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 |
NVIDIA
NVDA
|
+$405M |
| 2 |
Fomento Económico Mexicano
FMX
|
+$288M |
| 3 |
Nebius Group N.V.
NBIS
|
+$270M |
| 4 |
Linde
LIN
|
+$155M |
| 5 |
Vanguard FTSE All-World ex-US ETF
VEU
|
+$95.5M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Weibo
WB
|
+$235M |
| 2 |
Meta Platforms (Facebook)
META
|
+$189M |
| 3 |
Fresenius Medical Care
FMS
|
+$161M |
| 4 |
Itaú Unibanco
ITUB
|
+$118M |
| 5 |
WPP
WPP
|
+$89.5M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 24.52% |
| 2 | Technology | 22.66% |
| 3 | Consumer Discretionary | 10.59% |
| 4 | Communication Services | 10.06% |
| 5 | Industrials | 8.34% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
Itaú Unibanco
ITUB
$81.5B
| $912M | 5.28% |
137,079,829
-18,373,939
| -12% | -$118M |
2013 Q2
22 quarters
|
|
2
Check Point Software Technologies
CHKP
$14.8B
| $863M | 4.99% |
8,407,893
+441,711
| +6% | +$48.5M |
2016 Q3
9 quarters
|
|
3
Baidu
BIDU
$26.3B
| $812M | 4.7% |
5,119,684
-47,312
| -0.9% | -$8.82M |
2013 Q2
22 quarters
|
|
4
TSMC
TSM
$2.1T
| $779M | 4.51% |
21,109,196
-110,218
| -0.5% | -$4.2M |
2013 Q2
22 quarters
|
|
5
SAP
SAP
$269B
| $624M | 3.61% |
6,272,127
+11,514
| +0.2% | +$1.22M |
2013 Q2
22 quarters
|
|
6
Alibaba
BABA
$235B
| $609M | 3.52% |
4,441,864
+472,682
| +12% | +$69.9M |
2017 Q3
5 quarters
|
|
7
Canadian National Railway
CNI
$76.6B
| $577M | 3.34% |
7,780,028
+32,501
| +0.4% | +$2.69M |
2013 Q2
22 quarters
|
|
8
ICICI Bank
IBN
$124B
| $571M | 3.31% |
55,518,398
+1,752,589
| +3% | +$16.5M |
2013 Q2
22 quarters
|
|
9
PayPal
PYPL
$49B
| $549M | 3.18% |
6,526,483
+505,076
| +8% | +$42.1M |
2015 Q3
13 quarters
|
|
|
10
Nebius Group N.V.
NBIS
$34B
| $467M | 2.7% |
17,063,344
+9,185,785
| +117% | +$270M |
2014 Q1
19 quarters
|
|
11
HDFC Bank
HDB
$134B
| $433M | 2.51% |
16,733,680
+456,736
| +3% | +$10.8M |
2016 Q4
8 quarters
|
|
12
Roper Technologies
ROP
$47.6B
| $422M | 2.44% |
1,582,662
+103,168
| +7% | +$29.2M |
2013 Q2
22 quarters
|
|
13
SLB Ltd
SLB
$74.4B
| $390M | 2.26% |
10,808,321
-77,106
| -0.7% | -$3.8M |
2013 Q2
22 quarters
|
|
|
14
Fomento Económico Mexicano
FMX
$45.1B
| $380M | 2.2% |
4,419,555
+3,240,713
| +275% | +$288M |
2013 Q2
22 quarters
|
|
15
Tenaris
TS
$30.7B
| $365M | 2.11% |
17,117,700
-162,766
| -0.9% | -$4.52M |
2013 Q2
22 quarters
|
|
|
FRC
16
DELISTED
First Republic Bank
FRC
| $362M | 2.1% |
4,171,058
+260,603
| +7% | +$23.8M |
2013 Q2
22 quarters
|
|
17
Verisk Analytics
VRSK
$26.8B
| $342M | 1.98% |
3,138,510
+208,794
| +7% | +$24.4M |
2014 Q4
16 quarters
|
|
18
Booking.com
BKNG
$122B
| $336M | 1.94% |
4,874,800
+311,300
| +7% | +$22.8M |
2015 Q2
14 quarters
|
|
19
Ambev
ABEV
$42.9B
| $330M | 1.91% |
84,186,833
-2,881,236
| -3% | -$12.3M |
2013 Q4
20 quarters
|
|
20
Grifois
GRFS
$5.98B
| $317M | 1.83% |
17,241,577
+520,797
| +3% | +$10.4M |
2014 Q2
18 quarters
|
|
|
21
NVIDIA
NVDA
$3.95T
| $282M | 1.63% |
84,617,880
+84,615,480
| +3,525,645% | +$405M |
2017 Q4
4 quarters
|
|
|
RDS.B
22
DELISTED
Royal Dutch Shell PLC ADS Class B
RDS.B
| $271M | 1.57% |
4,523,703
-219,331
| -5% | -$14M |
2016 Q1
11 quarters
|
|
23
Mastercard
MA
$576B
| $269M | 1.56% |
1,424,577
+84,468
| +6% | +$16.8M |
2013 Q3
21 quarters
|
|
24
Regeneron Pharmaceuticals
REGN
$98.5B
| $254M | 1.47% |
680,731
+43,833
| +7% | +$16M |
2016 Q2
10 quarters
|
|
25
Banco Bradesco
BBD
$27.9B
| $250M | 1.45% |
40,407,818
-2,291,014
| -5% | -$13.3M |
2013 Q2
22 quarters
|
|
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Harding Loevner's Q4 2018 Portfolio in Review
As of Q4 2018, Harding Loevner held 147 positions worth $17.3B, down 9.9% from $19.2B the previous quarter. Its ten largest holdings account for 39% of the portfolio.
Harding Loevner deployed $964M of net new capital in Q4 2018, opening 13 new positions and adding to 54 existing holdings. Its largest new stake was Linde: 982,935 shares worth $153M.
By sector, the portfolio is most concentrated in Financials at 25% of assets, up from 22% a quarter earlier, followed by Technology and Consumer Discretionary.
On the sell side, the largest reduction was Weibo, an estimated $235M trimmed.
- Harding Loevner's largest Q4 2018 buy was Linde: 982,935 shares worth $153M.
- Harding Loevner added most to NVIDIA in Q4 2018, an estimated $405M increase.
- Harding Loevner's biggest Q4 2018 reduction was Weibo, cutting an estimated $235M.
- Harding Loevner fully exited WPP in Q4 2018, selling an estimated $89.5M.
- Harding Loevner's ten largest holdings make up 39% of its $17.3B portfolio in Q4 2018.
- Harding Loevner opened 13 new positions and closed 8 in Q4 2018.
- Harding Loevner's portfolio value fell 9.9% quarter-over-quarter to $17.3B.
Based on Harding Loevner's 13F filing for Q4 2018, filed 14 Feb 2019.