Harding Loevner Portfolio holdings
Harding Loevner is an investment manager that buys stocks from around the world, looking for high-quality, growing companies to hold for the long term. Former managers for the Rockefeller family founded the firm in 1989; Affiliated Managers Group owns most of it, though it operates independently and its key employees hold the rest. A company must show a competitive advantage, quality management, financial strength and sustainable growth before the firm will consider buying it, and individuals rather than committees make the decisions. It offers its strategies through individually managed portfolios, mutual funds and programs run by other financial institutions, for clients such as retirement plans, foundations, endowments and sovereign wealth funds.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
DaVita
DVA
|
+$101M |
| 2 |
Ambev
ABEV
|
+$61.8M |
| 3 |
Itaú Unibanco
ITUB
|
+$59.8M |
| 4 |
CBD
Companhia Brasileira de Distribuicao
CBD
|
+$55.9M |
| 5 |
SAP
SAP
|
+$53.2M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EMC CORPORATION
EMC
|
+$113M |
| 2 |
Teradata
TDC
|
+$82.9M |
| 3 |
ABV
COMPANHIA BEBIDA ADS EACH REPSTG 1 PFD SH
ABV
|
+$57.2M |
| 4 |
ARM HOLDINGS PLC ADS
ARMH
|
+$52.4M |
| 5 |
AB InBev
BUD
|
+$50.7M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 21.74% |
| 2 | Technology | 14.93% |
| 3 | Consumer Discretionary | 11.84% |
| 4 | Energy | 10.26% |
| 5 | Consumer Staples | 10.21% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
SLB Ltd
SLB
$76.3B
| $668M | 5.16% |
7,409,226
+474,576
| +7% | +$42.8M |
2013 Q2
2 quarters
|
|
|
2
SAP
SAP
$271B
| $571M | 4.41% |
6,548,612
+668,483
| +11% | +$53.2M |
2013 Q2
2 quarters
|
|
3
Wells Fargo
WFC
$258B
| $513M | 3.97% |
11,292,313
+204,153
| +2% | +$8.82M |
2013 Q2
2 quarters
|
|
4
Alphabet (Google) Class C
GOOG
$3.6T
| $474M | 3.67% |
16,974,587
+631,598
| +4% | +$16M |
2013 Q2
2 quarters
|
|
5
Bunge Global
BG
$19.5B
| $454M | 3.51% |
5,530,338
+420,714
| +8% | +$34M |
2013 Q2
2 quarters
|
|
6
ICICI Bank
IBN
$124B
| $395M | 3.06% |
58,478,706
+4,892,316
| +9% | +$31.3M |
2013 Q2
2 quarters
|
|
|
7
Itaú Unibanco
ITUB
$83B
| $368M | 2.85% |
74,475,269
+11,491,463
| +18% | +$59.8M |
2013 Q2
2 quarters
|
|
8
Baidu
BIDU
$26.6B
| $363M | 2.81% |
2,039,263
+60,539
| +3% | +$9.8M |
2013 Q2
2 quarters
|
|
9
eBay
EBAY
$53.1B
| $347M | 2.69% |
15,041,456
+551,831
| +4% | +$12.2M |
2013 Q2
2 quarters
|
|
10
Nike
NKE
$56.4B
| $307M | 2.38% |
7,813,452
+292,598
| +4% | +$11.2M |
2013 Q2
2 quarters
|
|
|
SIAL
11
DELISTED
SIGMA - ALDRICH CORP
SIAL
| $290M | 2.25% |
3,087,697
+75,543
| +3% | +$6.56M |
2013 Q2
2 quarters
|
|
12
Tapestry
TPR
$26B
| $290M | 2.24% |
5,162,088
+183,069
| +4% | +$9.9M |
2013 Q2
2 quarters
|
|
13
JPMorgan Chase
JPM
$919B
| $283M | 2.19% |
4,839,215
+177,768
| +4% | +$9.7M |
2013 Q2
2 quarters
|
|
14
Canadian National Railway
CNI
$76.3B
| $282M | 2.18% |
4,948,876
+502,210
| +11% | +$27.6M |
2013 Q2
2 quarters
|
|
15
Amazon
AMZN
$2.88T
| $264M | 2.04% |
13,226,440
+359,140
| +3% | +$6.46M |
2013 Q2
2 quarters
|
|
16
Microsoft
MSFT
$3.89T
| $255M | 1.97% |
6,801,292
+259,911
| +4% | +$9.44M |
2013 Q2
2 quarters
|
|
|
17
DELISTED
ARM HOLDINGS PLC ADS
ARMH
| $251M | 1.94% |
4,586,216
-1,075,295
| -19% | -$52.4M |
2013 Q2
2 quarters
|
|
18
Roper Technologies
ROP
$47.5B
| $240M | 1.86% |
1,733,617
+57,442
| +3% | +$7.47M |
2013 Q2
2 quarters
|
|
19
Colgate-Palmolive
CL
$79.2B
| $238M | 1.84% |
3,653,268
+130,963
| +4% | +$8.38M |
2013 Q2
2 quarters
|
|
|
MON
20
DELISTED
Monsanto Co
MON
| $223M | 1.72% |
1,909,835
+67,143
| +4% | +$7.33M |
2013 Q2
2 quarters
|
|
21
TSMC
TSM
$2.07T
| $212M | 1.64% |
12,137,350
+2,733,320
| +29% | +$48.5M |
2013 Q2
2 quarters
|
|
22
Emerson Electric
EMR
$91.3B
| $212M | 1.64% |
3,015,763
+52,301
| +2% | +$3.49M |
2013 Q2
2 quarters
|
|
|
AGN
23
DELISTED
Allergan Inc
AGN
| $190M | 1.47% |
1,712,766
+50,691
| +3% | +$4.84M |
2013 Q2
2 quarters
|
|
24
Imperial Oil
IMO
$60.7B
| $190M | 1.47% |
4,294,665
+437,499
| +11% | +$19M |
2013 Q2
2 quarters
|
|
|
SIVB
25
DELISTED
SVB Financial Group
SIVB
| $184M | 1.42% |
1,754,667
+62,595
| +4% | +$6.12M |
2013 Q2
2 quarters
|
|
Similar funds
Harding Loevner's Q4 2013 Portfolio in Review
As of Q4 2013, Harding Loevner held 90 positions worth $12.9B, up 15% from $11.2B the previous quarter. Its ten largest holdings account for 34% of the portfolio.
Harding Loevner deployed $638M of net new capital in Q4 2013, opening 4 new positions and adding to 68 existing holdings. Its largest new stake was DaVita: 1,718,155 shares worth $109M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was EMC CORPORATION, an estimated $113M trimmed.
- Harding Loevner's largest Q4 2013 buy was DaVita: 1,718,155 shares worth $109M.
- Harding Loevner added most to Itaú Unibanco in Q4 2013, an estimated $59.8M increase.
- Harding Loevner's biggest Q4 2013 reduction was EMC CORPORATION, cutting an estimated $113M.
- Harding Loevner fully exited COMPANHIA BEBIDA ADS EACH REPSTG 1 PFD SH in Q4 2013, selling an estimated $57.2M.
- Harding Loevner's ten largest holdings make up 34% of its $12.9B portfolio in Q4 2013.
- Harding Loevner opened 4 new positions and closed 9 in Q4 2013.
- Harding Loevner's portfolio value rose 15% quarter-over-quarter to $12.9B.
Based on Harding Loevner's 13F filing for Q4 2013, filed 17 Jan 2014.