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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
+15.38%
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
$14.9B
AUM Growth
+$1.8B
Cap. Flow
+$163M
Cap. Flow %
1.1%
Top 10 Hldgs %
44.49%
Holding
72
New
5
Increased
30
Reduced
32
Closed
4

Top Buys

Rank Stock Value
1
NTES icon
NetEase
NTES
+$289M
2
RYAAY icon
Ryanair
RYAAY
+$223M
3
V icon
Visa
V
+$98.2M
4
PGR icon
Progressive
PGR
+$95.8M
5
JNJ icon
Johnson & Johnson
JNJ
+$89M

Top Sells

Rank Stock Value
1
UNH icon
UnitedHealth
UNH
+$255M
2
CRM icon
Salesforce
CRM
+$150M
3
ACN icon
Accenture
ACN
+$84.3M
4
NFLX icon
Netflix
NFLX
+$82.4M
5
TMO icon
Thermo Fisher Scientific
TMO
+$78.2M

Sector Composition

Rank Sector Weight
1 Technology 28.97%
2 Financials 16.88%
3 Communication Services 11.68%
4 Healthcare 11.25%
5 Industrials 9.76%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TLK icon
51
Telkom Indonesia
TLK
$14.2B
$85M 0.57%
5,015,102
+552,636
+12% +$8.85M
SLB icon
52
SLB Ltd
SLB
$78.4B
$77.9M 0.52%
2,305,795
+508,703
+28% +$17.6M
NOC icon
53
Northrop Grumman
NOC
$77B
$75.6M 0.51%
151,207
+2,829
+2% +$1.39M
GLOB icon
54
Globant
GLOB
$1.35B
$69.9M 0.47%
769,843
-98,535
-11% -$10.5M
GMAB icon
55
Genmab
GMAB
$17.7B
$60.4M 0.41%
2,923,439
+42,613
+1% +$875K
CRM icon
56
Salesforce
CRM
$134B
$49M 0.33%
179,859
-559,721
-76% -$150M
VEU icon
57
Vanguard FTSE All-World ex-US ETF
VEU
$65.6B
$43.6M 0.29%
649,338
-273,175
-30% -$17.3M
NVS icon
58
Novartis
NVS
$295B
$37.9M 0.26%
+313,527
New +$35.3M
TS icon
59
Tenaris
TS
$29.1B
$16.9M 0.11%
450,593
-145,053
-24% -$4.97M
KSPI icon
60
Kaspi.kz JSC
KSPI
$16.3B
$12.8M 0.09%
151,360
-34,947
-19% -$2.98M
ITUB icon
61
Itaú Unibanco
ITUB
$91.3B
$11.9M 0.08%
1,800,119
-497,342
-22% -$3.03M
INDA icon
62
iShares MSCI India ETF
INDA
$6.71B
$8.78M 0.06%
157,699
– –
CIB icon
63
Grupo Cibest SA
CIB
$20.4B
$8.75M 0.06%
189,494
+5,833
+3% +$242K
EPAM icon
64
EPAM Systems
EPAM
$4.69B
$7.17M 0.05%
40,538
-10,028
-20% -$1.68M
IBN icon
65
ICICI Bank
IBN
$106B
$2.57M 0.02%
76,478
-5,313
-6% -$176K
ACWI icon
66
iShares MSCI ACWI ETF
ACWI
$32.6B
$1.84M 0.01%
14,287
-20,305
-59% -$2.43M
VEA icon
67
Vanguard FTSE Developed Markets ETF
VEA
$226B
$1.34M 0.01%
23,578
-2,579
-10% -$138K
EFA icon
68
iShares MSCI EAFE ETF
EFA
$76.4B
$282K ﹤0.01%
3,158
-15,449
-83% -$1.32M
ABEV icon
69
Ambev
ABEV
$47.3B
– –
-38,686
Closed -$90.1K
BABA icon
70
Alibaba
BABA
$269B
– –
-33,058
Closed -$4.37M
EFG icon
71
iShares MSCI EAFE Growth ETF
EFG
$16.3B
– –
-8,990
Closed -$899K
UNH icon
72
UnitedHealth
UNH
$382B
– –
-487,113
Closed -$255M
1 2
3

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CCM
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CIM
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URS
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MPI
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TIM
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DPIM
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Harding Loevner's Q2 2025 Portfolio in Review

As of Q2 2025, Harding Loevner held 72 positions worth $14.9B, up 14% from $13.1B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Harding Loevner's Q2 2025 filing shows 5 new, 30 increased, 32 reduced and 4 closed positions. Its largest new stake was Ryanair: 4,387,970 shares worth $253M. The largest sale was UnitedHealth, an estimated $255M.

By sector, the portfolio is most concentrated in Technology at 29% of assets, up from 28% a quarter earlier, followed by Financials and Communication Services.

  • Harding Loevner's largest Q2 2025 buy was Ryanair: 4,387,970 shares worth $253M.
  • Harding Loevner added most to NetEase in Q2 2025, an estimated $289M increase.
  • Harding Loevner's biggest Q2 2025 reduction was Salesforce, cutting an estimated $150M.
  • Harding Loevner fully exited UnitedHealth in Q2 2025, selling an estimated $255M.
  • Harding Loevner's ten largest holdings make up 44% of its $14.9B portfolio in Q2 2025.
  • Harding Loevner opened 5 new positions and closed 4 in Q2 2025.
  • Harding Loevner's portfolio value rose 14% quarter-over-quarter to $14.9B.

Based on Harding Loevner's 13F filing for Q2 2025, filed 14 Aug 2025.