Harding Loevner LP
In its 13F for Q1 2025 (holdings as of March 31, 2025, filed May 15, 2025), Harding Loevner LP reported 67 stock positions worth $13.1 billion. Its top holding was HDFC Bank Ltd.-ADR (HDB) at 7.4% of the portfolio, followed by Taiwan Semiconductor-SP ADR (TSM, 7.3%) and Alcon (ALC, 5.2%). Compared with Q4 2024, it opened 6 new positions, sold out of 6, added to 7 and reduced 54. The biggest buy was a new position in ASML Holding NV-NY Reg SHS (ASML) and the biggest sale Meta Platforms Class A (META, shares −47%).
- Most Recent 13F
- Q2 2026
- Location
- Bridgewater, NJ
- CIK
- 0000928196
- Portfolio Value
- $13.1B (Q1 2025)
- SEC Filing
- 0001085146-25-003211 ↗ filed May 15, 2025
Holdings Value
Holdings 67 stocks · $13.1B
| HDB HDFC Bank Ltd.-ADR | 7.39% | 14,524,682 | $965.2M | Reduce -4.3% |
| TSM Taiwan Semiconductor-SP ADR | 7.31% | 5,749,962 | $954.6M | Reduce -5.4% |
| ALC Alcon Inc. filed as ALCON AG | 5.18% | 7,124,512 | $676.4M | Reduce -15.9% |
| SAP Sap SE-Sponsored ADR | 5.17% | 2,513,151 | $674.8M | Reduce -6.8% |
| FMX Fomento Economico Mex-SP ADR | 4.21% | 5,629,246 | $549.3M | Reduce -3.4% |
| LIN Linde PLC | 3.49% | 977,508 | $455.1M | Reduce -3.9% |
| MELI MercadoLibre Inc. | 3.48% | 233,109 | $454.9M | Reduce -4.2% |
| BHP BHP Group Ltd.-Spon ADR | 3.04% | 8,186,318 | $397.4M | Reduce -1.3% |
| MSFT Microsoft Corp. | 2.73% | 950,332 | $356.8M | Reduce -15.8% |
| NFLX Netflix Inc. | 2.71% | 379,530 | $354.0M | Reduce -15.1% |
| GOOGL Alphabet Inc. Class A | 2.69% | 2,275,415 | $351.9M | Reduce -15.2% |
| AMZN Amazon.com Inc. | 2.65% | 1,822,293 | $346.7M | Reduce -13.5% |
| VRTX Vertex Pharmaceuticals Inc. | 2.59% | 698,459 | $338.6M | Reduce -15.2% |
| BAP Credicorp Ltd. | 2.33% | 1,633,379 | $304.1M | Reduce -4.0% |
| META Meta Platforms Inc. Class A | 2.08% | 472,246 | $272.2M | Reduce -47.1% |
| ZTO Zto Express Cayman Inc.-ADR | 2.01% | 13,207,572 | $262.0M | Reduce -6.8% |
| UNH Unitedhealth Group Inc. | 1.95% | 487,113 | $255.1M | Reduce -14.9% |
| SONY Sony Group Corp. - SP ADR | 1.91% | 9,830,162 | $249.6M | Reduce -3.0% |
| CME Cme Group Inc. | 1.89% | 929,364 | $246.6M | Reduce -15.5% |
| SHEL Shell PLC-ADR | 1.88% | 3,356,126 | $245.8M | Add +2.1% |
| HLN Haleon PLC-ADR | 1.82% | 23,071,921 | $237.5M | Reduce -4.4% |
| CNI Canadian Natl Railway Co. | 1.79% | 2,395,464 | $233.5M | Reduce -3.4% |
| MFC Manulife Financial Corp. | 1.77% | 7,408,865 | $230.8M | Reduce -4.8% |
| ACN Accenture PLC Class A | 1.69% | 706,308 | $220.4M | Reduce -15.4% |
| DE Deere & Co. | 1.60% | 444,558 | $208.7M | Reduce -15.2% |
| TMO Thermo Fisher Scientific Inc. | 1.59% | 416,581 | $207.3M | Reduce -12.3% |
| CRM Salesforce Inc. | 1.52% | 739,580 | $198.5M | Reduce -15.3% |
| TW Tradeweb Markets Inc. Class A | 1.42% | 1,251,101 | $185.7M | Reduce -15.0% |
| ASML ASML Holding NV-NY Reg SHS | 1.39% | 274,611 | $182.0M | New |
| BKNG Booking Holdings Inc. | 1.21% | 34,236 | $157.7M | Reduce -15.8% |
| AVGO Broadcom Inc. | 1.16% | 904,519 | $151.5M | Reduce -15.7% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.94% | 9,040,700 | $123.2M | Reduce -48.7% |
| ABBV Abbvie Inc. | 0.93% | 582,555 | $122.1M | Reduce -15.6% |
| RIO Rio Tinto PLC-Spon ADR | 0.91% | 1,972,601 | $118.5M | Reduce -1.3% |
| HEI Heico Corp. | 0.89% | 435,563 | $116.4M | New |
| DHR Danaher Corp. | 0.88% | 560,664 | $114.9M | Reduce -15.0% |
| CSGP Costar Group Inc. | 0.87% | 1,440,099 | $114.1M | Reduce -14.7% |
| NOW ServiceNow Inc. | 0.78% | 128,441 | $102.3M | Reduce -15.4% |
| GLOB Globant SA | 0.78% | 868,378 | $102.2M | Add +17.3% |
| AMAT Applied Materials Inc. | 0.78% | 703,180 | $102.0M | Reduce -15.9% |
| AME Ametek Inc. | 0.75% | 567,396 | $97.7M | New |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.74% | 1,755,971 | $96.1M | New |
| APH Amphenol Corp. Class A | 0.71% | 1,416,441 | $92.9M | New |
| ADBE Adobe Inc. | 0.69% | 235,456 | $90.3M | Reduce -15.0% |
| SNPS Synopsys Inc. | 0.63% | 193,040 | $82.8M | Reduce -8.9% |
| ATKR Atkore Inc. | 0.60% | 1,297,033 | $77.8M | Add +102.9% |
| HON Honeywell International Inc. | 0.59% | 366,014 | $77.5M | Reduce -15.8% |
| NOC Northrop Grumman Corp. | 0.58% | 148,378 | $76.0M | Reduce -16.9% |
| NVDA Nvidia Corp. | 0.58% | 698,672 | $75.7M | Reduce -15.4% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.58% | 1,797,092 | $75.1M | Reduce -16.9% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.51% | 4,462,466 | $65.9M | Add +6.0% |
| GMAB Genmab A/S -SP ADR | 0.43% | 2,880,826 | $56.4M | Add +28.4% |
| VEU Vanguard Ftse All-World Ex-U | 0.43% | 922,513 | $56.0M | Reduce -75.3% |
| TS Tenaris SA-ADR | 0.18% | 595,646 | $23.3M | Reduce -29.3% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.13% | 186,307 | $17.3M | Reduce -5.5% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.09% | 2,230,545 | $12.3M | Add +6.9% |
| EPAM Epam Systems Inc. | 0.07% | 50,566 | $8.5M | Reduce -11.1% |
| INDA iShares MSCI India ETF | 0.06% | 157,699 | $8.1M | Add +12.5% |
| BANCOLOMBIA S.A.-SPONS ADR | 0.06% | 183,661 | $7.4M | Reduce -29.9% |
| NTES Netease Inc.-ADR | 0.06% | 70,471 | $7.3M | New |
| BABA Alibaba Group Holding-SP ADR | 0.03% | 33,058 | $4.4M | Reduce -7.6% |
| ACWI iShares MSCI Acwi ETF | 0.03% | 34,592 | $4.0M | Reduce -64.7% |
| IBN Icici Bank Ltd.-Spon ADR | 0.02% | 81,791 | $2.6M | Reduce -33.6% |
| EFA iShares MSCI Eafe ETF | 0.01% | 18,607 | $1.5M | Reduce -7.3% |
| VEA Vanguard Ftse Developed ETF | 0.01% | 26,157 | $1.3M | Reduce -79.1% |
| EFG iShares MSCI Eafe Growth ETF | 0.01% | 8,990 | $899K | Reduce -68.4% |
| ABEV Ambev SA-ADR | 0.00% | 38,686 | $90K | Reduce -100.0% |
Portfolio Sells Q4 2024 → Q1 2025
| META Meta Platforms Inc. Class A | Reduce -47.1% | 2.08% | −1.45 |
| ROK Rockwell Automation Inc. | Sold out | 0.00% | −1.21 |
| ABEV Ambev SA-ADR | Reduce -100.0% | 0.00% | −1.10 |
| AAPL Apple Inc. | Sold out | 0.00% | −1.04 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -75.3% | 0.43% | −1.02 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -5.4% | 7.31% | −0.80 |
| GOOGL Alphabet Inc. Class A | Reduce -15.2% | 2.69% | −0.74 |
| AVGO Broadcom Inc. | Reduce -15.7% | 1.16% | −0.52 |
| MSFT Microsoft Corp. | Reduce -15.8% | 2.73% | −0.48 |
| AMZN Amazon.com Inc. | Reduce -13.5% | 2.65% | −0.47 |
| CRM Salesforce Inc. | Reduce -15.3% | 1.52% | −0.45 |
| RGEN Repligen Corp. | Sold out | 0.00% | −0.33 |
| NOW ServiceNow Inc. | Reduce -15.4% | 0.78% | −0.30 |
| ACN Accenture PLC Class A | Reduce -15.4% | 1.69% | −0.30 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -48.7% | 0.94% | −0.21 |
| NVDA Nvidia Corp. | Reduce -15.4% | 0.58% | −0.17 |
| BKNG Booking Holdings Inc. | Reduce -15.8% | 1.21% | −0.16 |
| ACWX iShares MSCI Acwi Ex US ETF | Sold out | 0.00% | −0.15 |
| DHR Danaher Corp. | Reduce -15.0% | 0.88% | −0.14 |
| ADBE Adobe Inc. | Reduce -15.0% | 0.69% | −0.14 |
| AMAT Applied Materials Inc. | Reduce -15.9% | 0.78% | −0.14 |
| PINS Pinterest Inc. Class A | Sold out | 0.00% | −0.13 |
| TMO Thermo Fisher Scientific Inc. | Reduce -12.3% | 1.59% | −0.08 |
| HON Honeywell International Inc. | Reduce -15.8% | 0.59% | −0.07 |
| SNPS Synopsys Inc. | Reduce -8.9% | 0.63% | −0.06 |
| ACWI iShares MSCI Acwi ETF | Reduce -64.7% | 0.03% | −0.05 |
| TS Tenaris SA-ADR | Reduce -29.3% | 0.18% | −0.04 |
| VEA Vanguard Ftse Developed ETF | Reduce -79.1% | 0.01% | −0.03 |
| EPAM Epam Systems Inc. | Reduce -11.1% | 0.07% | −0.02 |
| EFG iShares MSCI Eafe Growth ETF | Reduce -68.4% | 0.01% | −0.01 |
| VT Vanguard Tot World STK ETF | Sold out | 0.00% | −0.01 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -33.6% | 0.02% | −0.01 |
| UNH Unitedhealth Group Inc. | Reduce -14.9% | 1.95% | −0.00 |
| BANCOLOMBIA S.A.-SPONS ADR | Reduce -29.9% | 0.06% | +0.00 |
| EFA iShares MSCI Eafe ETF | Reduce -7.3% | 0.01% | +0.00 |
| KSPI JSC Kaspi.kz ADR | Reduce -5.5% | 0.13% | +0.01 |
| BABA Alibaba Group Holding-SP ADR | Reduce -7.6% | 0.03% | +0.01 |
| SLB SLB Ltd. | Reduce -16.9% | 0.58% | +0.01 |
| NOC Northrop Grumman Corp. | Reduce -16.9% | 0.58% | +0.02 |
| NFLX Netflix Inc. | Reduce -15.1% | 2.71% | +0.02 |
| CSGP Costar Group Inc. | Reduce -14.7% | 0.87% | +0.06 |
| CNI Canadian Natl Railway Co. | Reduce -3.4% | 1.79% | +0.09 |
| DE Deere & Co. | Reduce -15.2% | 1.60% | +0.10 |
| ABBV Abbvie Inc. | Reduce -15.6% | 0.93% | +0.11 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -1.3% | 0.91% | +0.11 |
| TW Tradeweb Markets Inc. Class A | Reduce -15.0% | 1.42% | +0.12 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -6.8% | 2.01% | +0.14 |
| MFC Manulife Financial Corp. | Reduce -4.8% | 1.77% | +0.15 |
| CME Cme Group Inc. | Reduce -15.5% | 1.89% | +0.16 |
| BAP Credicorp Ltd. | Reduce -4.0% | 2.33% | +0.22 |
Portfolio Buys Q4 2024 → Q1 2025
| ASML ASML Holding NV-NY Reg SHS | New | 1.39% | +1.39 |
| HEI Heico Corp. | New | 0.89% | +0.89 |
| AME Ametek Inc. | New | 0.75% | +0.75 |
| TTD Trade Desk Inc./the Class A | New | 0.74% | +0.74 |
| APH Amphenol Corp. Class A | New | 0.71% | +0.71 |
| SHEL Shell PLC-ADR | Add +2.1% | 1.88% | +0.49 |
| ATKR Atkore Inc. | Add +102.9% | 0.60% | +0.24 |
| GMAB Genmab A/S -SP ADR | Add +28.4% | 0.43% | +0.12 |
| NTES Netease Inc.-ADR | New | 0.06% | +0.06 |
| TLK Telkom Indonesia Persero-ADR | Add +6.0% | 0.51% | +0.04 |
| ITUB Itau Unibanco H-Spon PRF ADR | Add +6.9% | 0.09% | +0.02 |
| INDA iShares MSCI India ETF | Add +12.5% | 0.06% | +0.01 |
| GLOB Globant SA | Add +17.3% | 0.78% | −0.29 |
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 |