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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure holdings, while maintaining a constructive long-term view."
Hardman Johnston Global Advisors reported on their Large Cap Equity strategy for the second quarter of 2025. During the quarter, the Large Cap Equity Composite delivered a return of 10.55% net of fees (10.70% gross), slightly trailing the S&P 500 Total Return Index's gain of 10.94%. The quarter was highly eventful, initially marked by policy and trade negotiation uncertainty from the Trump administration that caused a brief double-digit decline in U.S. equities and a corresponding spike in interest rates. However, markets rebounded to all-time highs as trade posturing resolved and fears of an imminent recession faded. The U.S. consumer remained resilient, supported by a robust labor market. Portfolio performance was driven by strong contributions from Curtiss-Wright Corporation, which benefited from growing expectations for nuclear power demand; Howmet Aerospace, driven by normalizing commercial aerospace production; and Vertiv Holdings, which recovered as AI data center infrastructure demand remained highly robust. Conversely, performance was dragged down by UnitedHealth Group due to Medicaid billing concerns and a weak medical loss ratio, leading to its eventual liquidation. Other detractors included Marsh & McLennan and Vertex Pharmaceuticals. The firm initiated a new position in Uber Technologies during the quarter while liquidating Elanco Animal Health, Standard Chartered PLC, and UnitedHealth Group. Hardman Johnston maintains a constructive long-term outlook, focusing on secular trends like productivity, demographics, and energy transition.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
Market Conviction
High-conviction positioning: Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure...
Growth Outlook
Market outlook remains high conviction: Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure...
Risk Appetite
Risk appetite posture is high conviction: Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure...
Forward Guidance
Forward guidance signal: Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure...
Language Signal
Tone analysis indicates high conviction language: Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure...
Time Horizon
Investment time horizon reflects a high conviction orientation. Despite macro volatility and trade posturing early in Q2 2025, the strategy achieved a robust 10.55% net return, supported by strong performance in industrial and AI-infrastructure...
