Harding Loevner
HL International Equity ADR
International Large-cap
Dec 2025 → Aug 2026
Our archive holds 6 letters from this strategy, behind 2 investment theses and positions in 38 companies. Every quote below is copied verbatim from the letter it came from.
6 letters in 2 years — follow all of Harding Loevner for every strategy.
Performance
as of Aug 31, 2026 · net of fees · USD
- YTD+13.5%index +17.4%
- 1Y+18.8%index +27.9%
- 3Y · /yr+15.2%index +20.8%
- 5Y · /yr+5.5%index +9.9%
- 10Y · /yr+8.8%index +10.2%
- Inception · /yr+7.6%index +6.2%
Index: MSCI All Country World ex US Index
| YTD | 1Y | 3Yper year | 5Yper year | 10Yper year | Since inceptionper year | |
|---|---|---|---|---|---|---|
| HL International Equity ADR | +13.5% | +18.8% | +15.2% | +5.5% | +8.8% | +7.6% |
| MSCI All Country World ex US Index | +17.4% | +27.9% | +20.8% | +9.9% | +10.2% | +6.2% |
Disclaimer
These figures are copied from the manager’s latest letter, as of Aug 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
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 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 ASML five times, TSMC four times and Lasertec and Disco Corp three times 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.
Also held
Its investment theses
- 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.
- CATLMar 2026CATL is a battery maker with growing energy storage demand, expanding addressable market, and long-term tailwinds from grid balancing needs.