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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Harding Loevner Emerging Markets Equity. This analysis is provided for institutional research purposes only and is not investment advice.
"EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to an overweight and buying into uranium to fuel AI's staggering power requirements."
2025 was an outstanding year for emerging markets, with the MSCI EM Index returning 34.4%, surpassing the US for the first time since the 2008 financial crisis. Despite headwinds such as aggressive US tariff policies and fluctuating Federal Reserve monetary decisions, EMs benefited dramatically from physical AI infrastructure spending. More than 40% of the index's return was driven by seven AI-related stocks. Harding Loevner's EM composite returned 29.08% Net (30.17% Gross) for the year, lagging the index primarily due to underweight positions in South Korean chipmakers and TSMC. To better align with structural changes in the semiconductor industry, the manager significantly increased the portfolio's IT weight, establishing a new position in SK hynix and increasing exposure to Samsung Electronics. Additionally, recognizing the staggering power demands of the global AI buildout, the fund established a position in Kazatomprom, a low-cost uranium producer, to capture the expanding role of nuclear energy. Despite risks regarding potential AI monetization shortfalls and cyclical oversupply, the manager expects the hardware upcycle to maintain strength through 2026.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to ...
Growth Outlook
Market outlook remains above average conviction: EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to ...
Risk Appetite
Risk appetite posture is above average conviction: EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to ...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to ...
Forward Guidance
Forward guidance signal: EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to ...
Language Signal
Tone analysis indicates above average conviction language: EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to ...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to ...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to ...
Time Horizon
Investment time horizon reflects a high conviction orientation. EM equities posted their best returns since 2017 driven by the massive AI hardware boom. Harding Loevner repositioned its portfolio to capture this structural wave, shifting IT to ...
