Harding Loevner
Harding Loevner International Equity
International Large-cap
Jun 2025 → Jul 2026
Our archive holds 12 letters from this strategy, behind 12 investment theses and positions in 47 companies. Every quote below is copied verbatim from the letter it came from.
12 letters in 2 years — follow all of Harding Loevner for every strategy.
What it bought and sold
also trimmed TSMC three times, ASML twice, and Delta Electronics and Disco Corp once each.
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.
In the past six months, we’ve trimmed our holding in ASML five times, TSMC four times and Lasertec and Disco Corp three times each.
In the past six months, we’ve trimmed our holding in Samsung Electronics six separate times, including, most recently, a trade in early June to stay within the portfolio’s 5% single stock limit.
also trimmed TSMC three times, ASML twice, and Delta Electronics and Disco Corp once each.
In the past six months, we’ve trimmed our holding in ASML five times, TSMC four times and Lasertec and Disco Corp three times each.
also trimmed TSMC three times, ASML twice, and Delta Electronics and Disco Corp once each.
In doing so, we sold 760 basis points of our IT holdings and actively managed our overweight to an underweight, despite buying back a holding in German chipmaker Infineon Technologies.
In IT, Taiwan-based power-management products company Delta Electronics, Samsung Electronics, and Infineon Technologies all gained strongly, reflecting broad-based strength of shares across the semiconductor supply chain.
Although the portfolio benefited from owning Samsung Electronics and ASML, shares of two Japanese IT holdings—Lasertec and Disco—gave back a portion of their recent gains.
In the EMU, German manufacturer of power-management semiconductors Infineon Technologies was a positive contributor.
shares of two Japanese IT holdings—Lasertec and Disco—gave back a portion of their recent gains.
Although the portfolio benefited from owning Samsung Electronics and ASML, shares of two Japanese IT holdings—Lasertec and Disco—gave back a portion of their recent gains.
shares of two Japanese IT holdings—Lasertec and Disco—gave back a portion of their recent gains.
In Industrials, shares of Japan-based human resources technology company Recruit outperformed as higher prices overcame the negative narrative that AI would hurt the classified job-listing business.
Also held
Its investment theses
- Samsung ElectronicsJun 2026Samsung Electronics is benefiting from memory industry consolidation, AI-related HBM demand, and improved margins, though the report highlights cyclical and valuation risks.
- SK hynixJun 2026SK hynix is seeing surging AI HBM demand, long-term contracts, and sharply higher profitability, with expected CFROI rising materially in 2026.
- Taiwan Semiconductor ManufacturingJun 2026Taiwan Semiconductor Manufacturing benefits from unmatched scale, advanced process technology, and durable pricing power as AI demand supports rational capacity expansion.
- SpotifyJun 2026Spotify has a massive global subscriber base, is using AI to deepen engagement and monetize more profitably, and trades at a better valuation after a share price decline.
- NaverJun 2026Naver should benefit from AI investments across search, e-commerce, and cloud, with scale and product innovation supporting long-term earnings power.
- ASMLJun 2026ASML benefits from voracious demand for semiconductor equipment, and rising long-term earnings forecasts support the investment case despite a sharp share price rerating.
- Dassault SystèmesMar 2026Dassault Systèmes is a software company with strong margins, steady growth, and AI-enabled product development.
- RecruitMar 2026Recruit is a professional services and HR platform that can use AI to improve job matching.
- CATLMar 2026CATL is a battery maker with growing energy storage demand, expanding addressable market, and long-term tailwinds from grid balancing needs.
- OBICMar 2026OBIC is an ERP software provider with a strong market position and share gains among larger enterprises.