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 |
Trade Desk
TTD
|
+$191M |
| 2 |
Pinterest
PINS
|
+$139M |
| 3 |
Telkom Indonesia
TLK
|
+$112M |
| 4 |
Danaher
DHR
|
+$74.7M |
| 5 |
Thermo Fisher Scientific
TMO
|
+$39.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
PayPal
PYPL
|
+$296M |
| 2 |
New Oriental
EDU
|
+$222M |
| 3 |
CME Group
CME
|
+$208M |
| 4 |
Trip.com Group
TCOM
|
+$186M |
| 5 |
Baidu
BIDU
|
+$177M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 24.86% |
| 2 | Financials | 21.5% |
| 3 | Healthcare | 11.69% |
| 4 | Consumer Discretionary | 10.47% |
| 5 | Communication Services | 10.46% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
TSMC
TSM
$2.14T
| $1.63B | 6.14% |
13,583,242
+149,125
| +1% | +$17.5M |
2013 Q2
32 quarters
|
|
2
BHP
BHP
$209B
| $1.14B | 4.29% |
17,536,020
+136,528
| +0.8% | +$9.03M |
2020 Q4
2 quarters
|
|
3
EPAM Systems
EPAM
$8.31B
| $933M | 3.51% |
1,825,094
-354,908
| -16% | -$166M |
2017 Q2
16 quarters
|
|
4
HDFC Bank
HDB
$134B
| $908M | 3.42% |
24,847,180
-673,752
| -3% | -$24.7M |
2016 Q4
18 quarters
|
|
5
Alibaba
BABA
$253B
| $854M | 3.21% |
3,766,572
-150,042
| -4% | -$33.3M |
2017 Q3
15 quarters
|
|
6
Alphabet (Google) Class A
GOOGL
$3.61T
| $804M | 3.02% |
6,584,440
+42,600
| +0.7% | +$4.98M |
2015 Q4
22 quarters
|
|
|
FRC
7
DELISTED
First Republic Bank
FRC
| $796M | 2.99% |
4,253,721
-150,885
| -3% | -$27.7M |
2013 Q2
32 quarters
|
|
8
Itaú Unibanco
ITUB
$83.2B
| $783M | 2.95% |
179,147,728
-8,811,392
| -5% | -$35.5M |
2013 Q2
32 quarters
|
|
|
SIVB
9
DELISTED
SVB Financial Group
SIVB
| $727M | 2.74% |
1,306,793
-100,788
| -7% | -$55.9M |
2013 Q2
32 quarters
|
|
10
SAP
SAP
$270B
| $722M | 2.71% |
5,136,888
-371,001
| -7% | -$51.7M |
2013 Q2
32 quarters
|
|
11
Fomento Económico Mexicano
FMX
$45.2B
| $721M | 2.71% |
8,531,595
-334,968
| -4% | -$27.4M |
2013 Q2
32 quarters
|
|
12
Amazon
AMZN
$2.88T
| $663M | 2.5% |
3,857,240
+24,880
| +0.6% | +$4.14M |
2020 Q2
4 quarters
|
|
13
Illumina
ILMN
$32.2B
| $658M | 2.48% |
1,429,532
-4,135
| -0.3% | -$1.67M |
2017 Q4
14 quarters
|
|
14
Nebius Group N.V.
NBIS
$42.1B
| $646M | 2.43% |
9,130,562
-639,480
| -7% | -$42M |
2014 Q1
29 quarters
|
|
15
Ambev
ABEV
$43.2B
| $629M | 2.37% |
182,973,959
-7,308,110
| -4% | -$23.8M |
2013 Q4
30 quarters
|
|
|
16
PayPal
PYPL
$49.4B
| $623M | 2.34% |
2,136,053
-1,118,897
| -34% | -$296M |
2015 Q3
23 quarters
|
|
17
Meta Platforms (Facebook)
META
$1.61T
| $603M | 2.27% |
1,733,400
+12,040
| +0.7% | +$3.86M |
2015 Q1
25 quarters
|
|
18
ICICI Bank
IBN
$125B
| $583M | 2.19% |
34,119,731
+209,541
| +0.6% | +$3.49M |
2013 Q2
32 quarters
|
|
19
Check Point Software Technologies
CHKP
$15B
| $579M | 2.18% |
4,987,748
+33,807
| +0.7% | +$3.99M |
2016 Q3
19 quarters
|
|
20
Deere & Co
DE
$187B
| $552M | 2.08% |
1,564,596
+16,766
| +1% | +$6.12M |
2017 Q2
16 quarters
|
|
21
Microsoft
MSFT
$3.87T
| $482M | 1.81% |
1,778,466
+23,737
| +1% | +$6.03M |
2013 Q2
32 quarters
|
|
22
Nike
NKE
$56.9B
| $459M | 1.73% |
2,973,707
+20,891
| +0.7% | +$2.81M |
2013 Q2
32 quarters
|
|
23
Adobe
ADBE
$92.5B
| $450M | 1.69% |
769,215
+7,187
| +0.9% | +$3.7M |
2017 Q2
16 quarters
|
|
24
Vertex Pharmaceuticals
VRTX
$139B
| $403M | 1.52% |
1,999,078
+15,989
| +0.8% | +$3.34M |
2018 Q4
10 quarters
|
|
25
Align Technology
ALGN
$12.1B
| $376M | 1.41% |
614,858
-2,051
| -0.3% | -$1.21M |
2020 Q1
5 quarters
|
|
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Harding Loevner's Q2 2021 Portfolio in Review
As of Q2 2021, Harding Loevner held 162 positions worth $26.6B, up 4% from $25.6B the previous quarter. Its ten largest holdings account for 35% of the portfolio.
Harding Loevner withdrew a net $1.44B in Q2 2021, closing 5 positions and reducing 51 holdings. Its most notable exit was Autohome, an estimated $69.9M position sold in full.
By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 24% a quarter earlier, followed by Financials and Healthcare.
Against the trend, Harding Loevner opened a new position in Pinterest worth $157M.
- Harding Loevner's largest Q2 2021 buy was Pinterest: 1,990,327 shares worth $157M.
- Harding Loevner added most to Trade Desk in Q2 2021, an estimated $191M increase.
- Harding Loevner's biggest Q2 2021 reduction was PayPal, cutting an estimated $296M.
- Harding Loevner fully exited Autohome in Q2 2021, selling an estimated $69.9M.
- Harding Loevner's ten largest holdings make up 35% of its $26.6B portfolio in Q2 2021.
- Harding Loevner opened 8 new positions and closed 5 in Q2 2021.
- Harding Loevner's portfolio value rose 4% quarter-over-quarter to $26.6B.
Based on Harding Loevner's 13F filing for Q2 2021, filed 16 Aug 2021.