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HL

Harding Loevner Portfolio holdings

AUM $9.72B
1-Year Est. Return 22.38%
This Fund
S&P 500
This Quarter Est. Return
+1.58%
1 Year Est. Return
+22.38%
3 Year Est. Return
+79.36%
5 Year Est. Return
+98.01%
10 Year Est. Return
+375.62%
AUM
$12.4B
AUM Growth
-$1.07B
Cap. Flow
-$1.18B
Cap. Flow %
-9.46%
Top 10 Hldgs %
33.01%
Holding
95
New
10
Increased
29
Reduced
42
Closed
6

Top Buys

Rank Stock Value
1
VRSK icon
Verisk Analytics
VRSK
+$123M
2
TV icon
Televisa
TV
+$104M
3
SAP icon
SAP
SAP
+$91M
4
GRFS
Grifois
GRFS
+$61.5M
5
CIB icon
Grupo Cibest SA
CIB
+$57.6M

Top Sells

Rank Stock Value
1
SIAL
SIGMA - ALDRICH CORP
SIAL
+$409M
2
AGN
Allergan Inc
AGN
+$303M
3
CTSH icon
Cognizant
CTSH
+$138M
4
ITUB icon
Itaú Unibanco
ITUB
+$134M
5
HDB icon
HDFC Bank
HDB
+$56M

Sector Composition

Rank Sector Weight
1 Financials 21.7%
2 Technology 16.09%
3 Consumer Staples 10.17%
4 Energy 9.1%
5 Communication Services 8.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
XOM icon
26
ExxonMobil
XOM
$634B
$186M 1.5%
2,014,588
+290,436
+17% +$27.1M
MMM icon
27
3M
MMM
$94.3B
$178M 1.43%
1,298,062
-189,364
-13% -$24.3M
ABBV icon
28
AbbVie
ABBV
$435B
$172M 1.39%
2,635,315
-363,435
-12% -$22.9M
WPP icon
29
WPP
WPP
$5.94B
$160M 1.28%
1,533,148
+18,377
+1% +$1.83M
EMR icon
30
Emerson Electric
EMR
$88.3B
$159M 1.28%
2,580,712
-379,857
-13% -$23.8M
AXP icon
31
American Express
AXP
$230B
$158M 1.27%
1,695,489
-235,469
-12% -$21.1M
CTXS
32
DELISTED
Citrix Systems Inc
CTXS
$157M 1.26%
3,094,449
-452,445
-13% -$23.4M
BWA icon
33
BorgWarner
BWA
$13.9B
$152M 1.22%
3,135,701
-450,736
-13% -$22M
HDB icon
34
HDFC Bank
HDB
$121B
$149M 1.2%
11,744,992
-4,435,428
-27% -$56M
IPGP icon
35
IPG Photonics
IPGP
$3.84B
$143M 1.15%
1,912,412
-279,469
-13% -$19.9M
ABT icon
36
Abbott
ABT
$187B
$141M 1.13%
3,130,149
-428,891
-12% -$18.7M
BAP icon
37
Credicorp
BAP
$30.7B
$134M 1.07%
833,938
+73,867
+10% +$11.7M
BBD icon
38
Banco Bradesco
BBD
$36.7B
$132M 1.06%
25,203,587
+1,968,898
+8% +$11M
AMX icon
39
America Movil
AMX
$71.2B
$130M 1.05%
5,870,331
-1,018,946
-15% -$23.7M
WAT icon
40
Waters Corp
WAT
$39.9B
$129M 1.04%
1,148,591
-166,795
-13% -$18.3M
INFA
41
DELISTED
INFORMATICA CORP
INFA
$127M 1.02%
3,329,701
-482,011
-13% -$17.3M
VRSK icon
42
Verisk Analytics
VRSK
$25B
$126M 1.02%
+1,972,752
New +$123M
PG icon
43
Procter & Gamble
PG
$339B
$122M 0.98%
1,344,767
-195,545
-13% -$17.2M
CBD
44
DELISTED
Companhia Brasileira de Distribuicao
CBD
$119M 0.95%
3,221,615
+593,200
+23% +$24M
RL icon
45
Ralph Lauren
RL
$23.6B
$111M 0.9%
601,797
-89,627
-13% -$15.5M
TRMB icon
46
Trimble
TRMB
$13.9B
$110M 0.89%
4,157,886
-607,011
-13% -$17.1M
PX
47
DELISTED
Praxair Inc
PX
$107M 0.86%
827,098
-123,714
-13% -$15.7M
TV icon
48
Televisa
TV
$1.49B
$102M 0.82%
+3,004,163
New +$104M
NVO
49
Novo Nordisk
NVO
$209B
$102M 0.82%
4,808,594
+8,412
+0.2% +$188K
ASR icon
50
Grupo Aeroportuario del Sureste
ASR
$8.3B
$95.6M 0.77%
724,981
+125,100
+21% +$16.2M
1
2
3 4

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FCM
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CCM
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URS
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MPI
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TIM
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SC
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TCA
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Harding Loevner's Q4 2014 Portfolio in Review

As of Q4 2014, Harding Loevner held 95 positions worth $12.4B, down 7.9% from $13.5B the previous quarter. Its ten largest holdings account for 33% of the portfolio.

Harding Loevner withdrew a net $1.18B in Q4 2014, closing 6 positions and reducing 42 holdings. Its most notable exit was SIGMA - ALDRICH CORP, an estimated $409M position sold in full.

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

Against the trend, Harding Loevner opened a new position in Verisk Analytics worth $126M.

  • Harding Loevner's largest Q4 2014 buy was Verisk Analytics: 1,972,752 shares worth $126M.
  • Harding Loevner added most to SAP in Q4 2014, an estimated $91M increase.
  • Harding Loevner's biggest Q4 2014 reduction was Itaú Unibanco, cutting an estimated $134M.
  • Harding Loevner fully exited SIGMA - ALDRICH CORP in Q4 2014, selling an estimated $409M.
  • Harding Loevner's ten largest holdings make up 33% of its $12.4B portfolio in Q4 2014.
  • Harding Loevner opened 10 new positions and closed 6 in Q4 2014.
  • Harding Loevner's portfolio value fell 7.9% quarter-over-quarter to $12.4B.

Based on Harding Loevner's 13F filing for Q4 2014, filed 12 Jan 2015.