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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
-0.17%
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
$17.8B
AUM Growth
-$1.45B
Cap. Flow
-$1.04B
Cap. Flow %
-5.84%
Top 10 Hldgs %
39.23%
Holding
158
New
6
Increased
38
Reduced
44
Closed
21

Top Buys

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$208M
2
CGNX icon
Cognex
CGNX
+$130M
3
BIDU icon
Baidu
BIDU
+$121M
4
ITUB icon
Itaú Unibanco
ITUB
+$72.8M
5
EPAM icon
EPAM Systems
EPAM
+$64.3M

Top Sells

Rank Stock Value
1
SHPG
Shire pic
SHPG
+$239M
2
RDS.B
Royal Dutch Shell PLC ADS Class B
RDS.B
+$159M
3
WB icon
Weibo
WB
+$155M
4
TSM icon
TSMC
TSM
+$155M
5
SAP icon
SAP
SAP
+$148M

Sector Composition

Rank Sector Weight
1 Financials 24.01%
2 Technology 19.18%
3 Communication Services 14.15%
4 Energy 11.4%
5 Consumer Discretionary 10.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
GOOGL icon
101
Alphabet (Google) Class A
GOOGL
$4.14T
$51K ﹤0.01%
900
– –
RGA icon
102
Reinsurance Group of America
RGA
$16.5B
$51K ﹤0.01%
380
– –
APD icon
103
Air Products & Chemicals
APD
$67.1B
$50K ﹤0.01%
320
– –
PRU icon
104
Prudential Financial
PRU
$42.1B
$43K ﹤0.01%
460
– –
SBNY
105
DELISTED
Signature Bank
SBNY
$41K ﹤0.01%
320
-799,327
-100% -$105M
CSCO icon
106
Cisco
CSCO
$431B
$36K ﹤0.01%
845
-425
-33% -$18.6K
LULU icon
107
lululemon athletica
LULU
$11.1B
$36K ﹤0.01%
290
– –
V icon
108
Visa
V
$700B
$34K ﹤0.01%
260
– –
ZTS icon
109
Zoetis
ZTS
$31.3B
$32K ﹤0.01%
380
– –
JPM icon
110
JPMorgan Chase
JPM
$953B
$31K ﹤0.01%
295
– –
DE icon
111
Deere & Co
DE
$187B
$28K ﹤0.01%
200
– –
ROK icon
112
Rockwell Automation
ROK
$48.2B
$28K ﹤0.01%
170
– –
SHPG
113
DELISTED
Shire pic
SHPG
$27K ﹤0.01%
159
-1,479,267
-100% -$239M
ADBE icon
114
Adobe
ADBE
$106B
$22K ﹤0.01%
90
– –
FLS icon
115
Flowserve
FLS
$9.74B
$21K ﹤0.01%
530
– –
ROL icon
116
Rollins
ROL
$17.3B
$21K ﹤0.01%
900
– –
CRM icon
117
Salesforce
CRM
$213B
$18K ﹤0.01%
130
– –
WAB icon
118
Wabtec
WAB
$47.8B
$18K ﹤0.01%
180
– –
ILMN icon
119
Illumina
ILMN
$33B
$17K ﹤0.01%
62
– –
MTD icon
120
Mettler-Toledo International
MTD
$27B
$17K ﹤0.01%
30
– –
WDAY icon
121
Workday
WDAY
$47.2B
$17K ﹤0.01%
140
– –
RHT
122
DELISTED
Red Hat Inc
RHT
$16K ﹤0.01%
120
– –
ENS icon
123
EnerSys
ENS
$6.56B
$15K ﹤0.01%
200
– –
HEI icon
124
HEICO Corp
HEI
$45.5B
$15K ﹤0.01%
212
-1
-0.5% -$73
IDXX icon
125
Idexx Laboratories
IDXX
$42.2B
$15K ﹤0.01%
70
– –
3 4
5
6 7

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FMI
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VAS
Vestmark Advisory Solutions Wakefield, Massachusetts $10.6B AUM 25.02% 1-Year Est. Return
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 Q2 2018 Portfolio in Review

As of Q2 2018, Harding Loevner held 158 positions worth $17.8B, down 7.6% from $19.2B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Harding Loevner withdrew a net $1.04B in Q2 2018, closing 21 positions and reducing 44 holdings. Its most notable exit was Starbucks, an estimated $135M position sold in full.

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

Against the trend, Harding Loevner opened a new position in Cognex worth $122M.

  • Harding Loevner's largest Q2 2018 buy was Cognex: 2,743,171 shares worth $122M.
  • Harding Loevner added most to Alibaba in Q2 2018, an estimated $208M increase.
  • Harding Loevner's biggest Q2 2018 reduction was Shire pic, cutting an estimated $239M.
  • Harding Loevner fully exited Starbucks in Q2 2018, selling an estimated $135M.
  • Harding Loevner's ten largest holdings make up 39% of its $17.8B portfolio in Q2 2018.
  • Harding Loevner opened 6 new positions and closed 21 in Q2 2018.
  • Harding Loevner's portfolio value fell 7.6% quarter-over-quarter to $17.8B.

Based on Harding Loevner's 13F filing for Q2 2018, filed 14 Aug 2018.