Harding Loevner
Harding Loevner Frontier Emerging Markets Equity
Emerging markets Mid-cap
Dec 2024 → Jul 2026
Our archive holds 4 letters from this strategy, behind 4 investment theses and positions in 19 companies. Every quote below is copied verbatim from the letter it came from.
4 letters in 3 years · follow all of Harding Loevner for every strategy.
What it bought and sold
- AddedCementos ArgosJul 2026
Vingroup* Vietnam RLST 6.1 0.34 Cementos Argos Colombia MATS – 0.20 Banca Transilvania Romania FINA 2.2 0.15 Jollibee Foods Philippines DSCR – 0.13 VIX Securities* Vietnam FINA 0.4 0.13
- TrimmedHoa Phat GroupJul 2026
Hoa Phat Group Vietnam MATS 1.2 -0.71 Southern Copper* Peru MATS 5.3 -0.70 Marsa Maroc Morocco INDU 0.7 -0.67
Vingroup* Vietnam RLST 6.1 0.34 Cementos Argos Colombia MATS – 0.20 Banca Transilvania Romania FINA 2.2 0.15 Jollibee Foods Philippines DSCR – 0.13 VIX Securities* Vietnam FINA 0.4 0.13
- AddedVingroupJul 2026
Vingroup* Vietnam RLST 6.1 0.34 Cementos Argos Colombia MATS – 0.20 Banca Transilvania Romania FINA 2.2 0.15 Jollibee Foods Philippines DSCR – 0.13 VIX Securities* Vietnam FINA 0.4 0.13
- AddedVIX SecuritiesJul 2026
VIX Securities* Vietnam FINA 0.4 0.13 Largest Detractors Market Sector Index Weight Effect Mobile World Vietnam DSCR – -1.63 EPAM US INFT – -0.89 Hoa Phat Group Vietnam MATS 1.2 -0.71
- TrimmedMobile WorldJul 2026
Mobile World Vietnam DSCR – -1.63 EPAM US INFT – -0.89 Hoa Phat Group Vietnam MATS 1.2 -0.71
- TrimmedMarsa MarocJul 2026
Marsa Maroc Morocco INDU 0.7 -0.67 Largest Contributors Market Sector Index Weight Effect Banca Transilvania Romania FINA 2.1 0.51 ICTSI Philippines INDU 4.0 0.39
- AddedSM InvestmentsJul 2026
Banca Transilvania Romania FINA 2.1 0.51 ICTSI Philippines INDU 4.0 0.39 Ayala Land* Philippines RLST 0.6 0.36 SM Investments* Philippines INDU 0.8 0.28 VIX Securities* Vietnam FINA 0.5 0.26
Also held
- ICTSI
- Grupo Cibest
- Southern Copper
- Credicorp
- Kaspi.kz
- Hoa Phat Group
- Banca Transilvania
- Airtel Africa
- Vinhomes
- Kazatomprom
- Ayala Land
- Vingroup
- Marsa Maroc
- Mobile World Investment
- Globant
- Baltic Classifieds Group
- Jollibee Foods
- Vietcombank
- SM Investments
- EPAM Systems
- Ayala
- Astra International
- Alicorp
- Commercial International Bank of Egypt
- SM Prime Holdings
- Emaar Properties
- Ferreycorp
- Helios Towers
Its investment theses
- AkditalSep 2025Akdital is a rapidly expanding Moroccan hospital chain focused on oncology and cardiology, demonstrating strong growth and innovation in private healthcare while planning significant future expansion.
- KazatompromSep 2025Kazatomprom is a leading uranium producer in Kazakhstan that stands to gain from the AI boom by supplying the growing demand for nuclear energy needed to power AI data centers.
- BancolombiaJun 2025Bancolombia is the leading bank in Colombia with a significant market share, a competitive funding cost advantage, and an upcoming US$300 million share buyback that is expected to support its share price.
- Cementos PacasmayoJun 2025Cementos Pacasmayo is the second largest cement producer in Peru, benefiting from a highly consolidated market and potential growth from increased government infrastructure spending.