Harding Loevner 13F (2026 Q1): A Global Quality-Growth Book

A portfolio built for the whole world, not just the S&P 500

Harding Loevner has spent decades doing something most US-based managers only gesture at: investing globally with conviction. The firm's quality-growth philosophy looks for durable, well-run businesses with strong competitive positions and reinvestment runways, and it does not much care where on the map those businesses are headquartered. Its 2026Q1 13F is one of the clearest windows on that approach you will find among large US filers, because the top of the book reads like a tour of the world's best franchises rather than a slice of the domestic index.

The largest position is Taiwan Semiconductor at 12.18% of reported value, the foundry that makes the advanced chips nearly every technology company depends on. Below it sit Mexican beverage giant FEMSA, Peruvian financial group Credicorp, India's HDFC Bank, Irish low-cost carrier Ryanair, Latin American e-commerce leader MercadoLibre, Canadian National Railway, Dutch lithography monopoly ASML, Israeli software firm NICE, and Shell. That is the portfolio of a manager hunting for quality wherever it trades.

Quality growth, expressed across developed and emerging markets

What ties these names together is not geography but character. Taiwan Semiconductor and ASML together control the chokepoints of advanced chipmaking. MercadoLibre and Ryanair dominate their respective markets through scale and cost advantages. Credicorp and HDFC Bank are leading financial franchises in fast-growing emerging economies. Canadian National operates an irreplaceable rail network. These are the wide-moat, cash-compounding businesses the quality-growth school is built around, and Harding Loevner is willing to own them in Lima, Mumbai, Taipei, and Amsterdam, not just New York.

The concentration is meaningful without being extreme: the top ten positions account for a sizable share of the book, led by that 12% Taiwan Semiconductor weight, with a long tail of smaller positions below. For investors who want international exposure expressed through individual high-conviction names rather than a broad index, this filing is a curated shortlist.

The repositioning that actually matters

Because dollar-value totals for this filer have swung sharply in recent quarters for reasons that obscure rather than reveal the underlying activity, the most reliable signal in this 13F is the change in share counts, which strips out price moves and shows where the manager actually added and subtracted. On that measure, two themes stand out.

First, Harding Loevner trimmed several of its highest-profile winners. It cut Taiwan Semiconductor by about 19% of shares, ASML by roughly 28%, and HDFC Bank by a striking 41%, the largest single reduction among major positions. Trimming after strong runs is consistent with a quality-growth manager managing position size and valuation discipline rather than abandoning a thesis. Second, it leaned into transportation and industrials, adding about 33% more shares of Canadian National Railway and 25% more of Ryanair. The net picture is a rotation from richly valued semiconductor and Indian-banking exposure toward more cyclically sensitive, infrastructure-like franchises.

How to use a filing like this

The right way to read Harding Loevner's 13F is as a quality-growth idea screen with a global passport. The names that appear, and especially the ones the firm is adding to, reflect a disciplined process applied to a worldwide universe. Just remember that share-count changes are the trustworthy signal here; the quarter-to-quarter dollar totals have been distorted by factors unrelated to the firm's stock selection, so anchoring on the reported asset figure would mislead.

For anyone building or stress-testing an international portfolio, the firm's holdings offer a vetted starting list of franchises that cleared a demanding quality bar. You can explore the full set of positions, the quarter-over-quarter share changes, and the longer history on the Harding Loevner filer page.