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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
+12.74%
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
$22.5B
AUM Growth
+$1.28B
Cap. Flow
-$1.15B
Cap. Flow %
-5.12%
Top 10 Hldgs %
39.55%
Holding
141
New
7
Increased
23
Reduced
64
Closed
1

Top Buys

Rank Stock Value
1
BIDU icon
Baidu
BIDU
+$165M
2
CRM icon
Salesforce
CRM
+$150M
3
WDAY icon
Workday
WDAY
+$147M
4
HSBC icon
HSBC
HSBC
+$97.9M
5
CL icon
Colgate-Palmolive
CL
+$72.3M

Top Sells

Rank Stock Value
1
AMZN icon
Amazon
AMZN
+$242M
2
GRFS
Grifois
GRFS
+$196M
3
IPGP icon
IPG Photonics
IPGP
+$136M
4
CHKP icon
Check Point Software Technologies
CHKP
+$132M
5
PYPL icon
PayPal
PYPL
+$78.5M

Sector Composition

Rank Sector Weight
1 Technology 23.47%
2 Financials 22.05%
3 Communication Services 14.45%
4 Consumer Discretionary 10.66%
5 Consumer Staples 8.18%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSM icon
1
TSMC
TSM
$2.22T
$1.29B 5.73%
22,160,072
-1,386,697
-6% -$73.6M
BABA icon
2
Alibaba
BABA
$281B
$1.19B 5.3%
5,619,370
-235,387
-4% -$44.2M
SAP icon
3
SAP
SAP
$248B
$1.06B 4.73%
7,942,471
+656
+0% +$86.2K
BIDU icon
4
Baidu
BIDU
$33.7B
$957M 4.26%
7,569,689
+1,454,911
+24% +$165M
CHKP icon
5
Check Point Software Technologies
CHKP
$14B
$825M 3.67%
7,435,582
-1,171,524
-14% -$132M
IBN icon
6
ICICI Bank
IBN
$109B
$798M 3.55%
52,885,175
-2,513,710
-5% -$34.1M
ITUB icon
7
Itaú Unibanco
ITUB
$89.8B
$752M 3.34%
112,950,572
-2,714,221
-2% -$17M
NBIS
8
Nebius Group N.V.
NBIS
$61.5B
$716M 3.18%
16,466,181
-786,719
-5% -$29.3M
ABEV icon
9
Ambev
ABEV
$46.6B
$667M 2.97%
143,184,467
-1,420,825
-1% -$6.3M
SLB icon
10
SLB Ltd
SLB
$85.3B
$634M 2.82%
15,768,775
-677,134
-4% -$24.2M
PYPL icon
11
PayPal
PYPL
$47B
$617M 2.74%
5,704,497
-753,107
-12% -$78.5M
CNI icon
12
Canadian National Railway
CNI
$74.6B
$581M 2.58%
6,422,191
+12,642
+0.2% +$1.14M
HDB icon
13
HDFC Bank
HDB
$119B
$560M 2.49%
17,675,098
-619,604
-3% -$18.9M
FMX icon
14
Fomento Económico Mexicano
FMX
$41B
$536M 2.38%
5,666,211
-28,384
-0.5% -$2.61M
VRTX icon
15
Vertex Pharmaceuticals
VRTX
$138B
$458M 2.04%
2,091,656
-231,426
-10% -$46.8M
GOOGL icon
16
Alphabet (Google) Class A
GOOGL
$4.14T
$450M 2%
6,715,980
-878,020
-12% -$56.6M
FRC
17
DELISTED
First Republic Bank
FRC
$447M 1.99%
3,809,622
-481,186
-11% -$52M
BKNG icon
18
Booking.com
BKNG
$145B
$437M 1.94%
5,319,550
-533,825
-9% -$41.9M
ROP icon
19
Roper Technologies
ROP
$40.3B
$412M 1.83%
1,162,902
-153,768
-12% -$53.1M
CHL
20
DELISTED
China Mobile Limited
CHL
$402M 1.79%
9,519,242
-512,432
-5% -$20.7M
MA icon
21
Mastercard
MA
$507B
$390M 1.74%
1,307,753
-122,286
-9% -$34.5M
AAPL icon
22
Apple
AAPL
$4.67T
$357M 1.59%
4,857,000
-598,872
-11% -$38.5M
VRSK icon
23
Verisk Analytics
VRSK
$24.2B
$350M 1.56%
2,345,026
-313,154
-12% -$46.4M
BBD icon
24
Banco Bradesco
BBD
$36.7B
$311M 1.38%
46,255,478
-306,280
-0.7% -$1.92M
EPAM icon
25
EPAM Systems
EPAM
$6.04B
$303M 1.35%
1,428,568
-10,375
-0.7% -$2.04M
1
2 3 4 5

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VAS
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DPIM
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CA
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SCM
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FCM
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URS
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AAM
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Harding Loevner's Q4 2019 Portfolio in Review

As of Q4 2019, Harding Loevner held 141 positions worth $22.5B, up 6% from $21.2B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Harding Loevner withdrew a net $1.15B in Q4 2019, closing 1 position and reducing 64 holdings. Its most notable exit was Amazon, an estimated $242M position sold in full.

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.

Against the trend, Harding Loevner opened a new position in iShares MSCI EAFE ETF worth $19.3M.

  • Harding Loevner's largest Q4 2019 buy was iShares MSCI EAFE ETF: 278,464 shares worth $19.3M.
  • Harding Loevner added most to Baidu in Q4 2019, an estimated $165M increase.
  • Harding Loevner's biggest Q4 2019 reduction was Grifois, cutting an estimated $196M.
  • Harding Loevner fully exited Amazon in Q4 2019, selling an estimated $242M.
  • Harding Loevner's ten largest holdings make up 40% of its $22.5B portfolio in Q4 2019.
  • Harding Loevner opened 7 new positions and closed 1 in Q4 2019.
  • Harding Loevner's portfolio value rose 6% quarter-over-quarter to $22.5B.

Based on Harding Loevner's 13F filing for Q4 2019, filed 14 Feb 2020.