Harding Loevner
Harding Loevner Global Equity
Global Mega-cap
Jun 2025 → Sep 2026
Our archive holds 7 letters from this strategy, behind 9 investment theses and positions in 67 companies. Every quote below is copied verbatim from the letter it came from.
7 letters in 2 years · follow all of Harding Loevner for every strategy.
What it bought and sold
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.
Likewise, the portfolio repurchased a stake in Delta Electronics, a Taiwanese manufacturer of power-management systems, after its shares fell.
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.
For example, declining valuations in semiconductor and hardware stocks created opportunities to add exposure to South Korean memory- chip maker SK hynix and Hong Kong-listed personal-computer manufacturer Lenovo.
The portfolio also purchased SK hynix, after its shares fell nearly 50% from a high in June.
The portfolio also exited AstraZeneca and Booking Holdings as their investment theses weakened.
As previously discussed, 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.
The portfolio also exited AstraZeneca and Booking Holdings as their investment theses weakened.
- New positionHoneywell AerospaceJun 2026
Honeywell Aerospace shares were received as a spin-off from Honeywell Technologies on June 29, 2026.
For example, our assessment of competitive advantage places NVIDIA, TSMC, and ASML above most other semiconductor-related businesses.
Industrials holding nVent was the strongest relative contributor outside of IT.
Netherlands-based ASML raised revenue guidance as semiconductor manufacturers increased spending on lithography machines to expand capacity and meet rising demand for chips.
In the EMU, Infineon, ASML, and Schneider Electric were positive contributors.
SectorMarketHoldings Sold FINAUSCME Group FINASingaporeDBS Group INFTUSFabrinet HLTHDenmarkGenmab COMMUSThe Trade Desk HLTHUSVertex Pharmaceuticals
Also held
- Ryanair
- Sony
- Couche-Tard
- AbbVie
- CATL
- RGA
- Meta Platforms
- Shell
- Infineon Technologies
- Thermo Fisher Scientific
- HEICO
- Apple
- Compass Group
- Lenovo Group
- Samsung Electronics
- SK hynix
- ASML
- Netflix
- Schneider Electric
- SLB
- Accenture
- Tencent
- Adobe
- HDFC Bank
- Atkore
- NextEra Energy
- Microsoft
- Haleon
- Chugai Pharmaceutical
- Amphenol
- Johnson & Johnson
- Amazon.com
- Equifax
- Honeywell Technologies
- Tradeweb
- Epiroc
- Roche
- AstraZeneca
- Progressive
- JPMorgan Chase
- SAP
- Spotify
- Diploma
- John Deere
- Elevance Health
- Keyence
- Broadcom
- AIA Group
- Ametek
- Alphabet
- Kubota
- Danaher
Its investment theses
- LenovoSep 2026Lenovo is scaling its server and services businesses, benefiting from hybrid AI computing demand and attractive valuation.
- Neurocrine BiosciencesSep 2026Neurocrine Biosciences has two franchises, including Ingrezza and a promising Crenessity franchise, and trades at a relatively modest valuation.
- AdobeJun 2026Adobe provides critical software that is costly to replace, and the manager believes the market is overstating AI’s long-term disruption risk.
- ASMLJun 2026ASML holds a monopoly in EUV lithography and benefits from rising semiconductor capacity spending and durable competitive advantages.
- NVIDIAJun 2026NVIDIA has a durable moat through CUDA, which remains the standard for AI computing, and it continues to innovate rapidly.
- Schneider ElectricMar 2026Schneider Electric is an industrial electrification and energy-management company benefiting from AI data center power demand and long-term electrification trends.
- RyanairMar 2026Ryanair is a low-cost airline with structurally lower unit costs, a strong balance sheet, and a history of gaining share during industry stress.
- Disco CorpJun 2025Disco Corp is well-positioned to benefit from the growing demand for ultra-high-precision tools in the manufacturing of complex AI chips.
- MindrayJun 2025Mindray is leveraging AI in its medical devices to enhance diagnostic accuracy and efficiency, positioning itself as a strong competitor in the high-end ultrasound market and achieving significant growth in international markets.