Harding Loevner Global Equity Strategy’s Q4 2025 Investor Letter

Harding Loevner, an asset management company, released its “Global Equity Strategy” fourth-quarter 2025 investor letter. For most of the past 15 years, US equities not only outperformed but created a perception of inevitability around their outperformance. This phenomenon, termed “US exceptionalism,” highlighted exceptional earnings growth, valuations, and a concentration of returns, particularly around AI investments. With market leadership concentrated, the US index is vulnerable to limited outcomes. In contrast, the portfolio consists of a broader range of business models and growth opportunities at attractive valuations. While AI may disrupt industries, core principles of competitive advantage and long-term profitability still apply. In the fourth quarter, the Global Equity composite rose 2.0% gross of fees, underperforming the MSCI ACWI Index’s 3.4% gain. For the year, the composite advanced 13.2%, trailing the index’s 22.9% gain. In addition, please check the Strategy’s top five holdings to know its best picks in 2025.

A copy of Harding Loevner Global Equity Strategy’s Q4 2025 investor letter can be downloaded here.