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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
+13.91%
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
$17.8B
AUM Growth
+$2.68B
Cap. Flow
+$589M
Cap. Flow %
3.3%
Top 10 Hldgs %
39.7%
Holding
75
New
4
Increased
8
Reduced
60
Closed
3

Top Buys

Rank Stock Value
1
BNTX icon
BioNTech
BNTX
+$397M
2
TSM icon
TSMC
TSM
+$192M
3
SONY icon
Sony
SONY
+$189M
4
HDB icon
HDFC Bank
HDB
+$137M
5
VLTO icon
Veralto
VLTO
+$28.5M

Top Sells

Rank Stock Value
1
VEU icon
Vanguard FTSE All-World ex-US ETF
VEU
+$44.5M
2
DHR icon
Danaher
DHR
+$36.9M
3
FMX icon
Fomento Económico Mexicano
FMX
+$33.8M
4
BHP icon
BHP
BHP
+$20.3M
5
ALC icon
Alcon
ALC
+$17M

Sector Composition

Rank Sector Weight
1 Technology 26.71%
2 Healthcare 18.75%
3 Financials 14.3%
4 Communication Services 9.02%
5 Industrials 8.5%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSM icon
1
TSMC
TSM
$2.17T
$1.22B 6.86%
11,616,715
+2,008,043
+21% +$192M
FMX icon
2
Fomento Económico Mexicano
FMX
$40.9B
$983M 5.52%
7,501,421
-283,731
-4% -$33.8M
SAP icon
3
SAP
SAP
$256B
$855M 4.8%
5,432,890
-114,939
-2% -$16.6M
BHP icon
4
BHP
BHP
$242B
$720M 4.04%
10,703,882
-335,539
-3% -$20.3M
ALC icon
5
Alcon
ALC
$34.8B
$677M 3.8%
8,695,437
-230,337
-3% -$17M
HDB icon
6
HDFC Bank
HDB
$119B
$622M 3.49%
18,913,332
+4,552,406
+32% +$137M
VRTX icon
7
Vertex Pharmaceuticals
VRTX
$137B
$539M 3.02%
1,321,229
-25,522
-2% -$9.43M
GOOGL icon
8
Alphabet (Google) Class A
GOOGL
$4.24T
$512M 2.87%
3,661,391
-84,324
-2% -$11.3M
LIN icon
9
Linde
LIN
$226B
$481M 2.7%
1,173,709
-30,577
-3% -$12.1M
META icon
10
Meta Platforms (Facebook)
META
$1.47T
$466M 2.62%
1,312,905
-22,951
-2% -$7.47M
AMZN icon
11
Amazon
AMZN
$2.87T
$450M 2.52%
2,959,023
-89,348
-3% -$12.5M
BNTX icon
12
BioNTech
BNTX
$25.6B
$411M 2.31%
+3,944,474
New +$397M
MSFT icon
13
Microsoft
MSFT
$3.81T
$364M 2.04%
967,430
-23,328
-2% -$8.3M
DE icon
14
Deere & Co
DE
$170B
$362M 2.03%
906,102
-15,261
-2% -$5.75M
CNI icon
15
Canadian National Railway
CNI
$76.2B
$359M 2.02%
2,865,864
-94,415
-3% -$10.7M
IBN icon
16
ICICI Bank
IBN
$107B
$349M 1.96%
14,610,340
-374,545
-2% -$8.62M
XP icon
17
XP
XP
$8.96B
$339M 1.9%
13,115,121
+732,614
+6% +$16.7M
TMO icon
18
Thermo Fisher Scientific
TMO
$230B
$334M 1.87%
628,055
-11,639
-2% -$5.63M
ABEV icon
19
Ambev
ABEV
$44.1B
$304M 1.71%
109,577,457
-3,603,688
-3% -$9.73M
BAP icon
20
Credicorp
BAP
$29.3B
$299M 1.68%
1,998,107
-21,743
-1% -$2.82M
ACN icon
21
Accenture
ACN
$116B
$280M 1.57%
795,793
-14,954
-2% -$4.82M
DHR icon
22
Danaher
DHR
$152B
$274M 1.54%
1,184,586
-173,359
-13% -$36.9M
UNH icon
23
UnitedHealth
UNH
$353B
$271M 1.52%
515,117
-9,085
-2% -$4.85M
CME icon
24
CME Group
CME
$103B
$264M 1.48%
1,254,739
-22,669
-2% -$4.84M
ROK icon
25
Rockwell Automation
ROK
$47.8B
$263M 1.47%
850,425
-13,238
-2% -$3.71M
1
2 3

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VAS
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DPIM
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CA
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SCM
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FCM
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URS
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AAM
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Harding Loevner's Q4 2023 Portfolio in Review

As of Q4 2023, Harding Loevner held 75 positions worth $17.8B, up 18% from $15.1B the previous quarter. Its ten largest holdings account for 40% of the portfolio.

Harding Loevner deployed $589M of net new capital in Q4 2023, opening 4 new positions and adding to 8 existing holdings. Its largest new stake was BioNTech: 3,944,474 shares worth $411M.

By sector, the portfolio is most concentrated in Technology at 27% of assets, up from 24% a quarter earlier, followed by Healthcare and Financials.

On the sell side, the largest reduction was Vanguard FTSE All-World ex-US ETF, an estimated $44.5M trimmed.

  • Harding Loevner's largest Q4 2023 buy was BioNTech: 3,944,474 shares worth $411M.
  • Harding Loevner added most to TSMC in Q4 2023, an estimated $192M increase.
  • Harding Loevner's biggest Q4 2023 reduction was Vanguard FTSE All-World ex-US ETF, cutting an estimated $44.5M.
  • Harding Loevner fully exited iShares MSCI ACWI ETF in Q4 2023, selling an estimated $2.3M.
  • Harding Loevner's ten largest holdings make up 40% of its $17.8B portfolio in Q4 2023.
  • Harding Loevner opened 4 new positions and closed 3 in Q4 2023.
  • Harding Loevner's portfolio value rose 18% quarter-over-quarter to $17.8B.

Based on Harding Loevner's 13F filing for Q4 2023, filed 14 Feb 2024.