Harding Loevner
Harding Loevner International Developed Markets Equity
International Large-cap
Dec 2024 → Oct 2026
Our archive holds 8 letters from this strategy, behind 4 investment theses and positions in 48 companies. Every quote below is copied verbatim from the letter it came from.
8 letters in 3 years · follow all of Harding Loevner for every strategy.
Performance
as of Oct 31, 2026 · net of fees · USD
- YTD+18.8%index +10.4%
- 1Y+23.6%index +15.0%
- 3Y · /yr+20.5%index +21.1%
- 5Y · /yr+7.3%index +9.6%
- 10Y · /yr+10.7%index +10.0%
- Inception · /yr+9.5%index +7.9%
Index: MSCI World ex US Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| Harding Loevner International Developed Markets Equity | +18.8% | +23.6% | +20.5% | +7.3% | +10.7% | +9.5% |
| MSCI World ex US Index | +10.4% | +15.0% | +21.1% | +9.6% | +10.0% | +7.9% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Oct 31, 2026. They were extracted automatically, have not been verified by HF Best Ideas and may contain errors. They cover a single share class, in the currency and fee basis stated above; other share classes and your own returns will differ. This is not investment advice, nor an offer to buy or sell any fund. Past performance does not predict future returns.
Read full disclosures →What it bought and sold
We sold Sysmex as changes in industry structure reduced its bargaining power and growth prospects and AstraZeneca after a significant clinical-trial failure increased uncertainty around its future growth pipeline.
We sold Sysmex as changes in industry structure reduced its bargaining power and growth prospects and AstraZeneca after a significant clinical-trial failure increased uncertainty around its future growth pipeline.
We found a different way to augment Information Technology through our purchase of Lenovo, the world’s largest PC maker and third-largest server manufacturer.
We also purchased shares of Japanese industrial group Hitachi, which offers another way to participate as AI investment spreads into the physical economy.
we sold Epiroc, Safran, and Daifuku as their shares became less attractive.
We increased BBVA, which continued to deliver solid results at a reasonable valuation.
we sold Epiroc, Safran, and Daifuku as their shares became less attractive.
we sold Epiroc, Safran, and Daifuku as their shares became less attractive.
- AddedBBVAJul 2026
In Financials, Spanish commercial bank BBVA raised its profitability guidance for 2026 and announced a 2 billion euro share buyback program.
In Industrials, Japan-based human resources technology provider Recruit posted stronger-than-expected results and a favorable full-year outlook, supported by its success using AI tools to boost monetization.
In Financials, shares of Dutch payment processor Adyen fell as the company narrowed its 2026 revenue growth outlook, citing macroeconomic uncertainty and planned incremental hiring.
In IT, German power management chip manufacturer Infineon Technologies Dutch lithography equipment manufacturer ASML, South Korean semiconductor and electronics manufacturer Samsung Electronics, and Taiwanese semiconductor manufacturer TSMC all gained, reflecting broad-based strength of shares across the semiconductor supply chain.
In the past six months, we’ve trimmed our holding in Samsung Electronics three separate times, including, most recently, a trade “HL”: International Developed Markets Equity model portfolio.
We also trimmed TSMC five times, ASML three times, and Lasertec and Disco Corp once.
We also trimmed TSMC five times, ASML three times, and Lasertec and Disco Corp once.
This quarter, we bought a new holding in Spotify, the Sweden-based (but US-listed) music and podcast streaming subscription platform, which we think is another such company.
We also trimmed TSMC five times, ASML three times, and Lasertec and Disco Corp once.
Also held
Its investment theses
- SonovaOct 2026Sonova is a hearing aid manufacturer positioned to gain market share through product innovation, with a competitor merger opening share opportunities among independent audiologists.
- Taiwan Semiconductor ManufacturingJun 2026Taiwan Semiconductor Manufacturing benefits from a differentiated manufacturing model, economies of scale, and sustained capital efficiency, while AI demand supports higher capacity, pricing, and margins.
- Samsung ElectronicsJun 2026Samsung Electronics should benefit from AI-driven HBM demand, stronger pricing, and a major improvement in cash flow returns and profits.
- BAE SystemsDec 2025BAE Systems is a major European defense contractor with durable profitability and a strengthening order book supported by rising Western defense budgets.