Harding Loevner Global Equity Fund Q2 2021 Letter
Sep. 15, 2021 2:45 PM ETGOOG, GOOGL, OTGLF, OTGLY, DIS, META, NTES, NETTF, PINS, TCEHY, TCTZF, BABA, BABAF, AMZN, EBAY, ETSY, NKE, TCOM, VFC, EL, LRLCF, LRLCY, NTOIF, NTOIY, SLB, AAGIY, AAIGF, BOLSY, BOLSF, CME, DBSDF, DBSDY, FRC, HDB, SIVB, TW, ABCM, ABCZF, ABCZY, ALC, ALGN, CHGCF, CHGCY, DHR, EW, GMAB, GNMSF, GMXAY, ILMN, ISRG, IQV, RHHBY, RHHBF, SSMXY, SSMXF, TMO, UNH, VRTX, WXXWY, WXIBF, AME, ATLCY, CTRGF, CGSHY, SBGSF, SBGSY, ACN, ADBE, ADYEY, ADYYF, AAPL, ASML, ASMLF, EPAM, MSFT, MA, NVDA, PYPL, CRM, SSNLF, SNPS, TMVWF, TMVWY, TTD
Fund Letters
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Summary
- Harding Loevner is an investment manager that invests primarily in publicly traded global equities. We were founded in 1989 by former managers for the Rockefeller family. Harding Loevner is a Delaware limited partnership. We operate independently of Affiliated Managers Group.
- The Global Equity Composite rose 10.7%, well ahead of the 7.5% rise of the MSCI All Country World Index.
- Viewed by geography, the lion’s share of excess returns came from good stock performance in the US. In addition to the contributions from NVIDIA and our health care holdings, a pair of IT software and service providers also aided relative returns.
- We have cometo accept the pattern of unpredictableregulatory change in China in recent years as partof the price of admissionto investing in some of theworld’s most attractive high-quality growingcompanies.
- In many cases, bigger reallyis better. Of the top 30global blockbuster drugs in 2020, over two thirds were monoclonal antibodies, a sub-category of next- generation “biologics” roughly 1,000xlarger than traditional small molecule drugs.
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