Harding Loevner
Harding Loevner International Small Companies Equity
International Small-cap
Jun 2025 → Sep 2026
Our archive holds 6 letters from this strategy, behind 20 investment theses and positions in 48 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.
What it bought and sold
The portfolio exited Ariake, a producer of natural seasonings used by food manufacturers and restaurants, because the company’s long-term sales objectives looked increasingly difficult to achieve.
Milbon, a new holding, sells professional hair-care products to salons, primarily in Japan.
Sanrio, a new purchase during the quarter, is the Japanese company behind Hello Kitty as well as hundreds of other anime characters.
The portfolio also purchased Sanrio, discussed above, and added to its holding in Japan Elevator Service, the country’s leading independent provider of elevator maintenance.
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
- Santen Pharmaceutical
- Tecan
- CellaVision
- Megacable
- Asahi Intecc
- Allegro
- ASMPT
- Rubis
- Alten
- Curves
- Medistim
- Rohto Pharmaceutical
- Baltic Classifieds
- Hexpol
- Haier Biomedical
- Hoa Phat Group
- Bossard
- Kinaxis
- Copa Holdings
- Games Workshop Group
- Clarkson
- Reply
- Silergy
- KWS SAAT
- Shift
- Aspeed
- Rathbones
- Ferreycorp
- ATOSS Software
- MISUMI Group
- Nemetschek
- ASM Pacific Technology
- Harmonic Drive Systems
- Yantai China Pet Foods
- Senior
- Besi
- Bechtle
- Cranswick
- Diploma
Its investment theses
- Asahi InteccSep 2026Asahi Intecc is a leading medical guide wire maker with best-in-class products, pricing power, and continued sales and profit growth despite sector headwinds.
- MedistimSep 2026Medistim sells imaging and measurement equipment for bypass surgery and is benefiting from a stronger direct-sales model that has accelerated growth.
- SanrioSep 2026Sanrio owns Hello Kitty and other character IP, with growth driven by broader monetization, overseas expansion, and high operating leverage.
- Games Workshop GroupSep 2026Games Workshop monetizes the Warhammer IP through a highly engaged hobbyist community and has room to grow via new content and geographic expansion.
- MilbonSep 2026Milbon sells professional hair-care products and is growing through innovation, international expansion, and new product launches.
- Japan Elevator ServiceSep 2026Japan Elevator Service is benefiting from an aging elevator base in Japan and a focused share-gain strategy in maintenance and upgrades.
- 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.