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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
+16.71%
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
$21.3B
AUM Growth
+$4B
Cap. Flow
+$1.22B
Cap. Flow %
5.74%
Top 10 Hldgs %
37.61%
Holding
143
New
4
Increased
59
Reduced
27
Closed
11
Avg Time Held
11.4 quarters
Top 10 Avg Time Held
9.2 quarters
Top 20 Avg Time Held
10 quarters

Top Buys

Rank Stock Value
1
CHL
China Mobile Limited
CHL
+$520M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$426M
3
ABEV icon
Ambev
ABEV
+$207M
4
DEO icon
Diageo
DEO
+$162M
5
ILMN icon
Illumina
ILMN
+$144M

Top Sells

Rank Stock Value
1
TS icon
Tenaris
TS
+$263M
2
ITUB icon
Itaú Unibanco
ITUB
+$151M
3
RDS.B
Royal Dutch Shell PLC ADS Class B
RDS.B
+$143M
4
COR icon
Cencora
COR
+$140M
5
NVDA icon
NVIDIA
NVDA
+$129M

Sector Composition

Rank Sector Weight
1 Technology 23.38%
2 Financials 21.86%
3 Communication Services 13.02%
4 Consumer Discretionary 11.75%
5 Consumer Staples 7.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
IPGP icon
51
IPG Photonics
IPGP
$3.33B
$155M 0.73%
1,018,473
+27,704
+3% +$3.92M
2014 Q2
19 quarters
EBAY icon
52
eBay
EBAY
$49.9B
$152M 0.71%
4,094,800
+120,121
+3% +$4.17M
2017 Q2
7 quarters
ILMN icon
53
Illumina
ILMN
$42B
$149M 0.7%
493,755
+493,693
+796,279% +$144M
2017 Q4
5 quarters
RDS.B
54
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
$144M 0.68%
2,255,655
-2,268,048
-50% -$143M
2016 Q1
12 quarters
SIVB
55
DELISTED
SVB Financial Group
SIVB
$144M 0.67%
645,596
+16,117
+3% +$3.75M
2013 Q2
23 quarters
VRTX icon
56
Vertex Pharmaceuticals
VRTX
$129B
$138M 0.65%
752,044
+751,975
+1,089,819% +$139M
2018 Q4
1 quarter
MMM icon
57
3M
MMM
$82.5B
$135M 0.64%
779,778
+19,897
+3% +$3.35M
2013 Q2
23 quarters
CBD
58
DELISTED
Companhia Brasileira de Distribuicao
CBD
$107M 0.5%
4,602,997
+33,515
+0.7% +$822K
2013 Q4
21 quarters
HSBC icon
59
HSBC
HSBC
$318B
$98.3M 0.46%
2,531,539
+151,219
+6% +$6.09M
2015 Q3
14 quarters
WB icon
60
Weibo
WB
$1.61B
$88.5M 0.42%
1,427,815
-1,682,074
-54% -$104M
2016 Q4
9 quarters
TV icon
61
Televisa
TV
$1.16B
$85.5M 0.4%
7,726,206
-708,419
-8% -$8.41M
2014 Q4
17 quarters
SSL icon
62
Sasol
SSL
$9.69B
$85.3M 0.4%
2,758,405
+95,611
+4% +$2.9M
2013 Q2
23 quarters
BSAC icon
63
Banco Santander Chile
BSAC
$15.2B
$82M 0.39%
2,757,585
-237,611
-8% -$7.42M
2013 Q2
23 quarters
JD icon
64
JD.com
JD
$36.6B
$72.6M 0.34%
2,409,350
+27,329
+1% +$695K
2015 Q4
13 quarters
EC icon
65
Ecopetrol
EC
$34.8B
$16.4M 0.08%
764,409
-26,065
-3% -$510K
2013 Q2
23 quarters
BMA icon
66
Banco Macro
BMA
$4.15B
$7.24M 0.03%
158,276
-939,547
-86% -$48.3M
2016 Q2
11 quarters
GGAL icon
67
Galicia Financial Group
GGAL
$5.91B
$6.25M 0.03%
244,831
-14,638
-6% -$459K
2016 Q3
10 quarters
LOMA
68
Loma Negra
LOMA
$1.18B
$4.13M 0.02%
377,386
-2,600
-0.7% -$31K
2018 Q2
3 quarters
TEO icon
69
Telecom Argentina
TEO
$5.33B
$3.88M 0.02%
265,828
-15,994
-6% -$250K
2018 Q1
4 quarters
UNH icon
70
UnitedHealth
UNH
$340B
$3.71M 0.02%
+14,990
New +$3.82M
2019 Q1
0 quarters
CLB icon
71
Core Laboratories
CLB
$463M
$2.96M 0.01%
42,982
+10,249
+31% +$687K
2018 Q2
3 quarters
UGP icon
72
Ultrapar
UGP
$8.42B
$2.34M 0.01%
391,092
-17,774
-4% -$126K
2017 Q2
7 quarters
ST icon
73
Sensata Technologies
ST
$6.15B
$605K ﹤0.01%
13,434
+717
+6% +$34K
2018 Q1
4 quarters
KOF icon
74
Coca-Cola Femsa
KOF
$23.1B
$341K ﹤0.01%
5,171
+3,651
+240% +$229K
2015 Q3
14 quarters
ALL icon
75
Allstate
ALL
$58B
$288K ﹤0.01%
3,058
– –
2014 Q1
20 quarters
1 2
3
4 5

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DPIM
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CA
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SCM
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FCM
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URS
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AAM
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Harding Loevner's Q1 2019 Portfolio in Review

As of Q1 2019, Harding Loevner held 143 positions worth $21.3B, up 23% from $17.3B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Harding Loevner deployed $1.22B of net new capital in Q1 2019, opening 4 new positions and adding to 59 existing holdings. Its largest new stake was Diageo: 1,063,948 shares worth $174M.

By sector, the portfolio is most concentrated in Technology at 23% of assets, up from 23% a quarter earlier, followed by Financials and Communication Services.

On the sell side, the largest reduction was Tenaris, an estimated $263M trimmed.

  • Harding Loevner's largest Q1 2019 buy was Diageo: 1,063,948 shares worth $174M.
  • Harding Loevner added most to China Mobile Limited in Q1 2019, an estimated $520M increase.
  • Harding Loevner's biggest Q1 2019 reduction was Tenaris, cutting an estimated $263M.
  • Harding Loevner fully exited iShares MSCI ACWI ex US ETF in Q1 2019, selling an estimated $40.7M.
  • Harding Loevner's ten largest holdings make up 38% of its $21.3B portfolio in Q1 2019.
  • Harding Loevner opened 4 new positions and closed 11 in Q1 2019.
  • Harding Loevner's portfolio value rose 23% quarter-over-quarter to $21.3B.

Based on Harding Loevner's 13F filing for Q1 2019, filed 15 May 2019.