The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 14, 2026
Harding Loevner Global Equity delivered a +3.54% net return (+3.67% gross) in the third quarter of 2026, outperforming the benchmark MSCI All Country World Index return of +1.69% by 185 basis points net. Year-to-date through September 30, 2026, the strategy returned +8.08% net of fees compared to +13.37% for the index. Relative outperformance during the quarter was driven predominantly by strong stock selection in Information Technology, where software and services holdings rebounded and timely opportunistic hardware purchases added value, alongside robust selection in the United States and Emerging Markets. The portfolio closed the quarter holding 2.3% in cash, with its Information Technology allocation matching the index at 33.4% and an overweight posture in Emerging Markets at 19.1% versus 12.0% for the benchmark. The macroeconomic environment was characterized by rising oil prices, firming 10-year Treasury yields surpassing 5%, and monetary tightening by three major central banks. Despite elevated discount rates, corporate earnings expanded robustly, led by unprecedented corporate spending on artificial intelligence infrastructure exceeding $750 billion in 2026, alongside an energy windfall driven by crude averaging $103 per barrel. Harding Loevner emphasizes that while incremental margins for hardware providers remain cyclically elevated at 75% to 80%, competitive dynamics and potential capital expenditure digestion argue for deliberate cross-sector diversification into secular compounders that do not rely on AI infrastructure spending. Portfolio activity was marked by capital reallocation from fully valued holdings or impaired theses into attractively priced opportunities created by market volatility. The fund initiated new positions in personal computer and enterprise server manufacturer Lenovo, South Korean memory producer SK hynix, power-management supplier Delta Electronics, and biopharmaceutical developer Neurocrine Biosciences, while funding these additions through complete exits of Atkore following an acquisition bid, John Deere on peak valuation, AstraZeneca due to clinical trial setbacks, and Booking Holdings on generative AI disruption concerns.
Long-term capital appreciation is achieved through a disciplined global quality-growth approach that balances secular artificial intelligence infrastructure beneficiaries with durable, diversified compounders trading at reasonable valuations.
Harding Loevner anticipates that as bond yields stay elevated, market hurdles for continuous valuation expansion among high-multiple leaders will rise. They expect broader portfolio resilience to emerge from companies trading at moderate valuations with diversified earnings streams that do not depend solely on the sustainability of hyperscaler infrastructure budgets.
Neutral / Balanced
Market Conviction
Growth Outlook
Risk Appetite
Capital Deployment
Forward Guidance
Language Signal
Perceived Risk
Opportunity Density
Time Horizon
Top Conviction Themes
Key Catalysts
Every insight in this database connects to the original source. Read the actual thesis, see the actual concerns, and make your own call.
Buyside Digest has no business relationship, partnership, agency, sponsorship, endorsement, or affiliation with Harding Loevner Global Equity or any other manager whose content appears on the Service, except where expressly stated. We do not receive Manager Content directly from managers in most cases; content is collected from publicly available sources. Managers have not necessarily reviewed, approved, authorized, or endorsed our display of their content, our editorial commentary, our metadata extraction, or our classifications. Use of a manager’s name is for accurate attribution and identification purposes only, under principles of nominative fair use.
Buyside Digest does not independently verify the regulatory status, registrations, licensing, qualifications, credentials, or professional standing of managers whose content appears on the Service. We do not represent that managers are properly registered with applicable regulatory bodies, that their content complies with applicable securities laws, or that their performance representations are accurate. Inclusion of a manager in our database is based on the publicly available nature of their content, not on our verification of their regulatory status or content compliance. Users are responsible for conducting their own due diligence on any manager.
Performance data, returns, assets under management (“AUM”), and similar figures displayed on this page are sourced from publicly available manager communications (including investor letters), public filings, or other third-party sources. Buyside Digest does not independently verify performance figures, calculate returns, or audit manager-reported data. Such figures: May be selectively reported by the manager; May use non-standard calculation methodologies; May not reflect fees, expenses, taxes, or other costs; May be inconsistent across reporting periods; May be outdated. Past performance is not indicative of future results. Performance figures should not be relied upon for investment decisions without independent verification. Users should request audited performance data directly from the manager and conduct their own due diligence.