Harding Loevner Portfolio holdings
Harding Loevner is an investment manager that buys stocks from around the world, looking for high-quality, growing companies to hold for the long term. Former managers for the Rockefeller family founded the firm in 1989; Affiliated Managers Group owns most of it, though it operates independently and its key employees hold the rest. A company must show a competitive advantage, quality management, financial strength and sustainable growth before the firm will consider buying it, and individuals rather than committees make the decisions. It offers its strategies through individually managed portfolios, mutual funds and programs run by other financial institutions, for clients such as retirement plans, foundations, endowments and sovereign wealth funds.
Top Buys
| Rank | Stock | Value |
|---|---|---|
| 1 |
NetEase
NTES
|
+$289M |
| 2 |
Ryanair
RYAAY
|
+$223M |
| 3 |
Visa
V
|
+$98.2M |
| 4 |
Progressive
PGR
|
+$95.8M |
| 5 |
Johnson & Johnson
JNJ
|
+$89M |
Top Sells
| Rank | Stock | Value |
|---|---|---|
| 1 |
UnitedHealth
UNH
|
+$255M |
| 2 |
Salesforce
CRM
|
+$150M |
| 3 |
Accenture
ACN
|
+$84.3M |
| 4 |
Netflix
NFLX
|
+$82.4M |
| 5 |
Thermo Fisher Scientific
TMO
|
+$78.2M |
Sector Composition
| Rank | Sector | Weight |
|---|---|---|
| 1 | Technology | 28.97% |
| 2 | Financials | 16.88% |
| 3 | Communication Services | 11.68% |
| 4 | Healthcare | 11.25% |
| 5 | Industrials | 9.76% |
| Name | Market Value | Portfolio Weight | Shares or Principal |
Change in Stake | Capital Flow | Held Since | |
|---|---|---|---|---|---|---|---|
1
TSMC
TSM
$2.02T
| $1.27B | 8.56% |
5,614,431
-135,531
| -2% | -$25.1M |
2013 Q2
48 quarters
|
|
2
HDFC Bank
HDB
$133B
| $1.09B | 7.3% |
28,312,544
-736,820
| -3% | -$26.7M |
2016 Q4
34 quarters
|
|
3
SAP
SAP
$274B
| $750M | 5.04% |
2,465,593
-47,558
| -2% | -$13.6M |
2013 Q2
48 quarters
|
|
4
Alcon
ALC
$36.3B
| $619M | 4.16% |
7,007,181
-117,331
| -2% | -$10.5M |
2021 Q1
17 quarters
|
|
5
Mercado Libre
MELI
$77.7B
| $585M | 3.93% |
223,680
-9,429
| -4% | -$22M |
2024 Q1
5 quarters
|
|
6
Fomento Económico Mexicano
FMX
$44.7B
| $557M | 3.75% |
5,408,814
-220,432
| -4% | -$22.7M |
2013 Q2
48 quarters
|
|
7
Microsoft
MSFT
$4.05T
| $483M | 3.25% |
970,400
+20,068
| +2% | +$8.71M |
2013 Q2
48 quarters
|
|
8
Linde
LIN
$239B
| $445M | 2.99% |
948,412
-29,096
| -3% | -$13.3M |
2018 Q4
26 quarters
|
|
|
9
Netflix
NFLX
$263B
| $411M | 2.76% |
3,066,550
-728,750
| -19% | -$82.4M |
2021 Q3
15 quarters
|
|
10
Alphabet (Google) Class A
GOOGL
$3.54T
| $408M | 2.75% |
2,317,026
+41,611
| +2% | +$6.81M |
2015 Q4
38 quarters
|
|
11
Amazon
AMZN
$2.89T
| $407M | 2.74% |
1,854,371
+32,078
| +2% | +$6.35M |
2020 Q2
20 quarters
|
|
12
BHP
BHP
$211B
| $382M | 2.57% |
7,932,302
-254,016
| -3% | -$12.2M |
2020 Q4
18 quarters
|
|
13
Meta Platforms (Facebook)
META
$1.64T
| $355M | 2.39% |
480,942
+8,696
| +2% | +$5.37M |
2015 Q1
41 quarters
|
|
14
Credicorp
BAP
$28.3B
| $353M | 2.37% |
1,577,714
-55,665
| -3% | -$11.3M |
2021 Q4
14 quarters
|
|
|
15
NetEase
NTES
$83B
| $348M | 2.34% |
2,582,636
+2,512,165
| +3,565% | +$289M |
2025 Q1
1 quarter
|
|
16
Vertex Pharmaceuticals
VRTX
$140B
| $317M | 2.13% |
711,611
+13,152
| +2% | +$6.06M |
2018 Q4
26 quarters
|
|
17
Tradeweb Markets
TW
$27.1B
| $261M | 1.76% |
1,782,816
+531,715
| +42% | +$74.2M |
2020 Q3
19 quarters
|
|
18
CME Group
CME
$109B
| $261M | 1.76% |
946,808
+17,444
| +2% | +$4.74M |
2020 Q3
19 quarters
|
|
|
19
Ryanair
RYAAY
$32B
| $253M | 1.7% |
+4,387,970
| New | +$223M |
2025 Q2
0 quarters
|
|
20
Sony
SONY
$158B
| $251M | 1.69% |
9,631,000
-199,162
| -2% | -$4.98M |
2023 Q2
8 quarters
|
|
21
Canadian National Railway
CNI
$76.3B
| $242M | 1.63% |
2,325,177
-70,287
| -3% | -$7.15M |
2013 Q2
48 quarters
|
|
22
Haleon
HLN
$39.4B
| $234M | 1.57% |
22,551,041
-520,880
| -2% | -$5.49M |
2023 Q1
9 quarters
|
|
23
Shell
SHEL
$280B
| $233M | 1.57% |
3,312,679
-43,447
| -1% | -$2.91M |
2022 Q1
13 quarters
|
|
24
Deere & Co
DE
$186B
| $231M | 1.55% |
454,468
+9,910
| +2% | +$4.85M |
2017 Q2
32 quarters
|
|
25
ASML
ASML
$583B
| $222M | 1.49% |
276,554
+1,943
| +0.7% | +$1.39M |
2025 Q1
1 quarter
|
|
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Harding Loevner's Q2 2025 Portfolio in Review
As of Q2 2025, Harding Loevner held 72 positions worth $14.9B, up 14% from $13.1B the previous quarter. Its ten largest holdings account for 44% of the portfolio.
Harding Loevner's Q2 2025 filing shows 5 new, 30 increased, 32 reduced and 4 closed positions. Its largest new stake was Ryanair: 4,387,970 shares worth $253M. The largest sale was UnitedHealth, an estimated $255M.
By sector, the portfolio is most concentrated in Technology at 29% of assets, up from 28% a quarter earlier, followed by Financials and Communication Services.
- Harding Loevner's largest Q2 2025 buy was Ryanair: 4,387,970 shares worth $253M.
- Harding Loevner added most to NetEase in Q2 2025, an estimated $289M increase.
- Harding Loevner's biggest Q2 2025 reduction was Salesforce, cutting an estimated $150M.
- Harding Loevner fully exited UnitedHealth in Q2 2025, selling an estimated $255M.
- Harding Loevner's ten largest holdings make up 44% of its $14.9B portfolio in Q2 2025.
- Harding Loevner opened 5 new positions and closed 4 in Q2 2025.
- Harding Loevner's portfolio value rose 14% quarter-over-quarter to $14.9B.
Based on Harding Loevner's 13F filing for Q2 2025, filed 14 Aug 2025.