Harding Loevner
Harding Loevner Global Developed Markets Equity
Global Mega-cap
Dec 2024 → Sep 2026
Our archive holds 10 letters from this strategy, behind 6 investment theses and positions in 64 companies. Every quote below is copied verbatim from the letter it came from.
10 letters in 3 years · follow all of Harding Loevner for every strategy.
What it bought and sold
The portfolio also exited AstraZeneca and Booking Holdings as their investment theses weakened.
Health Care positioning has also evolved, most recently with the purchase of Neurocrine Biosciences.
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.
The portfolio also exited AstraZeneca and Booking Holdings as their investment theses weakened.
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.
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.
declining valuations in semiconductor and hardware stocks created an opportunity to add exposure to Hong Kong-listed personal- computer manufacturer Lenovo.
Also held
- Visa
- Chugai Pharmaceutical
- SLB
- Infineon Technologies
- AIA Group
- NextEra Energy
- TSMC
- Amazon.com
- Elevance Health
- Compass Group
- AbbVie
- Adobe
- Meta Platforms
- Thermo Fisher Scientific
- HEICO
- Sony
- RGA
- Broadcom
- SAP
- Couche-Tard
- Apple
- Roche
- Ryanair
- Progressive
- Keyence
- Accenture
- JPMorgan Chase
- Danaher
- Amphenol
- HDFC Bank
- Shell
- Johnson & Johnson
- Haleon
- ASML
- Alphabet
- Lenovo
- Microsoft
- Netflix
- Schneider Electric
- Tencent
- NVIDIA
- Micron Technology
- AMD
- nVent Electric
- Tradeweb
- Kubota
- Spotify
- Booking Holdings
Its investment theses
- ASMLJun 2026ASML holds a critical monopoly position in EUV lithography, giving it durable advantages beyond the current cycle.
- TSMCJun 2026TSMC’s leadership in cutting-edge semiconductor manufacturing has not been challenged, giving it durable advantages.
- MicrosoftJun 2026Microsoft provides critical services that are costly to replace, and its long-term value may be understated.
- SafranMar 2026Safran is an aircraft engine maker with a highly attractive aftermarket model and durable high-margin revenue streams.
- AccentureSep 2025Accenture is focusing on modernizing its business to capitalize on AI opportunities, backed by strong partnerships and a skilled workforce.
- The Trade DeskSep 2025The Trade Desk is a digital advertising platform poised for growth despite competitive challenges, benefiting from the shift in ad spending from traditional TV to digital channels.