Harding Loevner
Harding Loevner International Equity
International Large-cap
Jun 2025 → Sep 2026
Our archive holds 9 letters from this strategy, behind 13 investment theses and positions in 68 companies. Every quote below is copied verbatim from the letter it came from.
9 letters in 2 years · follow all of Harding Loevner for every strategy.
What it bought and sold
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, and re-established a holding in Brazil’s Itaú Unibanco, last owned in 2021.
We also purchased shares of Japanese industrial group Hitachi, which offers another way to participate as AI investment spreads into the physical economy.
- ExitedTelkom IndonesiaSep 2026
We also exited Telkom Indonesia after it failed to deliver on our growth thesis and we saw little prospect of near-term improvement.
we sold Epiroc, Safran, and Daifuku as their shares became less attractive.
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 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 Epiroc, Safran, and Daifuku as their shares became less attractive.
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 increased BBVA, which continued to deliver solid results at a reasonable valuation, and re-established a holding in Brazil’s Itaú Unibanco, last owned in 2021.
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 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.
also trimmed TSMC three times, ASML twice, and Delta Electronics and Disco Corp once each.
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
- M3
- SF Holding
- BAE Systems
- NICE
- Samsung Electronics
- Canadian National Railway
- Dassault Systèmes
- Allianz
- Delta Electronics
- TSMC
- Sonova
- Techtronic Industries
- Shell
- Genmab
- Roche
- ASML
- Manulife Financial
- Chugai Pharmaceutical
- GF Banorte
- Atlas Copco
- MercadoLibre
- Alfa Laval
- SE Banken
- Disco Corp
- CATL
- AIA Group
- Lasertec
- DBS Group
- Novartis
- Air Liquide
- Ping An Insurance
- Recruit
- ASSA ABLOY
- Spotify
- Manulife
- OBIC
- Naver
- Amadeus
- Infineon Technologies
- BBVA
- Haleon
- NetEase
- Recruit Holdings
- FEMSA
- Tencent
- Amadeus IT Group
Its investment theses
- LenovoSep 2026Lenovo is the world’s largest PC maker and third-largest server manufacturer, with growth potential from AI-enabled hybrid computing and an attractive valuation.
- HitachiSep 2026Hitachi is an industrial group benefiting from AI-related infrastructure spending and from its AI-enabled HMAX platform, which could expand margins and recurring revenues.
- Itaú UnibancoSep 2026Itaú Unibanco has delivered resilient returns through Brazilian volatility, with solid credit trends and a more attractive valuation after its share price decline.
- 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.
- 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.