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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
+3.58%
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
$13.6B
AUM Growth
-$1.23B
Cap. Flow
-$1.49B
Cap. Flow %
-10.93%
Top 10 Hldgs %
44.98%
Holding
73
New
5
Increased
10
Reduced
55
Closed
2

Top Buys

Rank Stock Value
1
NICE icon
Nice
NICE
+$332M
2
SE icon
Sea Limited
SE
+$268M
3
PGR icon
Progressive
PGR
+$84.3M
4
ELV icon
Elevance Health
ELV
+$76.6M
5
RYAAY icon
Ryanair
RYAAY
+$58.3M

Top Sells

Rank Stock Value
1
ZTO icon
ZTO Express
ZTO
+$219M
2
GOOGL icon
Alphabet (Google) Class A
GOOGL
+$176M
3
MSFT icon
Microsoft
MSFT
+$145M
4
AMAT icon
Applied Materials
AMAT
+$130M
5
ALC icon
Alcon
ALC
+$127M

Sector Composition

Rank Sector Weight
1 Technology 30.68%
2 Financials 16.56%
3 Communication Services 10.48%
4 Healthcare 9.96%
5 Consumer Discretionary 9.39%
Name Market Value Portfolio Weight Shares or Principal Change
in Stake 		Capital Flow
TSM icon
1
TSMC
TSM
$2.22T
$1.44B 10.57%
5,160,855
-453,576
-8% -$111M
HDB icon
2
HDFC Bank
HDB
$119B
$925M 6.79%
27,078,614
-1,233,930
-4% -$45.5M
SAP icon
3
SAP
SAP
$248B
$615M 4.51%
2,300,337
-165,256
-7% -$46.5M
FMX icon
4
Fomento Económico Mexicano
FMX
$41B
$565M 4.15%
5,733,207
+324,393
+6% +$30.1M
MELI icon
5
Mercado Libre
MELI
$100B
$499M 3.66%
213,349
-10,331
-5% -$24.8M
LIN icon
6
Linde
LIN
$220B
$445M 3.26%
936,014
-12,398
-1% -$5.87M
BHP icon
7
BHP
BHP
$230B
$436M 3.2%
7,817,647
-114,655
-1% -$6.1M
BAP icon
8
Credicorp
BAP
$30.4B
$411M 3.02%
1,543,847
-33,867
-2% -$8.38M
ALC icon
9
Alcon
ALC
$34.1B
$409M 3%
5,482,424
-1,524,757
-22% -$127M
NTES icon
10
NetEase
NTES
$76.4B
$386M 2.83%
2,541,600
-41,036
-2% -$5.65M
GOOGL icon
11
Alphabet (Google) Class A
GOOGL
$4.14T
$359M 2.63%
1,475,171
-841,855
-36% -$176M
MSFT icon
12
Microsoft
MSFT
$3.71T
$356M 2.61%
686,547
-283,853
-29% -$145M
RYAAY icon
13
Ryanair
RYAAY
$28.7B
$322M 2.36%
5,344,152
+956,182
+22% +$58.3M
NICE icon
14
Nice
NICE
$6.18B
$321M 2.35%
+2,215,335
New +$332M
AMZN icon
15
Amazon
AMZN
$2.79T
$297M 2.18%
1,354,567
-499,804
-27% -$113M
SE icon
16
Sea Limited
SE
$68.7B
$279M 2.05%
+1,562,614
New +$268M
NFLX icon
17
Netflix
NFLX
$326B
$269M 1.97%
2,241,230
-825,320
-27% -$101M
ASML icon
18
ASML
ASML
$659B
$265M 1.94%
273,194
-3,360
-1% -$2.64M
META icon
19
Meta Platforms (Facebook)
META
$1.57T
$259M 1.9%
352,919
-128,023
-27% -$95.3M
SHEL icon
20
Shell
SHEL
$266B
$234M 1.72%
3,270,497
-42,182
-1% -$3.04M
SONY icon
21
Sony
SONY
$143B
$217M 1.59%
7,536,757
-2,094,243
-22% -$56.3M
CNI icon
22
Canadian National Railway
CNI
$74.6B
$217M 1.59%
2,297,538
-27,639
-1% -$2.67M
BKNG icon
23
Booking.com
BKNG
$145B
$205M 1.5%
948,650
+75,500
+9% +$16.9M
CME icon
24
CME Group
CME
$101B
$187M 1.37%
690,427
-256,381
-27% -$69.8M
NVDA icon
25
NVIDIA
NVDA
$5.56T
$182M 1.34%
977,338
-42,443
-4% -$7.4M
1
2 3

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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 Q3 2025 Portfolio in Review

As of Q3 2025, Harding Loevner held 73 positions worth $13.6B, down 8.3% from $14.9B the previous quarter. Its ten largest holdings account for 45% of the portfolio.

Harding Loevner withdrew a net $1.49B in Q3 2025, closing 2 positions and reducing 55 holdings. Its most notable exit was Applied Materials, an estimated $130M position sold in full.

By sector, the portfolio is most concentrated in Technology at 31% of assets, up from 29% a quarter earlier, followed by Financials and Communication Services.

Against the trend, Harding Loevner opened a new position in Nice worth $321M.

  • Harding Loevner's largest Q3 2025 buy was Nice: 2,215,335 shares worth $321M.
  • Harding Loevner added most to Progressive in Q3 2025, an estimated $84.3M increase.
  • Harding Loevner's biggest Q3 2025 reduction was ZTO Express, cutting an estimated $219M.
  • Harding Loevner fully exited Applied Materials in Q3 2025, selling an estimated $130M.
  • Harding Loevner's ten largest holdings make up 45% of its $13.6B portfolio in Q3 2025.
  • Harding Loevner opened 5 new positions and closed 2 in Q3 2025.
  • Harding Loevner's portfolio value fell 8.3% quarter-over-quarter to $13.6B.

Based on Harding Loevner's 13F filing for Q3 2025, filed 14 Nov 2025.