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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
+16.71%
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
$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

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 19.84%
3 Consumer Discretionary 11.75%
4 Communication Services 10.6%
5 Industrials 7.41%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IPGP icon
51
IPG Photonics
IPGP
$3.84B
$155M 0.73%
1,018,473
+27,704
+3% +$3.92M
EBAY icon
52
eBay
EBAY
$49.8B
$152M 0.71%
4,094,800
+120,121
+3% +$4.17M
ILMN icon
53
Illumina
ILMN
$28.4B
$149M 0.7%
493,755
+493,693
+796,279% +$144M
RDS.B
54
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
$144M 0.68%
2,255,655
-2,268,048
-50% -$143M
SIVB
55
DELISTED
SVB Financial Group
SIVB
$144M 0.67%
645,596
+16,117
+3% +$3.75M
VRTX icon
56
Vertex Pharmaceuticals
VRTX
$126B
$138M 0.65%
752,044
+751,975
+1,089,819% +$139M
MMM icon
57
3M
MMM
$94.3B
$135M 0.64%
779,778
+19,897
+3% +$3.35M
CBD
58
DELISTED
Companhia Brasileira de Distribuicao
CBD
$107M 0.5%
4,602,997
+33,515
+0.7% +$822K
HSBC icon
59
HSBC
HSBC
$356B
$98.3M 0.46%
2,531,539
+151,219
+6% +$6.09M
WB icon
60
Weibo
WB
$1.95B
$88.5M 0.42%
1,427,815
-1,682,074
-54% -$104M
TV icon
61
Televisa
TV
$1.49B
$85.5M 0.4%
7,726,206
-708,419
-8% -$8.41M
SSL icon
62
Sasol
SSL
$7.1B
$85.3M 0.4%
2,758,405
+95,611
+4% +$2.9M
BSAC icon
63
Banco Santander Chile
BSAC
$16.6B
$82M 0.39%
2,757,585
-237,611
-8% -$7.42M
JD icon
64
JD.com
JD
$44.5B
$72.6M 0.34%
2,409,350
+27,329
+1% +$695K
EC icon
65
Ecopetrol
EC
$34.5B
$16.4M 0.08%
764,409
-26,065
-3% -$510K
BMA icon
66
Banco Macro
BMA
$5.35B
$7.24M 0.03%
158,276
-939,547
-86% -$48.3M
GGAL icon
67
Galicia Financial Group
GGAL
$7.42B
$6.25M 0.03%
244,831
-14,638
-6% -$459K
LOMA
68
Loma Negra
LOMA
$1.22B
$4.13M 0.02%
377,386
-2,600
-0.7% -$31K
TEO icon
69
Telecom Argentina
TEO
$5.96B
$3.88M 0.02%
265,828
-15,994
-6% -$250K
UNH icon
70
UnitedHealth
UNH
$370B
$3.71M 0.02%
+14,990
New +$3.82M
CLB icon
71
Core Laboratories
CLB
$521M
$2.96M 0.01%
42,982
+10,249
+31% +$687K
UGP icon
72
Ultrapar
UGP
$6.54B
$2.34M 0.01%
391,092
-17,774
-4% -$126K
ST icon
73
Sensata Technologies
ST
$6.79B
$605K ﹤0.01%
13,434
+717
+6% +$34K
KOF icon
74
Coca-Cola Femsa
KOF
$23.2B
$341K ﹤0.01%
5,171
+3,651
+240% +$229K
ALL icon
75
Allstate
ALL
$67.5B
$288K ﹤0.01%
3,058
– –
1 2
3
4 5

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CCM
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SC
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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 Consumer Discretionary.

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.