Wegovy and the Topsy-Turvy World of Weight-Loss Drugs

Growing In Hard Times: Reinvesting During China’s Turbulence

From Moroccan Ports to Indonesian EVs, High-Quality Growth Turns Up...

Hydrogen’s Future Is Finally Looking Green

Planet of the Myopes: Can Contact Lenses for Kids Solve...

Loonie: How a Canadian Dollar Store Became One of the...

The Last Great Malls on Earth

Where on Green Earth Do We Store All This Wind...

To the Bone: On the Front Lines of the Food...

The Streaming Wars Take a Commercial Break

The Maturation of mRNA: Will Moderna and BioNTech Ever Be...

It’s Always Sunny in Xi’an: China’s Solar Solution to Europe’s...

Pay Dirt: Capitalizing on the Electrification of Landscaping

The Future of Charging: Strange Things Are Afoot at the...

Crushed: The Search for an Investment Opportunity in Wine

Modeling the Metaverse: Facebook, Apple, Meta, and the Fight to...

Super Cycles: This Time It Might Be for Wheel

Third Law: How a Pair of Chip Companies Came to...

The Pot Thickens: Online Gambling Comes of Age

Update: The Vaccine Race Investment Case Enters a New Phase

The First Time in Memory: Have Durable Profits Finally Arrived...

Hearing Aids for All—Sound Good?

Untested: The Investment Case Behind the Race for a Coronavirus...

A People’s War: China and the Coronavirus

It’s a Wrap? How Consumer Behavior Is Shaping the Future...

The Global Recycling Shakeup: Why Tech Is Replacing Cheap Labor...

A Bitter Pill: Why Big Pharma’s Era of Big Profits...

Why Subscription Revenue Is Lifting the Enterprise Software Industry—And Investor...

A Prescription for Growth? Why Pharma Companies Are Testing New...

Faster Fashion: Why Being Quick to Market Matters More Now...

Are Biosimilars the Next Big Growth Opportunity for the Pharmaceutical...

The New Retail: Why the Future of Shopping Will Be...

Why Battling Bugs Is a Booming Business, and May Be...

A Runway to Growth for Airport Services Companies

Laser Technology Continues to Burn New Ground

The Ramadan Effect: How Islam’s Holy Month Impacts Businesses

Online Marketplaces for Loans Are Growing Rapidly. Should Banks Be...

How an Industry That Helps Feed an Increasingly Hungry Planet...

Domestic Disruptors: For Some Japanese Companies, Breaking with Custom Offers...

Will the Sharing Economy Deliver the Goods?

Three Reasons Cement Companies Are as Durable as Their Product

Disrupting Your Closet: How Customized Clothing Can Remake the Apparel...

Big Data Infects Life Itself

Craft Beer Is Going Flat. Can Craft Spirits Continue the...

Why 5G Will Transform Much More Than Telecommunications

Autonomous Driving Offers No Easy Path for Investors

China’s Talents Rise Through the Ranks

A New Round in the Battle of the Brands

Japan’s Value Rally Persists

The Magnificent Seven Skew Market Returns, Style Factors

How Retailers Are Managing Disruption by China’s Shein, Temu

The following is based on a panel discussion among our retail analysts at the Harding Loevner 2024 Investor Forum. The three most important considerations for companies in the retail industry are product, price, and place. This is because a retailer generally differentiates itself through what it sells, how much it charges, or...Read More

Our 2024 Semi-Annual Letter to Shareholders

It has been our long-standing belief that high-quality businesses will weather difficult or shifting economic environments better than most. This, in part, is due to their operational resilience that allows us to hold on to our investments in their shares during periods of stock market turmoil. In our semi-annual letter to shareholders,...Read More

Nigerian Banks Look for Inflection Point

Over the Barrel: The Complex Task of Decarbonizing the World

Mobileye Steers Closer to Autonomous Driving

What If Fashion Were Taxed Like Cigarettes?

A Quality Problem

India’s Net-Zero Progress

At Costco, Lower Prices, Higher Club Fees May Stoke Competition

Japan’s Reforms Lift Stocks of Lowest-Quality Companies

NVIDIA’s Competitive Structure May Be More Fragile Than Its Valuation Implies

Quality Is Becoming More Affordable in China, Less So In India

Chips of the Trade: TSMC, Samsung Benefit from AI Demand

Amazon’s Latest Logistical Feat Delivers Long-Term Profit Gains

Baidu Abandons Moonshots to Search for Earthly Profits

Ramadan’s Shifting Dates Have Complex Effects on Businesses

The holy month of Ramadan affects companies and products differently each year, and it is essential for investors in Muslim-majority countries to understand these effects. The holiday, during which Muslims fast from dawn to dusk, starts 10-12 days earlier each year, unlike fixed holidays such as Christmas. This year, Ramadan starts at...Read More

How Persistent Are Quality and Growth?

Fewer Babies Means Better Business for Diaper Maker

Skiing in Avalanche Terrain Is a Lesson in Risk Management

Low Debt Companies Fare Better in High Interest Rate Times

Can a Raw Deal Be Good for Netflix?

Japan Digging Out of Chronic Deflation One IT Worker at a Time

Our 2023 Letter to Shareholders

Experience in a “Wicked” World

Analyzing Industry Structure through Porter’s Five Forces Model

Japan’s Past Hints at China’s Future

NVIDIA and the Cautionary Tale of Cisco Systems

Competitive Advantage and Pricing Power

The Democratic Republic of The Congo Could Be the Next Big Frontier Market, Eventually

Navigating Conflict in the Middle East

Chinese Companies Look Better than China’s Economy

Cable Strikes Back

Ozempic and the Substitution Trade

Growth Opportunities from Electrification

Meta Accelerates Its AI Game

Generative AI Through a Fundamental-Research Lens

India: Four Takeaways from Our Travels

Vietnam’s Labor Costs, Taxes Attract Chinese Manufacturers

What P&G’s Pricing Decisions Tell Us About Inflation

How Are Earnings of Emerging Markets Companies Holding Up?

Why Own International Companies?

When US stocks have outperformed for as long as they have—creating the world’s first trillion-dollar companies in the process—it’s easy to forget that plenty of highly profitable businesses exist a long way from Silicon Valley or Seattle. While US companies account for just over 60% of the market capitalization of the MSCI...Read More

Small Caps: Adventures in Fundamental Research

Macro Do’s and Don’ts

Demolition Work in Progress

Going Home: An Account from China’s “Zero-COVID” Frontline

Does the Equity Market Know Something the Fixed Income Market Doesn’t?

Russia, Risk, and Decision-Making

Beauty and the Beast

A Ground’s Eye View on Inflation and Its Persistence

What’s Driving China’s Regulatory Transformation

Culture Club

From A to Xi: Regulatory Risk in China

Stock Portfolios, Football Teams, and the Stories We Tell Ourselves about Each

Big Health vs. Big Tech: A Fight over the Future of US Health Care

Meme Stocks and Market Structure

Don’t Just Do Something—Stand There

4 Sources of Edge for Active Managers

Too Much Information

When Will Life Return to Normal?

Getting Real About Inflation … and Gold

Down the Rabbit Hole

Out of Our Minds—From the Beginning

Special Topics


International vs. US Equities – Is This an Inflection?


India’s Net-Zero Progress


Why Chinese Companies are Disrupting Their Own Supply Chains


The Case for Frontier Emerging Markets Equities


Glocalization by Chinese Companies


China Revisited: Opportunities and Risks in China


Behavioral Finance


CFROI & Valuation

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Any discussion of specific securities is not a recommendation to purchase or sell a particular security. Non-performance based criteria have been used to select the securities identified. It should not be assumed that investment in the securities identified has been or will be profitable. To request a complete list of holdings for the past year, please contact Harding Loevner.

The portfolios invest in foreign securities, which involve greater volatility and political, economic and currency risks and differences in accounting methods. They also invest in emerging markets, which involve unique risks, such as exposure to economies less diverse and mature than the US or other more established foreign markets. The portfolios may invest in smaller companies which involve additional risks such as limited liquidity and greater volatility. Economic and political instability may cause larger price changes in emerging markets securities than other foreign securities.

Past performance does not guarantee future results. Investing involves risk. There is no guarantee that any investment strategy will meet its objective.