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Harding Loevner

Dec 2024 → Sep 2026 · Publishes monthly · 13 funds

Our archive holds 65 letters from Harding Loevner, behind 86 investment theses and positions in 233 companies. Every quote below is copied verbatim from the letter it came from.

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65
Letters
233
Companies
76
Moves
86
Theses

12 strategies

Harding Loevner publishes a letter per strategy. Each one has its own page with what it holds, what it bought and what it wrote.

Returns as reported in each strategy’s latest letter, extracted automatically and not verified by us; one share class, in its own currency. Not investment advice. Past performance does not predict future returns.

Also filed under Harding Loevner.

What they bought and sold · 76 moves

  • ExitedSafran
    September 2026
    “we sold Epiroc, Safran, and Daifuku as their shares became less attractive.”
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  • AddedDelta Electronics
    September 2026
    “Likewise, the portfolio repurchased a stake in Delta Electronics, a Taiwanese manufacturer of power-management systems, after its shares fell.”
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  • ExitedWalmart de México
    September 2026
    “Growth concerns led us to sell Mexican retailer Walmart de México, which faces intensifying competition from hard discounters.”
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  • TrimmedCoca-Cola HBC
    September 2026
    “Our sales this quarter included Coca-Cola HBC and semiconductor equipment manufacturer ASMPT, both of whose shares looked fairly valued after strong price appreciation.”
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  • New positionNeurocrine Biosciences
    September 2026
    “Health Care positioning has also evolved, most recently with the purchase of Neurocrine Biosciences.”
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  • ExitedAtkore
    September 2026
    “Electrical-products manufacturer Atkore received a takeover offer at a 30% premium to its share price, while Deere’s strong stock run lifted the agricultural- equipment maker’s valuation above our analyst’s most optimistic estimate.”
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  • ExitedSysmex
    September 2026
    “We sold Sysmex as changes in industry structure reduced its bargaining power and growth prospects and AstraZeneca after a significant clinical-trial failure increased uncertainty around its future growth pipeline.”
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  • ExitedAstraZeneca
    September 2026
    “We sold Sysmex as changes in industry structure reduced its bargaining power and growth prospects and AstraZeneca after a significant clinical-trial failure increased uncertainty around its future growth pipeline.”
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  • ExitedBooking Holdings
    September 2026
    “The portfolio also exited AstraZeneca and Booking Holdings as their investment theses weakened.”
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  • New positionHitachi
    September 2026
    “We also purchased shares of Japanese industrial group Hitachi, which offers another way to participate as AI investment spreads into the physical economy.”
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  • AddedBBVA
    September 2026
    “We increased BBVA, which continued to deliver solid results at a reasonable valuation, and re-established a holding in Brazil’s Itaú Unibanco, last owned in 2021.”
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  • ExitedDeere
    September 2026
    “Electrical-products manufacturer Atkore received a takeover offer at a 30% premium to its share price, while Deere’s strong stock run lifted the agricultural- equipment maker’s valuation above our analyst’s most optimistic estimate.”
    Read the letter
  • New positionCredicorp
    September 2026
    “we increased our exposure to emerging-markets banking growth with a new position in Credicorp, Peru’s largest bank.”
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  • New positionLenovo
    September 2026
    “We found a different way to augment Information Technology through our purchase of Lenovo, the world’s largest PC maker and third-largest server manufacturer.”
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  • ExitedVertex Pharmaceuticals
    September 2026
    “the portfolio exited Vertex in the second quarter due to concern about whether its efforts to build a second growth platform in kidney disease could ultimately match the success of its cystic fibrosis franchise.”
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  • ExitedAriake
    September 2026
    “The portfolio exited Ariake, a producer of natural seasonings used by food manufacturers and restaurants, because the company’s long-term sales objectives looked increasingly difficult to achieve.”
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  • AddedSK hynix
    September 2026
    “The portfolio also purchased SK hynix, after its shares fell nearly 50% from a high in June.”
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  • ExitedTelkom Indonesia
    September 2026
    “We also exited Telkom Indonesia after it failed to deliver on our growth thesis and we saw little prospect of near-term improvement.”
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  • ExitedAstraZeneca
    September 2026
    “The portfolio also exited AstraZeneca after a significant clinical-trial failure raised doubts about the drugmaker’s future growth pipeline and thus weakened the investment thesis.”
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  • AddedLenovo
    September 2026
    “For example, declining valuations in semiconductor and hardware stocks created opportunities to add exposure to South Korean memory- chip maker SK hynix and Hong Kong-listed personal-computer manufacturer Lenovo.”
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  • ExitedSberbank
    September 2026
    “We also exited the portfolio’s last remnant Russian holding through the sale of Sberbank.”
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  • ExitedDaifuku
    September 2026
    “we sold Epiroc, Safran, and Daifuku as their shares became less attractive.”
    Read the letter
  • New positionMilbon
    September 2026
    “Milbon, a new holding, sells professional hair-care products to salons, primarily in Japan.”
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  • New positionSanrio
    September 2026
    “Sanrio, a new purchase during the quarter, is the Japanese company behind Hello Kitty as well as hundreds of other anime characters.”
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  • ExitedEpiroc
    September 2026
    “we sold Epiroc, Safran, and Daifuku as their shares became less attractive.”
    Read the letter
  • AddedMediaTek
    September 2026
    “This quarter we invested in two IT companies whose roots long predate the current AI boom.”
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  • TrimmedASMPT
    September 2026
    “Our sales this quarter included Coca-Cola HBC and semiconductor equipment manufacturer ASMPT, both of whose shares looked fairly valued after strong price appreciation.”
    Read the letter
  • New positionItaú Unibanco
    September 2026
    “We increased BBVA, which continued to deliver solid results at a reasonable valuation, and re-established a holding in Brazil’s Itaú Unibanco, last owned in 2021.”
    Read the letter
  • AddedJapan Elevator Service
    September 2026
    “The portfolio also purchased Sanrio, discussed above, and added to its holding in Japan Elevator Service, the country’s leading independent provider of elevator maintenance.”
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  • New positionItaú Unibanco
    September 2026
    “We increased BBVA, which continued to deliver solid results at a reasonable valuation, and re-established a holding in Brazil’s Itaú Unibanco, last owned in 2021.”
    Read the letter

Showing the 30 most recent of 76 recorded moves.

Companies held · 233

Every company Harding Loevner has disclosed a position in across our archive, with the letter that last mentioned it.

Theses · 86

  • Lenovo
    September 2026

    Lenovo is scaling its server and services businesses, benefiting from hybrid AI computing demand and attractive valuation.

    Read the full thesis
  • Lenovo
    September 2026

    Lenovo is a leading PC, server, and storage provider whose scale, vertical integration, recurring services, and AI/edge computing exposure support long-term growth.

    Read the full thesis
  • Medistim
    September 2026

    Medistim sells imaging and measurement equipment for bypass surgery and is benefiting from a stronger direct-sales model that has accelerated growth.

    Read the full thesis
  • Japan Elevator Service
    September 2026

    Japan Elevator Service is benefiting from an aging elevator base in Japan and a focused share-gain strategy in maintenance and upgrades.

    Read the full thesis
  • Neurocrine Biosciences
    September 2026

    Neurocrine Biosciences has two franchises, including Ingrezza and a promising Crenessity franchise, and trades at a relatively modest valuation.

    Read the full thesis
  • MediaTek
    September 2026

    MediaTek is a chip designer leveraging smartphone expertise, AI accelerator growth, and Google-related design wins to diversify beyond handsets.

    Read the full thesis
  • Games Workshop Group
    September 2026

    Games Workshop monetizes the Warhammer IP through a highly engaged hobbyist community and has room to grow via new content and geographic expansion.

    Read the full thesis
  • Milbon
    September 2026

    Milbon sells professional hair-care products and is growing through innovation, international expansion, and new product launches.

    Read the full thesis
  • Sanrio
    September 2026

    Sanrio owns Hello Kitty and other character IP, with growth driven by broader monetization, overseas expansion, and high operating leverage.

    Read the full thesis
  • Asahi Intecc
    September 2026

    Asahi Intecc is a leading medical guide wire maker with best-in-class products, pricing power, and continued sales and profit growth despite sector headwinds.

    Read the full thesis
  • Lenovo
    September 2026

    Lenovo is the world’s largest PC maker and third-largest server manufacturer, with growth potential from AI-enabled hybrid computing and an attractive valuation.

    Read the full thesis
  • Itaú Unibanco
    September 2026

    Itaú Unibanco has delivered resilient returns through Brazilian volatility, with solid credit trends and a more attractive valuation after its share price decline.

    Read the full thesis

Showing the 48 most recent of 86 theses. Browse them by company to see the rest.

Letter archive · 65

2026

2025

2024

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