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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
+12.11%
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
$17.6B
AUM Growth
+$212M
Cap. Flow
-$1.39B
Cap. Flow %
-7.94%
Top 10 Hldgs %
38.38%
Holding
85
New
3
Increased
21
Reduced
49
Closed
11

Top Buys

Rank Stock Value
1
LIN icon
Linde
LIN
+$217M
2
ABBV icon
AbbVie
ABBV
+$154M
3
NOC icon
Northrop Grumman
NOC
+$121M
4
CME icon
CME Group
CME
+$113M
5
BAP icon
Credicorp
BAP
+$86.7M

Top Sells

Rank Stock Value
1
FRC
First Republic Bank
FRC
+$400M
2
IBN icon
ICICI Bank
IBN
+$299M
3
SIVB
SVB Financial Group
SIVB
+$273M
4
HDB icon
HDFC Bank
HDB
+$200M
5
LULU icon
lululemon athletica
LULU
+$180M

Sector Composition

Rank Sector Weight
1 Technology 25.82%
2 Healthcare 17.95%
3 Financials 14.14%
4 Industrials 9.73%
5 Communication Services 9.33%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSM icon
1
TSMC
TSM
$2.22T
$997M 5.68%
10,721,787
+770,886
+8% +$69.2M
FMX icon
2
Fomento Económico Mexicano
FMX
$41B
$861M 4.9%
9,044,697
-100,084
-1% -$8.76M
SAP icon
3
SAP
SAP
$248B
$764M 4.35%
6,040,638
+1,328
+0% +$156K
BHP icon
4
BHP
BHP
$230B
$735M 4.19%
11,597,371
-2,230,776
-16% -$144M
ALC icon
5
Alcon
ALC
$34.1B
$703M 4%
9,965,313
-26,010
-0.3% -$1.85M
HDB icon
6
HDFC Bank
HDB
$119B
$687M 3.91%
20,600,466
-5,993,044
-23% -$200M
VRTX icon
7
Vertex Pharmaceuticals
VRTX
$138B
$576M 3.28%
1,826,624
-13,897
-0.8% -$4.17M
GOOGL icon
8
Alphabet (Google) Class A
GOOGL
$4.14T
$528M 3.01%
5,090,686
-34,800
-0.7% -$3.34M
DE icon
9
Deere & Co
DE
$187B
$502M 2.86%
1,215,963
-3,290
-0.3% -$1.36M
META icon
10
Meta Platforms (Facebook)
META
$1.57T
$389M 2.22%
1,836,523
-9,932
-0.5% -$1.69M
MSFT icon
11
Microsoft
MSFT
$3.71T
$387M 2.2%
1,343,054
-255,099
-16% -$65.1M
CNI icon
12
Canadian National Railway
CNI
$74.6B
$365M 2.08%
3,096,557
+32,844
+1% +$3.88M
SNPS icon
13
Synopsys
SNPS
$75.5B
$355M 2.02%
918,633
-24,870
-3% -$8.89M
LIN icon
14
Linde
LIN
$220B
$349M 1.98%
981,005
+646,949
+194% +$217M
IBN icon
15
ICICI Bank
IBN
$109B
$343M 1.95%
15,872,743
-14,332,067
-47% -$299M
ABEV icon
16
Ambev
ABEV
$46.6B
$342M 1.95%
121,310,335
+224,885
+0.2% +$588K
UNH icon
17
UnitedHealth
UNH
$356B
$337M 1.92%
712,113
-5,683
-0.8% -$2.74M
ROK icon
18
Rockwell Automation
ROK
$48.2B
$334M 1.9%
1,137,967
+202,010
+22% +$57.4M
CME icon
19
CME Group
CME
$101B
$322M 1.83%
1,679,620
+625,583
+59% +$113M
AMZN icon
20
Amazon
AMZN
$2.79T
$316M 1.8%
3,059,533
-11,058
-0.4% -$1.07M
TMO icon
21
Thermo Fisher Scientific
TMO
$227B
$310M 1.77%
538,190
+7,378
+1% +$4.16M
AME icon
22
Ametek
AME
$54.5B
$300M 1.71%
2,066,916
-62,728
-3% -$8.92M
ACN icon
23
Accenture
ACN
$114B
$280M 1.6%
981,147
-8,509
-0.9% -$2.32M
ASML icon
24
ASML
ASML
$659B
$276M 1.57%
405,006
-11,742
-3% -$7.54M
NKE icon
25
Nike
NKE
$57B
$263M 1.5%
2,144,931
-14,567
-0.7% -$1.79M
1
2 3 4

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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
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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
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AAM
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Harding Loevner's Q1 2023 Portfolio in Review

As of Q1 2023, Harding Loevner held 85 positions worth $17.6B, up 1.2% from $17.4B the previous quarter. Its ten largest holdings account for 38% of the portfolio.

Harding Loevner withdrew a net $1.39B in Q1 2023, closing 11 positions and reducing 49 holdings. Its most notable exit was First Republic Bank, an estimated $400M position sold in full.

By sector, the portfolio is most concentrated in Technology at 26% of assets, up from 22% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Harding Loevner opened a new position in AbbVie worth $161M.

  • Harding Loevner's largest Q1 2023 buy was AbbVie: 1,007,317 shares worth $161M.
  • Harding Loevner added most to Linde in Q1 2023, an estimated $217M increase.
  • Harding Loevner's biggest Q1 2023 reduction was ICICI Bank, cutting an estimated $299M.
  • Harding Loevner fully exited First Republic Bank in Q1 2023, selling an estimated $400M.
  • Harding Loevner's ten largest holdings make up 38% of its $17.6B portfolio in Q1 2023.
  • Harding Loevner opened 3 new positions and closed 11 in Q1 2023.
  • Harding Loevner's portfolio value rose 1.2% quarter-over-quarter to $17.6B.

Based on Harding Loevner's 13F filing for Q1 2023, filed 15 May 2023.