13F
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HARDING LOEVNER LP

13F equity value
$9.7B
Positions
73
Top 10 concentration
45.5%
Quarters / total new picks
30 / 155
13F equity value over time
$0M$14B$28B2017201820192020202120222023202420252026

"13F equity value" = market value of this filer's US-listed long equity positions only. It excludes cash, bonds, non-US and short positions, so it understates a fund's true assets under management — often by a lot.

Not significant Verdict

13F holdings are disclosed ~45 days after quarter-end, and they never reveal when within the quarter a fund actually bought. So any 13F-based summary is structurally late and blurred — this applies to every fund, including this one.

We backtested copying it anyway. Buying this fund's new positions the day each filing went public, over 30 quarters, returned +2.5% per quarter — versus +3.2% per quarter from simply owning every 13F stock. It beat that baseline in only 46.7% of quarters (excess t = -0.37, not statistically significant). Its filings tell you what it bought — not what you should buy.

Avg 2Q excess
-1.1%
t-stat
-0.37
Quarterly win rate
47%
Annualized excess
-3.8%
$1 → follow vs universe
$1.75 vs $2.27
Cumulative return: $1 invested in new picks vs universe
1.00 20180331: universe 1.04120180630: universe 0.95920180930: universe 1.00320181231: universe 0.99220190331: universe 0.97520190630: universe 1.04820190930: universe 1.12720191231: universe 0.90920200331: universe 1.09620200630: universe 1.21120200930: universe 1.48520201231: universe 1.55320210331: universe 1.56620210630: universe 1.69220210930: universe 1.51920211231: universe 1.29220220331: universe 1.38720220630: universe 1.28520220930: universe 1.38120230331: universe 1.45520230630: universe 1.40320230930: universe 1.59220231231: universe 1.66320240331: universe 1.70120240630: universe 1.85520241231: universe 1.73120250331: universe 1.88820250630: universe 1.94720250930: universe 2.18920251231: universe 2.265 20180331: follow 0.98420180630: follow 0.96820180930: follow 0.76720181231: follow 0.80020190331: follow 0.83820190630: follow 0.88520190930: follow 0.99120191231: follow 1.12020200331: follow 1.37420200630: follow 1.49420200930: follow 1.71520201231: follow 1.65720210331: follow 1.59020210630: follow 1.52820210930: follow 1.30720211231: follow 1.17420220331: follow 1.27520220630: follow 1.20120220930: follow 1.44220230331: follow 1.43320230630: follow 1.28920230930: follow 1.69920231231: follow 1.81420240331: follow 1.95920240630: follow 1.87520241231: follow 1.82420250331: follow 1.87920250630: follow 1.88720250930: follow 1.74120251231: follow 1.747 0.71 1.58 2.45 20182019202020212022202320242025 Follow Universe

Quarterly compounding, invested quarters only · entry 47 days after quarter-end (when 13F data becomes public)

Listed as facts. See the verdict above before treating this as signal.

Top 20 holdings of 73 · 2026 Q1

Ticker Value Weight QoQ
TSM $1.2B
12.2%
TRIM
FMX $617M
6.3%
TRIM
BAP $450M
4.6%
TRIM
HDB $370M
3.8%
TRIM
RYAAY $358M
3.7%
ADD
MELI $323M
3.3%
TRIM
CNI $292M
3.0%
ADD
ASML $286M
2.9%
TRIM
NICE $279M
2.9%
HOLD
SHEL $266M
2.7%
TRIM
GOOGL $261M
2.7%
TRIM
NTES $260M
2.7%
TRIM
AMZN $234M
2.4%
TRIM
NVDA $222M
2.3%
ADD
MSFT $200M
2.1%
TRIM
RIO $184M
1.9%
TRIM
NFLX $179M
1.8%
TRIM
META $170M
1.8%
TRIM
HLN $157M
1.6%
TRIM
MFC $154M
1.6%
TRIM

QoQ vs previous quarter's share count · NEW = new position · ADD/TRIM = ±2% shares · HOLD = unchanged.

Listed as facts. See the verdict above before treating this as signal.

New positions in 2026 Q1

NVTRGA

Method & Limitations

Method: a "new position" = held this quarter, absent last quarter (options excluded; stocks with <50 prior holders excluded to filter spin-off artifacts). Entry 47 days after quarter-end — the first day the public could act on the filing. Benchmark = equal-weighted universe of all 13F-held stocks. Limitations: quarterly snapshots can't see intra-quarter trades; survivorship bias — funds that shut down are absent, which flatters the sample. Statistics, not advice.