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HARDING LOEVNER LP Buys 2, Sells 3 in 1st Quarter

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May 19, 2022
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HARDING LOEVNER LP recently filed their 13F report for the first quarter of 2022, which ended on 2022-03-31.

The 13F report details which stocks were in a guru’s equity portfolio at the end of the quarter, though investors should note that these filings are limited in scope, containing only a snapshot of long positions in U.S.-listed stocks and American depository receipts as of the quarter’s end. They are not required to include international holdings, short positions or other types of investments. Still, even this limited filing can provide valuable information.

Harding Loevner LP is a private investment management company. The company can trace its history back to 1989, when David R. Loevner and Daniel D. Harding, who had both worked previously at Rockefeller & Co., decided to establish a company with the focus on “managing global, international, and emerging markets equity portfolios, using a fundamental research process with a global perspective on industry competitive structures.” While Harding has retired from an active role in the firm sin 2003, officially retiring from the firm altogether in 2008, and has been replaced by Simon Hallett, who had also managed assets for Rockefeller & Co. on behalf of Jardine Fleming Investment Management, David Loevner has continued his position as the CEO of the firm. The firm would continue to grow and introduce variety of investment strategies in its history including a dedicated emerging markets equity strategy in 1998 and a frontier emerging markets strategy in 2008. Affiliated Managers Group would acquire an interest in Harding Loevner in 2009, although it would sell its holding in the company to Titan Nj Lp Holdings who currently has the controlling majority share in the company at approximately two thirds of the total shares. The rest of the ownership in the company is held by David Loevner, Simon Howlett, and a variety of key executives, in order of decreasing ownership. Harding Loevner currently has 87 employees with 5 investment advisors and 12 broker dealer representatives. It holds over $40 billion in total assets under management spread across over 17,000 accounts. Both its total number of accounts and total assets under management have been increasing in recent years, with its assets under management growing over ten times its amount of $3.3 billion in 2010. The majority of its clients are high net worth individuals, which alone makes up approximately half of its client base, and also includes individuals, investment advisors, state or municipal government entities, and others, in order of decreasing clientele. The company’s mutual fund offerings include its Global Equity, International Equity, International Small Companies, Emerging Markets, and Frontier Emerging Markets strategies.

As of the latest 13F report, the guru’s equity portfolio contained 153 stocks valued at a total of $18,160,000,000. The top holdings were TSM(5.70%), BHP(5.60%), and ALC(3.93%).

According to GuruFocus data, these were HARDING LOEVNER LP’s top five trades of the quarter.

Check Point Software Technologies Ltd


HARDING LOEVNER LP reduced their investment in NAS:CHKP by 2,893,294 shares. The trade had a 1.29% impact on the equity portfolio. During the quarter, the stock traded for an average price of $130.49.

On 05/19/2022, Check Point Software Technologies Ltd traded for a price of $121.54 per share and a market cap of $15,570,923,000. The stock has returned 6.05% over the past year.

GuruFocus gives the company a financial strength rating of 10 out of 10 and a profitability rating of 10 out of 10.

In terms of valuation, Check Point Software Technologies Ltd has a price-earnings ratio of 19.95, a price-book ratio of 4.81, a price-earnings-to-growth (PEG) ratio of 3.17, a EV-to-Ebitda ratio of 14.76 and a price-sales ratio of 7.55.

The price-to-GF Value ratio is 0.86, earning the stock a GF Value rank of 9.

EPAM Systems Inc


HARDING LOEVNER LP reduced their investment in NYSE:EPAM by 493,997 shares. The trade had a 1.27% impact on the equity portfolio. During the quarter, the stock traded for an average price of $395.36.

On 05/19/2022, EPAM Systems Inc traded for a price of $313 per share and a market cap of $17,888,306,000. The stock has returned -30.17% over the past year.

GuruFocus gives the company a financial strength rating of 9 out of 10 and a profitability rating of 10 out of 10.

In terms of valuation, EPAM Systems Inc has a price-earnings ratio of 40.77, a price-book ratio of 7.11, a price-earnings-to-growth (PEG) ratio of 1.26, a EV-to-Ebitda ratio of 24.86 and a price-sales ratio of 4.52.

The price-to-GF Value ratio is 0.61, earning the stock a GF Value rank of 4.

Baidu Inc


HARDING LOEVNER LP reduced their investment in NAS:BIDU by 1,823,743 shares. The trade had a 1.04% impact on the equity portfolio. During the quarter, the stock traded for an average price of $151.

On 05/19/2022, Baidu Inc traded for a price of $118.86 per share and a market cap of $41,072,073,000. The stock has returned -34.76% over the past year.

GuruFocus gives the company a financial strength rating of 6 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Baidu Inc has a price-earnings ratio of 27.57, a price-book ratio of 1.24, a price-earnings-to-growth (PEG) ratio of 3.24, a EV-to-Ebitda ratio of 12.61 and a price-sales ratio of 2.16.

The price-to-GF Value ratio is 0.73, earning the stock a GF Value rank of 10.

Broadcom Inc


During the quarter, HARDING LOEVNER LP bought 334,828 shares of NAS:AVGO for a total holding of 334,890. The trade had a 1.04% impact on the equity portfolio. During the quarter, the stock traded for an average price of $593.78.

On 05/19/2022, Broadcom Inc traded for a price of $570.57 per share and a market cap of $232,952,987,000. The stock has returned 41.74% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 10 out of 10.

In terms of valuation, Broadcom Inc has a price-earnings ratio of 32.52, a price-book ratio of 10.18, a price-earnings-to-growth (PEG) ratio of 1.02, a EV-to-Ebitda ratio of 16.84 and a price-sales ratio of 8.59.

The price-to-GF Value ratio is 1.28, earning the stock a GF Value rank of 3.

Rockwell Automation Inc


During the quarter, HARDING LOEVNER LP bought 886,811 shares of NYSE:ROK for a total holding of 886,866. The trade had a 0.99% impact on the equity portfolio. During the quarter, the stock traded for an average price of $287.53.

On 05/19/2022, Rockwell Automation Inc traded for a price of $195.4 per share and a market cap of $22,717,510,000. The stock has returned -21.24% over the past year.

GuruFocus gives the company a financial strength rating of 5 out of 10 and a profitability rating of 9 out of 10.

In terms of valuation, Rockwell Automation Inc has a price-earnings ratio of 35.52, a price-book ratio of 8.64, a price-earnings-to-growth (PEG) ratio of 3.90, a EV-to-Ebitda ratio of 27.55 and a price-sales ratio of 3.13.

The price-to-GF Value ratio is 0.73, earning the stock a GF Value rank of 10.


Please note, the numbers and facts quoted are as of the writing of this article and may not factor in the latest trading data or company announcements.

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