HLFZX Performance — Harding Loevner Frontier Emerging Markets Portfolio, Institutional Class Z
Data updated: 2026-09-28
HLFZX returned +6.07% year to date and +12.20% over one year to Jul 2026. Annualised returns are +10.95% over 3 years and +5.37% over 5 years. The fund trailed its Emerging Markets Equity category average: $100 invested three years ago grew to $137, 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.
HLFZX 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 | HLFZX | Category average |
|---|---|---|
| 1 year (Aug 2025 – Jul 2026) | $112 | $134 |
| 3 years (Aug 2023 – Jul 2026) | $137 | $164 |
| 5 years (Aug 2021 – Jul 2026) | $130 | $143 |
| Since data start (Aug 2019 – Jul 2026) | $135 | $188 |
HLFZX Trailing Returns
Total returns to Jul 2026, from SEC N-PORT.
| Period | Total return |
|---|---|
| YTD | +6.07% |
| 1 year | +12.20% |
| 3 years (annualised) | +10.95% |
| 5 years (annualised) | +5.37% |
HLFZX 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) | +6.07% |
| 2025 | +17.13% |
| 2024 | +9.06% |
| 2023 | +10.90% |
| 2022 | −18.80% |
| 2021 | +10.63% |
| 2020 | +0.33% |
| 2019 (Aug–Dec) | −0.51% |
HLFZX 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 | +8.8% | −0.8% | −7.4% | +2.8% | −1.1% | +2.2% | +2.1% | — | — | — | — | — |
| 2025 | +0.1% | −0.2% | +0.8% | +1.2% | +2.5% | +4.0% | +2.1% | +4.0% | −1.4% | +1.7% | −0.1% | +1.7% |
| 2024 | −1.5% | +5.6% | +3.2% | −4.1% | +1.6% | +0.5% | +4.2% | +3.4% | +0.8% | −2.1% | −2.4% | 0.0% |
| 2023 | +3.5% | −2.2% | 0.0% | +2.9% | −1.0% | +2.0% | +4.7% | −2.6% | −1.8% | −6.6% | +8.1% | +4.4% |
| 2022 | −2.6% | −3.3% | −1.0% | −3.1% | −2.8% | −9.9% | +3.9% | +3.1% | −9.2% | +2.7% | +6.7% | −3.7% |
| 2021 | −1.8% | +1.5% | −1.8% | +3.1% | +3.4% | +1.2% | −1.7% | +7.1% | −2.2% | +4.9% | −4.4% | +1.4% |
| 2020 | −1.5% | −7.8% | −25.1% | +9.7% | +5.5% | +4.3% | −0.5% | +6.6% | −0.6% | +0.1% | +9.2% | +6.0% |
| 2019 | — | — | — | — | — | — | — | −6.3% | −0.5% | +2.0% | +1.5% | +3.1% |
HLFZX Risk
Risk measures from monthly returns over Aug 2023 – Jul 2026.
- 3-year volatility (annualised): 11.91%
- 3-year Sharpe ratio: 0.54 (vs 4.5% risk-free rate)
- Best month: +8.84% (Jan 2026)
- Worst month: −7.37% (Mar 2026)
HLFZX 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 |
HLFZX 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.