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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
+3.58%
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
$13.6B
AUM Growth
-$1.23B
Cap. Flow
-$1.49B
Cap. Flow %
-10.93%
Top 10 Hldgs %
44.98%
Holding
73
New
5
Increased
10
Reduced
55
Closed
2

Top Buys

Rank Stock Value
1
NICE icon
Nice
NICE
+$332M
2
SE icon
Sea Limited
SE
+$268M
3
PGR icon
Progressive
PGR
+$84.3M
4
ELV icon
Elevance Health
ELV
+$76.6M
5
RYAAY icon
Ryanair
RYAAY
+$58.3M

Top Sells

Rank Stock Value
1
ZTO icon
ZTO Express
ZTO
+$219M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$176M
3
MSFT icon
Microsoft
MSFT
+$145M
4
AMAT icon
Applied Materials
AMAT
+$130M
5
ALC icon
Alcon
ALC
+$127M

Sector Composition

Rank Sector Weight
1 Technology 30.68%
2 Financials 16.56%
3 Communication Services 10.48%
4 Healthcare 9.96%
5 Consumer Discretionary 9.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
V icon
51
Visa
V
$700B
$69.6M 0.51%
203,944
-77,897
-28% -$27M
SLB icon
52
SLB Ltd
SLB
$85.3B
$67.6M 0.5%
1,965,908
-339,887
-15% -$11.8M
NOC icon
53
Northrop Grumman
NOC
$73.2B
$64.3M 0.47%
105,511
-45,696
-30% -$25.9M
TTD icon
54
Trade Desk
TTD
$6.78B
$63.2M 0.46%
1,289,848
-501,447
-28% -$31.8M
VEU icon
55
Vanguard FTSE All-World ex-US ETF
VEU
$71.3B
$60M 0.44%
840,898
+191,560
+30% +$13.2M
ATKR icon
56
Atkore
ATKR
$3.17B
$56.2M 0.41%
895,998
-442,164
-33% -$28.8M
HON icon
57
Honeywell
HON
$66.4B
$55.8M 0.41%
281,476
-113,658
-29% -$23.7M
GLOB icon
58
Globant
GLOB
$1.69B
$34.3M 0.25%
597,231
-172,612
-22% -$12.7M
ZTO icon
59
ZTO Express
ZTO
$15.9B
$17.1M 0.13%
892,018
-11,429,767
-93% -$219M
TS icon
60
Tenaris
TS
$28.5B
$14.6M 0.11%
408,147
-42,446
-9% -$1.54M
KSPI icon
61
Kaspi.kz JSC
KSPI
$20.4B
$12.6M 0.09%
154,802
+3,442
+2% +$301K
ITUB icon
62
Itaú Unibanco
ITUB
$89.8B
$11.9M 0.09%
1,663,919
-136,200
-8% -$900K
CIB icon
63
Grupo Cibest SA
CIB
$23.8B
$8.96M 0.07%
172,490
-17,004
-9% -$821K
ACWI icon
64
iShares MSCI ACWI ETF
ACWI
$33.5B
$8.78M 0.06%
63,515
+49,228
+345% +$6.54M
INDA icon
65
iShares MSCI India ETF
INDA
$6.77B
$8.21M 0.06%
157,699
– –
EPAM icon
66
EPAM Systems
EPAM
$6.04B
$5.61M 0.04%
37,181
-3,357
-8% -$551K
IBN icon
67
ICICI Bank
IBN
$109B
$2.29M 0.02%
75,629
-849
-1% -$27.7K
ACWX icon
68
iShares MSCI ACWI ex US ETF
ACWX
$12.7B
$1.29M 0.01%
+19,823
New +$1.24M
VEA icon
69
Vanguard FTSE Developed Markets ETF
VEA
$241B
$1.07M 0.01%
17,814
-5,764
-24% -$336K
EFG icon
70
iShares MSCI EAFE Growth ETF
EFG
$17B
$845K 0.01%
+7,418
New +$827K
EFA icon
71
iShares MSCI EAFE ETF
EFA
$80.1B
$224K ﹤0.01%
2,399
-759
-24% -$69K
AMAT icon
72
Applied Materials
AMAT
$361B
– –
-712,217
Closed -$130M
CRM icon
73
Salesforce
CRM
$213B
– –
-179,859
Closed -$49M
1 2
3

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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
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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
Alphadyne Asset Management New York $10.5B AUM 37.62% 1-Year Est. Return

Harding Loevner's Q3 2025 Portfolio in Review

As of Q3 2025, Harding Loevner held 73 positions worth $13.6B, down 8.3% from $14.9B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Harding Loevner withdrew a net $1.49B in Q3 2025, closing 2 positions and reducing 55 holdings. Its most notable exit was Applied Materials, an estimated $130M position sold in full.

By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Harding Loevner opened a new position in Nice worth $321M.

  • Harding Loevner's largest Q3 2025 buy was Nice: 2,215,335 shares worth $321M.
  • Harding Loevner added most to Progressive in Q3 2025, an estimated $84.3M increase.
  • Harding Loevner's biggest Q3 2025 reduction was ZTO Express, cutting an estimated $219M.
  • Harding Loevner fully exited Applied Materials in Q3 2025, selling an estimated $130M.
  • Harding Loevner's ten largest holdings make up 45% of its $13.6B portfolio in Q3 2025.
  • Harding Loevner opened 5 new positions and closed 2 in Q3 2025.
  • Harding Loevner's portfolio value fell 8.3% quarter-over-quarter to $13.6B.

Based on Harding Loevner's 13F filing for Q3 2025, filed 14 Nov 2025.