Hardman Johnston
Our archive holds 21 letters from Hardman Johnston, behind 31 investment theses and positions in 70 companies. Every quote below is copied verbatim from the letter it came from.
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6 strategies
Hardman Johnston publishes a letter per strategy. Each one has its own page — what it holds, what it bought, what it wrote.
- Hardman Johnston Global Equity5
Global Mega-cap · 33 companies
- Hardman Johnston International Equity Developed Markets4
International Large-cap · 27 companies
- Hardman Johnston International Equity Strategy4
International Large-cap · 25 companies
- Hardman Johnston Select Equity4
US Large-cap · 34 companies
- Hardman Johnston Large Cap Equity3
US Large-cap · 38 companies
- Hardman Johnston Global Advisors Large Cap Equity1
Global Large-cap · 6 companies
What they bought and sold · 17 moves
- ExitedCommerzbank AGJune 2026
“We fully liquidated our investments in Prosus N.V. and Commerzbank AG.”
Read the letter - ExitedProsus N.V.June 2026
“We fully liquidated our investments in Prosus N.V. and Commerzbank AG.”
Read the letter - ExitedUniversal Display Corp.June 2026
“We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.”
Read the letter - New positionNetflix, Inc.June 2026
“During the quarter, we initiated one new position in Netflix, Inc.”
Read the letter - June 2026
“We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.”
Read the letter - New positionSLB LimitedMarch 2026
“We initiated a position in SLB, the largest global oil services provider, a name with which we are familiar.”
Read the letter - ExitedProsus N.V.March 2026
“we decided to exit Prosus at this time given increased headwinds and reduced visibility.”
Read the letter - ExitedAtlassian CorpMarch 2026
“We exited Atlassian despite resilient fundamentals because AI-driven uncertainty continues to overwhelm the stock’s valuation support.”
Read the letter - ExitedPayPal Holdings, Inc.March 2026
“The company has not demonstrated that it can capitalize on what should be strong competitive advantages in the digital payments space, leading us to exit the position.”
Read the letter - ExitedHDFC Bank LimitedMarch 2026
“During the quarter, we exited our position in HDFC Bank Limited.”
Read the letter - New positionTechnipFMC plcMarch 2026
“We also initiated a position in TechnipFMC, a global leader in offshore subsea equipment, systems, and services.”
Read the letter - New positionAlbemarle CorporationMarch 2026
“We established a new position in ALB, a global leader in lithium with Tier 1, low-cost assets, in particular in the Chilean salar and Western Australia.”
Read the letter - New positionBroadcom Inc.March 2026
“We initiated a position in Broadcom as one of the clearest beneficiaries of accelerating hyperscaler AI capex and custom compute deployment.”
Read the letter - ExitedBank of America CorpMarch 2026
“After a profitable run in Bank of America, we sold the position as concerns regarding private credit exposure had the potential to impact valuation.”
Read the letter - ExitedICICI Bank LimitedMarch 2026
“We decided to exit the position to reallocate to more attractive opportunities.”
Read the letter - New positionUCB S.A.March 2026
“where we established a new position during the quarter.”
Read the letter - New positionCameco CorporationMarch 2026
“We initiated a position in Cameco, a vertically integrated leader in nuclear energy with operations spanning upstream Tier 1 assets in Western jurisdictions, nuclear fuel services, and nuclear technology.”
Read the letter
Companies held · 70
Every company Hardman Johnston has disclosed a position in across our archive, with the letter that last mentioned it.
- Adobe Inc.Mar 2026
- Advanced Energy Industries, Inc.Mar 2026
- Airbus SEJun 2026
- Albemarle Corp.Jun 2026
- Alphabet Inc.Mar 2026
- Amazon.com, Inc.Mar 2026
- Apple Inc.Mar 2026
- ASML Holding N.V.Jun 2026
- AstraZeneca plcJun 2026
- Atlassian CorpMar 2026
- Automatic Data Processing, Inc.Mar 2026
- Bank of America CorpMar 2026
- Becton, Dickinson & Co.Mar 2026
- Broadcom Inc.Mar 2026
- Cameco Corp.Jun 2026
- Charles Schwab CorpMar 2026
- Comcast Corp.Mar 2026
- Commerzbank AGJun 2026
- Corteva, Inc.Mar 2026
- Curtiss-Wright CorporationMar 2026
- Edwards Lifesciences Corp.Mar 2026
- EOG Resources, Inc.Jun 2026
- Estee Lauder Companies Inc.Mar 2026
- Gaztransport & Technigaz SAJun 2026
- HDFC Bank LimitedMar 2026
- Hexcel CorporationMar 2026
- Hitachi, Ltd.Jun 2026
- Hitachi, Ltd.Jun 2026
- Howmet Aerospace, Inc.Mar 2026
- ICICI Bank Ltd.Jun 2026
- IHI Corp.Jun 2026
- Illumina, Inc.Jun 2026
- Infineon Technologies AGJun 2026
- IQVIA Holdings Inc.Mar 2026
- Leonardo SpAJun 2026
- LVMHJun 2026
- Marsh & McLennan Cos. Inc.Mar 2026
- Mastercard Inc.Mar 2026
- Medtronic plcMar 2026
- MercadoLibre, Inc.Jun 2026
- Meta Platforms Inc. Class AJun 2026
- Microsoft Corp.Mar 2026
- Mitsubishi Heavy Industries, Ltd.Jun 2026
- Netflix, Inc.Jun 2026
- NVIDIA Corp.Mar 2026
- PayPal Holdings, Inc.Mar 2026
- Prosus N.V.Jun 2026
- Prysmian S.p.A.Jun 2026
- Rheinmetall AGJun 2026
- Safran S.A.Jun 2026
- Sandoz Group Ltd.Jun 2026
- SharkNinja, Inc.Jun 2026
- SLB Ltd.Jun 2026
- Standard Chartered PLCJun 2026
- Stanley Black & Decker Inc.Mar 2026
- STMicroelectronics NVJun 2026
- STMicroelectronics NVMar 2026
- Suzuki Motor Corp.Jun 2026
- T-Mobile US, Inc.Mar 2026
- Taiwan Semiconductor Mfg. Co., Ltd.Jun 2026
- TechnipFMC plcJun 2026
- Uber Technologies, Inc.Jun 2026
- UCB S.A.Jun 2026
- UnitedHealth Group Inc.Mar 2026
- Universal Display Corp.Jun 2026
- Versant Media Group, Inc.Mar 2026
- Vertex Pharmaceuticals Inc.Mar 2026
- Vertiv Holdings Co.Jun 2026
- Waters CorporationMar 2026
- Weir Group PLCJun 2026
Theses · 31
- June 2026
Prysmian S.p.A. is positioned to benefit from AI-driven fiber demand, electrification, and the energy transition.
Read the full thesis - June 2026
Leonardo is supported by long-term European defense spending and demand for modern defense capabilities.
Read the full thesis - June 2026
TechnipFMC plc provides offshore engineering and drilling services and is positioned to benefit from deepwater exploration and energy security needs.
Read the full thesis - June 2026
Netflix, Inc. has a durable flywheel of subscribers, content spend, pricing power, and multiple growth levers.
Read the full thesis Taiwan Semiconductor Manufacturing Co., Ltd. is a critical AI compute bottleneck with strong pricing power, demand visibility, and compelling valuation.
Read the full thesis- March 2026
Vertiv Holdings Co. is a prime beneficiary of AI-driven data center buildout with a one-stop-shop business model and strong order momentum.
Read the full thesis - March 2026
Albemarle Corporation is a low-cost lithium leader positioned to benefit from secular battery demand and a tightening supply backdrop.
Read the full thesis - March 2026
Broadcom Inc. is a key beneficiary of hyperscaler AI capex, with strong AI visibility, networking leadership, and valuation upside.
Read the full thesis - March 2026
SLB Limited is the leading global oil services provider, supported by offshore duopoly economics, geopolitical tailwinds, and a growing digital segment.
Read the full thesis - March 2026
TechnipFMC plc is a fully integrated offshore subsea leader with strong backlog, margin upside, and geopolitical tailwinds.
Read the full thesis - March 2026
Cameco Corporation is a uranium supplier positioned to benefit from nuclear demand, energy diversification, and AI-driven power needs.
Read the full thesis - March 2026
ASML Holding N.V. is the monopoly provider of EUV lithography equipment, benefiting from AI-driven semiconductor capacity expansion and improving multi-year visibility.
Read the full thesis
- STMicroelectronics NVMar 2026
- AstraZeneca PLCMar 2026
- Sandoz Group Ltd.Mar 2026
- Cameco CorporationMar 2026
- UCB S.A.Mar 2026
- TechnipFMC plcMar 2026
- Cameco Corp.Dec 2025
- Weir Group PLCDec 2025
- HDFC Bank Ltd.Dec 2025
- Elanco Animal Health, Inc.Dec 2025
- AstraZeneca PLCDec 2025
- Vertiv Holdings Co.Dec 2025
- CommerzbankJun 2025
- Hitachi Ltd.Jun 2025
- ICICI BankJun 2025
- Leonardo S.p.A.Jun 2025
- UnitedHealth GroupJun 2025
- Bank of America Corp.Dec 2024
- UberDec 2024
Letter archive · 21
2026
- Jun 2026Hardman Johnston International Equity Strategy
- Jun 2026Hardman Johnston International Equity Developed Markets
- Jun 2026Hardman Johnston Global Equity
- Jun 2026Hardman Johnston Global Advisors Large Cap Equity
- Jun 2026Hardman Johnston Select Equity
- Mar 2026Hardman Johnston Select Equity
- Mar 2026Hardman Johnston Large Cap Equity
- Mar 2026Hardman Johnston Global Equity
- Mar 2026Hardman Johnston International Equity Developed Markets
- Mar 2026Hardman Johnston International Equity
2025
- Dec 2025Hardman Johnston Select Equity
- Dec 2025Hardman Johnston Large Cap Equity
- Dec 2025Hardman Johnston International Equity
- Dec 2025Hardman Johnston International Equity Developed Markets
- Dec 2025Hardman Johnston Global Equity
- Jun 2025Hardman Johnston International Equity Developed Markets
- Jun 2025Hardman Johnston Global Equity
- Jun 2025Hardman Johnston Select Equity
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