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| Quarter | Letter Date | Fund Name | QTD | YTD | Tickers | Keywords/Themes | Theme Commentary | Pitches | Letter |
|---|---|---|---|---|---|---|---|---|---|
| 2025 Q4 | Jan 14, 2026 | Hardman Johnston International Equity | 4.3% | 0.0% | 0700.HK, 7011.T, AMZN, AZN, DTE.DE, GE, LDO.MI, MELI, NEX.PA, NVO, PRX.AS, PRY.MI, RHM.DE, SDZ, SIE.DE, STAN.L, TMUS, VZ, WEIR.L | AI, Asia, defense, Europe, financials, healthcare, international, Mining | The portfolio maintains exposure to defense companies like Rheinmetall AG despite short-term volatility from Ukraine-Russia peace deal speculation. Management sees structural shift toward increased defense spending across NATO and Asia Pacific nations after years of underinvestment. Visible growth stretches years into the future with strong orders, high backlogs, and political will to invest in national security. The manager acknowledges AI's long-term potential to drive productivity gains while remaining cautious about concentration risk. Companies involved in AI development remain attractively valued relative to growth trajectories, though excitement has stretched beyond IT sector into energy and utilities. The challenge is avoiding portfolios that appear diversified but are overly concentrated around AI themes. Sandoz Group benefits from strong biosimilar growth with streamlined U.S. regulatory guidance moving closer to EU model. This regulatory shift reduces development costs, enabling reinvestment into pipeline expansion and acceleration of future programs. The company plans to launch generic semaglutide in Canada in 2026 as a test case for larger global opportunities. The global mining cycle remains supportive with capex momentum improving after years of troughing, underpinned by elevated commodity prices. Weir Group was initiated as a new position, benefiting from high aftermarket exposure and secular demand drivers in copper and gold. The company is well positioned whether capex flows to greenfield or brownfield projects. Standard Chartered's Wealth Management platform has taken share from competitors and benefits from expanding assets under management. This business contributes to rising fee income that diversifies the bank away from traditional net interest income. Rising wealth in key Asian, Middle Eastern, and African markets with strong demographic growth supports the trajectory. | DTE GR NEX FP WEIR LN MELI 7011 JP RHM GR STAN LN AZN SDZ SW |
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| Date | Pitch Type | Author | Company | Industry | Sub Industry | Bull / Bear | Stock Exchange | Keywords | Action |
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| No pitches found. | |||||||||
| Manager Name | Fund Name | Fund AUM | Invested Value | Portfolio Weight | Shares Owned | Shares Bought / Sold During Quarter | % Bought / Sold During Quarter | % of Shares Outstanding Owned |
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| No investor data available. | ||||||||