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HL

Harding Loevner Portfolio holdings

AUM $10.6B
1-Year Est. Return 19.39%
This Fund
S&P 500
This Quarter Est. Return
-0.17%
1 Year Est. Return
+19.39%
3 Year Est. Return
+79.14%
5 Year Est. Return
+100.61%
10 Year Est. Return
+428.16%
AUM
$17.8B
AUM Growth
-$1.45B
Cap. Flow
-$1.04B
Cap. Flow %
-5.84%
Top 10 Hldgs %
39.23%
Holding
158
New
6
Increased
38
Reduced
44
Closed
21

Top Buys

Rank Stock Value
1
BABA icon
Alibaba
BABA
+$208M
2
CGNX icon
Cognex
CGNX
+$130M
3
BIDU icon
Baidu
BIDU
+$121M
4
ITUB icon
Itaú Unibanco
ITUB
+$72.8M
5
EPAM icon
EPAM Systems
EPAM
+$64.3M

Top Sells

Rank Stock Value
1
SHPG
Shire pic
SHPG
+$239M
2
RDS.B
Royal Dutch Shell PLC ADS Class B
RDS.B
+$159M
3
WB icon
Weibo
WB
+$155M
4
TSM icon
TSMC
TSM
+$155M
5
SAP icon
SAP
SAP
+$148M

Sector Composition

Rank Sector Weight
1 Financials 24.01%
2 Technology 19.18%
3 Communication Services 14.15%
4 Energy 11.4%
5 Consumer Discretionary 10.14%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BIDU icon
1
Baidu
BIDU
$33.7B
$1.18B 6.64%
4,858,033
+485,963
+11% +$121M
ITUB icon
2
Itaú Unibanco
ITUB
$89.8B
$763M 4.29%
151,465,994
+11,719,663
+8% +$72.8M
TSM icon
3
TSMC
TSM
$2.22T
$744M 4.19%
20,357,587
-3,922,943
-16% -$155M
CHKP icon
4
Check Point Software Technologies
CHKP
$14B
$743M 4.18%
7,608,630
+176,304
+2% +$17.5M
SLB icon
5
SLB Ltd
SLB
$85.3B
$706M 3.97%
10,525,937
-762,085
-7% -$52.3M
SAP icon
6
SAP
SAP
$248B
$635M 3.57%
5,487,533
-1,310,904
-19% -$148M
CNI icon
7
Canadian National Railway
CNI
$74.6B
$606M 3.41%
7,415,399
+202,875
+3% +$16.1M
TS icon
8
Tenaris
TS
$28.5B
$561M 3.15%
15,407,213
-853,891
-5% -$31.6M
BABA icon
9
Alibaba
BABA
$281B
$550M 3.09%
2,964,331
+1,091,095
+58% +$208M
WB icon
10
Weibo
WB
$1.65B
$488M 2.75%
5,502,300
-1,426,819
-21% -$155M
PYPL icon
11
PayPal
PYPL
$47B
$483M 2.72%
5,805,790
+27,034
+0.5% +$2.15M
IBN icon
12
ICICI Bank
IBN
$109B
$423M 2.38%
52,647,851
+1,986,358
+4% +$17M
JOBS
13
DELISTED
51job Inc
JOBS
$417M 2.35%
4,272,983
-145,776
-3% -$14.3M
HDB icon
14
HDFC Bank
HDB
$119B
$413M 2.32%
15,725,804
+1,255,604
+9% +$31.4M
ROP icon
15
Roper Technologies
ROP
$40.3B
$398M 2.24%
1,441,564
-8,149
-0.6% -$2.25M
FRC
16
DELISTED
First Republic Bank
FRC
$363M 2.04%
3,752,437
-11,807
-0.3% -$1.14M
BKNG icon
17
Booking.com
BKNG
$145B
$355M 2%
4,379,275
+60,025
+1% +$5.06M
GRFS
18
Grifois
GRFS
$5.31B
$355M 2%
16,504,491
+368,913
+2% +$8.05M
RDS.B
19
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
$345M 1.94%
4,747,701
-2,211,077
-32% -$159M
VRSK icon
20
Verisk Analytics
VRSK
$24.2B
$306M 1.72%
2,844,267
-28,334
-1% -$3.02M
BAP icon
21
Credicorp
BAP
$30.4B
$279M 1.57%
1,240,635
+186,538
+18% +$42.4M
CEO
22
DELISTED
CNOOC Limited
CEO
$270M 1.52%
1,579,065
-509,259
-24% -$84.7M
SIVB
23
DELISTED
SVB Financial Group
SIVB
$256M 1.44%
887,717
-35,958
-4% -$10.6M
MA icon
24
Mastercard
MA
$507B
$255M 1.43%
1,297,445
-43,141
-3% -$8.11M
META icon
25
Meta Platforms (Facebook)
META
$1.57T
$244M 1.37%
1,256,777
+29,630
+2% +$5.35M
1
2 3 4 5

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FMI
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VAS
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DPIM
Duff & Phelps Investment Management Chicago, Illinois $10.6B AUM 18.62% 1-Year Est. Return
CA
Clearstead Advisors Cleveland, Ohio $10.6B AUM 24.87% 1-Year Est. Return
SCM
SCS Capital Management Boston, Massachusetts $10.6B AUM 19.73% 1-Year Est. Return
FCM
Frontier Capital Management Boston, Massachusetts $10.7B AUM 67.78% 1-Year Est. Return
URS
Utah Retirement Systems Salt Lake City, Utah $10.5B AUM 42.22% 1-Year Est. Return
AAM
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Harding Loevner's Q2 2018 Portfolio in Review

As of Q2 2018, Harding Loevner held 158 positions worth $17.8B, down 7.6% from $19.2B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Harding Loevner withdrew a net $1.04B in Q2 2018, closing 21 positions and reducing 44 holdings. Its most notable exit was Starbucks, an estimated $135M position sold in full.

By sector, the portfolio is most concentrated in Financials at 24% of assets, down from 24% a quarter earlier, followed by Technology and Communication Services.

Against the trend, Harding Loevner opened a new position in Cognex worth $122M.

  • Harding Loevner's largest Q2 2018 buy was Cognex: 2,743,171 shares worth $122M.
  • Harding Loevner added most to Alibaba in Q2 2018, an estimated $208M increase.
  • Harding Loevner's biggest Q2 2018 reduction was Shire pic, cutting an estimated $239M.
  • Harding Loevner fully exited Starbucks in Q2 2018, selling an estimated $135M.
  • Harding Loevner's ten largest holdings make up 39% of its $17.8B portfolio in Q2 2018.
  • Harding Loevner opened 6 new positions and closed 21 in Q2 2018.
  • Harding Loevner's portfolio value fell 7.6% quarter-over-quarter to $17.8B.

Based on Harding Loevner's 13F filing for Q2 2018, filed 14 Aug 2018.