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Summary

The Global Developed Markets Equity composite fell 5.8% gross of fees in the quarter, compared with a 3.5% decline in the MSCI World Index.

The rolling thunder of AI disruption moved beyond software into other areas of the digital economy, while developed-market Energy shares climbed 37% in the quarter.

Harding Loevner's holdings are less leveraged and better capitalized than its benchmark, with a ratio of net debt to EBITDA of about 0.3, compared with 0.7 for the index.

Commercial aerospace production has struggled to keep pace with demand, resulting in acute industry bottlenecks in highly specialized supply chain areas such as engines, castings, and precision components.

Harding Loevner added Ryanair because Ryanair consistently earns returns above its cost of capital through an obsessive focus on cost control and fuel hedging.

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What's on Our Minds

Global developed-market equities have weathered an extraordinary sequence of events…