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 |
Vertex Pharmaceuticals
VRTX
|
+$280M |
| 2 |
Trip.com Group
TCOM
|
+$188M |
| 3 |
Baidu
BIDU
|
+$103M |
| 4 |
Ambev
ABEV
|
+$59M |
| 5 |
SIVB
SVB Financial Group
SIVB
|
+$42.8M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Grifois
GRFS
|
+$179M |
| 2 |
Roper Technologies
ROP
|
+$102M |
| 3 |
Verisk Analytics
VRSK
|
+$79.2M |
| 4 |
TSMC
TSM
|
+$31.6M |
| 5 |
SAP
SAP
|
+$9.28M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 22.8% |
| 2 | Financials | 21.83% |
| 3 | Communication Services | 13.37% |
| 4 | Consumer Discretionary | 11.53% |
| 5 | Consumer Staples | 8.48% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
|
1
TSMC
TSM
$2.1T
| $1.09B | 5.16% |
23,546,769
-741,739
| -3% | -$31.6M |
2013 Q2
25 quarters
|
|
2
Alibaba
BABA
$235B
| $979M | 4.62% |
5,854,757
+178,233
| +3% | +$30.6M |
2017 Q3
8 quarters
|
|
3
Check Point Software Technologies
CHKP
$15.1B
| $942M | 4.44% |
8,607,106
-67,277
| -0.8% | -$7.5M |
2016 Q3
12 quarters
|
|
|
4
SAP
SAP
$270B
| $936M | 4.41% |
7,941,815
-74,910
| -0.9% | -$9.28M |
2013 Q2
25 quarters
|
|
5
Itaú Unibanco
ITUB
$81.2B
| $708M | 3.34% |
115,664,793
-831,138
| -0.7% | -$5.39M |
2013 Q2
25 quarters
|
|
6
ICICI Bank
IBN
$123B
| $675M | 3.18% |
55,398,885
-450,443
| -0.8% | -$5.28M |
2013 Q2
25 quarters
|
|
7
PayPal
PYPL
$48.4B
| $669M | 3.15% |
6,457,604
+27,021
| +0.4% | +$2.98M |
2015 Q3
16 quarters
|
|
|
8
Ambev
ABEV
$42.1B
| $668M | 3.15% |
144,605,292
+12,323,454
| +9% | +$59M |
2013 Q4
23 quarters
|
|
|
9
Baidu
BIDU
$26.4B
| $628M | 2.96% |
6,114,778
+961,567
| +19% | +$103M |
2013 Q2
25 quarters
|
|
10
Nebius Group N.V.
NBIS
$35B
| $604M | 2.85% |
17,252,900
-61,057
| -0.4% | -$2.3M |
2014 Q1
22 quarters
|
|
11
Canadian National Railway
CNI
$76.6B
| $576M | 2.72% |
6,409,549
-51,178
| -0.8% | -$4.73M |
2013 Q2
25 quarters
|
|
12
SLB Ltd
SLB
$75.1B
| $562M | 2.65% |
16,445,909
+872,706
| +6% | +$31.9M |
2013 Q2
25 quarters
|
|
13
HDFC Bank
HDB
$132B
| $522M | 2.46% |
18,294,702
-72,482
| -0.4% | -$2.06M |
2016 Q4
11 quarters
|
|
14
Fomento Económico Mexicano
FMX
$44.5B
| $522M | 2.46% |
5,694,595
+14,408
| +0.3% | +$1.33M |
2013 Q2
25 quarters
|
|
|
15
Roper Technologies
ROP
$47.3B
| $470M | 2.21% |
1,316,670
-281,312
| -18% | -$102M |
2013 Q2
25 quarters
|
|
16
Alphabet (Google) Class A
GOOGL
$3.67T
| $464M | 2.19% |
7,594,000
+172,320
| +2% | +$10.2M |
2015 Q4
15 quarters
|
|
17
Booking.com
BKNG
$120B
| $460M | 2.17% |
5,853,375
+27,450
| +0.5% | +$2.13M |
2015 Q2
17 quarters
|
|
|
18
Verisk Analytics
VRSK
$26.5B
| $420M | 1.98% |
2,658,180
-510,366
| -16% | -$79.2M |
2014 Q4
19 quarters
|
|
|
CHL
19
DELISTED
China Mobile Limited
CHL
| $415M | 1.96% |
10,031,674
+85,570
| +0.9% | +$3.64M |
2015 Q1
18 quarters
|
|
|
FRC
20
DELISTED
First Republic Bank
FRC
| $415M | 1.96% |
4,290,808
+69,584
| +2% | +$6.6M |
2013 Q2
25 quarters
|
|
|
21
Vertex Pharmaceuticals
VRTX
$138B
| $394M | 1.86% |
2,323,082
+1,582,711
| +214% | +$280M |
2018 Q4
3 quarters
|
|
22
Mastercard
MA
$569B
| $388M | 1.83% |
1,430,039
+775
| +0.1% | +$214K |
2013 Q3
24 quarters
|
|
23
Nike
NKE
$56.1B
| $308M | 1.45% |
3,276,545
+14,613
| +0.4% | +$1.25M |
2013 Q2
25 quarters
|
|
24
Apple
AAPL
$5.16T
| $305M | 1.44% |
5,455,872
+22,660
| +0.4% | +$1.18M |
2017 Q2
9 quarters
|
|
25
Banco Bradesco
BBD
$28.1B
| $285M | 1.34% |
46,561,758
-444,135
| -0.9% | -$2.94M |
2013 Q2
25 quarters
|
|
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Harding Loevner's Q3 2019 Portfolio in Review
As of Q3 2019, Harding Loevner held 143 positions worth $21.2B, down 2.6% from $21.8B the previous quarter. Its ten largest holdings account for 37% of the portfolio.
Harding Loevner's Q3 2019 filing shows 8 new, 46 increased, 42 reduced and 9 closed positions. Its largest new stake was iShares MSCI ACWI ETF: 21,824 shares worth $1.61M. The largest sale was Grifois, an estimated $179M.
By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 23% a quarter earlier, followed by Financials and Communication Services.
- Harding Loevner's largest Q3 2019 buy was iShares MSCI ACWI ETF: 21,824 shares worth $1.61M.
- Harding Loevner added most to Vertex Pharmaceuticals in Q3 2019, an estimated $280M increase.
- Harding Loevner's biggest Q3 2019 reduction was Grifois, cutting an estimated $179M.
- Harding Loevner fully exited Banco Macro in Q3 2019, selling an estimated $8.73M.
- Harding Loevner's ten largest holdings make up 37% of its $21.2B portfolio in Q3 2019.
- Harding Loevner opened 8 new positions and closed 9 in Q3 2019.
- Harding Loevner's portfolio value fell 2.6% quarter-over-quarter to $21.2B.
Based on Harding Loevner's 13F filing for Q3 2019, filed 14 Nov 2019.