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 |
Ambev
ABEV
|
+$297M |
| 2 |
Alibaba
BABA
|
+$178M |
| 3 |
Weibo
WB
|
+$120M |
| 4 |
Nebius Group N.V.
NBIS
|
+$107M |
| 5 |
SAP
SAP
|
+$91.7M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Banco Santander Chile
BSAC
|
+$94M |
| 2 |
SIVB
SVB Financial Group
SIVB
|
+$93.4M |
| 3 |
CBD
Companhia Brasileira de Distribuicao
CBD
|
+$58.4M |
| 4 |
NetEase
NTES
|
+$42.7M |
| 5 |
Credicorp
BAP
|
+$29.6M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 21.79% |
| 2 | Financials | 21.69% |
| 3 | Communication Services | 13.37% |
| 4 | Energy | 10.71% |
| 5 | Consumer Discretionary | 10.29% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
Baidu
BIDU
$27.6B
| $1.18B | 6.16% |
5,166,996
+308,963
| +6% | +$72.6M |
2013 Q2
21 quarters
|
|
2
Check Point Software Technologies
CHKP
$14.9B
| $937M | 4.89% |
7,966,182
+357,552
| +5% | +$40.6M |
2016 Q3
8 quarters
|
|
3
TSMC
TSM
$2.03T
| $937M | 4.89% |
21,219,414
+861,827
| +4% | +$35.7M |
2013 Q2
21 quarters
|
|
4
Itaú Unibanco
ITUB
$83.4B
| $828M | 4.32% |
155,453,768
+3,987,774
| +3% | +$21.4M |
2013 Q2
21 quarters
|
|
|
5
SAP
SAP
$276B
| $770M | 4.02% |
6,260,613
+773,080
| +14% | +$91.7M |
2013 Q2
21 quarters
|
|
6
Canadian National Railway
CNI
$76.4B
| $696M | 3.63% |
7,747,527
+332,128
| +4% | +$29M |
2013 Q2
21 quarters
|
|
7
SLB Ltd
SLB
$74.5B
| $663M | 3.46% |
10,885,427
+359,490
| +3% | +$23.1M |
2013 Q2
21 quarters
|
|
|
8
Alibaba
BABA
$263B
| $654M | 3.41% |
3,969,182
+1,004,851
| +34% | +$178M |
2017 Q3
4 quarters
|
|
9
Tenaris
TS
$29.8B
| $579M | 3.02% |
17,280,466
+1,873,253
| +12% | +$65M |
2013 Q2
21 quarters
|
|
10
PayPal
PYPL
$50.1B
| $529M | 2.76% |
6,021,407
+215,617
| +4% | +$19M |
2015 Q3
12 quarters
|
|
|
11
Weibo
WB
$1.58B
| $512M | 2.67% |
6,998,040
+1,495,740
| +27% | +$120M |
2016 Q4
7 quarters
|
|
12
ICICI Bank
IBN
$124B
| $456M | 2.38% |
53,765,809
+1,117,958
| +2% | +$9.9M |
2013 Q2
21 quarters
|
|
13
Roper Technologies
ROP
$46.7B
| $438M | 2.29% |
1,479,494
+37,930
| +3% | +$11.2M |
2013 Q2
21 quarters
|
|
|
14
Ambev
ABEV
$43.2B
| $398M | 2.08% |
87,068,069
+62,308,251
| +252% | +$297M |
2013 Q4
19 quarters
|
|
15
HDFC Bank
HDB
$134B
| $383M | 2% |
16,276,944
+551,140
| +4% | +$14M |
2016 Q4
7 quarters
|
|
|
FRC
16
DELISTED
First Republic Bank
FRC
| $375M | 1.96% |
3,910,455
+158,018
| +4% | +$15.9M |
2013 Q2
21 quarters
|
|
17
Booking.com
BKNG
$121B
| $362M | 1.89% |
4,563,500
+184,225
| +4% | +$14.5M |
2015 Q2
13 quarters
|
|
18
Grifois
GRFS
$5.99B
| $357M | 1.86% |
16,720,780
+216,289
| +1% | +$4.57M |
2014 Q2
17 quarters
|
|
19
Verisk Analytics
VRSK
$25.7B
| $353M | 1.84% |
2,929,716
+85,449
| +3% | +$9.9M |
2014 Q4
15 quarters
|
|
|
RDS.B
20
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
| $336M | 1.75% |
4,743,034
-4,667
| -0.1% | -$323K |
2016 Q1
10 quarters
|
|
|
CEO
21
DELISTED
CNOOC Limited
CEO
| $315M | 1.64% |
1,595,720
+16,655
| +1% | +$2.82M |
2013 Q2
21 quarters
|
|
|
JOBS
22
DELISTED
51job Inc
JOBS
| $309M | 1.61% |
4,008,290
-264,693
| -6% | -$21.1M |
2013 Q2
21 quarters
|
|
23
Mastercard
MA
$573B
| $298M | 1.56% |
1,340,109
+42,664
| +3% | +$8.9M |
2013 Q3
20 quarters
|
|
24
Apple
AAPL
$5.11T
| $288M | 1.5% |
5,104,808
+237,128
| +5% | +$12.3M |
2017 Q2
5 quarters
|
|
|
25
Nebius Group N.V.
NBIS
$38.5B
| $259M | 1.35% |
7,877,559
+3,155,410
| +67% | +$107M |
2014 Q1
18 quarters
|
|
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Harding Loevner's Q3 2018 Portfolio in Review
As of Q3 2018, Harding Loevner held 140 positions worth $19.2B, up 7.8% from $17.8B the previous quarter. Its ten largest holdings account for 41% of the portfolio.
Harding Loevner deployed $1.14B of net new capital in Q3 2018, opening 3 new positions and adding to 58 existing holdings. Its largest new stake was iShares MSCI EAFE Growth ETF: 3,678 shares worth $98K.
By sector, the portfolio is most concentrated in Technology at 22% of assets, up from 19% a quarter earlier, followed by Financials and Communication Services.
On the sell side, the largest reduction was Banco Santander Chile, an estimated $94M trimmed.
- Harding Loevner's largest Q3 2018 buy was iShares MSCI EAFE Growth ETF: 3,678 shares worth $98K.
- Harding Loevner added most to Ambev in Q3 2018, an estimated $297M increase.
- Harding Loevner's biggest Q3 2018 reduction was Banco Santander Chile, cutting an estimated $94M.
- Harding Loevner fully exited NetEase in Q3 2018, selling an estimated $42.7M.
- Harding Loevner's ten largest holdings make up 41% of its $19.2B portfolio in Q3 2018.
- Harding Loevner opened 3 new positions and closed 6 in Q3 2018.
- Harding Loevner's portfolio value rose 7.8% quarter-over-quarter to $19.2B.
Based on Harding Loevner's 13F filing for Q3 2018, filed 14 Nov 2018.