**Harding Loevner International Developed Markets Equity Q3 2025 Commentary**
*November 10, 2025 | 2:15 AM ET*
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### Harding Loevner International Developed Markets Equity Portfolio Institutional Class (HLIDX)
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#### Summary
A striking feature of non-US markets so far this year has been the dramatic underperformance of higher-quality companies’ stocks. Much of the recent strength in lower-quality stocks reflects the revival of profits in the Financials sector.
Despite this, our preference for holding high-quality businesses remains steadfast, undiminished by the results of the past two years.
This quarter, we added a rapidly growing company whose shares peaked in 2021, a time when we believed its valuation outpaced its underlying business fundamentals.
Overall, these changes have enhanced our expected growth profile, while the portfolio continues to trade at a reasonable valuation premium compared to the index.
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### What’s on Our Minds
A notable trend in non-US markets this year is the stark underperformance by the highest-quality companies. The top third of the market, measured by our proprietary quality rankings, returned 14%.
[Note: Additional performance details and insights can be added here if available.]
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### About Harding Loevner
Harding Loevner LP is a growing global asset management firm headquartered in New Jersey, USA (Metro NYC). Our firm manages over $52 billion in long-only equity portfolio strategies, focusing on high-quality, growing companies across developed, emerging, and frontier markets.
Our investment strategies are offered through institutional separate accounts, mutual funds, UCITS, and sponsored wealth management programs.
Our global client base includes leading investment institutions such as sovereign wealth funds, major foundations, endowments, pension plans, private family offices, and individual investors.
At Harding Loevner, we pride ourselves on a professional culture rooted in transparency, collaboration, accountability, and integrity. We are committed to providing all staff with opportunities for career advancement through education, training, and personal achievement.
For inquiries or communication, please use Harding Loevner’s official channels.
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