1y return+9.2%S&P 500 +20.9%
3y return+49.5%S&P 500 +68.5%
5y return+40.3%S&P 500 +74.5%
10y return+165.4%S&P 500 +256.5%
These returns are for its stock picks as disclosed on Form 13F: last quarter's holdings, valued at this quarter's prices. They miss trades within each quarter, short positions, options, bonds, cash and fees, so they aren't the returns its clients got.
$100 invested in its stock picks
Since June 30, 2016: $265 against $357 in the S&P 500.2
Harding Loevner LPS&P 500 (SPY)
Top holdings
At the end of June 30, 2026. Change is in shares since the quarter before.2
| Stock | Value | Share of portfolio | Change |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | $1.3B | 12.7% | −17.6% |
| Spotify Technology S ACUSIP L8681T102 | $741.5M | 7.0% | New |
| FMXFomento Economico Mexicano S | $688.7M | 6.5% | −3.1% |
| CNICanadian Natl Ry Co | $648.4M | 6.1% | +89.7% |
| Credicorp LtdCUSIP G2519Y108 | $500.4M | 4.7% | −3.5% |
| RYAAYRyanair Holdings PLC | $381.4M | 3.6% | −3.9% |
| MELIMercadolibre Inc | $318.1M | 3.0% | −1.2% |
| SESea Ltd | $311.0M | 2.9% | +133.8% |
| NTESNetease Com Inc | $291.4M | 2.7% | −2.8% |
| HDBHdfc Bank Ltd | $286.9M | 2.7% | −24.6% |
| Asml Hldg NvCUSIP N07059210 | $281.6M | 2.6% | −28.4% |
| SHELShell PLC | $237.4M | 2.2% | −1.9% |
| MFCManulife Finl Corp | $236.7M | 2.2% | +24.5% |
| NICENice Ltd | $233.5M | 2.2% | |
| GOOGLAlphabet Inc | $232.0M | 2.2% | −28.5% |
| NVDANvidia Corporation | $225.3M | 2.1% | −11.5% |
| BBVABanco Bilbao Vizcaya Argenta | $222.2M | 2.1% | +31.2% |
| AMZNAmazon Com Inc | $207.5M | 2.0% | −22.5% |
| RIORio Tinto PLC | $186.1M | 1.8% | −1.5% |
| HLNHaleon PLC | $147.8M | 1.4% | −1.9% |
| SONYSony Group Corp | $139.5M | 1.3% | −2.5% |
| MSFTMicrosoft Corp | $137.5M | 1.3% | −31.8% |
| METAMeta Platforms Inc | $133.7M | 1.3% | −20.3% |
| APHAmphenol Corp | $125.0M | 1.2% | −20.5% |
| RGAReinsurance Group Amer Inc | $116.4M | 1.1% | −21.4% |
Best picks still held
How each current holding has done since the quarter it first appeared in its filings (up to six years back).
| Stock | Held since | Return since | Now worth |
|---|---|---|---|
| TSMTaiwan Semiconductor Manufac | June 30, 2020 | +741.2% | $1.3B |
| AVGOBroadcom Inc | June 30, 2021 | +692.2% | $95.8M |
| BBVABanco Bilbao Vizcaya Argenta | June 30, 2020 | +637.0% | $222.2M |
| GOOGLAlphabet Inc | June 30, 2020 | +404.0% | $232.0M |
| Credicorp LtdCUSIP G2519Y108 | December 31, 2021 | +219.1% | $500.4M |
| Asml Hldg NvCUSIP N07059210 | March 31, 2025 | +200.2% | $281.6M |
| APHAmphenol Corp | March 31, 2025 | +168.8% | $125.0M |
| METAMeta Platforms Inc | June 30, 2020 | +148.1% | $133.7M |
| MFCManulife Finl Corp | December 31, 2021 | +112.5% | $236.7M |
| FMXFomento Economico Mexicano S | June 30, 2020 | +106.3% | $688.7M |
Sold off last quarter
- CMECme Group Inc was $99.9M
- Honeywell Intl IncCUSIP 438516106 was $92.3M
- TTDThe Trade Desk Inc was $24.3M
- Globant S ACUSIP L44385109 was $996K
- EFAIshares Tr was $384K
- EFGIshares Tr was $360K
Quarter by quarter
| Quarter | Its picks | S&P 500 |
|---|---|---|
| June 30, 2026 | +10.8% | +14.8% |
| March 31, 2026 | −4.6% | −4.6% |
| December 31, 2025 | +1.6% | +2.4% |
| September 30, 2025 | +1.8% | +7.8% |
| June 30, 2025 | +11.2% | +10.5% |
| March 31, 2025 | −0.2% | −4.6% |
| December 31, 2024 | −1.3% | +2.1% |
| September 30, 2024 | +5.2% | +5.4% |
| June 30, 2024 | +1.7% | +4.0% |
| March 31, 2024 | +8.0% | +10.0% |
| December 31, 2023 | +13.3% | +11.2% |
| September 30, 2023 | −4.5% | −3.6% |
| June 30, 2023 | +10.5% | +8.3% |
| March 31, 2023 | +9.9% | +7.0% |
| December 31, 2022 | +8.2% | +7.1% |
| September 30, 2022 | −3.4% | −5.3% |
| June 30, 2022 | −20.3% | −16.5% |
| March 31, 2022 | −7.2% | −4.9% |
| December 31, 2021 | +2.9% | +10.7% |
| September 30, 2021 | −2.9% | +0.3% |
Sources
Every number on this page points here. Each one links to the public record.
- 1SEC EDGAR: Harding Loevner LP Form 13F filingshttps://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=928196&type=13F-HR&dateb=&owner=include&count=40CIK 928196
- 2SEC: 13F for the quarter ended June 30, 2026https://www.sec.gov/Archives/edgar/data/928196/000092819626000003/Filed August 14, 2026 · accession 0000928196-26-000003