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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Harding Loevner Global Equity. This analysis is provided for institutional research purposes only and is not investment advice.
"Harding Loevner urges caution regarding the extreme concentration and demanding valuations in US AI platforms, advocating for a globally diversified approach focused on high-quality structural enablers."
In the Year End 2025 Report, Harding Loevner outlines the risks of 'US exceptionalism' and extreme market concentration, particularly within the AI-driven tech sector. They highlight that the US now trades at nearly double the multiples of international equities, making it uniquely vulnerable to any slowdown in the AI capex cycle. Rather than speculating on technological winners, the firm employs Porter's Five Forces framework to focus on quality compounders with structural advantages. The portfolio holds a diverse mix of AI enablers across the global supply chain, such as chipmakers, power/cooling infrastructure providers, and software developers, while maintaining a cautious stance on overstretched valuations and rising macroeconomic policy risks.
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