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 16 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
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
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
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
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
Mobile World Vietnam DSCR – -1.63 EPAM US INFT – -0.89 Hoa Phat Group Vietnam MATS 1.2 -0.71
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
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
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.