Harding Loevner LP
In its 13F for Q2 2025 (holdings as of June 30, 2025, filed August 14, 2025), Harding Loevner LP reported 68 stock positions worth $14.9 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 8.6% of the portfolio, followed by HDFC Bank Ltd.-ADR (HDB, 7.3%) and Sap SE-Sponsored ADR (SAP, 5.0%). Compared with Q1 2025, it opened 5 new positions, sold out of 4, added to 30 and reduced 32. The biggest buy was Netease Inc.-ADR (NTES, shares +3565%) and the biggest sale an exit from Unitedhealth (UNH).
- Most Recent 13F
- Q2 2026
- Location
- Bridgewater, NJ
- CIK
- 0000928196
- Portfolio Value
- $14.9B (Q2 2025)
- SEC Filing
- 0001085146-25-005092 ↗ filed Aug 14, 2025
Holdings Value
Holdings 68 stocks · $14.9B
| TSM Taiwan Semiconductor-SP ADR | 8.56% | 5,614,431 | $1.3B | Reduce -2.4% |
| HDB HDFC Bank Ltd.-ADR | 7.30% | 14,156,272 | $1.1B | Reduce -2.5% |
| SAP Sap SE-Sponsored ADR | 5.04% | 2,465,593 | $749.7M | Reduce -1.9% |
| ALC Alcon Inc. filed as ALCON AG | 4.16% | 7,007,181 | $618.6M | Reduce -1.6% |
| MELI MercadoLibre Inc. | 3.93% | 223,680 | $584.7M | Reduce -4.0% |
| FMX Fomento Economico Mex-SP ADR | 3.75% | 5,408,814 | $556.9M | Reduce -3.9% |
| MSFT Microsoft Corp. | 3.25% | 970,400 | $482.7M | Add +2.1% |
| LIN Linde PLC | 2.99% | 948,412 | $445.0M | Reduce -3.0% |
| NFLX Netflix Inc. | 2.76% | 306,655 | $410.6M | Reduce -19.2% |
| GOOGL Alphabet Inc. Class A | 2.75% | 2,317,026 | $408.4M | Add +1.8% |
| AMZN Amazon.com Inc. | 2.74% | 1,854,371 | $406.8M | Add +1.8% |
| BHP BHP Group Ltd.-Spon ADR | 2.57% | 7,932,302 | $381.5M | Reduce -3.1% |
| META Meta Platforms Inc. Class A | 2.39% | 480,942 | $355.0M | Add +1.8% |
| BAP Credicorp Ltd. | 2.37% | 1,577,714 | $352.7M | Reduce -3.4% |
| NTES Netease Inc.-ADR | 2.34% | 2,582,636 | $347.6M | Add +3564.8% |
| VRTX Vertex Pharmaceuticals Inc. | 2.13% | 711,611 | $316.8M | Add +1.9% |
| TW Tradeweb Markets Inc. Class A | 1.76% | 1,782,816 | $261.0M | Add +42.5% |
| CME Cme Group Inc. | 1.76% | 946,808 | $261.0M | Add +1.9% |
| RYAAY Ryanair Holdings PLC-SP ADR | 1.70% | 4,387,970 | $253.1M | New |
| SONY Sony Group Corp. - SP ADR | 1.69% | 9,631,000 | $250.6M | Reduce -2.0% |
| CNI Canadian Natl Railway Co. | 1.63% | 2,325,177 | $241.9M | Reduce -2.9% |
| HLN Haleon PLC-ADR | 1.57% | 22,551,041 | $233.8M | Reduce -2.3% |
| SHEL Shell PLC-ADR | 1.57% | 3,312,679 | $233.3M | Reduce -1.3% |
| DE Deere & Co. | 1.55% | 454,468 | $231.1M | Add +2.2% |
| ASML ASML Holding NV-NY Reg SHS | 1.49% | 276,554 | $221.5M | Add +0.7% |
| ZTO Zto Express Cayman Inc.-ADR | 1.47% | 12,321,785 | $218.8M | Reduce -6.7% |
| AVGO Broadcom Inc. | 1.42% | 764,985 | $210.9M | Reduce -15.4% |
| BKNG Booking Holdings Inc. | 1.36% | 34,926 | $202.2M | Add +2.0% |
| MFC Manulife Financial Corp. | 1.32% | 6,137,932 | $196.1M | Reduce -17.1% |
| NVDA Nvidia Corp. | 1.08% | 1,019,781 | $161.1M | Add +46.0% |
| HEI Heico Corp. | 0.98% | 442,150 | $145.0M | Add +1.5% |
| SNPS Synopsys Inc. | 0.97% | 281,564 | $144.4M | Add +45.9% |
| APH Amphenol Corp. Class A | 0.96% | 1,443,477 | $142.6M | Add +1.9% |
| ADBE Adobe Inc. | 0.94% | 360,066 | $139.3M | Add +52.9% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 0.92% | 8,868,895 | $136.4M | Reduce -1.9% |
| NOW ServiceNow Inc. | 0.90% | 130,575 | $134.2M | Add +1.7% |
| AMAT Applied Materials Inc. | 0.88% | 712,217 | $130.4M | Add +1.3% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.87% | 1,791,295 | $129.0M | Add +2.0% |
| ACN Accenture PLC Class A | 0.86% | 429,388 | $128.3M | Reduce -39.2% |
| CSGP Costar Group Inc. | 0.79% | 1,467,080 | $118.0M | Add +1.9% |
| DHR Danaher Corp. | 0.76% | 570,834 | $112.8M | Add +1.8% |
| RIO Rio Tinto PLC-Spon ADR | 0.75% | 1,903,949 | $111.1M | Reduce -3.5% |
| ABBV Abbvie Inc. | 0.74% | 592,388 | $110.0M | Add +1.7% |
| AME Ametek Inc. | 0.70% | 577,923 | $104.6M | Add +1.9% |
| V Visa Inc. Class A | 0.67% | 281,841 | $100.1M | New |
| ATKR Atkore Inc. | 0.64% | 1,338,162 | $94.4M | Add +3.2% |
| PGR Progressive Corp. | 0.63% | 349,554 | $93.3M | New |
| TMO Thermo Fisher Scientific Inc. | 0.63% | 229,531 | $93.1M | Reduce -44.9% |
| JNJ Johnson & Johnson | 0.60% | 579,182 | $88.5M | New |
| HON Honeywell International Inc. | 0.58% | 372,417 | $86.7M | Add +1.8% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.57% | 5,015,102 | $85.0M | Add +12.4% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.52% | 2,305,795 | $77.9M | Add +28.3% |
| NOC Northrop Grumman Corp. | 0.51% | 151,207 | $75.6M | Add +1.9% |
| GLOB Globant SA | 0.47% | 769,843 | $69.9M | Reduce -11.3% |
| GMAB Genmab A/S -SP ADR | 0.41% | 2,923,439 | $60.4M | Add +1.5% |
| CRM Salesforce Inc. | 0.33% | 179,859 | $49.0M | Reduce -75.7% |
| VEU Vanguard Ftse All-World Ex-U | 0.29% | 649,338 | $43.6M | Reduce -29.6% |
| NVS Novartis AG-Sponsored ADR | 0.26% | 313,527 | $37.9M | New |
| TS Tenaris SA-ADR | 0.11% | 450,593 | $16.9M | Reduce -24.4% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.09% | 151,360 | $12.8M | Reduce -18.8% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.08% | 1,747,688 | $11.9M | Reduce -21.6% |
| INDA iShares MSCI India ETF | 0.06% | 157,699 | $8.8M | No change |
| CIB Grupo Cibest SA-ADR | 0.06% | 189,494 | $8.8M | Add +3.2% |
| EPAM Epam Systems Inc. | 0.05% | 40,538 | $7.2M | Reduce -19.8% |
| IBN Icici Bank Ltd.-Spon ADR | 0.02% | 76,478 | $2.6M | Reduce -6.5% |
| ACWI iShares MSCI Acwi ETF | 0.01% | 14,287 | $1.8M | Reduce -58.7% |
| VEA Vanguard Ftse Developed ETF | 0.01% | 23,578 | $1.3M | Reduce -9.9% |
| EFA iShares MSCI Eafe ETF | 0.00% | 3,158 | $282K | Reduce -83.0% |
Portfolio Sells Q1 2025 → Q2 2025
| UNH Unitedhealth Group Inc. | Sold out | 0.00% | −1.95 |
| CRM Salesforce Inc. | Reduce -75.7% | 0.33% | −1.19 |
| ALC Alcon Inc. | Reduce -1.6% | 4.16% | −1.02 |
| TMO Thermo Fisher Scientific Inc. | Reduce -44.9% | 0.63% | −0.96 |
| ACN Accenture PLC Class A | Reduce -39.2% | 0.86% | −0.82 |
| ZTO Zto Express Cayman Inc.-ADR | Reduce -6.7% | 1.47% | −0.53 |
| LIN Linde PLC | Reduce -3.0% | 2.99% | −0.49 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -3.1% | 2.57% | −0.48 |
| FMX Fomento Economico Mex-SP ADR | Reduce -3.9% | 3.75% | −0.46 |
| MFC Manulife Financial Corp. | Reduce -17.1% | 1.32% | −0.45 |
| SHEL Shell PLC-ADR | Reduce -1.3% | 1.57% | −0.31 |
| GLOB Globant SA | Reduce -11.3% | 0.47% | −0.31 |
| HLN Haleon PLC-ADR | Reduce -2.3% | 1.57% | −0.25 |
| SONY Sony Group Corp. - SP ADR | Reduce -2.0% | 1.69% | −0.23 |
| CNI Canadian Natl Railway Co. | Reduce -2.9% | 1.63% | −0.16 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -3.5% | 0.75% | −0.16 |
| VEU Vanguard Ftse All-World Ex-U | Reduce -29.6% | 0.29% | −0.13 |
| SAP Sap SE-Sponsored ADR | Reduce -1.9% | 5.04% | −0.12 |
| HDB HDFC Bank Ltd.-ADR | Reduce -2.5% | 7.30% | −0.09 |
| TS Tenaris SA-ADR | Reduce -24.4% | 0.11% | −0.07 |
| KSPI JSC Kaspi.kz ADR | Reduce -18.8% | 0.09% | −0.05 |
| BABA Alibaba Group Holding-SP ADR | Sold out | 0.00% | −0.03 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -1.9% | 0.92% | −0.03 |
| ACWI iShares MSCI Acwi ETF | Reduce -58.7% | 0.01% | −0.02 |
| EPAM Epam Systems Inc. | Reduce -19.8% | 0.05% | −0.02 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -21.6% | 0.08% | −0.01 |
| EFA iShares MSCI Eafe ETF | Reduce -83.0% | 0.00% | −0.01 |
| EFG iShares MSCI Eafe Growth ETF | Sold out | 0.00% | −0.01 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -6.5% | 0.02% | −0.00 |
| VEA Vanguard Ftse Developed ETF | Reduce -9.9% | 0.01% | −0.00 |
| ABEV Ambev SA-ADR | Sold out | 0.00% | −0.00 |
| BAP Credicorp Ltd. | Reduce -3.4% | 2.37% | +0.04 |
| NFLX Netflix Inc. | Reduce -19.2% | 2.76% | +0.05 |
| AVGO Broadcom Inc. | Reduce -15.4% | 1.42% | +0.26 |
| MELI MercadoLibre Inc. | Reduce -4.0% | 3.93% | +0.45 |
| TSM Taiwan Semiconductor-SP ADR | Reduce -2.4% | 8.56% | +1.25 |
Portfolio Buys Q1 2025 → Q2 2025
| NTES Netease Inc.-ADR | Add +3564.8% | 2.34% | +2.28 |
| RYAAY Ryanair Holdings PLC-SP ADR | New | 1.70% | +1.70 |
| V Visa Inc. Class A | New | 0.67% | +0.67 |
| PGR Progressive Corp. | New | 0.63% | +0.63 |
| JNJ Johnson & Johnson | New | 0.60% | +0.60 |
| MSFT Microsoft Corp. | Add +2.1% | 3.25% | +0.52 |
| NVDA Nvidia Corp. | Add +46.0% | 1.08% | +0.50 |
| SNPS Synopsys Inc. | Add +45.9% | 0.97% | +0.34 |
| TW Tradeweb Markets Inc. Class A | Add +42.5% | 1.76% | +0.33 |
| META Meta Platforms Inc. Class A | Add +1.8% | 2.39% | +0.30 |
| NVS Novartis AG-Sponsored ADR | New | 0.26% | +0.26 |
| APH Amphenol Corp. Class A | Add +1.9% | 0.96% | +0.25 |
| ADBE Adobe Inc. | Add +52.9% | 0.94% | +0.25 |
| BKNG Booking Holdings Inc. | Add +2.0% | 1.36% | +0.15 |
| TTD Trade Desk Inc./the Class A | Add +2.0% | 0.87% | +0.13 |
| NOW ServiceNow Inc. | Add +1.7% | 0.90% | +0.12 |
| ASML ASML Holding NV-NY Reg SHS | Add +0.7% | 1.49% | +0.10 |
| AMAT Applied Materials Inc. | Add +1.3% | 0.88% | +0.10 |
| HEI Heico Corp. | Add +1.5% | 0.98% | +0.08 |
| AMZN Amazon.com Inc. | Add +1.8% | 2.74% | +0.08 |
| TLK Telkom Indonesia Persero-ADR | Add +12.4% | 0.57% | +0.07 |
| GOOGL Alphabet Inc. Class A | Add +1.8% | 2.75% | +0.05 |
| ATKR Atkore Inc. | Add +3.2% | 0.64% | +0.04 |
| CIB Grupo Cibest SA-ADR | Add +3.2% | 0.06% | +0.00 |
| HON Honeywell International Inc. | Add +1.8% | 0.58% | −0.01 |
| GMAB Genmab A/S -SP ADR | Add +1.5% | 0.41% | −0.03 |
| DE Deere & Co. | Add +2.2% | 1.55% | −0.04 |
| AME Ametek Inc. | Add +1.9% | 0.70% | −0.04 |
| SLB SLB Ltd. | Add +28.3% | 0.52% | −0.05 |
| NOC Northrop Grumman Corp. | Add +1.9% | 0.51% | −0.07 |
| CSGP Costar Group Inc. | Add +1.9% | 0.79% | −0.08 |
| DHR Danaher Corp. | Add +1.8% | 0.76% | −0.12 |
| CME Cme Group Inc. | Add +1.9% | 1.76% | −0.13 |
| ABBV Abbvie Inc. | Add +1.7% | 0.74% | −0.19 |
| VRTX Vertex Pharmaceuticals Inc. | Add +1.9% | 2.13% | −0.46 |
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 |