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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
+12.11%
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
$17.6B
AUM Growth
+$212M
Cap. Flow
-$1.39B
Cap. Flow %
-7.94%
Top 10 Hldgs %
38.38%
Holding
85
New
3
Increased
21
Reduced
49
Closed
11

Top Buys

Rank Stock Value
1
LIN icon
Linde
LIN
+$217M
2
ABBV icon
AbbVie
ABBV
+$154M
3
NOC icon
Northrop Grumman
NOC
+$121M
4
CME icon
CME Group
CME
+$113M
5
BAP icon
Credicorp
BAP
+$86.7M

Top Sells

Rank Stock Value
1
FRC
First Republic Bank
FRC
+$400M
2
IBN icon
ICICI Bank
IBN
+$299M
3
SIVB
SVB Financial Group
SIVB
+$273M
4
HDB icon
HDFC Bank
HDB
+$200M
5
LULU icon
lululemon athletica
LULU
+$180M

Sector Composition

Rank Sector Weight
1 Technology 25.82%
2 Healthcare 17.95%
3 Financials 14.14%
4 Industrials 9.73%
5 Communication Services 9.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BBVA icon
51
Banco Bilbao Vizcaya Argentaria
BBVA
$163B
$149M 0.85%
21,195,228
+272,562
+1% +$1.94M
TLK icon
52
Telkom Indonesia
TLK
$14.6B
$131M 0.75%
4,807,323
+95,089
+2% +$2.45M
NOC icon
53
Northrop Grumman
NOC
$73.2B
$121M 0.69%
+261,440
New +$121M
BAP icon
54
Credicorp
BAP
$30.4B
$91.5M 0.52%
691,134
+646,212
+1,439% +$86.7M
ZTO icon
55
ZTO Express
ZTO
$15.9B
$87.5M 0.5%
3,051,914
-68,130
-2% -$1.86M
TS icon
56
Tenaris
TS
$28.5B
$80.2M 0.46%
2,821,160
-81,798
-3% -$2.69M
ITUB icon
57
Itaú Unibanco
ITUB
$89.8B
$79.3M 0.45%
18,439,082
-8,912,543
-33% -$37.8M
HLN icon
58
Haleon
HLN
$42.2B
$79M 0.45%
+9,706,013
New +$77.4M
EPAM icon
59
EPAM Systems
EPAM
$6.04B
$79M 0.45%
264,178
-79,638
-23% -$25.7M
BBD icon
60
Banco Bradesco
BBD
$36.7B
$63.5M 0.36%
24,233,151
+14,304,108
+144% +$38M
ETSY icon
61
Etsy
ETSY
$7.02B
$50.5M 0.29%
453,319
-603,201
-57% -$74.8M
VEU icon
62
Vanguard FTSE All-World ex-US ETF
VEU
$71.3B
$45.1M 0.26%
844,337
-1,294,952
-61% -$68.6M
CIB icon
63
Grupo Cibest SA
CIB
$23.8B
$35.6M 0.2%
1,416,898
-103,629
-7% -$2.8M
BABA icon
64
Alibaba
BABA
$281B
$25.5M 0.15%
249,816
-175
-0.1% -$17.5K
INDA icon
65
iShares MSCI India ETF
INDA
$6.77B
$23.3M 0.13%
592,921
-15,729
-3% -$633K
BSAC icon
66
Banco Santander Chile
BSAC
$16.8B
$7.88M 0.04%
441,748
-5,046
-1% -$84.7K
NBIS
67
Nebius Group N.V.
NBIS
$61.5B
$6.48M 0.04%
7,915,880
+14,806
+0.2% +$12.1K
GMAB icon
68
Genmab
GMAB
$20.7B
$6.43M 0.04%
170,150
+47,238
+38% +$1.82M
ALGN icon
69
Align Technology
ALGN
$11.3B
$6.35M 0.04%
19,034
-561,056
-97% -$166M
ST icon
70
Sensata Technologies
ST
$6.27B
$3.61M 0.02%
72,174
+1,985
+3% +$96K
CLB icon
71
Core Laboratories
CLB
$575M
$2.73M 0.02%
124,004
+4,417
+4% +$103K
ACWI icon
72
iShares MSCI ACWI ETF
ACWI
$33.5B
$2.28M 0.01%
24,981
-76,722
-75% -$6.84M
VEA icon
73
Vanguard FTSE Developed Markets ETF
VEA
$241B
$470K ﹤0.01%
10,401
-56,870
-85% -$2.53M
SAN icon
74
Banco Santander
SAN
$217B
$182K ﹤0.01%
49,212
– –
ACWX icon
75
iShares MSCI ACWI ex US ETF
ACWX
$12.7B
– –
-595,745
Closed -$27.1M
1 2
3
4

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FMI
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VAS
Vestmark Advisory Solutions Wakefield, Massachusetts $10.6B AUM 25.02% 1-Year Est. Return
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
Utah Retirement Systems Salt Lake City, Utah $10.5B AUM 42.22% 1-Year Est. Return
AAM
Alphadyne Asset Management New York $10.5B AUM 37.62% 1-Year Est. Return

Harding Loevner's Q1 2023 Portfolio in Review

As of Q1 2023, Harding Loevner held 85 positions worth $17.6B, up 1.2% from $17.4B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Harding Loevner withdrew a net $1.39B in Q1 2023, closing 11 positions and reducing 49 holdings. Its most notable exit was First Republic Bank, an estimated $400M position sold in full.

By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 22% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Harding Loevner opened a new position in AbbVie worth $161M.

  • Harding Loevner's largest Q1 2023 buy was AbbVie: 1,007,317 shares worth $161M.
  • Harding Loevner added most to Linde in Q1 2023, an estimated $217M increase.
  • Harding Loevner's biggest Q1 2023 reduction was ICICI Bank, cutting an estimated $299M.
  • Harding Loevner fully exited First Republic Bank in Q1 2023, selling an estimated $400M.
  • Harding Loevner's ten largest holdings make up 38% of its $17.6B portfolio in Q1 2023.
  • Harding Loevner opened 3 new positions and closed 11 in Q1 2023.
  • Harding Loevner's portfolio value rose 1.2% quarter-over-quarter to $17.6B.

Based on Harding Loevner's 13F filing for Q1 2023, filed 15 May 2023.