Harding Loevner LP
Reported holdings as of Q2 2026, from 31 quarterly filings.
Holdings
| Security | Ticker | Value | Shares | Weight | Weight change | Held | Change |
|---|---|---|---|---|---|---|---|
| TAIWAN SEMICONDUCTOR MANUFAC | TSM | $1.3B | 2,884,195 | +0.50pp | 31q | -17.6%-$288.5M | |
| SPOTIFY TECHNOLOGY S A | SPOT | $741.5M | 1,598,173 | - | new | NEW | |
| FOMENTO ECONOMICO MEXICANO S | FMX | $688.7M | 5,383,731 | +0.12pp | 31q | -3.1%-$22.4M | |
| CANADIAN NATL RY CO | CNI | $648.4M | 5,390,831 | +3.09pp | 31q | +89.7%+$306.6M | |
| CREDICORP LTD | BAP | $500.4M | 1,278,788 | +0.08pp | 19q | -3.5%-$18.3M | |
| RYANAIR HOLDINGS PLC | RYAAY | $381.4M | 5,951,510 | -0.10pp | 5q | -3.9%-$15.3M | |
| MERCADOLIBRE INC | MELI | $318.1M | 184,269 | -0.33pp | 10q | -1.2%-$3.8M | |
| SEA LTD | SE | $311.0M | 3,198,265 | +1.76pp | 4q | +133.8%+$177.9M | |
| NETEASE COM INC | NTES | $291.4M | 2,258,205 | +0.06pp | 6q | -2.8%-$8.5M | |
| HDFC BANK LTD | HDB | $286.9M | 11,208,475 | -1.11pp | 31q | -24.6%-$93.4M | |
| ASML HLDG NV | ASML | $281.6M | 154,841 | -0.29pp | 6q | -28.4%-$111.8M | |
| SHELL PLC | SHEL | $237.4M | 2,810,624 | -0.51pp | 18q | -1.9%-$4.6M | |
| MANULIFE FINL CORP | MFC | $236.7M | 5,575,714 | +0.64pp | 19q | +24.5%+$46.5M | |
| NICE LTD | NICE | $233.5M | 2,523,392 | -0.68pp | 4q | HELD | |
| ALPHABET INC | GOOGL | $232.0M | 649,331 | -0.51pp | 31q | -28.5%-$92.5M | |
| NVIDIA CORPORATION | NVDA | $225.3M | 1,125,966 | -0.16pp | 7q | -11.5%-$29.2M | |
| BANCO BILBAO VIZCAYA ARGENTA | BBVA | $222.2M | 8,391,515 | +0.66pp | 31q | +31.2%+$52.9M | |
| AMAZON COM INC | AMZN | $207.5M | 870,587 | -0.46pp | 25q | -22.5%-$60.4M | |
| RIO TINTO PLC | RIO | $186.1M | 1,941,326 | -0.14pp | 29q | -1.5%-$2.9M | |
| HALEON PLC | HLN | $147.8M | 15,414,796 | -0.23pp | 14q | -1.9%-$2.9M | |
| SONY GROUP CORP | SONY | $139.5M | 6,468,686 | -0.10pp | 13q | -2.5%-$3.6M | |
| MICROSOFT CORP | MSFT | $137.5M | 368,533 | -0.77pp | 31q | -31.8%-$64.2M | |
| META PLATFORMS INC | META | $133.7M | 237,407 | -0.50pp | 31q | -20.3%-$34.0M | |
| AMPHENOL CORP | APH | $125.0M | 709,282 | +0.01pp | 6q | -20.5%-$32.3M | |
| REINSURANCE GROUP AMER INC | RGA | $116.4M | 547,439 | -0.37pp | 2q | -21.4%-$31.8M | |
| NETFLIX INC | NFLX | $103.7M | 1,451,884 | -0.87pp | 20q | -22.0%-$29.3M | |
| PROGRESSIVE CORP | PGR | $98.0M | 448,571 | -0.24pp | 5q | -21.4%-$26.6M | |
| JOHNSON & JOHNSON | JNJ | $95.9M | 377,680 | +0.01pp | 5q | +7.1%+$6.3M | |
| BROADCOM INC | AVGO | $95.8M | 253,500 | -0.31pp | 21q | -33.5%-$48.3M | |
| NOVARTIS AG | NVS | $90.5M | 578,234 | -0.07pp | 5q | -1.0%-$942.1K | |
| VISA INC | V | $89.7M | 261,330 | -0.19pp | 5q | -21.0%-$23.9M | |
| GENMAB A/S | GMAB | $86.9M | 3,086,318 | -0.08pp | 23q | -4.5%-$4.1M | |
| THERMO FISHER SCIENTIFIC INC | TMO | $84.9M | 169,255 | +0.09pp | 31q | +21.1%+$14.8M | |
| NVENT ELEC PLC | NVT | $84.3M | 496,873 | +0.03pp | 2q | -20.5%-$21.7M | |
| TRADEWEB MKTS INC | TW | $84.0M | 843,174 | -0.52pp | 24q | -22.3%-$24.1M | |
| ITAU UNIBANCO HLDG S A | ITUB | $81.2M | 9,944,372 | +0.66pp | 31q | +706.1%+$71.2M | |
| ASTRAZENECA PLC | AZN | $79.9M | 442,676 | -0.08pp | 2q | +7.8%+$5.8M | |
| HEICO CORP NEW | HEI | $79.6M | 223,476 | -0.06pp | 6q | -22.3%-$22.9M | |
| APPLE INC | AAPL | $75.2M | 259,985 | - | new | NEW | |
| AMETEK INC | AME | $74.6M | 308,154 | -0.13pp | 6q | -18.6%-$17.1M | |
| ABBVIE INC | ABBV | $70.3M | 279,294 | -0.14pp | 14q | -21.9%-$19.8M | |
| SLB LIMITED | SLB | $69.8M | 1,502,263 | -0.34pp | 31q | -20.6%-$18.2M | |
| BOOKING HOLDINGS INC | BKNG | $69.3M | 388,556 | -0.16pp | 10q | +1984.6%+$65.9M | |
| ELEVANCE HEALTH INC FORMERLY | ELV | $65.2M | 168,707 | -0.02pp | 4q | -20.4%-$16.7M | |
| DEERE & CO | DE | $64.4M | 101,541 | -0.16pp | 31q | -23.2%-$19.5M | |
| JPMORGAN CHASE & CO | JPM | $59.4M | 181,377 | - | new | NEW | |
| TELEKOMUNIKASI IND | TLK | $56.8M | 4,053,444 | -0.27pp | 22q | -3.5%-$2.0M | |
| DANAHER CORP DEL | DHR | $51.1M | 268,109 | -0.19pp | 31q | -22.4%-$14.8M | |
| ADOBE INC | ADBE | $49.9M | 243,380 | -0.32pp | 31q | -22.6%-$14.6M | |
| NEXTERA ENERGY INC | NEE | $45.3M | 516,580 | - | new | NEW | |
| SAP SE | SAP | $43.6M | 281,110 | -0.22pp | 31q | -21.7%-$12.1M | |
| ATKORE INC | ATKR | $43.1M | 567,192 | -0.02pp | 9q | -19.5%-$10.5M | |
| EQUIFAX INC | EFX | $40.1M | 252,498 | -0.23pp | 3q | -22.3%-$11.5M | |
| ACCENTURE PLC IRELAND | ACN | $37.7M | 302,900 | -0.44pp | 22q | -22.2%-$10.8M | |
| HONEYWELL INTL INC | HON | $35.1M | 156,577 | - | new | NEW | |
| HONEYWELL AEROSPACE INC | HONA | $34.6M | 156,581 | - | new | NEW | |
| NORTHROP GRUMMAN CORP | NOC | $31.6M | 61,975 | -0.27pp | 14q | -22.9%-$9.4M | |
| TENARIS S A | TS | $14.7M | 264,186 | -0.04pp | 31q | -9.8%-$1.6M | |
| ISHARES TR | ACWI | $11.2M | 71,188 | -0.03pp | 10q | -25.5%-$3.8M | |
| KASPI KZ JSC | KSPI | $9.5M | 109,630 | flat | 10q | -7.8%-$807.2K | |
| GRUPO CIBEST SA | CIB | $9.3M | 116,499 | -0.01pp | 5q | -8.3%-$842.4K | |
| BHP BILLITON LIMITED | BHP | $7.1M | 85,095 | +0.03pp | 23q | +90.6%+$3.4M | |
| ISHARES TR | INDA | $6.3M | 128,425 | -0.01pp | 29q | -12.1%-$871.4K | |
| VANGUARD INTL EQUITY INDEX F | VEU | $6.1M | 73,137 | -1.02pp | 31q | -94.8%-$109.9M | |
| FABRINET | FN | $2.9M | 5,103 | -0.71pp | 3q | -96.3%-$74.6M | |
| XP INC | XP | $2.6M | 162,616 | - | new | NEW | |
| EPAM SYS INC | EPAM | $2.2M | 28,004 | -0.03pp | 31q | -23.8%-$695.0K | |
| VISTA ENERGY S.A.B. DE C.V. | VIST | $2.2M | 34,131 | - | new | NEW | |
| ICICI BANK LIMITED | IBN | $2.1M | 71,873 | flat | 31q | -0.5%-$11.6K | |
| LINDE PLC | LIN | $2.0M | 4,069 | -0.01pp | 14q | -26.0%-$712.5K | |
| ISHARES TR | ACWX | $1.6M | 20,486 | -0.02pp | 4q | -54.0%-$1.8M | |
| SPDR SERIES TRUST | XSW | $1.0M | 5,609 | - | new | NEW | |
| ALCON AG | ALC | $912.8K | 13,603 | -0.01pp | 22q | -39.9%-$606.7K | |
| ISHARES TR | IXP | $867.5K | 7,544 | - | new | NEW | |
| VERTEX PHARMACEUTICALS INC | VRTX | $577.7K | 1,163 | -1.44pp | 31q | -99.6%-$155.2M | |
| ISHARES TR | IYT | $491.8K | 5,791 | - | new | NEW | |
| VANGUARD TAX-MANAGED FDS | VEA | $468.2K | 6,629 | -0.01pp | 29q | -74.0%-$1.3M | |
| ISHARES TR | RXI | $322.6K | 1,611 | - | new | NEW | |
| APPLIED MATLS INC | AMAT | $312.4K | 432 | - | new | NEW | |
| FIDELITY COVINGTON TRUST | FNCL | $293.9K | 3,625 | - | new | NEW | |
| VANGUARD INTL EQUITY INDEX F | VT | $225.6K | 1,437 | flat | 3q | -12.5%-$32.2K | |
| ISHARES TR | IXJ | $215.5K | 2,150 | - | new | NEW |
By sector
Industry comes from the SIC code on each company's own SEC filings, which is self-reported and sometimes out of date. Derivative exposure is counted with the shares. Securities the SEC assigns no industry - funds, trusts, foreign issues - are shown as not classified rather than dropped.
| Sector | Value | Share |
|---|---|---|
| Semiconductors & Electronics | $2.0B | 18.6% |
| Banks & Lending | $1.2B | 10.9% |
| Software & IT Services | $1.1B | 10.6% |
| Transport & Logistics | $1.1B | 10.3% |
| Telecom & Media | $902.0M | 8.5% |
| Business Services | $806.0M | 7.6% |
| Food, Drink & Tobacco | $688.7M | 6.5% |
| Insurance | $516.4M | 4.9% |
| Industrials | $430.3M | 4.0% |
| Biotech & Pharma | $424.0M | 4.0% |
| Energy | $309.4M | 2.9% |
| Instruments & Controls | $210.5M | 2.0% |
| Other sectors | $884.6M | 8.3% |
| Not classified | $98.7M | 0.9% |
Quarter by quarter
| Quarter | Value | Positions | New | Added | Trimmed | Exited | Top 10 | Days to file |
|---|---|---|---|---|---|---|---|---|
| Q2 2026 | $10.6B | 82 | 15 | 10 | 56 | 6 | 51.9% | 45 |
| Q1 2026 | $9.7B | 73 | 3 | 10 | 60 | 6 | 45.5% | 45 |
| Q4 2025 | $11.4B | 76 | 8 | 14 | 54 | 3 | 47.2% | 48 |
| Q3 2025 | $13.6B | 71 | 5 | 11 | 54 | 2 | 45.0% | 45 |
| Q2 2025 | $14.9B | 68 | 6 | 29 | 32 | 5 | 44.5% | 45 |
| Q1 2025 | $13.1B | 67 | 6 | 7 | 54 | 6 | 44.7% | 45 |
| Q4 2024 | $14.8B | 67 | 4 | 8 | 53 | 4 | 43.6% | 45 |
| Q3 2024 | $17.3B | 67 | 0 | 14 | 51 | 3 | 43.0% | 45 |
| Q2 2024 | $18.1B | 70 | 2 | 22 | 45 | 1 | 41.7% | 45 |
| Q1 2024 | $16.2B | 69 | 5 | 7 | 56 | 8 | 38.9% | 45 |
| Q4 2023 | $17.8B | 72 | 4 | 8 | 58 | 3 | 39.7% | 45 |
| Q3 2023 | $15.1B | 71 | 4 | 11 | 55 | 2 | 39.3% | 45 |
| Q2 2023 | $17.1B | 69 | 2 | 7 | 59 | 7 | 39.8% | 45 |
| Q1 2023 | $17.6B | 74 | 4 | 16 | 41 | 12 | 38.4% | 45 |
| Q4 2022 | $17.4B | 82 | 0 | 49 | 31 | 80 | 38.6% | 45 |
| Q3 2022 | $15.3B | 162 | 10 | 24 | 74 | 1 | 38.0% | 45 |
| Q2 2022 | $16.2B | 153 | 5 | 13 | 67 | 5 | 39.3% | 46 |
| Q1 2022 | $18.2B | 153 | 8 | 28 | 77 | 15 | 36.9% | 46 |
| Q4 2021 | $26.1B | 160 | 18 | 30 | 51 | 5 | 33.2% | 45 |
| Q3 2021 | $25.1B | 147 | 7 | 14 | 60 | 14 | 33.3% | 46 |
| Q2 2021 | $26.6B | 154 | 7 | 42 | 42 | 7 | 35.0% | 47 |
| Q1 2021 | $25.6B | 154 | 12 | 39 | 63 | 5 | 35.2% | 47 |
| Q4 2020 | $24.2B | 147 | 7 | 34 | 48 | 38 | 38.9% | 47 |
| Q3 2020 | $27.7B | 178 | 40 | 38 | 52 | 9 | 32.2% | 47 |
| Q2 2020 | $20.9B | 147 | 10 | 17 | 73 | 9 | 41.7% | 45 |
| Q1 2020 | $17.9B | 146 | 14 | 40 | 48 | 8 | 38.4% | 45 |
| Q4 2019 | $22.5B | 140 | 8 | 21 | 58 | 2 | 39.5% | 45 |
| Q3 2019 | $21.2B | 134 | 8 | 26 | 34 | 9 | 37.3% | 45 |
| Q2 2019 | $21.8B | 135 | 10 | 30 | 48 | 7 | 37.4% | 45 |
| Q1 2019 | $21.3B | 132 | 4 | 59 | 25 | 11 | 37.6% | 45 |
| Q4 2018 | $17.3B | 139 | 0 | 0 | 0 | 0 | 39.1% | 45 |
Rows marked UNVERIFIED ID, PLACEHOLDER ID, TICKER AS ID or NON-CUSIP ID carry an identifier that is not a valid CUSIP. They are shown because the filer reported that money, but treat the security named with caution - hover the chip for what is wrong with it, and see the methodology.
Held counts consecutive filings in which this manager reported the position, and can reach further back than the quarters listed above: the tabs begin at Q4 2018 because earlier coverage is too sparse to describe a market, but tenure is counted over every filing we hold, some reaching to 2007. A position sold and later rebought starts again from one.
Weight change is the shift in this position's share of the whole book, in percentage points. It is the more useful column: when money flows into or out of a broad fund, almost every holding is bought or sold at once, so added and trimmed largely track flows. A weight that rose while the book shrank is a decision. Both compare with the previous quarter this filer reported, not the previous calendar quarter.