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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
+12.74%
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
$22.5B
AUM Growth
+$1.28B
Cap. Flow
-$1.15B
Cap. Flow %
-5.12%
Top 10 Hldgs %
39.55%
Holding
141
New
7
Increased
23
Reduced
64
Closed
1

Top Buys

Rank Stock Value
1
BIDU icon
Baidu
BIDU
+$165M
2
CRM icon
Salesforce
CRM
+$150M
3
WDAY icon
Workday
WDAY
+$147M
4
HSBC icon
HSBC
HSBC
+$97.9M
5
CL icon
Colgate-Palmolive
CL
+$72.3M

Top Sells

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$242M
2
GRFS
Grifois
GRFS
+$196M
3
IPGP icon
IPG Photonics
IPGP
+$136M
4
CHKP icon
Check Point Software Technologies
CHKP
+$132M
5
PYPL icon
PayPal
PYPL
+$78.5M

Sector Composition

Rank Sector Weight
1 Technology 23.47%
2 Financials 22.05%
3 Communication Services 14.45%
4 Consumer Discretionary 10.66%
5 Consumer Staples 8.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
NTES icon
51
NetEase
NTES
$76.4B
$139M 0.62%
2,272,335
-339,430
-13% -$19.9M
ATHM icon
52
Autohome
ATHM
$2.54B
$137M 0.61%
1,710,468
-8,095
-0.5% -$630K
WBA
53
DELISTED
Walgreens Boots Alliance
WBA
$128M 0.57%
2,176,214
-282,337
-11% -$16.3M
EBAY icon
54
eBay
EBAY
$46B
$126M 0.56%
3,482,028
-449,744
-11% -$16.3M
RDS.B
55
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
$123M 0.55%
2,053,373
-93,959
-4% -$5.53M
CGNX icon
56
Cognex
CGNX
$10.5B
$123M 0.55%
2,190,063
-288,525
-12% -$14.9M
CTSH icon
57
Cognizant
CTSH
$28.1B
$119M 0.53%
1,923,852
-248,289
-11% -$15.3M
UL icon
58
Unilever
UL
$138B
$114M 0.51%
1,772,601
-591,622
-25% -$39.3M
VEU icon
59
Vanguard FTSE All-World ex-US ETF
VEU
$71.2B
$114M 0.51%
2,114,107
+1,255,392
+146% +$65.2M
CBD
60
DELISTED
Companhia Brasileira de Distribuicao
CBD
$103M 0.46%
4,698,746
-13,349
-0.3% -$268K
MMM icon
61
3M
MMM
$86.9B
$101M 0.45%
681,592
-90,202
-12% -$12.6M
JD icon
62
JD.com
JD
$38.2B
$86.9M 0.39%
2,466,589
+21,279
+0.9% +$687K
RIO icon
63
Rio Tinto
RIO
$168B
$79.6M 0.35%
1,341,031
-71,559
-5% -$3.88M
WB icon
64
Weibo
WB
$1.65B
$67.7M 0.3%
1,460,583
-5,683
-0.4% -$266K
BSAC icon
65
Banco Santander Chile
BSAC
$16.8B
$63.9M 0.28%
2,768,624
-16,267
-0.6% -$404K
SSL icon
66
Sasol
SSL
$7.87B
$49.9M 0.22%
2,309,106
-218,144
-9% -$4.17M
INDA icon
67
iShares MSCI India ETF
INDA
$6.75B
$41.7M 0.19%
1,186,769
+70,419
+6% +$2.41M
EFA icon
68
iShares MSCI EAFE ETF
EFA
$80.1B
$19.3M 0.09%
+278,464
New +$18.8M
ACWX icon
69
iShares MSCI ACWI ex US ETF
ACWX
$12.7B
$16.8M 0.07%
+342,099
New +$16.3M
EC icon
70
Ecopetrol
EC
$35.5B
$14.5M 0.06%
724,503
-51,283
-7% -$945K
SCZ icon
71
iShares MSCI EAFE Small-Cap ETF
SCZ
$13.3B
$6.56M 0.03%
+105,279
New +$6.33M
CLB icon
72
Core Laboratories
CLB
$575M
$5.39M 0.02%
143,083
-14,736
-9% -$662K
UNH icon
73
UnitedHealth
UNH
$356B
$4.81M 0.02%
16,363
+674
+4% +$176K
ALC icon
74
Alcon
ALC
$34.1B
$3.62M 0.02%
+64,056
New +$3.67M
ACWI icon
75
iShares MSCI ACWI ETF
ACWI
$33.5B
$3.28M 0.01%
41,369
+19,545
+90% +$1.49M
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 Q4 2019 Portfolio in Review

As of Q4 2019, Harding Loevner held 141 positions worth $22.5B, up 6% from $21.2B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Harding Loevner withdrew a net $1.15B in Q4 2019, closing 1 position and reducing 64 holdings. Its most notable exit was Amazon, an estimated $242M position sold in full.

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.

Against the trend, Harding Loevner opened a new position in iShares MSCI EAFE ETF worth $19.3M.

  • Harding Loevner's largest Q4 2019 buy was iShares MSCI EAFE ETF: 278,464 shares worth $19.3M.
  • Harding Loevner added most to Baidu in Q4 2019, an estimated $165M increase.
  • Harding Loevner's biggest Q4 2019 reduction was Grifois, cutting an estimated $196M.
  • Harding Loevner fully exited Amazon in Q4 2019, selling an estimated $242M.
  • Harding Loevner's ten largest holdings make up 40% of its $22.5B portfolio in Q4 2019.
  • Harding Loevner opened 7 new positions and closed 1 in Q4 2019.
  • Harding Loevner's portfolio value rose 6% quarter-over-quarter to $22.5B.

Based on Harding Loevner's 13F filing for Q4 2019, filed 14 Feb 2020.