HLRZX Fees and Costs — Harding Loevner International Small Companies Portfolio, Institutional Class Z
Data updated: 2026-09-28
The net expense ratio is 1.00%: a 0.85% management fee plus 0.15% other expenses. There are no sales loads or redemption fees. In fiscal 2025 the fund paid $281K in broker commissions, 0.0819% of average net assets, and portfolio turnover was 31%.
HLRZX Fees and Expenses
Annual operating expenses and sales charges of HLRZX. Prospectus, as of October 31, 2025.
| Annual operating expenses | |
|---|---|
| Management fee | 0.85% |
| 12b-1 fee | 0.00% |
| Other expenses | 0.15% |
| Gross expense ratio | 1.00% |
| Fee waiver | — |
| Net expense ratio | 1.00% |
| 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 |
HLRZX Costs Over Time
On $10,000 invested in HLRZX, assuming 5% a year before costs, total costs come to $676 over 5 years, cutting the return by 1.14% 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 1.00%) | $105 | $327 | $567 |
| Trading costs (broker commissions) | $9 | $27 | $46 |
| Lost growth on money paid in costs | $0 | $18 | $62 |
| Total costs | $114 | $372 | $676 |
| Value after costs | $10,386 | $11,205 | $12,087 |
| Impact on return, per year | 1.14% | 1.14% | 1.14% |
HLRZX 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): 0.0819%
- Total broker commissions: $281K
- Bought from dealers (principal trades, not a cost): $228.4M
- Portfolio turnover (prospectus): 31%
- Securities lending: none during the year
HLRZX Agency Brokers
Commissions paid.
| Broker | Amount | Share |
|---|---|---|
| HSBC Securities (USA) Inc. | $83K | 33.93% |
| JP Morgan Securities LLC | $33K | 13.40% |
| Auerbach Grayson & Co., Inc. | $31K | 12.82% |
| Redburn (USA) LLC | $22K | 8.80% |
| CLSA Americas, LLC | $16K | 6.66% |
| Daiwa Capital Markets America Inc. | $16K | 6.52% |
| Macquarie Capital (USA) Inc. | $15K | 5.95% |
| UBS Securities LLC | $12K | 4.92% |
| Jefferies LLC | $9K | 3.60% |
| MORGAN STANLEY | $8K | 3.39% |
HLRZX Dealer Counterparties
Securities bought directly from dealers (principal trades).
| Broker | Amount | Share |
|---|---|---|
| The Northern Trust Company | $228.4M | 100.00% |
Harding Loevner International Small Companies Portfolio Share Classes
Net expense ratio and maximum front-end load of each share class, cheapest first.
| Ticker | Class | Net expense ratio | Front load |
|---|---|---|---|
| HLRZX | Institutional Class Z | 1.00% | none |
| HLMRX | Institutional Class | 1.08% | none |
| HLMSX | Investor Class | 1.30% | 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.