Harding Loevner LP
In its 13F for Q4 2025 (holdings as of December 31, 2025, filed February 17, 2026), Harding Loevner LP reported 76 stock positions worth $11.4 billion. Its top holding was Taiwan Semiconductor-SP ADR (TSM) at 11.6% of the portfolio, followed by HDFC Bank Ltd.-ADR (HDB, 8.1%) and Fomento Economico Mex-SP ADR (FMX, 5.3%). Compared with Q3 2025, it opened 8 new positions, sold out of 3, added to 13 and reduced 55. The biggest buy was Fomento Economico Mex-SP ADR (FMX, shares +4%) and the biggest sale Sap SE-Sponsored ADR (SAP, shares −83%).
- Most Recent 13F
- Q2 2026
- Location
- Bridgewater, NJ
- CIK
- 0000928196
- Portfolio Value
- $11.4B (Q4 2025)
- SEC Filing
- 0000928196-26-000001 ↗ filed Feb 17, 2026
Holdings Value
Holdings 76 stocks · $11.4B
| TSM Taiwan Semiconductor-SP ADR | 11.60% | 4,336,799 | $1.3B | Reduce -16.0% |
| HDB HDFC Bank Ltd.-ADR | 8.10% | 25,187,687 | $920.3M | Reduce -7.0% |
| FMX Fomento Economico Mex-SP ADR | 5.28% | 5,934,259 | $599.8M | Add +3.5% |
| BAP Credicorp Ltd. | 3.59% | 1,421,564 | $408.0M | Reduce -7.9% |
| MELI MercadoLibre Inc. | 3.48% | 196,516 | $396.0M | Reduce -7.9% |
| ALC Alcon Inc. filed as ALCON AG | 3.34% | 4,810,865 | $379.2M | Reduce -12.3% |
| RYAAY Ryanair Holdings PLC-SP ADR | 3.15% | 4,966,655 | $358.5M | Reduce -7.1% |
| NTES Netease Inc.-ADR | 3.00% | 2,476,401 | $340.8M | Reduce -2.6% |
| ASML ASML Holding NV-NY Reg SHS | 2.84% | 301,762 | $323.2M | Add +10.5% |
| GOOGL Alphabet Inc. Class A | 2.77% | 1,005,928 | $314.9M | Reduce -31.8% |
| NICE Nice Ltd. - Spon ADR | 2.57% | 2,580,589 | $291.7M | Add +16.5% |
| MSFT Microsoft Corp. | 2.55% | 598,366 | $289.4M | Reduce -12.8% |
| AMZN Amazon.com Inc. | 2.36% | 1,163,957 | $268.7M | Reduce -14.1% |
| SHEL Shell PLC-ADR | 1.96% | 3,029,364 | $222.6M | Reduce -7.4% |
| CNI Canadian Natl Railway Co. | 1.86% | 2,143,651 | $211.9M | Reduce -6.7% |
| META Meta Platforms Inc. Class A | 1.81% | 311,238 | $205.4M | Reduce -11.8% |
| SE Sea Ltd.-ADR | 1.68% | 1,498,337 | $191.2M | Reduce -4.1% |
| NFLX Netflix Inc. | 1.59% | 1,924,053 | $180.4M | Reduce -14.2% |
| SONY Sony Group Corp. - SP ADR | 1.59% | 7,042,473 | $180.3M | Reduce -6.6% |
| VRTX Vertex Pharmaceuticals Inc. | 1.56% | 391,865 | $177.7M | Reduce -14.1% |
| BKNG Booking Holdings Inc. | 1.53% | 32,409 | $173.6M | Reduce -14.6% |
| MFC Manulife Financial Corp. | 1.51% | 4,727,041 | $171.5M | Reduce -6.9% |
| HLN Haleon PLC-ADR | 1.48% | 16,615,687 | $168.0M | Reduce -7.2% |
| RIO Rio Tinto PLC-Spon ADR | 1.45% | 2,053,870 | $164.4M | Add +8.8% |
| BBVA Banco Bilbao Vizcaya-SP ADR | 1.43% | 6,962,519 | $162.3M | Reduce -20.5% |
| CME Cme Group Inc. | 1.43% | 593,278 | $162.0M | Reduce -14.1% |
| NVDA Nvidia Corp. | 1.41% | 859,326 | $160.3M | Reduce -12.1% |
| VEU Vanguard Ftse All-World Ex-U | 1.24% | 1,918,731 | $141.1M | Add +128.2% |
| AVGO Broadcom Inc. | 1.20% | 393,763 | $136.3M | Reduce -12.8% |
| PGR Progressive Corp. | 1.18% | 587,141 | $133.7M | Reduce -15.1% |
| APH Amphenol Corp. Class A | 1.13% | 954,359 | $129.0M | Reduce -23.8% |
| TW Tradeweb Markets Inc. Class A | 1.06% | 1,121,185 | $120.6M | Reduce -14.0% |
| ADBE Adobe Inc. | 1.01% | 328,484 | $115.0M | Add +9.1% |
| ACN Accenture PLC Class A | 0.97% | 409,515 | $109.9M | Reduce -13.0% |
| GMAB Genmab A/S -SP ADR | 0.91% | 3,370,143 | $103.9M | Reduce -3.3% |
| TLK Telkom Indonesia Persero-ADR filed as P T TELEKOMUNIKASI INDONESIA | 0.83% | 4,476,641 | $94.2M | Reduce -9.1% |
| SAP Sap SE-Sponsored ADR | 0.83% | 386,893 | $94.0M | Reduce -83.2% |
| HEI Heico Corp. | 0.81% | 284,395 | $92.0M | Reduce -13.4% |
| AME Ametek Inc. | 0.76% | 421,690 | $86.6M | Reduce -1.9% |
| HON Honeywell International Inc. | 0.75% | 438,098 | $85.5M | Add +65.1% |
| ABBV Abbvie Inc. | 0.75% | 370,833 | $84.7M | Reduce -13.9% |
| TMO Thermo Fisher Scientific Inc. | 0.74% | 145,025 | $84.0M | Reduce -14.0% |
| V Visa Inc. Class A | 0.74% | 239,587 | $84.0M | Add +17.5% |
| NVS Novartis AG-Sponsored ADR | 0.73% | 603,387 | $83.2M | Reduce -4.2% |
| DHR Danaher Corp. | 0.73% | 360,923 | $82.6M | Reduce -13.2% |
| ELV Elevance Health Inc. | 0.68% | 220,725 | $77.4M | Reduce -10.4% |
| JNJ Johnson & Johnson | 0.66% | 365,029 | $75.5M | Reduce -14.1% |
| SLB SLB Ltd. filed as SLB LIMITED | 0.62% | 1,850,343 | $71.0M | Reduce -5.9% |
| EFX Equifax Inc. | 0.61% | 321,343 | $69.7M | New |
| DE Deere & Co. | 0.58% | 142,343 | $66.3M | Reduce -56.2% |
| FN Fabrinet | 0.56% | 139,687 | $63.6M | New |
| CSGP Costar Group Inc. | 0.54% | 920,272 | $61.9M | Reduce -15.1% |
| NOC Northrop Grumman Corp. | 0.45% | 89,814 | $51.2M | Reduce -14.9% |
| ATKR Atkore Inc. | 0.41% | 732,753 | $46.3M | Reduce -18.2% |
| TTD Trade Desk Inc./the Class A filed as THE TRADE DESK INC | 0.37% | 1,098,217 | $41.7M | Reduce -14.9% |
| ACWX iShares MSCI Acwi Ex US ETF | 0.17% | 283,184 | $19.0M | Add +1328.6% |
| INDA iShares MSCI India ETF | 0.12% | 253,039 | $13.7M | Add +60.5% |
| TS Tenaris SA-ADR | 0.11% | 311,282 | $12.0M | Reduce -23.7% |
| VEA Vanguard Ftse Developed ETF | 0.09% | 168,181 | $10.5M | Add +844.1% |
| KSPI JSC Kaspi.kz ADR filed as KASPI KZ JSC | 0.08% | 123,009 | $9.6M | Reduce -20.5% |
| ITUB Itau Unibanco H-Spon PRF ADR | 0.08% | 1,307,297 | $9.4M | Reduce -19.1% |
| CIB Grupo Cibest SA-ADR | 0.08% | 142,512 | $9.1M | Reduce -17.4% |
| IBN Icici Bank Ltd.-Spon ADR | 0.08% | 299,318 | $8.9M | Add +295.8% |
| EWT iShares MSCI Taiwan ETF | 0.08% | 139,760 | $8.9M | New |
| ACWI iShares MSCI Acwi ETF | 0.07% | 55,069 | $7.8M | Reduce -13.3% |
| GLOB Globant SA | 0.06% | 105,261 | $6.9M | Reduce -82.4% |
| EPAM Epam Systems Inc. | 0.06% | 30,611 | $6.3M | Reduce -17.7% |
| EEM iShares MSCI Emerging Market | 0.04% | 83,350 | $4.6M | New |
| BHP BHP Group Ltd.-Spon ADR | 0.04% | 70,086 | $4.2M | Reduce -99.1% |
| LIN Linde PLC | 0.04% | 9,786 | $4.2M | Reduce -99.0% |
| EFA iShares MSCI Eafe ETF | 0.02% | 19,020 | $1.8M | Add +692.8% |
| EWY iShares MSCI South Korea ETF | 0.01% | 14,060 | $1.4M | New |
| VXUS Vanguard Total Intl Stock | 0.01% | 16,692 | $1.3M | New |
| VT Vanguard Tot World STK ETF | 0.00% | 3,728 | $526K | New |
| AMAT Applied Materials Inc. | 0.00% | 809 | $208K | New |
| EFG iShares MSCI Eafe Growth ETF | 0.00% | 1,794 | $204K | Reduce -75.8% |
Portfolio Sells Q3 2025 → Q4 2025
| SAP Sap SE-Sponsored ADR | Reduce -83.2% | 0.83% | −3.68 |
| LIN Linde PLC | Reduce -99.0% | 0.04% | −3.22 |
| BHP BHP Group Ltd.-Spon ADR | Reduce -99.1% | 0.04% | −3.16 |
| SNPS Synopsys Inc. | Sold out | 0.00% | −0.87 |
| NOW ServiceNow Inc. | Sold out | 0.00% | −0.65 |
| DE Deere & Co. | Reduce -56.2% | 0.58% | −0.51 |
| NFLX Netflix Inc. | Reduce -14.2% | 1.59% | −0.38 |
| SE Sea Ltd.-ADR | Reduce -4.1% | 1.68% | −0.37 |
| GLOB Globant SA | Reduce -82.4% | 0.06% | −0.19 |
| MELI MercadoLibre Inc. | Reduce -7.9% | 3.48% | −0.17 |
| CSGP Costar Group Inc. | Reduce -15.1% | 0.54% | −0.13 |
| ZTO Zto Express Cayman Inc.-ADR | Sold out | 0.00% | −0.13 |
| TTD Trade Desk Inc./the Class A | Reduce -14.9% | 0.37% | −0.10 |
| META Meta Platforms Inc. Class A | Reduce -11.8% | 1.81% | −0.09 |
| PGR Progressive Corp. | Reduce -15.1% | 1.18% | −0.08 |
| MSFT Microsoft Corp. | Reduce -12.8% | 2.55% | −0.06 |
| NOC Northrop Grumman Corp. | Reduce -14.9% | 0.45% | −0.02 |
| KSPI JSC Kaspi.kz ADR | Reduce -20.5% | 0.08% | −0.01 |
| SONY Sony Group Corp. - SP ADR | Reduce -6.6% | 1.59% | −0.01 |
| ATKR Atkore Inc. | Reduce -18.2% | 0.41% | −0.00 |
| ITUB Itau Unibanco H-Spon PRF ADR | Reduce -19.1% | 0.08% | −0.00 |
| EFG iShares MSCI Eafe Growth ETF | Reduce -75.8% | 0.00% | −0.00 |
| TS Tenaris SA-ADR | Reduce -23.7% | 0.11% | −0.00 |
| APH Amphenol Corp. Class A | Reduce -23.8% | 1.13% | −0.00 |
| TW Tradeweb Markets Inc. Class A | Reduce -14.0% | 1.06% | −0.00 |
| ACWI iShares MSCI Acwi ETF | Reduce -13.3% | 0.07% | +0.00 |
| CIB Grupo Cibest SA-ADR | Reduce -17.4% | 0.08% | +0.01 |
| EPAM Epam Systems Inc. | Reduce -17.7% | 0.06% | +0.01 |
| ABBV Abbvie Inc. | Reduce -13.9% | 0.75% | +0.01 |
| BKNG Booking Holdings Inc. | Reduce -14.6% | 1.53% | +0.02 |
| HEI Heico Corp. | Reduce -13.4% | 0.81% | +0.03 |
| CME Cme Group Inc. | Reduce -14.1% | 1.43% | +0.06 |
| NVDA Nvidia Corp. | Reduce -12.1% | 1.41% | +0.07 |
| JNJ Johnson & Johnson | Reduce -14.1% | 0.66% | +0.09 |
| ELV Elevance Health Inc. | Reduce -10.4% | 0.68% | +0.10 |
| AVGO Broadcom Inc. | Reduce -12.8% | 1.20% | +0.11 |
| ACN Accenture PLC Class A | Reduce -13.0% | 0.97% | +0.12 |
| DHR Danaher Corp. | Reduce -13.2% | 0.73% | +0.12 |
| SLB SLB Ltd. | Reduce -5.9% | 0.62% | +0.13 |
| GMAB Genmab A/S -SP ADR | Reduce -3.3% | 0.91% | +0.13 |
| NVS Novartis AG-Sponsored ADR | Reduce -4.2% | 0.73% | +0.14 |
| TMO Thermo Fisher Scientific Inc. | Reduce -14.0% | 0.74% | +0.14 |
| GOOGL Alphabet Inc. Class A | Reduce -31.8% | 2.77% | +0.14 |
| TLK Telkom Indonesia Persero-ADR | Reduce -9.1% | 0.83% | +0.15 |
| NTES Netease Inc.-ADR | Reduce -2.6% | 3.00% | +0.17 |
| AME Ametek Inc. | Reduce -1.9% | 0.76% | +0.17 |
| AMZN Amazon.com Inc. | Reduce -14.1% | 2.36% | +0.18 |
| BBVA Banco Bilbao Vizcaya-SP ADR | Reduce -20.5% | 1.43% | +0.19 |
| SHEL Shell PLC-ADR | Reduce -7.4% | 1.96% | +0.24 |
| VRTX Vertex Pharmaceuticals Inc. | Reduce -14.1% | 1.56% | +0.25 |
Portfolio Buys Q3 2025 → Q4 2025
| FMX Fomento Economico Mex-SP ADR | Add +3.5% | 5.28% | +1.13 |
| ASML ASML Holding NV-NY Reg SHS | Add +10.5% | 2.84% | +0.90 |
| VEU Vanguard Ftse All-World Ex-U | Add +128.2% | 1.24% | +0.80 |
| EFX Equifax Inc. | New | 0.61% | +0.61 |
| FN Fabrinet | New | 0.56% | +0.56 |
| RIO Rio Tinto PLC-Spon ADR | Add +8.8% | 1.45% | +0.53 |
| HON Honeywell International Inc. | Add +65.1% | 0.75% | +0.34 |
| ADBE Adobe Inc. | Add +9.1% | 1.01% | +0.23 |
| V Visa Inc. Class A | Add +17.5% | 0.74% | +0.23 |
| NICE Nice Ltd. - Spon ADR | Add +16.5% | 2.57% | +0.21 |
| ACWX iShares MSCI Acwi Ex US ETF | Add +1328.6% | 0.17% | +0.16 |
| VEA Vanguard Ftse Developed ETF | Add +844.1% | 0.09% | +0.08 |
| EWT iShares MSCI Taiwan ETF | New | 0.08% | +0.08 |
| IBN Icici Bank Ltd.-Spon ADR | Add +295.8% | 0.08% | +0.06 |
| INDA iShares MSCI India ETF | Add +60.5% | 0.12% | +0.06 |
| EEM iShares MSCI Emerging Market | New | 0.04% | +0.04 |
| EFA iShares MSCI Eafe ETF | Add +692.8% | 0.02% | +0.01 |
| EWY iShares MSCI South Korea ETF | New | 0.01% | +0.01 |
| VXUS Vanguard Total Intl Stock | New | 0.01% | +0.01 |
| VT Vanguard Tot World STK ETF | New | 0.00% | +0.00 |
| AMAT Applied Materials Inc. | New | 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 |