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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
-3.59%
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
$15.1B
AUM Growth
-$1.99B
Cap. Flow
-$1.31B
Cap. Flow %
-8.63%
Top 10 Hldgs %
39.29%
Holding
73
New
4
Increased
11
Reduced
55
Closed
2

Top Buys

Rank Stock Value
1
RGEN icon
Repligen
RGEN
+$119M
2
HON icon
Honeywell
HON
+$116M
3
GMAB icon
Genmab
GMAB
+$116M
4
TMO icon
Thermo Fisher Scientific
TMO
+$99.6M
5
HLN icon
Haleon
HLN
+$76.8M

Top Sells

Rank Stock Value
1
ABCM
Abcam PLC
ABCM
+$262M
2
EL icon
Estee Lauder
EL
+$156M
3
HDB icon
HDFC Bank
HDB
+$141M
4
CRM icon
Salesforce
CRM
+$98.3M
5
FMX icon
Fomento Económico Mexicano
FMX
+$89.8M

Sector Composition

Rank Sector Weight
1 Technology 24.11%
2 Healthcare 18.84%
3 Financials 14.26%
4 Communication Services 9.19%
5 Industrials 9.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TLK icon
51
Telkom Indonesia
TLK
$14.9B
$109M 0.72%
4,542,289
-116,058
-2% -$2.87M
EW icon
52
Edwards Lifesciences
EW
$51.7B
$102M 0.68%
1,476,559
-217,390
-13% -$17.5M
NOC icon
53
Northrop Grumman
NOC
$81.2B
$100M 0.66%
227,489
-31,694
-12% -$13.9M
NKE icon
54
Nike
NKE
$61.9B
$99.7M 0.66%
1,042,474
-143,403
-12% -$14.8M
TS icon
55
Tenaris
TS
$26.8B
$80.3M 0.53%
2,542,254
-554,247
-18% -$17.9M
VEU icon
56
Vanguard FTSE All-World ex-US ETF
VEU
$68.5B
$66.3M 0.44%
1,278,283
+647,701
+103% +$35M
EPAM icon
57
EPAM Systems
EPAM
$5.03B
$53M 0.35%
207,443
-43,181
-17% -$10.7M
ITUB icon
58
Itaú Unibanco
ITUB
$87.5B
$51.9M 0.34%
10,957,644
-2,648,026
-19% -$13.2M
ZTO icon
59
ZTO Express
ZTO
$17.9B
$42.9M 0.28%
1,776,596
-391,053
-18% -$9.95M
CIB icon
60
Grupo Cibest SA
CIB
$21.1B
$22.8M 0.15%
854,263
-181,307
-18% -$5.04M
BABA icon
61
Alibaba
BABA
$308B
$12.8M 0.08%
147,358
-23,350
-14% -$2.14M
SONY icon
62
Sony
SONY
$138B
$8.15M 0.05%
494,235
+273,785
+124% +$4.78M
INDA icon
63
iShares MSCI India ETF
INDA
$6.63B
$6.24M 0.04%
141,046
-356,550
-72% -$15.8M
ST icon
64
Sensata Technologies
ST
$6.79B
$2.43M 0.02%
64,170
-5,847
-8% -$236K
ACWI icon
65
iShares MSCI ACWI ETF
ACWI
$33.5B
$2.3M 0.02%
24,860
+13,790
+125% +$1.32M
VEA icon
66
Vanguard FTSE Developed Markets ETF
VEA
$236B
$963K 0.01%
22,016
+12,063
+121% +$552K
EFG icon
67
iShares MSCI EAFE Growth ETF
EFG
$17.3B
$762K 0.01%
+8,824
New +$813K
EFA icon
68
iShares MSCI EAFE ETF
EFA
$80.2B
$262K ﹤0.01%
+3,804
New +$273K
SAN icon
69
Banco Santander
SAN
$210B
$185K ﹤0.01%
49,212
– –
NBIS
70
Nebius Group N.V.
NBIS
$47.7B
$154K ﹤0.01%
4,804,303
-2,369,551
-33% -$76.1K
BBD icon
71
Banco Bradesco
BBD
$36.7B
$34.6K ﹤0.01%
12,126
-3,635
-23% -$11.5K
EL icon
72
Estee Lauder
EL
$32B
– –
-793,141
Closed -$156M
ABCM
73
DELISTED
Abcam PLC
ABCM
– –
-10,687,444
Closed -$262M
1 2
3

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DCP
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FCM
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CCM
Cullen Capital Management New York $9.75B AUM 21.81% 1-Year Est. Return
URS
Utah Retirement Systems Salt Lake City, Utah $9.78B AUM 28.72% 1-Year Est. Return
MPI
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TIM
Thornburg Investment Management Santa Fe, New Mexico $9.63B AUM 35.65% 1-Year Est. Return
SC
Sculptor Capital New York $9.61B AUM 27.5% 1-Year Est. Return
TCA
Tortoise Capital Advisors Overland Park, Kansas $9.6B AUM 19.53% 1-Year Est. Return

Harding Loevner's Q3 2023 Portfolio in Review

As of Q3 2023, Harding Loevner held 73 positions worth $15.1B, down 12% from $17.1B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Harding Loevner withdrew a net $1.31B in Q3 2023, closing 2 positions and reducing 55 holdings. Its most notable exit was Abcam PLC, an estimated $262M position sold in full.

By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Harding Loevner opened a new position in Repligen worth $115M.

  • Harding Loevner's largest Q3 2023 buy was Repligen: 725,408 shares worth $115M.
  • Harding Loevner added most to Genmab in Q3 2023, an estimated $116M increase.
  • Harding Loevner's biggest Q3 2023 reduction was HDFC Bank, cutting an estimated $141M.
  • Harding Loevner fully exited Abcam PLC in Q3 2023, selling an estimated $262M.
  • Harding Loevner's ten largest holdings make up 39% of its $15.1B portfolio in Q3 2023.
  • Harding Loevner opened 4 new positions and closed 2 in Q3 2023.
  • Harding Loevner's portfolio value fell 12% quarter-over-quarter to $15.1B.

Based on Harding Loevner's 13F filing for Q3 2023, filed 14 Nov 2023.