Harding Loevner LP
In its 13F for Q4 2024 (holdings as of December 31, 2024, filed February 14, 2025), Harding Loevner LP reported 67 stock positions worth $14.8 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 8.1% of the portfolio, followed by HDFC Bank Ltd.-ADR (HDB, 6.5%) and Alcon (ALC, 4.9%). Compared with Q3 2024, it opened 4 new positions, sold out of 4, added to 8 and reduced 54. The biggest buy was Vanguard Ftse All-World Ex-U (VEU, shares +270%) and the biggest sale an exit from Intuitive Surgical (ISRG).
- Most Recent 13F
- Q2 2026
- Location
- Bridgewater, NJ
- CIK
- 0000928196
- Portfolio Value
- $14.8B (Q4 2024)
- SEC Filing
- 0001085146-25-001522 ↗ filed Feb 14, 2025
Holdings Value
Holdings 67 stocks · $14.8B
| TSM Taiwan Semiconductor-SP ADR | 8.11% | 6,080,961 | $1.2B | Reduce -18.4% |
| HDB HDFC Bank Ltd.-ADR | 6.55% | 15,177,318 | $969.2M | Reduce -7.0% |
| ALC Alcon Inc. filed as ALCON AG | 4.86% | 8,475,128 | $719.5M | Reduce -8.6% |
| SAP Sap SE-Sponsored ADR | 4.49% | 2,698,078 | $664.3M | Reduce -18.1% |
| META Meta Platforms Inc. Class A | 3.53% | 892,184 | $522.4M | Reduce -17.4% |
| GOOGL Alphabet Inc. Class A | 3.43% | 2,682,292 | $507.8M | Reduce -15.9% |
| FMX Fomento Economico Mex-SP ADR | 3.37% | 5,827,844 | $498.2M | Reduce -8.1% |
| MSFT Microsoft Corp. | 3.21% | 1,128,624 | $475.7M | Reduce -16.9% |
| AMZN Amazon.com Inc. | 3.12% | 2,107,595 | $462.4M | Reduce -27.7% |
| LIN Linde PLC | 2.88% | 1,017,112 | $425.8M | Reduce -4.6% |
| MELI MercadoLibre Inc. | 2.80% | 243,395 | $413.9M | Add +26.0% |
| BHP BHP Group Ltd.-Spon ADR | 2.74% | 8,291,208 | $404.9M | Reduce -6.2% |
| NFLX Netflix Inc. | 2.69% | 447,190 | $398.6M | Reduce -16.6% |
| VRTX Vertex Pharmaceuticals Inc. | 2.24% | 823,627 | $331.7M | Reduce -28.5% |
| BAP Credicorp Ltd. | 2.11% | 1,701,527 | $311.9M | Reduce -5.5% |
| ACN Accenture PLC Class A | 1.98% | 834,501 | $293.6M | Add +29.6% |
| CRM Salesforce Inc. | 1.97% | 873,303 | $292.0M | Reduce -15.8% |
| UNH Unitedhealth Group Inc. | 1.96% | 572,405 | $289.6M | Add +27.2% |
| ZTO Zto Express Cayman Inc.-ADR | 1.87% | 14,165,047 | $276.9M | Reduce -8.1% |
| CME Cme Group Inc. | 1.73% | 1,099,875 | $255.4M | Reduce -16.6% |
| CNI Canadian Natl Railway Co. | 1.70% | 2,478,657 | $251.6M | Reduce -5.4% |
| AVGO Broadcom Inc. | 1.68% | 1,073,315 | $248.8M | Reduce -17.1% |
| TMO Thermo Fisher Scientific Inc. | 1.67% | 474,940 | $247.1M | Reduce -16.5% |
| MFC Manulife Financial Corp. | 1.62% | 7,786,566 | $239.1M | Reduce -16.9% |
| HLN Haleon PLC-ADR | 1.56% | 24,126,342 | $230.2M | Reduce -3.1% |
| DE Deere & Co. | 1.50% | 524,321 | $222.2M | Reduce -16.7% |
| VEU Vanguard Ftse All-World Ex-U | 1.45% | 3,737,079 | $214.5M | Add +269.8% |
| SONY Sony Group Corp. - SP ADR | 1.45% | 10,135,178 | $214.5M | Reduce -61.1% |
| SHEL Shell PLC-ADR | 1.39% | 3,288,445 | $206.0M | Reduce -4.3% |
| BKNG Booking Holdings Inc. | 1.37% | 40,675 | $202.1M | Reduce -17.5% |
| TW Tradeweb Markets Inc. Class A | 1.30% | 1,471,875 | $192.7M | Reduce -15.6% |
| ROK Rockwell Automation Inc. | 1.21% | 627,067 | $179.2M | Reduce -15.8% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.16% | 17,608,905 | $171.2M | Reduce -5.0% |
| ABEV Ambev SA-ADR | 1.10% | 87,819,164 | $162.5M | Reduce -35.4% |
| NOW ServiceNow Inc. | 1.09% | 151,815 | $160.9M | Reduce -35.8% |
| GLOB Globant SA | 1.07% | 740,085 | $158.7M | Reduce -1.6% |
| AAPL Apple Inc. | 1.04% | 615,811 | $154.2M | Reduce -15.8% |
| DHR Danaher Corp. | 1.02% | 659,486 | $151.4M | Reduce -15.1% |
| AMAT Applied Materials Inc. | 0.92% | 836,110 | $136.0M | Reduce -16.2% |
| ADBE Adobe Inc. | 0.83% | 277,034 | $123.2M | Reduce -15.4% |
| ABBV Abbvie Inc. | 0.83% | 690,322 | $122.7M | Reduce -16.9% |
| CSGP Costar Group Inc. | 0.82% | 1,688,680 | $120.9M | Reduce -15.5% |
| RIO Rio Tinto PLC-Spon ADR | 0.79% | 1,998,265 | $117.5M | Reduce -6.8% |
| NVDA Nvidia Corp. | 0.75% | 825,923 | $110.9M | New |
| SNPS Synopsys Inc. | 0.70% | 212,024 | $102.9M | Reduce -14.4% |
| HON Honeywell International Inc. | 0.66% | 434,864 | $98.2M | Reduce -17.8% |
| NOC Northrop Grumman Corp. | 0.57% | 178,669 | $83.8M | Reduce -17.3% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.56% | 2,163,426 | $82.9M | Reduce -19.0% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.47% | 4,209,919 | $69.3M | Reduce -23.3% |
| ATKR Atkore Inc. | 0.36% | 639,136 | $53.3M | Reduce -6.6% |
| RGEN Repligen Corp. | 0.33% | 340,083 | $49.0M | Reduce -62.9% |
| GMAB Genmab A/S -SP ADR | 0.32% | 2,243,392 | $46.8M | Reduce -26.9% |
| TS Tenaris SA-ADR | 0.22% | 842,990 | $31.9M | Reduce -6.7% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.15% | 427,258 | $22.3M | New |
| PINS Pinterest Inc. Class A | 0.13% | 1,652,644 | $19.3M | Reduce -72.1% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.13% | 197,160 | $18.7M | Reduce -24.9% |
| EPAM Epam Systems Inc. | 0.09% | 56,885 | $13.3M | Reduce -24.9% |
| ACWI iShares MSCI Acwi ETF | 0.08% | 98,088 | $11.5M | Add +195.4% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.07% | 2,085,964 | $10.3M | Reduce -29.7% |
| BANCOLOMBIA S.A.-SPONS ADR | 0.06% | 262,055 | $8.3M | Reduce -27.1% |
| INDA iShares MSCI India ETF | 0.05% | 140,139 | $7.4M | No change |
| VEA Vanguard Ftse Developed ETF | 0.04% | 124,980 | $6.0M | Add +210.7% |
| IBN Icici Bank Ltd.-Spon ADR | 0.02% | 123,108 | $3.7M | Add +0.1% |
| BABA Alibaba Group Holding-SP ADR | 0.02% | 35,778 | $3.0M | Reduce -28.8% |
| EFG iShares MSCI Eafe Growth ETF | 0.02% | 28,418 | $2.8M | New |
| EFA iShares MSCI Eafe ETF | 0.01% | 20,065 | $1.5M | Add +699.7% |
| VT Vanguard Tot World STK ETF | 0.01% | 7,709 | $906K | New |
Portfolio Sells Q3 2024 → Q4 2024
| ISRG Intuitive Surgical Inc. | Sold out | 0.00% | −1.20 |
| PINS Pinterest Inc. Class A | Reduce -72.1% | 0.13% | −0.98 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -28.5% | 2.24% | −0.85 |
| ABEV Ambev SA-ADR | Reduce -35.4% | 1.10% | −0.82 |
| ALC Alcon Inc. | Reduce -8.6% | 4.86% | −0.49 |
| RGEN Repligen Corp. | Reduce -62.9% | 0.33% | −0.46 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -6.2% | 2.74% | −0.43 |
| TMO Thermo Fisher Scientific Inc. | Reduce -16.5% | 1.67% | −0.36 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -8.1% | 1.87% | −0.33 |
| AMAT Applied Materials Inc. | Reduce -16.2% | 0.92% | −0.24 |
| FMX Fomento Economico Mex-SP ADR | Reduce -8.1% | 3.37% | −0.24 |
| DHR Danaher Corp. | Reduce -15.1% | 1.02% | −0.22 |
| TLK Telkom Indonesia Persero-ADR | Reduce -23.3% | 0.47% | −0.16 |
| MSFT Microsoft Corp. | Reduce -16.9% | 3.21% | −0.16 |
| ADBE Adobe Inc. | Reduce -15.4% | 0.83% | −0.15 |
| NOW ServiceNow Inc. | Reduce -35.8% | 1.09% | −0.13 |
| ABBV Abbvie Inc. | Reduce -16.9% | 0.83% | −0.12 |
| GMAB Genmab A/S -SP ADR | Reduce -26.9% | 0.32% | −0.11 |
| NOC Northrop Grumman Corp. | Reduce -17.3% | 0.57% | −0.09 |
| SLB SLB Ltd. | Reduce -19.0% | 0.56% | −0.09 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -6.8% | 0.79% | −0.09 |
| CNI Canadian Natl Railway Co. | Reduce -5.4% | 1.70% | −0.07 |
| LIN Linde PLC | Reduce -4.6% | 2.88% | −0.05 |
| CSGP Costar Group Inc. | Reduce -15.5% | 0.82% | −0.05 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -29.7% | 0.07% | −0.04 |
| META Meta Platforms Inc. Class A | Reduce -17.4% | 3.53% | −0.04 |
| KSPI JSC Kaspi.kz ADR | Reduce -24.9% | 0.13% | −0.03 |
| NBIS Nebius Group NV | Sold out | 0.00% | −0.03 |
| SNPS Synopsys Inc. | Reduce -14.4% | 0.70% | −0.03 |
| XP XP Inc. Class A | Sold out | 0.00% | −0.02 |
| DE Deere & Co. | Reduce -16.7% | 1.50% | −0.01 |
| BABA Alibaba Group Holding-SP ADR | Reduce -28.8% | 0.02% | −0.01 |
| BANCOLOMBIA S.A.-SPONS ADR | Reduce -27.1% | 0.06% | −0.01 |
| AMZN Amazon.com Inc. | Reduce -27.7% | 3.12% | −0.01 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -5.0% | 1.16% | −0.00 |
| BNTX Biontech SE-ADR | Sold out | 0.00% | −0.00 |
| EPAM Epam Systems Inc. | Reduce -24.9% | 0.09% | +0.00 |
| MFC Manulife Financial Corp. | Reduce -16.9% | 1.62% | +0.02 |
| ATKR Atkore Inc. | Reduce -6.6% | 0.36% | +0.03 |
| HON Honeywell International Inc. | Reduce -17.8% | 0.66% | +0.03 |
| HLN Haleon PLC-ADR | Reduce -3.1% | 1.56% | +0.04 |
| CME Cme Group Inc. | Reduce -16.6% | 1.73% | +0.05 |
| TS Tenaris SA-ADR | Reduce -6.7% | 0.22% | +0.05 |
| ROK Rockwell Automation Inc. | Reduce -15.8% | 1.21% | +0.06 |
| TW Tradeweb Markets Inc. Class A | Reduce -15.6% | 1.30% | +0.06 |
| AAPL Apple Inc. | Reduce -15.8% | 1.04% | +0.06 |
| SHEL Shell PLC-ADR | Reduce -4.3% | 1.39% | +0.09 |
| SAP Sap SE-Sponsored ADR | Reduce -18.1% | 4.49% | +0.14 |
| BKNG Booking Holdings Inc. | Reduce -17.5% | 1.37% | +0.17 |
| GLOB Globant SA | Reduce -1.6% | 1.07% | +0.21 |
Portfolio Buys Q3 2024 → Q4 2024
| VEU Vanguard Ftse All-World Ex-U | Add +269.8% | 1.45% | +1.08 |
| NVDA Nvidia Corp. | New | 0.75% | +0.75 |
| ACN Accenture PLC Class A | Add +29.6% | 1.98% | +0.67 |
| MELI MercadoLibre Inc. | Add +26.0% | 2.80% | +0.51 |
| UNH Unitedhealth Group Inc. | Add +27.2% | 1.96% | +0.44 |
| ACWX iShares MSCI Acwi Ex US ETF | New | 0.15% | +0.15 |
| ACWI iShares MSCI Acwi ETF | Add +195.4% | 0.08% | +0.06 |
| VEA Vanguard Ftse Developed ETF | Add +210.7% | 0.04% | +0.03 |
| EFG iShares MSCI Eafe Growth ETF | New | 0.02% | +0.02 |
| EFA iShares MSCI Eafe ETF | Add +699.7% | 0.01% | +0.01 |
| VT Vanguard Tot World STK ETF | New | 0.01% | +0.01 |
| IBN Icici Bank Ltd.-Spon ADR | Add +0.1% | 0.02% | +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 |