The curated database of hedge funds that publish investor letters. Research by geography, strategy, and schools of thought.
| # | Fund | Strategy | Style | Geography | AUM | Latest Letter |
|---|---|---|---|---|---|---|
As of Oct 12, 2026
The Hardman Johnston International Equity strategy returned -6.06% net of fees in the third quarter of 2026, lagging the MSCI EAFE Net Index (+0.81%) and the MSCI AC World ex US Net Index (+0.48%). Year-to-date net performance stands at 8.15% against 10.33% for MSCI EAFE. Relative performance was weighed down by Information Technology and Health Care, particularly semiconductor holdings STMicroelectronics and Infineon Technologies amid an unwind in artificial intelligence infrastructure stocks, alongside pharmaceutical holding UCB following conservative peak-sales guidance for Bimzelx. Conversely, Industrials was the strongest sector contributor, propelled by double-digit gains in Japanese holdings Hitachi and Mitsubishi Heavy Industries, while Standard Chartered supported financials. Regionally, Europe and North America detracted, whereas Japan and the United Kingdom contributed positively. The fund initiated a position in Teva Pharmaceutical Industries during the quarter and conducted no complete liquidations. Management maintains a disciplined, high-conviction 23-stock portfolio with an active share of 92.6%, targeting high-quality companies with durable competitive moats and secular growth exposure across energy, defense, and technology infrastructure.
Disciplined, high-conviction stock selection focused on high-quality international companies with durable competitive advantages, secular growth drivers, and attractive long-term earnings potential delivers superior risk-adjusted returns over full market cycles.
Markets are expected to remain volatile and unpredictable as competing forces of geopolitical friction and high interest rates clash with economic resilience and secular capital investment. The manager remains constructive on the earnings power of businesses benefiting from AI compute demand, energy transition, and defense modernization, actively looking to deploy into sectors that have sold off excessively on transient sentiment shifts.
Moderate Conviction Bullish
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