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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
+5.57%
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
$17.3B
AUM Growth
-$784M
Cap. Flow
-$1.34B
Cap. Flow %
-7.75%
Top 10 Hldgs %
43%
Holding
70
New
–
Increased
15
Reduced
52
Closed
3

Top Buys

Rank Stock Value
1
HDB icon
HDFC Bank
HDB
+$453M
2
SONY icon
Sony
SONY
+$296M
3
BKNG icon
Booking.com
BKNG
+$55.1M
4
ABEV icon
Ambev
ABEV
+$46.2M
5
CME icon
CME Group
CME
+$40.8M

Top Sells

Rank Stock Value
1
IBN icon
ICICI Bank
IBN
+$398M
2
SAP icon
SAP
SAP
+$396M
3
BNTX icon
BioNTech
BNTX
+$269M
4
XP icon
XP
XP
+$255M
5
COST icon
Costco
COST
+$147M

Sector Composition

Rank Sector Weight
1 Technology 26.78%
2 Healthcare 18.12%
3 Financials 13.66%
4 Communication Services 10.58%
5 Industrials 8.26%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSM icon
1
TSMC
TSM
$2.17T
$1.29B 7.47%
7,452,639
-482,515
-6% -$82.2M
HDB icon
2
HDFC Bank
HDB
$119B
$1.02B 5.89%
32,628,858
+14,737,824
+82% +$453M
ALC icon
3
Alcon
ALC
$34.8B
$928M 5.35%
9,270,977
-389,353
-4% -$36.6M
SAP icon
4
SAP
SAP
$256B
$755M 4.35%
3,293,471
-1,864,911
-36% -$396M
FMX icon
5
Fomento Económico Mexicano
FMX
$40.9B
$626M 3.61%
6,337,905
-503,539
-7% -$54.3M
META icon
6
Meta Platforms (Facebook)
META
$1.47T
$619M 3.57%
1,080,752
-128,250
-11% -$66M
MSFT icon
7
Microsoft
MSFT
$3.81T
$584M 3.37%
1,358,338
-36,639
-3% -$15.7M
BHP icon
8
BHP
BHP
$242B
$549M 3.17%
8,838,948
-631,947
-7% -$34.9M
AMZN icon
9
Amazon
AMZN
$2.87T
$543M 3.13%
2,913,258
-80,950
-3% -$14.8M
VRTX icon
10
Vertex Pharmaceuticals
VRTX
$137B
$536M 3.09%
1,152,625
-31,783
-3% -$15.3M
GOOGL icon
11
Alphabet (Google) Class A
GOOGL
$4.24T
$529M 3.05%
3,189,246
-86,280
-3% -$14.5M
LIN icon
12
Linde
LIN
$226B
$508M 2.93%
1,065,684
-59,783
-5% -$27.3M
MELI icon
13
Mercado Libre
MELI
$99.7B
$396M 2.29%
193,162
-19,358
-9% -$36.4M
ZTO icon
14
ZTO Express
ZTO
$16.3B
$382M 2.2%
15,416,407
-1,045,727
-6% -$21.7M
NFLX icon
15
Netflix
NFLX
$340B
$380M 2.2%
5,364,340
-146,920
-3% -$9.83M
TMO icon
16
Thermo Fisher Scientific
TMO
$230B
$352M 2.03%
568,502
+2,742
+0.5% +$1.62M
ABEV icon
17
Ambev
ABEV
$44.1B
$332M 1.91%
135,918,417
+20,580,608
+18% +$46.2M
BAP icon
18
Credicorp
BAP
$29.3B
$326M 1.88%
1,801,241
-98,500
-5% -$16.8M
CNI icon
19
Canadian National Railway
CNI
$76.2B
$307M 1.77%
2,619,060
-130,329
-5% -$15.2M
CME icon
20
CME Group
CME
$103B
$291M 1.68%
1,319,163
+197,050
+18% +$40.8M
CRM icon
21
Salesforce
CRM
$211B
$284M 1.64%
1,037,703
-19,680
-2% -$5.04M
MFC icon
22
Manulife Financial
MFC
$70.9B
$277M 1.6%
9,373,675
-314,149
-3% -$8.44M
HLN icon
23
Haleon
HLN
$44.5B
$263M 1.52%
24,888,008
-726,619
-3% -$7.03M
UNH icon
24
UnitedHealth
UNH
$353B
$263M 1.52%
450,002
-11,010
-2% -$6.23M
DE icon
25
Deere & Co
DE
$170B
$263M 1.52%
629,284
-18,446
-3% -$6.95M
1
2 3

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FMI
Factory Mutual Insurance Waltham, Massachusetts $10.6B AUM 34.1% 1-Year Est. Return
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 Q3 2024 Portfolio in Review

As of Q3 2024, Harding Loevner held 70 positions worth $17.3B, down 4.3% from $18.1B the previous quarter. Its ten largest holdings account for 43% of the portfolio.

Harding Loevner withdrew a net $1.34B in Q3 2024, closing 3 positions and reducing 52 holdings. Its most notable exit was Costco, an estimated $147M position sold in full.

By sector, the portfolio is most concentrated in Technology at 27% of assets, down from 29% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Harding Loevner added an estimated $453M to HDFC Bank.

  • Harding Loevner added most to HDFC Bank in Q3 2024, an estimated $453M increase.
  • Harding Loevner's biggest Q3 2024 reduction was ICICI Bank, cutting an estimated $398M.
  • Harding Loevner fully exited Costco in Q3 2024, selling an estimated $147M.
  • Harding Loevner's ten largest holdings make up 43% of its $17.3B portfolio in Q3 2024.
  • Harding Loevner opened 0 new positions and closed 3 in Q3 2024.
  • Harding Loevner's portfolio value fell 4.3% quarter-over-quarter to $17.3B.

Based on Harding Loevner's 13F filing for Q3 2024, filed 14 Nov 2024.