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Funds (13F)

Harding Loevner LP

Backtest from 26 Jul 2013 to 2 Nov 2026 · weekly · hypothetical

Watch this strategy
Return a year
+11.2%
S&P 500 +13.8%
Last 12 months
+3.5%
S&P 500 +12.1%
Sharpe ratio
0.58
S&P 500 0.77
Biggest drop
−33.4%
S&P 500 −31.8%
$10.0k$20.0k$40.0k 2013201520172019202120232025 $55.9k$40.8k
Harding Loevner LPS&P 500 $10,000 in Harding Loevner LP from 26 Jul 2013 against the S&P 500 (total return) over the same dates, marked weekly, log scale. Hypothetical: before taxes and trading costs.

About

Copies Harding Loevner LP's quarterly 13F holdings in the companies we cover, weighted by reported value: it buys on the first trading day after each 13F is filed (up to 45 days after the quarter) and holds until the next filing. A 13F shows long US-listed positions only, at the quarter's end, so this misses shorts, cash, bonds, non-US holdings and trading within the quarter.

Harding Loevner LP's 13F holdings →

Key statistics

MeasureStrategyS&P 500
Return a year (compound)+11.2%+13.8%
Total return+308%+459%
Last 12 months+3.5%+12.1%
Last 3 months+0.8%—
Last month−1.8%—
This year so far+2.1%—
Volatility a year17.5%16.0%
Sharpe ratio0.580.77
Biggest drop−33.4%−31.8%
Beta to the S&P 5001.001.00
Alpha a year (t-statistic)−2.2% (−1.13)—
Share of weeks up57%—

Sharpe ratio uses returns above the 3-month Treasury bill rate. Alpha is the yearly return left after allowing for the strategy's exposure to the S&P 500 (CAPM); a t-statistic below about 2 means it cannot be told apart from luck.

Insights

CompanyWeightHeld sinceReturn since
TSM17.3%——
SPOT9.5%——
RYAAY4.9%——
MELI4.1%——
SE4.0%——
NTES3.7%——
HDB3.7%——
ASML3.6%——
SHEL3.0%——
MFC3.0%——
NICE3.0%——
GOOGL3.0%——
NVDA2.9%——
AMZN2.7%——
HLN1.9%——
MSFT1.8%——
META1.7%——
APH1.6%——
RGA1.5%——
NFLX1.3%——
PGR1.3%——
JNJ1.2%——
AVGO1.2%——
V1.1%——
TMO1.1%——
NVT1.1%——
AZN1.0%——
HEI1.0%——
AAPL1.0%——
AME1.0%——
ABBV0.9%——
SLB0.9%——
BKNG0.9%——
ELV0.8%——
DE0.8%——
JPM0.8%——
DHR0.7%——
ADBE0.6%——
NEE0.6%——
SAP0.6%——
ATKR0.6%——
EFX0.5%——
ACN0.5%——
HON0.5%——
HONA0.4%——
NOC0.4%——
BHP0.1%——
FN0.0%——
XP0.0%——
EPAM0.0%——
LIN0.0%——
ALC0.0%——
VRTX0.0%——
AMAT0.0%——

Weighted by reported value in the latest 13F, held until the next filing.

PeriodReturn a yearS&P 500SharpeS&P 500Biggest dropBetaAlpha (t)
Whole backtest26 Jul 2013 to 2 Nov 2026+11.2%+13.8%0.580.77−33.4%1.00−2.2% (−1.13)
2018 onwards5 Jan 2018 to 2 Nov 2026+9.5%+13.9%0.420.66−33.4%0.99−3.6% (−1.43)
Last three years3 Nov 2023 to 2 Nov 2026+16.2%+21.8%0.791.16−14.2%0.94−3.7% (−1.03)
Last year7 Nov 2025 to 2 Nov 2026+6.1%+14.2%0.220.84−11.6%0.95−6.6% (−0.97)
DateCompanyAction
21 Aug 2026XPBought
21 Aug 2026SPOTBought
21 Aug 2026NEEBought
21 Aug 2026JPMBought
21 Aug 2026HONABought
21 Aug 2026HONBought
21 Aug 2026AMATBought
21 Aug 2026AAPLBought
22 May 2026RGABought
22 May 2026NVTBought
22 May 2026AZNBought
20 Feb 2026FNBought
20 Feb 2026EFXBought
20 Feb 2026AMATBought
21 Nov 2025SEBought
21 Nov 2025NICEBought
21 Nov 2025ELVBought
15 Aug 2025VBought
15 Aug 2025RYAAYBought
15 Aug 2025PGRBought
15 Aug 2025JNJBought
16 May 2025TTDBought
16 May 2025NTESBought
16 May 2025HEIBought
16 May 2025ASMLBought

Dated at the rebalance that made the change.

DateCompanyAction
21 Aug 2026TTDSold
21 Aug 2026GLOBSold
21 Aug 2026CMESold
22 May 2026CSGPSold
22 May 2026AMATSold
20 Feb 2026ZTOSold
20 Feb 2026SNPSSold
20 Feb 2026NOWSold
21 Nov 2025CRMSold
21 Nov 2025AMATSold
15 Aug 2025UNHSold
15 Aug 2025BABASold
15 Aug 2025ABEVSold
16 May 2025ROKSold
16 May 2025RGENSold
16 May 2025PINSSold
16 May 2025AAPLSold
21 Feb 2025XPSold
21 Feb 2025NBISSold
21 Feb 2025ISRGSold
21 Feb 2025BNTXSold

Dated at the rebalance that made the change.

Backtests are hypothetical and use today's listed companies only, which flatters results. Past performance does not predict future returns. This is research, not investment advice. How we backtest