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 Alphabet Inc. (NASDAQ:GOOG). Alphabet Inc. (NASDAQ:GOOG), the parent company of Google, offers various platforms and services operating through Google Services, Google Cloud, and Other Bets segments. The one-month return of Alphabet Inc. (NASDAQ:GOOG) was 12.36%, and its shares gained 83.94% of their value over the last 52 weeks. On December 03, 2025, Alphabet Inc. (NASDAQ:GOOG) stock closed at $320.62 per share, with a market capitalization of $3.86 trillion.
Harding Loevner Global Equity Strategy stated the following regarding Alphabet Inc. (NASDAQ:GOOG) in its third quarter 2025 investor letter:
“Although the market appears to be almost singularly focused on “Al winners,” the companies anointed with the label continues to change. Bank of America’s US AI Beneficiaries Index already has had 70% turnover this year. For example, a few months ago, markets feared that Alphabet Inc.’s (NASDAQ:GOOG) search business would be made obsolete by Al chatbots such as ChatGPT, and the company did appear to be a step behind when it clumsily rolled out Bard, a consumer-facing chatbot, in 2023. However, Alphabet’s Al offering for businesses is rapidly gaining traction. Its Gemini models now have an enterprise user base that’s triple the size of ChatGPT’s. Thanks to that progress and a strong technical offering. Alphabet has moved back into the winners’ ranks, for now.
