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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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"Hardman Johnston's global equity strategy returned 20.6% net in Q2 2026, driven by semiconductor holdings Infineon and STMicroelectronics benefiting from improving industry conditions and AI data center demand. The manager remains constructive on long-term secular themes including AI infrastructure, energy transition, and European defense spending, while acknowledging cyclical risks in semiconductors and navigating geopolitical uncertainty and higher-for-longer interest rates under hawkish Fed leadership."
The Hardman Johnston Global Equity Composite returned 20.6% net in Q2 2026, outperforming the MSCI AC World Net Index's 14.9% return. Strong stock selection in Information Technology and Financials drove outperformance, with Infineon Technologies and STMicroelectronics benefiting from improving semiconductor industry conditions, normalized channel inventories, and growing AI data center demand. Standard Chartered delivered robust Wealth Management growth and continued capital returns. Energy holdings SLB and Cameco detracted as oil prices softened following the US-Iran ceasefire. The manager initiated Netflix following removal of capital-allocation risk and liquidated Commerzbank, Meta, and Universal Display due to merger uncertainty, deteriorating AI investment visibility, and delayed OLED commercialization respectively. Looking forward, the manager expects continued geopolitical turbulence and interest rate volatility under hawkish Fed Chair Kevin Warsh. Despite near-term uncertainty, the manager remains constructive on long-term secular themes including AI adoption, energy transition, nuclear power, and European defense spending, while acknowledging cyclical risks in semiconductors. The portfolio maintains focus on high-quality companies with durable competitive advantages positioned to create shareholder value over time.
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