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 |
Meta Platforms (Facebook)
META
|
+$261M |
| 2 |
Manulife Financial
MFC
|
+$76.5M |
| 3 |
PayPal
PYPL
|
+$59.5M |
| 4 |
Salesforce
CRM
|
+$59.4M |
| 5 |
SIVB
SVB Financial Group
SIVB
|
+$47M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
UnitedHealth
UNH
|
+$81.5M |
| 2 |
Grupo Aeroportuario del Sureste
ASR
|
+$62.6M |
| 3 |
Alphabet (Google) Class A
GOOGL
|
+$60.9M |
| 4 |
EPAM Systems
EPAM
|
+$59.5M |
| 5 |
Diageo
DEO
|
+$52.8M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Financials | 22.43% |
| 2 | Technology | 20.31% |
| 3 | Healthcare | 16.41% |
| 4 | Industrials | 9.2% |
| 5 | Communication Services | 7.84% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
HDFC Bank
HDB
$132B
| $755M | 4.95% |
25,864,378
+982,974
| +4% | +$30.2M |
2016 Q4
23 quarters
|
|
2
BHP
BHP
$205B
| $730M | 4.78% |
14,579,883
-509,828
| -3% | -$27M |
2020 Q4
7 quarters
|
|
3
TSMC
TSM
$2.1T
| $708M | 4.64% |
10,332,325
-282,296
| -3% | -$23.3M |
2013 Q2
37 quarters
|
|
4
ICICI Bank
IBN
$123B
| $677M | 4.44% |
32,289,689
-752,345
| -2% | -$15.9M |
2013 Q2
37 quarters
|
|
5
Fomento Económico Mexicano
FMX
$44.5B
| $617M | 4.04% |
9,830,790
-797,601
| -8% | -$50.2M |
2013 Q2
37 quarters
|
|
6
Alcon
ALC
$34.5B
| $589M | 3.86% |
10,127,597
-342,153
| -3% | -$23.7M |
2021 Q1
6 quarters
|
|
7
Vertex Pharmaceuticals
VRTX
$138B
| $475M | 3.11% |
1,639,817
-93,874
| -5% | -$27M |
2018 Q4
15 quarters
|
|
|
8
Alphabet (Google) Class A
GOOGL
$3.67T
| $439M | 2.88% |
4,587,728
-548,992
| -11% | -$60.9M |
2015 Q4
27 quarters
|
|
9
SAP
SAP
$270B
| $427M | 2.8% |
5,249,625
+332,410
| +7% | +$29.4M |
2013 Q2
37 quarters
|
|
|
FRC
10
DELISTED
First Republic Bank
FRC
| $384M | 2.52% |
2,939,914
-167,942
| -5% | -$25.8M |
2013 Q2
37 quarters
|
|
11
Ambev
ABEV
$42.1B
| $366M | 2.4% |
129,456,773
-2,226,263
| -2% | -$6.31M |
2013 Q4
35 quarters
|
|
12
Deere & Co
DE
$183B
| $366M | 2.4% |
1,096,434
-62,098
| -5% | -$21.3M |
2017 Q2
21 quarters
|
|
|
SIVB
13
DELISTED
SVB Financial Group
SIVB
| $354M | 2.32% |
1,053,600
+116,821
| +12% | +$47M |
2013 Q2
37 quarters
|
|
14
Canadian National Railway
CNI
$76.6B
| $351M | 2.3% |
3,250,048
-79,087
| -2% | -$9.42M |
2013 Q2
37 quarters
|
|
15
Microsoft
MSFT
$3.88T
| $334M | 2.19% |
1,433,598
-80,945
| -5% | -$21.4M |
2013 Q2
37 quarters
|
|
|
16
UnitedHealth
UNH
$363B
| $325M | 2.13% |
642,937
-155,035
| -19% | -$81.5M |
2019 Q1
14 quarters
|
|
17
Amazon
AMZN
$2.89T
| $312M | 2.05% |
2,760,714
-77,154
| -3% | -$9.8M |
2020 Q2
9 quarters
|
|
18
XP
XP
$7.63B
| $304M | 1.99% |
16,002,301
-279,241
| -2% | -$5.54M |
2021 Q4
3 quarters
|
|
19
Synopsys
SNPS
$88.7B
| $258M | 1.69% |
845,563
-46,511
| -5% | -$15.7M |
2018 Q4
15 quarters
|
|
20
Thermo Fisher Scientific
TMO
$259B
| $239M | 1.57% |
472,158
-27,793
| -6% | -$15.6M |
2017 Q2
21 quarters
|
|
21
Accenture
ACN
$148B
| $227M | 1.49% |
883,977
-51,036
| -5% | -$14.7M |
2021 Q1
6 quarters
|
|
|
22
Meta Platforms (Facebook)
META
$1.59T
| $223M | 1.46% |
1,639,965
+1,610,716
| +5,507% | +$261M |
2015 Q1
30 quarters
|
|
23
Ametek
AME
$55.3B
| $217M | 1.42% |
1,912,457
-110,793
| -5% | -$13.3M |
2020 Q2
9 quarters
|
|
24
Nike
NKE
$56.1B
| $202M | 1.32% |
2,431,023
-136,179
| -5% | -$14.7M |
2013 Q2
37 quarters
|
|
25
Illumina
ILMN
$31.7B
| $187M | 1.23% |
1,008,946
-57,681
| -5% | -$11.4M |
2017 Q4
19 quarters
|
|
Similar funds
Harding Loevner's Q3 2022 Portfolio in Review
As of Q3 2022, Harding Loevner held 163 positions worth $15.3B, down 5.9% from $16.2B the previous quarter. Its ten largest holdings account for 38% of the portfolio.
Harding Loevner's Q3 2022 filing shows 10 new, 23 increased, 75 reduced and 1 closed positions. Its largest new stake was iShares MSCI EAFE Growth ETF: 59,280 shares worth $1.43M. The largest sale was UnitedHealth, an estimated $81.5M.
By sector, the portfolio is most concentrated in Financials at 22% of assets, up from 20% a quarter earlier, followed by Technology and Healthcare.
- Harding Loevner's largest Q3 2022 buy was iShares MSCI EAFE Growth ETF: 59,280 shares worth $1.43M.
- Harding Loevner added most to Meta Platforms (Facebook) in Q3 2022, an estimated $261M increase.
- Harding Loevner's biggest Q3 2022 reduction was UnitedHealth, cutting an estimated $81.5M.
- Harding Loevner fully exited Domino's in Q3 2022, selling an estimated $16K.
- Harding Loevner's ten largest holdings make up 38% of its $15.3B portfolio in Q3 2022.
- Harding Loevner opened 10 new positions and closed 1 in Q3 2022.
- Harding Loevner's portfolio value fell 5.9% quarter-over-quarter to $15.3B.
Based on Harding Loevner's 13F filing for Q3 2022, filed 14 Nov 2022.