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 |
|---|---|---|---|---|---|---|
Harding Loevner's International Equity composite returned 13.2% gross in Q2 2026, slightly trailing the 14.7% MSCI ACWI ex US Index return, bringing year-to-date performance to 14.7% versus 14.0% for the index. The quarter was dominated by semiconductor stocks, with the IT sector surging 64% driven by AI-related demand for memory and logic chips. Samsung Electronics, the portfolio's largest contributor, saw profits nearly triple as DRAM and NAND prices jumped 80-90% quarter-over-quarter. The manager extensively analyzed whether the AI boom represents a bubble, concluding that durability will vary by company based on industry structure and competitive positioning. Demonstrating valuation discipline, they trimmed Samsung six times and other semiconductor holdings multiple times, selling 700 basis points of IT exposure to manage concentration risk despite strong performance. Proceeds were redeployed into companies like Spotify that can leverage AI to strengthen competitive moats. The manager remains constructive on semiconductor equipment suppliers and memory makers benefiting from rational capacity discipline, while cautioning that 2028 may see cyclical pressures reassert as the industry has never experienced five consecutive strong years. Key detractors included Shell on falling oil prices and AIA Group on regulatory concerns in Hong Kong.
The manager pursues a bottom-up, company-specific approach to international equity investing, emphasizing competitive strategy and industry structure analysis rather than imposing top-down conclusions about market themes like AI. They maintain valuation discipline through comprehensive discounted cash flow modeling, systematically trimming winners when valuations become full and concentration risk rises, while redeploying capital into quality companies trading at better entry points that can use AI to strengthen rather than disrupt their competitive positions.
The manager expects semiconductor equipment suppliers to benefit as manufacturers remain committed to capacity expansion funded by high profits. Memory makers' statements of disciplined capacity growth suggest prices and margins could stay higher for longer than in past decades, though capacity additions should eventually bring utilization into better balance. For the companies, such investments may be rational, but for the stocks it could prove more complicated as scarcity has been a powerful driver of recent enthusiasm. The manager believes scaled players in media and interactive services are better positioned to capture AI benefits while mitigating threats from new entrants, though the market is undervaluing their long-term earnings power. The tone is cautiously optimistic on select opportunities but increasingly vigilant on valuation risk in semiconductors.
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.
Lead Portfolio Manager & CIO
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 International 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.
