11% |
| Sanford C. Bernstein & Co., LLC | $16K | 3.78% |
| EFG Hermes Holding SAE | $12K | 2.92% |
| Auerbach Grayson & Co., Inc. | $10K | 2.41% |
| Daiwa Capital Markets America Inc. | $9K | 2.14% |
| Jefferies LLC | $9K | 2.10% |
HLEZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $541.0M | 100.00% |
Harding Loevner Institutional Emerging Markets Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HLEZX | Institutional Class Z | 0.95% | none |
| HLMEX | Institutional Class | 1.05% | none |
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.