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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
+24.8%
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
$20.9B
AUM Growth
+$2.97B
Cap. Flow
-$975M
Cap. Flow %
-4.67%
Top 10 Hldgs %
41.73%
Holding
157
New
10
Increased
17
Reduced
78
Closed
7

Top Buys

Rank Stock Value
1
ITUB icon
Itaú Unibanco
ITUB
+$469M
2
BABA icon
Alibaba
BABA
+$329M
3
AMZN icon
Amazon
AMZN
+$235M
4
TMO icon
Thermo Fisher Scientific
TMO
+$200M
5
FMX icon
Fomento Económico Mexicano
FMX
+$125M

Top Sells

Rank Stock Value
1
BIDU icon
Baidu
BIDU
+$796M
2
BKNG icon
Booking.com
BKNG
+$323M
3
CNI icon
Canadian National Railway
CNI
+$243M
4
PYPL icon
PayPal
PYPL
+$212M
5
NVDA icon
NVIDIA
NVDA
+$210M

Sector Composition

Rank Sector Weight
1 Technology 25.58%
2 Financials 20.84%
3 Communication Services 14.08%
4 Consumer Discretionary 11.46%
5 Healthcare 8.43%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
BABA icon
1
Alibaba
BABA
$281B
$1.43B 6.85%
6,629,502
+1,580,880
+31% +$329M
TSM icon
2
TSMC
TSM
$2.22T
$1.2B 5.76%
21,207,928
-71,296
-0.3% -$3.76M
SAP icon
3
SAP
SAP
$248B
$1.06B 5.07%
7,568,283
-265,457
-3% -$32.7M
NBIS
4
Nebius Group N.V.
NBIS
$61.5B
$957M 4.58%
19,124,192
-834,554
-4% -$33.4M
ITUB icon
5
Itaú Unibanco
ITUB
$89.8B
$947M 4.53%
277,584,062
+144,584,515
+109% +$469M
PYPL icon
6
PayPal
PYPL
$47B
$713M 3.42%
4,095,059
-1,531,756
-27% -$212M
HDB icon
7
HDFC Bank
HDB
$119B
$663M 3.17%
29,168,168
+4,510,062
+18% +$92.6M
EPAM icon
8
EPAM Systems
EPAM
$6.04B
$609M 2.91%
2,415,622
+474,381
+24% +$104M
VRTX icon
9
Vertex Pharmaceuticals
VRTX
$138B
$587M 2.81%
2,021,767
-25,507
-1% -$6.92M
FMX icon
10
Fomento Económico Mexicano
FMX
$41B
$548M 2.62%
8,830,462
+1,960,495
+29% +$125M
ABEV icon
11
Ambev
ABEV
$46.6B
$524M 2.51%
198,607,689
-5,516,504
-3% -$13M
CHKP icon
12
Check Point Software Technologies
CHKP
$14B
$508M 2.43%
4,732,836
-160,714
-3% -$17M
IBN icon
13
ICICI Bank
IBN
$109B
$471M 2.26%
50,738,292
-1,553,396
-3% -$13.8M
GOOGL icon
14
Alphabet (Google) Class A
GOOGL
$4.14T
$470M 2.25%
6,628,740
-68,000
-1% -$4.58M
ROP icon
15
Roper Technologies
ROP
$40.3B
$443M 2.12%
1,139,980
-13,031
-1% -$4.67M
ILMN icon
16
Illumina
ILMN
$33B
$426M 2.04%
1,183,652
-7,146
-0.6% -$2.3M
AAPL icon
17
Apple
AAPL
$4.67T
$418M 2%
4,588,196
-152,744
-3% -$11.8M
META icon
18
Meta Platforms (Facebook)
META
$1.57T
$417M 2%
1,835,409
-23,647
-1% -$4.94M
FRC
19
DELISTED
First Republic Bank
FRC
$397M 1.9%
3,749,025
-46,503
-1% -$4.77M
MA icon
20
Mastercard
MA
$507B
$377M 1.8%
1,273,831
-15,453
-1% -$4.36M
VRSK icon
21
Verisk Analytics
VRSK
$24.2B
$349M 1.67%
2,052,339
-284,841
-12% -$45M
CHL
22
DELISTED
China Mobile Limited
CHL
$325M 1.55%
9,649,862
-361,902
-4% -$13.4M
CNI icon
23
Canadian National Railway
CNI
$74.6B
$303M 1.45%
3,417,437
-2,917,282
-46% -$243M
NKE icon
24
Nike
NKE
$57B
$289M 1.38%
2,944,819
+59,888
+2% +$5.53M
MSFT icon
25
Microsoft
MSFT
$3.71T
$278M 1.33%
1,366,262
-16,414
-1% -$2.98M
1
2 3 4 5

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VAS
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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
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Harding Loevner's Q2 2020 Portfolio in Review

As of Q2 2020, Harding Loevner held 157 positions worth $20.9B, up 17% from $17.9B the previous quarter. Its ten largest holdings account for 42% of the portfolio.

Harding Loevner withdrew a net $975M in Q2 2020, closing 7 positions and reducing 78 holdings. Its most notable exit was iShares MSCI EAFE Growth ETF, an estimated $2.06M position sold in full.

By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 25% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Harding Loevner opened a new position in Amazon worth $268M.

  • Harding Loevner's largest Q2 2020 buy was Amazon: 1,942,800 shares worth $268M.
  • Harding Loevner added most to Itaú Unibanco in Q2 2020, an estimated $469M increase.
  • Harding Loevner's biggest Q2 2020 reduction was Baidu, cutting an estimated $796M.
  • Harding Loevner fully exited iShares MSCI EAFE Growth ETF in Q2 2020, selling an estimated $2.06M.
  • Harding Loevner's ten largest holdings make up 42% of its $20.9B portfolio in Q2 2020.
  • Harding Loevner opened 10 new positions and closed 7 in Q2 2020.
  • Harding Loevner's portfolio value rose 17% quarter-over-quarter to $20.9B.

Based on Harding Loevner's 13F filing for Q2 2020, filed 14 Aug 2020.