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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
|---|---|---|---|---|---|---|---|
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"Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and TSMC offset weakness in Estée Lauder and European banks."
Hardman Johnston Global Equity returned -6.54% net in Q1 2026, underperforming the MSCI AC World Net Index return of -3.20%, primarily due to stock selection in Consumer Staples and Financials. Information Technology and Industrials supported performance, led by ASML and Taiwan Semiconductor, which benefited from AI-driven demand for semiconductor manufacturing capacity. The manager initiated five new positions including Albemarle, Broadcom, SLB, TechnipFMC, and UCB, capitalizing on themes of AI infrastructure, energy transition, and geopolitical shifts. The Iran conflict is accelerating energy diversification away from Middle East oil, benefiting battery technology and non-Middle East oil regions. Key detractors included Estée Lauder, pressured by Middle East conflict and potential PUIG combination, and European banks affected by economic slowdown. The portfolio maintains 33 positions with strong exposure to AI beneficiaries and energy transition plays. Despite near-term volatility, the manager remains committed to their high-conviction approach focused on companies with durable competitive advantages and long-term growth potential.
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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: Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and T...
Growth Outlook
Market outlook remains high conviction: Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and T...
Risk Appetite
Risk appetite posture is low conviction: Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and T...
Capital Deployment
Manager actively deployed capital into high-conviction opportunities. Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and T...
Forward Guidance
Forward guidance signal: Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and T...
Language Signal
Tone analysis indicates very low conviction language: Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and T...
Perceived Risk
Perceived risk level is evaluated as moderate conviction. Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and T...
Opportunity Density
Opportunity density index indicates moderate conviction actionable entry points. Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and T...
Time Horizon
Investment time horizon reflects a moderate conviction orientation. Hardman Johnston underperformed in Q1 2026 as value stocks led markets, but positioned for AI infrastructure growth and energy transition themes. Strong performance from ASML and T...
