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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
+3.21%
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
$19.2B
AUM Growth
+$1.63B
(+9.3%)
Cap. Flow
+$1.26B
Cap. Flow
% of AUM
6.53%
Top 10 Holdings %
Top 10 Hldgs %
39.72%
Holding
157
New
25
Increased
37
Reduced
42
Closed
5
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
TSMC
TSM
|
+$259M |
| 2 |
Baidu
BIDU
|
+$176M |
| 3 |
RDS.B
Royal Dutch Shell PLC ADS Class B
RDS.B
|
+$171M |
| 4 |
FRC
First Republic Bank
FRC
|
+$149M |
| 5 |
SLB Ltd
SLB
|
+$102M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Nike
NKE
|
+$156M |
| 2 |
SIVB
SVB Financial Group
SIVB
|
+$146M |
| 3 |
Vanguard FTSE All-World ex-US ETF
VEU
|
+$25M |
| 4 |
iShares MSCI India ETF
INDA
|
+$23.5M |
| 5 |
Booking.com
BKNG
|
+$17.3M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.34% |
| 2 | Technology | 18.75% |
| 3 | Communication Services | 13.57% |
| 4 | Energy | 9.81% |
| 5 | Consumer Discretionary | 9.62% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
Itaú Unibanco
ITUB
$87.5B
| $1.06B | 5.5% |
139,746,331
-78,329
| -0.1% | -$586K |
|
|
2
TSMC
TSM
$2.18T
| $1.04B | 5.43% |
24,280,530
+5,935,433
| +32% | +$259M |
|
|
3
Baidu
BIDU
$37.2B
| $976M | 5.07% |
4,372,070
+713,584
| +20% | +$176M |
|
4
Weibo
WB
$1.95B
| $816M | 4.24% |
6,929,119
+609,938
| +10% | +$77.9M |
|
5
Check Point Software Technologies
CHKP
$13.1B
| $738M | 3.84% |
7,432,326
+467,424
| +7% | +$48.2M |
|
|
6
SLB Ltd
SLB
$75B
| $734M | 3.81% |
11,288,022
+1,455,715
| +15% | +$102M |
|
7
SAP
SAP
$238B
| $725M | 3.77% |
6,798,437
+614,648
| +10% | +$66.4M |
|
8
Tenaris
TS
$26.8B
| $561M | 2.92% |
16,261,104
+1,222,911
| +8% | +$42M |
|
9
Canadian National Railway
CNI
$76.6B
| $527M | 2.74% |
7,212,524
+531,257
| +8% | +$41M |
|
|
RDS.B
10
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
| $462M | 2.4% |
6,958,778
+2,538,196
| +57% | +$171M |
|
11
ICICI Bank
IBN
$108B
| $448M | 2.33% |
50,661,493
+2,170,892
| +4% | +$21.5M |
|
12
PayPal
PYPL
$50.5B
| $438M | 2.28% |
5,778,756
-117,504
| -2% | -$9.32M |
|
13
Roper Technologies
ROP
$39.8B
| $406M | 2.11% |
1,449,713
-9,089
| -0.6% | -$2.51M |
|
|
JOBS
14
DELISTED
51job Inc
JOBS
| $380M | 1.98% |
4,418,759
-34,237
| -0.8% | -$2.47M |
|
|
15
Booking.com
BKNG
$161B
| $359M | 1.87% |
4,319,250
-220,100
| -5% | -$17.3M |
|
16
HDFC Bank
HDB
$121B
| $357M | 1.86% |
14,470,200
+849,804
| +6% | +$21.4M |
|
|
FRC
17
DELISTED
First Republic Bank
FRC
| $349M | 1.81% |
3,764,244
+1,613,233
| +75% | +$149M |
|
18
Alibaba
BABA
$308B
| $344M | 1.79% |
1,873,236
+452,235
| +32% | +$85.2M |
|
|
GRFS
19
Grifois
GRFS
$5.4B
| $342M | 1.78% |
16,135,578
+352,590
| +2% | +$8.03M |
|
|
CEO
20
DELISTED
CNOOC Limited
CEO
| $309M | 1.61% |
2,088,324
-47,980
| -2% | -$7.2M |
|
21
Verisk Analytics
VRSK
$25B
| $298M | 1.55% |
2,872,601
-16,605
| -0.6% | -$1.66M |
|
22
Banco Bradesco
BBD
$36.7B
| $284M | 1.48% |
42,032,630
-57,558
| -0.1% | -$384K |
|
23
JD.com
JD
$44.5B
| $257M | 1.34% |
6,346,036
-67,098
| -1% | -$3.04M |
|
24
Banco Bilbao Vizcaya Argentaria
BBVA
$156B
| $245M | 1.27% |
30,961,182
+2,130,004
| +7% | +$18.3M |
|
25
Unilever
UL
$136B
| $242M | 1.26% |
3,874,578
+1,406,865
| +57% | +$85.6M |
|
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Harding Loevner's Q1 2018 Portfolio in Review
As of Q1 2018, Harding Loevner held 157 positions worth $19.2B, up 9.3% from $17.6B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Harding Loevner deployed $1.26B of net new capital in Q1 2018, opening 25 new positions and adding to 37 existing holdings. Its largest new stake was Telecom Argentina: 329,750 shares worth $10.3M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, down from 23% a quarter earlier, followed by Technology and Communication Services.
On the sell side, the largest reduction was Nike, an estimated $156M trimmed.
- Harding Loevner's largest Q1 2018 buy was Telecom Argentina: 329,750 shares worth $10.3M.
- Harding Loevner added most to TSMC in Q1 2018, an estimated $259M increase.
- Harding Loevner's biggest Q1 2018 reduction was Nike, cutting an estimated $156M.
- Harding Loevner fully exited iShares MSCI India ETF in Q1 2018, selling an estimated $23.5M.
- Harding Loevner's ten largest holdings make up 40% of its $19.2B portfolio in Q1 2018.
- Harding Loevner opened 25 new positions and closed 5 in Q1 2018.
- Harding Loevner's portfolio value rose 9.3% quarter-over-quarter to $19.2B.
Based on Harding Loevner's 13F filing for Q1 2018, filed 14 May 2018.