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.