Harding Loevner LP
In its 13F for Q3 2025 (holdings as of September 30, 2025, filed November 14, 2025), Harding Loevner LP reported 71 stock positions worth $13.6 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 10.6% of the portfolio, followed by HDFC Bank Ltd.-ADR (HDB, 6.8%) and Sap SE-Sponsored ADR (SAP, 4.5%). Compared with Q2 2025, it opened 5 new positions, sold out of 2, added to 10 and reduced 55. The biggest buy was a new position in Nice Ltd. - Spon ADR (NICE) and the biggest sale Zto Express Cayman Inc.-ADR (ZTO, shares −93%).
- Most Recent 13F
- Q2 2026
- Location
- Bridgewater, NJ
- CIK
- 0000928196
- Portfolio Value
- $13.6B (Q3 2025)
- SEC Filing
- 0000928196-25-000003 ↗ filed Nov 14, 2025
Holdings Value
Holdings 71 stocks · $13.6B
| TSM Taiwan Semiconductor-SP ADR | 10.57% | 5,160,855 | $1.4B | Reduce -8.1% |
| HDB HDFC Bank Ltd.-ADR | 6.79% | 27,078,614 | $925.1M | Reduce -4.4% |
| SAP Sap SE-Sponsored ADR | 4.51% | 2,300,337 | $614.7M | Reduce -6.7% |
| FMX Fomento Economico Mex-SP ADR | 4.15% | 5,733,207 | $565.4M | Add +6.0% |
| MELI MercadoLibre Inc. | 3.66% | 213,349 | $498.6M | Reduce -4.6% |
| LIN Linde PLC | 3.26% | 936,014 | $444.6M | Reduce -1.3% |
| BHP BHP Group Ltd.-Spon ADR | 3.20% | 7,817,647 | $435.8M | Reduce -1.4% |
| BAP Credicorp Ltd. | 3.02% | 1,543,847 | $411.1M | Reduce -2.1% |
| ALC Alcon Inc. filed as ALCON AG | 3.00% | 5,482,424 | $408.5M | Reduce -21.8% |
| NTES Netease Inc.-ADR | 2.83% | 2,541,600 | $386.3M | Reduce -1.6% |
| GOOGL Alphabet Inc. Class A | 2.63% | 1,475,171 | $358.6M | Reduce -36.3% |
| MSFT Microsoft Corp. | 2.61% | 686,547 | $355.6M | Reduce -29.3% |
| RYAAY Ryanair Holdings PLC-SP ADR | 2.36% | 5,344,152 | $321.8M | Add +21.8% |
| NICE Nice Ltd. - Spon ADR | 2.35% | 2,215,335 | $320.7M | New |
| AMZN Amazon.com Inc. | 2.18% | 1,354,567 | $297.4M | Reduce -26.9% |
| SE Sea Ltd.-ADR | 2.05% | 1,562,614 | $279.3M | New |
| NFLX Netflix Inc. | 1.97% | 224,123 | $268.7M | Reduce -26.9% |
| ASML ASML Holding NV-NY Reg SHS | 1.94% | 273,194 | $264.6M | Reduce -1.2% |
| META Meta Platforms Inc. Class A | 1.90% | 352,919 | $259.2M | Reduce -26.6% |
| SHEL Shell PLC-ADR | 1.72% | 3,270,497 | $234.0M | Reduce -1.3% |
| SONY Sony Group Corp. - SP ADR | 1.59% | 7,536,757 | $217.0M | Reduce -21.7% |
| CNI Canadian Natl Railway Co. | 1.59% | 2,297,538 | $216.7M | Reduce -1.2% |
| BKNG Booking Holdings Inc. | 1.50% | 37,946 | $204.9M | Add +8.7% |
| CME Cme Group Inc. | 1.37% | 690,427 | $186.5M | Reduce -27.1% |
| NVDA Nvidia Corp. | 1.34% | 977,338 | $182.3M | Reduce -4.2% |
| VRTX Vertex Pharmaceuticals Inc. | 1.31% | 455,988 | $178.6M | Reduce -35.9% |
| PGR Progressive Corp. | 1.25% | 691,378 | $170.7M | Add +97.8% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.24% | 8,758,673 | $168.6M | Reduce -1.2% |
| HLN Haleon PLC-ADR | 1.18% | 17,909,401 | $160.7M | Reduce -20.6% |
| MFC Manulife Financial Corp. | 1.16% | 5,077,216 | $158.2M | Reduce -17.3% |
| APH Amphenol Corp. Class A | 1.14% | 1,251,914 | $154.9M | Reduce -13.3% |
| AVGO Broadcom Inc. | 1.09% | 451,298 | $148.9M | Reduce -41.0% |
| DE Deere & Co. | 1.09% | 324,719 | $148.5M | Reduce -28.6% |
| TW Tradeweb Markets Inc. Class A | 1.06% | 1,303,676 | $144.7M | Reduce -26.9% |
| RIO Rio Tinto PLC-Spon ADR | 0.91% | 1,887,696 | $124.6M | Reduce -0.8% |
| SNPS Synopsys Inc. | 0.87% | 240,194 | $118.5M | Reduce -14.7% |
| ACN Accenture PLC Class A | 0.85% | 470,517 | $116.0M | Add +9.6% |
| GMAB Genmab A/S -SP ADR | 0.78% | 3,484,487 | $106.9M | Add +19.2% |
| ADBE Adobe Inc. | 0.78% | 301,169 | $106.2M | Reduce -16.4% |
| HEI Heico Corp. | 0.78% | 328,553 | $106.1M | Reduce -25.7% |
| ABBV Abbvie Inc. | 0.73% | 430,494 | $99.7M | Reduce -27.3% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.68% | 4,925,278 | $92.7M | Reduce -1.8% |
| CSGP Costar Group Inc. | 0.67% | 1,083,322 | $91.4M | Reduce -26.2% |
| NOW ServiceNow Inc. | 0.65% | 96,013 | $88.4M | Reduce -26.5% |
| DHR Danaher Corp. | 0.60% | 415,656 | $82.4M | Reduce -27.2% |
| TMO Thermo Fisher Scientific Inc. | 0.60% | 168,576 | $81.8M | Reduce -26.6% |
| AME Ametek Inc. | 0.59% | 429,956 | $80.8M | Reduce -25.6% |
| NVS Novartis AG-Sponsored ADR | 0.59% | 629,958 | $80.8M | Add +100.9% |
| ELV Elevance Health Inc. | 0.58% | 246,365 | $79.6M | New |
| JNJ Johnson & Johnson | 0.58% | 424,760 | $78.8M | Reduce -26.7% |
| V Visa Inc. Class A | 0.51% | 203,944 | $69.6M | Reduce -27.6% |
| SLB SLB Ltd. filed as SCHLUMBERGER LTD | 0.50% | 1,965,908 | $67.6M | Reduce -14.7% |
| NOC Northrop Grumman Corp. | 0.47% | 105,511 | $64.3M | Reduce -30.2% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.46% | 1,289,848 | $63.2M | Reduce -28.0% |
| VEU Vanguard Ftse All-World Ex-U | 0.44% | 840,898 | $60.0M | Add +29.5% |
| ATKR Atkore Inc. | 0.41% | 895,998 | $56.2M | Reduce -33.0% |
| HON Honeywell International Inc. | 0.41% | 265,293 | $55.8M | Reduce -28.8% |
| GLOB Globant SA | 0.25% | 597,231 | $34.3M | Reduce -22.4% |
| ZTO Zto Express Cayman Inc.-ADR | 0.13% | 892,018 | $17.1M | Reduce -92.8% |
| TS Tenaris SA-ADR | 0.11% | 408,147 | $14.6M | Reduce -9.4% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.09% | 154,802 | $12.6M | Add +2.3% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.09% | 1,615,455 | $11.9M | Reduce -7.6% |
| CIB Grupo Cibest SA-ADR | 0.07% | 172,490 | $9.0M | Reduce -9.0% |
| ACWI iShares MSCI Acwi ETF | 0.06% | 63,515 | $8.8M | Add +344.6% |
| INDA iShares MSCI India ETF | 0.06% | 157,699 | $8.2M | No change |
| EPAM Epam Systems Inc. | 0.04% | 37,181 | $5.6M | Reduce -8.3% |
| IBN Icici Bank Ltd.-Spon ADR | 0.02% | 75,629 | $2.3M | Reduce -1.1% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.01% | 19,823 | $1.3M | New |
| VEA Vanguard Ftse Developed ETF | 0.01% | 17,814 | $1.1M | Reduce -24.4% |
| EFG iShares MSCI Eafe Growth ETF | 0.01% | 7,418 | $845K | New |
| EFA iShares MSCI Eafe ETF | 0.00% | 2,399 | $224K | Reduce -24.0% |
Portfolio Sells Q2 2025 → Q3 2025
| ZTO Zto Express Cayman Inc.-ADR | Reduce -92.8% | 0.13% | −1.35 |
| ALC Alcon Inc. | Reduce -21.8% | 3.00% | −1.17 |
| AMAT Applied Materials Inc. | Sold out | 0.00% | −0.88 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -35.9% | 1.31% | −0.82 |
| NFLX Netflix Inc. | Reduce -26.9% | 1.97% | −0.79 |
| TW Tradeweb Markets Inc. Class A | Reduce -26.9% | 1.06% | −0.69 |
| MSFT Microsoft Corp. | Reduce -29.3% | 2.61% | −0.64 |
| AMZN Amazon.com Inc. | Reduce -26.9% | 2.18% | −0.56 |
| SAP Sap SE-Sponsored ADR | Reduce -6.7% | 4.51% | −0.53 |
| HDB HDFC Bank Ltd.-ADR | Reduce -4.4% | 6.79% | −0.52 |
| META Meta Platforms Inc. Class A | Reduce -26.6% | 1.90% | −0.49 |
| DE Deere & Co. | Reduce -28.6% | 1.09% | −0.47 |
| TTD Trade Desk Inc./the Class A | Reduce -28.0% | 0.46% | −0.40 |
| HLN Haleon PLC-ADR | Reduce -20.6% | 1.18% | −0.39 |
| CME Cme Group Inc. | Reduce -27.1% | 1.37% | −0.39 |
| CRM Salesforce Inc. | Sold out | 0.00% | −0.33 |
| AVGO Broadcom Inc. | Reduce -41.0% | 1.09% | −0.33 |
| MELI MercadoLibre Inc. | Reduce -4.6% | 3.66% | −0.28 |
| NOW ServiceNow Inc. | Reduce -26.5% | 0.65% | −0.25 |
| ATKR Atkore Inc. | Reduce -33.0% | 0.41% | −0.22 |
| GLOB Globant SA | Reduce -22.4% | 0.25% | −0.22 |
| HEI Heico Corp. | Reduce -25.7% | 0.78% | −0.20 |
| HON Honeywell International Inc. | Reduce -28.8% | 0.41% | −0.17 |
| V Visa Inc. Class A | Reduce -27.6% | 0.51% | −0.16 |
| MFC Manulife Financial Corp. | Reduce -17.3% | 1.16% | −0.16 |
| ADBE Adobe Inc. | Reduce -16.4% | 0.78% | −0.16 |
| DHR Danaher Corp. | Reduce -27.2% | 0.60% | −0.15 |
| CSGP Costar Group Inc. | Reduce -26.2% | 0.67% | −0.12 |
| GOOGL Alphabet Inc. Class A | Reduce -36.3% | 2.63% | −0.12 |
| AME Ametek Inc. | Reduce -25.6% | 0.59% | −0.11 |
| SNPS Synopsys Inc. | Reduce -14.7% | 0.87% | −0.10 |
| SONY Sony Group Corp. - SP ADR | Reduce -21.7% | 1.59% | −0.09 |
| CNI Canadian Natl Railway Co. | Reduce -1.2% | 1.59% | −0.04 |
| NOC Northrop Grumman Corp. | Reduce -30.2% | 0.47% | −0.04 |
| SLB SLB Ltd. | Reduce -14.7% | 0.50% | −0.03 |
| TMO Thermo Fisher Scientific Inc. | Reduce -26.6% | 0.60% | −0.03 |
| JNJ Johnson & Johnson | Reduce -26.7% | 0.58% | −0.02 |
| ABBV Abbvie Inc. | Reduce -27.3% | 0.73% | −0.01 |
| EPAM Epam Systems Inc. | Reduce -8.3% | 0.04% | −0.01 |
| TS Tenaris SA-ADR | Reduce -9.4% | 0.11% | −0.01 |
| VEA Vanguard Ftse Developed ETF | Reduce -24.4% | 0.01% | −0.00 |
| IBN Icici Bank Ltd.-Spon ADR | Reduce -1.1% | 0.02% | −0.00 |
| EFA iShares MSCI Eafe ETF | Reduce -24.0% | 0.00% | −0.00 |
| CIB Grupo Cibest SA-ADR | Reduce -9.0% | 0.07% | +0.01 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -7.6% | 0.09% | +0.01 |
| TLK Telkom Indonesia Persero-ADR | Reduce -1.8% | 0.68% | +0.11 |
| SHEL Shell PLC-ADR | Reduce -1.3% | 1.72% | +0.15 |
| RIO Rio Tinto PLC-Spon ADR | Reduce -0.8% | 0.91% | +0.17 |
| APH Amphenol Corp. Class A | Reduce -13.3% | 1.14% | +0.18 |
| NVDA Nvidia Corp. | Reduce -4.2% | 1.34% | +0.25 |
Portfolio Buys Q2 2025 → Q3 2025
| NICE Nice Ltd. - Spon ADR | New | 2.35% | +2.35 |
| SE Sea Ltd.-ADR | New | 2.05% | +2.05 |
| RYAAY Ryanair Holdings PLC-SP ADR | Add +21.8% | 2.36% | +0.66 |
| PGR Progressive Corp. | Add +97.8% | 1.25% | +0.62 |
| ELV Elevance Health Inc. | New | 0.58% | +0.58 |
| FMX Fomento Economico Mex-SP ADR | Add +6.0% | 4.15% | +0.40 |
| GMAB Genmab A/S -SP ADR | Add +19.2% | 0.78% | +0.38 |
| NVS Novartis AG-Sponsored ADR | Add +100.9% | 0.59% | +0.34 |
| VEU Vanguard Ftse All-World Ex-U | Add +29.5% | 0.44% | +0.15 |
| BKNG Booking Holdings Inc. | Add +8.7% | 1.50% | +0.14 |
| ACWI iShares MSCI Acwi ETF | Add +344.6% | 0.06% | +0.05 |
| ACWX iShares MSCI Acwi Ex US ETF | New | 0.01% | +0.01 |
| KSPI JSC Kaspi.kz ADR | Add +2.3% | 0.09% | +0.01 |
| EFG iShares MSCI Eafe Growth ETF | New | 0.01% | +0.01 |
| ACN Accenture PLC Class A | Add +9.6% | 0.85% | −0.01 |
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 |