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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
+7.88%
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
$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

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
TSM icon
1
TSMC
TSM
$2.18T
$947M 5.84%
6,957,581
-4,659,134
-40% -$579M
SAP icon
2
SAP
SAP
$238B
$753M 4.65%
3,859,673
-1,573,217
-29% -$279M
ALC icon
3
Alcon
ALC
$35B
$699M 4.31%
8,393,242
-302,195
-3% -$24.2M
FMX icon
4
Fomento Económico Mexicano
FMX
$41.7B
$676M 4.17%
5,189,889
-2,311,532
-31% -$302M
MSFT icon
5
Microsoft
MSFT
$3.71T
$606M 3.74%
1,440,595
+473,165
+49% +$192M
META icon
6
Meta Platforms (Facebook)
META
$1.51T
$583M 3.6%
1,200,493
-112,412
-9% -$50.1M
HDB icon
7
HDFC Bank
HDB
$121B
$516M 3.18%
18,436,962
-476,370
-3% -$13.5M
VRTX icon
8
Vertex Pharmaceuticals
VRTX
$126B
$511M 3.16%
1,223,038
-98,191
-7% -$41.5M
GOOGL icon
9
Alphabet (Google) Class A
GOOGL
$4.33T
$511M 3.15%
3,382,738
-278,653
-8% -$39.9M
AMZN icon
10
Amazon
AMZN
$2.96T
$494M 3.05%
2,736,387
-222,636
-8% -$37.2M
BHP icon
11
BHP
BHP
$230B
$431M 2.66%
7,477,130
-3,226,752
-30% -$193M
LIN icon
12
Linde
LIN
$226B
$411M 2.54%
884,733
-288,976
-25% -$125M
IBN icon
13
ICICI Bank
IBN
$108B
$375M 2.31%
14,189,019
-421,321
-3% -$10.5M
CNI icon
14
Canadian National Railway
CNI
$76.6B
$373M 2.3%
2,830,575
-35,289
-1% -$4.51M
BNTX icon
15
BioNTech
BNTX
$23.5B
$352M 2.17%
3,818,163
-126,311
-3% -$12.1M
NFLX icon
16
Netflix
NFLX
$309B
$351M 2.17%
5,775,560
+517,240
+10% +$29.2M
DE icon
17
Deere & Co
DE
$168B
$343M 2.12%
835,117
-70,985
-8% -$27.2M
TMO icon
18
Thermo Fisher Scientific
TMO
$220B
$340M 2.1%
585,216
-42,839
-7% -$24M
MELI icon
19
Mercado Libre
MELI
$92.3B
$339M 2.09%
+224,067
New +$367M
BAP icon
20
Credicorp
BAP
$30.7B
$331M 2.04%
1,953,796
-44,311
-2% -$7.13M
XP icon
21
XP
XP
$8.39B
$319M 1.97%
12,451,862
-663,259
-5% -$16.6M
DHR icon
22
Danaher
DHR
$144B
$272M 1.68%
1,091,188
-93,398
-8% -$22.8M
ABEV icon
23
Ambev
ABEV
$46.4B
$264M 1.63%
106,254,873
-3,322,584
-3% -$8.65M
CRM icon
24
Salesforce
CRM
$158B
$263M 1.62%
872,832
+269,595
+45% +$77.8M
CME icon
25
CME Group
CME
$94.8B
$250M 1.54%
1,158,958
-95,781
-8% -$20.1M
1
2 3 4

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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 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.