| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 10.8% | 18.79% | 15.13% |
The Hardman Johnston International Equity Composite returned 18.8% net in Q2 2026, outperforming the MSCI EAFE Net Index by 800 basis points. Strong stock selection drove outperformance, led by Information Technology and Financials. Semiconductor holdings STMicroelectronics and Infineon benefited from normalized inventories, strengthening demand across automotive and industrial markets, and growing AI data center opportunities. Standard Chartered delivered robust Wealth Management growth while Commerzbank was exited following UniCredit's tender offer. Industrials and Consumer Discretionary detracted, with Rheinmetall pressured by concerns over European defense spending and MercadoLibre impacted by margin investments. The manager remains positive on long-term secular themes including AI adoption, European defense spending, energy transition, and nuclear power, while acknowledging cyclical risks in semiconductors. Despite geopolitical turbulence and higher-for-longer interest rates under new Fed Chair Kevin Warsh, the portfolio is positioned in high-quality companies with durable competitive advantages. The manager has trimmed semiconductor positions to lock in profits and remains alert to cycle signals while maintaining conviction in long-term growth opportunities.
The portfolio is positioned in high-quality international companies with durable competitive advantages that benefit from long-term secular themes including AI adoption, semiconductor cycle recovery, European defense spending, energy transition, and nuclear power demand, while maintaining discipline through trimming cyclical positions and focusing on fundamental analysis to deliver earnings growth across economic environments.
The manager expects geopolitical turbulence, economic uncertainty, and volatility to persist, but remains confident in the portfolio's ability to deliver earnings growth across a range of economic environments. They are positive on long-term secular themes including AI adoption, European defense spending, energy transition, and nuclear power, while remaining realistic about cyclical elements and alert to signals of overinvestment in semiconductors. The focus remains on high-quality companies with durable competitive advantages, strong management teams, and long-term growth opportunities.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jul 13 2026 | 2026 Q2 | 6501.T, 7011.T, 7269.T, AIR.PA, ASML.AS, AZN.L, CBK.DE, CCJ, FTI, ICICIBC.NS, IFX.DE, LDO.MI, MC.PA, MELI, PRX.AS, PRY.MI, RHM.DE, SAF.PA, SDZ SW, STAN.L, STM, TSM, UCB.BR, WEIR.L | AI, defense, Energy Transition, Europe, industrials, international, semiconductors, technology | - | Hardman Johnston's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits. Despite geopolitical uncertainty and hawkish Fed policy, the portfolio remains focused on high-quality companies positioned for long-term secular growth. |
| 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 Q2 |
AIAI capital spending is boosting earnings estimates and broadening performance across sectors and geographies. The manager sees AI as a clear solution to demographic headwinds and productivity challenges in developed markets. They remain positive on long-term AI adoption drivers but realistic about cyclical elements, noting that consistent winners will be the picks and shovels companies providing chips, power supply, and equipment. |
Data Centers Semiconductors Productivity Capital Spending |
Semiconductor CycleImproving conditions in automotive and industrial markets, combined with AI data center opportunities, supported a meaningful rerating in semiconductor holdings. Channel inventories have normalized, demand has strengthened, and book-to-bill ratios are above one across the industry. However, the manager acknowledges this remains a cyclical industry and has trimmed positions to lock in profits, remaining alert to signals that pricing is easing and the cycle is reaching its top. |
Analog Semiconductors Memory Foundries Cyclicality | |
Defense SpendingThe manager continues to believe European defense spending remains a long-term secular theme despite recent underperformance driven by concerns over government spending priorities and defense technology types. Germany and Italy are strongly committed to increased defense spending, and modern militaries will continue to require heavy defense capabilities alongside drones and technical defense systems. |
Defense Europe Government Spending Geopolitical | |
Energy TransitionThe long-term trend toward decarbonization remains strong and is a large part of the drive to energy independence. The manager is positive on holdings positioned to benefit from electrification and the energy transition, including optical fiber for AI data centers, high-voltage transmission cables, and nuclear power as a clean, reliable energy source to support AI demand. |
Decarbonization Nuclear Grid Upgrade Electrification | |
UraniumThe investment case for uranium rests on multi-decade demand growth, long-term contracting, and continued innovation in nuclear power. Despite temporary production delays and slower-than-expected progress on government nuclear spending programs, the manager remains constructive on the long-term outlook given higher uranium prices, growing support for new nuclear projects, and increasing demand for clean, reliable energy to support AI. |
Nuclear Energy Security Clean Energy | |
OilThe US-Iran ceasefire and tentative reopening of the Strait of Hormuz have led to a steady reduction in oil prices from recent highs. While more expensive oil is never good for global economic growth, the manager sees opportunities in offshore engineering and drilling services as more countries seek energy security through deepwater exploration, creating less reliance on energy passing through strategic chokepoints. |
Geopolitical Energy Security Offshore Drilling | |
RatesNew Federal Reserve Chair Kevin Warsh has been notably more hawkish than expected, hitting interest rate expectations and taking steam out of long-duration stocks. He intends to move away from detailed forward guidance and frequent press conferences, signaling another iteration of higher-for-longer with less interest rate visibility and potentially more volatility. The ECB has also moved to establish inflation-fighting credentials with a rate hike, though falling energy prices appear to have reduced pressure for further aggressive hikes. |
Federal Reserve Inflation Monetary Policy Volatility | |
E-commerceMercadoLibre reported strong first-quarter revenue growth that exceeded expectations, though earnings fell short as operating margins came in below guidance. Management indicated the lower margin profile reflects deliberate investments in shipping, cross-border commerce, and financial services rather than competitive pressures. The manager remains confident these investments continue to support the company's leadership position across Latin American e-commerce and digital financial services. |
Latin America Digital Payments Marketplaces | |
| 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 |
|---|---|
| STM | Improving conditions in the automotive and industrial markets, combined with growing AI data center opportunities, supported a meaningful rerating in STMicroelectronics' shares. Management indicated that channel inventories have normalized and demand has strengthened across end markets, reinforcing our view that the industry cycle has bottomed. The company also continued to highlight strong demand for its AI data center business, supported by its silicon photonics platform and broad portfolio of analog, mixed-signal, and microcontroller products. |
| IFX.DE | Shares of Infineon outperformed as improving industry conditions supported analog semiconductor demand, with positive pricing trends, tight capacity, and book-to-bill ratios above one across the industry. The company raised guidance following strong revenue growth and an expanding €25 billion order backlog, while management highlighted improving margins driven by higher volumes and a favorable product mix. We also continue to see significant long-term growth opportunities from the company's leadership in power semiconductors serving AI data centers. |
| STAN.L | Standard Chartered delivered another quarter of strong results that exceeded expectations. Wealth Management continued to deliver robust growth and gain market share, while higher fee income from this business reduced the bank's reliance on net interest margin to drive earnings. The company also continued to return excess capital to shareholders through share repurchases. |
| CBK.DE | Shares of Commerzbank rose following UniCredit's tender offer to increase its ownership stake from 29% to at least de facto control, with the potential to exceed 50% ownership through an extended tender offer and open market purchases. Following the initial tender, UniCredit accumulated approximately 44.3% of the voting rights. While the German government's 13% ownership stake and political opposition remain key obstacles, and regulatory approval could take 6–12 months, we chose to exit the position with the shares trading near their highs. Given the uncertainty surrounding the merger process, potential management changes, lower liquidity, and the possibility of separate trading for tendered and untendered shares, we believed it was an appropriate time to realize gains. |
| RHM.DE | Shares of Rheinmetall came under pressure amid concerns over the outlook for European defense spending, the potential impact of emerging defense technologies such as drones, and the cancellation of a planned €12 billion frigate contract by the German government. We continue to believe European defense spending remains a long-term secular theme, while Rheinmetall continues to invest in next-generation technologies, including drone and counter-drone capabilities. |
| 7011.T | Mitsubishi Heavy Industries underperformed in the quarter as defense-related shares broadly pulled back following a period of strong performance. We remain positive on the long-term outlook, supported by Japan's commitment to increasing defense spending, while the company's Energy business continues to benefit from strong demand for gas turbines driven by AI-related data center growth. |
| 7269.T | Shares of Suzuki Motor Corp. pulled back as higher oil prices raised concerns about consumer demand in India, the company's largest market. While higher fuel prices were partially passed through to consumers, recent monthly data continues to point to a resilient automotive market. With tensions in Iran easing and oil prices declining, we remain constructive on the outlook. |
| MELI | Despite reporting strong first-quarter revenue growth that exceeded expectations, shares of MercadoLibre, Inc. declined after earnings fell short as operating margins came in below guidance. Management indicated that the lower margin profile reflects deliberate investments in shipping, cross-border commerce, and financial services rather than competitive pressures. We remain confident in the investment thesis, as these investments continue to support the company's leadership position across Latin American e-commerce and digital financial services. |
| PRY.MI | Shares of Prysmian outperformed as the market increasingly recognized the AI-driven data center opportunity for optical fiber alongside management's more confident outlook for margin recovery. Other segments also continued to benefit from the energy transition, particularly high-voltage transmission cables, and stronger economic growth supporting demand for medium- and low-voltage cables. We continue to believe Prysmian is uniquely positioned to benefit from the long-term trends of electrification and the energy transition. |
| CCJ | Cameco underperformed due to temporary production delays at the McArthur River/Key Lake and Cigar Lake mines, slower-than-expected progress on the U.S. government's $80 billion nuclear spending program, and investors awaiting additional utility contracting. We remain constructive on the long-term outlook, as higher uranium prices, growing support for new nuclear projects, and increasing demand for clean, reliable energy—particularly to support AI—continue to provide a favorable backdrop. |
| PRX.AS | We liquidated our position in Prosus as rising competition in both Brazil and Europe pressured the profitability of its food delivery business, leading management to significantly reduce guidance in May. In addition, Tencent's increased AI investment is expected to reduce the cash available for distribution to Prosus, limiting future share repurchases. Despite the company's healthy balance sheet, we exited the position given these headwinds and reduced earnings visibility. |
| FTI | Companies like our holding TechnipFMC, which provides offshore engineering and drilling services designed to improve operational efficiency and reduce environmental impact, are well placed to benefit from increased deepwater exploration as more countries, including India, seek energy security. |
| LDO.MI | We are still positive on the long-term outlook for defense and our stocks, including Rheinmetall and Leonardo. Germany and Italy are strongly committed to increased defense spending, and while drones and technical defense have moved up the purchase list, modern militaries will continue to require more heavy defense capabilities. |
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