Amadeus FiRe AG

• HL Harding Loevner International Equity Second Quarter 2026 Report ↗ Harding Loevner trimmed Samsung Electronics, TSMC, ASML and other technology holdings as AI-driven semiconductor profits pushed valuations and concentration risk higher. The portfolio added Spotify, arguing that its scale and AI product development can defend its competitive position, while retaining selective exposure to memory and semiconductor equipment suppliers. Second Quarter 2026 035420 $22BNTES $75BSKHY $989B +4

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