HLMVX Fees and Costs — Harding Loevner Global Equity Portfolio, Institutional Class
Data updated: 2026-09-28
The net expense ratio is 0.86%: a 0.70% management fee plus 0.17% other expenses, less a 0.02% fee waiver. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $178K in broker commissions, 0.0310% of average net assets, and portfolio turnover was 24%.
HLMVX Fees and Expenses
Annual operating expenses and sales charges of HLMVX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.70% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.17% |
| Gross expense ratio | 0.88% |
| Fee waiver | −0.02% |
| Net expense ratio | 0.86% |
| 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 |
HLMVX Costs Over Time
On $10,000 invested in HLMVX, assuming 5% a year before costs, total costs come to $559 over 5 years, cutting the return by 0.94% 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 0.86%) | $90 | $282 | $490 |
| Trading costs (broker commissions) | $3 | $10 | $18 |
| Lost growth on money paid in costs | $0 | $14 | $51 |
| Total costs | $94 | $307 | $559 |
| Value after costs | $10,406 | $11,270 | $12,204 |
| Impact on return, per year | 0.94% | 0.94% | 0.94% |
HLMVX 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): 0.0310%
- Total broker commissions: $178K
- Bought from dealers (principal trades, not a cost): $370.0M
- Portfolio turnover (prospectus): 24%
- Securities lending: none during the year
HLMVX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| Jefferies LLC | $35K | 21.31% |
| HSBC Securities (USA) Inc. | $31K | 18.84% |
| CLSA Americas, LLC | $27K | 16.36% |
| UBS Securities LLC | $19K | 11.92% |
| JP Morgan Securities LLC | $12K | 7.69% |
| Macquarie Capital (USA) Inc. | $11K | 6.77% |
| Sanford C. Bernstein & Co., LLC | $9K | 5.59% |
| Daiwa Capital Markets America Inc. | $7K | 4.22% |
| Redburn (USA) LLC | $6K | 3.74% |
| MORGAN STANLEY | $6K | 3.55% |
HLMVX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $370.0M | 100.00% |
Harding Loevner Global 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 |
|---|---|---|---|
| HLGZX | Institutional Class Z | 0.76% | none |
| HLMVX | Institutional Class | 0.86% | none |
| HLMGX | Advisor Class | 1.09% | 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.