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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
+12.7%
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
$17.1B
AUM Growth
-$439M
(-2.5%)
Cap. Flow
-$2.13B
Cap. Flow
% of AUM
-12.42%
Top 10 Holdings %
Top 10 Hldgs %
39.82%
Holding
76
New
2
Increased
7
Reduced
59
Closed
7
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
Credicorp
BAP
|
+$194M |
| 2 |
Estee Lauder
EL
|
+$168M |
| 3 |
Danaher
DHR
|
+$144M |
| 4 |
Linde
LIN
|
+$92.3M |
| 5 |
Amazon
AMZN
|
+$47.3M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
Illumina
ILMN
|
+$253M |
| 2 |
Synopsys
SNPS
|
+$179M |
| 3 |
Trade Desk
TTD
|
+$164M |
| 4 |
PayPal
PYPL
|
+$160M |
| 5 |
Nike
NKE
|
+$112M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 25.06% |
| 2 | Healthcare | 17.65% |
| 3 | Financials | 14.69% |
| 4 | Consumer Staples | 9.68% |
| 5 | Industrials | 8.91% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | |
|---|---|---|---|---|---|---|
1
TSMC
TSM
$2.18T
| $1.01B | 5.87% |
9,960,411
-761,376
| -7% | -$70.9M |
|
2
Fomento Económico Mexicano
FMX
$41.7B
| $953M | 5.56% |
8,594,011
-450,686
| -5% | -$45.3M |
|
3
SAP
SAP
$238B
| $782M | 4.56% |
5,714,011
-326,627
| -5% | -$43.2M |
|
4
Alcon
ALC
$35B
| $780M | 4.55% |
9,498,428
-466,885
| -5% | -$35.7M |
|
5
BHP
BHP
$230B
| $674M | 3.94% |
11,300,081
-297,290
| -3% | -$17.7M |
|
6
HDFC Bank
HDB
$121B
| $651M | 3.8% |
18,679,964
-1,920,502
| -9% | -$64.8M |
|
7
Vertex Pharmaceuticals
VRTX
$126B
| $541M | 3.16% |
1,538,270
-288,354
| -16% | -$97.2M |
|
8
Alphabet (Google) Class A
GOOGL
$4.33T
| $511M | 2.99% |
4,272,295
-818,391
| -16% | -$94.2M |
|
|
9
Linde
LIN
$226B
| $470M | 2.74% |
1,233,628
+252,623
| +26% | +$92.3M |
|
|
10
Amazon
AMZN
$2.96T
| $453M | 2.64% |
3,474,130
+414,597
| +14% | +$47.3M |
|
11
Meta Platforms (Facebook)
META
$1.51T
| $443M | 2.59% |
1,542,895
-293,628
| -16% | -$72.5M |
|
12
Deere & Co
DE
$168B
| $415M | 2.42% |
1,023,604
-192,359
| -16% | -$73.6M |
|
13
Microsoft
MSFT
$3.71T
| $384M | 2.24% |
1,128,527
-214,527
| -16% | -$67.2M |
|
14
Ambev
ABEV
$46.4B
| $371M | 2.16% |
116,526,981
-4,783,354
| -4% | -$14.1M |
|
15
Canadian National Railway
CNI
$76.6B
| $367M | 2.14% |
3,027,583
-68,974
| -2% | -$8.18M |
|
16
ICICI Bank
IBN
$108B
| $356M | 2.08% |
15,406,752
-465,991
| -3% | -$10.5M |
|
|
17
Danaher
DHR
$144B
| $329M | 1.92% |
1,547,376
+680,241
| +78% | +$144M |
|
18
Rockwell Automation
ROK
$49B
| $318M | 1.86% |
964,497
-173,470
| -15% | -$50.1M |
|
19
XP
XP
$8.39B
| $318M | 1.86% |
13,544,391
-1,020,275
| -7% | -$17.3M |
|
|
20
Credicorp
BAP
$30.7B
| $310M | 1.81% |
2,103,079
+1,411,945
| +204% | +$194M |
|
21
UnitedHealth
UNH
$370B
| $288M | 1.68% |
598,394
-113,719
| -16% | -$55.6M |
|
22
CME Group
CME
$94.8B
| $270M | 1.57% |
1,454,946
-224,674
| -13% | -$41.5M |
|
23
Netflix
NFLX
$309B
| $266M | 1.55% |
6,030,330
-436,010
| -7% | -$16.1M |
|
|
ABCM
24
DELISTED
Abcam PLC
ABCM
| $262M | 1.53% |
10,687,444
-3,053,728
| -22% | -$52.7M |
|
25
Ametek
AME
$58.2B
| $255M | 1.49% |
1,575,689
-491,227
| -24% | -$71.7M |
|
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Harding Loevner's Q2 2023 Portfolio in Review
As of Q2 2023, Harding Loevner held 76 positions worth $17.1B, down 2.5% from $17.6B the previous quarter. Its ten largest holdings account for 40% of the portfolio.
Harding Loevner withdrew a net $2.13B in Q2 2023, closing 7 positions and reducing 59 holdings. Its most notable exit was Illumina, an estimated $253M position sold in full.
By sector, the portfolio is most concentrated in Technology at 25% of assets, down from 26% a quarter earlier, followed by Healthcare and Financials.
Against the trend, Harding Loevner opened a new position in Estee Lauder worth $156M.
- Harding Loevner's largest Q2 2023 buy was Estee Lauder: 793,141 shares worth $156M.
- Harding Loevner added most to Credicorp in Q2 2023, an estimated $194M increase.
- Harding Loevner's biggest Q2 2023 reduction was Synopsys, cutting an estimated $179M.
- Harding Loevner fully exited Illumina in Q2 2023, selling an estimated $253M.
- Harding Loevner's ten largest holdings make up 40% of its $17.1B portfolio in Q2 2023.
- Harding Loevner opened 2 new positions and closed 7 in Q2 2023.
- Harding Loevner's portfolio value fell 2.5% quarter-over-quarter to $17.1B.
Based on Harding Loevner's 13F filing for Q2 2023, filed 14 Aug 2023.