HLMOX Fees and Costs — Harding Loevner Frontier Emerging Markets Portfolio, Investor Class
Data updated: 2026-09-28
The net expense ratio is 1.75%: a 1.10% management fee, a 0.25% 12b-1 fee plus 0.83% other expenses, less a 0.43% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $168K in broker commissions, 0.1286% of average net assets, and portfolio turnover was 29%.
HLMOX Fees and Expenses
Annual operating expenses and sales charges of HLMOX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 1.10% |
| 12b-1 fee | 0.25% |
| Other expenses | 0.83% |
| Gross expense ratio | 2.18% |
| Fee waiver | −0.43% |
| Net expense ratio | 1.75% |
| 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 |
HLMOX Costs Over Time
On $10,000 invested in HLMOX, assuming 5% a year before costs, total costs come to $1,155 over 5 years, cutting the return by 1.97% 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 1.75%) | $184 | $568 | $976 |
| Trading costs (broker commissions) | $14 | $42 | $72 |
| Lost growth on money paid in costs | $0 | $30 | $107 |
| Total costs | $197 | $640 | $1,155 |
| Value after costs | $10,303 | $10,936 | $11,608 |
| Impact on return, per year | 1.97% | 1.97% | 1.97% |
HLMOX 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): 0.1286%
- Total broker commissions: $168K
- Bought from dealers (principal trades, not a cost): $69.3M
- Portfolio turnover (prospectus): 29%
- Securities lending: none during the year
HLMOX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Auerbach Grayson & Co., Inc. | $82K | 49.74% |
| CLSA Americas, LLC | $21K | 12.50% |
| HSBC Securities (USA) Inc. | $20K | 11.96% |
| JP Morgan Securities LLC | $19K | 11.70% |
| EFG Hermes Holding SAE | $10K | 6.26% |
| Macquarie Capital (USA) Inc. | $4K | 2.52% |
| Goldman Sachs & Co. | $4K | 2.48% |
| UBS Securities LLC | $2K | 1.13% |
| Jefferies LLC | $2K | 0.96% |
| MORGAN STANLEY | $1K | 0.75% |
HLMOX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $69.3M | 100.00% |
Harding Loevner Frontier 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 |
|---|---|---|---|
| HLFZX | Institutional Class Z | 1.25% | none |
| HLFMX | Institutional Class | 1.42% | none |
| HLMOX | Investor Class | 1.75% | 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.