Hardman Johnston
Hardman Johnston Global Equity
Global Mega-cap
Dec 2024 → Jun 2026
Our archive holds 5 letters from this strategy, behind 19 investment theses and positions in 33 companies. Every quote below is copied verbatim from the letter it came from.
5 letters in 3 years — follow all of Hardman Johnston for every strategy.
What it bought and sold
We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.
During the quarter, we initiated one new position in Netflix, Inc.
We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.
We fully liquidated our investments in Commerzbank AG, Meta Platforms Inc. Class A, and Universal Display Corp.
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.
we decided to exit Prosus at this time given increased headwinds and reduced visibility.
We exited Atlassian despite resilient fundamentals because AI-driven uncertainty continues to overwhelm the stock’s valuation support.
We initiated a position in Broadcom as one of the clearest beneficiaries of accelerating hyperscaler AI capex and custom compute deployment.
We also initiated a position in TechnipFMC, a global leader in offshore subsea equipment, systems, and services.
We decided to exit the position to reallocate to more attractive opportunities.
We exited the small position during the quarter due to these factors, prior to the CEO’s resignation, which was an additional negative signal.
where we established a new position during the quarter.
After a profitable run in Bank of America, we sold the position as concerns regarding private credit exposure had the potential to impact valuation.
We initiated a position in SLB, the largest global oil services provider, a name with which we are familiar.
Also held
- Albemarle Corp.
- STMicroelectronics NV
- TechnipFMC plc
- Vertiv Holdings Co.
- Cameco Corp.
- Standard Chartered PLC
- Safran S.A.
- SLB Ltd.
- Uber Technologies, Inc.
- Infineon Technologies AG
- Rheinmetall AG
- Prysmian S.p.A.
- Commerzbank AG
- Airbus SE
- Estée Lauder Companies Inc.
- Hitachi, Ltd.
- Cameco Corporation
- ASML Holding N.V.
- Taiwan Semiconductor Manufacturing Co., Ltd.
Its investment theses
- TechnipFMC plcJun 2026TechnipFMC plc provides offshore engineering and drilling services and is positioned to benefit from deepwater exploration and energy security needs.
- Netflix, Inc.Jun 2026Netflix, Inc. has a durable flywheel of subscribers, content spend, pricing power, and multiple growth levers.
- Taiwan Semiconductor Manufacturing Co., Ltd.Mar 2026Taiwan Semiconductor Manufacturing Co., Ltd. is a critical AI compute bottleneck with strong pricing power, demand visibility, and compelling valuation.
- Vertiv Holdings Co.Mar 2026Vertiv Holdings Co. is a prime beneficiary of AI-driven data center buildout with a one-stop-shop business model and strong order momentum.
- Albemarle CorporationMar 2026Albemarle Corporation is a low-cost lithium leader positioned to benefit from secular battery demand and a tightening supply backdrop.
- Broadcom Inc.Mar 2026Broadcom Inc. is a key beneficiary of hyperscaler AI capex, with strong AI visibility, networking leadership, and valuation upside.
- SLB LimitedMar 2026SLB Limited is the leading global oil services provider, supported by offshore duopoly economics, geopolitical tailwinds, and a growing digital segment.
- TechnipFMC plcMar 2026TechnipFMC plc is a fully integrated offshore subsea leader with strong backlog, margin upside, and geopolitical tailwinds.
- Cameco CorporationMar 2026Cameco Corporation is a uranium supplier positioned to benefit from nuclear demand, energy diversification, and AI-driven power needs.
- Cameco Corp.Dec 2025Cameco Corp. is a vertically integrated uranium leader poised to benefit from de-Russification and a reinvigorated global nuclear buildout driven by AI energy needs.