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Harding Loevner, an asset management company, released its “Global Developed Markets Equity Strategy” fourth-quarter 2024 investor letter. A copy of the letter can be downloaded here. International stock markets concluded the last quarter of 2024 on a negative note, although US stocks significantly surpassed the rest of the world, during the year and the quarter. The fund declined by -0.99% gross of fee in the fourth quarter compared to a -0.07% decline in the MSCI World Index. For the full year, the strategy rose 15.2%, lagging the benchmark’s 19.2% gain. In addition, please check the fund’s top five holdings to know its best picks in 2024.
In its fourth quarter 2024 investor letter, Harding Loevner Global Developed Markets Equity Strategy emphasized stocks such as NVIDIA Corporation (NASDAQ:NVDA). NVIDIA Corporation (NASDAQ:NVDA) offers graphics and compute and networking solutions. The one-month return of NVIDIA Corporation (NASDAQ:NVDA) was -9.66%, and its shares gained 15.67% of their value over the last 52 weeks. On April 3, 2025, NVIDIA Corporation (NASDAQ:NVDA) stock closed at $101.80 per share with a market capitalization of $2.484 trillion.
Harding Loevner Global Developed Markets Equity Strategy stated the following regarding NVIDIA Corporation (NASDAQ:NVDA) in its Q4 2024 investor letter:
"For the full year, the composite's underperformance was primarily due to poor stock choices in the US. NVIDIA Corporation (NASDAQ:NVDA), which we sold in the first quarter and repurchased in the fourth quarter, caused almost two-thirds of the strategy's underperformance. We were hurt by our underweight as NVIDIA's stock price soared during the first half of the year on the insatiable demand for the company's graphics processing units (GPUs), which enable generative Al computing.
A close-up of a colorful high-end graphics card being plugged in to a gaming computer.