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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
+7.88%
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
$16.2B
AUM Growth
-$1.62B
Cap. Flow
-$2.71B
Cap. Flow %
-16.72%
Top 10 Hldgs %
38.85%
Holding
77
New
5
Increased
8
Reduced
56
Closed
8
Avg Time Held
20.2 quarters
Top 10 Avg Time Held
13 quarters
Top 20 Avg Time Held
12.8 quarters

Top Buys

Rank Stock Value
1
MELI icon
Mercado Libre
MELI
+$367M
2
GLOB icon
Globant
GLOB
+$203M
3
MSFT icon
Microsoft
MSFT
+$192M
4
ZTO icon
ZTO Express
ZTO
+$191M
5
BKNG icon
Booking.com
BKNG
+$129M

Top Sells

Rank Stock Value
1
TSM icon
TSMC
TSM
+$579M
2
FMX icon
Fomento Económico Mexicano
FMX
+$302M
3
SAP icon
SAP
SAP
+$279M
4
MFC icon
Manulife Financial
MFC
+$203M
5
BHP icon
BHP
BHP
+$193M

Sector Composition

Rank Sector Weight
1 Technology 26.65%
2 Healthcare 18.48%
3 Financials 13.02%
4 Communication Services 10.87%
5 Industrials 9.66%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
TSM icon
1
TSMC
TSM
$2.35T
$947M 5.84%
6,957,581
-4,659,134
-40% -$579M
2013 Q2
43 quarters
SAP icon
2
SAP
SAP
$248B
$753M 4.65%
3,859,673
-1,573,217
-29% -$279M
2013 Q2
43 quarters
ALC icon
3
Alcon
ALC
$31B
$699M 4.31%
8,393,242
-302,195
-3% -$24.2M
2021 Q1
12 quarters
FMX icon
4
Fomento Económico Mexicano
FMX
$40.6B
$676M 4.17%
5,189,889
-2,311,532
-31% -$302M
2013 Q2
43 quarters
MSFT icon
5
Microsoft
MSFT
$3.97T
$606M 3.74%
1,440,595
+473,165
+49% +$192M
2013 Q2
43 quarters
META icon
6
Meta Platforms (Facebook)
META
$1.83T
$583M 3.6%
1,200,493
-112,412
-9% -$50.1M
2015 Q1
36 quarters
HDB icon
7
HDFC Bank
HDB
$115B
$516M 3.18%
18,436,962
-476,370
-3% -$13.5M
2016 Q4
29 quarters
VRTX icon
8
Vertex Pharmaceuticals
VRTX
$129B
$511M 3.16%
1,223,038
-98,191
-7% -$41.5M
2018 Q4
21 quarters
GOOGL icon
9
Alphabet (Google) Class A
GOOGL
$4.3T
$511M 3.15%
3,382,738
-278,653
-8% -$39.9M
2015 Q4
33 quarters
AMZN icon
10
Amazon
AMZN
$2.83T
$494M 3.05%
2,736,387
-222,636
-8% -$37.2M
2020 Q2
15 quarters
BHP icon
11
BHP
BHP
$220B
$431M 2.66%
7,477,130
-3,226,752
-30% -$193M
2020 Q4
13 quarters
LIN icon
12
Linde
LIN
$223B
$411M 2.54%
884,733
-288,976
-25% -$125M
2018 Q4
21 quarters
IBN icon
13
ICICI Bank
IBN
$100B
$375M 2.31%
14,189,019
-421,321
-3% -$10.5M
2013 Q2
43 quarters
CNI icon
14
Canadian National Railway
CNI
$71.2B
$373M 2.3%
2,830,575
-35,289
-1% -$4.51M
2013 Q2
43 quarters
BNTX icon
15
BioNTech
BNTX
$24.4B
$352M 2.17%
3,818,163
-126,311
-3% -$12.1M
2023 Q4
1 quarter
NFLX icon
16
Netflix
NFLX
$293B
$351M 2.17%
5,775,560
+517,240
+10% +$29.2M
2021 Q3
10 quarters
DE icon
17
Deere & Co
DE
$167B
$343M 2.12%
835,117
-70,985
-8% -$27.2M
2017 Q2
27 quarters
TMO icon
18
Thermo Fisher Scientific
TMO
$243B
$340M 2.1%
585,216
-42,839
-7% -$24M
2017 Q2
27 quarters
MELI icon
19
Mercado Libre
MELI
$95.8B
$339M 2.09%
+224,067
New +$367M
2024 Q1
0 quarters
BAP icon
20
Credicorp
BAP
$30.3B
$331M 2.04%
1,953,796
-44,311
-2% -$7.13M
2021 Q4
9 quarters
XP icon
21
XP
XP
$16.3B
$319M 1.97%
12,451,862
-663,259
-5% -$16.6M
2021 Q4
9 quarters
DHR icon
22
Danaher
DHR
$155B
$272M 1.68%
1,091,188
-93,398
-8% -$22.8M
2018 Q1
24 quarters
ABEV icon
23
Ambev
ABEV
$49.2B
$264M 1.63%
106,254,873
-3,322,584
-3% -$8.65M
2013 Q4
41 quarters
CRM icon
24
Salesforce
CRM
$189B
$263M 1.62%
872,832
+269,595
+45% +$77.8M
2017 Q2
27 quarters
CME icon
25
CME Group
CME
$101B
$250M 1.54%
1,158,958
-95,781
-8% -$20.1M
2020 Q3
14 quarters
1
2 3 4

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FMI
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VAS
Vestmark Advisory Solutions Wakefield, Massachusetts $10.6B AUM 25.02% 1-Year Est. Return
DPIM
Duff & Phelps Investment Management Chicago, Illinois $10.6B AUM 18.62% 1-Year Est. Return
CA
Clearstead Advisors Cleveland, Ohio $10.6B AUM 24.87% 1-Year Est. Return
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
Utah Retirement Systems Salt Lake City, Utah $10.5B AUM 42.22% 1-Year Est. Return
AAM
Alphadyne Asset Management New York $10.5B AUM 37.62% 1-Year Est. Return

Harding Loevner's Q1 2024 Portfolio in Review

As of Q1 2024, Harding Loevner held 77 positions worth $16.2B, down 9.1% from $17.8B the previous quarter. Its ten largest holdings account for 39% of the portfolio.

Harding Loevner withdrew a net $2.71B in Q1 2024, closing 8 positions and reducing 56 holdings. Its most notable exit was NVIDIA, an estimated $193M position sold in full.

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

Against the trend, Harding Loevner opened a new position in Mercado Libre worth $339M.

  • Harding Loevner's largest Q1 2024 buy was Mercado Libre: 224,067 shares worth $339M.
  • Harding Loevner added most to Microsoft in Q1 2024, an estimated $192M increase.
  • Harding Loevner's biggest Q1 2024 reduction was TSMC, cutting an estimated $579M.
  • Harding Loevner fully exited NVIDIA in Q1 2024, selling an estimated $193M.
  • Harding Loevner's ten largest holdings make up 39% of its $16.2B portfolio in Q1 2024.
  • Harding Loevner opened 5 new positions and closed 8 in Q1 2024.
  • Harding Loevner's portfolio value fell 9.1% quarter-over-quarter to $16.2B.

Based on Harding Loevner's 13F filing for Q1 2024, filed 15 May 2024.