Harding Loevner
Harding Loevner Global Small Companies Equity
Global Small-cap
Dec 2024 → Mar 2026
Our archive holds 3 letters from this strategy, behind 6 investment theses and positions in 37 companies. Every quote below is copied verbatim from the letter it came from.
3 letters in 3 years · follow all of Harding Loevner for every strategy.
What it bought and sold
For example, earlier in the year we purchased Besi, a Dutch supplier of equipment used to assemble semiconductor chips.
We trimmed strong performers such as Indian insurer Max Financial and South African insurer Discovery Holdings.
At Open Lending, which provides risk-assessment services to auto lenders and insurers, a reversal in used-car prices exposed accounting concerns and management missteps.
Another Health Care holding added earlier in the year was Sysmex, a Japanese supplier of diagnostic analyzers and the reagents essential to their operation.
We trimmed strong performers such as Indian insurer Max Financial and South African insurer Discovery Holdings.
The portfolio’s newest Health Care holding is Simulations Plus, a US-based provider of advanced modeling and simulation software used in drug discovery and development.
In IT, we exited LEM Holdings and CyberArk.
Lazard was sold primarily due to a weakening growth outlook.
One was Live Oak Bank, which appeared particularly vulnerable to the negative effects of the Trump administration’s tariffs: Its small-business customers are less able to absorb tariff pressures, increasing the risk of higher loan-loss provisions.
In IT, we exited LEM Holdings and CyberArk.
Also held
Its investment theses
- Simulations PlusDec 2025Simulations Plus provides drug-development modeling software with strong regulatory and market tailwinds supporting long-term growth.
- SysmexDec 2025Sysmex is a diagnostics leader with high switching costs and a large installed base positioning it for mid- to upper-single-digit revenue growth.
- Carl Zeiss MeditecSep 2025Carl Zeiss Meditec is positioned to benefit from long-term growth in the vision-care market despite short-term demand softness, with 51% of its sales from recurring revenue and a strong competitive advantage.
- SysmexSep 2025Sysmex is a high-quality global leader in diagnostic analyzers with 78% recurring sales, now attractively valued due to recent share-price weakness stemming from short-term growth challenges.
- LEM HoldingDec 2024LEM Holdings is expanding its market presence in EVs and traditional industries while leveraging its in-house designed ASICs for competitive advantage.
- ShiftDec 2024Shift is Japan’s leading outsourced software testing provider, positioned to thrive amid a shortage of IT engineers by training workers from other industries to meet increasing tech demands.