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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
-3.59%
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
$15.1B
AUM Growth
-$1.99B
Cap. Flow
-$1.31B
Cap. Flow %
-8.63%
Top 10 Hldgs %
39.29%
Holding
73
New
4
Increased
11
Reduced
55
Closed
2

Top Buys

Rank Stock Value
1
RGEN icon
Repligen
RGEN
+$119M
2
HON icon
Honeywell
HON
+$116M
3
GMAB icon
Genmab
GMAB
+$116M
4
TMO icon
Thermo Fisher Scientific
TMO
+$99.6M
5
HLN icon
Haleon
HLN
+$76.8M

Top Sells

Rank Stock Value
1
ABCM
Abcam PLC
ABCM
+$262M
2
EL icon
Estee Lauder
EL
+$156M
3
HDB icon
HDFC Bank
HDB
+$141M
4
CRM icon
Salesforce
CRM
+$98.3M
5
FMX icon
Fomento Económico Mexicano
FMX
+$89.8M

Sector Composition

Rank Sector Weight
1 Technology 24.11%
2 Healthcare 18.84%
3 Financials 14.26%
4 Communication Services 9.19%
5 Industrials 9.16%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
FMX icon
1
Fomento Económico Mexicano
FMX
$41.7B
$850M 5.61%
7,785,152
-808,859
-9% -$89.8M
TSM icon
2
TSMC
TSM
$2.18T
$835M 5.51%
9,608,672
-351,739
-4% -$33.3M
SAP icon
3
SAP
SAP
$238B
$717M 4.74%
5,547,829
-166,182
-3% -$22.6M
ALC icon
4
Alcon
ALC
$35B
$688M 4.54%
8,925,774
-572,654
-6% -$47.1M
BHP icon
5
BHP
BHP
$230B
$628M 4.15%
11,039,421
-260,660
-2% -$15.2M
GOOGL icon
6
Alphabet (Google) Class A
GOOGL
$4.33T
$490M 3.24%
3,745,715
-526,580
-12% -$68.1M
VRTX icon
7
Vertex Pharmaceuticals
VRTX
$126B
$468M 3.09%
1,346,751
-191,519
-12% -$67M
LIN icon
8
Linde
LIN
$226B
$448M 2.96%
1,204,286
-29,342
-2% -$11.2M
HDB icon
9
HDFC Bank
HDB
$121B
$424M 2.8%
14,360,926
-4,319,038
-23% -$141M
META icon
10
Meta Platforms (Facebook)
META
$1.51T
$401M 2.65%
1,335,856
-207,039
-13% -$62.4M
AMZN icon
11
Amazon
AMZN
$2.96T
$388M 2.56%
3,048,371
-425,759
-12% -$57M
DE icon
12
Deere & Co
DE
$168B
$348M 2.3%
921,363
-102,241
-10% -$42.2M
IBN icon
13
ICICI Bank
IBN
$108B
$346M 2.29%
14,984,885
-421,867
-3% -$9.92M
TMO icon
14
Thermo Fisher Scientific
TMO
$220B
$324M 2.14%
639,694
+186,928
+41% +$99.6M
CNI icon
15
Canadian National Railway
CNI
$76.6B
$321M 2.12%
2,960,279
-67,304
-2% -$7.72M
MSFT icon
16
Microsoft
MSFT
$3.71T
$313M 2.07%
990,758
-137,769
-12% -$45.5M
DHR icon
17
Danaher
DHR
$144B
$299M 1.97%
1,357,945
-189,431
-12% -$42.2M
ABEV icon
18
Ambev
ABEV
$46.4B
$292M 1.93%
113,181,145
-3,345,836
-3% -$9.68M
XP icon
19
XP
XP
$8.39B
$285M 1.88%
12,382,507
-1,161,884
-9% -$29.1M
UNH icon
20
UnitedHealth
UNH
$370B
$264M 1.75%
524,202
-74,192
-12% -$36.5M
BAP icon
21
Credicorp
BAP
$30.7B
$258M 1.71%
2,019,850
-83,229
-4% -$12.1M
CME icon
22
CME Group
CME
$94.8B
$256M 1.69%
1,277,408
-177,538
-12% -$35.3M
ACN icon
23
Accenture
ACN
$108B
$249M 1.64%
810,747
+75,849
+10% +$23.9M
ROK icon
24
Rockwell Automation
ROK
$49B
$247M 1.63%
863,663
-100,834
-10% -$31.2M
AME icon
25
Ametek
AME
$58.2B
$218M 1.44%
1,474,940
-100,749
-6% -$15.7M
1
2 3

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DCP
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FCM
Frontier Capital Management Boston, Massachusetts $9.73B AUM 55.65% 1-Year Est. Return
CCM
Cullen Capital Management New York $9.75B AUM 21.81% 1-Year Est. Return
URS
Utah Retirement Systems Salt Lake City, Utah $9.78B AUM 28.72% 1-Year Est. Return
MPI
Mairs & Power Inc St Paul, Minnesota $9.79B AUM 20.6% 1-Year Est. Return
TIM
Thornburg Investment Management Santa Fe, New Mexico $9.63B AUM 35.65% 1-Year Est. Return
SC
Sculptor Capital New York $9.61B AUM 27.5% 1-Year Est. Return
TCA
Tortoise Capital Advisors Overland Park, Kansas $9.6B AUM 19.53% 1-Year Est. Return

Harding Loevner's Q3 2023 Portfolio in Review

As of Q3 2023, Harding Loevner held 73 positions worth $15.1B, down 12% from $17.1B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Harding Loevner withdrew a net $1.31B in Q3 2023, closing 2 positions and reducing 55 holdings. Its most notable exit was Abcam PLC, an estimated $262M position sold in full.

By sector, the portfolio is most concentrated in Technology at 24% of assets, down from 25% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Harding Loevner opened a new position in Repligen worth $115M.

  • Harding Loevner's largest Q3 2023 buy was Repligen: 725,408 shares worth $115M.
  • Harding Loevner added most to Genmab in Q3 2023, an estimated $116M increase.
  • Harding Loevner's biggest Q3 2023 reduction was HDFC Bank, cutting an estimated $141M.
  • Harding Loevner fully exited Abcam PLC in Q3 2023, selling an estimated $262M.
  • Harding Loevner's ten largest holdings make up 39% of its $15.1B portfolio in Q3 2023.
  • Harding Loevner opened 4 new positions and closed 2 in Q3 2023.
  • Harding Loevner's portfolio value fell 12% quarter-over-quarter to $15.1B.

Based on Harding Loevner's 13F filing for Q3 2023, filed 14 Nov 2023.