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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 International Equity. This analysis is provided for institutional research purposes only and is not investment advice.
"Hardman Johnston International Equity navigated a difficult 3Q 2026, delivering -6.06% net of fees as semiconductor and healthcare holdings faced sentiment resets. The manager remains constructive on structural growth across energy infrastructure, nuclear power, and defense, keeping capital focused in 23 high-conviction global leaders."
The Hardman Johnston International Equity strategy returned -6.06% net of fees in the third quarter of 2026, lagging the MSCI EAFE Net Index (+0.81%) and the MSCI AC World ex US Net Index (+0.48%). Year-to-date net performance stands at 8.15% against 10.33% for MSCI EAFE. Relative performance was weighed down by Information Technology and Health Care, particularly semiconductor holdings STMicroelectronics and Infineon Technologies amid an unwind in artificial intelligence infrastructure stocks, alongside pharmaceutical holding UCB following conservative peak-sales guidance for Bimzelx. Conversely, Industrials was the strongest sector contributor, propelled by double-digit gains in Japanese holdings Hitachi and Mitsubishi Heavy Industries, while Standard Chartered supported financials. Regionally, Europe and North America detracted, whereas Japan and the United Kingdom contributed positively. The fund initiated a position in Teva Pharmaceutical Industries during the quarter and conducted no complete liquidations. Management maintains a disciplined, high-conviction 23-stock portfolio with an active share of 92.6%, targeting high-quality companies with durable competitive moats and secular growth exposure across energy, defense, and technology infrastructure.
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Algorithmic conviction, macroeconomic posture, and risk appetite signals extracted from this quarterly letter with qualitative explanations.
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