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
|
+$139M |
| 2 |
Nebius Group N.V.
NBIS
|
+$137M |
| 3 |
Imperial Oil
IMO
|
+$106M |
| 4 |
ARM HOLDINGS PLC ADS
ARMH
|
+$93.2M |
| 5 |
AB InBev
BUD
|
+$84.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Amazon
AMZN
|
+$245M |
| 2 |
Baidu
BIDU
|
+$158M |
| 3 |
Petrobras
PBR
|
+$74.4M |
| 4 |
Copa Holdings
CPA
|
+$31.3M |
| 5 |
Wells Fargo
WFC
|
+$29.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.94% |
| 2 | Technology | 15.4% |
| 3 | Consumer Staples | 10.86% |
| 4 | Energy | 10.63% |
| 5 | Consumer Discretionary | 9.31% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
SLB Ltd
SLB
$74.3B
| $724M | 5.52% |
7,430,447
+21,221
| +0.3% | +$1.92M |
2013 Q2
3 quarters
|
|
2
SAP
SAP
$274B
| $541M | 4.12% |
6,656,224
+107,612
| +2% | +$8.53M |
2013 Q2
3 quarters
|
|
|
3
Wells Fargo
WFC
$256B
| $530M | 4.04% |
10,662,351
-629,962
| -6% | -$29.3M |
2013 Q2
3 quarters
|
|
4
Alphabet (Google) Class C
GOOG
$3.6T
| $473M | 3.6% |
17,024,895
+50,308
| +0.3% | +$1.46M |
2013 Q2
3 quarters
|
|
5
ICICI Bank
IBN
$124B
| $460M | 3.5% |
57,700,286
-778,420
| -1% | -$5.2M |
2013 Q2
3 quarters
|
|
6
Bunge Global
BG
$19.7B
| $444M | 3.38% |
5,586,603
+56,265
| +1% | +$4.43M |
2013 Q2
3 quarters
|
|
7
Itaú Unibanco
ITUB
$82.1B
| $395M | 3.01% |
72,852,146
-1,623,123
| -2% | -$7.74M |
2013 Q2
3 quarters
|
|
8
eBay
EBAY
$53.8B
| $351M | 2.67% |
15,101,873
+60,417
| +0.4% | +$1.4M |
2013 Q2
3 quarters
|
|
|
9
DELISTED
ARM HOLDINGS PLC ADS
ARMH
| $332M | 2.53% |
6,505,166
+1,918,950
| +42% | +$93.2M |
2013 Q2
3 quarters
|
|
|
10
Imperial Oil
IMO
$58.7B
| $313M | 2.39% |
6,725,814
+2,431,149
| +57% | +$106M |
2013 Q2
3 quarters
|
|
11
JPMorgan Chase
JPM
$901B
| $291M | 2.22% |
4,799,431
-39,784
| -0.8% | -$2.3M |
2013 Q2
3 quarters
|
|
12
TSMC
TSM
$2.03T
| $287M | 2.19% |
14,333,177
+2,195,827
| +18% | +$39.3M |
2013 Q2
3 quarters
|
|
13
Nike
NKE
$58.3B
| $287M | 2.18% |
7,763,720
-49,732
| -0.6% | -$1.88M |
2013 Q2
3 quarters
|
|
|
SIAL
14
DELISTED
SIGMA - ALDRICH CORP
SIAL
| $285M | 2.17% |
3,053,863
-33,834
| -1% | -$3.16M |
2013 Q2
3 quarters
|
|
15
Canadian National Railway
CNI
$75.5B
| $283M | 2.16% |
5,032,211
+83,335
| +2% | +$4.59M |
2013 Q2
3 quarters
|
|
16
Microsoft
MSFT
$4.01T
| $280M | 2.13% |
6,822,343
+21,051
| +0.3% | +$790K |
2013 Q2
3 quarters
|
|
|
17
DaVita
DVA
$11.9B
| $262M | 2% |
3,811,444
+2,093,289
| +122% | +$139M |
2013 Q4
1 quarter
|
|
18
Tapestry
TPR
$26.2B
| $255M | 1.94% |
5,131,898
-30,190
| -0.6% | -$1.5M |
2013 Q2
3 quarters
|
|
|
19
AB InBev
BUD
$165B
| $241M | 1.84% |
2,288,814
+835,561
| +57% | +$84.8M |
2013 Q2
3 quarters
|
|
20
Colgate-Palmolive
CL
$77.3B
| $235M | 1.79% |
3,626,311
-26,957
| -0.7% | -$1.7M |
2013 Q2
3 quarters
|
|
21
Roper Technologies
ROP
$46.3B
| $230M | 1.75% |
1,723,330
-10,287
| -0.6% | -$1.4M |
2013 Q2
3 quarters
|
|
|
SIVB
22
DELISTED
SVB Financial Group
SIVB
| $224M | 1.71% |
1,739,351
-15,316
| -0.9% | -$1.79M |
2013 Q2
3 quarters
|
|
|
MON
23
DELISTED
Monsanto Co
MON
| $216M | 1.65% |
1,900,312
-9,523
| -0.5% | -$1.06M |
2013 Q2
3 quarters
|
|
|
AGN
24
DELISTED
Allergan Inc
AGN
| $214M | 1.63% |
1,721,108
+8,342
| +0.5% | +$1.02M |
2013 Q2
3 quarters
|
|
25
Emerson Electric
EMR
$94.4B
| $199M | 1.51% |
2,976,962
-38,801
| -1% | -$2.55M |
2013 Q2
3 quarters
|
|
Similar funds
Harding Loevner's Q1 2014 Portfolio in Review
As of Q1 2014, Harding Loevner held 90 positions worth $13.1B, up 1.5% from $12.9B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Harding Loevner's Q1 2014 filing shows 9 new, 41 increased, 33 reduced and 4 closed positions. Its largest new stake was Nebius Group N.V.: 3,710,655 shares worth $112M. The largest sale was Amazon, an estimated $245M.
By sector, the portfolio is most concentrated in Financials at 23% of assets, up from 22% a quarter earlier, followed by Technology and Consumer Staples.
- Harding Loevner's largest Q1 2014 buy was Nebius Group N.V.: 3,710,655 shares worth $112M.
- Harding Loevner added most to DaVita in Q1 2014, an estimated $139M increase.
- Harding Loevner's biggest Q1 2014 reduction was Amazon, cutting an estimated $245M.
- Harding Loevner fully exited Petrobras Class A in Q1 2014, selling an estimated $11.8M.
- Harding Loevner's ten largest holdings make up 35% of its $13.1B portfolio in Q1 2014.
- Harding Loevner opened 9 new positions and closed 4 in Q1 2014.
- Harding Loevner's portfolio value rose 1.5% quarter-over-quarter to $13.1B.
Based on Harding Loevner's 13F filing for Q1 2014, filed 25 Apr 2014.