Harding Loevner
Harding Loevner Emerging Markets Equity
Emerging markets Large-cap
Dec 2024 → Sep 2026
Our archive holds 7 letters from this strategy, behind 20 investment theses and positions in 43 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 3 years · follow all of Harding Loevner for every strategy.
What it bought and sold
Growth concerns led us to sell Mexican retailer Walmart de México, which faces intensifying competition from hard discounters.
Our sales this quarter included Coca-Cola HBC and semiconductor equipment manufacturer ASMPT, both of whose shares looked fairly valued after strong price appreciation.
we increased our exposure to emerging-markets banking growth with a new position in Credicorp, Peru’s largest bank.
- ExitedSberbankSep 2026
We also exited the portfolio’s last remnant Russian holding through the sale of Sberbank.
Our sales this quarter included Coca-Cola HBC and semiconductor equipment manufacturer ASMPT, both of whose shares looked fairly valued after strong price appreciation.
This quarter we invested in two IT companies whose roots long predate the current AI boom.
This quarter we invested in two IT companies whose roots long predate the current AI boom.
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%.
Also held
Its investment theses
- LenovoSep 2026Lenovo is a leading PC, server, and storage provider whose scale, vertical integration, recurring services, and AI/edge computing exposure support long-term growth.
- MediaTekSep 2026MediaTek is a chip designer leveraging smartphone expertise, AI accelerator growth, and Google-related design wins to diversify beyond handsets.
- CredicorpSep 2026Credicorp is Peru’s largest bank, benefiting from low credit penetration, a dominant deposit franchise, and digital growth via Yape.
- KakaoJun 2026Kakao is a dominant Korean social platform using network effects, AI features, and monetization initiatives to drive revenue growth and margin expansion.
- Hoa Phat GroupJun 2026Hoa Phat Group is a low-cost, integrated Vietnamese steel leader with capacity growth, tariff support, and attractive valuation.
- NaverJun 2026Naver is using an efficient AI model and a capital-light sovereign AI infrastructure strategy to reinforce its competitive position and expand into new markets.
- BochuJun 2026Bochu is using AI to expand from laser control into welding automation, lowering customer costs and improving its own return potential.
- TencentJun 2026Tencent is monetizing AI through WorkBuddy, which expands its addressable market into enterprise computing while leveraging privacy and cost advantages.
- MercadoLibreMar 2026MercadoLibre is Latin America’s leading ecommerce platform with logistics advantages, strong growth, and attractive upside from margin recovery.
- CATLMar 2026CATL is the leading EV battery and energy storage company with scale, R&D, vertical integration, and strong renewable-energy tailwinds.