| ANNUALIZED SINCE INCEPTION | QUARTERLY | YTD |
|---|---|---|
| 11.1% | 6.0% | 9.6% |
Hardman Johnston maintains an optimistic outlook on markets, arguing that current conditions represent opportunities rather than bubbles in most areas where they invest. The firm's Large Cap Equity composite delivered 4.27% net returns in Q4 2025, outperforming the S&P 500's 2.66% return. Key contributors included Albemarle benefiting from lithium price surges driven by production disruptions and improving EV outlook, Illumina positioned for life sciences spending recovery with dominant gene sequencing market share, and Advanced Energy serving insatiable data center computing demand. The portfolio has benefited from AI investments made years ago, but the manager emphasizes diversification into transportation technology and consumer products. They see structural housing shortages but await better fundamentals before increasing exposure. Healthcare remains a focus area where AI can drive both innovation and efficiency. The US economic backdrop is solid and improving, with strong policy supports for growth investment. Despite volatile political climate, the firm leverages its long investment horizon for measured positioning in what they view as a favorable environment with abundant opportunities.
Markets are strong but not irrational, with more opportunities than pricing bubbles in most areas where the firm participates, particularly given their long investment horizon advantage.
The manager is generally optimistic about both the economy and prospects for their holdings, citing favorable economic outlook particularly in the United States despite volatile political climate.
| Date | Letter | Tickers | Keywords | Pitches | Quick Takes |
|---|---|---|---|---|---|
| Jan 14 2026 | 2025 Q4 | 7269.T, AMZN, AZN, BDX, CCO.TO, CMCSA, EL, EW, GOOGL, HDB, ILMN, IQV, MA, META, MMC, PYPL, SCHW, SLB, SN, TMUS | AI, Genomics, growth, healthcare, large cap, Lithium, technology |
ALB ILMN AEIS OLED |
AI remains an important driver for portfolio performance, with investments made years ago benefiting from the surge in AI spending. The manager sees AI as particularly relevant in healthcare where it can help achieve both innovation and efficiency while controlling healthcare spending growth. Albemarle is benefiting from a surge in lithium prices due to near-term production disruptions at competitors, improving outlook for global EV penetration, and investment in batteries as energy storage platforms for alternative energy supplies. Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While challenges remain, they are well positioned to benefit from any acceleration in clinical and research spending in life sciences. |
| Oct 21 2025 | 2025 Q3 | - | AI, industrials, infrastructure, productivity, value |
AEIS PRY VRT CTVA |
The strategy gained 6.0% as AI-linked industrial and power infrastructure firms like Vertiv and Prysmian led performance. Managers remain cautiously optimistic, noting selective opportunities in non-AI sectors such as healthcare and aerospace. The fund sees the AI-driven productivity cycle creating valuation dislocations for disciplined active investors. |
| Jul 17 2025 | 2025 Q2 | CW, HWM, UNH, VRT, VRTX | Capital discipline, innovation, Large Cap Growth, margin expansion, secular demand | - | The letter focuses on sustained large-cap growth driven by margin expansion, innovation, and secular end markets such as AI infrastructure and global industrial modernization. Management stresses owning companies with visible revenue runways and strong capital discipline rather than chasing cyclical rebounds. Growth is expected to persist despite valuation dispersion across sectors. |
| Mar 31 2025 | 2025 Q1 | HWM, MRVL, VRT | - | - | |
| Dec 31 2024 | 2024 Q4 | - | - | - | |
| Sep 30 2024 | 2024 Q3 | - | - | - |
| QUARTER | THEMES | TAGS |
|---|---|---|
| 2025 Q4 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
GenomicsBreakthroughs in genomics have changed the practice of medicine. Genomic sequencing technology, clinical knowledge and data analytics have converged to generate diagnostics and treatments specific to individual patients and diseases. Companies leading the genomic medical revolution are well positioned for long-term outperformance. |
Medical Technology Personalized Medicine Data Analytics Healthcare Innovation | |
LithiumFull Circle Lithium emerged as a unique play in lithium fire suppression technology, manufacturing FCL-X for extinguishing lithium-ion battery fires with strong sales channel development and rapid scaling expectations. |
Lithium Battery Fire Safety Technology | |
| 2025 Q3 |
AIAI has been integrated into RGA's research process through tools like NotebookLM, Gems in Gemini, and Claude Code. The firm views AI as a force multiplier for human judgment rather than a replacement, emphasizing the Kasparov Law principle. They believe the market narrative around AI displacement is swinging to unhelpful extremes, creating investment opportunities. |
Machine Learning Automation Software Productivity Innovation |
IndustrialsThe fund increased exposure to high-quality industrial businesses with potential for cyclical upturn. Added Quanta Services for AI data center build-out, Hubbell for electrical grid upgrades, Old Dominion for freight cycle recovery, and Waste Connections for secondary market focus. |
Infrastructure Automation Transportation Electrical Equipment Waste Management | |
ValueThe manager continues to find attractive value opportunities despite expensive markets, purchasing undervalued companies like Centene, GlaxoSmithKline, Carrefour and PayPal trading at low multiples with strong fundamentals. |
Undervalued Low Multiples Contrarian Opportunistic | |
| 2025 Q2 |
Growth |
| Date | Pitch Type | Author | Ticker | Company | Industry | Sub Industry | Bull / Bear | Exchange | Keywords | Action |
|---|---|---|---|---|---|---|---|---|---|---|
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | PRY | PRYSMIAN S.p.A. | Industrials | Electrical Equipment | Bull | - | Electrification, Grid modernization, infrastructure, Power cables, renewable energy, tariffs | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | VRT | Vertiv Holdings Co. | Industrials | Electrical Equipment | Bull | NYSE | AI, data centers, Digitalization, infrastructure, Margins, Power management | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | CTVA | Corteva Inc. | Materials | Agricultural Chemicals | Bear | NYSE | agriculture, Crop protection, Pricing, Regulation, Seeds, Yields | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | ALB | Albemarle Corporation | Materials | Specialty Chemicals | Bull | New York Stock Exchange | Batteries, energy, EVs, Lithium, Pricing | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | ILMN | Illumina, Inc. | Health Care | Life Sciences Tools & Services | Bull | NASDAQ | Funding, Genomics, marketshare, research, Sequencing | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | AEIS | Advanced Energy Industries, Inc. | Information Technology | Electronic Equipment, Instruments & Components | Bull | NASDAQ | AI, Computing, datacenters, infrastructure, Power | Login |
| Jan 14, 2026 | Fund Letters | Cassandra A. Hardman | OLED | Universal Display Corporation | Information Technology | Semiconductors & Semiconductor Equipment | Bull | NASDAQ | Demand, Displays, Intellectualproperty, materials, OLED | Login |
| Oct 21, 2025 | Fund Letters | Cassandra A. Hardman | AEIS | Advanced Energy Industries Inc. | Industrials | Electronic Equipment, Instruments & Components | Bull | NASDAQ | AI, data centers, Free Cash Flow, Power systems, Precision equipment, semiconductors | Login |
| TICKER | COMMENTARY |
|---|---|
| AMZN | One company we own that we think has unique positioning to benefit from both the infrastructure and application layers is Amazon. Amazon's logistical prowess is one of the foremost moats in business today and it can and will be enhanced with AI. The company will do this in multiple ways, with better orchestration of its logistics assets and underlying cargo, as well as the buildout of more capable, sophisticated and robust robotics. Amazon is singularly well positioned to dominate the coordination layer, with AI's help, across its entire logistics network. |
| AZN | World-class pharmaceutical and medical products manufacturer |
| BDX | Our positions in Alphabet Inc. class C capital stock (NASDAQ: GOOG) and Becton, Dickinson and Company common stock (NYSE: BDX) made notable positive contributions during the quarter. BDX gained 3.7%. During the quarter, we added to our position in Becton, Dickinson and Company common stock (NYSE: BDX). |
| CCO.TO | Cameco Corp. (4.4%) |
| CMCSA | Within the portfolio, stocks like AutoZone, Comcast, and Zoetis were all punished for having perceived headwinds to already lowered expectations for growth. |
| EL | Estée Lauder is in the midst of a turnaround, and fiscal 1Q26 results (ended September 30) results provided outperformance against many of the key touchpoints: sales, margins, China, US and Travel Retail. News flow since then points to a successful 11/11 for EL in China (25% of company sales), continued stabilization in the US and a Travel Retail channel that is no longer declining. Beauty overall is a one of the more resilient categories, enjoying both volume and value growth, and a hallmark of the 2025 holiday season is the K shaped economy and consumer behavior – as a major player in luxury beauty EL is at the nexus of these trends. Stock performance reflects optimism regarding continued progress driven by internal initiatives as well as optimism regarding the broader beauty market. |
| GOOGL | In the third quarter, Google, Kairos Power, and the Tennessee Valley Authority announced a major collaboration centered on a novel power purchase agreement. Google followed this announcement with another significant step forward. On October 27, Google and NextEra Energy announced plans to restart the Duane Arnold Energy Center. |
| ILMN | Illumina, with almost 70% market share in gene sequencing, has weathered a storm of life science funding cuts and competitive entries. While the coast is not completely clear, they remain well positioned to benefit from any acceleration in both clinical and research spending in the life-sciences. |
| IQV | IQVIA contributed meaningfully as fears around biotech funding and clinical activity began to ease. While sentiment toward the sector remains fragile, the company's role as a mission-critical infrastructure to drug development remains unchallenged. The first leg of the industry's recent rally was sparked by stabilization, rewarding patience through a prolonged industry downturn. We expect the next leg to gain steam as the recovery accelerates. |
| MA | The enduring appeal of card payments is their universality. Consumers trust that Visa and Mastercard will be accepted globally. After more than 20 years of litigation, Visa and Mastercard agreed to yet another settlement that gives merchants greater flexibility |
| META | On January 9, Meta Platforms unveiled a new agreement with Vistra—the largest generator of competitive electricity in the United States—as well as with TerraPower and Oklo. The announcement builds on Meta's agreement last year with Constellation Energy and positions the company to become one of the largest corporate purchasers of nuclear-generated electricity in the United States. |
| MMC | We added global insurance broker Marsh & McLennan Companies Inc. (MMC), as well as specialty chemicals manufacturer Eastman Chemicals Co (EMN). Marsh strikes us as a quintessentially good business trading at a reasonable valuation – a relatively rare combination with broad market indices trading near all-time highs. |
| PYPL | By looking at their Rnancials, FactSet, PayPal, Adobe, and Salesforce seem to be doing Rne. The market, however, is reading subdued revenue growth as a sign of increased competition on their core oSerings. These companies' outlooks look more di'cult than their past. |
| SCHW | We also added to The Charles Schwab Corporation, which is benefiting from positive earnings revisions, expanding margins, and higher capital returns after having repaid nearly all of its high cost funding. |
| SLB | Venezuela's regime change should benefit energy companies operating in the country, as well as oilfield service providers such as SLB, which are likely to play a critical role in restoring and expanding Venezuela's oil production capacity. |
| SN | SharkNinja is a leading consumer products company with brands spanning cleaning, beauty and kitchen appliances. We ended our multiyear campaign in SharkNinja during the quarter. The company continues to deliver one of the most innovation-driven profit cycles in the consumer spending sector, but we exited the position in line with our valuation discipline. |
| TMUS | T-MOBILE US INC detracted -0.32% from relative performance |
| Ticker | Put/Call | Amount Bought | Shares Bought | % Change | Weight % |
|---|---|---|---|---|---|
| No Recent Buys Data | |||||
| Ticker | Put/Call | Amount Sold | Shares Sold | % Change | Weight % | Status |
|---|---|---|---|---|---|---|
| No Recent Sells Data | ||||||
| Industry | Prev Quarter % | Current Quarter % | Change |
|---|---|---|---|
| No industry data available | |||
