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Harding Loevner

Dec 2024 → Aug 2026 · Publishes monthly · 11 funds

Our archive holds 57 letters from Harding Loevner, behind 72 investment theses and positions in 150 companies. Every quote below is copied verbatim from the letter it came from.

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Harding Loevner’s own letters page
57
Letters
150
Companies
30
Moves
72
Theses

10 strategies

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

Also filed under Harding Loevner.

What they bought and sold · 30 moves

  • AddedJollibee Foods
    July 2026

    Listed in Harding Loevner’s reported holdings.

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  • AddedVingroup
    July 2026

    Listed in Harding Loevner’s reported holdings.

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  • TrimmedHoa Phat Group
    July 2026

    Listed in Harding Loevner’s reported holdings.

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  • AddedRecruit
    July 2026
    “In Industrials, Japan-based human resources technology provider Recruit posted stronger-than-expected results and a favorable full-year outlook, supported by its success using AI tools to boost monetization.”
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  • AddedASML
    July 2026
    “In IT, German power management chip manufacturer Infineon Technologies Dutch lithography equipment manufacturer ASML, South Korean semiconductor and electronics manufacturer Samsung Electronics, and Taiwanese semiconductor manufacturer TSMC all gained, reflecting broad-based strength of shares across the semiconductor supply chain.”
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  • TrimmedAdyen
    July 2026
    “In Financials, shares of Dutch payment processor Adyen fell as the company narrowed its 2026 revenue growth outlook, citing macroeconomic uncertainty and planned incremental hiring.”
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  • TrimmedSamsung Electronics
    June 2026
    “In the past six months, we’ve trimmed our holding in Samsung Electronics three separate times, including, most recently, a trade “HL”: International Developed Markets Equity model portfolio.”
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  • TrimmedASML
    June 2026
    “also trimmed TSMC three times, ASML twice, and Delta Electronics and Disco Corp once each.”
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  • New positionHoneywell Aerospace
    June 2026
    “Honeywell Aerospace shares were received as a spin-off from Honeywell Technologies on June 29, 2026.”
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  • New positionRakus
    June 2026
    “Earlier in the year, we also purchased Rakus and M3, both of which had been weighed down by concerns over AI disruption that appear to be overblown.”
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  • AddedTSMC
    June 2026
    “For example, our assessment of competitive advantage places NVIDIA, TSMC, and ASML above most other semiconductor-related businesses.”
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  • AddedASML
    June 2026
    “Netherlands-based ASML raised revenue guidance as semiconductor manufacturers increased spending on lithography machines to expand capacity and meet rising demand for chips.”
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  • AddedInfineon Technologies
    June 2026
    “In the EMU, Infineon, ASML, and Schneider Electric were positive contributors.”
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  • AddednVent Electric
    June 2026
    “Industrials holding nVent was the strongest relative contributor outside of IT.”
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  • TrimmedDisco Corp
    June 2026
    “also trimmed TSMC three times, ASML twice, and Delta Electronics and Disco Corp once each.”
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  • AddedSchneider Electric
    June 2026
    “Schneider Electric, a French manufacturer of energy- management and automation equipment, posted 11% year-over-year quarterly sales growth amid robust demand for products to support data centers and electric grids.”
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  • TrimmedLasertec
    June 2026
    “We also trimmed TSMC five times, ASML three times, and Lasertec and Disco Corp once.”
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  • New positionSpotify
    June 2026
    “This quarter, we bought a new holding in Spotify, the Sweden-based (but US-listed) music and podcast streaming subscription platform, which we think is another such company.”
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  • TrimmedSilergy
    June 2026
    “We previously owned the company but sold in mid-2023 when key competitor Texas Instruments announced plans to increase its PMIC manufacturing capacity by a whopping 40%.”
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  • ExitedCME Group
    June 2026

    Listed in Harding Loevner’s reported holdings.

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  • TrimmedDelta Electronics
    June 2026
    “also trimmed TSMC three times, ASML twice, and Delta Electronics and Disco Corp once each.”
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  • New positionJapan Elevator Service
    June 2026
    “In addition to Harmonic, we purchased Japan Elevator Service during the quarter.”
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  • New positionM3
    June 2026
    “Earlier in the year, we also purchased Rakus and M3, both of which had been weighed down by concerns over AI disruption that appear to be overblown.”
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  • AddedDelta Electronics
    May 2026
    “In IT, Taiwan-based power-management products company Delta Electronics, Samsung Electronics, and Infineon Technologies all gained strongly, reflecting broad-based strength of shares across the semiconductor supply chain.”
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  • AddedSamsung Electronics
    May 2026
    “Although the portfolio benefited from owning Samsung Electronics and ASML, shares of two Japanese IT holdings—Lasertec and Disco—gave back a portion of their recent gains.”
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  • AddedInfineon Technologies
    May 2026
    “In the EMU, German manufacturer of power-management semiconductors Infineon Technologies was a positive contributor.”
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  • AddedASML
    May 2026
    “Although the portfolio benefited from owning Samsung Electronics and ASML, shares of two Japanese IT holdings—Lasertec and Disco—gave back a portion of their recent gains.”
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  • TrimmedLasertec
    May 2026
    “shares of two Japanese IT holdings—Lasertec and Disco—gave back a portion of their recent gains.”
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  • TrimmedDisco
    May 2026
    “shares of two Japanese IT holdings—Lasertec and Disco—gave back a portion of their recent gains.”
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  • AddedRecruit
    May 2026
    “In Industrials, shares of Japan-based human resources technology company Recruit outperformed as higher prices overcame the negative narrative that AI would hurt the classified job-listing business.”
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Companies held · 150

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

Theses · 72

  • Adobe
    June 2026

    Adobe provides critical software that is costly to replace, and the manager believes the market is overstating AI’s long-term disruption risk.

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  • ASML
    June 2026

    ASML holds a monopoly in EUV lithography and benefits from rising semiconductor capacity spending and durable competitive advantages.

    Read the full thesis
  • NVIDIA
    June 2026

    NVIDIA has a durable moat through CUDA, which remains the standard for AI computing, and it continues to innovate rapidly.

    Read the full thesis
  • Samsung Electronics
    June 2026

    Samsung Electronics is benefiting from memory industry consolidation, AI-related HBM demand, and improved margins, though the report highlights cyclical and valuation risks.

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  • SK hynix
    June 2026

    SK hynix is seeing surging AI HBM demand, long-term contracts, and sharply higher profitability, with expected CFROI rising materially in 2026.

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  • Taiwan Semiconductor Manufacturing
    June 2026

    Taiwan Semiconductor Manufacturing benefits from unmatched scale, advanced process technology, and durable pricing power as AI demand supports rational capacity expansion.

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  • Spotify
    June 2026

    Spotify has a massive global subscriber base, is using AI to deepen engagement and monetize more profitably, and trades at a better valuation after a share price decline.

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  • Naver
    June 2026

    Naver should benefit from AI investments across search, e-commerce, and cloud, with scale and product innovation supporting long-term earnings power.

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  • Kakao
    June 2026

    Kakao is a dominant Korean social platform using network effects, AI features, and monetization initiatives to drive revenue growth and margin expansion.

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  • Hoa Phat Group
    June 2026

    Hoa Phat Group is a low-cost, integrated Vietnamese steel leader with capacity growth, tariff support, and attractive valuation.

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  • Naver
    June 2026

    Naver is using an efficient AI model and a capital-light sovereign AI infrastructure strategy to reinforce its competitive position and expand into new markets.

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  • Bochu
    June 2026

    Bochu is using AI to expand from laser control into welding automation, lowering customer costs and improving its own return potential.

    Read the full thesis

Showing the 48 most recent of 72 theses. Browse them by company to see the rest.

Letter archive · 57

2026

2025

2024

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