Harding Loevner
Harding Loevner Global Equity
Global Mega-cap
Jun 2025 → Jul 2026
Our archive holds 6 letters from this strategy, behind 8 investment theses and positions in 59 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years — follow all of Harding Loevner for every strategy.
What it bought and sold
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.
Schneider Electric, a French manufacturer of energy- management and automation equipment, posted 11% year-over-year quarterly sales growth amid robust demand for products to support data centers and electric grids.
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
- Amazon.com
- TSMC
- NVIDIA
- Alphabet
- RGA
- Tencent
- Meta Platforms
- NextEra Energy
- Microsoft
- Haleon
- Chugai Pharmaceutical
- Amphenol
- AbbVie
- Johnson & Johnson
- Apple
- Equifax
- Honeywell Technologies
- Accenture
- Tradeweb
- Adobe
- Sony
- Epiroc
- Shell
- Roche
- CATL
- AstraZeneca
- Netflix
- SAP
- Thermo Fisher Scientific
- Compass Group
- Atkore
- Progressive
- JPMorgan Chase
- Spotify
- Tradeweb Markets
- SLB
- Diploma
- HDFC Bank
- John Deere
- Elevance Health
- HEICO
- nVent Electric
- Keyence
- AIA Group
- Broadcom
- Ametek
- Kubota
- Danaher
- ASML
- Samsung Electronics
Its investment theses
- 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.
- ASML HoldingJun 2026ASML Holding has a monopoly position in EUV lithography and benefits from rising demand for chipmaking equipment.
- 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.