Harding Loevner Invested in Five Below (FIVE) and Here’s Why You Should Too Harding Loevner, an investment management firm, published its “Global Small Companies Equity” fourth quarter 2020 investor letter – a copy of which can be downloaded here. A net return of 17.68% was recorded by the fund in the fourth quarter of 2020, trailing its MSCI All Country World Small Cap benchmark that delivered a 23.79% return. You can view the fund’s top 5 holdings to have a peek at their top bets for 2021. Harding Loevner, in their Q4 2020 investor letter, mentioned Five Below, Inc. (NASDAQ: FIVE) and shared their insights on the company. Five Below, Inc. is a Philadelphia, Pennsylvania-based discount store company that currently has a $10.7 billion market capitalization. Since the beginning of the year, FIVE delivered a 9.04% return, impressively extending its 12-month gains to 198.58%. As of March 31, 2021, the stock closed at $190.79 per share.