Harding Loevner Emerging Markets Equity’s Key Contributor: EPAM Systems (EPAM)

Harding Loevner, an asset management company, released its “Emerging Markets Equity” second quarter investor letter. A copy of the same can be downloaded here. In the second quarter, the fund returned -11.62% net of fees compared to -11.34% for the MSCI Emerging Markets Index. A broad global sell-off impacted the fund’s performance in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2022

Harding Loevner discussed stocks like EPAM Systems, Inc. (NYSE:EPAM) in the second quarter investor letter. Headquartered in Newtown, Pennsylvania, EPAM Systems, Inc. (NYSE:EPAM) is a digital platform engineering and software development services provider. On September 23, 2022, EPAM Systems, Inc. (NYSE:EPAM) stock closed at $364.12 per share. One-month return of EPAM Systems, Inc. (NYSE:EPAM) was -13.83% and its shares lost 42.15% of their value over the last 52 weeks. EPAM Systems, Inc. (NYSE:EPAM) has a market capitalization of $20.889 billion.

Here is what Harding Loevner specifically said about EPAM Systems, Inc. (NYSE:EPAM) in its Q2 2022 investor letter:

“A key contributor in IT was EPAM Systems, Inc. (NYSE:EPAM), the Eastern European software engineering company. The Russian invasion of Ukraine caused EPAM’s shares to fall sharply in the first quarter because nearly 60% of its staff were based in Russia, Ukraine, and Belarus. However, management has made remarkable progress in relocating its engineers to new locations and accelerating recruitment in other regions. Customer demand for EPAM’s digital transformation projects has not waned despite the company’s perceived adjacency to the conflict and rising interest rates and high inflation in the US and Europe.”

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EPAM Systems, Inc. (NYSE:EPAM) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 36 hedge fund portfolios held EPAM Systems, Inc. (NYSE:EPAM)  at the end of the second quarter which was 38 in the previous quarter.

We discussed EPAM Systems, Inc. (NYSE:EPAM) in another article and shared the list of best performing S&P 500 stocks in the last 10 years. In addition, please check out our hedge fund investor letters Q2 2022 page for more investor letters from hedge funds and other leading investors.

Disclosure: None. This article is originally published at Insider Monkey.