| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.3% | -3.08% | -3.08% |
Hardman Johnston's International Equity strategy returned -3.08% net in Q1 2026, modestly underperforming benchmarks in a value-led quarter. Technology and Healthcare drove outperformance, led by ASML and TSMC benefiting from AI infrastructure demand, while Consumer Discretionary and Financials detracted. The manager initiated positions in Cameco and TechnipFMC to capitalize on nuclear renaissance and energy security themes, while exiting Prosus and HDFC Bank due to deteriorating fundamentals. The portfolio maintains focus on structural growth drivers including AI semiconductor demand, biosimilar expansion, and energy diversification. Geopolitical tensions create both risks through oil price volatility and opportunities through accelerated energy security investments. The manager emphasizes their high-conviction approach targeting companies with durable competitive advantages, viewing current volatility as creating mispricing opportunities. Despite macro uncertainties, they remain committed to global equities with a portfolio positioned for long-term outperformance through exposure to transformative themes while maintaining resilience across economic scenarios.
Focus on high-quality businesses with durable competitive advantages in structural growth themes including AI infrastructure, nuclear renaissance, and energy security, while maintaining resilience through geopolitical volatility.
The manager maintains a cautious but committed stance, acknowledging geopolitical risks while focusing on long-term opportunities. They believe their portfolio remains resilient and capable of earnings growth in most economic scenarios, with volatility creating opportunities in mispriced stocks. The outlook emphasizes their high-conviction approach and commitment to global equity markets despite uncertain macro conditions.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Apr 12 2026 | 2026 Q1 | 6501.T, 7011.T, 7269.T, ASML, CBK.DE, CCO, FTI, HDFCBANK.NS, MC.PA, MELI, PRX.AS, SAF.PA, SDZ SW, STAN.L, STM, TSM, UCB.BR | Europe, healthcare, industrials, international, Japan, nuclear, semiconductors, technology |
ASML TSM UCB.BR CCO FTI |
Hardman Johnston's concentrated international equity strategy underperformed in Q1 2026 as value outpaced growth. Strong semiconductor positions in ASML and TSMC drove gains from AI infrastructure demand. New positions in Cameco and TechnipFMC target nuclear renaissance and energy security themes. Portfolio maintains high-conviction exposure to structural growth drivers while navigating geopolitical volatility through quality companies with durable competitive advantages. |
| Jan 14 2026 | 2025 Q4 | 0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L | AI, Asia, defense, Europe, financials, healthcare, international, Mining |
SDZ SW AZN STAN LN RHM GR 7011 JP MELI WEIR LN NEX FP DTE GR |
Hardman Johnston delivered solid Q4 returns despite modest benchmark underperformance, driven by Healthcare and Financials strength offset by Industrial weakness. The manager maintains conviction in defense spending themes and mining cycle recovery while managing AI concentration risk. Portfolio activity focused on quality businesses with durable advantages, viewing current geopolitical turbulence as creating rich opportunities for fundamental stock pickers. |
| Oct 21 2025 | 2025 Q3 | 6501.T, 7011.T, 7269.T, AIR.PA, ASML, AZN, CBK.DE, DTE.DE, HDB, IBN, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, STM, TEAM, TSM, UCB.BR | AI, defense, emerging markets, Europe, healthcare, international, semiconductors, Trade Policy |
UCB SDZ PROS SUZUKI |
Strong Q3 performance driven by healthcare winners UCB and Sandoz, plus semiconductor recovery positioning. Defense and AI infrastructure themes supported by quality holdings. Manager maintains constructive 3-5 year outlook despite macro headwinds, emphasizing bottom-up stock selection advantages in international markets with attractive valuations versus US peers. |
| Jul 17 2025 | 2025 Q2 | 6501.T, 7011.T, 7269.T, 8411.T, AIR.PA, ASML, AZN.L, CBK.DE, DTE.DE, GMAB, HDFCBANK.NS, ICICIBANK.NS, IFX.DE, LDO.MI, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | defense, Europe, industrials, international, Japan, semiconductors, technology |
CBK GR 8750 JP DTE GR IFX GR RHM GR 7269 JP TSM RHM.DE 7011.T TSM IFX.DE CBK.DE LDO.MI 6501.T |
Strong Q2 performance driven by defense contractors and semiconductor leaders as Europe rearms and AI demand surges. NATO's 5% GDP defense target by 2035 creates structural tailwinds despite near-term macro headwinds. Portfolio positioned for secular growth themes through bottom-up stock selection, with opportunities emerging from market dislocation and institutional flows toward cheaper international valuations. |
| Mar 31 2025 | 2025 Q1 | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, GMAB, HDB, IBN, IFX.DE, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ.SW, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Europe, industrials, international, semiconductors, tariffs, technology | - | Strong Q1 performance driven by defense contractors amid geopolitical tensions and increased spending commitments. Technology holdings pressured by AI sentiment shift but creating attractive entry points. Trump tariffs create trade uncertainty requiring focus on quality fundamentals. Secular themes intact including defense, demographics, and AI productivity. International diversification benefits emerging through market dislocations. |
| Dec 31 2024 | 2024 Q4 | 7011.T, 7269.T, 8750.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDB, IBN, MC.PA, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ, STAN.L, TEAM, TSM, UCB.BR | emerging markets, Europe, financials, healthcare, international, stock selection, technology | - | Hardman Johnston's international equity strategy significantly outperformed benchmarks in Q4 2024 through superior stock selection, particularly in Technology and Financials. TSMC and Atlassian drove tech gains while Standard Chartered led financials. Despite Consumer Discretionary headwinds from MercadoLibre and LVMH, the portfolio's bottom-up approach and quality focus position it well for navigating 2025's expected policy-driven volatility and market opportunities. |
| Sep 30 2024 | 2024 Q3 | 1299.HK, 3690.HK, 7011.T, 7269.T, 8750.T, 8795.T, AIR.PA, ASML, AZN, DTE.DE, FTI, GMAB, GRFS, HDFCBANK.NS, ICICIBANK.NS, MC.PA, MELI, NEX.PA, NOD.OL, NVO, PRX.AS, PRY.MI, RHM.DE, SAF.PA, STAN.L, TEAM, TSM, UCB.BR | AI, defense, Energy Transition, Equity, international, Japan, semiconductors, volatility |
7011.T PRY.MI MELI PRX.AS NOD.OL ASML NVO NEXN.PA |
Hardman Johnston International Equity underperformed in Q3 due to volatility, returning 5.74% versus 7.26% for MSCI EAFE. Defense and energy transition themes drove outperformance through Mitsubishi Heavy and Prysmian, while semiconductor concerns weighed on Nordic and ASML. Despite election and geopolitical uncertainties ahead, the manager maintains conviction in secular growth themes over a three-to-five-year horizon. |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2026 Q1 |
AIAI is driving unprecedented demand for semiconductor manufacturing capacity, particularly EUV lithography equipment and advanced foundry services. The manager views AI as creating structural demand for advanced technology nodes and increasing lithography intensity across Logic and DRAM. However, they acknowledge market volatility around AI sentiment and focus on 'picks and shovels' beneficiaries rather than direct AI applications. |
Semiconductors Data Centers Infrastructure Lithography Foundries |
SemiconductorsThe manager sees strong fundamentals in the semiconductor cycle, particularly for advanced manufacturing equipment and foundry services. ASML benefits from monopoly position in EUV lithography with improving multi-year visibility. TSMC is viewed as the key bottleneck for AI compute capacity with exceptional pricing power and margin durability. |
EUV Foundries Memory Logic Equipment | |
NuclearNuclear power is positioned to benefit from the shift away from Russian fuel sources and increasing energy security concerns. The manager initiated a position in Cameco, viewing it as well-positioned for the nuclear renaissance with Western jurisdictions assets and fuel services capabilities. Nuclear demand is also supported by AI data center energy requirements. |
Uranium Energy Security Fuel Services Reactors | |
Energy SecurityGeopolitical tensions are accelerating existing trends toward energy security and sovereignty. The manager sees this as creating opportunities in nuclear fuel, offshore drilling services, and energy infrastructure. The shift away from Middle East oil dependence is viewed as a structural tailwind for diversified energy supply chains. |
Geopolitical Supply Chain Independence Diversification | |
BiosimilarsBiosimilar growth remains strong with improving regulatory frameworks. Sandoz is benefiting from biosimilars representing ~30% of sales with higher margins driving mix shift and earnings growth. Recent HHS guidance streamlining regulatory requirements is expected to lower development costs and accelerate pipeline programs. |
Generics Regulatory Margins Pipeline | |
LuxuryLuxury goods face headwinds from gradual recovery in key markets and geopolitical impacts. LVMH is experiencing only gradual improvement in China and US markets, with limited exposure to the stronger jewelry vertical. Middle East tensions directly impact regional sales and pose risks to consumer confidence globally. |
China Consumer Jewelry Recovery | |
| 2025 Q4 |
AIManager believes current AI investment cycle differs from dot.com bubble due to existing demand for compute capacity. Views AI infrastructure buildout as most secure part of the AI food chain, explaining continued investment in Nvidia and ASML. Acknowledges volatility but remains committed to AI revolution thesis. |
Artificial Intelligence Data Centers Compute Infrastructure GPUs |
Trade PolicyDiscusses tariff-driven uncertainty around Liberation Day and subsequent market recovery. Notes potential Supreme Court ruling on Trump tariff legality could invalidate tariffs imposed under IEEPA, though similar tariffs would likely be reimposed under other legal frameworks. |
Tariffs Trade IEEPA Supreme Court | |
TechnologyPortfolio concentrated in technology names including Alphabet, Service Now, Snowflake, and semiconductor infrastructure plays. Manager sees technology as beneficiary of AI revolution and maintains conviction in platform companies over individual applications. |
Enterprise Software Platforms Semiconductors | |
RatesFederal Reserve continued easing cycle with Fed Funds rate reaching parity with 2-year bond at 3.5%. Manager believes they are within 25-50 basis points of neutral rate. Skeptical that further rate cuts would meaningfully reduce government borrowing costs. |
Federal Reserve Interest Rates Monetary Policy | |
| 2025 Q3 |
SemiconductorsThe portfolio holds significant exposure to semiconductor companies including TSMC, Infineon, STMicroelectronics, and ASML. TSMC remains a key enabler of AI infrastructure with strong Q2 earnings and raised guidance. The analog semiconductor sector is showing signs of recovery after a cyclical trough, with evidence of growing customer backlogs and improved order signals. |
AI Foundries Analog Semiconductors Semi Equipment Memory |
PharmaceuticalsHealthcare holdings include UCB, Sandoz, and AstraZeneca. UCB strengthened following successful data on Bimzelx for hidradenitis suppurativa with accelerating prescription trends. Sandoz delivered strong results with additional biosimilar launches planned and filed for generic semaglutide representing significant opportunity. The biosimilar market benefits from streamlined regulatory development. |
Biotechnology Generics Specialty Pharma Immunology Biosimilars | |
DefenseThe portfolio maintains exposure to defense and aerospace companies including Rheinmetall, Airbus, Leonardo, Mitsubishi Heavy Industries, and Safran. These companies benefit from increased defense spending and aerospace recovery trends. Rheinmetall was highlighted as a top contributor over the last twelve months. |
Aerospace Defense Electronics Defense Components Military Security | |
AIAI is discussed as a major theme with significant productivity potential but questions around current valuations and capital investment returns. The technology drives demand for semiconductors, data centers, and electrical grid infrastructure. Markets oscillate between fear and fear of missing out regarding AI investments, with broad portfolio exposure particularly in the US. |
Data Centers Cloud Infrastructure GPUs Machine Learning Automation | |
Trade PolicyTariffs and trade policy are significant concerns affecting portfolio companies. The Liberation Day tariff announcement initially shocked markets but subsequent trade deal agreements restored confidence. Tariffs are viewed as regressive, disproportionately impacting lower-income households. Companies like UCB are expanding US manufacturing to reduce tariff exposure. |
Tariffs Trade Wars Protectionism Supply Chain Manufacturing | |
| 2025 Q2 |
Defense SpendingNATO countries agreed to invest 5% of GDP in defense by 2035, representing a step change in spending levels. European nations are taking security upon themselves as US military support is not guaranteed, particularly under a Trump administration. Defense is not solely a European theme, with Japan and South Korea also increasing spending targets against China and North Korea threats. |
Defense NATO Geopolitical Military Security |
SemiconductorsTaiwan Semiconductor's dominance in leading edge semiconductor manufacturing continues to expand, with shortfalls at Samsung and Intel reinforcing a current state of monopoly. Strong results are primarily related to unmitigated demand for AI accelerators, where TSMC is effectively the sole foundry supplier. Infineon continues to gain share across the entire auto semis landscape, officially reporting 13.5% market share as the global leader. |
Semiconductors AI Foundries Auto Manufacturing | |
Energy TransitionThe shift in ESG policy in the US has impacted sales and performance of companies in the electric vehicle value chain. However, EVs typically require at least two to three times more semiconductors than vehicles with internal combustion engines, which means long-term demand for companies with the right products and defensible market position. |
Electric Vehicles ESG Semiconductors Clean Energy Automotive | |
| 2025 Q1 |
Defense SpendingGermany changed its Constitution to release fiscal debt brakes enabling unlimited defense spending, while Europe announced massive defense and infrastructure spending framework. Japan is committed to achieving 2% of GDP defense spending with speculation of upward revision to 3% and beyond. |
Defense Rheinmetall Mitsubishi Heavy Geopolitical Spending |
AIDeepSeek's launch as a Chinese AI competitor to ChatGPT demonstrated lower cost operations and disrupted the LLM market. Tencent increased AI investments to drive productivity in software development and content creation while capitalizing on enterprise demand for customer service chatbots. |
DeepSeek Tencent LLM Enterprise Productivity | |
Trade PolicyTrump administration unveiled sweeping tariffs on April 2nd on dozens of countries worldwide affecting virtually all US imports. This will provoke retaliation and renegotiation from trading partners, with negative GDP impact on already slowing global growth. |
Tariffs Trade Retaliation GDP Global | |
Semiconductor CycleInventories in both end markets and semiconductor supply chain are peaking and entering depletion phase. Semiconductor stocks typically price inventory inflection and return to growth approximately 2 quarters in advance. |
Inventories Cycle TSMC ASML Infineon | |
E-commerceProsus announced deals to bolster global services e-commerce operations including Despegar and Just Eat Takeaway. MercadoLibre demonstrated strong leverage throughout business with advertising remaining key upside option as revenue percentage of GMV grows. |
Prosus MercadoLibre Advertising GMV Leverage | |
| 2024 Q4 |
AITSMC performed strongly as AI processor demand supported sales growth despite underwhelming recoveries in legacy end markets. TSMC's dominance in leading edge semiconductor manufacturing expanded as competitors demonstrated shortfalls. The manager sees AI as a long-term play creating opportunities throughout its value chain globally. |
Semiconductors Processors Manufacturing Supply Chain |
SemiconductorsTSMC continued to post strong sales and gross margin figures with improving utilization rates across advanced nodes. The company remains the most attractively valued semiconductor company relative to its mission criticality in the AI and advanced semiconductor supply chain. |
TSMC Manufacturing Advanced Nodes Valuation | |
Energy TransitionNexans is positioned to benefit from ongoing electrification trends, particularly renewable energy transition and grid fortification. More energy will be needed to fuel growing electricity demand, feeding into the green energy trend despite concerns about climate objectives. |
Electrification Renewables Grid Cables | |
DefenseMany countries have been historically underinvested in defense and now accept it as a priority. While peace in Ukraine would challenge defense-related industrials short-term, long-term structural drivers remain intact as defense becomes an unavoidable priority. |
Defense Spending Structural Geopolitical Investment | |
GLP1Novo Nordisk faced disappointing clinical results in its CagriSema trial but achieved parity with Eli Lilly's Zepbound. Additional trials and drug combinations coming in 2025 could prove positive catalysts. Sandoz has longer-term opportunity in GLP-1 space as drugs come off patent. |
Weight Loss Clinical Trials Competition Patents | |
CloudAtlassian recovered sharply driven by strong Cloud and Data Center revenue growth and operating margins exceeding guidance. Paid seat expansion and cloud migrations led the earnings beat as the collaborative software maker demonstrated strong innovation pace. |
Revenue Growth Migrations Software Margins | |
| 2024 Q3 |
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 Japanese government is significantly expanding its defense budget to counter national security threats, benefiting companies like Mitsubishi Heavy Industries. |
Defense Military Security Government Spending |
Energy TransitionPrysmian is experiencing secular growth from the proliferation of renewable energy and grid fortification, which are high-margin end-markets. Nexans is poised to benefit from ongoing electrification trends, particularly the renewable energy transition and grid fortification. |
Renewable Grid Electrification Cables Infrastructure | |
AIAI has driven huge returns and, while far from cheap, still appears to show enormous growth potential that can justify lofty valuations. There are many companies investing in AI to boost productivity, enhance their offerings to businesses and consumers, and boost their market positions. |
Artificial Intelligence Technology Growth Productivity Innovation | |
E-commerceMercadoLibre posted excellent second quarter 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 both substantially exceeded investor expectations. |
Online Digital Payments Platform Growth | |
SemiconductorsASML faces risks from Intel's capex cuts and concerns about China procurement strength, but maintains its structural position in the semiconductor manufacturing value chain. Nordic Semiconductor remains a market leader in low-power connectivity despite near-term growth concerns. |
Chips Equipment Manufacturing Technology Cyclical |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Apr 12, 2026 | Fund Letters | Hardman Johnston International Equity | ASML | ASML Holding NV | Semiconductor Equipment & Materials | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | AI infrastructure, EUV lithography, growth, Monopoly, Netherlands, semiconductor equipment, technology | Login |
| Apr 12, 2026 | Fund Letters | Hardman Johnston International Equity | TSM | Taiwan Semiconductor Manufacturing Co. Ltd. | Semiconductors | Semiconductors & Semiconductor Equipment | Bull | New York Stock Exchange | advanced nodes, AI compute, contract manufacturing, Foundry, growth, Pricing power, Taiwan | Login |
| Apr 12, 2026 | Fund Letters | Hardman Johnston International Equity | - | Sandoz Group Ltd. | Other | Pharmaceuticals | Bull | Swiss Exchange | Biosimilars, Generic Pharmaceuticals, growth, healthcare, margin expansion, Regulatory, Switzerland | Login |
| Apr 12, 2026 | Fund Letters | Hardman Johnston International Equity | UCB.BR | UCB S.A. | Biotechnology | Pharmaceuticals | Bull | Shanghai Stock Exchange | Belgium, Bimzelx, biopharmaceuticals, growth, Hidradenitis suppurativa, Immunology, pipeline | Login |
| Apr 12, 2026 | Fund Letters | Hardman Johnston International Equity | CCO | Cameco Corporation | Advertising Agencies | Oil, Gas & Consumable Fuels | Bull | New York Stock Exchange | Canada, Energy security, geopolitical, growth, nuclear energy, uranium, Westinghouse | Login |
| Apr 12, 2026 | Fund Letters | Hardman Johnston International Equity | FTI | TechnipFMC plc | Oil & Gas Equipment & Services | Energy Equipment & Services | Bull | New York Stock Exchange | Cyclical, Energy Services, geopolitical, Offshore, Oil & Gas, Subsea Equipment, United Kingdom | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | SDZ SW | Sandoz Group Ltd. | Health Care | Pharmaceuticals | Bull | Swiss Exchange | Biosimilars, Generics, Glp1, pipeline, Regulation | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | AZN | AstraZeneca PLC | Health Care | Pharmaceuticals | Bull | New York Stock Exchange | growth, Oncology, Phase3, pipeline, Policy | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | STAN LN | Standard Chartered PLC | Financials | Diversified Banks | Bull | New York Stock Exchange | buybacks, emergingmarkets, Fees, ROE, Wealth | 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, visibility | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | 7011 JP | Mitsubishi Heavy Industries Ltd. | Industrials | Industrial Conglomerates | Bull | New York Stock Exchange | Defense, energy, Orders, Policy, Turbines | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | MELI | MercadoLibre Inc. | Consumer Discretionary | Internet & Direct Marketing Retail | Bull | NASDAQ | Competition, Fintech, Logistics, Margins, Reinvestment | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | WEIR LN | Weir Group PLC | Industrials | Industrial Machinery | Bull | New York Stock Exchange | aftermarket, Copper, Margins, Mining, Software | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | NEX FP | Nexans SA | Industrials | Electrical Equipment | Bear | Euronext Stock Exchange | Delays, Electrification, Execution, Projects, valuation | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | DTE GR | Deutsche Telekom AG | Communication Services | Integrated Telecommunication Services | Bear | Xetra | ARPU, cashflow, Competition, Margins, Telecom | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | UCB | UCB S.A. | Financials | Biotechnology | Bull | Shanghai Stock Exchange | Bimzelx, Biotech, capacity expansion, Hs, Immunology, pipeline | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | SDZ | Sandoz Group Ltd. | Health Care | Pharmaceuticals | Bull | Swiss Exchange | Biosimilars, Generics, GLP-1, growth, pharmaceuticals, pipeline | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | PROS | Prosus N.V. | Other | Internet & Direct Marketing Retail | Bull | Euronext Stock Exchange | AI, Ecosystem, Internet, NAV discount, restructuring, Tencent | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | SUZUKI | Suzuki Motor Corp. | Other | Automobiles | Bull | NYSE | automotive, Consumption, Gst cuts, Margins, Policy stimulus | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | CBK GR | Commerzbank AG | Financials | Diversified Banks | Bull | XETRA | banking, dividends, Europe, turnaround, valuation | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | 8750 JP | Dai-ichi Life Holdings, Inc. | Financials | Life & Health Insurance | Bull | New York Stock Exchange | Insurance, Interestrates, Japan, M&A, Rotation | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | DTE GR | Deutsche Telekom AG | Communication Services | Integrated Telecommunication Services | Bull | XETRA | cashflow, dividends, infrastructure, rerating, Telecom | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | IFX GR | Infineon Technologies AG | Information Technology | Semiconductors | Bull | XETRA | Autos, Cyclicality, Electrification, marketshare, semiconductors | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | RHM GR | Rheinmetall AG | Industrials | Aerospace & Defense | Bull | XETRA | Ammunition, Defense, Europe, Joint venture, Rearmament | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | 7269 JP | Suzuki Motor Corporation | Consumer Discretionary | Automobiles | Bull | New York Stock Exchange | Conservative, consumer, guidance, India, Macro | Login |
| Jul 17, 2025 | Fund Letters | Cassandra A. Hardman | TSM | Taiwan Semiconductor Manufacturing Co., Ltd. | Information Technology | Semiconductors | Bull | New York Stock Exchange | AI, Foundry, manufacturing, Monopoly, semiconductors | Login |
| Jun 30, 2025 | Fund Letters | Hardman Johnston International Equity | RHM.DE | Rheinmetall AG | Industrials | Aerospace & Defense | Bull | XETRA | Aerospace, Ammunition, Defense, European, joint ventures, margin expansion, Military Equipment, NATO | Login |
| Jun 30, 2025 | Fund Letters | Hardman Johnston International Equity | 7011.T | Mitsubishi Heavy Industries, Ltd. | Industrials | Machinery | Bull | Tokyo Stock Exchange | Defense, energy transition, Gas turbines, infrastructure, Japanese, Nuclear, Pricing power | Login |
| Jun 30, 2025 | Fund Letters | Hardman Johnston International Equity | TSM | Taiwan Semiconductor Manufacturing Company Limited | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NYSE | AI, Foundry, Geographic Diversification, Leading Edge, Monopoly, semiconductors, Taiwan | Login |
| Jun 30, 2025 | Fund Letters | Hardman Johnston International Equity | IFX.DE | Infineon Technologies AG | Information Technology | Semiconductors & Semiconductor Equipment | Bull | XETRA | automotive, Cyclical Recovery, Electrification, German, Industrial, market share, semiconductors | Login |
| Jun 30, 2025 | Fund Letters | Hardman Johnston International Equity | CBK.DE | Commerzbank AG | Financials | Banks | Bull | XETRA | banking, capital returns, Digitalization, Export Sector, German, Interest rates, turnaround | Login |
| Jun 30, 2025 | Fund Letters | Hardman Johnston International Equity | LDO.MI | Leonardo SpA | Industrials | Aerospace & Defense | Bull | Borsa Italiana | Aerospace, Aerostructures, CEO Turnaround, Defense, Italian, NATO, Simplification | Login |
| Jun 30, 2025 | Fund Letters | Hardman Johnston International Equity | 6501.T | Hitachi, Ltd. | Industrials | Industrial Conglomerates | Bull | Tokyo Stock Exchange | AI, energy transition, Grid Equipment, industrial conglomerate, Japanese, Lumada, Nuclear, Software | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston International Equity | 7011.T | Mitsubishi Heavy Industries, Ltd. | Industrials | Machinery | Bull | Tokyo Stock Exchange | Cyclical, Defense, energy, Equity, Gas turbines, Japan, Japanese Government, machinery, Nuclear | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston International Equity | PRY.MI | Prysmian S.p.A. | Industrials | Electrical Equipment | Bull | Borsa Italiana | electrical equipment, Electrification, energy transition, Equity, Europe, Grid Infrastructure, growth, High-Voltage Cables, renewable energy | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston International Equity | MELI | MercadoLibre, Inc. | Consumer Discretionary | Broadline Retail | Bull | NASDAQ | Broadline Retail, digital payments, e-commerce, Emerging markets, Equity, Fintech, growth, Latin America, marketplace | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston International Equity | PRX.AS | Prosus NV | Consumer Discretionary | Broadline Retail | Bull | Euronext Amsterdam | Broadline Retail, China, Emerging markets, Equity, food delivery, India, Internet, portfolio optimization, Tencent, Value | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston International Equity | NOD.OL | Nordic Semiconductor ASA | Information Technology | Semiconductors & Semiconductor Equipment | Bear | Oslo Stock Exchange | Equity, Europe, growth, IoT, Low-Power Connectivity, market share, nRF54, semiconductors, wireless technology | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston International Equity | ASML | ASML Holding N.V. | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | 2nm Node, AI, Equity, Europe, EUV lithography, growth, Leading Edge, semiconductor equipment, Taiwan Semiconductor | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston International Equity | NVO | Novo Nordisk A/S | Health Care | Pharmaceuticals | Neutral | NYSE | CagriSema, Equity, Europe, GLP-1, growth, obesity treatment, pharmaceuticals, supply constraints, Wegovy | Login |
| Sep 30, 2024 | Fund Letters | Hardman Johnston International Equity | NEXN.PA | Nexans SA | Industrials | Electrical Equipment | Bull | Euronext Paris | electrical equipment, Electrification, Equity, Europe, Grid Infrastructure, growth, High-Voltage Cables, Installation Services, renewable energy | 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. |
| SDZ.SW | Sandoz delivered a strong 2025, and its initial 2026 guidance was above consensus. Biosimilar growth remains strong and now represents ~30% of total net sales and a higher percentage of profits due to much higher margins. The mix shift towards biosimilars will continue to support margin expansion and earnings growth. All biosimilar launches in 2025 performed in line with or above investor expectations, supporting confidence in the company's launch cadence and commercial execution. HHS released streamlined guidance for biosimilar regulatory requirements, moving the U.S. framework closer to the EU regulatory model and reducing complexity for developers. This regulatory shift is expected to lower development costs, enabling Sandoz to reinvest savings into pipeline expansion and accelerate future biosimilar programs. |
| UCB.BR | UCB's share price rose following strong 2025 results driven by Bimzelx (an immunology drug with $5 billion peak sales potential currently but could be substantially higher with new indications), and that momentum is expected to continue into 2026. Management is still expanding both indications and patient access, supporting a longer growth runway for the asset. Bimzelx remains well positioned in hidradenitis suppurativa (HS), an area with significant unmet need, reinforcing its leadership in an attractive market. The positive BE BOLD trial of Bimzelx vs. Skyrizi should further strengthen Bimzelx's competitive position across both dermatology and rheumatology. UCB also benefited from encouraging pipeline progress, with galvokimig advancing in Phase IIb for atopic dermatitis, adding another potential growth driver. |
| MC.PA | LVMH's performance during the first quarter reflected only a gradual return to growth in its key F&LG group. While both China and the US markets are improving, the improvement is gradual. LVMH is less exposed to the stronger vertical in luxury – jewelry, and that too was reflected it is first-quarter performance. LVMH has the same exposure to luxury verticals the Middle East (both direct sales and Middle East travelers) as other groups – around 5-6% – but the region was the most thriving hub of luxury sales prior to the war. The war's impact hits that business directly, as well as posing risks to consumer confidence and willingness to spend. |
| PRX.AS | Prosus underperformed in the quarter due to heightened competition in Brazil and a sector-wide derating among global peers in ecommerce and fast-food delivery. In addition, Tencent is significantly stepping up AI investments and is expected to reduce its level of share buybacks. These factors together will likely constrain Prosus' own share buybacks and cash return to shareholders. Though Prosus' balance sheet remains robust and under no strain, we decided to exit Prosus at this time given increased headwinds and reduced visibility. |
| CBK.DE | Commerzbank underperformed along with many bank stocks, as a result of macro factors that negatively impacted net interest income (NII) growth, driven by an economic slowdown following the energy price shock. Germany, in particular, has been in a weak economic position over the past few years but is now in the midst of a recovery, supported by stimulus following the release of the fiscal debt brake. This was expected to have a meaningful positive impact on Commerzbank's SMB segment—the so-called 'Mittelstand'—which represents its largest deposit base. While we still expect this to happen, the war and rising oil prices have created uncertainty. In addition, Commerzbank is engaged in a takeover battle with UniCredit, which is attempting to acquire the company. While this puts a floor under the stock price, the initial bid was only at a modest premium. |
| STAN.L | Standard Chartered underperformed in Q1 largely due to a reset in elevated expectations following a strong prior rally, rather than any material deterioration in the underlying business. Earnings modestly missed consensus—primarily due to softer trading income—while concerns around net interest income and a measured 2026 outlook weighed on sentiment. Higher costs also tempered confidence in near-term operating leverage. That said, the core franchise remains solid, management continues to guide conservatively, and ongoing capital returns position the bank well for potential upside as execution progresses. |
| 7269.T | Shares of Suzuki Motor Corp. underperformed during the quarter, primarily due to higher oil prices, which weighed on Consumer Discretionary sectors, particularly autos. In addition, India—one of Suzuki's key markets—faces greater exposure to potential energy disruptions from a Hormuz Strait closure given their enormous dependence on imported oil, which could place upward pressure on fuel prices despite existing price controls and, more broadly, weigh on economic growth. Recent sales data, however, remains supportive, and we have not yet observed any meaningful impact on demand. Over the longer term, Suzuki remains well positioned given its strong market share in India and other emerging economies, competitive positioning in small vehicles, and continued exposure to structural growth in emerging markets. |
| STM | Shares of STMicro outperformed as the analog semiconductor recovery gradually improved, while the company has solidified an idiosyncratic driver in the investment thesis with its opportunity in AI data centers. STMicro announced an agreement with AWS that validates the company as a strategic supplier across silicon photonics, MCUs, and power semis within the AI landscape. The deal pulls forward the AI data center revenue opportunity and should improve fab utilization. That idiosyncratic AI strength offsets Auto and Industrial fundamentals, which remain near a trough, but downside risk appears limited and upside potential high when demand recovers in auto and industrials. We continue to like the setup for top-line recovery and sharp gross margin leverage as cyclical and structural drivers converge. |
| CCO | We initiated a position in Cameco, a vertically integrated leader in nuclear energy with operations spanning upstream Tier 1 assets in Western jurisdictions, nuclear fuel services, and nuclear technology. The company is the world's second-largest uranium producer behind Russia, with key reserves located in Canada and the United States. As Western markets continue to shift away from Russian-sourced nuclear fuel, Cameco is well positioned to benefit, particularly given that nuclear power represents approximately 20% of the U.S. energy mix and is moving higher and remains heavily reliant on imports. In addition, Cameco's downstream fuel services business commands roughly 20% of global uranium conversion capacity within a highly concentrated and regulated market. The company also owns a 49% stake in Westinghouse, a leading nuclear technology provider with significant intellectual property in reactor design. As part of the ongoing nuclear renaissance, Cameco and Westinghouse have been identified as key partners in supporting new nuclear buildouts in the United States. More recently, heightened geopolitical tensions have further reinforced the importance of energy security, providing an additional tailwind for nuclear power demand. |
| 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. |
| HDFCBANK.NS | During the quarter, we exited our position in HDFC Bank Limited. HDFC Bank reported disappointing earnings during the quarter, along with an elevated liquidity coverage ratio and an elevated loan-to-deposit ratio. These two factors likely limit the bank's ability to expand lending until they normalize, effectively pressuring a key driver of EPS growth. HDFC Bank has had a difficult time achieving its stated synergies since acquiring HDFC Ltd. two years ago, and this quarter was another demonstration of that. In addition, macro factors from rising oil prices due to the energy price shock have pressured the Indian economy more than others, given that virtually all of its energy is imported. This can depress loan demand and credit card spending, which are key drivers of EPS growth. We exited the small position during the quarter due to these factors, prior to the CEO's resignation, which was an additional negative signal. |
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