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 |
|---|---|---|---|---|---|---|
Supply constraints defined the first half of 2026, from oil shortages sparked by the Iran war to the scramble for AI computing capacity. Semiconductor supply has been especially slow to respond, translating into substantial pricing power for memory chipmakers like Samsung Electronics, SK hynix, and Micron Technology. However, investors increasingly rewarded companies whose earnings growth reflects temporary industry scarcity rather than durable competitive advantages. Hyperscalers significantly underperformed as investors recognized they will eventually have to pass on extraordinary capital spending costs to customers or accept lower returns on capital. The manager questions whether this cycle is different or represents a bubble, noting that AI as a technology does not need to fail for growth expectations embedded in many companies' valuations to fall short. Rather than forecasting the precise trajectory of AI spending, the portfolio focuses on companies with high barriers to entry, differentiated products, and strong bargaining power—such as NVIDIA, TSMC, and ASML—that can benefit across a wide range of outcomes. The manager maintains exposure to software companies like Adobe, Microsoft, and SAP, believing the market overstates AI's long-term disruptive effects on these established players.
Focus on companies with durable competitive advantages and the ability to compound earnings growth across a wide range of AI spending outcomes, rather than those benefiting from temporary supply constraints in cyclical industries.
The manager is cautious about the sustainability of AI-related earnings growth, particularly in cyclical semiconductor businesses. While maintaining exposure to companies with durable competitive advantages like NVIDIA, TSMC, and ASML, the manager is skeptical that current market expectations for memory chipmakers and other cyclical beneficiaries will be met. The focus remains on identifying businesses that can compound earnings growth long after today's supply shortages abate, rather than those benefiting from temporary industry scarcity.
As of Jul 17, 2026
Harding Loevner LP is an independent investment management firm founded in 1989 and headquartered in Bridgewater, New Jersey. The firm operates as a Limited Partnership with 119 employees and manages assets for 4,069 client accounts totaling over $43 billion as of December 31, 2024. The client base includes institutional investors such as investment companies ($14.5 billion), pension plans ($5.0 billion), state and municipal entities ($5.7 billion), as well as high net worth individuals. The firm offers multiple investment vehicles including separately managed accounts, US mutual funds, collective investment trusts, and model programs. Recent organizational changes in 2024 established a co-lead portfolio manager structure with Richard Schmidt and Jingyi Li, supported by paper portfolio managers Sean Contant and Moon Surana.
Harding Loevner's investment philosophy emphasizes the merits of long-term investment in high-quality, growing businesses, using in-depth fundamental research. The firm employs four key investment criteria for all holdings: Competitive Advantage, Financial Strength, Quality Management, and Sustainable Growth Potential. The Global Equity strategy invests worldwide in high-quality, growing companies and has been offered since 1989, benchmarking against the MSCI All Country World Index. The firm maintains model portfolios for each investment strategy and manages all client accounts and pooled funds strictly according to these model portfolios. ESG factors are integrated through a proprietary Quality Assessment and ESG Scorecard framework, recognizing that environmental, social, and governance issues impact long-term company performance and cash flows.
Lead Portfolio Manager
Moderate Conviction Bullish
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.
