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HL

Harding Loevner Portfolio holdings

AUM $9.72B
1-Year Est. Return 22.38%
This Fund
S&P 500
This Quarter Est. Return
+1.58%
1 Year Est. Return
+22.38%
3 Year Est. Return
+79.36%
5 Year Est. Return
+98.01%
10 Year Est. Return
+375.62%
AUM
$12.4B
AUM Growth
-$1.07B
Cap. Flow
-$1.18B
Cap. Flow %
-9.46%
Top 10 Hldgs %
33.01%
Holding
95
New
10
Increased
29
Reduced
42
Closed
6

Top Buys

Rank Stock Value
1
VRSK icon
Verisk Analytics
VRSK
+$123M
2
TV icon
Televisa
TV
+$104M
3
SAP icon
SAP
SAP
+$91M
4
GRFS
Grifois
GRFS
+$61.5M
5
CIB icon
Grupo Cibest SA
CIB
+$57.6M

Top Sells

Rank Stock Value
1
SIAL
SIGMA - ALDRICH CORP
SIAL
+$409M
2
AGN
Allergan Inc
AGN
+$303M
3
CTSH icon
Cognizant
CTSH
+$138M
4
ITUB icon
Itaú Unibanco
ITUB
+$134M
5
HDB icon
HDFC Bank
HDB
+$56M

Sector Composition

Rank Sector Weight
1 Financials 21.7%
2 Technology 16.09%
3 Consumer Staples 10.17%
4 Energy 9.1%
5 Communication Services 8.12%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
IBN icon
1
ICICI Bank
IBN
$108B
$629M 5.05%
59,879,197
+2,285,881
+4% +$23.3M
SLB icon
2
SLB Ltd
SLB
$75B
$592M 4.76%
6,936,892
-480,964
-6% -$44.2M
BG icon
3
Bunge Global
BG
$20.8B
$446M 3.59%
4,906,386
-214,905
-4% -$18.9M
SAP icon
4
SAP
SAP
$238B
$441M 3.55%
6,337,666
+1,325,337
+26% +$91M
NKE icon
5
Nike
NKE
$61.9B
$377M 3.03%
7,849,886
-1,128,758
-13% -$52.9M
TSM icon
6
TSMC
TSM
$2.18T
$363M 2.92%
16,226,214
+348,657
+2% +$7.6M
CNI icon
7
Canadian National Railway
CNI
$76.6B
$350M 2.81%
5,078,662
+17,680
+0.3% +$1.21M
EBAY icon
8
eBay
EBAY
$49.8B
$309M 2.49%
13,097,177
-1,895,445
-13% -$43M
ROP icon
9
Roper Technologies
ROP
$39.8B
$300M 2.41%
1,919,173
-276,389
-13% -$42.4M
BIDU icon
10
Baidu
BIDU
$37.2B
$297M 2.39%
1,303,075
+94,335
+8% +$21.6M
IMO icon
11
Imperial Oil
IMO
$60.4B
$291M 2.34%
6,774,104
-12,227
-0.2% -$557K
MA icon
12
Mastercard
MA
$493B
$283M 2.27%
3,282,478
-466,915
-12% -$38.1M
ARMH
13
DELISTED
ARM HOLDINGS PLC ADS
ARMH
$277M 2.23%
5,987,092
-542,337
-8% -$23.2M
MSFT icon
14
Microsoft
MSFT
$3.71T
$275M 2.21%
5,917,564
-855,628
-13% -$40.2M
GOOG icon
15
Alphabet (Google) Class C
GOOG
$4.32T
$262M 2.11%
9,904,278
-1,419,747
-13% -$38.1M
JPM icon
16
JPMorgan Chase
JPM
$950B
$261M 2.1%
4,173,005
-587,411
-12% -$35.3M
MON
17
DELISTED
Monsanto Co
MON
$261M 2.1%
2,182,772
+292,009
+15% +$33.9M
BUD icon
18
AB InBev
BUD
$165B
$261M 2.1%
2,321,583
+15,783
+0.7% +$1.75M
WFC icon
19
Wells Fargo
WFC
$264B
$258M 2.08%
4,708,718
-650,675
-12% -$34.4M
ITUB icon
20
Itaú Unibanco
ITUB
$87.5B
$258M 2.07%
49,387,852
-23,874,754
-33% -$134M
DVA icon
21
DaVita
DVA
$11.7B
$251M 2.02%
3,313,826
-469,610
-12% -$35.4M
SIVB
22
DELISTED
SVB Financial Group
SIVB
$243M 1.96%
2,095,101
-291,125
-12% -$31.8M
FRC
23
DELISTED
First Republic Bank
FRC
$224M 1.8%
4,306,221
-569,389
-12% -$28.7M
CL icon
24
Colgate-Palmolive
CL
$74.4B
$218M 1.75%
3,150,735
-453,348
-13% -$30.6M
FFIV icon
25
F5
FFIV
$22.7B
$186M 1.5%
1,428,326
-208,062
-13% -$25.9M
1
2 3 4

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DCP
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FCM
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CCM
Cullen Capital Management New York $9.75B AUM 21.81% 1-Year Est. Return
URS
Utah Retirement Systems Salt Lake City, Utah $9.78B AUM 28.72% 1-Year Est. Return
MPI
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TIM
Thornburg Investment Management Santa Fe, New Mexico $9.63B AUM 35.65% 1-Year Est. Return
SC
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TCA
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Harding Loevner's Q4 2014 Portfolio in Review

As of Q4 2014, Harding Loevner held 95 positions worth $12.4B, down 7.9% from $13.5B the previous quarter. Its ten largest holdings account for 33% of the portfolio.

Harding Loevner withdrew a net $1.18B in Q4 2014, closing 6 positions and reducing 42 holdings. Its most notable exit was SIGMA - ALDRICH CORP, an estimated $409M position sold in full.

By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 21% a quarter earlier, followed by Technology and Consumer Staples.

Against the trend, Harding Loevner opened a new position in Verisk Analytics worth $126M.

  • Harding Loevner's largest Q4 2014 buy was Verisk Analytics: 1,972,752 shares worth $126M.
  • Harding Loevner added most to SAP in Q4 2014, an estimated $91M increase.
  • Harding Loevner's biggest Q4 2014 reduction was Itaú Unibanco, cutting an estimated $134M.
  • Harding Loevner fully exited SIGMA - ALDRICH CORP in Q4 2014, selling an estimated $409M.
  • Harding Loevner's ten largest holdings make up 33% of its $12.4B portfolio in Q4 2014.
  • Harding Loevner opened 10 new positions and closed 6 in Q4 2014.
  • Harding Loevner's portfolio value fell 7.9% quarter-over-quarter to $12.4B.

Based on Harding Loevner's 13F filing for Q4 2014, filed 12 Jan 2015.