Harding Loevner's Global Equity composite fell 5.5% gross of fees in the quarter, compared with a 3.1% decline in the MSCI ACWI Index.
Brent crude rose more than 60%, its largest monthly gain on record, while West Texas Intermediate crude settled above $100 a barrel for the first time since 2022.
Financial strength, one dimension of business quality, helps determine which companies can absorb those pressures while continuing to grow.
Engine manufacturers retain significant control over replacement parts and servicing, yielding monopoly-like economics over the life of the aircraft engine.
Ryanair is a rare example of an airline that consistently earns returns above its cost of capital while continuing to grow.
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What's on Our Minds
Global equities have weathered an extraordinary sequence of events since the start of this year, including the capture of Venezuela's president, a market sell-off sparked by a viral blog post envisioning an AI-led
