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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
+12.7%
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
$17.1B
AUM Growth
-$439M
Cap. Flow
-$2.13B
Cap. Flow %
-12.42%
Top 10 Hldgs %
39.82%
Holding
76
New
2
Increased
7
Reduced
59
Closed
7
Avg Time Held
19.4 quarters
Top 10 Avg Time Held
11.6 quarters
Top 20 Avg Time Held
10.9 quarters

Top Buys

Rank Stock Value
1
BAP icon
Credicorp
BAP
+$194M
2
EL icon
Estee Lauder
EL
+$168M
3
DHR icon
Danaher
DHR
+$144M
4
LIN icon
Linde
LIN
+$92.3M
5
AMZN icon
Amazon
AMZN
+$47.3M

Top Sells

Rank Stock Value
1
ILMN icon
Illumina
ILMN
+$253M
2
SNPS icon
Synopsys
SNPS
+$179M
3
TTD icon
Trade Desk
TTD
+$164M
4
PYPL icon
PayPal
PYPL
+$160M
5
NKE icon
Nike
NKE
+$112M

Sector Composition

Rank Sector Weight
1 Technology 25.06%
2 Healthcare 17.65%
3 Financials 14.69%
4 Consumer Staples 9.68%
5 Industrials 8.91%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
NOC icon
51
Northrop Grumman
NOC
$68.3B
$118M 0.69%
259,183
-2,257
-0.9% -$1.02M
2023 Q1
1 quarter
ABBV icon
52
AbbVie
ABBV
$489B
$114M 0.67%
847,893
-159,424
-16% -$23.4M
2023 Q1
1 quarter
HLN icon
53
Haleon
HLN
$41B
$111M 0.65%
13,260,374
+3,554,361
+37% +$30.3M
2023 Q1
1 quarter
TS icon
54
Tenaris
TS
$28.9B
$92.7M 0.54%
3,096,501
+275,341
+10% +$7.65M
2013 Q2
40 quarters
ITUB icon
55
Itaú Unibanco
ITUB
$112B
$70.9M 0.41%
13,605,670
-4,833,412
-26% -$22.8M
2013 Q2
40 quarters
EPAM icon
56
EPAM Systems
EPAM
$5.84B
$56.3M 0.33%
250,624
-13,554
-5% -$3.41M
2017 Q2
24 quarters
ZTO icon
57
ZTO Express
ZTO
$15.1B
$54.4M 0.32%
2,167,649
-884,265
-29% -$24.3M
2019 Q4
14 quarters
VEU icon
58
Vanguard FTSE All-World ex-US ETF
VEU
$68.3B
$34.3M 0.2%
630,582
-213,755
-25% -$11.6M
2017 Q3
23 quarters
CIB icon
59
Grupo Cibest SA
CIB
$22.4B
$27.6M 0.16%
1,035,570
-381,328
-27% -$9.95M
2013 Q2
40 quarters
INDA icon
60
iShares MSCI India ETF
INDA
$5.73B
$21.7M 0.13%
497,596
-95,325
-16% -$3.95M
2019 Q2
16 quarters
BABA icon
61
Alibaba
BABA
$277B
$14.2M 0.08%
170,708
-79,108
-32% -$6.92M
2017 Q3
23 quarters
GMAB icon
62
Genmab
GMAB
$22.8B
$6.39M 0.04%
168,121
-2,029
-1% -$80.9K
2020 Q4
10 quarters
SONY icon
63
Sony
SONY
$141B
$3.97M 0.02%
+220,450
New +$4.13M
2023 Q2
0 quarters
ST icon
64
Sensata Technologies
ST
$6.15B
$3.15M 0.02%
70,017
-2,157
-3% -$94.6K
2018 Q1
21 quarters
ACWI icon
65
iShares MSCI ACWI ETF
ACWI
$33.3B
$1.06M 0.01%
11,070
-13,911
-56% -$1.29M
2019 Q3
15 quarters
VEA icon
66
Vanguard FTSE Developed Markets ETF
VEA
$230B
$460K ﹤0.01%
9,953
-448
-4% -$20.6K
2019 Q2
16 quarters
SAN icon
67
Banco Santander
SAN
$195B
$183K ﹤0.01%
49,212
– –
2019 Q3
15 quarters
NBIS
68
Nebius Group N.V.
NBIS
$60.1B
$180K ﹤0.01%
7,173,854
-742,026
-9% -$18.7K
2014 Q1
37 quarters
BBD icon
69
Banco Bradesco
BBD
$45.5B
$54.5K ﹤0.01%
15,761
-24,217,390
-100% -$74.8M
2013 Q2
40 quarters
ALGN icon
70
Align Technology
ALGN
$10.1B
– –
-19,034
Closed -$6.35M –
BSAC icon
71
Banco Santander Chile
BSAC
$15.2B
– –
-441,748
Closed -$7.88M –
CLB icon
72
Core Laboratories
CLB
$463M
– –
-124,004
Closed -$2.73M –
ETSY icon
73
Etsy
ETSY
$7.04B
– –
-453,319
Closed -$50.5M –
ILMN icon
74
Illumina
ILMN
$42B
– –
-1,120,397
Closed -$253M –
PYPL icon
75
PayPal
PYPL
$47.5B
– –
-2,111,005
Closed -$160M –
1 2
3
4

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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 Q2 2023 Portfolio in Review

As of Q2 2023, Harding Loevner held 76 positions worth $17.1B, down 2.5% from $17.6B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Harding Loevner withdrew a net $2.13B in Q2 2023, closing 7 positions and reducing 59 holdings. Its most notable exit was Illumina, an estimated $253M position sold in full.

By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 26% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Harding Loevner opened a new position in Estee Lauder worth $156M.

  • Harding Loevner's largest Q2 2023 buy was Estee Lauder: 793,141 shares worth $156M.
  • Harding Loevner added most to Credicorp in Q2 2023, an estimated $194M increase.
  • Harding Loevner's biggest Q2 2023 reduction was Synopsys, cutting an estimated $179M.
  • Harding Loevner fully exited Illumina in Q2 2023, selling an estimated $253M.
  • Harding Loevner's ten largest holdings make up 40% of its $17.1B portfolio in Q2 2023.
  • Harding Loevner opened 2 new positions and closed 7 in Q2 2023.
  • Harding Loevner's portfolio value fell 2.5% quarter-over-quarter to $17.1B.

Based on Harding Loevner's 13F filing for Q2 2023, filed 14 Aug 2023.