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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
+3.58%
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
$13.6B
AUM Growth
-$1.23B
Cap. Flow
-$1.49B
Cap. Flow %
-10.93%
Top 10 Hldgs %
44.98%
Holding
73
New
5
Increased
10
Reduced
55
Closed
2

Top Buys

1
NICE icon
Nice
NICE
+$332M
2
SE icon
Sea Limited
SE
+$268M
3
PGR icon
Progressive
PGR
+$84.3M
4
ELV icon
Elevance Health
ELV
+$76.6M
5
RYAAY icon
Ryanair
RYAAY
+$58.3M

Top Sells

1
ZTO icon
ZTO Express
ZTO
+$219M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$176M
3
MSFT icon
Microsoft
MSFT
+$145M
4
AMAT icon
Applied Materials
AMAT
+$130M
5
ALC icon
Alcon
ALC
+$127M

Sector Composition

1 Technology 30.68%
2 Financials 16.56%
3 Communication Services 10.48%
4 Healthcare 9.96%
5 Consumer Discretionary 9.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
VRTX icon
26
Vertex Pharmaceuticals
VRTX
$123B
$179M 1.31%
455,988
-255,623
-36% -$107M
PGR icon
27
Progressive
PGR
$121B
$171M 1.25%
691,378
+341,824
+98% +$84.3M
BBVA icon
28
Banco Bilbao Vizcaya Argentaria
BBVA
$139B
$169M 1.24%
8,758,673
-110,222
-1% -$1.93M
HLN icon
29
Haleon
HLN
$44.5B
$161M 1.18%
17,909,401
-4,641,640
-21% -$44.7M
MFC icon
30
Manulife Financial
MFC
$72.1B
$158M 1.16%
5,077,216
-1,060,716
-17% -$32.7M
APH icon
31
Amphenol
APH
$186B
$155M 1.14%
1,251,914
-191,563
-13% -$21M
AVGO icon
32
Broadcom
AVGO
$1.76T
$149M 1.09%
451,298
-313,687
-41% -$96.2M
DE icon
33
Deere & Co
DE
$161B
$148M 1.09%
324,719
-129,749
-29% -$64M
TW icon
34
Tradeweb Markets
TW
$21.3B
$145M 1.06%
1,303,676
-479,140
-27% -$61.6M
RIO icon
35
Rio Tinto
RIO
$147B
$125M 0.91%
1,887,696
-16,253
-0.9% -$1.01M
SNPS icon
36
Synopsys
SNPS
$73.6B
$119M 0.87%
240,194
-41,370
-15% -$23.4M
ACN icon
37
Accenture
ACN
$87.9B
$116M 0.85%
470,517
+41,129
+10% +$10.7M
GMAB icon
38
Genmab
GMAB
$17.6B
$107M 0.78%
3,484,487
+561,048
+19% +$13.7M
ADBE icon
39
Adobe
ADBE
$94.3B
$106M 0.78%
301,169
-58,897
-16% -$21.1M
HEI icon
40
HEICO Corp
HEI
$47.9B
$106M 0.78%
328,553
-113,597
-26% -$36.2M
ABBV icon
41
AbbVie
ABBV
$450B
$99.7M 0.73%
430,494
-161,894
-27% -$33M
TLK icon
42
Telkom Indonesia
TLK
$14.4B
$92.7M 0.68%
4,925,278
-89,824
-2% -$1.66M
CSGP icon
43
CoStar Group
CSGP
$12.2B
$91.4M 0.67%
1,083,322
-383,758
-26% -$33.9M
NOW icon
44
ServiceNow
NOW
$106B
$88.4M 0.65%
480,065
-172,810
-26% -$32.3M
DHR icon
45
Danaher
DHR
$144B
$82.4M 0.6%
415,656
-155,178
-27% -$30.9M
TMO icon
46
Thermo Fisher Scientific
TMO
$198B
$81.8M 0.6%
168,576
-60,955
-27% -$28.4M
AME icon
47
Ametek
AME
$54.3B
$80.8M 0.59%
429,956
-147,967
-26% -$27.2M
NVS icon
48
Novartis
NVS
$293B
$80.8M 0.59%
629,958
+316,431
+101% +$38.6M
ELV icon
49
Elevance Health
ELV
$80.9B
$79.6M 0.58%
+246,365
New +$76.6M
JNJ icon
50
Johnson & Johnson
JNJ
$609B
$78.8M 0.58%
424,760
-154,422
-27% -$26.5M
1
2
3

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FCM
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CCM
Cullen Capital Management New York $9.75B AUM 21.81% 1-Year Est. Return
CIM
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URS
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MPI
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TIM
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DPIM
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Harding Loevner's Q3 2025 Portfolio in Review

As of Q3 2025, Harding Loevner held 73 positions worth $13.6B, down 8.3% from $14.9B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Harding Loevner withdrew a net $1.49B in Q3 2025, closing 2 positions and reducing 55 holdings. Its most notable exit was Applied Materials, an estimated $130M position sold in full.

By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Harding Loevner opened a new position in Nice worth $321M.

  • Harding Loevner's largest Q3 2025 buy was Nice: 2,215,335 shares worth $321M.
  • Harding Loevner added most to Progressive in Q3 2025, an estimated $84.3M increase.
  • Harding Loevner's biggest Q3 2025 reduction was ZTO Express, cutting an estimated $219M.
  • Harding Loevner fully exited Applied Materials in Q3 2025, selling an estimated $130M.
  • Harding Loevner's ten largest holdings make up 45% of its $13.6B portfolio in Q3 2025.
  • Harding Loevner opened 5 new positions and closed 2 in Q3 2025.
  • Harding Loevner's portfolio value fell 8.3% quarter-over-quarter to $13.6B.

Based on Harding Loevner's 13F filing for Q3 2025, filed 14 Nov 2025.