Harding Loevner, an asset management company, released its “International Equity Strategy” first-quarter 2023 investor letter. A copy of the same can be downloaded here. HL International Equity returned 7.72% (Net of fees) compared to a 7% return for the MSCI All Country World ex-US Index and 8.62% for the MSCI EAFE Index. Sector and regional allocation are the sources of the relative performance of the fund in the quarter. In addition, please check the fund’s top five holdings to know its best picks in 2023.
HL International Equity Strategy highlighted stocks like HDFC Bank Limited (NYSE:HDB) in the first quarter 2023 investor letter. Headquartered in Mumbai, India, HDFC Bank Limited (NYSE:HDB) provides banking and financial services. On June 14, 2023, HDFC Bank Limited (NYSE:HDB) stock closed at $64.36 per share. One-month return of HDFC Bank Limited (NYSE:HDB) was -3.80%, and its shares gained 21.80% of their value over the last 52 weeks. HDFC Bank Limited (NYSE:HDB) has a market capitalization of $119.908 billion.
HL International Equity Strategy made the following comment about HDFC Bank Limited (NYSE:HDB) in its first quarter 2023 investor letter:
“Our holding in HDFC Bank Limited (NYSE:HDB) illustrates our approach to investing in banks. Started in 1994 as a subsidiary of the oldest mortgage finance company in India, HDFC has become the country’s leading private-sector bank by building a strong retail and corporate banking franchise based on technology and service in a market still dominated by state-run banks that sorely lack such services. The bank has an impeccable track record of risk management that has served it well over the cycles. The bank enjoys one of the best non-performing loan ratios in the industry of just 1.3%, much lower than peers. This consistent approach has allowed it to invest in both branch expansion and digital initiatives over the years without getting distracted by asset quality issues. The combination of operating efficiency, growing scale, a broadening product set, and a healthy nominal interest rate structure in India has afforded it strong profitability that can generate the capital needed to underpin its growth. That growth has itself been a feature of rising financial services intensity in a rapidly growing economy.”
HDFC Bank Limited (NYSE:HDB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 40 hedge fund portfolios held HDFC Bank Limited (NYSE:HDB) at the end of first quarter 2023 which was 31 in the previous quarter.
We discussed HDFC Bank Limited (NYSE:HDB) in another article and shared the list of best Indian stocks for the next decade. In addition, please check out our hedge fund investor letters Q1 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
