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.

What's on Our Minds

Global developed-market 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

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