Harding Loevner’s Q3 Letter Flags AI-Driven Dispersion, Backs TSMC and Thermo Fisher, Adds Elevance

Overview

• Published December 4, the Global Equity Strategy letter reports a 2.62% gross (2.52% net) Q3 return versus 7.74% for the MSCI ACWI and describes one of the strongest six‑month momentum phases in decades.
• Taiwan Semiconductor Manufacturing Company raised its full‑year revenue growth outlook to about 30% on robust AI high‑performance computing demand, with Intel and Samsung struggles reinforcing TSMC’s pricing power.
• Health‑care exposure is framed as stabilizing, with Thermo Fisher forecasting 3–6% organic revenue growth next year and 7% beyond 2027, which the manager notes lifted the stock and supported Q3 results.
• The portfolio added Elevance Health as a new U.S. position after exiting UnitedHealthcare in May, citing a favorable industry structure at a lower valuation and with less legal risk.
• The letter contrasts market narratives by noting Oracle’s surge after reporting a roughly 360% jump in backlog to $455 billion largely tied to OpenAI commitments, while The Trade Desk fell on softer guidance and intensifying competition.