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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's International Equity portfolio returned 18.8% net in Q2 2026, driven by semiconductor holdings benefiting from normalized inventories and AI data center demand. The manager maintains conviction in AI adoption, European defense spending, and energy transition themes while trimming semiconductor positions to lock in profits."
The Hardman Johnston International Equity Composite returned 18.8% net in Q2 2026, outperforming the MSCI EAFE Net Index by 800 basis points. Strong stock selection drove outperformance, led by Information Technology and Financials. Semiconductor holdings STMicroelectronics and Infineon benefited from normalized inventories, strengthening demand across automotive and industrial markets, and growing AI data center opportunities. Standard Chartered delivered robust Wealth Management growth while Commerzbank was exited following UniCredit's tender offer. Industrials and Consumer Discretionary detracted, with Rheinmetall pressured by concerns over European defense spending and MercadoLibre impacted by margin investments. The manager remains positive on long-term secular themes including AI adoption, European defense spending, energy transition, and nuclear power, while acknowledging cyclical risks in semiconductors. Despite geopolitical turbulence and higher-for-longer interest rates under new Fed Chair Kevin Warsh, the portfolio is positioned in high-quality companies with durable competitive advantages. The manager has trimmed semiconductor positions to lock in profits and remains alert to cycle signals while maintaining conviction in long-term growth opportunities.
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