Harding Loevner
Harding Loevner International Developed Markets Equity
International Large-cap
Dec 2024 → Jul 2026
Our archive holds 5 letters from this strategy, behind 4 investment theses and positions in 31 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 3 years — follow all of Harding Loevner for every strategy.
What it bought and sold
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
- Infineon TechnologiesJun 2026Infineon Technologies stands to benefit from ongoing semiconductor capacity expansion and continued demand for advanced equipment across logic and memory markets.
- 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.