Harding Loevner Global Equity ADR Q1 2026 Commentary
Harding Loevner's Global Equity ADR strategy declined 4.9% gross of fees in Q1 2026, underperforming the MSCI ACWI Index's 3.1% drop. Energy sector strength, driven by geopolitical tensions in Iran and a surge in oil prices, led to a sharp rally, with value stocks outperforming growth by 890 basis points. Investor preferences shifted toward asset-heavy industries like railroads and aircraft engines, while digital businesses lagged. Companies such as Safran and Ryanair were highlighted for their durable business models and cost efficiency.
- ▪The Harding Loevner Global Equity ADR composite fell 4.9% gross of fees in Q1 2026.
- ▪The MSCI ACWI Index declined 3.1% over the same period.
- ▪The Energy sector rose nearly 34% as Brent crude surged more than 60%.
- ▪Value stocks outperformed growth stocks by 890 basis points in the quarter.
- ▪Safran benefits from long-term aftermarket revenue, and Ryanair maintains strong returns through cost control and fleet efficiency.
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