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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Themes | Quick Take |
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Buyside Digest is not affiliated with, and does not endorse, Hardman Johnston Large Cap Equity. This analysis is provided for institutional research purposes only and is not investment advice.
"Hardman Johnston's large cap strategy delivered solid absolute returns in Q2 2026 while slightly underperforming the S&P 500. The manager maintains a diversified 41-position portfolio with selective exposure to AI infrastructure through Vertiv, healthcare innovation via Illumina's genomics leadership, and aerospace."
Hardman Johnston's Large Cap Equity strategy returned 9.5% in Q2 2026 and 10.1% year-to-date, slightly underperforming the S&P 500's 15.2% quarterly return but matching its 10.2% YTD performance. The manager maintains conviction that the US economy will continue steady growth, providing a solid backdrop for corporate profit expansion. Top contributors included Illumina, which dominates gene sequencing with 70% market share, SharkNinja, which continues to innovate in home products, and Vertiv Holdings, whose cooling and power management products are essential to AI-driven data center buildout. Detractors included Albemarle, which pulled back on near-term lithium supply increases despite long-term shortage expectations, and energy holdings SLB and EOG Resources, which declined with oil prices. The manager sees the market broadening beyond direct AI beneficiaries, with improving opportunities across agriculture, aerospace, consumer, financial services, housing, and healthcare. The portfolio holds 41 positions with 2.8% cash and maintains disciplined position sizing despite strong market momentum.
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