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Quarter	Letter Date	Fund Name	QTD	YTD	Tickers	Themes	Quick Take

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Hardman Johnston Global Equity 2024 Q3 Investor Letter | Buyside Digest

Back to Fund Profile (Hardman Johnston Global Equity)

Primary Source Intelligence • Q3 2024 Letter Analysis

Hardman Johnston Global Equity Quarterly Analysis

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.

Fund Returns

QTD+4.5%

YTD+22.23%

Annualized+10.7%

Positioning StanceConstructive

Market CapLarge Cap

GeographyGlobal

Digest Analysis

Quick Take

"Hardman Johnston's concentrated global equity strategy underperformed in Q3 due to volatility, with aerospace and e-commerce driving gains while technology lagged. The firm added Meta Platforms and expects continued market turbulence from elections and geopolitics."

Executive Summary

Hardman Johnston's Global Equity strategy returned 4.50% net in Q3 2024, underperforming the MSCI AC World Net Index's 6.61% return due to late-quarter volatility. The 29-position concentrated portfolio benefited from strong performance in Industrials and Consumer Discretionary, led by aerospace names Howmet Aerospace and Safran, and e-commerce platform MercadoLibre. Technology detracted from performance, with ASML facing semiconductor equipment headwinds and Atlassian missing growth expectations. The manager initiated a new position in Meta Platforms, citing improved AI strategy and governance. Looking forward, the firm expects continued volatility from elections, geopolitical tensions, and economic uncertainty, but sees opportunities from falling interest rates and Chinese stimulus. Despite macro headwinds, the manager maintains confidence in holdings' ability to deliver growth over a 3-5 year horizon, emphasizing business fundamentals while remaining opportunistic during market dislocations. The strategy focuses on companies with clear earnings growth potential and structural competitive advantages.

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Institutional Meta Strategy

Meta Strategy Gauges

Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.

Signal Matrix

Market Conviction

72%

CautiousHigh

High Conviction (72%)

The portfolio is concentrated with 29 positions and the manager provides detailed thesis explanations for individual holdings. Strong conviction is evident in the 3-5 year time horizon and willingness to add Meta despite governance concerns. However, some hedging language around macro uncertainty prevents a higher score.

Growth Outlook

25%

BearishBullish

Bearish (25%)

The manager acknowledges favorable conditions from rate cuts and Chinese stimulus, but emphasizes significant uncertainty from elections, geopolitics, and economic unpredictability. The outlook is cautiously constructive but heavily qualified by risk factors.

Risk Appetite

40%

DefensiveAggressive

Defensive (40%)

The portfolio maintains full investment with 6.9% cash and added one new position (Meta), showing selective risk appetite. However, the manager emphasizes caution and selectivity given the uncertain environment.

Capital Deployment

15%

De-riskingDeploying

De-risking (15%)

The manager initiated one new position (Meta) but had no liquidations, suggesting modest net deployment. Cash level at 6.9% appears stable with no indication of significant cash level changes during the quarter.

Forward Guidance

30%

CautiousExpansionary

Cautious (30%)

The manager plans to remain opportunistic and evaluate new investments during volatility, but emphasizes patience and selectivity. The approach is measured rather than aggressively deploying capital.

Language Signal

15%

BearishBullish

Bearish (15%)

Language is balanced between opportunity and risk, with significant discussion of volatility, uncertainty, geopolitical risks, and market unpredictability. Risk language slightly outweighs opportunity language.

Perceived Risk

75%

Low RiskElevated

Elevated Risk (75%)

The manager extensively discusses multiple risk factors including market volatility, geopolitical tensions, election uncertainty, economic unpredictability, and Middle East conflicts. Risk discussion is detailed and central to the letter's narrative.

Opportunity Density

45%

ScarceAbundant

Selective (45%)

The manager sees selective opportunities, particularly in AI derivative themes and during volatility-driven dislocations. However, the emphasis is on patience and selectivity rather than abundant opportunities across markets.

Time Horizon

75%

Short-TermLong-Term

Decade+ (75%)

The manager explicitly states confidence in holdings delivering performance over a 3-5 year time frame and emphasizes long-term conviction. The approach focuses on business fundamentals rather than near-term catalysts, indicating a multi-year investment horizon.