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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
+16.71%
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
$21.3B
AUM Growth
+$4B
Cap. Flow
+$1.22B
Cap. Flow %
5.74%
Top 10 Hldgs %
37.61%
Holding
143
New
4
Increased
59
Reduced
27
Closed
11
Avg Time Held
11.4 quarters
Top 10 Avg Time Held
9.2 quarters
Top 20 Avg Time Held
10 quarters

Top Buys

Rank Stock Value
1
CHL
China Mobile Limited
CHL
+$520M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$426M
3
ABEV icon
Ambev
ABEV
+$207M
4
DEO icon
Diageo
DEO
+$162M
5
ILMN icon
Illumina
ILMN
+$144M

Top Sells

Rank Stock Value
1
TS icon
Tenaris
TS
+$263M
2
ITUB icon
Itaú Unibanco
ITUB
+$151M
3
RDS.B
Royal Dutch Shell PLC ADS Class B
RDS.B
+$143M
4
COR icon
Cencora
COR
+$140M
5
NVDA icon
NVIDIA
NVDA
+$129M

Sector Composition

Rank Sector Weight
1 Technology 23.38%
2 Financials 21.86%
3 Communication Services 13.02%
4 Consumer Discretionary 11.75%
5 Consumer Staples 7.79%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
CHKP icon
1
Check Point Software Technologies
CHKP
$14B
$1.1B 5.15%
8,667,342
+259,449
+3% +$30.2M
2016 Q3
10 quarters
TSM icon
2
TSMC
TSM
$2.35T
$969M 4.55%
23,651,165
+2,541,969
+12% +$97M
2013 Q2
23 quarters
BABA icon
3
Alibaba
BABA
$277B
$944M 4.44%
5,176,685
+734,821
+17% +$124M
2017 Q3
6 quarters
SAP icon
4
SAP
SAP
$248B
$874M 4.11%
7,572,423
+1,300,296
+21% +$138M
2013 Q2
23 quarters
BIDU icon
5
Baidu
BIDU
$29B
$872M 4.1%
5,291,625
+171,941
+3% +$28.8M
2013 Q2
23 quarters
ITUB icon
6
Itaú Unibanco
ITUB
$112B
$742M 3.49%
115,715,859
-21,363,970
-16% -$151M
2013 Q2
23 quarters
PYPL icon
7
PayPal
PYPL
$47.5B
$686M 3.22%
6,606,095
+79,612
+1% +$7.54M
2015 Q3
14 quarters
IBN icon
8
ICICI Bank
IBN
$100B
$647M 3.04%
56,385,148
+866,750
+2% +$9.01M
2013 Q2
23 quarters
NBIS
9
Nebius Group N.V.
NBIS
$60.1B
$596M 2.8%
17,350,380
+287,036
+2% +$9.52M
2014 Q1
20 quarters
CNI icon
10
Canadian National Railway
CNI
$71.2B
$578M 2.72%
6,460,915
-1,319,113
-17% -$111M
2013 Q2
23 quarters
ABEV icon
11
Ambev
ABEV
$49.2B
$556M 2.61%
129,225,093
+45,038,260
+53% +$207M
2013 Q4
21 quarters
ROP icon
12
Roper Technologies
ROP
$36B
$555M 2.61%
1,623,971
+41,309
+3% +$12.5M
2013 Q2
23 quarters
HDB icon
13
HDFC Bank
HDB
$115B
$533M 2.5%
18,459,948
+1,726,268
+10% +$44.8M
2016 Q4
9 quarters
CHL
14
DELISTED
China Mobile Limited
CHL
$514M 2.41%
10,078,373
+9,951,713
+7,857% +$520M
2015 Q1
16 quarters
FMX icon
15
Fomento Económico Mexicano
FMX
$40.6B
$473M 2.22%
5,129,623
+710,068
+16% +$64.8M
2013 Q2
23 quarters
SLB icon
16
SLB Ltd
SLB
$72.6B
$470M 2.21%
10,783,357
-24,964
-0.2% -$1.08M
2013 Q2
23 quarters
GOOGL icon
17
Alphabet (Google) Class A
GOOGL
$4.3T
$444M 2.08%
7,537,780
+7,536,880
+837,431% +$426M
2015 Q4
13 quarters
FRC
18
DELISTED
First Republic Bank
FRC
$430M 2.02%
4,281,777
+110,719
+3% +$10.9M
2013 Q2
23 quarters
VRSK icon
19
Verisk Analytics
VRSK
$23.1B
$428M 2.01%
3,219,691
+81,181
+3% +$9.88M
2014 Q4
17 quarters
BKNG icon
20
Booking.com
BKNG
$120B
$413M 1.94%
5,912,825
+1,038,025
+21% +$74.1M
2015 Q2
15 quarters
GRFS
21
Grifois
GRFS
$5.08B
$356M 1.67%
17,724,292
+482,715
+3% +$9.22M
2014 Q2
19 quarters
MA icon
22
Mastercard
MA
$516B
$344M 1.61%
1,459,645
+35,068
+2% +$7.54M
2013 Q3
22 quarters
EPAM icon
23
EPAM Systems
EPAM
$5.84B
$336M 1.58%
1,986,282
+155,866
+9% +$23.4M
2017 Q2
7 quarters
REGN icon
24
Regeneron Pharmaceuticals
REGN
$76.9B
$287M 1.35%
699,322
+18,591
+3% +$7.66M
2016 Q2
11 quarters
CEO
25
DELISTED
CNOOC Limited
CEO
$284M 1.34%
1,529,842
+12,228
+0.8% +$2.07M
2013 Q2
23 quarters
1
2 3 4 5

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FMI
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VAS
Vestmark Advisory Solutions Wakefield, Massachusetts $10.6B AUM 25.02% 1-Year Est. Return
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
Alphadyne Asset Management New York $10.5B AUM 37.62% 1-Year Est. Return

Harding Loevner's Q1 2019 Portfolio in Review

As of Q1 2019, Harding Loevner held 143 positions worth $21.3B, up 23% from $17.3B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Harding Loevner deployed $1.22B of net new capital in Q1 2019, opening 4 new positions and adding to 59 existing holdings. Its largest new stake was Diageo: 1,063,948 shares worth $174M.

By sector, the portfolio is most concentrated in Technology at 23% of assets, up from 23% a quarter earlier, followed by Financials and Communication Services.

On the sell side, the largest reduction was Tenaris, an estimated $263M trimmed.

  • Harding Loevner's largest Q1 2019 buy was Diageo: 1,063,948 shares worth $174M.
  • Harding Loevner added most to China Mobile Limited in Q1 2019, an estimated $520M increase.
  • Harding Loevner's biggest Q1 2019 reduction was Tenaris, cutting an estimated $263M.
  • Harding Loevner fully exited iShares MSCI ACWI ex US ETF in Q1 2019, selling an estimated $40.7M.
  • Harding Loevner's ten largest holdings make up 38% of its $21.3B portfolio in Q1 2019.
  • Harding Loevner opened 4 new positions and closed 11 in Q1 2019.
  • Harding Loevner's portfolio value rose 23% quarter-over-quarter to $21.3B.

Based on Harding Loevner's 13F filing for Q1 2019, filed 15 May 2019.