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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
XOM icon
51
ExxonMobil
XOM
$656B
$112M 0.65%
1,648,384
+106,180
+7% +$8.33M
IPGP icon
52
IPG Photonics
IPGP
$3.32B
$112M 0.65%
990,769
+63,764
+7% +$8.48M
EBAY icon
53
eBay
EBAY
$46B
$112M 0.65%
3,974,679
+230,878
+6% +$6.79M
TV icon
54
Televisa
TV
$1.39B
$106M 0.61%
8,434,625
+572,912
+7% +$8.39M
TCOM icon
55
Trip.com Group
TCOM
$25.8B
$102M 0.59%
3,787,732
-123,951
-3% -$3.78M
CBD
56
DELISTED
Companhia Brasileira de Distribuicao
CBD
$94.9M 0.55%
4,569,482
-232,198
-5% -$4.96M
VEU icon
57
Vanguard FTSE All-World ex-US ETF
VEU
$71.3B
$94.9M 0.55%
2,081,975
+1,989,343
+2,148% +$95.5M
HSBC icon
58
HSBC
HSBC
$367B
$94.3M 0.55%
2,380,320
-267,318
-10% -$10.7M
BSAC icon
59
Banco Santander Chile
BSAC
$16.8B
$89.6M 0.52%
2,995,196
-414,122
-12% -$12.6M
SSL icon
60
Sasol
SSL
$7.87B
$78M 0.45%
2,662,794
-177,102
-6% -$5.74M
JD icon
61
JD.com
JD
$38.2B
$49.9M 0.29%
2,382,021
-168,976
-7% -$3.78M
BMA icon
62
Banco Macro
BMA
$5.02B
$48.5M 0.28%
1,097,823
-680,065
-38% -$28.6M
ACWX icon
63
iShares MSCI ACWI ex US ETF
ACWX
$12.7B
$40.7M 0.24%
+970,936
New +$42.8M
EC icon
64
Ecopetrol
EC
$35.5B
$12.6M 0.07%
790,474
-139,415
-15% -$2.99M
SCZ icon
65
iShares MSCI EAFE Small-Cap ETF
SCZ
$13.2B
$8.78M 0.05%
+169,417
New +$9.49M
GGAL icon
66
Galicia Financial Group
GGAL
$7.13B
$7.15M 0.04%
259,469
-38,983
-13% -$990K
FMS icon
67
Fresenius Medical Care
FMS
$12.1B
$6.53M 0.04%
201,548
-3,996,267
-95% -$161M
CHL
68
DELISTED
China Mobile Limited
CHL
$6.08M 0.04%
126,660
-321
-0.3% -$15.5K
TEO icon
69
Telecom Argentina
TEO
$5.61B
$4.38M 0.03%
281,822
-43,438
-13% -$744K
LOMA
70
Loma Negra
LOMA
$1.2B
$4.23M 0.02%
379,986
-69,277
-15% -$673K
UGP icon
71
Ultrapar
UGP
$7.76B
$2.77M 0.02%
408,866
– –
CLB icon
72
Core Laboratories
CLB
$575M
$1.95M 0.01%
32,733
+21,020
+179% +$1.81M
EFA icon
73
iShares MSCI EAFE ETF
EFA
$80.1B
$1.58M 0.01%
+26,917
New +$1.68M
EFG icon
74
iShares MSCI EAFE Growth ETF
EFG
$17B
$750K ﹤0.01%
10,864
+9,638
+786% +$702K
ST icon
75
Sensata Technologies
ST
$6.27B
$570K ﹤0.01%
12,717
-2,133
-14% -$96.5K
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
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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.