The Harding Loevner portfolio
A manager that holds few companies on purpose, and more Latin America than any other on this site.
SourceSEC Form 13F filings (US)Holdings as of 30 Jun 2026
The +23.5% above is what these weights would have done over 12 months. It is not Harding Loevner's return.
Harding Loevner has invested in international companies since 1989, looking for durable growth rather than cheap prices. These are the listed positions from its latest filing.
Harding Loevner buys few companies and wants to be able to explain each one. It looks first at what is not a number: how strong the company is against its competitors, how long its growth can last, how it is financed and who runs it. Price matters, but it is the last question rather than the first. A value manager does it exactly the other way round.
The result is a portfolio that looks nothing like an index. It skips whole sectors it finds unattractive and holds a fraction of the companies a benchmark holds. That means it will fall behind for stretches, exactly when the market rewards what it refuses to buy. The firm treats those stretches as the cost of the method.
Of all the managers we follow here, this is the one where Latin America weighs most, and not through a regional fund. Femsa in Mexico, Credicorp in Peru and MercadoLibre sit alongside Taiwanese and European companies because they passed the same test. For a reader in the region that is the useful part: these companies are in the portfolio for what they are, not for where they are.
Positions come from the 13F form the firm files with the SEC each quarter. It covers only long positions in US-listed stocks, so the parts of an international portfolio held on local exchanges do not appear on that form.
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