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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
-12.05%
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
$17.3B
AUM Growth
-$1.89B
Cap. Flow
+$964M
Cap. Flow %
5.58%
Top 10 Hldgs %
39.13%
Holding
147
New
13
Increased
54
Reduced
33
Closed
8

Top Buys

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$405M
2
FMX icon
Fomento Económico Mexicano
FMX
+$288M
3
NBIS
Nebius Group N.V.
NBIS
+$270M
4
LIN icon
Linde
LIN
+$155M
5
VEU icon
Vanguard FTSE All-World ex-US ETF
VEU
+$95.5M

Top Sells

Rank Stock Value
1
WB icon
Weibo
WB
+$235M
2
META icon
Meta Platforms (Facebook)
META
+$189M
3
FMS icon
Fresenius Medical Care
FMS
+$161M
4
ITUB icon
Itaú Unibanco
ITUB
+$118M
5
WPP icon
WPP
WPP
+$89.5M

Sector Composition

Rank Sector Weight
1 Financials 24.52%
2 Technology 22.66%
3 Consumer Discretionary 10.59%
4 Communication Services 10.06%
5 Industrials 8.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
JOBS
26
DELISTED
51job Inc
JOBS
$242M 1.4%
3,874,480
-133,810
-3% -$8.56M
NKE icon
27
Nike
NKE
$57B
$239M 1.38%
3,223,712
+209,844
+7% +$15.7M
BAP icon
28
Credicorp
BAP
$30.4B
$236M 1.37%
1,065,629
-42,492
-4% -$9.39M
CEO
29
DELISTED
CNOOC Limited
CEO
$231M 1.34%
1,517,614
-78,106
-5% -$13.3M
AAPL icon
30
Apple
AAPL
$4.67T
$215M 1.24%
5,443,320
+338,512
+7% +$16.4M
EPAM icon
31
EPAM Systems
EPAM
$6.04B
$212M 1.23%
1,830,416
+638,221
+54% +$78.3M
AMZN icon
32
Amazon
AMZN
$2.79T
$203M 1.17%
2,699,620
+175,580
+7% +$14.6M
ABT icon
33
Abbott
ABT
$187B
$185M 1.07%
2,555,635
+168,675
+7% +$11.9M
WB icon
34
Weibo
WB
$1.65B
$182M 1.05%
3,109,889
-3,888,151
-56% -$235M
WBC
35
DELISTED
WABCO HOLDINGS INC.
WBC
$180M 1.04%
1,680,231
+727,500
+76% +$80.6M
WAT icon
36
Waters Corp
WAT
$40.2B
$180M 1.04%
953,261
+62,033
+7% +$11.8M
CIB icon
37
Grupo Cibest SA
CIB
$23.8B
$166M 0.96%
4,363,320
+213,003
+5% +$8.51M
WBA
38
DELISTED
Walgreens Boots Alliance
WBA
$165M 0.96%
2,418,274
+920,481
+61% +$71.4M
DIS icon
39
Walt Disney
DIS
$182B
$161M 0.93%
1,465,606
+135,665
+10% +$15.4M
ASR icon
40
Grupo Aeroportuario del Sureste
ASR
$7.72B
$160M 0.93%
1,062,793
-192,463
-15% -$31.2M
CL icon
41
Colgate-Palmolive
CL
$70.8B
$155M 0.9%
2,599,804
+168,354
+7% +$10.5M
LIN icon
42
Linde
LIN
$220B
$153M 0.89%
+982,935
New +$155M
MSFT icon
43
Microsoft
MSFT
$3.71T
$152M 0.88%
1,499,244
+98,901
+7% +$10.6M
UL icon
44
Unilever
UL
$138B
$150M 0.87%
2,544,152
-101,781
-4% -$6.13M
CTSH icon
45
Cognizant
CTSH
$28.1B
$135M 0.78%
2,130,702
+134,296
+7% +$9.34M
COR icon
46
Cencora
COR
$63.2B
$130M 0.75%
1,742,934
+111,538
+7% +$9.62M
BBVA icon
47
Banco Bilbao Vizcaya Argentaria
BBVA
$163B
$129M 0.75%
24,450,820
-6,346,075
-21% -$35.9M
MMM icon
48
3M
MMM
$86.9B
$121M 0.7%
759,881
+49,781
+7% +$8.26M
SIVB
49
DELISTED
SVB Financial Group
SIVB
$120M 0.69%
629,479
+37,690
+6% +$9.22M
CGNX icon
50
Cognex
CGNX
$10.5B
$117M 0.68%
3,028,942
+189,872
+7% +$8.23M
1
2
3 4 5

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VAS
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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
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Harding Loevner's Q4 2018 Portfolio in Review

As of Q4 2018, Harding Loevner held 147 positions worth $17.3B, down 9.9% from $19.2B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Harding Loevner deployed $964M of net new capital in Q4 2018, opening 13 new positions and adding to 54 existing holdings. Its largest new stake was Linde: 982,935 shares worth $153M.

By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 22% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was Weibo, an estimated $235M trimmed.

  • Harding Loevner's largest Q4 2018 buy was Linde: 982,935 shares worth $153M.
  • Harding Loevner added most to NVIDIA in Q4 2018, an estimated $405M increase.
  • Harding Loevner's biggest Q4 2018 reduction was Weibo, cutting an estimated $235M.
  • Harding Loevner fully exited WPP in Q4 2018, selling an estimated $89.5M.
  • Harding Loevner's ten largest holdings make up 39% of its $17.3B portfolio in Q4 2018.
  • Harding Loevner opened 13 new positions and closed 8 in Q4 2018.
  • Harding Loevner's portfolio value fell 9.9% quarter-over-quarter to $17.3B.

Based on Harding Loevner's 13F filing for Q4 2018, filed 14 Feb 2019.