Harding Loevner LP Global Developed Markets Equity on Adobe Inc.

Harding Loevner maintained exposure to software and services despite the industry's sell-off because it believed fears of AI-related disruption were underestimating the competitive advantages and growth potential of its holdings. Adobe is cited as evidence that those concerns may be easing, with AI-related annual recurring revenue surpassing $500 million. The fund views the subsequent recovery in software as validation of remaining invested in strong companies rather than attempting to forecast short-term market movements. The long-term thesis is that Adobe can use its established franchise and expanding AI offerings to sustain attractive growth.