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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semiconductor sectors."
During the second quarter of 2025, the Hardman Johnston International Equity Composite delivered a strong net return of 17.36%, substantially outperforming its key benchmarks, with the MSCI EAFE Net Index gaining 11.78% and the MSCI AC World ex US Net Index returning 12.03%. This outperformance was primarily driven by positive stock selection, particularly within the Industrials and Information Technology sectors. The top contributors to relative performance during the quarter were European and Japanese defense leaders, including Rheinmetall AG and Mitsubishi Heavy Industries (MHI), alongside semiconductor heavyweight Taiwan Semiconductor Manufacturing Co. (TSMC). Conversely, detractors included Dai-ichi Life Holdings, LVMH, and Suzuki Motor Corp. From a regional perspective, Europe was the portfolio's top contributing region, whereas the United Kingdom detracted. In terms of portfolio activity, the fund initiated positions in Commerzbank AG, Leonardo SpA, and Hitachi Ltd., while liquidating its holdings in Dai-ichi Life Holdings, Prysmian SpA, and Genmab AS. The manager remains highly constructive on the defense and semiconductor sectors, citing robust secular demand and structural shifts that insulated these companies from broader macroeconomic deceleration and tariff uncertainties.
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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: The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semicond...
Growth Outlook
Market outlook remains high conviction: The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semicond...
Risk Appetite
Risk appetite posture is high conviction: The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semicond...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semicond...
Forward Guidance
Forward guidance signal: The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semicond...
Language Signal
Tone analysis indicates high conviction language: The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semicond...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semicond...
Opportunity Density
Opportunity density index indicates high conviction actionable entry points. The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semicond...
Time Horizon
Investment time horizon reflects a high conviction orientation. The Hardman Johnston International Equity Strategy achieved substantial outperformance in Q2 2025, returning 17.36% net due to excellent stock selection in the defense and semicond...
