Investor Summary
Fund Strategy
FUND PERFORMANCE AS OF 31st March 2026
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.78% | -6.54% | -6.54% |
| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.78% | -6.54% | -6.54% |
Hardman Johnston Global Equity returned -6.54% net in Q1 2026, underperforming the MSCI AC World Net Index return of -3.20%, primarily due to stock selection in Consumer Staples and Financials. Information Technology and Industrials supported performance, led by ASML and Taiwan Semiconductor, which benefited from AI-driven demand for semiconductor manufacturing capacity. The manager initiated five new positions including Albemarle, Broadcom, SLB, TechnipFMC, and UCB, capitalizing on themes of AI infrastructure, energy transition, and geopolitical shifts. The Iran conflict is accelerating energy diversification away from Middle East oil, benefiting battery technology and non-Middle East oil regions. Key detractors included Estée Lauder, pressured by Middle East conflict and potential PUIG combination, and European banks affected by economic slowdown. The portfolio maintains 33 positions with strong exposure to AI beneficiaries and energy transition plays. Despite near-term volatility, the manager remains committed to their high-conviction approach focused on companies with durable competitive advantages and long-term growth potential.
Focus on high-quality growth companies with durable competitive advantages that can benefit from secular trends including AI infrastructure build, energy transition, and geopolitical shifts away from Middle East oil dependency.
The manager remains cautious about the outlook but committed to global equity markets as long-term active investors. They believe their high-conviction approach focused on growth companies can navigate through challenging conditions to deliver outperformance over the long term. The portfolio is assessed as resilient and capable of earnings growth in most economic scenarios, though specific risks exist given the ongoing geopolitical environment.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 12 2026 | 2026 Q1 | AIR.PA, ALB, ASML, AVGO, EL, FTI, PRX, SLB, TSM, VRT | AI, energy, Geopolitical, global, Oil Services, semiconductors, technology | - | Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and TSMC offset weakness in Estée Lauder and European banks. New positions in Albemarle, Broadcom, and oil services companies capitalize on geopolitical shifts and secular electrification trends. |
| Jan 14 2026 | 2025 Q4 | 6501.T, AMZN, BAC, C, CCO, CTVA, EL, ELAN, GOOGL, HDFCBANK.NS, LLY, MELI, META, PRX.AS, RHM.DE, STAN.L, TMUS, UBER, VRT, VRTX | AI, banks, Data centers, defense, financials, global, nuclear, technology |
C EL RHM GR UBER MELI LLY 6501 JP CCJ ELAN HDB VRT CTVA TMUS VRTX |
Strong 2025 performance driven by quality stock selection in Financials and strategic positioning in secular themes like nuclear energy and data center infrastructure. Defense holdings face temporary headwinds but maintain strong fundamentals. Key focus on managing AI concentration risk while capitalizing on productivity-driven growth opportunities in an environment rich with investment potential despite geopolitical uncertainty. |
| Oct 21 2025 | 2025 Q3 | 6501.T, AIR.PA, AMZN, ASML, BAC, BSX, CBK.DE, CTVA, EL, GOOGL, HWM, IBN, IFX.DE, LLY, MA, MELI, META, MRVL, MSFT, NVDA, OLED, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, STM, TEAM, TMUS, TSM, UBER, VRTX | AI, Equity, Europe, financials, global, semiconductors, technology, Trade |
STAN ADYEN TSM |
Global equity strategy underperformed on stock selection despite strong European financials performance. Technology faced AI-driven uncertainty while semiconductors showed early recovery signs. New positions target restructuring and cyclical opportunities. Manager maintains constructive three-to-five-year outlook through bottom-up selection, emphasizing attractive European and emerging market valuations versus US comparables despite macro headwinds. |
| Jul 17 2025 | 2025 Q2 | 6501.T, BN, CBK.DE, ELAN, GOOGL, HWM, ICICIBANK.NS, LLY, MELI, META, MRVL, NVDA, PRX.AS, RHM.DE, TEAM, TMUS, TSM, UNH, VRT, VRTX | AI, defense, Europe, Geopolitical, global, industrials, semiconductors, technology |
TEAM HWM RHM GR MELI TMUS VRTX LLY TSM UNH CBK GR 6501 JP MRVL BN |
Strong Q2 outperformance driven by defense and AI semiconductor themes, with portfolio positioned for secular growth in European defense spending, AI infrastructure demand, and Latin American e-commerce expansion. Despite macro headwinds from tariffs and geopolitical risks, bottom-up stock selection continues identifying attractively priced companies benefiting from long-term structural trends across international markets. |
| Mar 31 2025 | 2025 Q1 | AIR.PA, AMZN, BAC, BN, BSX, ELAN, GOOGL, HWM, IFX.DE, LLY, MA, MELI, META, MRVL, PRX.AS, RHM.DE, STAN.L, TMUS, TSM, VRT | aerospace, AI, China, defense, Europe, global, semiconductors, Trade Policy | - | Hardman Johnston outperformed in volatile Q1 2025, driven by defense and aerospace holdings while tech faced AI-related pressure. The strategy added positions in European defense, commercial aerospace, and semiconductor infrastructure while reducing healthcare exposure. Despite unprecedented trade policy turbulence, secular themes like defense spending and AI infrastructure remain compelling with market dislocation creating opportunities. |
| Dec 31 2024 | 2024 Q4 | AMZN, BAC, BSX, COTY, ELAN, FTI, GOOGL, HWM, IQV, LEN, LLY, MA, MELI, META, NVO, PRX, STAN.L, TMUS, UNH, VRTX | Agriculture, AI, Data centers, Deregulation, energy, financials, healthcare, technology | - | Hardman Johnston delivered 453 basis points of outperformance in 2024, driven by concentrated positions in AI infrastructure beneficiaries like Vertiv and Howmet Aerospace. The team initiated positions in Lennar, Bank of America, and Uber while maintaining focus on secular growth themes. Despite expecting volatility from Trump administration policies, they see deregulation tailwinds benefiting financials and believe their quality-focused portfolio will create opportunities from market dislocations. |
| Sep 30 2024 | 2024 Q3 | AMZN, ASML, BSX, COTY, CTVA, ELAN, FTI, GOOGL, GRFS, HWM, IQV, LLY, MA, MELI, META, MSFT, NVDA, NVO, OLED, PRX.AS, SAF.PA, SCHW, STAN.L, TEAM, TMUS, TSM, UNH, VRT, VRTX | aerospace, AI, defense, global, healthcare, technology, volatility |
HWM SAF.PA MELI PRX.AS ASML TEAM META |
Hardman Johnston's concentrated global equity strategy underperformed in Q3 due to volatility, with aerospace and e-commerce driving gains while technology lagged. The firm added Meta Platforms and expects continued market turbulence from elections and geopolitics. Despite macro uncertainty, management maintains conviction in holdings' long-term growth potential while seeking opportunities from market dislocations. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI is driving unprecedented demand for semiconductor manufacturing capacity and data center infrastructure. The manager sees AI increasing lithography intensity across Logic and DRAM, strengthening visibility into EUV demand through 2027 and beyond. AI-related demand is accelerating data center buildout and creating opportunities in networking and custom compute deployment. |
Semiconductors Data Centers Networking Custom Compute Infrastructure |
Energy TransitionThe Iran conflict is accelerating the secular theme of electrification and diversification of energy sources away from Middle East oil. This benefits battery technology for both EVs and utility-scale energy storage systems. The manager sees lithium as one of the most structurally attractive commodities given secular demand for battery technology. |
Electrification Battery Technology Lithium Energy Storage Diversification | |
GeopoliticalThe Iran conflict is creating multiple investment implications including higher oil prices, energy diversification away from the Middle East, and increased defense spending. The manager expects non-Middle East oil regions to see faster growth and investment due to the desire for diversification. Countries will want to build strategic reserves, acting as a demand pull. |
Iran Conflict Oil Prices Energy Security Defense Strategic Reserves | |
SemiconductorsASML benefits from market recognition of the need to expand leading edge semiconductor manufacturing capacity to meet AI infrastructure demand. TSMC is increasingly recognized as the key bottleneck governing AI compute capacity growth. The manager sees a sustained WFE upcycle with improving multi-year visibility for advanced lithography. |
EUV Lithography Manufacturing Capacity Advanced Nodes WFE Upcycle AI Compute | |
Oil ServicesThe Iran conflict has several implications for oil services including faster growth in non-Middle East regions due to diversification desires, eventual recovery in Middle East investment after war damage, and structurally higher oil prices incentivizing further activity. The manager sees secular growth in offshore segments through companies like SLB and TechnipFMC. |
Offshore International Markets Subsea Equipment Diversification Activity Levels | |
| 2025 Q4 |
Defense SpendingManager maintains exposure to global armaments companies, noting the entire world is rapidly rearming off an extremely low base of defense spending. The position materially outperformed for the year despite Q4 underperformance, with top contributors including Rheinmetall, Palantir Technologies, and RTX. |
Defense Armaments Military Geopolitical Spending |
GoldManager holds both physical gold bullion and a leveraged gold exposure called 'Gresham's Wrath' that provides 1.5x gold exposure plus option income. Gold is viewed as superior commodity money due to its scarcity and durability, with central bank demand accelerating and fiat currencies losing value since 1971. |
Gold Precious Metals Monetary Inflation Currency | |
Precious Metal Royalty/Streaming CompaniesManager maintains exposure to companies that provide upfront capital to mining companies in exchange for royalties or streams, avoiding operational mining risks while benefiting from price appreciation and production growth. These exposures materially outperformed for the year. |
Royalties Streaming Mining Commodities Cash Flow | |
Capital MarketsManager holds positions in exchanges like Nasdaq and CBOE, viewing them as essential high-margin toll roads for the economy with immense operating leverage. These exposures materially outperformed for the year, benefiting from trading volume and data sales. |
Exchanges Trading Data Technology Infrastructure | |
Managed FuturesManager uses systematic long/short strategies across commodities and interest rates to generate absolute returns with low correlation to equities. The strategy was updated to include European markets and uses multiple models to capture different market dynamics including price trends and fundamental reversion. |
Systematic Commodities Futures Hedging Diversification | |
BitcoinDespite long-term bullish views, manager completely exited Bitcoin position in mid-November using risk management framework similar to commodity trading funds. The exit was well-timed as Bitcoin continued falling while US Large Cap equities they rotated into increased in value. |
Bitcoin Cryptocurrency Risk Management Volatility Digital Assets | |
| 2025 Q3 |
AIMarkets oscillate between fear and fear of missing out regarding AI technology. While AI has productivity potential, current valuations raise questions about whether capital investment will deliver justified returns. AI exposure extends beyond tech names to utilities through electrical grid hardening needs. |
Artificial Intelligence Productivity Valuations Grid Infrastructure Technology |
SemiconductorsAnalog semiconductor sector delayed recovery amid weak end-market demand. Evidence suggests the cycle reached a trough in early 2025 with growing customer backlogs and improved order signals pointing to near-term recovery. Companies positioned to benefit from restocking cycle with margin leverage potential. |
Analog Cyclical Recovery Inventory Automotive Industrial | |
Trade PolicyLiberation Day tariff announcement initially shocked markets but subsequent trade deal agreements restored clarity and confidence. Tariffs are regressive with disproportionate impact on lower-income households. Final tariff measures excluded upstream copper cathode, creating cost advantages for some companies. |
Tariffs Trade Deals Supply Chain Manufacturing Geopolitical | |
FinancialsEuropean banks like Commerzbank and Standard Chartered drove strong performance through cost reductions, technology investments, and exposure to accelerating economies. Wealth business gaining market share in Asia while share buybacks and dividend increases support further upside. |
European Banks Cost Reduction Wealth Management Capital Return Asia | |
| 2025 Q2 |
Defense SpendingDefense represents a compelling opportunity driven by geopolitical uncertainty and increased spending commitments. NATO countries agreed to invest 5% of GDP in defense by 2035, signaling long-term commitment beyond current administrations. European contractors are gaining market share as nations develop industrial sovereignty, while Japan and South Korea also increase spending targets against regional threats. |
Defense NATO Geopolitical Sovereignty Spending |
AIAI continues driving semiconductor demand with TSMC benefiting from its monopolistic position in leading-edge manufacturing. Strong demand for AI accelerators supports robust growth, though concerns exist about generative AI's impact on developer workforce and software companies like Atlassian. |
Semiconductors TSMC Accelerators Generative Development | |
E-commerceLatin American e-commerce shows strong growth potential with MercadoLibre demonstrating scale and leadership. The company benefits from low regional penetration at 15% and synergies between commerce and fintech platforms, with Argentina recovery offsetting investments in Brazil and Mexico expansion. |
Latin America Fintech Penetration Platform Ecosystem | |
Energy TransitionEnergy transition creates opportunities despite policy shifts, with companies like Hitachi benefiting from grid equipment demand and infrastructure replacement. The transition requires significant semiconductor content in EVs, supporting long-term demand for companies with strong fundamentals and market positions. |
Grid Infrastructure EVs Semiconductors Transition | |
| 2025 Q1 |
Defense SpendingEuropean defense spending is structurally higher following geopolitical shifts. Germany changed its Constitution to release fiscal debt brakes, enabling unlimited defense spending. Europe announced massive defense and infrastructure spending framework with financing mechanisms. |
Defense Europe Spending Geopolitical Infrastructure |
AIDeepSeek's launch disrupted the AI landscape, demonstrating Chinese AI capabilities and making AI applications more accessible. This pressured AI compute and networking supply chains initially but should drive greater hardware demand as adoption increases. |
DeepSeek China Compute Networking Adoption | |
Data CentersData center investment remains strong despite DeepSeek-related concerns. Companies like Vertiv benefit from thermal and electrical equipment demand, while Marvell provides critical networking infrastructure for AI data centers requiring high-speed data transmission. |
Infrastructure Networking Equipment Investment AI | |
SemiconductorsSemiconductor cycle showing signs of inventory peak with expected depletion ahead. TSMC maintains strong fundamentals despite multiple contraction from AI concerns. Infineon positioned for cyclical recovery in industrial demand and EV market participation. |
Cycle Inventory Recovery Industrial EV | |
Trade PolicyTrump administration implemented sweeping tariffs on dozens of countries worldwide, creating unprecedented trade turbulence. This will provoke retaliation and negatively impact GDP, requiring companies to adjust business models and supply chains. |
Tariffs Retaliation GDP Supply Chain Adjustment | |
AerospaceCommercial aerospace benefits from strong demand for next-generation aircraft as airlines modernize fleets. Airbus has visible backlog of 9,000 planes stretching into next decade, while defense aerospace gains from higher European defense spending. |
Commercial Backlog Modernization Defense Production | |
| 2024 Q4 |
AIAI is driving accelerating demand for data centers, with companies like Vertiv benefiting from AI-driven data center demand and Howmet Aerospace seeing emerging growth from industrial gas turbines used in gas power plants for AI data centers. The manager views AI as a long-term play that creates opportunities throughout its value chain globally. |
Data Centers Industrial Gas Turbines Power Infrastructure Semiconductors Cloud |
Data CentersData center thermal and electrical equipment demand is accelerating, with Vertiv executing on record backlog from AI-driven demand. Data center operators and hyperscalers are partnering to develop next generation designs to optimize power and thermal efficiency, creating sustained growth opportunities. |
Thermal Equipment Electrical Equipment Hyperscalers Power Efficiency AI | |
DeregulationExpected deregulation under the Trump administration should be meaningful tailwinds for growth, particularly benefiting financials globally. Deregulation is likely to bring about a less stringent antitrust regime, which could spur consolidation and take-overs in banking and technology sectors. |
Financials Banking Antitrust Consolidation Technology | |
AgricultureAgricultural chemicals are near the end of the commodity destocking cycle in Latin America. Corteva highlighted longer-term growth opportunities at their investor day, with conservative assumptions about Latin American agricultural chemicals recovery providing additional upside potential. |
Ag Chemicals Latin America Destocking Seed & Traits Crop Protection | |
Energy TransitionMore energy will be needed to fuel growing electricity demand from AI, feeding into the green energy trend. Despite concerns about climate objectives, consumers and businesses want cleaner power sources, with gas serving as a cleaner interim step in the transitioning economy. |
Renewable Energy Gas Power Demand Clean Energy Nuclear | |
| 2024 Q3 |
AIAI has driven huge returns and still appears to show enormous growth potential that can justify lofty valuations. Companies are investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. The manager sees opportunities to explore the next derivative theme of AI and identify stocks with clear earnings growth potential. |
Artificial Intelligence Productivity Growth Valuations Technology |
Defense SpendingDefense has generated strong returns for investors this year and is likely to continue to perform given the international focus on increased spending in a more volatile and uncertain world. The theme is supported by geopolitical tensions and global uncertainty driving increased defense expenditures. |
Defense Geopolitical Spending Volatility Returns | |
E-commerceMercadoLibre, Latin America's leading ecommerce platform, posted excellent results demonstrating the effectiveness of the company's ecosystem. Fintech and Commerce created a flywheel of growth as Total Payment Volume and Gross Merchandise Value substantially exceeded expectations. The company continues to improve its value proposition with initiatives like MELI+ loyalty platform. |
Latin America Fintech Payments Growth Ecosystem | |
AerospaceHowmet Aerospace and Safran were strong contributors, benefiting from solid earnings and aerospace recovery. Howmet delivers on contractual obligations as customers remain eager to accept engine deliveries given large backlogs, while the aftermarket remains robust. Safran has dominant share in narrowbody aircraft engines with strong growth drivers from LEAP engines. |
Aerospace Engines Aftermarket Recovery Backlogs |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | C | Citigroup Inc. | Financials | Diversified Banks | Bull | New York Stock Exchange | buybacks, Discipline, Regulation, rerating, transformation, Volatility | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | EL | Estée Lauder Companies Inc. | Consumer Staples | Personal Products | Bull | New York Stock Exchange | Demand, Luxury, Margins, Stabilization, Travel, turnaround | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | RHM GR | Rheinmetall AG | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | backlog, Defense, growth, Procurement, Rearmament, visibility | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | UBER | Uber Technologies Inc. | Industrials | Passenger Ground Transportation | Bull | New York Stock Exchange | Autonomy, Freecashflow, mobility, Networks, platform, profitability | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | MELI | MercadoLibre Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | advertising, Competition, Ecosystem, Fintech, Logistics, Margins, Reinvestment | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Access, Diabetes, Glp1, Launch, Obesity, Prescriptions, tariffs | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | 6501 JP | Hitachi, Ltd. | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | Digital, Execution, guidance, infrastructure, Margins, profitability | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | CCJ | Cameco Corporation | Energy | Coal & Consumable Fuels | Bull | New York Stock Exchange | Contracting, Decarbonization, Nuclear, Scarcity, Underinvestment, uranium | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | ELAN | Elanco Animal Health Incorporated | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Acquisitions, consolidation, Logistics, Margins, Parasiticides, pipeline, valuation | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | HDB | HDFC Bank Limited | Financials | Diversified Banks | Bull | New York Stock Exchange | Accessibility, banking, Deposits, Integration, NIM, Share, synergy | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | VRT | Vertiv Holdings Co. | Industrials | Electrical Components & Equipment | Bull | New York Stock Exchange | AI, cloud, Cooling, datacenters, infrastructure, Margins, Power | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | CTVA | Corteva, Inc. | Materials | Fertilizers & Agricultural Chemicals | Bear | New York Stock Exchange | agriculture, Chemicals, Cycle, Seeds, valuation | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | TMUS | T-Mobile US, Inc. | Communication Services | Wireless Telecommunication Services | Bear | NASDAQ | CapEx, cashflow, Churn, Competition, Wireless | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | VRTX | Vertex Pharmaceuticals Incorporated | Health Care | Biotechnology | Bear | NASDAQ | Biotech, Catalysts, growth, pipeline, Pricing | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | STAN | Standard Chartered PLC | Financials | Banks | Bull | NYSE | Asia banking, capital return, Digital Assets, ROE, Tokenization, wealth management | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | ADYEN | Atlassian Corp. | Information Technology | Application Software | Bear | NASDAQ | AI, cloud migration, Collaboration, growth, SaaS, Software | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | Information Technology | Semiconductors | Bull | NYSE | AI, Capacity, Foundry, HPC, Pricing power, semiconductors | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | TEAM | Atlassian, Corp. | Information Technology | Application Software | Bull | NASDAQ | AI, Developers, productivity, Software, valuation | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | HWM | Howmet Aerospace, Inc. | Industrials | Aerospace & Defense | Bull | New York Stock Exchange | Aerospace, aftermarket, Margins, Pricing power, Production | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | RHM GR | Rheinmetall AG | Industrials | Aerospace & Defense | Bull | XETRA | Ammunition, backlog, Defense, Europe, Rearmament | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | MELI | MercadoLibre, Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | consolidation, ecommerce, Fintech, Latin America, Penetration | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | TMUS | T-Mobile US, Inc. | Communication Services | Wireless Telecommunication Services | Bull | NASDAQ | acquisition, ARPU, Churn, Subscribers, Wireless | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | VRTX | Vertex Pharmaceuticals, Inc. | Health Care | Biotechnology | Bull | NASDAQ | Counterfeit, Cystic fibrosis, Margins, Royalty, Transition | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | LLY | Eli Lilly and Company | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | Diabetes, Formulary, GLP-1, Obesity, pipeline | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | TSM | Taiwan Semiconductor Manufacturing Co., Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, Demand, Foundry, manufacturing, Monopoly | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | UNH | UnitedHealth Group, Inc. | Health Care | Managed Health Care | Bull | New York Stock Exchange | Execution, exit, guidance, Investigation, Medical Loss Ratio | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | CBK GR | Commerzbank AG | Financials | Diversified Banks | Bull | XETRA | Germany, profitability, Rates, restructuring, turnaround | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | 6501 JP | Hitachi, Ltd. | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | energy transition, Grid, Nuclear, restructuring, Software | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | MRVL | Marvell Technology, Inc. | Information Technology | Semiconductors | Bull | NASDAQ | AI, Competition, consolidation, exit, valuation | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | BN | Brookfield, Corp. | Financials | Asset Management & Custody Banks | Bull | New York Stock Exchange | Capital markets, exit, Fundraising, monetization, tariffs | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston Global Equity | HWM | Howmet Aerospace, Inc. | Industrials | Aerospace & Defense | Bull | NYSE | Aerospace, aftermarket, Air Foils, Airbus, Boeing, Defense, Industrial Fasteners, Widebody Aircraft | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston Global Equity | SAF.PA | Safran S.A. | Industrials | Aerospace & Defense | Bull | Euronext Paris | Aerospace, aftermarket services, Air Traffic, Aircraft engines, CFM56, Defense, Leap, Narrowbody | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston Global Equity | MELI | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | e-commerce, Fintech, Gross Merchandise Value, Latin America, Loyalty Platform, marketplace, Payment Volume, Take rate | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston Global Equity | PRX.AS | Prosus NV | Consumer Discretionary | Broadline Retail | Bull | Euronext Amsterdam | China, Emerging markets, food delivery, India, Internet Group, portfolio optimization, Swiggy, Tencent | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston Global Equity | ASML | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 2nm Node, AI, China, EUV lithography, Leading Edge, Memory, semiconductor equipment, Taiwan Semiconductor | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston Global Equity | TEAM | Atlassian Corp. | Information Technology | Software | Bull | NASDAQ | AI, cloud, Collaboration, data center, enterprise, SaaS, Server Migration, Software | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston Global Equity | META | Meta Platforms, Inc. | Communication Services | Interactive Media & Services | Bull | NASDAQ | Advertiser Productivity, AI, Data Privacy, Facebook, Instagram, Reality Labs, social media, user engagement | Login |
| TICKER | COMMENTARY |
|---|---|
| ASML | Shares of ASML, the sole supplier of EUV lithography equipment, benefited from market recognition of the need to expand leading edge semiconductor manufacturing capacity to meet the unprecedented build of AI infrastructure. Record revenue and bookings in its 4Q earnings release supported a sharp change in tone from management, as visibility improved dramatically over the last few quarters and the company is now providing guidance for solid double-digit growth for 2026. AI is increasing lithography intensity across Logic and DRAM due to demand for performance and power efficiency and the corresponding need for advanced technology nodes, strengthening visibility into EUV demand through 2027 and beyond. TSMC, Samsung, and Hynix capacity plans reinforce a sustained WFE upcycle, while High-NA adoption remains an incremental upside lever. Even after the move, we continue to view ASML as the monopoly provider in advanced lithography with improving multi-year visibility. |
| TSM | TSMC outperformed as it is increasingly recognized as the key bottleneck governing AI compute capacity growth. Blowout results and capex guidance reinforced exceptional demand, with AI growth expectations revised from mid-40s to mid-to-high-50s percent CAGR through 2029. 3nm remains extraordinarily tight driving pricing higher, and 2nm/A16 capacity expansion supports the long-duration growth profile. TSMC continues to demonstrate incredible pricing power and productivity, driving both earnings upside and stronger confidence in margin durability. Despite the rerating, valuation remains compelling for the one of the most important enablers in the AI semiconductor value chain. |
| VRT | Shares in VRT outperformed after the company delivered a blowout Q4 earnings report, where orders significantly exceeded estimates. Earnings also beat lofty expectations. The combination highlighted the ongoing acceleration of AI-related demand for data center buildout. By region, the company highlighted the 'coiled spring' in Europe, where activity had been relatively subdued but now there is a greater sense of urgency. Our meeting with top management at an investor conference confirmed our view that the company is one of the prime beneficiaries of this secular trend, given its position as a one-stop shop providing innovative solutions in partnership with customers. |
| EL | EL's shares were pressured by two distinct factors during 1Q26. The Middle East conflict drove all beauty (and discretionary) names down—a combination of heightened consumer uncertainty and caution, as well as disruption to a key retail hub in the region. Late in the quarter, news emerged that EL was contemplating a potential combination with PUIG. As EL is still in the early innings of its turnaround plan, and PUIG is primarily a fragrance, department store, and Western Europe-focused player (areas that are slower-growing or slowing), this drove a significant negative reaction in the stock. |
| ALB | We established a new position in ALB, a global leader in lithium with Tier 1, low-cost assets, in particular in the Chilean salar and Western Australia. We've known the company for some time and continue to believe that lithium remains one of the most structurally attractive commodities, given secular demand for battery technology. The Iran conflict will continue the secular theme of electrification and the diversification of energy sources away from Middle East oil. The beneficiaries include battery technology, both for EVs and utility-scale energy storage systems (ESS). Historically, supply has been slow to respond, and ongoing mining issues in China only add to supply constraints, reinforcing our expectation of a tighter market as demand increases. |
| AVGO | We initiated a position in Broadcom as one of the clearest beneficiaries of accelerating hyperscaler AI capex and custom compute deployment. FY1Q reinforced exceptional visibility, with AI revenue already at $8.4bn across custom ASICs and AI networking. Google TPU remains the core driver today, but momentum is broadening across Meta, Anthropic, OpenAI, and additional customers. Broadcom's AI opportunity is not just compute; its market-leading networking business is a key growth driver as bandwidth becomes a critical AI data center bottleneck, with faster interconnect driving XPU utilization and overall system efficiency. At the current valuation, we see an attractive setup for positive revisions and multiple expansion as visibility across its key custom silicon programs improves. |
| SLB | We initiated a position in SLB, the largest global oil services provider, a name with which we are familiar. The company is the most international of the major oil services companies. Prior to the Iran conflict, the international market was growing faster than North America due to new basin discoveries and improvements in technology. Through its OneSubsea JV (with Aker Solutions and Subsea 7), SLB is a close peer to FTI and effectively forms a duopoly in the offshore segment, where growth is secular in our view. The Iran conflict has several implications—first, non-Middle East oil regions should see faster growth and investment due to the desire for diversification away from the Middle East. Second, after a period of reduced Middle East activity due to the war, investment should recover due to the extent of damage, which appears significant based on early reports. Third, we believe oil prices will remain structurally higher due to a higher geopolitical risk premium, which should help incentivize further activity. Lastly, countries will want to build strategic reserves, which will further act as a demand pull. Other secular drivers for SLB include its Digital segment (~8% of sales and ~15% of operating profit), which includes data platforms and digital operations (e.g., remote equipment operation, etc.). |
| FTI | We also initiated a position in TechnipFMC, a global leader in offshore subsea equipment, systems, and services. Formed through the merger of FMC Technologies and Technip in 2017, the company is uniquely positioned as a fully integrated provider in the offshore energy market. Industry consolidation following the last oil downturn has improved the competitive landscape, while breakeven prices for offshore projects have declined to approximately $40 per barrel, supporting increased activity levels. TechnipFMC benefits from strong visibility, supported by a $16 billion multi-year backlog. The company's Subsea 2.0 platform and iEPCI model enable greater integration across project design and execution, enhancing efficiency and expanding margin opportunities. In addition, recent geopolitical tensions, including the Iran conflict, are expected to reinforce a structural shift away from Middle East oil, positioning TechnipFMC as a key beneficiary given that many of the world's major offshore basins are located outside the region. |
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