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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
-0.17%
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
$17.8B
AUM Growth
-$1.45B
Cap. Flow
-$1.04B
Cap. Flow %
-5.84%
Top 10 Hldgs %
39.23%
Holding
158
New
6
Increased
38
Reduced
44
Closed
21

Top Buys

1
BABA icon
Alibaba
BABA
+$208M
2
CGNX icon
Cognex
CGNX
+$130M
3
BIDU icon
Baidu
BIDU
+$121M
4
ITUB icon
Itaú Unibanco
ITUB
+$72.8M
5
EPAM icon
EPAM Systems
EPAM
+$64.3M

Top Sells

1
SHPG
Shire pic
SHPG
+$239M
2
RDS.B
Royal Dutch Shell PLC ADS Class B
RDS.B
+$159M
3
WB icon
Weibo
WB
+$155M
4
TSM icon
TSMC
TSM
+$155M
5
SAP icon
SAP
SAP
+$148M

Sector Composition

1 Financials 21.97%
2 Technology 19.18%
3 Communication Services 14.15%
4 Consumer Discretionary 10.14%
5 Energy 9.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
HSBC icon
51
HSBC
HSBC
$345B
$119M 0.67%
2,682,805
-401
-0% -$18.4K
TCOM icon
52
Trip.com Group
TCOM
$27.5B
$118M 0.67%
2,485,290
+132,333
+6% +$5.98M
ABEV icon
53
Ambev
ABEV
$47.1B
$115M 0.64%
24,759,818
+207,607
+0.8% +$1.22M
MMM icon
54
3M
MMM
$84.4B
$113M 0.64%
689,118
+401
+0.1% +$68.4K
WBC
55
DELISTED
WABCO HOLDINGS INC.
WBC
$108M 0.61%
924,637
-7,863
-0.8% -$1M
SSL icon
56
Sasol
SSL
$6.99B
$103M 0.58%
2,810,095
-1,220,373
-30% -$44.1M
BMA icon
57
Banco Macro
BMA
$5.81B
$103M 0.58%
1,746,126
+470,755
+37% +$40.4M
JD icon
58
JD.com
JD
$40.1B
$99.5M 0.56%
2,555,841
-3,790,195
-60% -$146M
WPP icon
59
WPP
WPP
$4.2B
$97.1M 0.55%
1,235,368
-470,348
-28% -$39M
FMX icon
60
Fomento Económico Mexicano
FMX
$44.1B
$89M 0.5%
1,013,334
+5,685
+0.6% +$502K
WBA
61
DELISTED
Walgreens Boots Alliance
WBA
$87.2M 0.49%
1,453,234
-12,576
-0.9% -$810K
EPAM icon
62
EPAM Systems
EPAM
$4.58B
$66.5M 0.37%
534,738
+534,588
+356,392% +$64.3M
NTES icon
63
NetEase
NTES
$83.4B
$42.7M 0.24%
844,275
-557,850
-40% -$28.5M
EC icon
64
Ecopetrol
EC
$32.5B
$18.9M 0.11%
921,489
-6,857
-0.7% -$145K
GGAL icon
65
Galicia Financial Group
GGAL
$8.06B
$10M 0.06%
304,210
+70,081
+30% +$3.6M
TEO icon
66
Telecom Argentina
TEO
$5.73B
$5.85M 0.03%
329,978
+228
+0.1% +$5.79K
PX
67
DELISTED
Praxair Inc
PX
$3.89M 0.02%
24,584
-12,515
-34% -$1.93M
VEU icon
68
Vanguard FTSE All-World ex-US ETF
VEU
$66.1B
$3.87M 0.02%
74,563
+71,013
+2,000% +$3.85M
LOMA
69
Loma Negra
LOMA
$1.32B
$2.8M 0.02%
+272,900
New +$4.5M
CLB icon
70
Core Laboratories
CLB
$530M
$1.58M 0.01%
+12,562
New +$1.53M
ST icon
71
Sensata Technologies
ST
$6.46B
$782K ﹤0.01%
16,444
-14,796
-47% -$771K
ALL icon
72
Allstate
ALL
$62.3B
$279K ﹤0.01%
3,058
– –
INFY icon
73
Infosys
INFY
$46.7B
$194K ﹤0.01%
19,998
+698
+4% +$6.24K
ELV icon
74
Elevance Health
ELV
$80.9B
$190K ﹤0.01%
800
– –
CHL
75
DELISTED
China Mobile Limited
CHL
$166K ﹤0.01%
3,730
-3,119,029
-100% -$144M
1 2
3
4 5

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CIM
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TIM
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Harding Loevner's Q2 2018 Portfolio in Review

As of Q2 2018, Harding Loevner held 158 positions worth $17.8B, down 7.6% from $19.2B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Harding Loevner withdrew a net $1.04B in Q2 2018, closing 21 positions and reducing 44 holdings. Its most notable exit was Starbucks, an estimated $135M position sold in full.

By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 22% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Harding Loevner opened a new position in Cognex worth $122M.

  • Harding Loevner's largest Q2 2018 buy was Cognex: 2,743,171 shares worth $122M.
  • Harding Loevner added most to Alibaba in Q2 2018, an estimated $208M increase.
  • Harding Loevner's biggest Q2 2018 reduction was Shire pic, cutting an estimated $239M.
  • Harding Loevner fully exited Starbucks in Q2 2018, selling an estimated $135M.
  • Harding Loevner's ten largest holdings make up 39% of its $17.8B portfolio in Q2 2018.
  • Harding Loevner opened 6 new positions and closed 21 in Q2 2018.
  • Harding Loevner's portfolio value fell 7.6% quarter-over-quarter to $17.8B.

Based on Harding Loevner's 13F filing for Q2 2018, filed 14 Aug 2018.