Harding Loevner LP
In its 13F for Q1 2024 (holdings as of March 31, 2024, filed May 15, 2024), Harding Loevner LP reported 69 stock positions worth $16.2 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 5.8% of the portfolio, followed by Sap SE-Sponsored ADR (SAP, 4.6%) and Alcon (ALC, 4.3%). Compared with Q4 2023, it opened 5 new positions, sold out of 8, added to 8 and reduced 56. The biggest buy was a new position in MercadoLibre (MELI) and the biggest sale BHP Group Ltd.-Spon ADR (BHP, shares −30%).
- Most Recent 13F
- Q2 2026
- Location
- Bridgewater, NJ
- CIK
- 0000928196
- Portfolio Value
- $16.2B (Q1 2024)
- SEC Filing
- 0001085146-24-002510 ↗ filed May 15, 2024
Holdings Value
Holdings 69 stocks · $16.2B
| TSM Taiwan Semiconductor-SP ADR | 5.84% | 6,957,581 | $946.6M | Reduce -40.1% |
| SAP Sap SE-Sponsored ADR | 4.65% | 3,859,673 | $752.8M | Reduce -29.0% |
| ALC Alcon Inc. filed as ALCON AG | 4.31% | 8,393,242 | $699.1M | Reduce -3.5% |
| FMX Fomento Economico Mex-SP ADR | 4.17% | 5,189,889 | $676.1M | Reduce -30.8% |
| MSFT Microsoft Corp. | 3.74% | 1,440,595 | $606.1M | Add +48.9% |
| META Meta Platforms Inc. Class A | 3.60% | 1,200,493 | $582.9M | Reduce -8.6% |
| HDB HDFC Bank Ltd.-ADR | 3.18% | 9,218,481 | $516.0M | Reduce -2.5% |
| VRTX Vertex Pharmaceuticals Inc. | 3.16% | 1,223,038 | $511.2M | Reduce -7.4% |
| GOOGL Alphabet Inc. Class A | 3.15% | 3,382,738 | $510.6M | Reduce -7.6% |
| AMZN Amazon.com Inc. | 3.05% | 2,736,387 | $493.6M | Reduce -7.5% |
| BHP BHP Group Ltd.-Spon ADR | 2.66% | 7,477,130 | $431.4M | Reduce -30.1% |
| LIN Linde PLC | 2.54% | 884,733 | $410.8M | Reduce -24.6% |
| IBN Icici Bank Ltd.-Spon ADR | 2.31% | 14,189,019 | $374.7M | Reduce -2.9% |
| CNI Canadian Natl Railway Co. | 2.30% | 2,830,575 | $372.8M | Reduce -1.2% |
| BNTX Biontech SE-ADR | 2.17% | 3,818,163 | $352.2M | Reduce -3.2% |
| NFLX Netflix Inc. | 2.17% | 577,556 | $350.8M | Add +9.8% |
| DE Deere & Co. | 2.12% | 835,117 | $343.0M | Reduce -7.8% |
| TMO Thermo Fisher Scientific Inc. | 2.10% | 585,216 | $340.1M | Reduce -6.8% |
| MELI MercadoLibre Inc. | 2.09% | 224,067 | $338.8M | New |
| BAP Credicorp Ltd. | 2.04% | 1,953,796 | $331.0M | Reduce -2.2% |
| XP XP Inc. Class A | 1.97% | 12,451,862 | $319.5M | Reduce -5.1% |
| DHR Danaher Corp. | 1.68% | 1,091,188 | $272.5M | Reduce -7.9% |
| ABEV Ambev SA-ADR | 1.63% | 106,254,873 | $263.5M | Reduce -3.0% |
| CRM Salesforce Inc. | 1.62% | 872,832 | $262.9M | Add +44.7% |
| CME Cme Group Inc. | 1.54% | 1,158,958 | $249.5M | Reduce -7.6% |
| ZTO Zto Express Cayman Inc.-ADR | 1.49% | 11,533,063 | $241.5M | Add +642.9% |
| ACN Accenture PLC Class A | 1.46% | 682,737 | $236.6M | Reduce -14.2% |
| UNH Unitedhealth Group Inc. | 1.45% | 476,170 | $235.6M | Reduce -7.6% |
| ROK Rockwell Automation Inc. | 1.39% | 773,501 | $225.3M | Reduce -9.1% |
| PINS Pinterest Inc. Class A | 1.36% | 6,333,393 | $219.6M | Reduce -9.1% |
| AMAT Applied Materials Inc. | 1.30% | 1,024,978 | $211.4M | Add +10.0% |
| TW Tradeweb Markets Inc. Class A | 1.19% | 1,844,765 | $192.2M | Reduce -7.6% |
| NOW ServiceNow Inc. | 1.18% | 250,556 | $191.0M | Reduce -7.7% |
| GLOB Globant SA | 1.13% | 903,956 | $182.5M | New |
| AVGO Broadcom Inc. | 1.12% | 137,289 | $182.0M | Reduce -37.5% |
| ISRG Intuitive Surgical Inc. | 1.11% | 448,720 | $179.1M | Reduce -9.9% |
| ADBE Adobe Inc. | 1.08% | 346,696 | $174.9M | Reduce -7.8% |
| AME Ametek Inc. | 1.07% | 947,967 | $173.4M | Reduce -34.0% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 1.02% | 3,012,528 | $165.1M | Reduce -9.7% |
| ABBV Abbvie Inc. | 0.99% | 878,240 | $159.9M | Reduce -8.0% |
| AAPL Apple Inc. | 0.97% | 919,490 | $157.7M | Reduce -19.8% |
| CSGP Costar Group Inc. | 0.95% | 1,601,191 | $154.7M | Reduce -7.5% |
| SNPS Synopsys Inc. | 0.93% | 262,417 | $150.0M | Reduce -9.9% |
| COST Costco Wholesale Corp. | 0.82% | 180,358 | $132.1M | Reduce -34.6% |
| BKNG Booking Holdings Inc. | 0.81% | 36,066 | $130.8M | New |
| ASML ASML Holding NV-NY Reg SHS | 0.78% | 130,530 | $126.7M | Reduce -55.9% |
| RGEN Repligen Corp. | 0.75% | 659,414 | $121.3M | Reduce -7.9% |
| HON Honeywell International Inc. | 0.69% | 544,401 | $111.7M | Reduce -8.3% |
| GMAB Genmab A/S -SP ADR | 0.61% | 3,294,728 | $98.5M | Add +0.1% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.60% | 4,380,505 | $97.5M | Reduce -2.2% |
| NOC Northrop Grumman Corp. | 0.60% | 201,961 | $96.7M | Reduce -10.3% |
| NKE Nike Inc. Class B | 0.55% | 942,289 | $88.6M | Reduce -8.1% |
| TS Tenaris SA-ADR | 0.44% | 1,802,852 | $70.8M | Reduce -20.3% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.40% | 500,351 | $64.4M | New |
| EPAM Epam Systems Inc. | 0.30% | 175,818 | $48.6M | Reduce -6.2% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.25% | 5,947,802 | $41.2M | Reduce -31.4% |
| VEU Vanguard Ftse All-World Ex-U | 0.22% | 614,065 | $36.0M | Add +40.2% |
| MFC Manulife Financial Corp. | 0.20% | 1,306,224 | $32.6M | Reduce -87.1% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.19% | 2,545,994 | $30.1M | Reduce -87.3% |
| HLN Haleon PLC-ADR | 0.15% | 2,907,726 | $24.7M | Reduce -87.0% |
| SONY Sony Group Corp. - SP ADR | 0.15% | 278,937 | $23.9M | Reduce -87.8% |
| SHEL Shell PLC-ADR | 0.14% | 341,714 | $22.9M | Reduce -87.2% |
| BANCOLOMBIA S.A.-SPONS ADR | 0.14% | 658,207 | $22.5M | Reduce -16.8% |
| RIO Rio Tinto PLC-Spon ADR | 0.11% | 289,646 | $18.5M | Reduce -87.7% |
| BABA Alibaba Group Holding-SP ADR | 0.05% | 104,342 | $7.6M | Reduce -21.3% |
| INDA iShares MSCI India ETF | 0.05% | 144,526 | $7.5M | Reduce -8.7% |
| ACWI iShares MSCI Acwi ETF | 0.03% | 42,220 | $4.6M | New |
| VEA Vanguard Ftse Developed ETF | 0.00% | 14,120 | $708K | Add +10.9% |
| NBIS Nebius Group NV filed as YANDEX N V | 0.00% | 512,717 | $270K | Reduce -3.4% |
Portfolio Sells Q4 2023 → Q1 2024
| BHP BHP Group Ltd.-Spon ADR | Reduce -30.1% | 2.66% | −1.37 |
| FMX Fomento Economico Mex-SP ADR | Reduce -30.8% | 4.17% | −1.34 |
| SONY Sony Group Corp. - SP ADR | Reduce -87.8% | 0.15% | −1.08 |
| NVDA Nvidia Corp. | Sold out | 0.00% | −1.08 |
| MFC Manulife Financial Corp. | Reduce -87.1% | 0.20% | −1.05 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -40.1% | 5.84% | −1.02 |
| HLN Haleon PLC-ADR | Reduce -87.0% | 0.15% | −0.88 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -87.3% | 0.19% | −0.85 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -87.7% | 0.11% | −0.83 |
| SHEL Shell PLC-ADR | Reduce -87.2% | 0.14% | −0.83 |
| EW Edwards Lifesciences Corp. | Sold out | 0.00% | −0.62 |
| ASML ASML Holding NV-NY Reg SHS | Reduce -55.9% | 0.78% | −0.48 |
| HDB HDFC Bank Ltd.-ADR | Reduce -2.5% | 3.18% | −0.30 |
| AAPL Apple Inc. | Reduce -19.8% | 0.97% | −0.26 |
| AME Ametek Inc. | Reduce -34.0% | 1.07% | −0.26 |
| AVGO Broadcom Inc. | Reduce -37.5% | 1.12% | −0.26 |
| COST Costco Wholesale Corp. | Reduce -34.6% | 0.82% | −0.21 |
| ADBE Adobe Inc. | Reduce -7.8% | 1.08% | −0.18 |
| VLTO Veralto Corp. | Sold out | 0.00% | −0.18 |
| LIN Linde PLC | Reduce -24.6% | 2.54% | −0.16 |
| SAP Sap SE-Sponsored ADR | Reduce -29.0% | 4.65% | −0.15 |
| BNTX Biontech SE-ADR | Reduce -3.2% | 2.17% | −0.13 |
| ACN Accenture PLC Class A | Reduce -14.2% | 1.46% | −0.11 |
| ACWX iShares MSCI Acwi Ex US ETF | Sold out | 0.00% | −0.10 |
| PINS Pinterest Inc. Class A | Reduce -9.1% | 1.36% | −0.09 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -31.4% | 0.25% | −0.08 |
| ROK Rockwell Automation Inc. | Reduce -9.1% | 1.39% | −0.08 |
| ABEV Ambev SA-ADR | Reduce -3.0% | 1.63% | −0.08 |
| NKE Nike Inc. Class B | Reduce -8.1% | 0.55% | −0.08 |
| UNH Unitedhealth Group Inc. | Reduce -7.6% | 1.45% | −0.07 |
| SCZ iShares MSCI Eafe Small-Cap | Sold out | 0.00% | −0.06 |
| TLK Telkom Indonesia Persero-ADR | Reduce -2.2% | 0.60% | −0.04 |
| EFG iShares MSCI Eafe Growth ETF | Sold out | 0.00% | −0.03 |
| ST Sensata Technologies Holdplc | Sold out | 0.00% | −0.01 |
| EPAM Epam Systems Inc. | Reduce -6.2% | 0.30% | −0.01 |
| BABA Alibaba Group Holding-SP ADR | Reduce -21.3% | 0.05% | −0.01 |
| HON Honeywell International Inc. | Reduce -8.3% | 0.69% | −0.01 |
| TS Tenaris SA-ADR | Reduce -20.3% | 0.44% | −0.00 |
| BBD Banco Bradesco-ADR | Sold out | 0.00% | −0.00 |
| NBIS Nebius Group NV | Reduce -3.4% | 0.00% | +0.00 |
| BANCOLOMBIA S.A.-SPONS ADR | Reduce -16.8% | 0.14% | +0.00 |
| INDA iShares MSCI India ETF | Reduce -8.7% | 0.05% | +0.00 |
| NOC Northrop Grumman Corp. | Reduce -10.3% | 0.60% | +0.01 |
| RGEN Repligen Corp. | Reduce -7.9% | 0.75% | +0.02 |
| SLB SLB Ltd. | Reduce -9.7% | 1.02% | +0.05 |
| CME Cme Group Inc. | Reduce -7.6% | 1.54% | +0.06 |
| XP XP Inc. Class A | Reduce -5.1% | 1.97% | +0.07 |
| SNPS Synopsys Inc. | Reduce -9.9% | 0.93% | +0.08 |
| DE Deere & Co. | Reduce -7.8% | 2.12% | +0.09 |
| NOW ServiceNow Inc. | Reduce -7.7% | 1.18% | +0.10 |
Portfolio Buys Q4 2023 → Q1 2024
| MELI MercadoLibre Inc. | New | 2.09% | +2.09 |
| MSFT Microsoft Corp. | Add +48.9% | 3.74% | +1.70 |
| ZTO Zto Express Cayman Inc.-ADR | Add +642.9% | 1.49% | +1.31 |
| GLOB Globant SA | New | 1.13% | +1.13 |
| BKNG Booking Holdings Inc. | New | 0.81% | +0.81 |
| CRM Salesforce Inc. | Add +44.7% | 1.62% | +0.73 |
| NFLX Netflix Inc. | Add +9.8% | 2.17% | +0.72 |
| AMAT Applied Materials Inc. | Add +10.0% | 1.30% | +0.46 |
| KSPI JSC Kaspi.kz ADR | New | 0.40% | +0.40 |
| VEU Vanguard Ftse All-World Ex-U | Add +40.2% | 0.22% | +0.09 |
| GMAB Genmab A/S -SP ADR | Add +0.1% | 0.61% | +0.06 |
| ACWI iShares MSCI Acwi ETF | New | 0.03% | +0.03 |
| VEA Vanguard Ftse Developed ETF | Add +10.9% | 0.00% | +0.00 |
All Filings
| Quarter | Positions | 13F Reported Value | Top Holdings |
|---|---|---|---|
| Q2 2026 | 82 | $10.6B | TSM, SPOT, FMX, CNI, BAP |
| Q1 2026 | 73 | $9.7B | TSM, FMX, BAP, HDB, RYAAY |
| Q4 2025 | 76 | $11.4B | TSM, HDB, FMX, BAP, MELI |
| Q3 2025 | 71 | $13.6B | TSM, HDB, SAP, FMX, MELI |
| Q2 2025 | 68 | $14.9B | TSM, HDB, SAP, ALC, MELI |
| Q1 2025 | 67 | $13.1B | HDB, TSM, ALC, SAP, FMX |
| Q4 2024 | 67 | $14.8B | TSM, HDB, ALC, SAP, META |
| Q3 2024 | 67 | $17.3B | TSM, HDB, ALC, SAP, FMX |
| Q2 2024 | 70 | $18.1B | TSM, SAP, ALC, FMX, MSFT |
| Q1 2024 | 69 | $16.2B | TSM, SAP, ALC, FMX, MSFT |