Summary

• Shell, the firm's sole holding in the sector, was up to the task, rising 29% in the quarter, with 14% of that gain coming in March alone.
• Harding Loevner trimmed holdings in ASML, Disco Corp, TSMC, and Samsung Electronics.
• Harding Loevner purchased shares in Recruit, believing the company can use AI to draw on its proprietary data to improve how it matches its primarily blue-collar job-seeker base with prospective employers.
• The International Developed Markets Equity composite returned 0.8% gross of fees in the first quarter, ahead of the 0.8% decline in the MSCI World ex US Index.
• BAE Systems delivered solid 2025 results and 2026 guidance, while global demand for defense capabilities increased new orders and pushed BAE Systems' backlog to a record level.

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