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Harding Loevner LP

13F for the quarter to June 30, 2026, filed August 14, 2026 · SEC CIK 928196

Reported value
$10.6bn
73% in companies we cover
Positions we cover
54
Largest TSM 12.7%
Copy, a year
+11.2%
S&P 500 +13.8%
Copy Sharpe ratio
0.58
S&P 500 0.77

How copying its 13F would have done

$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.9k$40.8k
CopyS&P 500 $10,000 copying Harding Loevner LP's filed holdings in companies we cover from July 26, 2013, buying on the first trading day after each 13F was filed and holding until the next, against the S&P 500 (total return). Marked weekly, log scale. Before costs and taxes; misses trading within each quarter and anything 13F does not show (shorts, cash, bonds, non-US holdings).

Biggest drop −33.4% (S&P 500 −31.8%); beta 1.00; alpha −2.2% a year (t = −1.13); last 12 months +3.5% against +12.1%.

Reported value by quarter

Harding Loevner LP: 13F reported value Total value of all positions in each quarter's 13F, as filed (values before 2023 were filed in thousands of dollars and are converted).
$0 $5T $10T $15T $20T Reported value, 2013-06-30: $10.3B Reported value, 2013-09-30: $11.2B Reported value, 2013-12-31: $12.9B Reported value, 2014-03-31: $13.1B Reported value, 2014-06-30: $13.4B Reported value, 2014-09-30: $13.5B Reported value, 2014-12-31: $12.4B Reported value, 2015-03-31: $13.1B Reported value, 2015-06-30: $14.3B Reported value, 2015-09-30: $12.4B Reported value, 2015-12-31: $12.3B Reported value, 2016-03-31: $12.7B Reported value, 2016-06-30: $12.8B Reported value, 2016-09-30: $13.9B Reported value, 2016-12-31: $14.3B Reported value, 2017-03-31: $15.3B Reported value, 2017-06-30: $16.3B Reported value, 2017-09-30: $17.6B Reported value, 2017-12-31: $17.6B Reported value, 2018-03-31: $19.2B Reported value, 2018-06-30: $17.8B Reported value, 2018-09-30: $19.2B Reported value, 2018-12-31: $17.3B Reported value, 2019-03-31: $21.3B Reported value, 2019-06-30: $21.8B Reported value, 2019-09-30: $21.2B Reported value, 2019-12-31: $22.5B Reported value, 2020-03-31: $17.9B Reported value, 2020-06-30: $20.9B Reported value, 2020-09-30: $27.7B Reported value, 2020-12-31: $24.2B Reported value, 2021-03-31: $25.6B Reported value, 2021-06-30: $26.6B Reported value, 2021-09-30: $25.1B Reported value, 2021-12-31: $26.1B Reported value, 2022-03-31: $18.2B Reported value, 2022-06-30: $16.2B Reported value, 2022-09-30: $15.3B Reported value, 2022-12-31: $17.4T Reported value, 2023-03-31: $17.6B Reported value, 2023-06-30: $17.1B Reported value, 2023-09-30: $15.1B Reported value, 2023-12-31: $17.8B Reported value, 2024-03-31: $16.2B Reported value, 2024-06-30: $18.1B Reported value, 2024-09-30: $17.3B Reported value, 2024-12-31: $14.8B Reported value, 2025-03-31: $13.1B Reported value, 2025-06-30: $14.9B Reported value, 2025-09-30: $13.6B Reported value, 2025-12-31: $11.4B Reported value, 2026-03-31: $9.7B Reported value, 2026-06-30: $10.6B 2013-06-30 2016-03-31 2018-12-31 2021-09-30 2026-06-30 $10.6B
View chart data
Period Reported value
2013-06-30 $10.3B
2013-09-30 $11.2B
2013-12-31 $12.9B
2014-03-31 $13.1B
2014-06-30 $13.4B
2014-09-30 $13.5B
2014-12-31 $12.4B
2015-03-31 $13.1B
2015-06-30 $14.3B
2015-09-30 $12.4B
2015-12-31 $12.3B
2016-03-31 $12.7B
2016-06-30 $12.8B
2016-09-30 $13.9B
2016-12-31 $14.3B
2017-03-31 $15.3B
2017-06-30 $16.3B
2017-09-30 $17.6B
2017-12-31 $17.6B
2018-03-31 $19.2B
2018-06-30 $17.8B
2018-09-30 $19.2B
2018-12-31 $17.3B
2019-03-31 $21.3B
2019-06-30 $21.8B
2019-09-30 $21.2B
2019-12-31 $22.5B
2020-03-31 $17.9B
2020-06-30 $20.9B
2020-09-30 $27.7B
2020-12-31 $24.2B
2021-03-31 $25.6B
2021-06-30 $26.6B
2021-09-30 $25.1B
2021-12-31 $26.1B
2022-03-31 $18.2B
2022-06-30 $16.2B
2022-09-30 $15.3B
2022-12-31 $17.4T
2023-03-31 $17.6B
2023-06-30 $17.1B
2023-09-30 $15.1B
2023-12-31 $17.8B
2024-03-31 $16.2B
2024-06-30 $18.1B
2024-09-30 $17.3B
2024-12-31 $14.8B
2025-03-31 $13.1B
2025-06-30 $14.9B
2025-09-30 $13.6B
2025-12-31 $11.4B
2026-03-31 $9.7B
2026-06-30 $10.6B

Holdings and moves

CompanyShare of portfolioValueSharesChange in shares
TSMTaiwan Semiconductor Manufacturing Co LTD12.68%$1.3bn2.88M−17.6% Reduced
SPOTSpotify Technology S.a.6.97%$741.5m1.60MNew
RYAAYRyanair Holdings PLC3.59%$381.4m5.95M−3.9% Reduced
MELIMercadolibre Inc2.99%$318.1m184.3K−1.2% Reduced
SESea Ltd2.92%$311.0m3.20M+133.8% Added
NTESNetease, Inc.2.74%$291.4m2.26M−2.8% Reduced
HDBHdfc Bank LTD2.70%$286.9m11.21M−24.6% Reduced
ASMLAsml Holding NV2.65%$281.6m154.8K−28.4% Reduced
SHELShell plc2.23%$237.4m2.81M−1.9% Reduced
MFCManulife Financial Corp2.23%$236.7m5.58M+24.5% Added
NICENice Ltd.2.20%$233.5m2.52M−0.4%
GOOGLAlphabet Inc. (Class A)2.18%$232.0m649.3K−28.5% Reduced
NVDANVIDIA Corporation2.12%$225.3m1.13M−11.5% Reduced
AMZNAmazon1.95%$207.5m870.6K−22.5% Reduced
HLNHaleon plc1.39%$147.8m15.41M−1.9% Reduced
MSFTMicrosoft Corporation1.29%$137.5m368.5K−31.8% Reduced
METAMeta Platforms1.26%$133.7m237.4K−20.3% Reduced
APHAmphenol1.18%$125.0m709.3K−20.5% Reduced
RGAReinsurance Group Of America Inc1.09%$116.4m547.4K−21.4% Reduced
NFLXNetflix0.97%$103.7m1.45M−22.0% Reduced
PGRProgressive Corporation0.92%$98.0m448.6K−21.4% Reduced
JNJJohnson & Johnson0.90%$95.9m377.7K+7.1% Added
AVGOBroadcom0.90%$95.8m253.5K−33.5% Reduced
VVisa Inc.0.84%$89.7m261.3K−21.0% Reduced
TMOThermo Fisher Scientific0.80%$84.9m169.3K+21.1% Added
NVTnVent Electric plc0.79%$84.3m496.9K−20.5% Reduced
AZNAstrazeneca PLC0.75%$79.9m442.7K+7.8% Added
HEIHeico Corp0.75%$79.6m223.5K−22.3% Reduced
AAPLApple Inc.0.71%$75.2m260.0KNew
AMEAmetek0.70%$74.6m308.2K−18.6% Reduced
ABBVAbbVie0.66%$70.3m279.3K−21.9% Reduced
SLBSchlumberger0.66%$69.8m1.50M−20.6% Reduced
BKNGBooking Holdings0.65%$69.3m388.6K+1984.6% Added
ELVElevance Health0.61%$65.2m168.7K−20.4% Reduced
DEDeere & Company0.61%$64.4m101.5K−23.2% Reduced
JPMJPMorgan Chase0.56%$59.4m181.4KNew
DHRDanaher Corporation0.48%$51.1m268.1K−22.4% Reduced
ADBEAdobe Inc.0.47%$49.9m243.4K−22.6% Reduced
NEENextEra Energy0.43%$45.3m516.6KNew
SAPSAP SE0.41%$43.6m281.1K−21.7% Reduced
ATKRAtkore Inc.0.41%$43.1m567.2K−19.5% Reduced
EFXEquifax0.38%$40.1m252.5K−22.3% Reduced
ACNAccenture0.35%$37.7m302.9K−22.2% Reduced
HONHoneywell Technologies0.33%$35.1m156.6KNew
HONAHoneywell Aerospace0.33%$34.6m156.6KNew
NOCNorthrop Grumman0.30%$31.6m62.0K−22.9% Reduced
BHPBHP Group Ltd0.07%$7.1m85.1K+90.6% Added
FNFabrinet0.03%$2.9m5.1K−96.3% Reduced
XPXP Inc.0.03%$2.6m162.6KNew
EPAMEPAM Systems, Inc.0.02%$2.2m28.0K−23.8% Reduced
LINLinde plc0.02%$2.0m4.1K−26.0% Reduced
ALCAlcon Inc0.01%$912,76113.6K−39.9% Reduced
VRTXVertex Pharmaceuticals0.01%$577,6611.2K−99.6% Reduced
AMATApplied Materials0.00%$312,351432New
CompanyBought (value)Shares
SPOTSpotify Technology S.a.$741.5m1.60M
SESea Ltd$177.9m1.83M
AAPLApple Inc.$75.2m260.0K
BKNGBooking Holdings$65.9m369.9K
JPMJPMorgan Chase$59.4m181.4K
MFCManulife Financial Corp$46.5m1.10M
NEENextEra Energy$45.3m516.6K
HONHoneywell Technologies$35.1m156.6K
HONAHoneywell Aerospace$34.6m156.6K
TMOThermo Fisher Scientific$14.8m29.5K
JNJJohnson & Johnson$6.3m24.9K
AZNAstrazeneca PLC$5.8m31.9K
BHPBHP Group Ltd$3.4m40.4K
XPXP Inc.$2.6m162.6K
AMATApplied Materials$312,351432

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanySold (value)Shares
TSMTaiwan Semiconductor Manufacturing Co LTD−$288.5m−616.9K
VRTXVertex Pharmaceuticals−$155.2m−312.4K
ASMLAsml Holding NV−$111.8m−61.5K
CMECME Group−$99.9m−338.3K
HDBHdfc Bank LTD−$93.4m−3.65M
GOOGLAlphabet Inc. (Class A)−$92.5m−259.0K
FNFabrinet−$74.6m−132.8K
MSFTMicrosoft Corporation−$64.2m−172.0K
AMZNAmazon−$60.4m−253.3K
AVGOBroadcom−$48.3m−127.9K
METAMeta Platforms−$34.0m−60.3K
APHAmphenol−$32.3m−183.4K
RGAReinsurance Group Of America Inc−$31.8m−149.4K
NFLXNetflix−$29.3m−410.7K
NVDANVIDIA Corporation−$29.2m−145.8K

Change in shares on the previous quarter's 13F, valued at this quarter's reported price.

CompanyValue last quarterShares
CMECME Group$99.9m338.3K
TTDTrade Desk, Inc.$24.3m1.07M
GLOBGlobant S.a.$995,93021.6K
  • Technology34.2%
  • Communication Services23.3%
  • Industrials15.2%
  • Financials11.4%
  • Health Care7.7%
  • Energy3.9%
  • Consumer Discretionary3.6%
  • Utilities0.6%
  • Materials0.1%

Share of the value held in companies we cover, by sector.

PeriodCopy, a yearS&P 500SharpeS&P 500Biggest dropBeta
Whole backtestJuly 26, 2013 to November 2, 2026+11.2%+13.8%0.580.77−33.4%1.00
2018 onwardsJanuary 5, 2018 to November 2, 2026+9.5%+13.9%0.420.66−33.4%0.99
Last three yearsNovember 3, 2023 to November 2, 2026+16.2%+21.8%0.791.16−14.2%0.94
Last yearNovember 7, 2025 to November 2, 2026+6.1%+14.2%0.220.84−11.6%0.95

From SEC Form 13F data sets. A 13F lists long positions in US-listed shares at the quarter's end, filed up to 45 days later; it does not show shorts, cash, bonds, non-US holdings or trades within the quarter. Positions in companies outside our coverage are not listed here. Research, not investment advice.