Harding Loevner, an asset management company, released its “Global Equity Strategy” third-quarter 2025 investor letter. A copy of the letter can be downloaded here. The fund returned 2.62% gross (2.52% net) in the third quarter of 2025, compared to a 7.74% return for the MSCI All Country World Index and 7.36% gain for the MSCI World Index. YTD, the strategy rose 10.61% (net) compared to 18.86% and 17.83% for the indexes. The firm highlighted in the letter that the last six months represented one of the strongest momentum phases in over 70 years. Since the beginning of the year, high-momentum stocks have outperformed low-momentum stocks by a remarkable 45 percentage points, with much of the growth driven by advancements in AI. In addition, please check the fund’s top five holdings to know its best picks in 2025.
In its third-quarter 2025 investor letter, Harding Loevner Global Equity Strategy highlighted stocks such as Thermo Fisher Scientific Inc. (NYSE:TMO). Thermo Fisher Scientific Inc. (NYSE:TMO) offers life sciences solutions, analytical instruments, specialty diagnostics, laboratory products, and biopharma services. The one-month return of Thermo Fisher Scientific Inc. (NYSE:TMO) was 2.56%, and its shares gained 11.44% of their value over the last 52 weeks. On December 03, 2025, Thermo Fisher Scientific Inc. (NYSE:TMO) stock closed at $580.45 per share, with a market capitalization of $218.08 billion.
Harding Loevner Global Equity Strategy stated the following regarding Thermo Fisher Scientific Inc. (NYSE:TMO) in its third quarter 2025 investor letter:
“While the market has mistaken the Health Care sector’s sales declines from pandemic-inflated levels as evidence of structural decline, there are now signs that a recovery is underway-in companies’ sales and in their share prices. Operating fundamentals in key end markets are stabilizing from pandemic dislocations. Hospital finances improved in early 2025 from the year before as volumes normalized and revenue growth outpaced expenses, although the recovery in the US could still be rocky due to policy uncertainty. Medical technology and services companies whose products are tied to medical procedures are likely to see better pricing power and a more favorable sales mix if patient utilization of the health-care system continues to stabilize. Life sciences tools should also benefit from healing capital budgets. Finally, the capital cycle is turning more supportive. Dealmaking has returned to the sector amid increasing clarity on new US drug pricing implementation timelines. Thermo Fisher Scientific Inc. (NYSE:TMO), the world’s largest provider of life-sciences tools, offers an early sign of a shift: although its results for the second quarter (reported in July) only modestly exceeded expectations, management forecast 3-6% organic revenue growth next year, and 7% beyond 2027-an outlook that was better than investors feared. The stock surged in response, and it was a solid performer for the quarter.”
Thermo Fisher Scientific Inc. (NYSE:TMO) is in 26th position on our list of 30 Most Popular Stocks Among Hedge Funds. According to our database, 121 hedge fund portfolios held Thermo Fisher Scientific Inc. (NYSE:TMO) at the end of the third quarter, up from 117 in the previous quarter. While we acknowledge the risk and potential of Thermo Fisher Scientific Inc. (NYSE:TMO) as an investment, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and doing so within a shorter time frame. If you are looking for an AI stock that is more promising than Thermo Fisher Scientific Inc. (NYSE:TMO) and that has 10,000% upside potential, check out our report about this cheapest AI stock.
In another article, we covered Thermo Fisher Scientific Inc. (NYSE:TMO) and shared the list of stocks Jim Cramer discussed recently. In addition, please check out our hedge fund investor letters Q3 2025 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.
