Harding Loevner LP Global Developed Markets Equity on Accenture plc
Thesis
Harding Loevner maintained exposure to software and services because it believed AI-disruption concerns were overstating the threat to established companies with durable competitive advantages. Accenture gained as investors reassessed the potential for AI-related consulting and services to support growth. The fund views the industry's sharp sell-off and recovery as a reminder to focus on company quality and long-term growth rather than short-term market forecasts. The thesis is that Accenture's consulting and services franchise can remain relevant and participate in growing enterprise AI investment.
“Accenture gained as investors reassessed the potential for AI-related consulting and services to support growth.”
Key risks
- AI-related disruption to consulting and services businesses
- Sharp short-term market and sentiment swings