About Us

Harding Loevner has been investing globally in high-quality, growing businesses based on disciplined industry research since 1989.

Our Edge: A Better Framework for Investment Decisions

Collaboration Without Consensus

At Harding Loevner, we collaborate to foster opposing viewpoints, not to achieve consensus. Individuals, not committees, make decisions and are solely accountable for the results.

Our Long Horizon

Undistracted by high-frequency information that is often noise, we focus on a few fundamental signals that show companies’ progress in creating value. Equity-based compensation aligns our goals and time horizon with those of our clients.

Replicability Through a Disciplined Process

Success can only be replicated through a repeatable process. Our structured investment process mitigates the unconscious biases that plague human decision-making.

Transparency

Requiring views to be written and broadly shared lets each of us see what others are thinking and puts them on the record. This transparency facilitates objective appraisal of contributions and continuous self-improvement, at the level of both the individual and the organization.

Our Philosophy

Investing in high-quality, growing businesses at reasonable prices leads over the long term to superior risk-adjusted returns. This “quality-growth” investment philosophy has been the foundation of our strategies since the firm was founded.

Our philosophy is expressed in the four key criteria that a company must meet before we will consider it for investment:

Competitive Advantage

A strong industry position, enabling it to earn better financial returns than rivals

Quality Management

Skillful managers with a good record, a clear strategy, and a consistent regard for shareholders

Financial Strength

Cash generation and all-weather borrowing capacity to fund growth

Sustainable Growth

An industry structure supporting long-term growth in revenues, earnings, and cash flow

Our Process

Our investment process is the means by which we implement our philosophy, the set of rules we follow in making investment decisions. First, we study global industries to understand their structures and to assess the competitive strengths and weaknesses of their constituent companies. The companies with high business quality and durable growth prospects we examine more closely, estimating their risks and intrinsic values and monitoring their business results against our expectations. Finally, we incorporate in our portfolios those whose prospective contributions to return enhancement and risk reduction are greatest.

“We want our clients to benefit from the healthy debates that we have amongst each other.”

— Yoko Sakai, Director of Research

Our investment approach, by its design, rejects companies engaging in unsustainable business practices or pursuing short-term profits at the expense of stability and long-term growth. We believe only by creating substantial long-term financial value can a company produce meaningful “shared value” for the benefit of stakeholders other than its shareholders including society at large. Read how we invest responsibly

Our investment team reflects diverse perspectives, and broad and deep knowledge of global industries. Meet our team

Documents of Interest