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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
+8.38%
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
$12.3B
AUM Growth
-$54.7M
Cap. Flow
-$746M
Cap. Flow %
-6.04%
Top 10 Hldgs %
34.87%
Holding
133
New
31
Increased
21
Reduced
50
Closed
22

Top Buys

Rank Stock Value
1
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$335M
2
ITUB icon
Itaú Unibanco
ITUB
+$185M
3
GRFS
Grifois
GRFS
+$110M
4
CBD
Companhia Brasileira de Distribuicao
CBD
+$52.4M
5
TV icon
Televisa
TV
+$48.4M

Top Sells

Rank Stock Value
1
GOOG icon
Alphabet (Google) Class C
GOOG
+$340M
2
EBAY icon
eBay
EBAY
+$135M
3
IMO icon
Imperial Oil
IMO
+$88.9M
4
NKE icon
Nike
NKE
+$61.9M
5
NVO
Novo Nordisk
NVO
+$59.1M

Sector Composition

Rank Sector Weight
1 Financials 18.42%
2 Technology 16.35%
3 Communication Services 14.78%
4 Consumer Discretionary 10.22%
5 Energy 8.62%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BIDU icon
1
Baidu
BIDU
$37.2B
$704M 5.7%
3,733,664
+9,869
+0.3% +$1.82M
SLB icon
2
SLB Ltd
SLB
$75B
$619M 5.01%
8,880,096
+200,216
+2% +$15M
IBN icon
3
ICICI Bank
IBN
$108B
$478M 3.87%
67,326,054
-4,797,444
-7% -$36.1M
NKE icon
4
Nike
NKE
$61.9B
$432M 3.5%
6,907,493
-960,179
-12% -$61.9M
ITUB icon
5
Itaú Unibanco
ITUB
$87.5B
$381M 3.09%
133,450,800
+58,403,500
+78% +$185M
SAP icon
6
SAP
SAP
$238B
$354M 2.87%
4,503,879
-4,019
-0.1% -$309K
GOOGL icon
7
Alphabet (Google) Class A
GOOGL
$4.33T
$353M 2.85%
+9,064,780
New +$335M
TSM icon
8
TSMC
TSM
$2.18T
$349M 2.82%
15,491,483
-189,927
-1% -$4.27M
ROP icon
9
Roper Technologies
ROP
$39.8B
$321M 2.6%
1,690,811
-233,863
-12% -$42.9M
TCOM icon
10
Trip.com Group
TCOM
$29.1B
$317M 2.57%
6,841,976
-110,938
-2% -$5.07M
BG icon
11
Bunge Global
BG
$20.8B
$282M 2.29%
4,153,869
-570,078
-12% -$40.2M
BKNG icon
12
Booking.com
BKNG
$161B
$275M 2.23%
5,395,050
-701,225
-12% -$37M
BUD icon
13
AB InBev
BUD
$165B
$271M 2.2%
2,181,715
+7,488
+0.3% +$906K
CNI icon
14
Canadian National Railway
CNI
$76.6B
$269M 2.18%
4,835,724
-24,907
-0.5% -$1.46M
VRSK icon
15
Verisk Analytics
VRSK
$25B
$258M 2.09%
3,350,896
-469,643
-12% -$35.7M
FRC
16
DELISTED
First Republic Bank
FRC
$251M 2.03%
3,799,859
-523,122
-12% -$34.6M
ARMH
17
DELISTED
ARM HOLDINGS PLC ADS
ARMH
$238M 1.93%
5,304,093
+148,938
+3% +$7.03M
AMZN icon
18
Amazon
AMZN
$2.96T
$238M 1.93%
7,051,920
-978,980
-12% -$30.9M
MA icon
19
Mastercard
MA
$493B
$228M 1.85%
2,343,643
-446,090
-16% -$43.7M
SIVB
20
DELISTED
SVB Financial Group
SIVB
$220M 1.78%
1,849,043
-256,840
-12% -$31.9M
WFC icon
21
Wells Fargo
WFC
$264B
$217M 1.76%
4,001,175
-546,355
-12% -$29.7M
DVA icon
22
DaVita
DVA
$11.7B
$202M 1.63%
2,895,381
-392,273
-12% -$28.7M
IMS
23
DELISTED
IMS HEALTH HLDGS INC COM STK (DE)
IMS
$201M 1.62%
7,878,349
-1,051,636
-12% -$29.4M
WPP icon
24
WPP
WPP
$5.94B
$197M 1.59%
1,732,619
-50,860
-3% -$5.73M
CHL
25
DELISTED
China Mobile Limited
CHL
$190M 1.54%
3,369,395
+57,960
+2% +$3.42M
1
2 3 4 5

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CCM
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URS
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MPI
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TIM
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SC
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TCA
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Harding Loevner's Q4 2015 Portfolio in Review

As of Q4 2015, Harding Loevner held 133 positions worth $12.3B, down 0.44% from $12.4B the previous quarter. Its ten largest holdings account for 35% of the portfolio.

Harding Loevner withdrew a net $746M in Q4 2015, closing 22 positions and reducing 50 holdings. Its most notable exit was Alphabet (Google) Class C, an estimated $340M position sold in full.

By sector, the portfolio is most concentrated in Financials at 18% of assets, down from 19% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Harding Loevner opened a new position in Alphabet (Google) Class A worth $353M.

  • Harding Loevner's largest Q4 2015 buy was Alphabet (Google) Class A: 9,064,780 shares worth $353M.
  • Harding Loevner added most to Itaú Unibanco in Q4 2015, an estimated $185M increase.
  • Harding Loevner's biggest Q4 2015 reduction was Imperial Oil, cutting an estimated $88.9M.
  • Harding Loevner fully exited Alphabet (Google) Class C in Q4 2015, selling an estimated $340M.
  • Harding Loevner's ten largest holdings make up 35% of its $12.3B portfolio in Q4 2015.
  • Harding Loevner opened 31 new positions and closed 22 in Q4 2015.
  • Harding Loevner's portfolio value fell 0.44% quarter-over-quarter to $12.3B.

Based on Harding Loevner's 13F filing for Q4 2015, filed 26 Jan 2016.