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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
-12.05%
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
$17.3B
AUM Growth
-$1.89B
Cap. Flow
+$964M
Cap. Flow %
5.58%
Top 10 Hldgs %
39.13%
Holding
147
New
13
Increased
54
Reduced
33
Closed
8

Top Buys

Rank Stock Value
1
NVDA icon
NVIDIA
NVDA
+$405M
2
FMX icon
Fomento Económico Mexicano
FMX
+$288M
3
NBIS
Nebius Group N.V.
NBIS
+$270M
4
LIN icon
Linde
LIN
+$155M
5
VEU icon
Vanguard FTSE All-World ex-US ETF
VEU
+$95.5M

Top Sells

Rank Stock Value
1
WB icon
Weibo
WB
+$235M
2
META icon
Meta Platforms (Facebook)
META
+$189M
3
FMS icon
Fresenius Medical Care
FMS
+$161M
4
ITUB icon
Itaú Unibanco
ITUB
+$118M
5
WPP icon
WPP
WPP
+$89.5M

Sector Composition

Rank Sector Weight
1 Financials 24.52%
2 Technology 22.66%
3 Consumer Discretionary 10.59%
4 Communication Services 10.06%
5 Industrials 8.34%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
ALL icon
76
Allstate
ALL
$65.6B
$253K ﹤0.01%
3,058
– –
ELV icon
77
Elevance Health
ELV
$88.4B
$210K ﹤0.01%
800
– –
NVS icon
78
Novartis
NVS
$304B
$150K ﹤0.01%
1,953
– –
PG icon
79
Procter & Gamble
PG
$340B
$144K ﹤0.01%
1,569
– –
VEA icon
80
Vanguard FTSE Developed Markets ETF
VEA
$241B
$113K ﹤0.01%
+3,037
New +$120K
EDU icon
81
New Oriental
EDU
$9.47B
$105K ﹤0.01%
1,914
+1,069
+127% +$61.9K
JNJ icon
82
Johnson & Johnson
JNJ
$663B
$103K ﹤0.01%
800
– –
ITW icon
83
Illinois Tool Works
ITW
$76.9B
$101K ﹤0.01%
800
– –
TAL icon
84
TAL Education Group
TAL
$6.88B
$96K ﹤0.01%
+3,598
New +$95.4K
KOF icon
85
Coca-Cola Femsa
KOF
$23.5B
$92K ﹤0.01%
1,520
– –
ASML icon
86
ASML
ASML
$659B
$84K ﹤0.01%
540
– –
MCD icon
87
McDonald's
MCD
$181B
$69K ﹤0.01%
390
– –
MRK icon
88
Merck
MRK
$371B
$67K ﹤0.01%
+922
New +$65.1K
FISV
89
Fiserv Inc
FISV
$28.2B
$66K ﹤0.01%
900
– –
IT icon
90
Gartner
IT
$11.8B
$66K ﹤0.01%
513
+63
+14% +$9.09K
BSMX
91
DELISTED
Banco Santander México, S, A., Institución de Banca Múltiple, Grupo Financiero Santander México
BSMX
$63K ﹤0.01%
10,152
+657
+7% +$4.42K
DHR icon
92
Danaher
DHR
$146B
$62K ﹤0.01%
682
– –
RGA icon
93
Reinsurance Group of America
RGA
$16.5B
$61K ﹤0.01%
437
+57
+15% +$8.08K
TSCO icon
94
Tractor Supply
TSCO
$18.2B
$61K ﹤0.01%
3,645
– –
ECL icon
95
Ecolab
ECL
$78.3B
$59K ﹤0.01%
400
– –
SBNY
96
DELISTED
Signature Bank
SBNY
$59K ﹤0.01%
573
+253
+79% +$28.5K
APH icon
97
Amphenol
APH
$204B
$57K ﹤0.01%
5,600
– –
CVS icon
98
CVS Health
CVS
$124B
$57K ﹤0.01%
870
– –
ADP icon
99
Automatic Data Processing
ADP
$110B
$55K ﹤0.01%
418
-122
-23% -$17.2K
AVY icon
100
Avery Dennison
AVY
$13.3B
$54K ﹤0.01%
600
– –
2 3
4
5 6

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FMI
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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
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 Q4 2018 Portfolio in Review

As of Q4 2018, Harding Loevner held 147 positions worth $17.3B, down 9.9% from $19.2B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Harding Loevner deployed $964M of net new capital in Q4 2018, opening 13 new positions and adding to 54 existing holdings. Its largest new stake was Linde: 982,935 shares worth $153M.

By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 22% a quarter earlier, followed by Technology and Consumer Discretionary.

On the sell side, the largest reduction was Weibo, an estimated $235M trimmed.

  • Harding Loevner's largest Q4 2018 buy was Linde: 982,935 shares worth $153M.
  • Harding Loevner added most to NVIDIA in Q4 2018, an estimated $405M increase.
  • Harding Loevner's biggest Q4 2018 reduction was Weibo, cutting an estimated $235M.
  • Harding Loevner fully exited WPP in Q4 2018, selling an estimated $89.5M.
  • Harding Loevner's ten largest holdings make up 39% of its $17.3B portfolio in Q4 2018.
  • Harding Loevner opened 13 new positions and closed 8 in Q4 2018.
  • Harding Loevner's portfolio value fell 9.9% quarter-over-quarter to $17.3B.

Based on Harding Loevner's 13F filing for Q4 2018, filed 14 Feb 2019.