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HL
Harding Loevner Portfolio holdings
AUM
$9.72B
1-Year Est. Return
22.38%
This Fund
S&P 500
This Quarter
Est. Return
-1.52%
1 Year Est. Return
+22.38%
3 Year Est. Return
+79.36%
5 Year Est. Return
+98.01%
10 Year Est. Return
+375.62%
AUM
$25.1B
AUM Growth
-$1.52B
(-5.7%)
Cap. Flow
-$838M
Cap. Flow
% of AUM
-3.35%
Top 10 Holdings %
Top 10 Hldgs %
33.33%
Holding
164
New
7
Increased
19
Reduced
72
Closed
17
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Netflix
NFLX
|
+$227M |
| 2 |
CoStar Group
CSGP
|
+$220M |
| 3 |
Applied Materials
AMAT
|
+$217M |
| 4 |
Baidu
BIDU
|
+$202M |
| 5 |
Pinterest
PINS
|
+$118M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
EPAM Systems
EPAM
|
+$291M |
| 2 |
Estee Lauder
EL
|
+$249M |
| 3 |
VF Corp
VFC
|
+$188M |
| 4 |
SIVB
SVB Financial Group
SIVB
|
+$144M |
| 5 |
Alphabet (Google) Class A
GOOGL
|
+$131M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.34% |
| 2 | Financials | 18.07% |
| 3 | Communication Services | 12.68% |
| 4 | Healthcare | 11.87% |
| 5 | Consumer Discretionary | 8.65% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TSMC
TSM
$2.18T
| $1.5B | 6% |
13,465,836
-117,406
| -0.9% | -$13.8M |
|
2
HDFC Bank
HDB
$121B
| $897M | 3.58% |
24,538,892
-308,288
| -1% | -$11.4M |
|
3
BHP
BHP
$230B
| $814M | 3.25% |
17,052,824
-483,196
| -3% | -$29.5M |
|
|
FRC
4
DELISTED
First Republic Bank
FRC
| $793M | 3.16% |
4,110,658
-143,063
| -3% | -$28.1M |
|
|
5
EPAM Systems
EPAM
$5.03B
| $759M | 3.03% |
1,330,747
-494,347
| -27% | -$291M |
|
|
6
Alphabet (Google) Class A
GOOGL
$4.33T
| $752M | 3% |
5,623,600
-960,840
| -15% | -$131M |
|
7
Fomento Económico Mexicano
FMX
$41.7B
| $736M | 2.94% |
8,489,609
-41,986
| -0.5% | -$3.61M |
|
|
NBIS
8
Nebius Group N.V.
NBIS
$47.7B
| $725M | 2.89% |
9,103,170
-27,392
| -0.3% | -$2M |
|
9
SAP
SAP
$238B
| $688M | 2.75% |
5,098,162
-38,726
| -0.8% | -$5.62M |
|
|
SIVB
10
DELISTED
SVB Financial Group
SIVB
| $685M | 2.73% |
1,059,211
-247,582
| -19% | -$144M |
|
11
Itaú Unibanco
ITUB
$87.5B
| $684M | 2.73% |
178,385,329
-762,399
| -0.4% | -$3.12M |
|
12
ICICI Bank
IBN
$108B
| $641M | 2.56% |
33,985,487
-134,244
| -0.4% | -$2.52M |
|
13
Amazon
AMZN
$2.96T
| $612M | 2.44% |
3,724,160
-133,080
| -3% | -$23M |
|
14
Check Point Software Technologies
CHKP
$13.1B
| $560M | 2.24% |
4,955,282
-32,466
| -0.7% | -$3.95M |
|
15
Deere & Co
DE
$168B
| $553M | 2.21% |
1,651,820
+87,224
| +6% | +$31.4M |
|
16
Alibaba
BABA
$308B
| $544M | 2.17% |
3,675,057
-91,515
| -2% | -$16.6M |
|
17
Meta Platforms (Facebook)
META
$1.51T
| $521M | 2.08% |
1,534,836
-198,564
| -11% | -$71.5M |
|
18
Ambev
ABEV
$46.4B
| $503M | 2.01% |
182,303,711
-670,248
| -0.4% | -$2.12M |
|
19
Microsoft
MSFT
$3.71T
| $477M | 1.9% |
1,692,843
-85,623
| -5% | -$24.9M |
|
20
Illumina
ILMN
$28.4B
| $471M | 1.88% |
1,193,700
-235,832
| -16% | -$108M |
|
21
PayPal
PYPL
$50.5B
| $440M | 1.75% |
1,690,198
-445,855
| -21% | -$126M |
|
22
Adobe
ADBE
$105B
| $428M | 1.71% |
743,504
-25,711
| -3% | -$16.2M |
|
23
Nike
NKE
$61.9B
| $417M | 1.67% |
2,873,375
-100,332
| -3% | -$16.4M |
|
24
Canadian National Railway
CNI
$76.6B
| $395M | 1.58% |
3,416,675
-12,707
| -0.4% | -$1.4M |
|
25
Align Technology
ALGN
$12.3B
| $394M | 1.57% |
592,528
-22,330
| -4% | -$15.2M |
|
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Harding Loevner's Q3 2021 Portfolio in Review
As of Q3 2021, Harding Loevner held 164 positions worth $25.1B, down 5.7% from $26.6B the previous quarter. Its ten largest holdings account for 33% of the portfolio.
Harding Loevner withdrew a net $838M in Q3 2021, closing 17 positions and reducing 72 holdings. Its most notable exit was Estee Lauder, an estimated $249M position sold in full.
By sector, the portfolio is most concentrated in Technology at 25% of assets, up from 25% a quarter earlier, followed by Financials and Communication Services.
Against the trend, Harding Loevner opened a new position in Netflix worth $251M.
- Harding Loevner's largest Q3 2021 buy was Netflix: 4,117,160 shares worth $251M.
- Harding Loevner added most to CoStar Group in Q3 2021, an estimated $220M increase.
- Harding Loevner's biggest Q3 2021 reduction was EPAM Systems, cutting an estimated $291M.
- Harding Loevner fully exited Estee Lauder in Q3 2021, selling an estimated $249M.
- Harding Loevner's ten largest holdings make up 33% of its $25.1B portfolio in Q3 2021.
- Harding Loevner opened 7 new positions and closed 17 in Q3 2021.
- Harding Loevner's portfolio value fell 5.7% quarter-over-quarter to $25.1B.
Based on Harding Loevner's 13F filing for Q3 2021, filed 15 Nov 2021.