HLIZX Fees and Costs — Harding Loevner International Equity Portfolio, Institutional Class Z
Data updated: 2026-09-28
The net expense ratio is 0.73%: a 0.67% management fee plus 0.06% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $6.8M in broker commissions, 0.0548% of average net assets, and portfolio turnover was 22%.
HLIZX Fees and Expenses
Annual operating expenses and sales charges of HLIZX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.67% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.06% |
| Gross expense ratio | 0.73% |
| Fee waiver | — |
| Net expense ratio | 0.73% |
| 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 |
HLIZX Costs Over Time
On $10,000 invested in HLIZX, assuming 5% a year before costs, total costs come to $493 over 5 years, cutting the return by 0.82% 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 0.73%) | $77 | $240 | $417 |
| Trading costs (broker commissions) | $6 | $18 | $31 |
| Lost growth on money paid in costs | $0 | $13 | $45 |
| Total costs | $82 | $270 | $493 |
| Value after costs | $10,418 | $11,306 | $12,270 |
| Impact on return, per year | 0.82% | 0.82% | 0.82% |
HLIZX 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): 0.0548%
- Total broker commissions: $6.8M
- Bought from dealers (principal trades, not a cost): $5.5B
- Portfolio turnover (prospectus): 22%
- Securities lending: none during the year
HLIZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| CLSA Americas, LLC | $1.3M | 22.50% |
| UBS Securities LLC | $958K | 16.54% |
| Jefferies LLC | $862K | 14.88% |
| Sanford C. Bernstein & Co., LLC | $577K | 9.96% |
| Merrill Lynch, Pierce, Fenner & Smith Inc. | $576K | 9.94% |
| JP Morgan Securities LLC | $413K | 7.14% |
| Redburn (USA) LLC | $343K | 5.92% |
| MORGAN STANLEY | $318K | 5.49% |
| HSBC Securities (USA) Inc. | $229K | 3.95% |
| MIZUHO SECURITIES USA LLC | $213K | 3.67% |
HLIZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $5.5B | 100.00% |
Harding Loevner International Equity Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HLIZX | Institutional Class Z | 0.73% | none |
| HLMIX | Institutional Class | 0.83% | none |
| HLMNX | Investor Class | 1.15% | 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.