Investment Objective and Strategy

Is this fund a good choice for me?
The International Equity Fund may be appropriate if your goal is to grow your savings over the next several years by investing in companies based outside the U.S. You’re also comfortable with temporary — yet sometimes dramatic — fluctuations in your account balance based on the performance of the underlying stocks.

Investment objective and strategy
The fund seeks long-term capital appreciation through investments in equity securities of companies based in developed markets outside the United States as well as in established companies in emerging and frontier markets. Harding Loevner, the fund’s subadvisor, undertakes fundamental research to identify companies that it believes are well managed, financially sound, fast growing and strongly competitive and whose shares are underpriced relative to estimates of their value. To reduce volatility, the fund is diversified across dimensions of geography, industry, currency and market capitalization and normally holds investments across at least 10 countries.


Total Returns

As of 9/29/2023

Calendar-Year Total Returns

Growth of $10,000

The line chart compares the change in value of a $10,000 investment in the fund and MSCI EAFE Index over a 10-year period. The chart represents past performance, which is no guarantee of future results. Current performance may be higher or lower than that shown above. Returns and the principal value of your investment will fluctuate such that shares, when redeemed, may be worth more or less than their original cost. The fund’s average annual total returns are net of any fee waivers and reimbursements. Returns do not reflect taxes that the shareholder may pay on fund distributions or the redemption of fund shares.

Industry Rankings

For the month ending 09/30/2023


Category Foreign Large Growth

*Overall, out of 393 funds, according to risk-adjusted return


Classification International Large-Cap Growth

1Overall, out of 69 funds, according to expense minimization

Share Price History

As of 12/04/2023

The chart plots daily share prices for the last 10 years. The interactive calendar will retrieve the share price for any business day since the fund's inception.


Country Diversification

As of 9/29/2023

Top 10 Holdings

As of 9/29/2023

Chugai Pharmaceutical Co.,Ltd. 4.0%
DBS Group Holdings Ltd. 3.9%
Infineon Technologies AG 3.7%
Schneider Electric SE 3.7%
Shell PLC 3.6%
Allianz SE REG 3.4%
Manulife Financial Corp. 3.1%
Haleon PLC 3.1%
L'Oréal SA 3.0%
Banco Bilboa Vizcaya Argentaria SA 2.9%
Total 34.4%

Portfolio holdings are subject to change without notice.

Portfolio Characteristics

As of 9/29/2023

Net Assets $79,075,472
Number of Holdings 54


Income and/or capital gains distributions for this fund, if any, are listed in the table below for the current and previous calendar year. Mutual funds are required to pass through to their shareholders substantially all of the interest income and capital gains earned by the fund during the year. These distributions are paid on a regular schedule as shown in the table below.

2023 Earnings Distribution

Distribution Type Record Date Declaration Date $/Per Share
Long-Term Capital Gains 6/29/23 6/30/23 $0.0561
Ordinary Income 6/29/23 6/30/23 $0.0193

2022 Earnings Distribution

Distribution Type Record Date Declaration Date $/Per Share
Long-Term Capital Gains 6/29/22 6/30/22 $0.0749
Ordinary Income 6/29/22 6/30/22 $0.013
Long-Term Capital Gains 12/14/22 12/15/22 $0.197
Ordinary Income 12/14/22 12/15/22 $0.1683

The record date is the date on which you must be a shareholder in order to receive a portion of the fund’s distribution.

The declaration date, typically the business day after the record date, is the date the amount of the distribution is announced and deducted from fund assets. On this day, the amount of the distribution is deducted from fund assets and calculated as a per share amount to be passed through to shareholders. The fund’s share price will decline by the amount of the distribution (plus or minus any share price change related to market activity). The following business day, shareholders will see their portion of the distribution posted to their account as either a cash dividend or dividend reinvestment.

Portfolio Management

Harding Loevner LP (Effective January 15, 2016)

Harding Loevner LP is not affiliated with Homestead Funds, Homestead Advisers Corp., Homestead Financial Services Corp. or NRECA.

Equity securities generally have greater price volatility than fixed-income securities and are subject to issuer risk and market risk. International investing involves currency, economic and political risks, which may be greater for investments in emerging and frontier markets.