HL
Harding Loevner LP Institutional Portfolio & 13F Holdings (Q2 2026)
Harding Loevner LPCIK: 0000928196
Diversified strategyMomentum followerQuality / disciplined sizing
Total reported value
$10.6B
Reporting period: 2026-06-30 · Number of holdings: 82
HARDING LOEVNER LP disclosed 82 holdings in its latest 13F filing for the period ending 2026-06-30, with total reported value of $10.6B and a quarterly turnover rate of 34.2%.
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Personality snowflake
- Concentration
- 16.87
- Portfolio Stability
- 34.24
- Momentum
- 100
- Sector conviction
- 55.76
- Diversification
- 100
- Sizing Uniformity
- 84.22
Harding Loevner LP's disclosed holdings carry a Herfindahl concentration index of 0.042 — mathematically equivalent to about 24 equally-sized positions, well below its 82 actual disclosed holdings. That gap points to a strategy built around a small core of high-conviction bets rather than broad diversification.
Position sizes vary widely across the portfolio (a coefficient of variation of 1.58), with a handful of outsized bets alongside many smaller positions.
No strong tilt toward either adding to existing winners or initiating outsized new positions was observed in the latest reported quarter.
Source and citation information
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Recent moves
View source Form 13F filing on SEC.govNew buy SPOT
Add CNI
+89.7% $356.3M
Add SE
+133.8% $197.7M
Trim VRTX
-99.6% -$139.4M
Trim HDB
-24.6% -$82.8M
Sold out CME
Holdings Map
New buyAddUnchangedTrim
Top 10 holdings by weight
Full holdings list this quarter
| # | Ticker | Issuer | Asset Subclass | Weight | Weight Change | Shares Change | 4Q Trend |
|---|---|---|---|---|---|---|---|
| 1 | TSM | Taiwan Semiconductor-sp Adr | Stock-Tech | 12.68% | +0.50% | -17.62% | |
| 2 | SPOT | Spotify Technology S.A. | Stock-Comm Services | 6.97% | +6.97% | NEW | |
| 3 | FMX | Fomento Economico Mex-sp Adr | Stock-Other | 6.48% | +0.13% | -3.15% | |
| 4 | CNI | Canadian Natl Railway Co | Stock-Industrials | 6.10% | +3.09% | +89.72% | |
| 5 | BAP | Credicorp Ltd. | Stock-Financials | 4.70% | +0.07% | -3.53% | |
| 6 | RYAAY | Ryanair Holdings Plc-sp Adr | Stock-Industrials | 3.59% | -0.09% | -3.86% | |
| 7 | MELI | Mercadolibre Inc | Stock-Consumer Disc | 2.99% | -0.33% | -1.20% | |
| 8 | SE | Sea Ltd-adr | Stock-Comm Services | 2.92% | +1.75% | +133.77% | |
| 9 | NTES | Netease Inc-adr | Stock-Comm Services | 2.74% | +0.06% | -2.82% | |
| 10 | HDB | Hdfc Bank Ltd-adr | Stock-Financials | 2.70% | -1.10% | -24.56% | |
| 11 | ASML | ASML Holding N.V. | Stock-Tech | 2.65% | -0.29% | -28.42% | |
| 12 | SHEL | Shell Plc-adr | Stock-Energy | 2.23% | -0.51% | -1.91% | |
| 13 | MFC | Manulife Financial CORP | Stock-Financials | 2.23% | +0.64% | +24.47% | |
| 14 | NICE | Nice LTD - Spon Adr | Stock-Tech | 2.20% | -0.67% | -0.39% | |
| 15 | GOOGL | Alphabet Inc-cl A | Stock-Comm Services | 2.18% | -0.51% | -28.51% | |
| 16 | NVDA | Nvidia CORP | Stock-Tech | 2.12% | -0.16% | -11.46% | |
| 17 | BBVA | Banco Bilbao Vizcaya-sp Adr | Stock-Financials | 2.09% | +0.66% | +31.21% | |
| 18 | AMZN | Amazon.com Inc | Stock-Consumer Disc | 1.95% | -0.46% | -22.54% | |
| 19 | RIO | Rio Tinto Plc-spon Adr | Stock-Materials | 1.75% | -0.14% | -1.52% | |
| 20 | HLN | Haleon Plc-adr | Stock-Healthcare | 1.39% | -0.23% | -1.90% | |
| 21 | SONY | Sony Group CORP - Sp Adr | Stock-Tech | 1.31% | -0.10% | -2.53% | |
| 22 | MSFT | Microsoft CORP | Stock-Tech | 1.29% | -0.77% | -31.82% | |
| 23 | META | Meta Platforms Inc-class A | Stock-Comm Services | 1.26% | -0.49% | -20.26% | |
| 24 | APH | Amphenol Corp-cl A | Stock-Tech | 1.18% | +0.02% | -20.55% | |
| 25 | RGA | Reinsurance Group Of America | Stock-Financials | 1.09% | -0.37% | -21.43% | |
| 26 | NFLX | Netflix Inc | Stock-Comm Services | 0.97% | -0.87% | -22.05% | |
| 27 | PGR | Progressive CORP | Stock-Financials | 0.92% | -0.24% | -21.38% | |
| 28 | JNJ | Johnson & Johnson | Stock-Healthcare | 0.90% | +0.01% | +7.05% | |
| 29 | AVGO | Broadcom Inc | Stock-Tech | 0.90% | -0.31% | -33.53% | |
| 30 | NVS | Novartis Ag-sponsored Adr | Stock-Healthcare | 0.85% | -0.07% | -1.03% | |
| 31 | V | Visa Inc-class A Shares | Stock-Financials | 0.84% | -0.19% | -21.04% | |
| 32 | GMAB | Genmab A/s -sp Adr | Stock-Other | 0.82% | -0.07% | -4.50% | |
| 33 | TMO | Thermo Fisher Scientific Inc | Stock-Healthcare | 0.80% | +0.09% | +21.08% | |
| 34 | NVT | nVent Electric plc | Stock-Industrials | 0.79% | +0.03% | -20.46% | |
| 35 | TW | Tradeweb Markets Inc-class A | Stock-Financials | 0.79% | -0.52% | -22.29% | |
| 36 | ITUB | Itau Unibanco H-spon Prf Adr | Stock-Financials | 0.76% | +0.65% | +706.13% | |
| 37 | AZN | AstraZeneca PLC | Stock-Healthcare | 0.75% | -0.08% | +7.76% | |
| 38 | HEI | Heico CORP | Stock-Industrials | 0.75% | -0.06% | -22.32% | |
| 39 | AAPL | Apple Inc | Stock-Tech | 0.71% | +0.71% | NEW | |
| 40 | AME | Ametek Inc | Stock-Industrials | 0.70% | -0.14% | -18.63% | |
| 41 | ABBV | Abbvie Inc | Stock-Healthcare | 0.66% | -0.14% | -21.94% | |
| 42 | SLB | Slb LTD | Stock-Energy | 0.66% | -0.34% | -20.63% | |
| 43 | BKNG | Booking Holdings Inc | Stock-Consumer Disc | 0.65% | -0.16% | +1984.64% | |
| 44 | ELV | Elevance Health Inc | Stock-Healthcare | 0.61% | -0.03% | -20.36% | |
| 45 | DE | Deere & Co | Stock-Industrials | 0.61% | -0.16% | -23.22% | |
| 46 | JPM | Jpmorgan Chase & Co | Stock-Financials | 0.56% | +0.56% | NEW | |
| 47 | TLK | Telkom Indonesia Persero-adr | Stock-Other | 0.53% | -0.28% | -3.47% | |
| 48 | DHR | Danaher CORP | Stock-Healthcare | 0.48% | -0.19% | -22.42% | |
| 49 | ADBE | Adobe Inc | Stock-Tech | 0.47% | -0.32% | -22.65% | |
| 50 | NEE | Nextera Energy Inc | Stock-Utilities | 0.43% | +0.43% | NEW |
1–50 of 82
Portfolio Performance
Performance for Q3 2026
+4.3%
Performance Last 4 Quarters
+17.4%
- Stdev
- +11.4%
- Beta
- +0.76
- Alpha
- +1.2%
- Max Drawdown
- -7.8%
- Annualized Perf
- +17%
- Batting Avg vs S&P
- +36.1%
- Sortino
- +2.63
- Stutzer
- +0.41
- Treynor
- +0.22
- Sterling
- +1.09
- Calmar
- +2.19
- Information Ratio
- -0.55
- Tracking Error
- +6.5%
- Stdev Down
- +6.3%
- Winning Months %
- +72.2%
- Losing Months %
- +27.8%
- Best 12 Months
- +32.8%
- Worst 12 Months
- +6.4%
- Efficiency Ratio
- +0.58
- Sharpe
- +1.44
- Stdev Sectors
- +9.1%
- Skewness
- -0.41
- Kurtosis
- +0.7
- Upside Potential
- +4.07
Reported value over time
Sector allocation
Sector allocation over time
Quarterly history
| Period | Holdings | Total value | Stability | Top holdings | |
|---|---|---|---|---|---|
| 2026 Q2 | 82 | $10.6B | 34 | ||
| 2026 Q1 | 73 | $9.7B | 28 | ||
| 2025 Q4 | 76 | $11.4B | 27 | ||
| 2025 Q3 | 71 | $13.6B | 38 | ||
| 2025 Q2 | 68 | $14.9B | 0 | ||
| 2025 Q1 | 67 | $13.1B | 100 | ||
| 2024 Q4 | 67 | $14.8B | 0 | ||
| 2024 Q3 | 67 | $17.3B | 0 | ||
| 2024 Q2 | 70 | $18.1B | 0 | ||
| 2024 Q1 | 69 | $16.2B | 0 | ||
| 2023 Q4 | 72 | $17.8B | 0 | ||
| 2023 Q3 | 71 | $15.1B | 0 | ||
| 2023 Q2 | 69 | $17.1B | 0 | ||
| 2023 Q1 | 74 | $17.6B | 0 | ||
| 2022 Q4 | 82 | $17.4B | 0 | ||
| 2022 Q3 | 162 | $15.3B | 0 | ||
| 2022 Q2 | 153 | $16.2B | 0 | ||
| 2022 Q1 | 153 | $18.2B | 0 | ||
| 2021 Q4 | 160 | $26.1B | 0 | ||
| 2021 Q3 | 147 | $25.1B | 0 | ||
| 2021 Q2 | 157 | $26.6B | 98 | ||
| 2021 Q1 | 154 | $25.6B | 34 | ||
| 2020 Q4 | 147 | $24.2B | 50 | ||
| 2020 Q3 | 178 | $27.7B | 43 | ||
| 2020 Q2 | 150 | $20.9B | 35 | ||
| 2020 Q1 | 147 | $17.9B | 37 | ||
| 2019 Q4 | 140 | $22.5B | 18 | ||
| 2019 Q3 | 134 | $21.2B | 12 | ||
| 2019 Q2 | 135 | $21.8B | 15 | ||
| 2019 Q1 | 132 | $21.3B | 31 | ||
| 2018 Q4 | 139 | $17.3B | 28 | ||
| 2018 Q3 | 134 | $19.2B | 15 | ||
| 2018 Q2 | 137 | $17.8B | 21 | ||
| 2018 Q1 | 152 | $19.2B | 19 | ||
| 2017 Q4 | 132 | $17.6B | 14 | ||
| 2017 Q3 | 127 | $17.6B | 22 | ||
| 2017 Q2 | 124 | $16.3B | 14 | ||
| 2017 Q1 | 71 | $15.3B | 18 | ||
| 2016 Q4 | 74 | $14.3B | 24 | ||
| 2016 Q3 | 88 | $13.9B | 17 | ||
| 2016 Q2 | 90 | $12.8B | 19 | ||
| 2016 Q1 | 93 | $12.7B | 19 | ||
| 2015 Q4 | 111 | $12.3B | 22 | ||
| 2015 Q3 | 102 | $12.4B | 32 | ||
| 2015 Q2 | 85 | $14.3B | 23 | ||
| 2015 Q1 | 80 | $13.1B | 20 | ||
| 2014 Q4 | 89 | $12.4B | 23 | ||
| 2014 Q3 | 85 | $13.5B | 13 | ||
| 2014 Q2 | 85 | $13.4B | 20 | ||
| 2014 Q1 | 86 | $13.1B | 16 | ||
| 2013 Q4 | 81 | $12.9B | 20 | ||
| 2013 Q3 | 86 | $11.2B | 18 | ||
| 2013 Q2 | 86 | $10.3B | 0 |
Holding changes this quarter
Harding Loevner LP's most significant position changes for 2026-06-30: New buy: Spotify Technology S.A. (SPOT); Sold out: Cme Group Inc (CME); Sold out: Honeywell International Inc (HON); New buy: Apple Inc (AAPL); New buy: Jpmorgan Chase & Co (JPM).
| # | Ticker | Issuer | Weight Change | Shares Change | Action |
|---|---|---|---|---|---|
| 1 | SPOT | Spotify Technology S.A. | +7% | NEW | New buy |
| 2 | CNI | Canadian Natl Railway Co | +3.1% | +89.72% | Add |
| 3 | SE | Sea Ltd-adr | +1.8% | +133.77% | Add |
| 4 | AAPL | Apple Inc | +0.7% | NEW | New buy |
| 5 | BBVA | Banco Bilbao Vizcaya-sp Adr | +0.7% | +31.21% | Add |
| 6 | ITUB | Itau Unibanco H-spon Prf Adr | +0.7% | +706.13% | Add |
| 7 | MFC | Manulife Financial CORP | +0.6% | +24.47% | Add |
| 8 | JPM | Jpmorgan Chase & Co | +0.6% | NEW | New buy |
| 9 | TSM | Taiwan Semiconductor-sp Adr | +0.5% | -17.62% | Trim |
| 10 | NEE | Nextera Energy Inc | +0.4% | NEW | New buy |
| 11 | ✓ | +0.3% | NEW | New buy | |
| 12 | ✓ | +0.3% | NEW | New buy | |
| 13 | FMX | Fomento Economico Mex-sp Adr | +0.1% | -3.15% | Trim |
| 14 | TMO | Thermo Fisher Scientific Inc | +0.1% | +21.08% | Add |
| 15 | BAP | Credicorp Ltd. | +0.1% | -3.53% | Trim |
| 16 | NTES | Netease Inc-adr | +0.1% | -2.82% | Trim |
| 17 | BHP | Bhp Group Ltd-spon Adr | 0% | +90.56% | Add |
| 18 | NVT | nVent Electric plc | 0% | -20.46% | Trim |
| 19 | APH | Amphenol Corp-cl A | 0% | -20.55% | Trim |
| 20 | XPEV | XPeng Inc. | 0% | NEW | New buy |
| 21 | VIST | Vista Energy Sab De Cv | 0% | NEW | New buy |
| 22 | JNJ | Johnson & Johnson | 0% | +7.05% | Add |
| 23 | XSW | Ss Spdr S&p Soft & Serv ETF | 0% | NEW | New buy |
| 24 | IXP | Ishares Global Comm Services | 0% | NEW | New buy |
| 25 | KSPI | Jsc Kaspi.kz Adr | — | -7.83% | Trim |
| 26 | IYT | Ishares US Transportation Et | — | NEW | New buy |
| 27 | EFA | Ishares Msci Eafe ETF | — | EXIT | Sold out |
| 28 | EFG | Ishares Msci Eafe Growth ETF | — | EXIT | Sold out |
| 29 | RXI | Ishares Global Consumer Disc | — | NEW | New buy |
| 30 | AMAT | Applied Materials Inc | — | NEW | New buy |
| 31 | FNCL | Fidelity Msci Financial Indx | — | NEW | New buy |
| 32 | IBN | Icici Bank Ltd-spon Adr | — | -0.55% | Trim |
| 33 | IXJ | Ishares Global Healthcare Et | — | NEW | New buy |
| 34 | VT | Vanguard Tot World Stk ETF | — | -12.48% | Trim |
| 35 | GLOB | Globant S.A. | 0% | EXIT | Sold out |
| 36 | ALC | Alcon Inc. | 0% | -39.93% | Trim |
| 37 | LIN | Linde plc | 0% | -26.05% | Trim |
| 38 | INDA | Ishares Msci India ETF | 0% | -12.08% | Trim |
| 39 | CIB | Grupo Cibest Sa-adr | 0% | -8.34% | Trim |
| 40 | ATKR | Atkore Inc | 0% | -19.53% | Trim |
| 41 | ACWX | Ishares Msci Acwi Ex US ETF | 0% | -53.95% | Trim |
| 42 | VEA | Vanguard Ftse Developed ETF | 0% | -73.96% | Trim |
| 43 | ELV | Elevance Health Inc | 0% | -20.36% | Trim |
| 44 | EPAM | Epam Systems Inc | 0% | -23.83% | Trim |
| 45 | ACWI | Ishares Msci Acwi ETF | 0% | -25.47% | Trim |
| 46 | TS | Tenaris Sa-adr | 0% | -9.79% | Trim |
| 47 | HEI | Heico CORP | -0.1% | -22.32% | Trim |
| 48 | NVS | Novartis Ag-sponsored Adr | -0.1% | -1.03% | Trim |
| 49 | GMAB | Genmab A/s -sp Adr | -0.1% | -4.50% | Trim |
| 50 | AZN | AstraZeneca PLC | -0.1% | +7.76% | Add |
1–50 of 88
Filing History
FAQ
What is Harding Loevner LP and what type of investor is it?
Harding Loevner LP is an investment manager that files SEC Form 13F quarterly, disclosing its U.S. public equity holdings to regulators. As of the most recent reporting period (2026-06-30), the firm manages a tracked equity portfolio valued at approximately $10.6B, spread across 82 disclosed positions.
What are Harding Loevner LP's largest equity positions?
Based on the latest 13F filing, Harding Loevner LP's top holdings by market value are:
1. Taiwan Semiconductor-sp Adr (TSM) — $1.3B (12.7%)
2. Spotify Technology S.A. (SPOT) — $741.5M (7.0%)
3. Fomento Economico Mex-sp Adr (FMX) — $688.7M (6.5%)
4. Canadian Natl Railway Co (CNI) — $648.4M (6.1%)
5. Credicorp Ltd. (BAP) — $500.4M (4.7%)
What changes did Harding Loevner LP make in its most recent portfolio filing?
In the latest reported quarter, Harding Loevner LP made 88 notable position adjustments: 15 new positions were initiated, 10 existing holdings were added to, 57 positions were partially reduced, and 6 were completely exited. The largest of these moves: New buy: Spotify Technology S.A. (SPOT); Sold out: Cme Group Inc (CME); Sold out: Honeywell International Inc (HON); New buy: Apple Inc (AAPL); New buy: Jpmorgan Chase & Co (JPM)
What sectors does Harding Loevner LP focus on?
Harding Loevner LP is concentrated in the following sectors based on its current disclosed equity portfolio:
• Information Technology: 29.1%
• Communication Services: 18.8%
• Financials: 18.5%
• Industrials: 14.6%
• Health Care: 7.1%
• Consumer Discretionary: 6.2%
Investment Profile
Harding Loevner LP returned an annualized 17.0% over the trailing 36 months — outperforming the S&P 500 by 1.2 points — based on a reconstructed track record of its disclosed 13F positions, with a beta of 0.76 (less volatile than the market) and a 36% quarterly batting average against the index.
Its portfolio is broadly diversified and moderately active.
Its turnover score has risen from 0 to 34 over the past 4 quarters — a shift toward more active trading.
It has added to its CNI position over the past two quarters (+$436.5M, now $648.4M), while trimming HDB over the same stretch (-$633.4M, still holding $286.9M).
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VA
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HE
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WP
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DC
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Developer Access
Access Harding Loevner LP's institutional profile programmatically:
REST API
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