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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
-3.77%
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
$18.2B
AUM Growth
-$7.92B
Cap. Flow
-$2.26B
Cap. Flow %
-12.43%
Top 10 Hldgs %
36.93%
Holding
168
New
8
Increased
30
Reduced
80
Closed
15

Top Buys

Rank Stock Value
1
ROK icon
Rockwell Automation
ROK
+$255M
2
AVGO icon
Broadcom
AVGO
+$199M
3
LULU icon
lululemon athletica
LULU
+$178M
4
SHEL icon
Shell
SHEL
+$168M
5
FMX icon
Fomento Económico Mexicano
FMX
+$117M

Top Sells

Rank Stock Value
1
CHKP icon
Check Point Software Technologies
CHKP
+$378M
2
BIDU icon
Baidu
BIDU
+$275M
3
TSM icon
TSMC
TSM
+$248M
4
EPAM icon
EPAM Systems
EPAM
+$194M
5
MA icon
Mastercard
MA
+$177M

Sector Composition

Rank Sector Weight
1 Technology 23.37%
2 Financials 18.83%
3 Healthcare 15.78%
4 Industrials 9.25%
5 Communication Services 8.07%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSM icon
1
TSMC
TSM
$2.22T
$1.03B 5.7%
11,329,003
-2,117,732
-16% -$248M
BHP icon
2
BHP
BHP
$230B
$1.02B 5.6%
17,373,106
+416,119
+2% +$25.3M
ALC icon
3
Alcon
ALC
$34.1B
$714M 3.93%
10,682,208
-287,476
-3% -$22.2M
FMX icon
4
Fomento Económico Mexicano
FMX
$41B
$702M 3.87%
9,816,327
+1,481,847
+18% +$117M
IBN icon
5
ICICI Bank
IBN
$109B
$614M 3.38%
33,726,971
-68,195
-0.2% -$1.36M
HDB icon
6
HDFC Bank
HDB
$119B
$607M 3.34%
23,328,938
-958,310
-4% -$31.1M
GOOGL icon
7
Alphabet (Google) Class A
GOOGL
$4.14T
$588M 3.24%
5,160,160
-381,700
-7% -$51.8M
SAP icon
8
SAP
SAP
$248B
$513M 2.82%
5,062,213
-20,941
-0.4% -$2.55M
FRC
9
DELISTED
First Republic Bank
FRC
$462M 2.55%
3,192,145
-269,379
-8% -$47M
SIVB
10
DELISTED
SVB Financial Group
SIVB
$455M 2.51%
962,835
-79,486
-8% -$48.2M
ABEV icon
11
Ambev
ABEV
$46.6B
$452M 2.49%
165,650,333
-14,207,463
-8% -$39.7M
DE icon
12
Deere & Co
DE
$187B
$435M 2.4%
1,187,462
-433,632
-27% -$166M
VRTX icon
13
Vertex Pharmaceuticals
VRTX
$138B
$417M 2.3%
1,769,276
-112,595
-6% -$26.7M
MSFT icon
14
Microsoft
MSFT
$3.71T
$414M 2.28%
1,555,791
-105,551
-6% -$31.8M
UNH icon
15
UnitedHealth
UNH
$356B
$399M 2.2%
819,429
-68,538
-8% -$33.1M
CNI icon
16
Canadian National Railway
CNI
$74.6B
$396M 2.18%
3,399,025
-6,220
-0.2% -$778K
XP icon
17
XP
XP
$10.1B
$351M 1.93%
16,638,483
+1,229,321
+8% +$38.3M
META icon
18
Meta Platforms (Facebook)
META
$1.57T
$351M 1.93%
1,783,376
+301,909
+20% +$75.5M
AMZN icon
19
Amazon
AMZN
$2.79T
$317M 1.74%
2,907,480
-804,800
-22% -$124M
NKE icon
20
Nike
NKE
$57B
$296M 1.63%
2,638,946
-176,650
-6% -$24.8M
ACN icon
21
Accenture
ACN
$114B
$277M 1.53%
959,441
+77,220
+9% +$26M
CHKP icon
22
Check Point Software Technologies
CHKP
$14B
$274M 1.51%
2,015,770
-2,893,294
-59% -$378M
TMO icon
23
Thermo Fisher Scientific
TMO
$227B
$267M 1.47%
514,019
-139,260
-21% -$80M
CME icon
24
CME Group
CME
$101B
$266M 1.47%
1,313,298
-111,506
-8% -$26.2M
AME icon
25
Ametek
AME
$54.5B
$253M 1.39%
2,068,926
+78,486
+4% +$10.5M
1
2 3 4 5

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FMI
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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
Alphadyne Asset Management New York $10.5B AUM 37.62% 1-Year Est. Return

Harding Loevner's Q1 2022 Portfolio in Review

As of Q1 2022, Harding Loevner held 168 positions worth $18.2B, down 30% from $26.1B the previous quarter. Its ten largest holdings account for 37% of the portfolio.

Harding Loevner withdrew a net $2.26B in Q1 2022, closing 15 positions and reducing 80 holdings. Its most notable exit was Royal Dutch Shell PLC ADS Class B, an estimated $137M position sold in full.

By sector, the portfolio is most concentrated in Technology at 23% of assets, down from 26% a quarter earlier, followed by Financials and Healthcare.

Against the trend, Harding Loevner opened a new position in lululemon athletica worth $162M.

  • Harding Loevner's largest Q1 2022 buy was lululemon athletica: 547,976 shares worth $162M.
  • Harding Loevner added most to Rockwell Automation in Q1 2022, an estimated $255M increase.
  • Harding Loevner's biggest Q1 2022 reduction was Check Point Software Technologies, cutting an estimated $378M.
  • Harding Loevner fully exited Royal Dutch Shell PLC ADS Class B in Q1 2022, selling an estimated $137M.
  • Harding Loevner's ten largest holdings make up 37% of its $18.2B portfolio in Q1 2022.
  • Harding Loevner opened 8 new positions and closed 15 in Q1 2022.
  • Harding Loevner's portfolio value fell 30% quarter-over-quarter to $18.2B.

Based on Harding Loevner's 13F filing for Q1 2022, filed 16 May 2022.