Harding Loevner Global Equity Strategy’s Views on Oracle (ORCL)

Group 1 - Harding Loevner's Global Equity Strategy reported a gross return of 2.62% and a net return of 2.52% for Q3 2025, underperforming the MSCI All Country World Index and MSCI World Index, which returned 7.74% and 7.36% respectively [1] - Year-to-date, the strategy rose 10.61% net, compared to 18.86% for the MSCI All Country World Index and 17.83% for the MSCI World Index [1] - The last six months have been characterized as one of the strongest momentum phases in over 70 years, with high-momentum stocks outperforming low-momentum stocks by 45 percentage points, largely driven by advancements in AI [1] Group 2 - Oracle Corporation (NYSE:ORCL) was highlighted in the investor letter, with a one-month return of -10.42% and a 52-week gain of 11.81% [2] - As of December 4, 2025, Oracle's stock closed at $214.33 per share, with a market capitalization of $611.01 billion [2] - The investor letter noted that AI represents a significant secular change that could reshape industries, creating uncertainty in the markets, and that historical company fundamentals may be less reliable for long-term value [3]