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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
-0.24%
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
$14.8B
AUM Growth
-$2.54B
Cap. Flow
-$2.52B
Cap. Flow %
-17.06%
Top 10 Hldgs %
43.56%
Holding
71
New
4
Increased
8
Reduced
54
Closed
4
Avg Time Held
21.3 quarters
Top 10 Avg Time Held
13.6 quarters
Top 20 Avg Time Held
12.6 quarters

Top Buys

Rank Stock Value
1
VEU icon
Vanguard FTSE All-World ex-US ETF
VEU
+$164M
2
NVDA icon
NVIDIA
NVDA
+$114M
3
MELI icon
Mercado Libre
MELI
+$97.8M
4
UNH icon
UnitedHealth
UNH
+$69.5M
5
ACN icon
Accenture
ACN
+$68.6M

Top Sells

Rank Stock Value
1
SONY icon
Sony
SONY
+$310M
2
TSM icon
TSMC
TSM
+$265M
3
ISRG icon
Intuitive Surgical
ISRG
+$208M
4
AMZN icon
Amazon
AMZN
+$165M
5
VRTX icon
Vertex Pharmaceuticals
VRTX
+$153M

Sector Composition

Rank Sector Weight
1 Technology 29.52%
2 Healthcare 14.78%
3 Financials 14.61%
4 Communication Services 10.25%
5 Industrials 7.87%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow Held Since
TSM icon
1
TSMC
TSM
$2.35T
$1.2B 8.11%
6,080,961
-1,371,678
-18% -$265M
2013 Q2
46 quarters
HDB icon
2
HDFC Bank
HDB
$115B
$969M 6.55%
30,354,636
-2,274,222
-7% -$72.7M
2016 Q4
32 quarters
ALC icon
3
Alcon
ALC
$31B
$719M 4.86%
8,475,128
-795,849
-9% -$71.8M
2021 Q1
15 quarters
SAP icon
4
SAP
SAP
$248B
$664M 4.49%
2,698,078
-595,393
-18% -$142M
2013 Q2
46 quarters
META icon
5
Meta Platforms (Facebook)
META
$1.83T
$522M 3.53%
892,184
-188,568
-17% -$111M
2015 Q1
39 quarters
GOOGL icon
6
Alphabet (Google) Class A
GOOGL
$4.3T
$508M 3.43%
2,682,292
-506,954
-16% -$88.7M
2015 Q4
36 quarters
FMX icon
7
Fomento Económico Mexicano
FMX
$40.6B
$498M 3.37%
5,827,844
-510,061
-8% -$47.3M
2013 Q2
46 quarters
MSFT icon
8
Microsoft
MSFT
$3.97T
$476M 3.21%
1,128,624
-229,714
-17% -$97.8M
2013 Q2
46 quarters
AMZN icon
9
Amazon
AMZN
$2.83T
$462M 3.12%
2,107,595
-805,663
-28% -$165M
2020 Q2
18 quarters
LIN icon
10
Linde
LIN
$223B
$426M 2.88%
1,017,112
-48,572
-5% -$22.1M
2018 Q4
24 quarters
MELI icon
11
Mercado Libre
MELI
$95.8B
$414M 2.8%
243,395
+50,233
+26% +$97.8M
2024 Q1
3 quarters
BHP icon
12
BHP
BHP
$220B
$405M 2.74%
8,291,208
-547,740
-6% -$29.8M
2020 Q4
16 quarters
NFLX icon
13
Netflix
NFLX
$293B
$399M 2.69%
4,471,900
-892,440
-17% -$73.5M
2021 Q3
13 quarters
VRTX icon
14
Vertex Pharmaceuticals
VRTX
$129B
$332M 2.24%
823,627
-328,998
-29% -$153M
2018 Q4
24 quarters
BAP icon
15
Credicorp
BAP
$30.3B
$312M 2.11%
1,701,527
-99,714
-6% -$18.6M
2021 Q4
12 quarters
ACN icon
16
Accenture
ACN
$128B
$294M 1.98%
834,501
+190,579
+30% +$68.6M
2021 Q1
15 quarters
CRM icon
17
Salesforce
CRM
$189B
$292M 1.97%
873,303
-164,400
-16% -$52.5M
2017 Q2
30 quarters
UNH icon
18
UnitedHealth
UNH
$340B
$290M 1.96%
572,405
+122,403
+27% +$69.5M
2019 Q1
23 quarters
ZTO icon
19
ZTO Express
ZTO
$15.1B
$277M 1.87%
14,165,047
-1,251,360
-8% -$27.5M
2019 Q4
20 quarters
CME icon
20
CME Group
CME
$101B
$255M 1.73%
1,099,875
-219,288
-17% -$50.4M
2020 Q3
17 quarters
CNI icon
21
Canadian National Railway
CNI
$71.2B
$252M 1.7%
2,478,657
-140,403
-5% -$15.4M
2013 Q2
46 quarters
AVGO icon
22
Broadcom
AVGO
$1.73T
$249M 1.68%
1,073,315
-220,811
-17% -$40.8M
2021 Q2
14 quarters
TMO icon
23
Thermo Fisher Scientific
TMO
$243B
$247M 1.67%
474,940
-93,562
-16% -$51.4M
2017 Q2
30 quarters
MFC icon
24
Manulife Financial
MFC
$70.2B
$239M 1.62%
7,786,566
-1,587,109
-17% -$49.2M
2021 Q4
12 quarters
HLN icon
25
Haleon
HLN
$41B
$230M 1.56%
24,126,342
-761,666
-3% -$7.45M
2023 Q1
7 quarters
1
2 3

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DPIM
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CA
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SCM
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FCM
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Harding Loevner's Q4 2024 Portfolio in Review

As of Q4 2024, Harding Loevner held 71 positions worth $14.8B, down 15% from $17.3B the previous quarter. Its ten largest holdings account for 44% of the portfolio.

Harding Loevner withdrew a net $2.52B in Q4 2024, closing 4 positions and reducing 54 holdings. Its most notable exit was Intuitive Surgical, an estimated $208M position sold in full.

By sector, the portfolio is most concentrated in Technology at 30% of assets, up from 27% a quarter earlier, followed by Healthcare and Financials.

Against the trend, Harding Loevner opened a new position in NVIDIA worth $111M.

  • Harding Loevner's largest Q4 2024 buy was NVIDIA: 825,923 shares worth $111M.
  • Harding Loevner added most to Vanguard FTSE All-World ex-US ETF in Q4 2024, an estimated $164M increase.
  • Harding Loevner's biggest Q4 2024 reduction was Sony, cutting an estimated $310M.
  • Harding Loevner fully exited Intuitive Surgical in Q4 2024, selling an estimated $208M.
  • Harding Loevner's ten largest holdings make up 44% of its $14.8B portfolio in Q4 2024.
  • Harding Loevner opened 4 new positions and closed 4 in Q4 2024.
  • Harding Loevner's portfolio value fell 15% quarter-over-quarter to $14.8B.

Based on Harding Loevner's 13F filing for Q4 2024, filed 14 Feb 2025.