Harding Loevner
Harding Loevner International Small Companies Equity
International Small-cap
Jun 2025 → Jul 2026
Our archive holds 5 letters from this strategy, behind 14 investment theses and positions in 35 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 2 years — follow all of Harding Loevner for every strategy.
What it bought and sold
Earlier in the year, we also purchased Rakus and M3, both of which had been weighed down by concerns over AI disruption that appear to be overblown.
Earlier in the year, we also purchased Rakus and M3, both of which had been weighed down by concerns over AI disruption that appear to be overblown.
In addition to Harmonic, we purchased Japan Elevator Service during the quarter.
Also held
- KWS SAAT
- Shift
- Kinaxis
- Aspeed
- Hoa Phat Group
- Alten
- Silergy
- Baltic Classifieds
- Rathbones
- Ferreycorp
- ATOSS Software
- MISUMI Group
- Nemetschek
- ASM Pacific Technology
- Rubis
- Harmonic Drive Systems
- Yantai China Pet Foods
- Copa Holdings
- Santen Pharmaceutical
- Senior
- Besi
- Tecan
- Bechtle
- Rohto Pharmaceutical
- Asahi Intecc
- Cranswick
- Diploma
- Clarkson
Its investment theses
- Harmonic Drive SystemsJun 2026Harmonic Drive Systems makes precision speed reducers for robots and benefits from expanding automation, strong manufacturing expertise, and opportunities across multiple robotics end markets.
- SilergyJun 2026Silergy designs analog power-management chips and benefits from EV and data-center demand, proprietary design advantages, and share gains from larger competitors.
- M3Jun 2026M3 runs a physician information platform with an unrivaled ecosystem in Japan, strong data advantages, and AI that may reinforce personalization and engagement.
- FerreycorpJun 2026Ferreycorp distributes Caterpillar mining and construction equipment in Peru and may gain from mining automation by deepening high-value aftermarket service relationships.
- MISUMI GroupJun 2026MISUMI Group supplies industrial components and could benefit from physical AI, while Fictiv adds a scalable prototyping capability that may support humanoid robot developers.
- Japan Elevator ServiceJun 2026Japan Elevator Service is Japan’s leading independent elevator maintainer, with data-driven cost advantages and a long-term replacement cycle opportunity.
- Temenos GroupMar 2026Temenos Group is a banking software provider with deep domain expertise, high switching costs, and AI-enabled product advantages.
- ATOSS SoftwareMar 2026ATOSS Software is a workforce-management provider with a strong DACH market position, high switching costs, and accelerating growth.
- FerreycorpMar 2026Ferreycorp is a Caterpillar equipment distributor in Peru with mining-linked demand, a strong aftermarket business, and a sizable backlog.
- CranswickDec 2025Cranswick is a vertically integrated UK meat producer benefiting from quality control, traceability, and rising global protein demand.