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HL

Harding Loevner Portfolio holdings

AUM $10.6B
1-Year Est. Return 19.39%
This Fund
S&P 500
This Quarter Est. Return
+10.28%
1 Year Est. Return
+19.39%
3 Year Est. Return
+79.14%
5 Year Est. Return
+100.61%
10 Year Est. Return
+428.16%
AUM
$12.9B
AUM Growth
+$1.71B
Cap. Flow
+$638M
Cap. Flow %
4.93%
Top 10 Hldgs %
34.5%
Holding
90
New
4
Increased
68
Reduced
6
Closed
9

Top Buys

Rank Stock Value
1
DVA icon
DaVita
DVA
+$101M
2
ABEV icon
Ambev
ABEV
+$61.8M
3
ITUB icon
Itaú Unibanco
ITUB
+$59.8M
4
CBD
Companhia Brasileira de Distribuicao
CBD
+$55.9M
5
SAP icon
SAP
SAP
+$53.2M

Top Sells

Rank Stock Value
1
EMC
EMC CORPORATION
EMC
+$113M
2
TDC icon
Teradata
TDC
+$82.9M
3
ABV
COMPANHIA BEBIDA ADS EACH REPSTG 1 PFD SH
ABV
+$57.2M
4
ARMH
ARM HOLDINGS PLC ADS
ARMH
+$52.4M
5
BUD icon
AB InBev
BUD
+$50.7M

Sector Composition

Rank Sector Weight
1 Financials 21.74%
2 Technology 14.93%
3 Consumer Discretionary 11.84%
4 Energy 10.26%
5 Consumer Staples 10.21%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FRC
26
DELISTED
First Republic Bank
FRC
$181M 1.4%
3,454,656
+121,162
+4% +$6.07M
CTXS
27
DELISTED
Citrix Systems Inc
CTXS
$179M 1.39%
3,559,461
+131,621
+4% +$6.27M
BWA icon
28
BorgWarner
BWA
$13.8B
$179M 1.38%
3,627,956
+129,939
+4% +$6.02M
XOM icon
29
ExxonMobil
XOM
$656B
$178M 1.37%
1,754,930
+63,851
+4% +$5.9M
MMM icon
30
3M
MMM
$86.9B
$176M 1.36%
1,502,520
+11,369
+0.8% +$1.21M
AXP icon
31
American Express
AXP
$220B
$172M 1.33%
1,894,329
+53,825
+3% +$4.42M
PX
32
DELISTED
Praxair Inc
PX
$168M 1.3%
1,295,147
+47,861
+4% +$5.97M
AMX icon
33
America Movil
AMX
$68.9B
$168M 1.3%
7,194,452
-164,753
-2% -$3.59M
QGENF
34
DELISTED
QIAGEN NV
QGENF
$167M 1.29%
6,997,851
+49,522
+0.7% +$1.18M
WPP icon
35
WPP
WPP
$5.46B
$166M 1.28%
1,443,265
+391,721
+37% +$41.9M
TRMB icon
36
Trimble
TRMB
$13.9B
$166M 1.28%
4,776,803
+171,925
+4% +$5.42M
LAZ icon
37
Lazard
LAZ
$4.39B
$164M 1.27%
3,625,982
+126,474
+4% +$5.12M
MA icon
38
Mastercard
MA
$507B
$159M 1.23%
1,904,030
+64,870
+4% +$4.82M
INFA
39
DELISTED
INFORMATICA CORP
INFA
$159M 1.23%
3,820,832
+148,524
+4% +$5.79M
CTSH icon
40
Cognizant
CTSH
$28.1B
$156M 1.21%
3,097,184
+118,470
+4% +$5.4M
BUD icon
41
AB InBev
BUD
$158B
$155M 1.2%
1,453,253
-496,199
-25% -$50.7M
FFIV icon
42
F5
FFIV
$22.1B
$149M 1.15%
1,641,307
+60,501
+4% +$5.15M
ABT icon
43
Abbott
ABT
$187B
$137M 1.06%
3,580,888
+46,600
+1% +$1.72M
PBR icon
44
Petrobras
PBR
$130B
$127M 0.98%
9,222,528
+1,459,278
+19% +$22.6M
PG icon
45
Procter & Gamble
PG
$340B
$127M 0.98%
1,559,984
+56,155
+4% +$4.57M
HDB icon
46
HDFC Bank
HDB
$119B
$124M 0.96%
14,430,732
+943,640
+7% +$8.03M
RL icon
47
Ralph Lauren
RL
$20.9B
$123M 0.95%
697,952
+24,900
+4% +$4.24M
KOF icon
48
Coca-Cola Femsa
KOF
$23.5B
$120M 0.93%
984,108
+47,799
+5% +$5.75M
DVA icon
49
DaVita
DVA
$11.7B
$109M 0.84%
+1,718,155
New +$101M
FMS icon
50
Fresenius Medical Care
FMS
$12.1B
$89.9M 0.7%
2,527,012
-196,093
-7% -$6.58M
1
2
3 4

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FMI
Factory Mutual Insurance Waltham, Massachusetts $10.6B AUM 34.1% 1-Year Est. Return
VAS
Vestmark Advisory Solutions Wakefield, Massachusetts $10.6B AUM 25.02% 1-Year Est. Return
DPIM
Duff & Phelps Investment Management Chicago, Illinois $10.6B AUM 18.62% 1-Year Est. Return
CA
Clearstead Advisors Cleveland, Ohio $10.6B AUM 24.87% 1-Year Est. Return
SCM
SCS Capital Management Boston, Massachusetts $10.6B AUM 19.73% 1-Year Est. Return
FCM
Frontier Capital Management Boston, Massachusetts $10.7B AUM 67.78% 1-Year Est. Return
URS
Utah Retirement Systems Salt Lake City, Utah $10.5B AUM 42.22% 1-Year Est. Return
AAM
Alphadyne Asset Management New York $10.5B AUM 37.62% 1-Year Est. Return

Harding Loevner's Q4 2013 Portfolio in Review

As of Q4 2013, Harding Loevner held 90 positions worth $12.9B, up 15% from $11.2B the previous quarter. Its ten largest holdings account for 34% of the portfolio.

Harding Loevner deployed $638M of net new capital in Q4 2013, opening 4 new positions and adding to 68 existing holdings. Its largest new stake was DaVita: 1,718,155 shares worth $109M.

By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was EMC CORPORATION, an estimated $113M trimmed.

  • Harding Loevner's largest Q4 2013 buy was DaVita: 1,718,155 shares worth $109M.
  • Harding Loevner added most to Itaú Unibanco in Q4 2013, an estimated $59.8M increase.
  • Harding Loevner's biggest Q4 2013 reduction was EMC CORPORATION, cutting an estimated $113M.
  • Harding Loevner fully exited COMPANHIA BEBIDA ADS EACH REPSTG 1 PFD SH in Q4 2013, selling an estimated $57.2M.
  • Harding Loevner's ten largest holdings make up 34% of its $12.9B portfolio in Q4 2013.
  • Harding Loevner opened 4 new positions and closed 9 in Q4 2013.
  • Harding Loevner's portfolio value rose 15% quarter-over-quarter to $12.9B.

Based on Harding Loevner's 13F filing for Q4 2013, filed 17 Jan 2014.