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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2024 Q1 | Apr 15, 2024 | Harding Loevner Global Equity | 5.2% | 15.6% | 0700.HK, 1398.HK, 2607.HK, 4519.T, 6758.T, AAPL, ABBV, ACN, ADBE, ALC, AMAT, AME, AMZN, ASML, ATCO-A.ST, AVGO, B3SA3.SA, BBCA.JK, BHP, BKNG, CME, COST, CRM, CSCO, CSGP, DE, DHR, GLOB, GMAB, GOOGL, HDB, HON, ISRG, KER.PA, LLY, MELI, META, MSFT, NFLX, NKE, NOC, NOW, NVDA, OR.PA, PINS, RGEN, RIO, ROG.SW, ROK, SAP, SGSN.SW, SLB, SNPS, SU.PA, SY1.DE, TMO, TSLA, TSM, TW, UNH, VRTX | AI, global, growth, Quality, software, technology | The fund sold NVIDIA due to valuation concerns despite believing in AI's transformational impact. They are investing in more reasonably priced software companies positioned to benefit from AI, including Salesforce, Globant, and SAP. The managers see strong prospects for many holdings as AI applications proliferate but emphasize the importance of durable competitive advantages. | View | |
| 2025 Q4 | Feb 8, 2026 | SGA – Emerging Markets Growth | 0.6% | 22.8% | 035420.KS, 0700.HK, 1299.HK, 1398.HK, 9983.T, BABA, BJFN, CPALL.BK, CPI.JO, FEMSA, GRAB, HDFCBANK.NS, HTHT, INFY, MELI, MMYT, OR.PA, SE, SLM.JO, TCS.NS, TME, TOTS3.SA, TSM, UL, WALMEX.MX, XP, YUMC | AI, Cyclical, E-Commerce, emerging markets, Quality, semiconductors, valuation | The rapid acceleration in artificial intelligence has been a key catalyst behind the recent cyclical resurgence across emerging markets. Large-scale capital expenditure by global hyperscalers has driven sharp increases in demand for semiconductors and data-center infrastructure. However, SGA believes the current trend of AI CapEx growth is unsustainable and has largely run its course due to structural constraints in power availability, skilled labor, and capital availability. Several investments in e-commerce leaders across Asia and Latin America, including MercadoLibre, Sea Limited and Alibaba, faced a more competitive operating environment during the period. As long-term investors, SGA observes that competitive intensity in these markets tends to ebb and flow over shorter time horizons, with market leaders typically emerging from such periods with strengthened strategic positions given inherent network effects. The portfolio's underweight to South Korean semiconductor companies, including Samsung Electronics and SK Hynix, was a key driver of relative underperformance. These stocks continued to benefit from strong AI-related memory demand and elevated investor enthusiasm. Memory chips are largely a commoditized product with weak pricing power, extreme capital intensity and pronounced boom-bust cycles that lead to volatile earnings. SGA sees worrying signs of excess and weakening lending discipline from credit markets. The scale of capital required has led to greater reliance on private credit markets and off-balance-sheet structures. Transactions such as Meta's $27 billion joint venture with Blue Owl Capital highlight both the availability of capital and the risk of excess. The sustained focus on cyclicality and momentum has driven the quality factor to historically depressed relative levels. The valuation premium for high-quality stocks has compressed to levels typically observed only during periods of crisis. SGA remains committed to businesses with pricing power, recurring revenues, and strong balance sheets - attributes that may be underappreciated in today's momentum-driven market. | OR FP TME GRAB SE BABA 9983 JP INFY TSM |
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| 2024 Q4 | Dec 31, 2024 | Harding Loevner Emerging Markets Equity | - | 2.4% | 000333.SZ, 005930.KS, 035420.KS, 0700.HK, 1299.HK, 1398.HK, 2308.TW, 2317.TW, 2330.TW, 2357.TW, 2454.TW, 300760.SZ, 9888.HK, 9988.HK, BABA, BBAS3.SA, BBDC4.SA, BBRI.JK, CATL, CLS.JO, COWAY, DIS.JO, EMAAR.DU, EPAM, GLOB, HDFCBANK.NS, HDFCLIFE.NS, ICICIBANK.NS, ITUB, JD, KSPI.KZ, MARUTI.NS, MELI, RDNI3.SA, SAFX.JO, SBER.ME, SBK.JO, TCOM, TCS.NS, TS, WEGE3.SA | AI, China, emerging markets, semiconductors, Stimulus, tariffs, Trade Policy | AI developments have boosted growth outlook for several EM companies. TSMC expects AI-related revenue to grow at 50% cumulative rate over next five years with 80% market share in leading-edge semiconductors. Delta Electronics commands 50% market share in sophisticated power supplies for high-end servers. IT services companies have started working on business-transformation projects helping clients adopt AI. | View | |
| 2024 Q4 | Dec 31, 2024 | Sands Capital Emerging Markets Growth Fund | -10.8% | 3.1% | 006400.KS, 0700.HK, 1120.SR, 1179.HK, 1211.HK, 1299.HK, 1398.HK, 2020.HK, 300750.SZ, 6862.HK, APHS.NS, ASIANPAINT.NS, ASML, BABA, BAF.NS, BBCA.JK, BBRI.JK, BRIT.NS, CPNG, DMART.NS, DNP.WA, FPT.VN, GLOB, GRAB, HDB, HDFCLIFE.NS, ICT.PS, KSPI.L, MELI, NU, RADL3.SA, RELIANCE.NS, RENT3.SA, SE, TCS.NS, TSM, TTAN.NS, WEGE3.SA, XP | AI, Banking, China, Electric Vehicles, emerging markets, growth, semiconductors, technology | AI has rapidly evolved from a conceptual novelty to a transformative tool since ChatGPT's launch in late 2022. Portfolio companies like AppLovin and ServiceNow are leveraging AI to enhance their core offerings, with AppLovin building an AI advertising placement platform and ServiceNow using AI to automate repetitive tasks and improve decision making. | View | |
| 2025 Q3 | Oct 19, 2025 | Harding Loevner Emerging Markets Equity | 11.6% | 24.4% | 005930.KS, 1211.HK, 1398.HK, 2317.TW, 2454.TW, BABA, CATL, EPAM, GLOB, HDFCBANK.NS, ICICIBANK.NS, ITUB, MARUTI.NS, MELI, MMYT, TCEHY, TCS.NS, TRIP, TSM, WEGE3.SA | AI, Automation, China, competition, E-Commerce, emerging markets, Travel | Alibaba regained dominance in Chinese e-commerce through aggressive competition in food delivery and quick commerce, using AI tools and financial firepower to transform market structure. The company leveraged synergies across businesses and integrated management to outspend rivals and boost market share significantly. | View | |
| 2025 Q4 | Jan 20, 2026 | Harding Loevner International Equity | 4.2% | 27.6% | 005930.KS, 0700.HK, 1299.HK, 1398.HK, 2330.TW, 6758.T, ALC.SW, ALFA.ST, ALV.DE, ASML, ATCO-A.ST, BBVA, D05.SI, MELI, NTES, NVO, NVS, ROG.SW, SE, SU.PA | AI, defense, emerging markets, international, semiconductors, technology, Valuations | AI represents a capital-expenditure regime with two distinct camps: demand-side hyperscalers investing in compute capacity, and supply-side physical enablers spanning chip foundries, memory makers, and infrastructure providers. The portfolio holds companies across this ecosystem including TSMC, Samsung Electronics, ASML, and power management providers like Delta Electronics and Schneider Electric. The semiconductor ecosystem is central to AI buildout, with the portfolio holding foundries like TSMC, memory producers like Samsung Electronics, and equipment suppliers including ASML, Disco Corp, and Lasertec. These companies represent the physical enablers of AI infrastructure despite potential cyclical risks if AI capex slows. EM exposure increased to roughly 30% of the portfolio, the largest weight ever, driven by compressed valuations and opportunities in companies like CATL, Delta Electronics, Naver, and Tencent. The manager sees attractive risk-reward profiles in EM companies where fundamentals remain robust despite underperformance. Added BAE Systems amid broader European defense sell-off, capitalizing on sustained higher defense budgets in Europe and modernization push in the US. BAE's intellectual property, government relationships, and program execution track record support resilient profitability even through periods of restrained spending. Portfolio includes e-commerce operators MercadoLibre and Sea Limited, as well as Naver which is South Korea's second-largest e-commerce business. These companies benefit from AI-based targeting and automated ad-generation tools that can expand revenue opportunities and improve monetization. | BA LN 035420 KS |
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| 2024 Q3 | Sep 30, 2024 | Harding Loevner International Equity | 9.5% | 11.5% | 005930.KS, 1398.HK, 4507.T, 4519.T, 6758.T, 6869.T, 7974.T, ADYEN.AS, ALC.SW, ALV.DE, BNTX, COLOB.CO, HDB, HLN.L, MELI, NESN.SW, OR.PA, ROG.SW, SHEL.L, TSMC | China, Europe, financials, healthcare, international, Japan, momentum | The letter extensively discusses momentum investing as a factor that has challenged fundamental investors over the past 18 months. The manager explains their deliberate resistance to incorporating momentum into their investment process, citing concerns about trading costs, volatility, and lack of fundamental basis. They note that momentum concentrated in large market cap stocks has created FOMO-driven dynamics. | View | |
| 2023 Q3 | Sep 30, 2023 | Vanguard International Value Fund | -5.4% | 6.3% | 005490.KS, 005930.KS, 0700.HK, 1398.HK, 1821.HK, 2331.HK, 2688.HK, 6146.T, AIR.PA, ASML, BABA, BBDC4.SA, BP, CFR.SW, HOLN.SW, HSBA.L, MC.PA, MLCO, NOVOB.CO, PBR, ROG.SW, RYA.L, SHEL, TSM, ZEEL.NS | Developed Markets, Diversified, emerging markets, international, value | The fund employs fundamental, value-oriented investment process seeking undervalued stocks from non-U.S. markets. Investment advisors use fundamental research to construct portfolios of undervalued stocks in developed and emerging markets. ARGA's investment philosophy is based on the belief that investors overreact to short-term developments, leading to opportunities to generate gains from investing in good businesses at great prices. | View | |
| 2024 Q2 | Jul 18, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 0700.HK, 1211.HK, 1398.HK, 2330.TW, B3SA3.SA, BABA, CATL, EPAM, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, MARUTI.NS, MELI, RENT3.SA, TCS.NS, TS, TSMC, XP | AI, China, Elections, emerging markets, financials, semiconductors, underperformance, valuation | Strong performance driven by AI supply chain in Taiwan, particularly TSMC and semiconductor companies benefiting from NVIDIA chip orders. Portfolio holds AI-enabling companies like Aspeed which saw accelerating growth from hyperscalers and rising demand for traditional and AI servers. | ICICIBANK.NS RADL3.SA |
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| 2023 Q2 | Jun 30, 2023 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1211.HK, 1398.HK, 2308.TW, 2330.TW, 2331.HK, 2454.HK, 300207.SZ, 601012.SS, BABA, BBDC4.SA, EMAAR.DU, EPAM, HDFCBANK.NS, ITUB4.SA, JD, MARUTI.NS, TCS.NS, WEG, XP | Brazil, China, Electrification, emerging markets, Energy Transition, financials, semiconductors | The manager views electrification as a transformative multi-decade opportunity, with emerging markets driving over 80% of electricity demand growth by 2030. They highlight three portfolio companies adapting their technical expertise to this new environment: WEG (electric motors), Delta Electronics (power supplies for EVs), and StarPower (semiconductor components for solar and EVs). | View | |
| 2023 Q4 | Jan 31, 2024 | Harding Loevner Emerging Markets Equity | 12.2% | 11.6% | 005930.KS, 1211.HK, 1398.HK, 2015.HK, AIA, ASIANPAINT.NS, BABA, EPAM, FEMSA, GFNORTEO.MX, GLOB, HDFCBANK.NS, ITUB, JD, MARUTI.NS, TCEHY, TCS.NS, TENARIS, TSM, WALMEX.MX | China, Electric Vehicles, emerging markets, India, Manufacturing, technology, value | China performed poorly despite reopening optimism, falling 11% for the year due to real estate deleveraging, weak consumer confidence, and geopolitical tensions. However, the manager sees significant opportunities in Chinese companies with strong growth prospects and competitive advantages in manufacturing and technology. | View |
| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||