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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
Buyside Digest is not affiliated with, and does not endorse, Hardman Johnston Global Equity. This analysis is provided for institutional research purposes only and is not investment advice.
"The fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consolidation of the fund's AI footprint."
During Q2 2025, the Hardman Johnston Global Equity Composite returned 16.72% net of fees, handily outperforming the MSCI AC World Net Index's return of 11.53%. This strong relative performance was driven by stock selection in Industrials and Consumer Discretionary sectors, particularly within European holdings. The fund carried out significant portfolio turnover during the quarter, initiating positions in Commerzbank, Hitachi, and ICICI Bank, and briefly holding UnitedHealth Group before exiting it due to rapid execution and pricing deterioration. Other outright liquidations included Marvell Technology, Brookfield, Elanco, and Vertiv Holdings. The manager expressed strong secular optimism for global defense spending, structural AI deployment, and cheaper international valuations, while maintaining a cautious posture on US healthcare due to regulatory headwinds.
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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 fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consol...
Growth Outlook
Market outlook remains above average conviction: The fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consol...
Risk Appetite
Risk appetite posture is above average conviction: The fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consol...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. The fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consol...
Forward Guidance
Forward guidance signal: The fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consol...
Language Signal
Tone analysis indicates above average conviction language: The fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consol...
Perceived Risk
Perceived risk level is evaluated as above average conviction. The fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consol...
Opportunity Density
Opportunity density index indicates above average conviction actionable entry points. The fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consol...
Time Horizon
Investment time horizon reflects a high conviction orientation. The fund outperformed the MSCI ACWI by over 500 bps in Q2 2025, returning 16.72% net. Key maneuvers included active turnarounds in financial/industrial sectors and selective consol...
