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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth leaders at normalized valuations."
Harding Loevner's International Equity Composite returned 6.64% (Net) for the third quarter of 2025, marginally underperforming the MSCI ACWI ex US Index return of 7.03%. Year-to-date, the net return stands at 22.41% vs. 26.64% for the index. This relative shortfall is almost entirely explained by the ongoing low-quality value rally (especially in highly-leveraged banks) and the sharp cyclical underperformance of high-quality companies. In response, the fund has maintained its strict quality standards while actively enhancing its growth profile. The team established major new positions in high-growth companies (CATL, Sea Limited, Lasertec, OBIC, NICE) and repurchased M3 at attractive, normalized valuations. Conversely, they exited slow-growth holdings such as Nestlé and Komatsu, and fully liquidated ZTO Express.
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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: Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth l...
Growth Outlook
Market outlook remains above average conviction: Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth l...
Risk Appetite
Risk appetite posture is moderate conviction: Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth l...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth l...
Forward Guidance
Forward guidance signal: Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth l...
Language Signal
Tone analysis indicates above average conviction language: Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth l...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth l...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth l...
Time Horizon
Investment time horizon reflects a high conviction orientation. Harding Loevner is staying committed to its core quality discipline despite a persistent headwind from low-quality stock rallies, selectively redeploying capital into high-growth l...
