HLFMX Performance — Harding Loevner Frontier Emerging Markets Portfolio, Institutional Class
Data updated: 2026-09-28
HLFMX returned +5.94% year to date and +12.01% over one year to Jul 2026. Annualised returns are +10.72% over 3 years and +5.07% over 5 years. The fund trailed its Emerging Markets Equity category average: $100 invested three years ago grew to $136, against $164 for the category, and to $112 over one year, against $134. Volatility over the past three years was 11.91% a year. In the 12 months to Jul 2026 the fund lost a net $24.7M, and assets reached $120.50M.
HLFMX Growth of $100
What $100 invested in Harding Loevner Frontier 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 | HLFMX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $112 | $134 |
| 3 years (Aug 2023 – Jul 2026) | $136 | $164 |
| 5 years (Aug 2021 – Jul 2026) | $128 | $143 |
| Since data start (Aug 2019 – Jul 2026) | $132 | $188 |
HLFMX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +5.94% |
| 1 year | +12.01% |
| 3 years (annualised) | +10.72% |
| 5 years (annualised) | +5.07% |
HLFMX Annual Returns
Calendar-year total returns of Harding Loevner Frontier Emerging Markets Portfolio, compounded from monthly SEC N-PORT returns. Partial years show the months covered.
| Year | Total return |
|---|---|
| 2026 (Jan–Jul) | +5.94% |
| 2025 | +16.96% |
| 2024 | +8.78% |
| 2023 | +10.41% |
| 2022 | −18.92% |
| 2021 | +10.19% |
| 2020 | +0.08% |
| 2019 (Aug–Dec) | −0.72% |
HLFMX 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | +8.7% | −0.8% | −7.4% | +2.8% | −1.1% | +2.1% | +2.2% | — | — | — | — | — |
| 2025 | +0.1% | −0.2% | +0.6% | +1.3% | +2.5% | +3.9% | +2.1% | +3.9% | −1.4% | +1.7% | −0.1% | +1.7% |
| 2024 | −1.5% | +5.5% | +3.2% | −4.2% | +1.4% | +0.7% | +4.1% | +3.3% | +1.0% | −2.1% | −2.5% | 0.0% |
| 2023 | +3.4% | −2.3% | 0.0% | +2.8% | −1.0% | +2.0% | +4.6% | −2.7% | −1.8% | −6.7% | +8.2% | +4.3% |
| 2022 | −2.6% | −3.3% | −1.0% | −3.1% | −3.0% | −9.8% | +4.0% | +3.0% | −9.2% | +2.7% | +6.5% | −3.6% |
| 2021 | −1.8% | +1.6% | −1.8% | +3.0% | +3.4% | +1.2% | −1.7% | +7.0% | −2.2% | +4.8% | −4.5% | +1.3% |
| 2020 | −1.5% | −7.7% | −25.2% | +9.7% | +5.4% | +4.1% | −0.3% | +6.4% | −0.6% | +0.1% | +9.1% | +6.1% |
| 2019 | — | — | — | — | — | — | — | −6.5% | −0.5% | +2.0% | +1.5% | +3.0% |
HLFMX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 11.91%
- 3-year Sharpe ratio: 0.52 (vs 4.5% risk-free rate)
- Best month: +8.73% (Jan 2026)
- Worst month: −7.37% (Mar 2026)
HLFMX Fund Flows
Monthly money in and out of Harding Loevner Frontier Emerging Markets Portfolio, from SEC Form N-PORT.
- 12-month net flow: −$24.7M
- 12-month gross sales (incl. reinvestments): $11.0M
- Sales ÷ redemptions: 0.31×
| Month | Sales | Redemptions | Net flow |
|---|---|---|---|
| Jul 2026 | $108K | $454K | −$346K |
| Jun 2026 | $331K | $577K | −$246K |
| May 2026 | $777K | $336K | $441K |
| Apr 2026 | $1.9M | $694K | $1.2M |
| Mar 2026 | $333K | $3.1M | −$2.7M |
| Feb 2026 | $402K | $1.1M | −$717K |
| Jan 2026 | $971K | $946K | $25K |
| Dec 2025 | $4.8M | $18.1M | −$13.3M |
| Nov 2025 | $415K | $443K | −$28K |
| Oct 2025 | $381K | $427K | −$46K |
| Sep 2025 | $390K | $9.0M | −$8.6M |
| Aug 2025 | $219K | $550K | −$331K |
HLFMX Assets Under Management
Net assets of Harding Loevner Frontier Emerging Markets Portfolio by report date, from SEC N-PORT filings.
| Report date | Net assets |
|---|---|
| 2026-07-31 | $120.50M |
| 2026-04-30 | $116.98M |
| 2026-01-30 | $126.18M |
| 2025-10-31 | $132.04M |
| 2025-07-31 | $135.47M |
| 2025-04-30 | $125.40M |
| 2025-01-31 | $127.53M |
| 2024-10-31 | $130.69M |
| 2024-07-31 | $132.09M |
| 2024-04-30 | $129.55M |
| 2024-01-31 | $127.37M |
| 2023-10-31 | $114.96M |
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.